Question 1

The timing of social media monitoring usually does not vary.It is almost always focused on one period to solve a particular problem.

Accepted Answer

The timing of social media monitoring can vary depending on the purpose and needs of the company or organization. It can be done continuously or periodically to keep tabs on customer feedback, industry trends or competition. It may also be done in response to a crisis or to evaluate the impact of a campaign or event.

Question 2

A firm that offers a packaged service can use its experience to provide measures obtained from previous research to allow direct comparisons and make sense of results.

Accepted Answer

A packaged service refers to a service that includes multiple components or features that are bundled together to provide a comprehensive solution to a customer. Since such firms have experience in providing the packaged service, they can make use of their previous research to provide valuable insights and benchmarks to their customers. By doing so, they can help their customers make sense of the results obtained from their services and also allow for direct comparisons with other customers. Therefore, the statement is true.

Question 3

Explain the advantages and disadvantages of secondary data.

Accepted Answer

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Question 4

Describe the difference between internal secondary data and data gathered externally(primary data).What are some applications of secondary data? Give one example of the use of each.

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Question 5

When considering the use of geodemographic information,researchers should be aware that it is limited to only pre-defined geographical boundaries such as cities,counties,or state definitions.

Accepted Answer

Geodemographic information can also include custom-defined areas based on various criteria like consumer behavior, population characteristics, or natural features, not limited to official administrative boundaries.

Question 6

Discuss the four major areas in which packaged information sources may be applied.

Accepted Answer

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Question 7

Define the term big data.Describe the challenges as well as the opportunities for the use of big data by marketing researchers.

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Question 8

Marketers are interested in consumers' attitudes toward private brands versus national brands,the quality of products made in America and elsewhere,and claims of health benefits.Data purchased for this purpose would be an application of packaged information.

Accepted Answer

Packaged information refers to pre-collected and analyzed data that is sold to businesses for marketing research purposes. The data mentioned in the statement aligns with the types of information that marketers would be interested in, making it a valid application of packaged information.

Question 9

Social media data,also termed user-generated content(UGC),are any information that is created by users of online systems and intended to be shared with others.

Accepted Answer

Social media data or user-generated content is created and intended to be shared by users of online systems, making the statement true.

Question 10

Tracking studies are longitudinal studies that monitor a variable such as sales or market share over time.

Accepted Answer

Tracking studies are indeed longitudinal studies that monitor the change in a variable over time, such as sales, market share, or brand awareness, to identify trends and patterns.

Question 11

Social media platforms provide one of the best means to trace trends and track big themes including fears and aspirations that influence consumers.

Accepted Answer

Social media platforms are known for providing valuable insights into consumer behavior, enabling businesses to identify trends and track big themes that impact their target audience. By analyzing social media conversations, companies can gain a better understanding of their customers' needs and desires, as well as their concerns and fears. This information can then be used to develop marketing strategies that resonate with the target audience and help to build brand loyalty. Therefore, it can be concluded that social media platforms provide one of the best means to trace trends and track big themes including fears and aspirations that influence consumers.

Question 12

Syndicated data services provide client firms with sophisticated methods of identifying members of their target market,locating these members,and provide information that will help efficiently reach these target markets.

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Question 13

Describe the two classes of packaged information and the advantages and disadvantages of each.

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Question 14

Explain why the American Community Survey(ACS)may represent the most significant change in several decades in the availability of secondary data to be used for marketing research purposes.Give one example of the use of data from the ACS.

Accepted Answer

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Question 15

The Internet of Things(IoT)is defined as the network of physical objects embedded with software or sensors that allow them to gather and distribute data.

Accepted Answer

This definition of IoT is accurate and widely accepted. It refers to the interconnectedness of physical devices, machines, and other items using sensors, software, and network connectivity to collect and share information. This data can be used to improve efficiency, convenience, and decision-making in various areas, such as home automation, healthcare, transportation, and manufacturing.

Question 16

When many client firms subscribe to information,the cost of the service is greatly reduced to any one subscriber firm.This describes a key advantage of syndicated data,

Accepted Answer

This is true because when many client firms subscribe to the same information, the cost of generating and distributing the data is spread across a larger customer base, reducing the cost per subscriber. This is known as economies of scale and is a key advantage of syndicated data.

Question 17

A company providing a packaged service usually knows the idiosyncrasies of a particular industry;therefore,there is less of a burden on the client to ensure that the packaged service fits the intended situation.

Accepted Answer

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Question 18

Discuss the impact of the Internet of Things(IoT),the data the objects gather,and how IoT has the potential to transform the marketing research industry.

Accepted Answer

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Question 19

One of the fastest-growing areas of marketing research involves the organization and analysis of social media data.Discuss the uses of social media data and their advantages and disadvantages.

Accepted Answer

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Question 20

Many research professionals believe IoT is important as a data source because it has the potential to transform the marketing research industry from relying heavily on primary data to truly integrating passively collected secondary data.

Accepted Answer

This statement is true. IoT has the potential to provide vast amounts of passively collected secondary data, which can supplement or even replace primary data collected through surveys or other methods. This data can provide insights into consumer behavior and preferences in real time, allowing companies to make more informed decisions about their marketing strategies.

Quiz 5: Secondary Data & Packaged Information