MKTG 220 Ch 4 Quiz
Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS?
Assess the information needs of the company
Which of the following is NOT a step in the marketing research process? A. Defining the research problem B. Developing the research plan C. Interpreting and reporting the findings D. Implementing the research plan E. Comparing research findings to other studies
Comparing research findings to other studies
A company's marketing information system (MIS) is valuable because it ______.
Enables a company to use customer insights to improve relationships with customers
Which of the following describes the type of research used to help define the research problem and suggest hypotheses? A. Secondary research B. Descriptive research C. Causal research D. Primary research E. Exploratory research
Exploratory research
A power tool company wants to give its customers access to internal, nonpublic 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
What constitutes a marketing information system (MIS)?
A system to generate and validate actionable customer and market insights
Which types of companies would most benefit from conducting marketing research?
Both large multinational firms like Disney and IBM and small local firms
Which of the following is NOT a primary goal of competitive marketing intelligence? A. Assessing and tracking competitors' actions, B. Creating an understanding of the business-to-business environment C. Providing early warnings of opportunities D. Improving strategic decision making E. Providing early warnings of threats
Creating an understanding of the business-to-business environment
Juanita owns a small hot-air balloon company in Albuquerque, New Mexico. She recently started a Facebook page for her company, and many of her customers are asking for store-sponsored hot-air balloon trips. They believe Juanita's expertise would make her the perfect guide. Juanita decides to host quarterly hot-air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from Juanita's situation?
Customer insights can provide valuable information to a small businesses
The real value of marketing information rests in the _____.
Customer insights it provides
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n) ____.
Focus group
A company is conducting market research to determine the best areas in which to sell its product. It has developed the research plan. What is the next step of this company's research plan?
Implement the plan
Which of the following statements about online research is correct? A. Experiments cannot be conducted online. B. Online research is only feasible for large companies. C. Online surveys generally have higher response rates than those conducted by mail or phone. D. Focus groups are rarely conducted online. E. It is more expensive to conduct online research than to do a mail, phone, or personal interview.
Online surveys generally have higher response rates than those conducted by mail or phone
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 or her job?
Inform customers of the company's privacy policy
Marketers obtain needed marketing information from which of the following? A. Internal data, marketing intelligence, and marketing research B. Internal data, big data, and market research C. Marketing intelligence, marketing research, and the marketing environment D. Internal data, marketing research, and marketing managers E. Marketing managers, information users, and internal databases
Internal data, marketing intelligence, and marketing research
______consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.
Marketing analytics
Which of the following BEST describes research relationships? A. Observation is best suited for descriptive research, surveys for causal research, and experiments for exploratory research. B. Observation is best suited for causal research, surveys for exploratory research, and experiments for descriptive research. C. Observation is best suited for descriptive research, surveys for exploratory research, and experiments for causal research. D. Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research. E. Observation is best suited for exploratory research, surveys for causal research, and experiments for descriptive research.
Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research
Which of the following statements about big data is correct? A. Big data is only used by big companies. B. Analyzing big data always leads to useful customer insights. C. Big data actually refers to very small data sets. D. Analyzing big data is a very easy task. E. One result of big data is that marketing managers are often overloaded and overwhelmed with information.
One result of big data is that marketing managers are often overloaded and overwhelmed with information
Which of the following would be good advice for someone conducting marketing research in a foreign country? A. Consumers in foreign markets generally enjoy participating in marketing research. B. Language translation will be easy. C. Globalization has slowed down, so international research is no longer necessary. D. Reaching respondents in other parts of the world is more difficult than it is in the United States. E. You can easily find good secondary data in most foreign markets.
Reaching respondents in other parts of the world is more difficult than it is in the United States
Which of the following information must a researcher evaluate to make certain it is relevant, accurate, and impartial? A. Focus group information B. Survey information C. Primary information D. Big data analytical information E. Secondary information
Secondary information
Which of the following BEST describes the purpose of customer insights? A. To create more value for customers B. To instruct other company departments in customer service C. To develop new markets of customers for the company D. To represent the company to its customers E. To advertise new products to customer bases
To create more value for customers
Which of the following is the primary reason firms use competitive marketing intelligence? A. To assess and respond to a competitor's social media strategies B. To gain an understanding of a competitor's channels of distribution C. To understand more about a competitor's new product development efforts D. To gain early insights into competitor moves and strategies, and to prepare quick responses E. To make early decisions regarding pricing strategies of competitors
To gain early insights into competitor moves and strategies, and to prepare quick responses
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
Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies?
Touch points