Chapter 10 Study Questions.docx Chapter 10 Study Questions: 1.       Explain the deve

Chapter 10 Study Questions.docx  Chapter 10 Study Questions:  1.       Explain the development and current status of the marketing research function. Function is the collecting and using of information for marketing decision making.  2.       In the era of big data, present some opportunities and challenges now facing people who work in marketing research? Information that originates in unprecedented volume and at unprecedented speed from the world around us. Too much info can make it hard to determine what is actually usable, and how to use it.   3.       Define the concepts of data mining and predictive analytics? How can these research activities be used in combination? Data mining is the process of searching through computerized data files with special software to detect patterns, while predictive analytics refers to the use of marketing intelligence data to model scenarios and create forecasts. By mining for information we can create scenarios with specific indicators.  4.       List and explain the steps in the marketing research process. Imagine that you are a marketing researcher who is tasked to create a new type of shampoo. Next to each research step, outline how you would take this new product through this process.  1.Define problem- create new shampoo  2.Conduct exploratory research- what kind of shampoo do we already make vs what is on the market now  3.Formulate hypothesis- determine best and worst case scenarios  4.Create research design  5.Collect data- primary data and secondary