MKTG 220 Ch 4 Quiz

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 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

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 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 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

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

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 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

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 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

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