Read the directions for each question carefully. Please write legibly.
A. Please provide a detailed description of a situation analysis. Show us you know more than you would know by breaking down the two words and taking a guess (3 points)
Situation Analysis - Understand the environment and the market. Identify threats and opportunities,.assess the competitive position.
Ex. Most important influences on the demand for consumer packaged-food products during the 1990’s were: Demographic shifts including a record number of aging adult who were increasingly affluent and active, Rapid changes in family structure as a result of delayed marriages, working wives, and a high divorce rate, shifts in values as consumers became preoccupied with their won economic and emotional well being. These trends resulted in increased concerns about the quality of food, nutritional value, personal fitness, and naturalness.
List the five factors that influence the marketing research decisions (5 points).
2. Type and Nature of Information Sought
4. Availability of Resources
5. Cost Benefit Analysis
What are three of the four characteristics of a food Marketing Decision Support System (6 points)?
3. Discovery oriented
4. User Friendly
List the three steps of the Marketing Research Process (6 points)
1. Research Purpose
2. Research Objective
3. Estimate the value of information
What is the difference between exploratory, descriptive, versus causal research (3 points)?
Exploratory Research- used when one is seeking insights into the general nature of a problem, the possible decision alternatives and relevant variables that need to be considered.
Descriptive Research- Used to provide an accurate snapshot of some aspect of the market environment. It can show that two variables are related or associated.
Causal Research- Is used when it is necessary to show that one variable causes or determines the values of other variables.
____ out of 23 points
Define each of the three terms (3 points).
Construct equivalence- Deals with how both the researcher and the subjects of the research see, understand, and code a particular phenomenon.
Measurement equivalence- deals with the methods and procedures the researcher uses to collect and categorize essential data and information.
Sampling equivalence- is concerned with the question, “ are the samples used in countries x and y equivalent.
How do qualitative and quantitative data differ from each other? How can they be used in a complimentary fashion (3 points)?
Qualitative data seeks to gain a broad qualitative understanding of the underlying reasons and motivations, Quantitative data seeks to quantify the data and generalize the results form the sample to the population of interest. Qualitative data uses small numbers of non-representative cases while quantitative data uses large number of representative cases. Qualitative data uses an unstructured method of data collection while quantitative data uses a structured method of data collection. Qualitative data uses a non-statistical nature of data analysis while quantitative uses a statistical nature of data analysis. They can be used in a complimentary fashion because qualitative data is a first step in multistage research while quantitative data is used to recommend a final course of action.
Describe 2 strengths and 2 limitations of quantitative methods (4 points)
Strength 1: We can use quantitative methods to find out causal relationship.
Strength 2:Quantitative methods are easier to analyze.
3. Quantitative methods are more feasible to do quant for large sample size, so that make more...
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