Quiz 4 - Markeing

• A survey

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?

• Collect the data.

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?

• A company extranet

A power 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?

• subjective

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

• Inform customers of the company's privacy policy.

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?

• touch point

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

• the systematic collection and analysis of publicly available information

Competitive marketing intelligence is primarily responsible for _____________.

• publicly available

Competitive marketing intelligence uses _________ data sources.

• Assess the information needs of the company.

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?

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

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?

• an internal database

Many companies build extensive electronic collections of consumer and market information obtained from data sources within the company's network. This is known as ___________.

• Customer insights can provide valuable information to a small businesses.

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?

• it enables a company to use customer insights to improve relationships with customers

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

• internal databases, marketing intelligence, and marketing research

To develop needed information, marketing information systems utilize _________.

• A marketing information system

What is MIS?

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

Which kind of company would most benefit from conducting marketing research?

• To create more value for customers

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

• Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research.

Which of the following BEST describes the research relationships?

• Comparing research findings to other studies

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

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

Which of the following statements about big data is correct?

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

Which of the following statements about online research is correct?

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

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

• To have a "full picture" of the subject of its study

Why is it important for a company to collect both primary and secondary data when conducting marketing research?

• focus group interview

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) ________.

• Marketing analytics

_______ 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.