Marketing 301 Ch. 4

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 company's privacy policy. Pg. 126

Secondary data are ___________

Information that already exists somewhere, having been collected for another purpose.

Which of the following BEST describes the research relationships?

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?

One result of big data is that marketing managers are often overloaded and overwhelmed with information.

Which of the following statements about online research is correct?

Online surveys generally have higher response rates than those conducted by mail or phone.

In a _______________________ sample, the population is divided into mutually exclusive groups and random samples are drawn from each group.

Stratified Random Sample

A researcher must always evaluate secondary information carefully; however, the researcher does not need to ensure the evaluation is

Subjective. Pg. 109

Code of Standards and Ethics for Survey Research (CASRO) - Pg. 127 in book.

The ____________ outlines researcher responsibilities to respondents, including confidentiality, privacy, and avoidance of harassment.

Competitive Marketing Intelligence

The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

Competitive marketing intelligence is primarily responsible for ________________________.

The systematic collection and analysis of publicly available information.

Marketing research is ____________

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Which of the following BEST describes the purpose of the customer insights team?

To create more value for customers.

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.

Any contact between a customer and a company is called a(n) __________________

Touch point. Pg. 118 in book.

Samples

segments of the population selected for marketing research to represent the population as a whole.

Customer Insight

the fresh understanding of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships.

Causal Research

Marketing research to test hypotheses about cause-and-effect relationships.

A powerful tool company wants to give its customers access to internal, non-public 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.

Ethnographic Research

A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."

What is MIS?

A marketing information system.

A colleague needs to collect descriptive data about his customer's attitudes. He has not done this type of research before. What research approach would you recommend to best suit this research project?

A survey. Pg. 108 in book.

Marketing Information System (MIS)

A(n) ______________ is people and processes dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.

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.

Cupcakes by Cindy 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 would most benefit from conducting marketing research?

Both large multinationals like Disney and IBM and small locals truly need market research.

In a _______________________ sample, the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview.

Cluster Sample

A company is conducting market research to determine the best areas to sell its product. It has already determined its research questions. What is the next step of this company's research plan?

Collect the data.

Which of the following is NOT a step in the marketing research process?

Comparing research findings to other studies.

Sky owns a small hot air balloon company in Albuquerque, New Mexico. He recently started a Facebook page for his company and many of his customers are asking for store-sponsored hot air balloon trips. They believe Sky's expertise would make him the perfect guide. Sky 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 Sky's situation?

Customer insights can provide valuable information to a small business.

In a simple random sample, ____________________

Every member of the population has a known and equal chance of selection. Pg. 116 in book.

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 interview.

Survey Research

Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Observational Research is ______________________

Gathering primary data by observing relevant people, actions, and situations.

Experimental Research

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

The role of a company's marketing information system (MIS) is important because

It enables a company to use customer insights to improve relationships with customers.

Consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and and gauge marketing performance.

Marketing analytics.

Descriptive Research

Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.

Exploratory Research

Marketing research to gather preliminary information that will help define problems and suggest hypotheses.

Competitive marketing intelligence uses ___________________ data sources.

Publicly available.

Which of the following would be good advice for someone that is conducting marketing research in a foreign country?

Reaching respondents in other parts of the world is more difficult than it is in the U.S.

Quota Sample

Refers to a prescribed number of people in each of several categories who are identified and interviewed by the researcher.

Internal Database

Refers to electronic collections of customer and marketing information obtained from data sources within the company network.

Lydia's Lights wants to extend its market into Mexico. Before jumping in, the company needs to conduct some in-depth research to gauge customer's needs, interests, and buying patterns. Which of the following is the BEST option for Lydia's Lights?

Send researchers door-to-door to collect the data from target consumers.

Primary Data

information collected for the specific purpose at hand

To develop needed information, marketing information systems utilize ______________________.

internal databases, marketing intelligence, and marketing research. Pg. 101 in book.