TYBCOM Marketing Research Semester-5 Important Questions

TYBCOM Marketing Research Important Question of Mumbai University 2022

If you are searching for an Important question about TYBCOM Marketing Research semester-5 and Marketing Research semester-5, I must say you are right place. I have added an important question module-wise check below with notes and old Mumbai university question papers of marketing research.

1. Define the Marketing Research and explain the objectives of the Marketing Research
2. Define Marketing Information System. Explain the components of MIS.
3. What are the major functions of marketing research
4. Define Data Mining. Explain the advantages of data mining
5. Define Research Design. Explain the steps in the construction of a research design.
6. What are the types of questions that can be used in a questionnaire?
7. What are the essentials of a good sample
8. What is the hypothesis? Discuss the types of hypotheses.
9. What are the different methods of primary data collection? Explain.
10. How modern technology can be used for data collection? Explain.
11. Distinguish between Qualitative and Quantitative Research.
12. Discuss the contents of a good research report.
13. Merits and Demerits of Personal Interview
14. What is a Research Report? Explain the types of Research Report

Paper pattern of Marketing Research subject

How to write long answers to theory papers:

(1)Start with an introduction (2) draw a diagram or mind mapping of points  (3) explain the points (4) conclusions

Define the Marketing Research and explain the objectives of the Marketing Research

According to Philip Kotler, Marketing research is defined as, “the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company”

Thus, Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating
to marketing products and services.

Identifying Needs and Wants: The business needs to understand its targeted market and targeted customers. Marketing research helps in identifying consumer’s needs and wants. It also encourages managers to analyze their potential customers from different factors like age, gender, income, standard of living, etc.

Promotion Mix: Promotion mix plays vital role in product life cycle. Marketing research uses promotional research to study media mix, advertising effectiveness and integrated communication tools.

Marketing Strategies: Now a days, market has become more competitive. It is not only restricted to local market but become national and also global market. Marketing research encouraged marketing managers in formulating marketing strategies for local, national and global market.

Brands Image: The main objective of marketing is to create brand loyalty. Marketing research helps in developing techniques to popularize and retain brand loyalty.

Business Risks: Marketing research helps in lowering the various risks associated with business. Marketing research provides information on market share, competition, customer satisfaction levels, sales performances and channel of distribution etc. that helps the businesses in solving problems and thus it will reduce the business risks.

Growth Objectives: A growth objective analyses the present business scope and determines the growth strategies to accomplish the expected growth. Growth is an important objective that help in to increased revenue. By developing business strategies focused on growth, companies can increase their market share, sales efficiencies, and increase brand awareness, that leads to increase business profits.

Profits: The main objective of businesses to maximize their profits. Businesses that are not financially profitable are possible to struggle, fail and eventually close their business. Profitability describes an organizations ability to survive in the market and earn profits.

Define Marketing Information System. Explain the components of MIS.

Introduction:

Marketing information systems are used for managing, processing, and accessing data. They can be simply a sharing of information by key departments but are more likely to be some form of an integrated system based on information technology. The important issue is that the information from such a system is presented in a way that is useful to marketing decisions.

K. Cox and K. Good hold, “MIS is a set of procedures and methods for the regular and planned collection, analysis and presentation of information in making marketing decisions.”

The four main components of a Marketing Information System (MIS) are:

1. Internal Records
2. Marketing Intelligence
3. Marketing Research
4. Marketing Decision Support System

1. Internal Records: The first component of MIS is the ‘Internal Record’. Marketing managers get plenty of information from the internal records of the company. These records provide current information about sales, costs, inventories, cash flows, and accounts receivable and payable. Many companies maintain their computerized internal records.
2. Marketing Intelligence: The second component of MIS is ‘Marketing Intelligence. It collects information from external sources. It provides information about the current marketing environment and changing conditions in the market. This information can be easily gathered from external sources like; magazines, trade journals, commercial press, and so on.
3. Marketing Research: The third important component of MIS is ‘Marketing Research. Marketing research is conducted to solve specific marketing problems of the company. It collects data about the problem. This data is tabulated and analyzed and conclusions are drawn. Then the recommendations are given for solving the problem. Marketing research also provides information to marketing managers.
4. Marketing Decision Support System: A growing number of organizations are using marketing decision support systems to help managers in taking better decisions. It is a system supported by software and hardware to gather information from businesses and the environment. It helps managers in providing evidence for the decisions taken by them. The current marketing software programs assist in designing marketing research studies, market segmentation, selling prices, budget, analyzing media, and planning sales force activity

The following are some examples of Marketing Information System

• Transaction Processing System, which processes the routine transactions associated with a business. For example, transactions include payroll processing, order processing, such as for an e-commerce business, and invoicing.
• Management Support Systems, which store and organize data, enabling end users to generate reports and analyze data to address business needs and inform planning. A data warehouse is an example of a Management Support System.
• Decision Support Systems, which analyze business data to assist managers with decision making. For example, a DSS could project revenue figures based on new product sales assumptions.
• Expert Systems, which provide managers with insights and advice, using artificial intelligence (AI) to simulate the expert knowledge of a human in a particular field.

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Reference Mumbai University