Question 1

Penalties are the results of marketing actions.In view of potential penalties and to evaluate decision alternatives,managers must speculate on the consequences of selecting any alternative.

Accepted Answer

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Question 2

Problems are situations calling for managers to make choices among alternatives.

Accepted Answer

Problems require managers to evaluate different options and make decisions based on what will be best for the organization. This is a key responsibility of management.

Question 3

The success of a marketing research project depends on properly pinpointing a problem to formulate the situation analysis.

Accepted Answer

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Question 4

Failure to meet an objective and the identification of an opportunity are two sources of problems in situations that are either potentially positive or negative for an organization.

Accepted Answer

Failure to meet an objective can be a negative situation for an organization, while identification of an opportunity can be potentially positive or negative depending on how the organization responds to it.

Question 5

When the manager and researcher are in agreement about which symptom or symptoms are in need of attention,it is time to determine what could possibly cause the symptoms.

Accepted Answer

Once the manager and researcher agree on the symptoms that need attention, the next step is to identify the possible causes of those symptoms.

Question 6

Managers may be aware of symptoms,which are changes in the level of some key monitor that measures the achievement of an objective,but that does not mean they know what the problem is.

Accepted Answer

Managers may be aware of symptoms, such as changes in key performance indicators, but they still need to diagnose the actual problem causing those symptoms.

Question 7

Marketing researchers are constantly thinking of constructs during the problem definition process.Once they know the constructs to be measured,they can determine the proper way to measure that construct.

Accepted Answer

This statement is true. Marketing researchers need to identify the relevant constructs (variables or concepts) for their research problem, and then select appropriate measurement scales or instruments to capture data on those constructs. This is a critical step in designing a research study and ensuring that the research accurately captures the desired information.

Question 8

The research objective should not define how the construct being evaluated is measured.

Accepted Answer

The research objective should indeed define how the construct being evaluated is measured, as it provides clarity on what is being studied and how success or outcomes will be assessed.

Question 9

The metrics surrounding the value of marketing research should demonstrate that risk was mitigated and quantify the financial value of that risk reduction.

Accepted Answer

The statement is true. The primary purpose of conducting marketing research is to reduce risk and uncertainty associated with market decisions. The metrics used to evaluate the effectiveness of marketing research should demonstrate the value of risk reduction and quantify the financial benefits of avoiding potential losses. This can include metrics such as increased sales, improved customer satisfaction, reduced costs, and increased profitability.

Question 10

For the most part,there is little variability among firms in terms of ability to identify opportunities.

Accepted Answer

There is actually quite a bit of variability among firms in their ability to identify opportunities. Some firms may have better market research capabilities or stronger networks that allow them to spot emerging trends or customer needs, while others may be slower to react or less attuned to changes in the external environment. Therefore, Option A is not true, and Option B is the correct answer.

Question 11

Late identification of problems can lead to managerial changes that can greatly improve bottom-line profits.

Accepted Answer

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Question 12

Research objectives should specify from whom the information should be gathered and exactly what information is needed.

Accepted Answer

Research objectives should be specific and clear about the target audience or source of information, as well as the specific information needed. This helps to ensure that the research is focused and effective in achieving its goals.

Question 13

Price changes,product modification or improvement,promotion of any kind,and adjustments in channels of distribution are examples of decision alternatives,which are all marketing actions the manager thinks may resolve the problem.

Accepted Answer

The statement correctly describes decision alternatives that a marketing manager may consider to resolve a problem. These alternatives include price changes, product modifications or improvements, promotional activities, and changes in distribution channels.

Question 14

All methods of measuring the value of research generally do not link the research results to business impacts.

Accepted Answer

Many methods of measuring the value of research aim to link research results directly to business impacts, such as through cost-benefit analysis, return on investment (ROI) calculations, and impact assessments that evaluate how research outcomes contribute to achieving business objectives and improving performance.

Question 15

The tasks that ultimately lead to establishing research objectives begin when a problem or opportunity is recognized,but there is not enough information to know how to respond.

Accepted Answer

Research objectives are established in response to a problem or opportunity where there is still uncertainty or lack of information on how to proceed. Therefore, it is true that the tasks leading to the establishment of research objectives start when a problem or opportunity is recognized but information is inadequate.

Question 16

Marketing research should be conducted periodically,even when there is no need to make a decision,and have the information available to guide decision-making.

Accepted Answer

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Question 17

When management has defined the problem and the researcher has conducted a situation analysis,the researcher must make a decision as to whether the problem has been satisfactorily corrected.

Accepted Answer

Once the researcher has conducted a situation analysis, they use the findings to generate and evaluate potential solutions to the problem. The decision as to whether the problem has been satisfactorily corrected is typically made after implementing a chosen solution and evaluating its effectiveness.

Question 18

A strategic analysis is a form of exploratory research undertaken to gather background information and data pertinent to the problem area that may be helpful in properly defining the problem decision.

Accepted Answer

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Question 19

The situation analysis is a concise description of the problem or opportunity that management is facing that requires research to make a decision.

Accepted Answer

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Question 20

An important part of developing research objectives is speculating on what type of information should be measured.

Accepted Answer

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Quiz 3: The Marketing Research Process & Defining the Problem and Research Objectives