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Marketing Terms

Marketing True or False

Marketing Fill in the Blanks

MarketingExplain /

ExamplesMarketing Misc.

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The four P’s of marketing

(aka Marketing Mix).(previous chapter)

Product, Price, Place, Promotion

Name the 5 steps of conducting Marketing Research

Step 1: Defining the Problem

Step 2: Obtaining Data

Step 3: Analyzing Data

Step 4: Recommending solutions

Step 5: Applying the Results

Name the two types of data used in marketing research.

Primary and Secondary

List the three methods of obtaining primary data.

Survey Method

Observation Method

Experimental Method

When constructing a questionnaire

they must have both Validity and Reliability define each.

Validity exists when the questions asked measure what was intended to

be measured

Reliability exists when a research technique produces nearly identical

results in repeated trials

True or False….

Secondary data is gathered specifically to answer the problem.

False.

The data was compiled for some other reason and is being used in the study.

True or False…..

AC Nelson is known for it’s work as a company who specializes in opinion

research (or attitude research)(previous chapter)

False…..Gallup is known for Opinion Research

True or False

A focus group is a group of six to ten people who are brought together by researchers to discuss a particular situation or reactions to a product.

True

True or False…

An open-ended question allows you to choose an answer from a selection of

possible responses.

False….

An open ended question lets you write a response any response.

A forced – choice question forces you to choose an answer from the selections.

True or False….

The research method that is best used as a means of gathering information about customer behavior and preferences is the

experimental method.

False….The observation method is best for determining customer behavior and

preferences

The most difficult step in the marketing research process is ________ _______.

define problem

_________ _________ is information obtained for the first time and used for

a specific problem or issue under study.

Primary Data

__________ method gathers information by the use of interviews and

questionnaires.

Survey

________ method uses a controlled approach used to test the results of

changing one or more marketing variables while keeping others

constant.

Experimental

When constructing a questionnaire:

Cats Eat Plenty Of Delicious Cod refers to:

C_________

E_________

P_________

O_________

D_________

C_________

ClearEasily UnderstoodProfessionally PresentedOrganizedDemographic questions at the endConcise

Explain where we can get secondary data from.

Internet Sources

U.S. Government

Consumer & Business Information Companies

Business & Trade Publications

What are the advantages and disadvantages of secondary data?

1. Advantages• Easily Obtained• Generally inexpensive • Quick to collect

2. Disadvantages• Non-applicable• Inaccurate or outdated

What are the advantages and disadvantages of the observation

method of collecting primary data?

1. Advantages• Faster than interviews• Cost effective

2. Disadvantages• Doesn’t measure attitudes or motivation

What are the advantages and disadvantages of the experimental method of collecting primary data?

1. Advantages• Excellent source of info in situations where

different approaches or ideas need to be compared

2. Disadvantages• Very costly• People respond differently in contrast to actual

buying situations.

Kmart hires a mystery shopping service to obtain information about its customers. Is this primary or secondary research?

Primary

This observation technique involves the recording of the number of people or

cars passing a given location. What is the technique called?

Traffic Count

Psychographics is the study of consumers based on…..

(previous chapter)

Social and psychological characteristics….

Attitudes-Lifestyles-Leisure Time- Values

Identify and describe the different ways we can obtain data using the Observation

method.

1. Mystery Shopper: Someone who poses as a customer

2. Traffic count – number of people or cars that enter

Identify and describe the 4 different ways we can obtain data using the survey method.

• In person: » Personal Interviews, Mall Intercept, Focus Groups

• Telephone:» Telephone Interviews

• Mail:» Mail Survey

• Internet:» Online Survey

Identify the 5 steps of conducting marketing research and explain three of the steps in detail.

1. Define the problem- the problem or research issue is clearly identified. (hardest step)

2. Obtaining Data- data collected and examined in terms of the problem (primary and secondary data)

3. Analyzing the data – The process of compiling, analyzing and interpreting the results of primary and secondary data.

4. Recommending solutions – conclusions drawn from the research are presented in an organized and well-written report.

5. Applying the results – the company takes action either inconclusive results from the research and additional research is needed or they act and monitor progress.