Question 1

Financial data from different countries tend to be the same due to standardization of accounting and recording practices for economic concepts.

Accepted Answer

Although economic terminology may be standardized,various countries use different definitions and accounting and recording practices for many economic concepts.

Question 2

When Subway Sandwiches uses secondary data to determine the best location for its franchise outlets,they are engaged in ____.
A)site analysis
B)model building
C)database marketing
D)market tracking

Accepted Answer

Site analysis involves using data, which can include secondary data, to determine the best locations for business outlets, such as Subway Sandwiches franchises. This process helps in understanding the potential performance of a location based on various factors like demographics, competition, and traffic patterns.

Question 3

Trade associations gather data to help the organizations in a specific industry.

Accepted Answer

Trade associations often collect and analyze data related to their industry, which they can then use to provide valuable insights and information to their members. This can include data on market trends, consumer behavior, regulatory changes, and more. By gathering and sharing this information, trade associations can help their members stay informed and make better business decisions.

Question 4

Kyle is conducting a sales forecast by adding up his company's sales over the past five years and then dividing that by five (the number of years).The forecasting technique he is using is called ____.
A)moving average forecasting
B)dynamic forecasting
C)static forecasting
D)indexing

Accepted Answer

Kyle is using the moving average forecasting technique, which involves taking an average of the past data to predict future sales. This technique is appropriate when there is a trend or pattern in the data that can be used to forecast future sales. The other options, dynamic forecasting and indexing, involve more complex modeling and analysis techniques and are not being used by Kyle. Static forecasting involves making predictions without using past data, which is not what Kyle is doing.

Question 5

The marketing research industry uses the term primary-source data for diverse types of data offered by one particular company.

Accepted Answer

Single-source data is diverse types of data offered by a single company.

Question 6

Obtaining secondary data is typically ____ and ____ expensive than obtaining primary data.
A)faster;more
B)slower;more
C)faster;less
D)slower;less

Accepted Answer

Obtaining secondary data is typically faster and less expensive than obtaining primary data. Secondary data has already been collected and is available for use, whereas primary data requires new data collection efforts which are time-consuming and can be costly to undertake.

Question 7

A researcher who is interested in new car sales discovers that the secondary data are in the form of statistics that include both car and light truck sales combined.What criterion have the data failed to meet?
A)The data should be in the correct unit of measurement.
B)The data should apply to the time period of interest.
C)The data should be supplied by a reputable source.
D)The data should show evidence of reliability and validity.

Accepted Answer

The data have failed to meet the criterion of being in the correct unit of measurement since the researcher is only interested in new car sales and the data include both car and light truck sales combined.

Question 8

The observation and analysis of trends in industry volume and brand share over time is called ____.
A)market tracking
B)model building
C)data mining
D)database marketing

Accepted Answer

Market tracking involves examining market volume and trends over time, including tracking changes in brand share. Model building involves creating mathematical or statistical models to explain trends or predict future outcomes. Data mining involves analyzing large sets of data to identify patterns or relationships. Database marketing involves using customer data to customize marketing efforts. None of these fully capture the concept of observing and analyzing industry volume and brand share over time.

Question 9

Diary panel data are data gathered by households that have agreed to record their consumption behavior over an extended period of time.

Accepted Answer

Diary panel data are indeed data collected by households over a long period of time to track their consumption behavior.

Question 10

Tracking monthly sales trends over the past year is best described as an example of ____.
A)model building
B)fact-finding
C)database marketing
D)environmental scanning

Accepted Answer

Tracking monthly sales trends over the past year is a process of gathering data and analyzing it to extract insights about sales trends. This process is commonly referred to as fact-finding, as it involves collecting and reviewing factual information about past sales performance. It is not an example of model building, which involves developing sophisticated statistical models to predict future sales trends, nor is it an example of database marketing, which typically involves segmenting customers based on their demographic or transactional data. Finally, tracking monthly sales trends is not an example of environmental scanning, which involves monitoring external factors such as economic conditions, technological developments, and regulatory changes.

Question 11

Every year,Westview Marble goes through the process of estimating sales for the upcoming year by looking at the company's previous years' sales and market sales along with economic trends and predictions by experts.This process of predicting sales totals over a specific time period is called ____.
A)model building
B)trend analysis
C)sales forecasting
D)market potential estimation

Accepted Answer

The process of predicting sales totals over a specific time period is known as sales forecasting. Model building involves creating a mathematical or statistical model to analyze data, while trend analysis entails examining patterns in historical data. Market potential estimation refers to estimating the total potential demand for a product or service in a specific market. While all of these may play a role in the process of estimating sales, the specific task described in the scenario is sales forecasting.

Question 12

Lance has noticed that companies that advertise a lot seem to have higher sales than those that do not.His use of secondary data to help specify this relationship is an example of ____.
A)data transformation
B)validation
C)reliability
D)model building

Accepted Answer

Lance is using secondary data to build a model that explains the relationship between advertising and sales. Model building involves creating a mathematical or conceptual representation of a phenomenon, in this case, the relationship between advertising and sales.

Question 13

One disadvantage of secondary data is that ____.
A)the user has no control over their reliability and validity
B)the data cannot be converted
C)it typically requires additional access to research respondents
D)it takes more time to collect than primary data

Accepted Answer

Since secondary data is collected by someone else, the user has no control over its reliability and validity. This can lead to inaccurate conclusions or decisions based on faulty data.

Question 14

All of the following are common reasons why secondary data do not adequately satisfy research needs EXCEPT ____.
A)outdated information
B)too expensive
C)variation in definition of terms
D)different units of measurement

Accepted Answer

While secondary data can be expensive, it is not a common reason why it does not satisfy research needs. Outdated information, variation in definition of terms, and different units of measurement are all potential issues that can render secondary data inadequate for research purposes.

Question 15

Shawn is interested in average monthly sales for automobiles in Memphis,TN.He found information on the Internet that gives annual automobile sales by cities,so he took the annual sales for Memphis and divided it by twelve to get a monthly average for that city.This is an example of ____.
A)data mining
B)data division
C)data transformation
D)data validation

Accepted Answer

This is an example of data transformation, as Shawn took the annual sales data and transformed it into monthly averages.

Question 16

Data purchased from a company such as NPD Group,Inc.on the consumption of frozen pizza in the U.S.is most likely going to be used for ____.
A)model building
B)database marketing
C)data mining
D)fact-finding

Accepted Answer

Fact-finding involves gathering data to understand a particular market or consumer behavior, such as the consumption of frozen pizza in the U.S.

Question 17

Which index describes the relationship between retail demand and supply?
A)index of retail sales
B)index of retail utilization
C)index of retail saturation
D)index of retail sites

Accepted Answer

The index of retail saturation describes the relationship between retail demand and supply by measuring the extent to which the market is saturated with retail outlets relative to consumer demand.

Question 18

When a marketing manager reads publications like The Wall Street Journal and Business Week to try to determine changes in consumer behavior,the manager is best described as engaging in ____.
A)environmental scanning
B)model building
C)database marketing
D)data mining

Accepted Answer

The process of reading publications to identify changes in consumer behavior is a type of environmental scanning. This involves monitoring the external environment for trends, opportunities, and threats that could impact a company's marketing strategies. Model building, database marketing, and data mining all involve more specific analytical techniques and applications within marketing.

Question 19

Secondary data can be bought and sold like other products.

Accepted Answer

Secondary data can be bought and sold like other products, but it is important to ensure that the data is ethically and legally obtained and used.

Question 20

When a researcher compares secondary data from one source with data from another source,the researcher is doing a(n)____.
A)data transformation
B)cross-check
C)data mining
D)data enhancement

Accepted Answer

When a researcher compares secondary data from one source with data from another source, it is referred to as cross-checking. This method helps to ensure the validity and reliability of the data by identifying any inconsistencies or errors. Data transformation refers to the process of converting data from one format to another. Data mining involves analyzing large amounts of data to identify patterns and relationships. Data enhancement refers to the process of improving the quality or completeness of existing data.

Quiz 6: Secondary Data Research in a Digital Age

Financial data from different countries tend to be the same due to standardization of accounting and recording practices for economic concepts.

When Subway Sandwiches uses secondary data to determine the best location for its franchise outlets,they are engaged in ____.

Trade associations gather data to help the organizations in a specific industry.

Kyle is conducting a sales forecast by adding up his company's sales over the past five years and then dividing that by five (the number of years) .The forecasting technique he is using is called ____.

The marketing research industry uses the term primary-source data for diverse types of data offered by one particular company.

Obtaining secondary data is typically and expensive than obtaining primary data.

A researcher who is interested in new car sales discovers that the secondary data are in the form of statistics that include both car and light truck sales combined.What criterion have the data failed to meet?

The observation and analysis of trends in industry volume and brand share over time is called ____.

Diary panel data are data gathered by households that have agreed to record their consumption behavior over an extended period of time.

Tracking monthly sales trends over the past year is best described as an example of ____.

Every year,Westview Marble goes through the process of estimating sales for the upcoming year by looking at the company's previous years' sales and market sales along with economic trends and predictions by experts.This process of predicting sales totals over a specific time period is called ____.

Lance has noticed that companies that advertise a lot seem to have higher sales than those that do not.His use of secondary data to help specify this relationship is an example of ____.

One disadvantage of secondary data is that ____.

All of the following are common reasons why secondary data do not adequately satisfy research needs EXCEPT ____.

Shawn is interested in average monthly sales for automobiles in Memphis,TN.He found information on the Internet that gives annual automobile sales by cities,so he took the annual sales for Memphis and divided it by twelve to get a monthly average for that city.This is an example of ____.

Data purchased from a company such as NPD Group,Inc.on the consumption of frozen pizza in the U.S.is most likely going to be used for ____.

Which index describes the relationship between retail demand and supply?

When a marketing manager reads publications like The Wall Street Journal and Business Week to try to determine changes in consumer behavior,the manager is best described as engaging in ____.

Secondary data can be bought and sold like other products.

When a researcher compares secondary data from one source with data from another source,the researcher is doing a(n) ____.