Marketing Principles Chapter 5 Assignment

docx

School

Waukesha County Technical College *

*We aren’t endorsed by this school

Course

102

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by AgentKnowledge12748

Name_________Huy Dao______________ Marketing Principles 104-102 Chapter 5 Assignment - 5 Points Instructions: Please complete the following assignment and upload a copy to Canvas. Please bring this worksheet with you to class for discussion. Important Chapter Terminology Advertising effectiveness Field experiment Reliability Bee swarms Focus groups Sales forecasting Behavioral targeting Heat maps Sales tracking Big data Machine learning Sample Blog mining Marketing information system Sampling g Causal research Marketing research Scanner data Competitive intelligence Mobile marketing research Secondary data Data visualization Mystery shoppers Simple random sampling Decision support system Neuromarketing Snowball sampling Demand analysis Observation research Surveys Depth interview Panel data Validity Descriptive Research Participant blogs Ethnographic research Primary data Exploratory research Probability sampling Facial coding Quota sampling Discussion Questions 1. What is market research? Market research is an organizational activity that links the consumers, customers, and public to the marketer through information. 2. Briefly List and Define the marketing research process. Step 1 Define the problem : Clarify the nature of the problem and set research objectives. Determine why the beverage product has lost profitability over the past year. Step 2 Develop a research plan: Determine the hypothesis, type of data needed, and research design. Develop hypotheses and decide which type of research will be most effective Step 3 Collect Data: Gather primary and secondary data. Collect primary data for the beverage product related to to promotional campaign and secondary data related to demographics. Step 4 Analyze the data : Accept or reject the hypothesis and validate research. Analyze the data to discover why the beverage product has lost profitability. Assignment 1

Step 5 Present results and take action : Report to decision makers with recommendations for action. Present findings and develop marketing strategies to guide the product back to profitability. 3. Why would a market researcher use focus groups and observation? Because they want to collect respondents' attitudes, feelings, beliefs, experiences, and reactions in ways that would not be possible using other methods. Also, they want to know more about culture and Political Environment in other sides. 4. Briefly list the types of general personal information people provide to companies. Think about online or social media sharing too. People typically provide companies with their first and last name, phone number, email address, home address, and sometimes even much more secure information such as social security numbers. 5. Why would a company use data mining? Where does the data come from? Because data mining can help spot sales trends, develop smarter marketing campaigns, and accurately predict customer loyalty. It came from effective data collection, warehousing, and computer processing. 6. Imagine you are the head of marketing research at a major retailer like Kohl’s. You have been asked to conduct research on about your competitors’ products including prices and features. What are some ways you could access or find out this information? The greatest way to access and find out this information is becoming one of competitor’s customer to find their information. And I could find information about their product on U.S securities and exchange commission website or in business journals, trade associations. 7. Briefly describe the advantages and disadvantages of qualitative and quantitative research. Qualitative research:  Advantages: o Uncovers details concerning the motivations behind behaviors o It is not limited to a predetermined sea of responses o It can be a good way to start research into a marketing problem o It can be very flexible in approach o It can be used to generate marketing ideas  Disadvantages: o Results may be difficult to measure objectively o Research can take longer than quantitative methods o Potential for researcher bias o Individual participants may not represent general target market o Small sample size Quantitative Research:  Advantages: o Results may be generalizable to a larger population o Some methods can be conducted quickly and inexpensively 2

o Analysis of data can be faster than in qualitative research o Can conduct causal studies that indicate why behaviors occur o Can be cos-effective o Often convenient for respondent  Disadvantages: o May be limited to researchers’ questions o Response rates can be very low o Difficult to determine nonresponse bias o Possible respondent self-selections bias o Participant resistance to giving sensitive information 8. Read Table 5.4 Marketing Research Association’s Code of Marketing Research. Do you think there could be ethical issues using market research? Explain your answer or provide an example. Yes, I think there could be ethical issues using market research because market research ethics are moral principles that guide the responsibility to conduct and analyze research without deception to ensure authenticity. Also, the Code offers fair and transparent enforcement and adjudication processes to MRA members and the public. Failure to abide by the Code may result in a range of sanctions, including publicized expulsion from the association. 3

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Today’s Professional Read the Executive Perspective and the Today’s Professional Overview. Briefly list 3 ideas from the profiles that you found interesting. With the today’s Professional Amie give me an interesting thing that we need to be ready with all situations and have responsibilities with the supporting with what we are doing so we can get successful at work. Or other interesting is about we can set our own unique skillset through getting feedback from other people and keep studying and researching to be able to become success at workplace. With other interesting is in executive perspective from A.J. Fernandez. Is about if we want to get success, we need to follow your passion. No matter what we got later if we are truly passionate about something, we will probably find a way to earn a living doing it. 4

References https://sru.soc.surrey.ac.uk/SRU19.html https://www.insightsassociation.org/issues-policies/mra-code-marketing-research-standards 6

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

BUS 330 WEEK 2 DISCUSSION 2.docx

BUS 330 Wk 3 Journal.docx

BUS 330 WK 3 DIS 2.docx

MKT 315 Milestone One.docx

Online Reflective Practitioner Instructions March 18(1).docx

Shogenj_MKT7101_5.docx

Marketing Principles Chapter 12 Assignment.docx

BMK355.Assignment1.docx

BMK355.Assignment2.docx

3-2 Worksheet- Ethical Decision-Making in Healthcare Marketing.docx

2-2 Marketing Exercise Whose Vision Is It.docx

Nano influencers and micro influencers.docx

Recommended textbooks for you

Contemporary Marketing

Marketing

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Cengage Learning

Foundations of Business (MindTap Course List)

Marketing

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

Foundations of Business - Standalone book (MindTa...

Marketing

ISBN:9781285193946

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning