Chapter 4 Quiz
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
Which of the following is NOT a primary goal of competitive marketing intelligence?
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.
Which of the following describes the type of research used to help define the research problem and suggest hypotheses?
Exploratory research
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 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
___________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?
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 would be good advice for someone conducting marketing research in a foreign country?
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?
Secondary information
Which of the following BEST describes the purpose of customer insights?
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
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
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?
Comparing research findings to other studies
The real value of marketing information rests in the _____________________.
Customer insights it provides
Marketers obtain needed marketing information from which of the following?
Internal data, marketing intelligence, and marketing research
Which of the following statements about online research is correct?
Online surveys generally have higher response rates than those conducted by mail or phone.
Which of the following is the primary reason firms use competitive marketing intelligence?
To gain early insights into competitor moves and strategies, and to prepare quick responses
A company's marketing information system (MIS) is valuable because it ___________________.
enables a company to use customer insights to improve relationships with customers