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Exam 15: Marketing Research Tools

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Question 21

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Identify and describe the two approaches for creating a perceptual map.

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The two approaches are attribute-based a...

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Question 22

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Scanner data originated in retail grocery stores as an inventory management tool, and quickly became even more valuable as a marketing tool.

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Question 23

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What does ROMI stand for?

If you want to use a factor analysis and a cluster analysis to complement each other, which one should you do first?

Because of the size of focus groups, predicting how the marketplace will respond as a function of these groups is a commonly accepted practice in marketing today.

A cluster analysis helps identify .

Scanners began in to help inventory management, but it quickly became obvious that the information obtained was valuable for far more.

Customer satisfaction surveys should be long and detailed, so they provide marketers with the most detailed and actionable information possible.

In the attribute based approach, the customer makes two kinds of ratings: (1) how does our company rate on a number of attributes? and (2) how important are each of these attributes?

If you participate in a focus group you should expect to be there all day.

Scanner data, combined with shopper demographics, provides useful data for marketing researchers seeking insights about customer purchase behavior.

Conjoint methods are used frequently in studies of pricing and branding.

Explain what types of information can be obtained through scanner data.

Field studies are conducted in the real world, so they are strong in validity, but they tend not to be as clean in terms of validity.

Marketing information should be gathered so the company can be in the know and poised for action.

Betty is a product manager for a brand of baby food. She is curious about the impact on the brand if she decides to raise the price five percent. It would be possible for Betty to run a trial, or a field experiment, using scanner data to answer her question.

Which is an approach in creating a perceptual map?

About how long does a focus group typically last?

Marketing research is tremendously .

Gary wants to create a perceptual map for positioning using the attribute-based approach. He comes to you for advice as to how he should get started on this. What is the first step you would advise Gary to undertake?