Principles of Marketing

A good marketing information system balances the information users ________ to have against what they ________ and what is ________ to offer.

would like; need; feasible

An MIS is used to ________

assess information needs

Which of the following refers to a marketing intelligence technique?

benchmarking competitors' products

The marketing department of a reputable firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?

competitive marketing intelligence

Brad works with a reputable retailer and leads a team that collects market information from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss Brad's firm or its products. Brad's team uses this information to arrive at a better understanding of consumers' behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ________ team.

customer insights

Which of the following is the first step in the marketing research process?

defining the problem and objectives of the study

An MIS user should most likely be able to _______

develop customer insights

Challenges of managing big data include ________.

accessing and sifting through so much data

Costs are involved in obtaining, ________, storing, and delivering information

analyzing

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

Competitive marketing intelligence

Which of the following statements is true regarding competitive marketing intelligence?

Competitive marketing intelligence relies upon publicly available information.

Which of the following is an advantage of using an internal database?

Internal databases can be accessed more quickly and cheaply than other information sources.

Which of the following is a disadvantage of using information from internal databases?

Internal information may be incomplete or in the wrong form for making marketing decisions.

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

Marketing research

Which of the following is true with regard to marketing research?

Marketing research gives marketers insights into customer motivations.

Information in a company's database can come from many sources. An advantage of harnessing such information is to ________.

gain competitive advantage

Firms use competitive marketing intelligence to ________.

gain early warnings of competitor moves and strategies

The term big data refers to the ________ generated by today's sophisticated information generation, collection, storage, and analysis technologies.

huge and complex data sets

Problems with internal databases include all of the following EXCEPT that ________.information can be accessed more cheaply

information can be access more cheaply

Primary data consist of ________.

information collected for the specific purpose at hand

Secondary data consist of ________.

information that already exists somewhere, having been collected for another purpose

Key, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Kei is using ________.

internal databases

Which of the following is the final step of the marketing research process?

interpreting and reporting the findings

Which of the following is NOT a method of gathering good marketing intelligence?

interviewing competitors' employees to learn as much "inside information" as possible

A(n) ________ consists of 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.

marketing information system

The market researchers at HoneyCamp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents a(n) ________.

marketing information system

With the recent explosion of information technologies, ________.

most marketing managers are overloaded with data and often overwhelmed by it

The objective of causal research is to ________.

test hypotheses about cause-and-effect relationships

The real value of marketing information lies in how it is used ________.

the customer insights that it provides

The research plan should be presented in a written proposal. The proposal should include all of the following EXCEPT ________.

the predicted results