Question: Marketing research-

Answer: Involves the process and methods used to gather information, analyze it, and report findings related to marketing goods and services

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Question: Marketing research information is used:

Answer: - to identify marketing opportunities
- solve marketing problems
- implement marketing plans
- monitor marketing performance

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Question: Companies use market research to:

Answer: - determine customer's attitudes
- test product features
- determine market size
-understand how company is perceived by the public

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Question: Why is marketing research important?

Answer: Businesses that don't pay attention to what consumers are buying and why will go out of business.

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Question: Small businesses using marketing research

Answer: No research department

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Question: Large businesses using marketing research

Answer: In-house research department (marketing department)

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Question: Marketing information system-

Answer: A set of procedures and methods that regularly generates, stores, analyzes, and distributes information for use in making marketing and other business decisions.

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Question: Data included in marketing information systems:

Answer: - customer profile data
-company record
- competitor's records

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Question: Database marketing (aka customer relationship marketing)-

Answer: A process of designing, creating and managing customer lists.

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Question: Info gathered from various sources:

Answer: - face-to-face sales
- direct mail responses
- web site visits

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Question: Database-

Answer: A collection of related information about a specific topic

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Question: Besides individual businesses who else conducts marketing research?

Answer: -manufacturers
-wholesalers
-retailers
-government
-non-profit organizations

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Question: Types of Marketing Research:

Answer: - Quantitative
- Qualitative
- Attitude
- Market Intelligence
- Media Research
-Product research

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Question: Quantitative Research-

Answer: A type of research that answers questions that start with how many or how much
(relies on surveys & questionnaires)

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Question: Qualitative Research-

Answer: A type of research that focuses on smaller numbers of people and tries to answer why or how questions
(relies on in-depth interviews & focus groups)

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Question: Attitude Research

Answer: A type of research designed to obtain information on how people feel about certain products, services, companies, or ideas
(satisfaction studies & opinion polls)

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Question: Market Intelligence

Answer: Information about the size and location of a market, the competition, and the segmentation withing the market for a particular product or service
(existing and projected sales)

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Question: Types of Market Intelligence

Answer: - Sales Forecasting
- Economic Forecasting

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Question: Sales Forecasting

Answer: An attempt to estimate the future sales of an existing product/service

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Question: Economic Forecasting

Answer: An attempt to predict future economic conditions of a city/region/country

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Question: Media Research (aka advertising research)

Answer: A type of research focusing on issues of media effectiveness, selection, frequency, and ratings.

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Question: Product Research

Answer: The evaluation of product design, package design, product usage, and consumer acceptance of new and existing products

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Question: 4 Major Areas of Market Research

Answer: - Attitude Research
- Market Research
- Media Research
- Product Research

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Question: Limitations of Market Research

Answer: Time & Money

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