Week 3

Question 1

What is a marketing information system (MIS)?

Answer 1

• The structure put in place to manage information gathered during the usual operations of the organisation.

Question 2

What are the steps of the market research process?

Answer 2

1. Defining the research problem
2. Designing the research methodology
3. Collecting data in accordance with the research design
4. Analysing the data and drawing conclusions
5. Presenting the results and make recommendations

Question 3

What are the factors to consider before undertaking a market research project?

Answer 3

• Relevance
• Cost-benefit analysis
• Availability of resources
• Need for new information
• Timing

Question 4

What are the types of research?

Answer 4

• Exploratory - It is research intended to gather more information about a loosely defined problem
• Descriptive - used to solve a particular and well defined problem by clarifying the characteristics of certain phenomena
• Causal - Assumes that a particular variable causes a specific outcome and then, by holding everything else constant, tests whether the variable does indeed affect that outcom

Question 5

What are the types of data?

Answer 5

• Primary data are data observed or collected directly from respondents as part of the current market research project (eg. responses given on a questionnaire)
• Secondary data comprise information originally gathered or recorded for some purpose other than to address the current market research problem

Question 6

What are the types of research methods?

Answer 6

• Quantitative research - Collecting data that can be represented numerically and analysed statistically
• Qualititative research - Focuses on obtaining rich, deep and detailed information