MI-EX2 – Flashcard
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Define a trading area (mapping)/Locate number of competitors in a particular market / industry size/Marketing and product line information/one of the most frequently used marketing tools/inexpensive to target specific audiences
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Yellow Pages
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The process of continually acquiring information on events occurring outside the organization in order to identify and interpret potential trends
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Environmental scanning
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Providing access to online databases/Providing access to information not available online/Eliminating virtually all costs associated with intelligence gathering
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Libraries still play an important role in the intelligence gathering process by:
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determine why the market for short-term car rentals is growing
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Through the use of environmental scanning, Flexcar, a company that rents cars by the hour, could:
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trade show inquiries
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Which of the following is not a general source of external secondary information
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NAICS
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Which new industrial classification system is replacing the SIC codes?
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How reliable is the information
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When evaluating the accuracy of a web source, which of the following questions much be addressed:
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___________ functions like a Boolean Operator but is not one.
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BUT
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________ is the best option to use when searching for a text string, such as the University of Texas.
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Use of phrases (quotation marks)
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Determining an author's qualifications is fundamental in evaluating the source's
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Authority
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Advantages for using online resources include all of the following EXCEPT
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Permanence
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How reputable is the publisher
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When evaluating a web source, which of the following questions much be addressed to assess the authority of a source
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BUT
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Boolean operators include all of the following EXCEPT
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One-sided sources should not be used as sole source
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Critical thinking mistakes when using secondary sources of information include all of the following except
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The collection and interpretation of information about forces, events, and relationships that may affect the organization./continually aquiring info on events occuring outside the organization in order to identify and interpret potential trends
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Environmental scanning
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Market research firms, commercial publications, and government data can be used as sources of
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secondary data
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relevance to the problem at hand
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What is the chief advantage of primary data
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_____________considers all products and services competing for the same customer dollar as forming a market.
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Budget Competition
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Associations/Government/Media
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Good sources of information may include
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determine why the market for short-term car rentals is growing
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Through the use of environmental scanning, Flexcar, a company that rents cars by the hour, could
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When a marketing researcher uses a collection of reports, financial statements, and surveys from different departments within her firm, this is an example of::
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internal secondary data
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company sales literature
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Which is not a method for determining competitors
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Time and Cost savings
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Advantage of Secondary Data
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either not available, or is only available in insufficient quantities/questionable;accuracy and reliability
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Disadvantage of Secondary Data
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Replacing the old Standard Industry Classification (SIC) system. This new system will update the classifications to include many categories that did not exist in the past. It also allows one system to cover goods as they move through NAFTA.
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NAICS (North American Industry Classification System)
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Refers to content that is stored in databases accessible on the Web but usually not available via search engines/It is estimated that the hidden Web is 2 to 50 times larger than the visible Web
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Deep or Invisible Web
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Customer order files/invoices sent to customers/Return merchandise forms/warranty cards/cash register receipts/trade show inquiries/telephone bills/outsied sales call reports/accounts receivable histories/literature requests/company personnel
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What are examples of Internal Secondary Data
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definitions/measurement error/source bias/reliability/time scale
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what are some problems with secondary data
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Lack of availability/Lack of relevance/inaccurate data/Insufficient data
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Limitations of secondary data
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Inexpensive/saves time/may provide needed info
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Advantages of secondary data
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No (peice of pottery)
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Do primary sources have to be written works
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Yes (John smith writes about Martha stone,* you use it on your paper about martha-this is;secondary, * you use it to write about John's writing style;Primary
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Can one source be considered as primary and secondary depending on the purpose
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Its Source external or internal
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Secondary data is classified in terms of what
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time and cost savings
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what are the two major advantages of using secondary data in market research
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2 weeks
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How long can the secondary research process take
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secondary research should be done thoroughly before doing primary
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what is a general rule of doing research
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Sales and Marketing reports/Accounting and financial records/miscellanous reports :transport :storage
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what are the three main sources of internal data
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savernment/trade associations/commercial services/national and international institutions
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What are the main sources of external secondary sources
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Timely/organized/useful/simple form/easily manipulated
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To ease decision making marketing info must be what
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No marketing research is a subset of the Marketing Information System
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Is marketing info the same as marketing research
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Marketing Information System; Structure with the organization designed to gather, process and sotre data from organizations environment and disseminate into a form of info for the decision makers
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What is the MIS
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Info discovery/collection/interpretation/analysis/company dissemination
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what activities are performed by MIS
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Monopoly/Oligopoly/Monopolistic Competition/Pure Competition
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Types of Competition
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Only one firm selling a particular product (complete dominance a market)
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Monopoly
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A few large firms comprise most of the industry's sales
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oligopoly
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Several firms trying to take advantage through a mix of marketing variables
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Monopolistic competition
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Many firms all selling identical products
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Pure competition
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who gathered the data/purpose of study/what info was collected/when was info collected/how was info obtained
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Guidelines for determining accuracy
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product form: same product features product category:similar product features Generic competition: same customer need Budget Competition: same consumer dollar
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Four levels of market competition
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need to know if any technologies are emerging that can affect or replace curren industry technology
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Technologies environment
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financial and monetary systems that influence the firm and its markets
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Economic environment
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In foreign markets there are different political systems which can impose different things
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political environment
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includes cultural and demographic characteristics and trends of the market
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Social/cultural environment
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books/magazines/newspapers/directories
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Libraries rule in intelligence gathering
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public/college/corporate/Internet
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Types of libraries
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NAICS/SIC/Technical Feasibility of Substitution:Here an engineering assessment suggests what other products could serve the same function as the one in question. Does not explicitly consider customer perceptions and consequently would overlook competition between, say, ice cream and soda.
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Methods for Determining competitors
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Industrial Products- Three Sources of Information: Company Sales Literature Brochures usually go into detail concerning point of difference between the firm's product and those of competitors
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Assessing Competitor's Strategies
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Access to information/Efficiency (speed and timeliness)/Amount of information/searchable databases/multimedia capabilities
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Advantages of Online Resources
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Allows you to specify the relationships among search terms by using any of three logical operators: AND, OR,
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Boolean logic
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using words such as AND, OR, and NOT in order to create a more meaningful relationships between your keywords
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Boolean Search
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return to the home page to determine the sources of info
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Since serach egines can retrive web pages out of context, users must
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document the source to the fullest of there ablility
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Since search web pages are sometimes unstable, users must
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__________allows to retrieve documents containing variations on a search term
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Truncation
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Boolean operator supported by the major search engines usually gives you the FEWEST results
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NEAR
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severval search egines into one
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Metasearch engines
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keyword phrase appear in specfice field of document
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field searching
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currency = date coverage = missing data, hard to determine, misleading, confusing accuracy = reliable
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Evaluating sources
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google
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which search engine have the rights to myspace
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google agreed to pay 900mil for rights to ads/2006 google beat out yahoo and microsft/News corp's purchase of Myspace was 650mil/Myspce attracted 109mil unique world-wide visitors in May down 13% from last May/Facebook had more than 548mil global users in May and is up 73.5%/Myspace wants to increase each month the amount of users from 50% to 75% age group 13yrs-34yrs/Myspace has cut 30% of its work force and News corp took a $450mil charge last year to write down the value of Myspace and toer digital business
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My Space Ads up for grabs (WSJ)
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More than 1000 stores closed 2009/shrinking the chain by about a third; to 5,208 at the end of last year from 7,748 at the start of 2007/Most popular fitness centers in 2008 nearly 4mil members compared to Golds gym 3.5mil/For the year end Curves earned $16.4 mil on revenue of $84.1mil compared to last years 17.2mil of $128.7mil/Franchisees pay the company 5% of their monthly gross + 3% for advertising/monthly dues range ($29-$49)/the total investment to open a curves is between $31,825 and $39,100/founded in 1992 by Gary Heavin/at its zenith it was opening one club every 3 hours
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Curves closes Clubs as Stamina Runs out (WSJ)
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Shaved off $50 from e-readers price/from $349 to $299 and entry level device $169 to $149/both kindle and nook cut prices below $200/Sony's top model cost $100 more than the basic kindle
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Sony Cuts Price of e-Readers (WSJ)
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24 bracelets for $5 to $7/hired 350 employees since october/more than 100mil in annual sales
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Silly Bandz seek extended fame (WSJ)
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Gillette brings in more than $4bill in annual sales/shick does 1bill/Gillette comands 70% and shick 10% of the razors and blades category
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Razor Burn (WSJ)
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3-D "Despicable Me" Modest budget of $69mil/cost less than half to makethan "Toy Story 3" or "How to Train Your Dragon"/already taken in $72mil/took 3yrs instead of the normal 5yrs/partnered with Best Buy and iHop and recieved $75mil of licensee support
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Movie Budget Lesson (WSJ)
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Two days after Steve Jobs press conference negative comments fell 30%/they also gave away cases and bumpers for free to prevent antenna issue, which is a short term solution
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Iphone defense Prompts New Debate (WSJ)
