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UWEC MKTG 334 - Exam 1 Study Guide

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MKTG 334 1st EditionExam # 1 Study Guide Lectures: 1 - 9Lecture 1 (September 2) What are the 2 types of marketing research? What is the scientific method, and how and when is it used. What is marketing research? What are the 4 stages for developing and implementing a marketing strategy?Marketing research is the application of the scientific method in searching for the truth about marketing phenomena. The process includes idea and theory development, problem definition, searching for and collecting information, analyzing data, communicating the findings and their implications. The two types of marketing research are applied and basic. Applied marketing research is conducted to address a specific marketing decision for a specific organization. Basic marketing research is conducted without a specific decision for a specific organization. It attempts to expand knowledge in general.Researchers use the scientific method to reach objective conclusions about the real world. Prior knowledge and observation lead to a hypothesis. The hypothesis is tested by observation or experimentation, which leads to the conclusion (new knowledge). Developing and implementing a marketing strategy involves four stage: identifying and evaluating market opportunities, analyzing market segments and selecting target markets, planning and implementing a marketing mix that will provide value to customers and meet organizational objectives, and analyzing firm performance (know what each of these include). Lecture 2 (September 4)Be able to identify examples of each component of the marketing mix. Describe integrated marketing communication and integrated marketing mix. Know when marketing research is not needed. Know important aspects of the marketing research process. Types of marketing mix research include product research, pricing research, distribution research, and promotion research.Product research- designed to evaluate and develop new products and to learn how to adapt existing product lines (i.e concept testing, product testing, brand-name evaluation, package testing). Pricing research involves finding the amount of money customers would pay for the perceived value of the productDistribution research is the study aimed at selecting retail sites or warehouse locations in support of the distribution channel Marketing channel- network of interdependent institutions that perform the logistics necessary for consumption to occur.Supply chain- another term for a channel of distribution – link between suppliers and customersPromotion research investigates the effectiveness of advertising. Premiums, coupons, sampling, discounts, public relations, and other sales promotions. Integrated marketing communication- all promotional efforts are coordinated to communicate aconsistent imageIntegrated marketing mix- research studies often investigate the effects of various combinations of marketing mix elements on important outcomes like sales and image. Marketing research is not needed depending on time constraints, availability of data, the natureof the decision, and when the cost outweighs the benefits. Lecture 3 (September 9) What are 3 types of marketing research? What are 3 degrees of causality? Know the terms experiment, experimental variable, manipulation, and test-market.3 types of marketing research include descriptive, exploratory, and causalCausal research degrees include absolute, conditional, contributory.Dependent variable- a symbol or concept expected to be explained or influenced by the independent variable. One affects the dependent variable by manipulating the independent variable deemed to be associated with the dependent variableIndependent variable- a symbol or concept over which the research has some control and that is hypothesized to cause or influence the dependent variable. Lecture 4 (September 12) What are the stages of the research process in order ( know examples and definition of each stage). What is a research project? What is a research program? The stages of the research process are 1. Objectives 2. Research design 3. Sampling 4. Gathering data 5. Process and analyze 6. ConclusionLecture 5 (September 16) What are the 3 ways that gaps come about? What are the 6 steps in the problem definition process?1. Understand the situation2. Identify key problems 3. Decision statement to research objective4. Determine unit of analysis 5. Relevant variables 6. Research questions Lecture 6 (September 19) What are the advantages of secondary data? What are the disadvantages of secondary data? What are the 3 typical objectives of secondary research designs?- fact finding, trend analysis, environmental scanning.Advantages of secondary data: available, faster and less expensive, requires no access to subjects, inexpensive, may provide information otherwise not accessibleDisadvantages of secondary data: uncertain accuracy, data not consistent with needs, inappropriate units of measurement, time period inappropriate/ outdated. Lecture 7 (September 23) What is internal data? What is proprietary data? What is external data? What types of external data are there? What is the difference between single-source data and global research data? Lecture 8 (September 26) What is the difference between qualitative and quantitative? What does researcher dependent mean? Name the common qualitative techniques.Qualitative marketing research addresses marketing objectives through techniques that allow the researcher to provide elaborate interpretations of the market phenomena without depending on numerical measurements. The focus is discovering true inner meanings and new insights. It is helpful when it is difficult to develop a specific and actionale decision statement forresearch objectives, the objective is to learn how consumers use a product in its natural setting or how to express some concept in colloquial terms. Exploratory, ad answers a broad range of questions.Quantitative marketing research is descriptive and conclusive. It addresses research through empirical assessments that involve numerical measurements and analysis. Lecture 9 (September 30)What is a focus group outline? What goes into a discussion guide? What are the disadvantages of a focus group?1. Welcome and introduction2. Broad icebreaker that doesn’t reveal too many specifics3. Questions become increasingly more specific 4. Very specific objective to be accomplished, that question should be saved for last5. A debriefing


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