Marketing Research and Seminar Chapter 1, 2, 3

executive summary

a synopsis of the overall marketing plan, with an outline that conveys the main thrust of the marketing strategy and its execution

tactical planning

addresses specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets

environmental scanning

analysis of external environmental factors by marketers to understand how they impact business and marketing decisions

competitive intelligence

analysis of the competitive environment, increasingly known as...

situation analysis

an in-depth analysis of the organization's internal and external environments

internal analysis

involves the objective review of internal information pertaining to the firm's current strategy and performance, as well as the current and future availability of resources

__________ is data formatted to support decision making efforts of a company or to define relationships between two or more data points. a. Relevance b. Big data c. Market intelligence d. Information

d

strategy

outlines the organization's game plan for success

utility

describes the ability of a product to satisfy a customer's desires

distribution and supply chain management

essentially to get the product to the right place, at the right time, in the right quantities at the lowest possible cost

supply chain

these decisions involve a long line of activities from the sourcing of raw materials, through the production of finished products, to ultimate delivery to final customers

marketing ethics

principles and standards that define acceptable conduct in marketing

metamediary

provides a single access point where buyers can locate and contact many different sellers in the metamarket.

vision or vision statement

seeks to answer the question "what do we want to become?" For example, amazon, the world's largest online retailer- defines its mission this way: "to be earth's most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices."

Mission or mission statement

seeks to question "What business are we in?" It is a concise statement (a paragraph or two at most) that explains the organization's reason for existing

product

something that can be acquired via exchange to satisfy a need or want

competitive advantage

something that the firm does better that the firm does better than its competitors that gives it an edge in serving customer's needs and/or maintaining mutually satisfying relationships with important stakeholders

marketing plan

the outline for how the organization will combine product, pricing, distribution, and promotion decisions to create an offering that customers will find attractive

A key metric that often triggers decision making in customer relationship management is: a. Sales data b. Marketing promotion c. Overall lifetime value of a customer d. Market trend

C

As one of the most common types of deceptive communication in marketing, marketers use ________ when they make claims that are so weak that the viewer, reader, or listener must infer the marketer's intended message. a. ineffective promotion b. concealed facts c. ambiguous statements d. perjury e. exaggerated statements

C

A decision situation that includes many noticeable symptoms that all point towards a single problem is characterized as: a. High certainty and problem-focused b. High certainty and opportunity-focused c. Discovery oriented and problem-focused d. High ambiguity and problem-focused

A

Companies often collect customer data including customer preferences, sales numbers, and marketing promotions to characterize the interaction between the customer and the firm. These company actions are part of ____________. a. Customer relationship management b. Cloud storage c. Market dynamism d. Data warehousing

A

Considering that marketing is a behavioral science, which one of the degrees of causality is marketing researchers least likely to establish? a. Absolute b. Contributory c. Affective d. Conditional

A

Jessica is using a single marketing research study to understand how the interior color of her store effects overall store sales. Jessica is administering: a. Research project b. Research design c. Research program d. Research proposal

A

Liz is implementing a small-scale research project to test her research design and sampling approach to make sure her full study does not contain a fatal flaw. Liz is administering a __________. a. Pilot study b. Literature review c. Focus group d. Pretest

A

Marketing research serves four possible business function that align with the purposes of marketing research. These four business functions include: a. Performance, Foundational, Testing, Issues b. Testing, Finance, Issues, Performance c. Issues, Production, Foundational, Testing d. Foundational, Promotional, Issues, Testing

A

Researchers should consider all of these potential drawbacks of causal research prior to implementing this research design EXCEPT: a. It is time efficient and quickly administered. b. It requires knowledge of intricate designs. c. It usually requires marketing experiments. d. It can be rather costly.

A

The most common method that researchers use to collect primary data is: a. Survey b. Mystery shopper c. Pilot study d. Focus group

A

The process of developing and deciding among alternative ways of resolving a problem or choosing from among alternative opportunities is referred to as ____________. a. Decision making b. Symptoms c. Market problem d. Market opportunity

A

Which development influenced the extension of traditional data analysis to marketing analytics? a. Raise of big data b. Software packages c. Smart agent software d. Social media usage

A

Which of the following IS NOT a common problem in data collection during a situation analysis? a. the growing scarcity of data and information b. an incomplete or inaccurate assessment of the situation c. organizing the data and information that is collected d. the expense of collecting data e. the time it takes to collect data

A

Which of the following is an example of a generic competitor for any sport utility vehicle? a. motorcycles b. trucks c. minivans d. luxury automobiles e. luxury cruises

A

Which of the following statement about theory is NOT TRUE? a. Theory is only relevant to basic marketing research. b. Theory requires knowledge of applicable theoretical areas. c. Theory is based on simple logical deduction. d. Theory is built through previous findings.

A

____________ is the proposed cause that the researcher controls by altering its value. a. Experimental variable b. Manipulation variable c. Manipulation d. Experiment

A

market

A collection of buyers and sellers o Ex. Housing market o Marketers tend to use market to only describe the buyers

A system that helps decision-makers confront problems through direct interaction with computerized databases and systems is referred to as a _____________. a. Customer relationship management b. Decision support system c. Database d. Performance function

B

Advances in backstage technology usually affect marketing activities by: a. spawning entirely new industries that fulfill previously unmet needs. b. making marketing activities more efficient and effective. c. clearing the way for entirely new product lines. d. making customers aware of new product features and benefits. e. creating new opportunities in consumer markets.

B

Consumers receiving automatic advertisements based on previous website visits are exposed to ___________ used by companies to deliver customized information to a specific consumer segment. a. RFID b. Push technology c. Environmental scanning d. Pull technology

B

In the 5W model of customer analysis, what is the primary emphasis of the "Who?" question? a. assessing how customers consume and dispose of products b. determining the relevant characteristics that define target markets c. identifying the situational influences that affect the customer buying process d. identifying the basic need-satisfying benefits provided by the firm's products e. determining how the purchase and consumption of one product is related to other products

B

Managers need to carefully monitor ________ as indicators of potential __________ which could negatively impact firm performance. a. Symptoms; market opportunities b. Symptoms; market problems c. Market opportunities; market problems d. Market problems; symptoms

B

Marketing researchers contribute to decision making in several key ways EXCEPT: a. Identify useful decision statements. b. Assess how well a marketing reality describes marketing theory. c. Test ideas that assist in implementing marketing strategy. d. Help to define firm's current situation.

B

One common issue in decision making is that causes of problems are often identified by _________ yet decisions are made by _______________. a. Upper management; researchers b. Researchers; upper management c. Symptoms; market problems d. Consumers; researchers

B

Researchers conducting studies in highly dynamic markets face _____ risk in relying on ________ data. a. greater; timely. b. greater; untimely. c. smaller; timely. d. smaller; untimely.

B

The four important characteristics that influence the value of data include: a. Market Dynamism, Quality, Timeliness, Completeness b. Timeliness, Completeness, Relevance, Quality c. Quality, Intelligence, Completeness, Timeliness d. Relevance, Value, Completeness, Timelines

B

The question "Will a change in the data coincide with a change in some important outcome?" relates to which of the four characteristics of data value? a. Timeliness b. Relevance c. Completeness d. Quality

B

The three different types of research designs that can be implemented in the marketing research process are: a. Exploratory, Casual, Determinant b. Descriptive, Exploratory, Causal c. Casual, Descriptive, Exploratory d. Explicit, Causal, Descriptive

B

These type of databases often record marketing variables by geographical area. a. Video b. Statistical c. Financial d. Data retailers

B

When an employee's personal values are inconsistent with the configuration of values held by the work group, the employee might experience: a. ethical ambiguity. b. ethical conflict. c. marketing fraud. d. dysfunctional conflict. e. ethical complacency.

B

Which one of research designs is most suitable for new product development research projects? a. Diagnostic b. Exploratory c. Causal d. Descriptive

B

__________ are companies that put together consortia of data sources into packages that are offered to municipal, corporate, and university libraries for a fee. a. Data retailers b. Data wholesalers c. Keyword search d. Content provider

B

Market intelligence derived from data analysis enables effective decision making, which _____ value for customers and _________ organizational performance. a. Decreases; increases b. Decreases; decreases c. Increases; increases d. Increases; decreases

C

Marketing research generally follows six steps as part of the marketing research process. After planning a research design, a researcher's next step in the research process is: a. Collect data b. Define a research objective c. Plan a sample d. Formulate a conclusion

C

Marketing researchers collect and analyze data to create knowledge. Specifically, data contributes to research in all of the following ways EXCEPT: a. Provide testing mechanism for hypotheses. b. Deliver answers to research questions. c. Allow assessment of ideas. d. Always expands global market insights

C

Numerous research studies that come together to address multiple, related research questions are referred to as _____________. a. Research project b. Data analysis c. Research program d. Survey

C

Researchers should consider the following factors relevant to data ethics gathered through digital means EXCEPT: a. Do benefits from consumer tracking balance out potential privacy invasions? b. Has the consumer provider implicit or explicit consent to being traced? c. Can researchers keep what information is available to data miners from consumers? d. Does the tracking behavior violate explicit or implicit contracts or agreements?

C

Researchers who compile research reports for consulting clients use the term ___________ to describe research objectives in terms of how the research project will address research questions. a. Research proposal b. Literature review c. Deliverables d. Research objective

C

Selling price of purchased items, clicks per page, and Web page visits are examples of: a. Information b. Archival data c. Data d. Market intelligence

C

When consumers are requesting information from a Web page and the browser then determines a response, a company implements _________ to deliver data. a. Push technology b. Smart agent software c. Pull technology d. Environmental scanning

C

A company that integrates its own computer system with another company's computer system is implementing __________. a. Open source information b. Scanner data c. Search-engine optimizer d. Electronic data interchange

D

A customer mailing list is an example of _____________. a. Cloud storage b. Scanner data c. Data warehousing d. Database

D

After conducting a research study, Sharon identifies consumers between the ages of 35 to 45 as an underserved market segment. This market segment represents a _________ for Sharon's company. a. Symptoms b. Sharing economy c. Market problem d. Market opportunity

D

Companies can utilize various sources of marketing input to enter into the decision support systems. Scanner data, click-through sequences, universal product codes, and automated customer counts represent which one of the six different major sources of market input? a. Internal records b. Proprietary marketing research c. Web tracking d. Behavioral tracking

D

Diana has noticed that when the sun shines, she sells more yellow t-shirts in her clothing boutique. This exemplifies _________. a. Conditional variation b. Temporal sequence c. Nonspurious Association d. Concomitant variation

D

In what way does having a code of conduct assist a firm in its efforts to enhance marketing ethics? a. A code of conduct resolves all ethical dilemmas for employees and the firm. b. A code of conduct is just a tool of communication to teach employees what is right and wrong with respect to marketing behaviors. c. A code of conduct is somewhat vague on potential punishments for ethical violations so employees will experience greater fear of what may happen if they engage in unethical behaviors. d. A code of conduct helps employees deal with ethical dilemmas by prescribing or limiting specific activities. e. All of the above are examples of how a code of conduct can assist a firm.

D

Marketing researchers collect and analyze data to create knowledge. Specifically, data contributes to research in all of the following ways EXCEPT: a. Provide testing mechanism for hypotheses. b. Deliver answers to research questions. c. Allow assessment of ideas. d. Always expands global market insights

D

Researchers formulate theory driven formal statements that explain specific outcomes referred to as _______________. a. Focus group b. Empirical testing c. Survey d. Hypothesis

D

Researchers use __________ to measure relevant data and apply analytical tools in an effort to better understand how a firm can enhance marketing performance. a. Geolocation technologies b. Predictive analytics c. Pull technology d. Marketing analytics

D

Step four of the Market Research Process involves the collection of data. What is the primary goal during this step? a. Define objectives b. Plan a sample c. Make causal inferences d. Minimize error

D

The final sampling decision a researcher must make is: a. Who should be sampled? b. Who should conduct the sampling? c. How big should the sample be? d. How to select sampling units?

D

The sixth step in the marketing research process is _____________. a. Planning a sample b. Analyzing data c. Collecting data d. Drawing a conclusion and preparing a report

D

To enhance data quality, researchers offer the following advice: a. Benefits always outweigh costs of improving data quality. b. All data are created equal. c. Avoid data cleaning. d. Automate data collection and entry.

D

When a firm engages in ethical marketing activities and active social responsibility, what is the most likely response exhibited by the firm's customers? a. They become true advocates for the firm and its products. b. They tend to become more satisfied with the firm's products. c. They will spread positive word-of-mouth for the firm. d. They tend to become more loyal to the firm. e. They will pay more for the firm's products.

D

__________ is a term for activities that covertly discover and record the websites that a consumer visits without using cookies. a. Geolocation technologies b. Predictive analytics c. Open data partnership d. History sniffing

D

___________ represents the rate of change in environmental and competitive factors. a. Timeliness b. Quality c. Relevance d. Market dynamism

D

___________ research addresses who, what, when, where, why, and how questions. a. Causal b. Exploratory c. Diagnostic d. Descriptive

D

____________ is the application of computation, summarizing, and reasoning to understand the gathered information. a. Pretest b. Survey c. Unobtrusive method d. Data analysis

D

Marketing ethics can be defined as: a. a broad concept that relates to a firm's obligation to maximize its positive impact on society. b. activities involving extra steps to increase the firm's overall positive impact on society, the local community, and the environment. c. the economic responsibility of making a profit. d. that part of a corporate culture that relates to a firm's expectations about appropriate conduct. e. principles and standards that define acceptable marketing conduct.

E

With respect to conducting a situation analysis, what does the phrase "Analysis alone is not a solution" mean? a. Analysis cannot be continued indefinitely; it must end at some point. b. Analysis must be combined with results to be most effective. c. Firms must analyze information; but action is the key to effective planning. d. Analysis must be backed up by sufficient financial resources. e. Analysis must be combined with managerial intuition and judgment.

E

Marketing Implementation

The process of executing the marketing strategy. the "how" of marketing planning

Exchange

Traditionally defined as the process of obtaining something of value from someone by offering something in return; this usually entails obtaining products for money.

meta market

a cluster of closely related goods and services that center around a specific consumption activity.

Integrated Marketing Communications

coordination of all promotional activities - media advertising, direct mail, personal selling, sales promotion, and public relations - to produce a unified, customer-focused promotional strategy and message

Marketspace

electronic marketplaces unbound by time or space o electronic marketplaces = online markets - e-commerce o In ecommerce- physical goods, services and info are exchanged via the internet

product positioning

establishment of a mental image or position of the product of the product offering relative to competing offerings in the mind of target buyers

target markets

one or more segments of individuals, businesses or institutions toward which the firm's marketing efforts will be directed

Social Responsibility

refers to an organization's obligation to maximize its positive impact on society, while minimizing its negative impact

goal

statement of broad, desired accomplishments, expressed in general terms that do not contain specific information about where the organization presently stands or wherr

Corporate Strategy

the central plan for utilizing and integrating resources in the areas of production, finance, research and development, HR, and marketing to carry out the organization's mission and achieve the desired goals and objectives

Market segmentation

when they divide the total market into smaller, relatively homogeneous groups