Chapter 10 Review Questions
Chapter 10 Review Questions
1. A market is customers who have the power to purchase. Without marketing research, an entrepreneur would have no idea what type of business venture to take on.
2. (1) Defining the purpose and objectives of the research- meaning that you will need to explain the informational requirements of the decision to be made accurately.
(2) Gathering secondary data- involves using data that is already compiled. There are two forms, internal and external.
(3) Gathering primary data- involves gathering new information. There are two forms, surveys and experiments.
(4) Interpreting and reporting information- Deals with reporting and amazing information that is useful where it is needed
(5) Marketing research questions- deals In the areas of advertising, sales, products and distribution.
3. Secondary data is greater because it is inexpensive and usually contains the information desired.
4. (1) Complexity- the interpretation of the quantitative aspects of marketing research
(2)irrelevancy- only a certain amount of research is not useful
(3) cost- market research can be very expensive
(4) strategic decisions- cost and complexity are usually tied into manor decisions
5. The benefit is that there are so many people who use the internet daily that the product will get some hype soon but it’s also a risk because of privacy issues and if the idea bombs once it’s on the internet it’s permanent.
6. Product driven- this one is based of the belief that “produce efficiency and worry”
Sales driven-this mainly focuses on advertising to persuade customers to buy and personal selling
Consumer driven- relies on research to discover consumer desires, needs and consumer preferences before beginning production
7. It’s identifying different factors that classify consumer groups. Demographic factors are used to determine a geographic or demographic profile of consumers and purchasing powers and benefit variables identify the unsatisfied needs that exist in a market.
8.
1. A market is customers who have the power to purchase. Without marketing research, an entrepreneur would have no idea what type of business venture to take on.
2. (1) Defining the purpose and objectives of the research- meaning that you will need to explain the informational requirements of the decision to be made accurately.
(2) Gathering secondary data- involves using data that is already compiled. There are two forms, internal and external.
(3) Gathering primary data- involves gathering new information. There are two forms, surveys and experiments.
(4) Interpreting and reporting information- Deals with reporting and amazing information that is useful where it is needed
(5) Marketing research questions- deals In the areas of advertising, sales, products and distribution.
3. Secondary data is greater because it is inexpensive and usually contains the information desired.
4. (1) Complexity- the interpretation of the quantitative aspects of marketing research
(2)irrelevancy- only a certain amount of research is not useful
(3) cost- market research can be very expensive
(4) strategic decisions- cost and complexity are usually tied into manor decisions
5. The benefit is that there are so many people who use the internet daily that the product will get some hype soon but it’s also a risk because of privacy issues and if the idea bombs once it’s on the internet it’s permanent.
6. Product driven- this one is based of the belief that “produce efficiency and worry”
Sales driven-this mainly focuses on advertising to persuade customers to buy and personal selling
Consumer driven- relies on research to discover consumer desires, needs and consumer preferences before beginning production
7. It’s identifying different factors that classify consumer groups. Demographic factors are used to determine a geographic or demographic profile of consumers and purchasing powers and benefit variables identify the unsatisfied needs that exist in a market.
8.