Quiz 6: Marketing Information and Research

The Vizzy Vitamin company is looking to expand its market reach into twenty new countries this year for its immune system booster drink powder product. In order to dig deeper into which countries to select, the company would be wise to gather data from which pertinent data sources?

World Trade Organization (WTO) Data.

Select all correct answers David works for a small company with a very tight budget. He needs to conduct research but has little to no funds to spend on collecting the data. Choose the types of organizations that can provide David with free, publicly available data:

non-profit organizations government agencies

A research study comparing the risk of developing lung cancer between smokers and nonsmokers would be a good example of a(n):

observational research study

The first step in the marketing research process that James took was to identify the problem. Which step is his next move?

setting objectives for the research

Select all correct answers The Nature's Sunshine natural supplement company decided to use Oracle's CRM system to manage its many customers. Identify all of the components that would be included in the CRM system:

sophisticated analytical tools data warehouses and databases

A hand sanitizer company begins to combine its databases of customer information, purchases, customer service instances, and rolled out a computer system that uses the data to communicate with customers and assist with marketing activities and customer interactions. What type of system did the hand sanitizer company implement?

Customer Relationship Management (CRM) system.

A parrot food company is trying to identify what is needed to create better Web site traffic, keyword search statistics, and a boost in its websales. Which additional marketing data research sources would be most helpful to reach those goals?

Google Analytics

Grace called a team meeting at her company to go over the results of her marketing research. Before walking through the results, she reviewed the original problem that kicked off the research and reminded the team members that the goal of the marketing research was to use customer insights to adjust the company's marketing mix to better match customer's needs. What does this reminder to the team potentially do?

Her reframing can help defuse resistance and make the team informed and more empowered.

You are given the task of brainstorming with a team about how the marketing information and research results will help your company adjust the marketing strategy for the price of its product. What types of questions should you be asking?

How are we doing at providing good value for the price?

A pharmaceutical company in 2016 is researching the market conditions for their newest cold medicine. They pull demographic data for their target city: Phoenix, AZ. They base their marketing efforts on that demographic data only to discover later that the data was from the 2010 Census. What type of known limitation did this company run into with their secondary research?

Information is often somewhat dated

The Hilti construction tool company conducted marketing research and discovered that one of its power tools was too difficult for customers to find and purchase. Hilti redesigned its website information to highlight the tool, retrained its sales staff, prominently featured the tool in trade magazines, and simplified the its purchasing process. What important step in the process did the Hilti company forget to do?

Measure the impact and results from all of those changes and make additional adjustments.

An organization uses CRM systems to capture customer information and interactions data and to centrally store this information. It can also analyze this data and glimpse better solutions to meet the target segment and individual customers needs. What else can an organization use CRM systems for?

Tailor its marketing mix to the interests and needs of customers and target segments.

The nail salon in the strip mall has begun working with their owner's son, who is a marketer. He suggested the nail salon walk through the marketing research process, and they are now into the planning the research step. What do they need to put in the plan besides the types of data needed, timing, budget, data collecting methods, interpretation, and reporting?

Their analysis plan

Nick is putting together his business plan to take to a bank for a business loan. In order for him to present data about his industry, local and national business competitors, and U.S. economy data, which organization would be most helpful for his data focus?

U.S. Small Business Administration (SBA) General Business Data and Statistics

A printer ink-filling store marketer gathered marketing information about a rival ink-filling store through visiting their website, finding out where else they sell their services, and looking at what other similar stores opened their area. This is known as:

competitive intelligence

A donut shop's new owner, Vance, decided that he was going to finally make the donuts he always wanted to eat and offer those to his customers. He spent a month coming up with twenty wild and crazy donuts. When he opened his doors again at his grand reopening to his surprise there were only two kinds of his custom donuts that people liked. What mistake did Vance make:

conducted no initial market research of customer donut preferences.

After each interaction a customer had with the cell phone company, the cell phone company collected as much about the customer as possible. When a customer paid a bill, their address and gender was collected. If another customer unsubscribed from the company email campaigns, the company noted this information. The type of information collection is known as:

internal data

A clothing retail company is deciding whether to use a traditional marketing research project approach or dive into a CRM system approach to guide their new year's marketing strategy. Why should it use a CRM system approach?

its CRM provides specific customer information a breath of accurate marketing, and tools to analyze data for identifying specific customer trends, habits, and shopping patterns.

A startup jewelry company wants to research designs from its potential new jewelry line. It has little money to devote to the research. Which combination of research methods would best suit its situation?

mail and online research

Amy was in charge of reading through the collected customer feedback in the company's website feedback center and conveying the pertinent information she discovered to the rest of the marketing team. What components of marketing information was she using in this example?

marketing research and information system

After calling the customer service line of Delta airlines, Francis received an email asking her to fill out customer satisfactions questions. Francis opened the email from Wufoo and quickly filled out the ten questions. This is an example of what type of quantitative method?

survey

Blasterhoff, Inc. is a company that makes cannons for blasting off fireworks. In order to build their business they brought in a marketing researcher. She has taken the Blasterhoff team through the marketing research process, crunched the data and found that the majority of their sales are clustered around three holidays (July 4th, Christmas, and New Years). She suggests that they focus on getting into more fireworks display shows as their main marketing tactic. If Blasterhoff decides her findings are true, what would its next step be?

take action on the discovered research.

Alhambra's Fresh Mex restaurant was quickly losing customers over a two-week period. The manager decided to ask his regular customers if they knew what was happening to the crowds that used to visit the place. The information she received was that two blocks away from Alhambra's, a new Fresh Mex restaurant had opened up that provided meals faster and cheaper. If the manager hadn't asked her customers, she wouldn't have discovered the real reason for the decline. With this new marketing research information, what should she do?

use the customer feedback, research the competition, and make adjustments to Alhambra's menu and service.

The new CRM system implemented by the BugZapper company is giving insight into the customer sales process as well as what time of year their product goes dormant in sales in the U.S. but picks up in South American countries. This new insight into their customer behavior can assist the marketing team in deciding:

when to switch marketing campaigns to international markets.