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Flashcards in Exam Deck (7)
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1
Q

How would you define (describe) MR – and what is its purpose?

A

It is systematic and objective

Its purpose is to seek information, not data to help in the DM process

2
Q

What are the functions, or activities, of MR?

A

DESIGN tools in order to…
COLLECT data, then
ANALYZE this data to provide info required, then
COMMUNICATE objectively the results for DM

3
Q

What are the four essential components of the Marketing System?

A
MBSP
Marketing mix(4p's)
Behavioral response
Situational factors
Performance measures
4
Q

What are some situational factors?

A

Demand
Competition
SLEPT
Internal Resources

5
Q

What are some performance measures?

A
Sales
Market Share
ROI
Cost
Profit
Cashflow
Earnings/Share
Image
6
Q

What are the steps of the DM process?

A
1-Recognize a decision situation
2-Define the decision problem
3-ID alternative course of action
4-Evaluate the courses of action
5-Select a course of action
6-Implement, monitor & modify
7
Q

What are the stages of the MR Process?

A
Establish the need
Specify objectives and  information needs
Determine design
Develop data collection procedure
Design the sample
Collect the data
Process the data
Analyse the data
 Present the results