Get The Facts Straight Marketing Test Review

The Phineas Corporation is using internal and external information from its marketing-information management system to determine the strength of the company's current business position. What is the company conducting?

A situation analysis

Which function of marketing-information management system involves collecting facts and figures from internal and external sources on an ongoing basis?

Data gathering

External marketing data comes from sources outside the business such as

trade journals.

One basic requirements of a marketing-information management system is that it should be able to

collect, process, and store data.

A marketing-information management system can help businesses to

discover new markets

A marketing-information management system should meet the requirements of the

individual business

One advantage of information generated by marketing-information management system is that the information

is presented in an organized fashion

What characteristic of useful marketing-information is represented by the statement "The benefits of using the information should be greater than the expense of gathering the data used to generate this information"?

Cost-effectiveness

What is the relationship between data and information?

Data are used to create information.

Which function of a marketing-information management system involves changing the format of facts and figures to make them more useful?

Data processing

Which of the following is a good source of internal data:

Enterprise resource planning systems

What function of a marketing-information management system involves the distribution of marketing information to those who make marketing decisions?

Information reporting

Jerry, a computer salesperson, asks each interested customer to tell him what her/his experiences have been at competing computer stores. What is Jerry gathering about the competition from his customers?

Marketing intelligence

Which of the following statements regarding marketing research is true:

Marketing research is a component of marketing-information management.

Which of the following is most likely to help a marketer in setting up the marketing budget:

Next quarter's sales forecast

The Thirst Quenchers beverage company is surveying prospective customers to determine demand for its newest soft drink. Thirst Quenchers is collecting what type of data?

Primary

When a marketing-information management system compares financial information from one time period with the financial data from another time period, it provides a picture of the business's

Profitability

What characteristic of useful marketing information requires the information to be closely related to the situation in order to be of the most use?

Relevancy

Marketers at GG Unlimited are using the company's marketing-information management system (MkIS) to learn more about the effectiveness of the company's latest advertising campaign. This is an example of how the MkIS can be used to evaluate

promotional strategies

Brandi is reviewing marketing information about the possible demand for a new product. In this instance, Brandi's marketing-information management system is most likely helping her to

reduce the risk of product failure.