TOP 10 Learning Questions for

Ch 4: Conducting Marketing Research and

Forecasting Demand

Ma Alexandria BulaonDecember 16, 2011

1. The first step in the marketing research process is _____.

A. develop the research planB. define the problem and research

objectivesC. collect the informationD. present the dataE. make the decision

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The Marketing Research Process

Define the problemDevelop research planCollect information

Analyze informationPresent findings

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Make Decisio

n

Steps in the Marketing Research Process

Step 1: Define the Problem – Determining & clarifying the management’s information needs.

Step 2: Develop Research Plan – This involves creating a problem solving framework and analytical models.

Step 3: Collect Information – Collecting all relevant data and information.

Step 4: Analyze Information – Data Preparation, tabulation and analysis of results

Step 5: Present Findings – Presentation and report generation

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Defining the Problem

The starting phase is always identifying the reason or problem for which research is to be conducted. This includes collecting of relevant initial information and how this information will affect decision making process.

1. The first step in the marketing research process is _____.

A. develop the research planB. define the problem and research

objectivesC. collect the informationD. present the dataE. make the decision

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2. Potential market, available market, target market, and penetrated market are measures of _________.

A. Market demandB. Market supplyC. Market groupD. Market sizeE. Market research

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The Measures of Market Demand

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Market Demand

- Market demand is the total amount of purchases of a product within a specified demographic.

Market Demand

Potential Market- set of consumers who express an interest

Available Market - potential plus income and access

Target Market– market the firm decides to pursue

Penetrated Market- consumers who are buying product

2. Potential market, available market, target market, and penetrated market are measures of _________.

A. Market demandB. Market supplyC. Market groupD. Market sizeE. Market research

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3. Customer survey forms in restaurants can measure the following marketing metrics except:

A. LoyaltyB. Total number of customersC. Customer satisfactionD. Market shareE. Number of complaints

Marketing Metrics

External•Awareness•Market share•Relative price•Number of complaints•Customer satisfaction•Distribution•Total number of customers•Loyalty

Internal•Awareness of goals•Commitment to goals•Active support•Resource adequacy•Staffing levels•Desire to learn•Willingness to change•Freedom to fail•Autonomy

Market Shares

Market Share = Firm’s Sales / Total Market Sales

Research Approaches

Market Shares

- is the portion or percentage of sales of a particular product or service in a given region that are controlled by a company. This data cannot be extracted from a customer survey form.

3. Customer survey forms in restaurants can measure the following marketing metrics except:

A. LoyaltyB. Total number of customersC. Customer satisfactionD. Market shareE. Number of complaints

4. The following are research approach except:

A. ExperimentationB. ObservationC. SurveyD. Data GatheringE. Ethnographic

Research Approaches

Research approach is the method of collecting data

Internet surfing has a lot of uses and does not necessarily mean that the user is collecting data

Research Approaches

• Observation – act of noting and recording something

• Ethnographic – a systematic market research observing customers in their own environment using products and services

• Focus Group – provide accurate information

• Survey – a questionnaire used to gather data about consumer attitudes or behavior

• Behavioral Data – Information employed in marketing for designing promotional campaigns based on consumers' buying habits, brand preferences, and product usage

• Experimentation – methodical procedure carried out with the goal of verifying

4. The following are research approach except:

A. ExperimentationB. ObservationC. SurveyD. Data GatheringE. Ethnographic

5. The following are contact methods except:

A. Text InterviewB. Telephone InterviewC. Personal InterviewD. Mail QuestionnaireE. Online Interview

Contact Methods

Contact Methods

• Mail Questionnaire –planned set of questions used to collect data

• Telephone Interview – an interview conducted over the telephone

• Personal Interview –face-to-face contact with individuals

• Online Interview – There are different forms of online interviews: synchronous online interviews (for example via chat technology) and asynchronous online interviews (for example via email).

Interview

An interview is a conversation between two people (the interviewer and the interviewee) where questions are asked by the interviewer to obtain information from the interviewee.

There’s no such thing as text interview.

5. The following are contact methods except:

A. Text InterviewB. Telephone InterviewC. Personal InterviewD. Mail QuestionnaireE. Online Interview

6. A good marketing research has the following characteristics except:

A. Scientific methodB. InterdependenceC. Value and cost of informationD. Ethnical marketingE. Multiple methods

Characteristics of a Good Marketing Research

• Scientific method• Research creativity• Multiple methods• Interdependence• Value and cost of information• Healthy skepticism• Ethical marketing

Ethical Marketing

Briefly, marketing ethics refers to the philosophical examination, from a moral standpoint, of particular marketing issues that are matters of moral judgment. Ethical marketing generally results in a more socially responsible and culturally sensitive business community.

Ethical Marketing

Ethics deals with moral principles and values. These moral principles and values govern the actions of an organization. They serve as guidelines to acting justly. Sometimes actions that are technically legal could be viewed as unethical. For example, charging exorbitant prices. Sometimes actions that are ethical may not be seen as legal. For example, some hiring practices.

Ethical marketing is a characteristic of a good marketing research, not Ethnical marketing.

6. A good marketing research has the following characteristics except:

A. Scientific methodB. InterdependenceC. Value and cost of informationD. Ethnical marketingE. Multiple methods

7. Which of the following is true? The sampling plan includes:

A. Sample size, sample data, sample procedure

B. Sample test, sample size, sample marketC. Sample product, sample unit, sample

procedureD. Sample unit, sample size, sample

operationE. Sample unit, sample size, sample

procedure

Sampling Plan

Sampling unit: Who is to be surveyed? Sample size: How many people should

be surveyed? Sampling procedure: How should the

respondents be chosen?

Sampling Plan

Includes:Sampling unitSample sizeSampling procedure

Sampling Plan

1. Sampling Unit - any group of things or persons regarded as an entity

2. Sample Size - measurement; extent; degree`

3. Sampling Procedure - step-by-step sequence of course of action

7. Which of the following is true? The sampling plan includes:

A. Sampling size, sample data, sample procedure

B. Sample test, sample size, sample marketC. Sample product, sample unit, sample

procedureD. Sample unit, sample size, sample

operationE. Sampling unit, sample size, sampling

procedure

8. Cluster samples and Quota samples are?

A. Probability SamplesB. Nonprobability SamplesC. Probability and Nonprobability SamplesD. Probable SamplesE. None of the Above

Types of Samples

Probability Samples

•Simple Random•Stratified Random•Cluster

Nonprobability Samples

•Convenience•Judgment•Quota

Types of Samples

Probability Samples

Probability sampling is a sampling technique wherein the samples are gathered in a process that gives all the individuals in the population equal chances of being selected.

Nonprobability Samples

Non-probability sampling is a sampling technique where the samples are gathered in a process that does not give all the individuals in the population equal chances of being selected.

ClusterIn cluster sampling, instead of selecting all the subjects from the entire population right off, the researcher takes several steps in gathering his sample population.

QuotaQuota sampling is a non-probability sampling technique wherein the assembled sample has the same proportions of individuals as the entire population with respect to known characteristics, traits or focused phenomenon.

8. Cluster samples and Quota samples are?

A. Probability SamplesB. Nonprobability SamplesC. Probability and Nonprobability SamplesD. Probable SamplesE. None of the Above

9. _____ quantifies, compare and interpret marketing performance.

A. Marketing ResearchB. Marketing DemandC. Marketing DashboardD. Marketing MeasurementE. Marketing Metrics

Understanding market metrics

To test to see if your marketing is successful, it is necessary to measure where you were and where you are now. This can be carried out with long-term tracking studies monitoring your market position and changes to your brand image over time or, for particular campaigns, measuring pre- and post- event to see what has changed.

The most common market metrics that companies use are:

1. Market size2. Market share3. Market penetration4. Installed base5. Product usage6. Customer attitudes7. Brand awareness8. Advertising awareness9. Brand image10. Customer satisfaction

Example Marketing Metrics

Tracking downloads or Web site visitors

9. _____ quantifies, compare and interpret marketing performance.

A. Marketing ResearchB. Marketing DemandC. Marketing DashboardD. Marketing MeasurementE. Marketing Metrics

10. The following are Questionnaire Do’s and Don'ts except:

A. Avoid negativeB. Avoid jargonC. Avoid hypotheticalsD. Avoid ambitious wordsE. Avoid sophisticated words

Questionnaire Do’s and Don'ts

Ambiguous

- lacking clearness or definiteness; obscure; indistinct:

- open to or having several possible meanings or interpretations;

Ambitious

- Eagerly desirous of achieving or obtaining success, power, wealth, a specific goal, etc.

10. The following are Questionnaire Do’s and Don'ts except:

A. Avoid negativeB. Avoid jargonC. Avoid hypotheticalsD. Avoid ambitious wordsE. Avoid sophisticated words

TOP 10 Learning Questions for

Ch 4: Conducting Marketing Research and

Forecasting Demand

Ma Alexandria BulaonDecember 16, 2011