Exam 2 Review

Dr. Mike Brady

MAR 3023

Exam 2 Review Sheet

General Overview of the Exam 2 Content:

Marketing Research – process of designing, gathering, analyzing, and reporting

information that may be used to solve a marketing problem
 Be able to discuss how marketing research is the means by which firms acquire
information about customers, which informs the strategic decisions they make.
 Be able to articulate and give examples of how marketing is far more
empirical/quantitative than most people believe.
 Two types of Data:
o Secondary Data - information that has been collected for a purpose other
than the research at hand
o Primary data - information that has been gathered specifically for the research
objectives at hand
 Approaches to a Market Research Study
o Exploratory - describes less structured data collection methods (example:
focus groups)
o Descriptive - describes the characteristics of a population (example: surveys)
o Experimental - identifies cause and effect between variables
 Types of Marketing Research Studies – Applied versus Basic. Be able to
distinguish one from the other.
 Be able to discuss the marketing research process, starting from problem
definition all the way through data analysis and report preparation.

Segmentation, Targeting, Positioning, and Repositioning

 Be able to recognize market segments and target markets when you see them.
There are lots of these examples in the slides.
 Know how firms go about segmenting markets (i.e., cluster analysis).
 Understand how segmentation has the power to both increase market share
through the introduction of new products and decrease cost through avoiding
wasteful spending on unattractive market segments.
 Be familiar with forecasting and be able to distinguish between the methods used
to forecast demand within market segments.
 Be able to discuss how perceptual maps are created (i.e., through
multidimensional scaling).
 Be able to discuss how firms can use the marketing mix to position and
reposition their brands so as to maximize market share.
Understanding Buyer Behavior
 Understand how customers can be irrational in their decision making and know
when this is likely to occur (i.e., when involvement is low).
 Be able to list and define the Problem Solving Strategies (Routinized, Limited
problem solving, Extended problem solving, and Impulse buying)
 Be able to discuss the Consumer Decision Making Process (Problem recognition,
Information Search, Evaluation of alternatives, Purchases, and Post-purchase
evaluation).
 Know the difference between internal and external information search.
 Be able to define the consideration/evoked set.
 Be familiar with the definition of cognitive dissonance.

Reaching Global Markets

 Understand how understanding cultural differences and nuances in dialects are
keys to effectively entering a new global market.
 Be familiar with the examples of firms that have made culturally-oriented
mistakes when entering a new global market.
 Be able to define adaptation/standardization and know when one makes sense
over the other.
 Be able to articulate how adaptation is similar to market segmentation.
 Be able to define gray marketing.
 Be able to recognize gray marketing when you see it.
 Understand tariffs, embargos, quotas, etc.