Marketing chapter 5

The first step for marketing research is to

Discover and define the problem

The first step in the marketing research process is to _________.​

Discover and define the problem.

Once people agree to participate in market research, companies can use the data those people provide in any way they choose.

False

The first step in marketing research is to collect the data.

False

​Deceiving people when conducting marketing research usually leads to important findings that a company can use to improve its business.

False

Revealing patterns and measuring data are part of analytics, or finding meaning in the data.

False.

A calculation of the estimated profit a business will earn from a customer is called the customer's lifetime value, or CLV.

True

After marketing data is gathered, researchers will look for patterns in the data and draw conclusions based on those patterns.

True

In some businesses, gut feelings and intuition are used in decision making.

True

Marketing information collected from customers can be used by businesses to help make needed improvements.

True

A(n)______ includes most charts and graphs that visually represent data in a reader-friendly format.

dashboard

______ involves the use of powerful computers to "dig up" data needed for decision making.

data mining

Statistics gathered through valid research is called

hard data

​A set of procedures and methods used to systematically collect, analyze, distribute, and sort information needed by businesses to make decisions is called

marketing information System

Ethical research

respects confidentiality

A small number of people representative of a larger group is called a _________.​

sample

A(n) _______ is a small number representative of a large group.

sample

__________ are small numbers of people representative of a large group.

samples

The process of organizing data from multiple sources into usable information is called _________.

Convergence analytics

A cart-reminder email reminds ​customers of incomplete purchases they have left in an online shopping cart.

true

A frequency table shows how often each numerical value, response, item, or range of numbers in a set of data occurs.​

true

A sports team is monitoring the food sold at concession stands during each game to determine what sells best. This is an example of analyzing current conditions.​

true

Data mining involves using technology to find information.​

true

Even data-driven decisions must be balanced with common sense and ethics.

true

It is considered unethical for market researchers to use personal details about customers without their knowledge and consent.​

true

Research has shown that the quality of a TV advertisement is directly connected with how memorable the ad is to viewers.

true

Some large companies have a marketing research department within the firm but also work with outside marketing research firms.

true

To interpret data, marketers must have the knowledge to see patterns and understand what those patterns mean.​

true

​Marketing research is limited by the humans involved in research design.

true

__________ research is conducted by an independent company and then offered for sale to everyone in an industry

Syndicated

Decision making for most companies is mainly based on

a combination of gut feelings, intuition and marketing research

What is a focus group?

a panel of people who answer market research questions about a product.

A detailed set of instructions on how to sort data is called a(n)

algorithm

Collecting and sorting data

all of the above

The process of using computer programming and incorporating statistics to organize data into meaningful patterns is called ______

analytics

Price points

are the range of prices charged for a category of merchandise

A detailed set of instructions on how to sort data is called a(n) _________.

Algorithm

When staff researchers work with external research agencies, they are referred to as ______ researchers.

Client-side

A group of people who share certain characteristics is called a _________.​

Cohort

What is the final step for marketing research?

Implement and evaluate the results

When information is gathered that is very specifically focused on a single target market, it is called _____

Market research

A _________ is a set of procedures and methods businesses use to collect, analyze, distribute, and store information to help them make decisions.​

Marketing information system

is conducted to gather data and identify solutions to marketing problems.

Marketing research

Which of the following would a market researcher MOST likely refer to as a shopping cart abandoner?​

Someone who begins to make a online purchase but leaves the website without completing

A(n) _____ consists of a group of people who share certain characteristics.

cohort

The process of organizing data from multiple sources into usable information is called

convergence analytics

Data-driven decisions are based on experience and intuition.​

false

If a market researcher goes to work for a competitor, the researcher has an ethical duty to tell the new employer everything he or she has learned about the former employer's clients.​

false

Market research and marketing research are the same thing.​

false

The final stage of the marketing research process is to determine a solution to the problem.

false

The use of "big data" means that businesses no longer need to talk directly to consumers to learn about their wants and needs.​

false

There is no way for marketers to track the number of people who have seen an advertisement.​

false

Today, most advertisers rely on what has succeeded previously in order to determine which TV programs potential viewers will watch.

false

the final step in the marketing research process is to determine a solution to the problem​.

false

_____ consist of a panel of people who answer market research questions related to their observations or opinions about a product or service.

focus groups

A(n) __________ shows how often each numerical value, response, item, or range of numbers in a set of data occurs.

frequency table

data based on an educated guess is called ___ data.

soft

Kelvin surveys the crowd at a concert and estimates that about 2,000 people are in attendance. This is an example of _________.​

soft data

When research is conducted by an independent company and then offered for sale to all businesses in the industry, it is referred to as _________ research.​

syndicated

When research is conducted by an independent company and then offered for sale to everyone in an industry, it is called

syndicated research