MK201 -- CH4 Questions

Companies use software that​ integrate, analyze, and apply the mountains of individual customer data to gain​ ________.

A 360 degree view of customers and build stronger customer relationships

Customer insights come from good marketing​ information, which contribute to creating value and meaningful customer relationships. Companies use these customer insights to develop​ ________.

A competitive advantage

To gain good customer​ insights, marketers must effectively manage marketing information from​ ________.

A wide range of sources

The marketing information system​ (MIS) first​ ________, which primarily serves the​ company's marketing and other​ managers, but it might also provide information to external partners.

Assesses information needs

The marketing information system​ (MIS) consists of​ _______, __________, and​ __________ _to generate and validate actionable customer and market insights.

-People and procedures for assessing information needs -developing the needed information -Helping the decision makers use the information

The Council of American Survey Research Organizations​ (CASRO) Code of Standards and Ethics for Survey Research outlines researcher responsibilities to respondents. Choose the most comprehensive set of responsibilities from the following.

Confidentiality, privacy, and avoidance of harassment

To​ ________ for customers and​ ________, marketers must first gain​ fresh, deep insights into what customers need and want.

Create value; build meaningful relationships with them

To analyze individual customer​ data, many companies have now acquired or developed special software and analysis techniques called​ ________ software.

Customer Relationship Management (CRM)

What is big data?

Data contained in huge and complex data sets

What are the four steps of the marketing research process in their correct​ sequence?

Define the problem and research objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings

The second step of the marketing research process is​ ________.

Developing a research plan

What are the three types of objectives a marketing research project might​ have?

Exploratory, descriptive, and casual

The first step in the marketing research process involves defining the problem and setting the research objectives. The most comprehensive set of objectives are​ _________, ___________,​ ____________.

Exploratory, descriptive, or casual research

The third step in the marketing research process calls for implementing the marketing research plan by​ ________.

Gathering, processing, and analyzing the information

Marketers are viewing information not only as an input for making better decisions but also as​ a(n) ______________.

Important strategic asset and marketing tool

What are the three general sources from which marketers can obtain​ information?

Internal data, marketing intelligence, and marketing research

The second critical phase in developing a marketing information system​ (MIS) is developing information. The information is developed from​ ________, __________, and​ ____________.

Internal databases Marketing intelligence activities Marketing research

The fourth step in the market research process is​ ________.

Interpreting and reporting the findings

According to the​ text, two major public policy and ethical issues in marketing research are​ ________.

Intrusions on consumer privacy and misuse of research findings

Two major public policy and ethics issues in marketing research are​ ________.

Intrusions on consumer privacy and the misuse of research findings

Some marketers face special marketing research​ situations, such as those conducting research in small​ business, not-for-profit, or international situations. International researchers deal with great variances in​ ________, __________,​ __________, and​ ___________.

Levels of economic development, cultures and customs, buying patterns, and scarcity of secondary data

Companies apply​ ________ to dig out meaningful patterns in big data and gain customer insights and gauge marketing performance.

Marketing analytics

What do marketers use to analyze big​ data?

Marketing analytics

The people and procedures dedicated to assessing information​ needs, developing the needed​ information, and helping decision makers use the information to generate and validate actionable customer and market insights comprise a​ ________.

Marketing information system

To deliver real value to​ marketers, marketing information must​ _________.

Provide useful customer insights

Why do companies use customer relationship​ management?

To capture and use customer data

Which of the following is true regarding international marketing​ research?

Translating questionnaires from one language to another is not an easy task

The marketing information system​ (MIS) helps users analyze and use the information to​ ________, ______________,​ _______________.

develop customer insights, make marketing​ decisions, and manage customer relationships

Marketing information has no value until it is used​ ________.

to make better marketing decisions

Failure to address privacy issues could result in​ ________.

​​angry, less cooperative consumers and increased government intervention