mkt 360 chapter 1 – Flashcards
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1. Marketing research involves the gathering and analysis of data for the purpose of evaluating decisions which have been made in the public or private sector.
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T
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2. Marketing research is the link between the organization and its market environment. It involves the specification, gathering, analyzing, and interpretation of information to help management understand the environment, identify problems and opportunities, and develop and evaluate alternative courses of marketing action.
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Companies do market analysis to recognize, as early as possible, opportunities or problems that require them to change their marketing programs.
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T
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Once the marketing program is launched and its objectives set, further research is not likely to be beneficial.
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F
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Market information systems contain three types of information: routine market and accounting data, marketing intelligence, and marketing research.
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T
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6. Faced with budget constraints, a firm can economize in setting up its MPIS by foregoing market analysis activities and concentrating instead on strategic planning.
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F
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7. The identification of problems, opportunities in the market, and plans for the launching of a new product, are all parts of the strategic planning activity of the firm.
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8. Government statistics should not be included in the marketing data of a firm, since they are available for all the competitors as well. Only in-house records should be used.
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F
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9. Before developing marketing programs, management should always have a thorough understanding of the environment of the firm.
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10. Continuous information is essential, especially on key variables in the market, since the speed and direction of change can be gauged only if there are benchmarks from which to measure.
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11. Each new product idea should be considered in depth before any attempt is made to measure the market's interest in that product.
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12. Marketing research should be undertaken only when its results will reduce uncertainty or confirm the wisdom of previous decisions.
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13. Marketing researchers must learn to compromise, and sometimes that means sacrificing accuracy in exchange for a study that is efficient, relevant, and on time.
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F
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14. If several approaches are used to address a research problem and each approach has a different kind of bias, the result of the research will be biased by the sum of the individual biases. In practice, this means reduced accuracy.
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F
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15. Marketing research can be used for acquisition studies and for market segmentation and product positioning analyses.
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16. Marketing research can only be used in issues that involve fundamental shifts in the positioning of a business.
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17. In a market planning process, situation analysis pertains to measuring performance strategies and refining them, if necessary.
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18. In a marketing research study, relevance comes through anticipating the kinds of information that will be required.
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19. International marketing research can be defined as marketing research conducted to aid in making decisions in more than one country.
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20. Managers readily use the information generated through marketing research to solve their problems.
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F
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21. The information needs for strategy development and marketing program developments are the same.
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F
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22. Strategy development, in a marketing planning process, pertains to defining the business scope, setting performance objectives, and establishing competitive advantages.
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23. Situation analysis, in a marketing planning process, concerns scanning the environment, identifying the threats and opportunities, and assessing the competitive position.
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24. Marketing Research is an immediate or an obvious path to finding solutions to all managerial problems.
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F
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25. A new Marketing Research should be conducted even if the information required for decision making already exists in the form of results of a study conducted for a different problem.
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26. Business Intelligence is the ability to access data from multiple sources within an enterprise and deliver it to business users for analysis
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27. The purpose of marketing intelligence is just to gather data
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28. Marketing intelligence is a form of business intelligence used in strategic planning and problem solving.
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29. Marketing intelligence helps to capture popular perceptions and changing trends, tastes and life styles and to make right decisions.
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30. Producers and Channels have significant knowledge about customer attitudes, preferences and changing tastes
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F
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31. Marketing Intelligence helps decision makers in building brand equity and consciousness among the targeted customer segments.
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32. Marketing Intelligence stresses more on profit maximization as the goal of an organization than on customer satisfaction.
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F
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33. Obtaining information about customer needs and gather marketing intelligence helps organizations to satisfy customer needs efficiently.
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34. Information in existing databases is not useful for gathering marketing intelligence data.
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F
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35. Extrapolation from present data is an effective forecasting procedure
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F
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36. Scenario Planning allows practitioners to prepare for the future by picturing a number of possible future scenarios
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37. In Scenario Planning technique key change indicators are monitored and used to gauge how events turn out.
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38. The two main branches of study under Marketing Intelligence are Marketing Strategy and Database Marketing.
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39. A satisfied customer is a profitable customer
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40. The marketing concept requires that profit maximization should be the goal of marketing intelligence applications
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41. Some amount of personal bias in marketing research is acceptable as ethical research 42. Political acceptability within the firm affects a manager's decision to use research information
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43. There are many situations where the timing of decisions is contingent upon research results 44. If the information required for decision making already exists within the organization, in the form of results of a study conducted for a different problem or in the form of managerial experience and talents, marketing research is not called for.
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45. One of the reasons to conduct research is to satisfy curiosity or confirm the wisdom of previous decisions
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F
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. The factor that does not influence the use of marketing research in organizations is: a. quality of the research b. market share of the product c. clarity of presentation d. political acceptability within the firm
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B
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2. Which answer best describes a market researcher? a. one who is academically trained for market research b. one who understands the marketing process as well as the subtleties of marketing problems and opportunities c. one who is well trained in statistics and can design proper sampling procedures d. one who has a strong background in communications and advertising
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B
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3. Which of the following is not always true of marketing research? a. uses methodologically sound procedures b. procedures are planned in advance c. generally conducted to support existing ideas d. none of the above
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C
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4. Market research for any firm should be: a. internal if the firm is small b. external if the firm is large c. based on the needs of the firm d. none of the above
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C
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5. Method of data collection is decided in which of the following stages? a. defining the problem b. formulating the research design c. preparing and analyzing data d. none of the above
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B
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6. Which one of the following can be termed as strategy development ? a. deciding on the sources of data for market research b. planning to recover lost market share c. choosing the right design for market research d. none of the above
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B
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7. Marketing research is: a. an informational input to decisions. b. a link between the organization and its market environment. c. the specification, gathering, analyzing, and interpretation of information to help management make decisions. d. all of these.
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D
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8. The marketing research department(s) within an organization should report to 1. the highest level of general management. 2. the top marketing officer. 3. top executives in various divisions if the marketing research function is decentralized. a. 1 b. 2 c. 3 d. any of these, depending on the needs of the organization and the location of the department(s).
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D
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9. The following should be included in the development phase of a: company's marketing program: a. identifying problems and planning advertising. b. identifying problems and monitoring performance. c. making product and price decisions. d. performance evaluation and promotion decisions.
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C
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10. The most efficient way to analyze a market is through the use of: a. a survey. b. a focus group. c. information already available. d. whatever type of research will provide the greatest benefit for the least cost, while remaining appropriate to the decisions that managers face.
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D
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11. In a marketing planning process, scanning the environment and identifying the threats and opportunities is: a. situation analysis. b. strategy development. c. marketing program development. d. opportunity analysis.
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A
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12. A marketing research study should be ordered if and only if the research costs: a. exceed the perceived value of information. b. equal the perceived value of information. c. are less than the perceived value of information. d. are absolutely minimal.
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C
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13. Marketing research should not be done if: 1. the type of information required to solve the problem exists, within the organization or outside. 2. the timing for the decision is not conducive. 3. there is a lack of resources. a. 1 b. 2 c. 3 d. 1, 2, and 3
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D
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14. When the organization lacks funds, research study can be impeded because it may result in: 1. improper execution of the project. 2. inefficient execution of the project. 3. improper implementation of the research decision. a. 1 b. 2 c. 3 d. 1, 2, and 3
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D
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15. Before conducting research, to determine the value of the information sought through the research, a manager should perform a a. situation analysis. b. strategy development. c. marketing program development. d. cost-benefit analysis
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D
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16. Marketing Intelligence helps decision makers in performing the following: a.Estimating size of the market b. Quantitative and behavioral analysis of the market c. Forecasting future trends/needs. d. All of the above
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D
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17. Database analysis includes all of the following EXCEPT: a. Extracting data from existing databases b. Performing statistical analysis to better understand customers and their behavior. c. Database administration d. Merging cleaned data with other relevant data
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c
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18. Which of the following can be applications of Marketing Intelligence: a. Market opportunity identification to build profitable businesses b. Marketing mix creation; acquisition and retention of customers c. Planning, organization, evaluation and control market performance d. All of the above.
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d
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19. Market intelligence (MI) is: a. The process of acquiring and analyzing information in order to understand the market (both existing and potential customers) b. Determining the current and future needs and preferences, attitudes and behavior of the market c. Assessing changes in the business environment that may affect the size and nature of the market in future. d. All of the above
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d
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20. Which of the following does not fall under the list of respondents' rights? a. The right to decide which questions to answer b. The right to know the true purpose of the research c. The right to give an incorrect response d. The right to receive the results of the research
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c
