Wednesday, November 30, 2016

Study Guide

Vocab 29.1: 
Problem definition: occurs when a business clearly identifies a problem or research issue and the information that is necessary to solve it

Primary data: data obtained for the first time and used specifically for the particular problem or issue

Secondary data- Is data that has already been collected for some purpose other than the current study

Survey method- Is a research technique in which information is gathered from people through the use of surveys or questionnaires

Sample- is a part of the target population that is assumed to represent the entire population to get survey results

Observation Method- is a research technique in which the actions of people are watched and recorded either by cameras or observers 

Point-of-sale Research- is a powerful form of research that combines natural observation with personal interviews to get people to explain buying behavior

Experimental Method- is a research technique in which a researcher observes the results of changing one or more marketing variables while keeping certain other variables constant under controlled conditions

Data Analysis- is the process of compiling, analyzing, and interpreting the results of primary and secondary data collected


Vocab 29.2:
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

Open-ended questions- ask respondents to construct their own response to a question

Forced-choice questions- ask respondents to choose answers from possibilities given on a questionnaire

Pros and Cons:
Pros: secondary data can be obtained easily
Con: could be inaccurate


Marketing research process steps:
1. Defining the problem 
2. Obtaining data
3. Analyzing data
4. Recommending solutions
5. Applying the results 

Main points:
-primary or secondary data
-research steps
-defining the problem is the hardest


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