Question 1

In general,marketers must weigh carefully the costs of additional information against the ________ resulting from it.

Accepted Answer

Marketers must consider the benefits that additional information can bring to a marketing campaign, such as improved targeting and messaging. However, they must also balance these benefits against costs, including financial costs and potential ethical issues. Therefore, the best choice is B - benefits.

Question 2

Despite the data glut that marketing managers receive,they are most likely to complain that they lack which of the following?

Accepted Answer

Marketing managers receive a lot of data, but they may not have the right kind of information to make informed decisions. They may also complain about not having enough information, which could be indicative of needing more primary or secondary data, but the most common complaint is that the information they have is not tailored or relevant to their needs. Timeliness and searchability are also important, but they are not typically the primary concerns of marketing managers when it comes to data.

Question 3

What is the first step in the marketing research process?

Accepted Answer

The first step in the marketing research process is to define the problem and research objectives. This involves determining what information is needed, what questions need to be answered, and what decisions need to be made. Without a clear understanding of the problem and objectives, the rest of the research process will be ineffective.

Question 4

Which of the following is NOT considered a source of competitive marketing intelligence?

Accepted Answer

Causal research is a type of market research used to establish cause-and-effect relationships between variables. It is not considered a source of competitive marketing intelligence, which means information gathered from analyzing competitors, customers, suppliers, and resellers.

Question 5

Your marketing department is attempting to improve strategic decision making,track competitors' actions,and provide early warning of opportunities and threats.To achieve this goal,which of the following would be the best for your department to use?

Accepted Answer

Competitive marketing intelligence is the best option as it involves gathering and analyzing information about competitors' actions, strategies, strengths, and weaknesses. This information can help improve strategic decision making and provide early warning of opportunities and threats. Internal databases and company reports may not provide information about competitors, while relying solely on external databases or the internet may not provide accurate, relevant, or up-to-date information.

Question 6

________ is the systematic design,collection,analysis,and reporting of data relevant to a specific marketing situation facing an organization.

Accepted Answer

Marketing research is the process of systematically collecting and analyzing information about consumers, competitors, and the market environment in order to make informed decisions about marketing strategies and tactics. The other options either refer to specific subsets of marketing research (such as competitive intelligence and causal research) or broader marketing information systems.

Question 7

Which of the following statements is NOT true regarding information collected for marketers?

Accepted Answer

Managers often struggle with having enough of the right information, as they may have access to a lot of data but not necessarily the specific insights they need for decision-making.

Question 8

An MIS consists of people,equipment,and procedures to gather,sort,_____,evaluate,and distribute information to marketing decision makers.

Accepted Answer

The blank in the sentence indicates that some action needs to be taken with the information gathered. Analyzing the information is the most appropriate action in this context. It involves examining the data, identifying trends and patterns, and drawing inferences to help decision-makers make more informed decisions.

Question 9

Your colleague is confused about using the marketing research process,as he knows that something is wrong but is not sure of the specific causes to investigate.He seems to be having problems with ________,which is often the hardest step to take.

Accepted Answer

Defining the problem and research objectives is often the hardest step in the marketing research process as it requires a clear understanding of the problem to be solved and the objectives to be achieved through the research. If your colleague is having trouble with this step, it may require more investigation and defining of the problem before moving forward with the research plan.

Question 10

Four common sources of internal data include the accounting department,operations,the sales force,and the ________.

Accepted Answer

The marketing department is a common source of internal data. Accounting department provides financial data, operations provide production and efficiency data, sales force provides customer data, and marketing department provides advertising, promotion, and market research data. Online focus groups, stockholders, competition, and web are sources of external data.

Question 11

Which of the following is LEAST likely to be a benefit of conducting marketing research?

Accepted Answer

Marketing research is primarily focused on understanding the market and the customers, and measuring the effectiveness of marketing activities such as product promotion, pricing, and distribution. While effective pricing and accounting are important for the success of a business, they are not the primary focus of marketing research.

Question 12

Which of the following is NOT a potential source for competitive marketing intelligence?

Accepted Answer

Collecting primary data is a method of gathering new data directly from sources, such as surveys or interviews, and is not typically considered a source of competitive marketing intelligence, which involves gathering existing information from various sources.

Question 13

The real value of a company's marketing research and information system lies in the ________.

Accepted Answer

The real value of a company's marketing research and information system lies in the quality of customer insights it provides. Simply generating data or completing studies efficiently is not enough; the information gathered must be of high quality and provide valuable insights into customer behavior and preferences.

Question 14

Which of the following statements regarding competitive marketing intelligence is true?

Accepted Answer

Competitive marketing intelligence relies upon publicly available information, such as financial reports, industry publications, and news articles. While some information may be privately held or require paid access, the majority of intelligence can be gathered through publicly available sources.

Question 15

Which step in the four-step marketing research process has been left out of the following list: defining the problems and research objectives,implementing the research plan,and interpreting and reporting the findings?

Accepted Answer

Developing the research plan is the step missing from the list. It involves outlining how to collect and analyze the data needed to address the research objectives.

Question 16

A good MIS balances the information users would ________ against what they really ________ and what is ________.

Accepted Answer

A good MIS should balance what users would like to have against what they actually need and what is feasible to offer, ensuring efficiency and practicality.

Question 17

Diana Ho is currently researching data sources from within her company to make marketing decisions.Diana is making use of ________ databases.

Accepted Answer

Diana Ho is researching data sources from within her company, which suggests that she is accessing internal databases rather than external, public or online databases. Therefore, the best choice is B) internal databases.

Question 18

A marketing information system (MIS)consists of people and procedures to assess information needs,________,and help decision makers analyze and use the information.

Accepted Answer

The MIS is designed to develop the needed information by assessing information needs, gathering data, and analyzing the data to help decision makers make informed decisions. Experimenting with and testing the information may be a part of the process, but the primary objective is to develop the necessary information. Critiquing and questioning the needed information may also be a part of the process, but they are not the main focus.

Question 19

Marketing information from which type of database usually can be accessed more quickly and cheaply than other information sources?

Accepted Answer

Internal databases are typically the most easily accessible and least expensive sources of marketing information as they are already collected and stored by the company.

Question 20

________ is the systematic collection and analysis of publicly available information about consumers,competitors,and developments in the marketing environment.

Accepted Answer

Competitive marketing intelligence involves the systematic collection and analysis of information about competitors and the marketing environment. This information is publicly available and can provide businesses with valuable insights into consumer behavior and market trends. Marketing data, sales management, customer intelligence, and value chain management may also be important aspects of a company's overall marketing strategy, but they do not specifically focus on collecting and analyzing competitive intelligence.

Quiz 4: Managing Marketing Information