Question 1

_____ is a buzzword people are using to refer to the massive amounts of online and offline data being gathered today.

Accepted Answer

Big data is the term widely used to describe the exponential growth, availability, and use of information, both structured and unstructured.

Question 2

Which of the following is the most effective way that an online book retailer can utilize to recommend products its customers might like?

Accepted Answer

Clickstream data tracks the customer's online behavior, allowing the retailer to analyze browsing patterns and preferences to make personalized product recommendations.

Question 3

Even if you simply get good information that is of no use,marketing research should be performed because the marketer is better equipped for his/her job.

Accepted Answer

Marketing research should aim to be actionable and relevant to the specific goals and challenges of the marketing effort; simply gathering good information that is of no practical use does not justify the resources spent on research.

Question 4

The intranet is an excellent tool utilized by companies to reach consumers.

Accepted Answer

The intranet is used within a company to connect its employees and facilitate internal communication, not to reach consumers.

Question 5

Sue often travels to other grocery stores in the marketplace to observe how much they are charging for the same products she stocks at her store. Sue is engaging in _____.

Accepted Answer

Sue is engaging in market intelligence, which involves gathering information on market conditions, competitors, and customers to make informed business decisions. By comparing prices at other stores, she is collecting data on her competitors, which is a key aspect of market intelligence.

Question 6

Marketing research is utilized when market intelligence,internal company data,and analytics software falls short.

Accepted Answer

Marketing research is often used when existing sources of information, such as market intelligence, internal company data, and analytics software, are insufficient to make informed decisions. It helps fill in the gaps by providing new, primary data tailored to specific questions or challenges a company faces.

Question 7

One standard set forth in the Code of Ethics for Market Intelligence Professionals is to avoid conflicts of interest in fulfilling one's duties.

Accepted Answer

The Code of Ethics for Market Intelligence Professionals indeed includes avoiding conflicts of interest as a standard to ensure integrity and objectivity in their work.

Question 8

Understanding customers requires both quantitative and qualitative data.

Accepted Answer

Quantitative data provides numerical insights and patterns, while qualitative data offers depth into customer behaviors, preferences, and motivations, making both essential for a comprehensive understanding.

Question 9

Salespeople are primarily involved in gathering competitor intelligence; so many companies have instituted CDB systems.

Accepted Answer

Salespeople are primarily involved in selling products or services, not in gathering competitor intelligence, although they might contribute to it. Companies institute Customer Database (CDB) systems mainly for managing customer information, improving customer relationships, and enhancing sales and marketing efforts.

Question 10

Market research is typically inexpensive.

Accepted Answer

Market research can be costly due to expenses related to data collection methods such as surveys, focus groups, and the use of market analysis tools.

Question 11

Marketing research should not necessarily be performed just because the competition is engaging in it.

Accepted Answer

Marketing research should be driven by an organization's specific needs and objectives, not merely because competitors are doing it. It should be a strategic decision based on the potential benefits and insights it can provide to the company, rather than a reactive move to match competitors' actions.

Question 12

Industrial espionage mainly involves examining content in blogs,and other online media to determine what people are thinking at any given time.

Accepted Answer

Industrial espionage typically involves the theft or covert acquisition of confidential or proprietary information from business competitors, not merely examining public online content.

Question 13

Market research is the process of researching a specific market to determine its size and trends.

Accepted Answer

Market research involves gathering, analyzing, and interpreting information about a market, including its size, trends, and the needs and preferences of its customers, to inform business decisions.

Question 14

Analytics software is utilized to generate information produced in reports generated by the company regularly.

Accepted Answer

The answer of Analytics software is utilized to generate information...

Question 15

A(n)_____ is a way to manage the vast amount of information firms have on hand.

Accepted Answer

MIS, or Management Information Systems, is the correct answer because it refers to the organized approach to collecting, processing, storing, and disseminating information in a way that supports management decision-making in organizations.

Question 16

Companies who neglect the task of gathering market intelligence are vulnerable.

Accepted Answer

Neglecting market intelligence can leave companies unaware of market trends, customer needs, and competitor strategies, making them vulnerable to losing competitive advantage.

Question 17

The primary purpose of market research is to collect,analyze,and report marketing information that can be used to answer questions or solve problems so as to improve a company's bottom line.

Accepted Answer

The answer of The primary purpose of market research is...

Question 18

Suppliers are a source of market intelligence.

Accepted Answer

Suppliers often possess valuable information about market trends, customer preferences, and competitive activities, making them a useful source of market intelligence.

Question 19

Marketing information systems involve all of the following EXCEPT:

Accepted Answer

The answer of Marketing information systems involve all of the...

Question 20

_____ typically involves researching a specific market to determine its size and trends.

Accepted Answer

Market research is the process of gathering, analyzing, and interpreting information about a market, including information about the potential customers and competitors within that market. It is used to determine market size, trends, and the potential for new products or services.

Quiz 10: Gathering and Using Information: Marketing Research and Market Intelligence