Marketing Chapter 4
Which of the following is NOT likely to be used as an online database that can be assessed by a company to gain information about competitors?
A power tool company wants to give its customers information about how best to use its product in creative ways. What should the company create to provide customers with this information?
a company extranet
Which of the following best defines a customer touch point?
a contact between the customer and the company
What is CRM?
a system of customer management
Many companies build extensive electronic collections of consumer and market information obtained from data sources within the company's network. This is known as?
an internal database
A company is conducting market research to determine the best areas to sell its product. It has already determined its research questions and gathered its data. What is the next step for this company in its research plan?
analyze the data and apply it to the marketing situation
A company is attempting to gather information about its customers in order to improve its customer service. Which of the following is the best place for this company to start to develop an efficient MIS?
assess the information needs of the company
Which kind of company needs market research more?
both large multinationals like Procter and Gamble or small locals truly need marker research
Cynthia Brin, the CEO of biotech company NeuroSyn, is trying to gather intelligence about the products and plans of its competitor, Nucleic Solutions. Which of the following research methods would be most likely to provide valuable information about the product plans of Nucleic Solutions?
collect information from people who supply and distribute products for Nucleic Solutions
Which of the following is not a step in the marketing research process?
comparing research findings to other studies
Clive owns a small diver shop on the West Coast. He recently started a Facebook page for his store and many of his customers are asking for store-sponsored dive trips. They believe Clive's expertise would make him the perfect guide. Clive decides to host quarterly dive trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the best conclusion that can be drawn from Clive's situation?
customer insights can provide valuable information to a small business
What are the main tools of a CRM analyst?
data warehouses and data mining
An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO most likely to do as a function of his job?
inform customers of the privacy policy of the company
Having a good MIS is important because?
it enables a company to use customer insights to improve relationships with customers
What helps decision makers use information to generate and validate actionable customer and market insights?
marketing information system
Which of the following best describes the research relationships?
observation is best suited for exploratory research, surveys for descriptive research, and experiments for casual research.
Lester's Lights is looking to enter the Mexican market. Before jumping in, the company needs to conduct some in-depth research to gauge customers' needs, interests, and buying patters. Which of the following would be the best option for Lester's Lights?
send researchers door-to-door to collect data from target consumers
A researcher must always evaluate secondary information carefully to make certain that it is all of the following except
subjective
Which of the following factors is most important to take into account when developing a good MIS?
the usefulness of the information offered
What is the overarching goal of CRM?
to secure customer loyalty
Allen Emory is a manager at Splastastic Watersports. He has been trying to set up the best MIS the company has seen and is requesting his employees to gather all of the information they possibly can. Unfortunately, the company does not seem to be improving and is actually losing its share of the waterspouts industry. Why might this be?
too much information can be as harmful as too little
All of the following can be considered problems with gathering primary data for an international company except?
unavailability of resources
Which of the following is the best way for a small business to conduct market research?
use online resources
Which of the following best describes the purpose of the customer insights team?
to gather and interpret information about customers and the market
Why is it important for a company to collect both primary and secondary data when conducting marketing research?
to have a "full picture" of the subject of its study