Question 1

Marketing research can be collected by mail, telephone, personal interview, or online. Discuss the disadvantages of each contact method.

Accepted Answer

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Question 2

Marketers apply ________ to the large and complex sets of data they collect to gain customer insights and gauge performance.

Accepted Answer

Marketing analytics is the process of analyzing and interpreting data to gain insights that can be used to inform marketing strategies and tactics. It involves using specialized software to analyze large and complex sets of data collected from various sources, such as social media, website traffic, and customer databases. Predictive analysis software is one type of marketing analytics tool that can be used to forecast future trends and behavior based on historical data. CRM software and systems, on the other hand, are used to manage customer relationships and interactions, but they can also provide data that can be used for marketing analytics purposes. Intranet capabilities are a type of technology infrastructure that can support marketing analytics, but they are not a tool or technique in and of themselves.

Question 3

A firm has a huge amount of individual customer data saved in different databases. Which of the following can be used to integrate, analyze, and apply the available information effectively?

Accepted Answer

Customer Relationship Management (CRM) systems are designed specifically for managing customer data and integrating it from multiple sources. This system is ideal for integrating, analyzing, and applying customer information effectively. Online market research tools and internal survey methods may help gather data, but they are not designed for data integration and analysis. Quality assurance tools are useful for maintaining data quality, but not for integrating and analyzing customer data. Integrated marketing systems may help manage marketing campaigns, but are not designed for data integration and analysis.

Question 4

Discuss the methods used by marketing researchers to gather secondary data.

Accepted Answer

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Question 5

What is customer relationship management (CRM)? What are the functions of CRM? How do firms benefit from CRM systems?

Accepted Answer

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Question 6

Which of the following statements about international marketing research is true?

Accepted Answer

Language translation in international marketing research can be costly and increases the risk of errors, as there can be nuances and cultural differences that may not be accurately translated. It is important to have skilled and experienced translators to ensure accuracy.

Question 7

Which of the following is true about customer relationship management (CRM)?

Accepted Answer

CRM consists of sophisticated software and analytical tools to manage customer interactions and data.

Question 8

CRM analysts use big data and marketing analytics to unearth patterns in customer data.

Accepted Answer

CRM analysts do use big data and marketing analytics to uncover patterns in customer data. This helps them to improve customer engagement, identifying key opportunities for revenue growth and creating targeted marketing campaigns.

Question 9

Discuss several ways in which small organizations can conduct marketing research at little or no expense.

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Question 10

How has the marketing research industry responded to the intrusion and privacy issues concerning consumer data?

Accepted Answer

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Question 11

Compare and contrast closed-ended questions and open-ended questions for gathering data.

Accepted Answer

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Question 12

Suppliers and resellers can update their accounts, arrange purchases, and check orders against inventories through ________.

Accepted Answer

Extranet is a network that allows outsiders such as suppliers and resellers to access certain parts of a company's intranet, enabling them to update their accounts, arrange purchases, and check orders against inventories. Therefore, option A is the correct answer. The other options are not relevant to the given scenario.

Question 13

Marketing research can be collected by mail, telephone, personal interview, or online. Discuss the advantages of each contact method.

Accepted Answer

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Question 14

Differentiate between intranets and extranets. How are such systems beneficial to marketing managers?

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Question 15

Vincent Cosmetics decides to launch a cream with a claim that it makes skin "nine times smoother." The claim is based on a study of 30 respondents who used products of other brands as well. However, a second study on a larger sample reveals only a mild correlation between the use of the cream and smoother skin. In these circumstances, which of the following is the most ethical approach that Vincent Cosmetics can follow?

Accepted Answer

The most ethical approach for Vincent Cosmetics is to report the result as it is or improve the product to match its claim. Modifying the results of the study to depict a strong correlation or continuing to claim a high correlation and adding a tag line saying "results may vary" would be misleading and unethical. Featuring a testimonial from a satisfied user in an advertisement to support its claim may also not be considered ethical as it does not provide evidence from a larger sample. Therefore, the best option is to either report the result as it is or improve the product to match its claim.

Question 16

What is marketing analytics? Why has it become so central to gathering data about customers and performance?

Accepted Answer

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Question 17

What is neuromarketing? How is neuromarketing used by marketers?

Accepted Answer

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Question 18

Briefly compare the three different types of research approaches used for gathering primary data.

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Question 19

A not-for-profit firm uses a small convenience sample to gather data on customer reactions. It invites a small group of customers for lunch and asks them to share what they think about the products they have purchased from the firm. This is an example of ________.

Accepted Answer

This scenario describes an informal survey, which is a less rigorous and less scientific approach to gathering data compared to formal surveys or experimental research. The sample size is small and not necessarily representative of the entire customer base.

Question 20

Which of the following would most likely use informal research methods to obtain marketing insights?

Accepted Answer

Not-for-profit organizations often rely on informal research methods, such as surveys, interviews, and focus groups, to gather insights into their target audiences and stakeholders.

Quiz 4: Managing Marketing Information to Gain Customer Insights