Which two of the following are key elements in deciding how do you collect data for marketing research?
Observing people and asking them questions are the two principal ways to collect data for a marketing study.
What are the two most common constraints in marketing problem solving?
Answer: The two most common constraints in marketing problem solving are “d) limitations on the time and money available”. Explanation: The constraints: are restrictions that are imposed when it comes to seeing the potential solutions of a problem.
What is the main advantage of primary data compared to secondary?
The main advantage of primary data is that they will answer a specific research question that secondary data cannot answer. Primary data are current and the source of data is known. Moreover, the information is proprietary. Primary data can be very expensive.
Is the process of defining a marketing problem and opportunity systematically collecting and analyzing data and recommending actions?
Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. Although imperfect, marketers conduct marketing research to reduce the risk of and thereby improve marketing decisions.
Which of the following is a criterion used in forming market segments?
Feedback: The five criteria to be used in forming segments include (1) potential for increased profit; (2) similarity of needs of potential buyers within a segment; (3) difference of needs of buyers among segments; (4) potential of a marketing action to reach a segment; (5) simplicity and cost of assigning potential …
When a research team has gathered data for specific research needs This is known as?
When a research team has gathered data for specific research needs, this is known as. a. primary data.
What does segment the market mean?
Market segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action.
What is the purpose of positioning a product or service?
Product positioning is the process marketers use to determine how to best communicate their products’ attributes to their target customers based on customer needs, competitive pressures, available communication channels and carefully crafted key messages.
What are the pros and cons of primary and secondary data?
Pros and Cons
- Pros: Perhaps the greatest advantage of primary research is that it allows the researcher to obtain original data that are current and highly specific to his or her needs.
- Cons: Because of the processes involved, primary research can be very time-consuming, sometimes requiring months or even years.
What are the advantages and disadvantages of primary and secondary data?
Some common advantages of primary data are its authenticity, specific nature, and up to date information while secondary data is very cheap and not time-consuming. Primary data is very reliable because it is usually objective and collected directly from the original source.
What are the advantage and disadvantage of secondary data?
Advantages and disadvantages of secondary data
Secondary data is available from other sources and may already have been used in previous research, making it easier to carry out further research. It is time-saving and cost-efficient: the data was collected by someone other than the researcher.