Question 1

A _____ provides raw data to decision makers throughout a firm.

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Question 2

List the market-sensing processes used by market-driven companies.

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Question 3

Give an account of the barriers that affect the market learning processes.

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Question 4

_____ is the part of the learning process of market-oriented companies that emphasizes the importance of keeping and valuing prior information.

Accepted Answer

Accessible memory refers to the part of the learning process that emphasizes the importance of storing and valuing prior information. This involves creating a system or platform where previous data, insights, and knowledge are easily accessible and retrievable for reference and analysis. This helps the company avoid repeating past mistakes and build on previous successes.

Question 5

What are the activities included in the learning processes of market-oriented companies?

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Question 6

_____ integrates data that are not easily found,assimilated,formatted or readily manipulated with software and hardware into a decision-making process that provides the marketing decision maker with assistance when needed.

Accepted Answer

A marketing decision-support system integrates data that may not be easily accessible or manipulable into decision-making processes, providing assistance to marketing decision-makers. Market sensing refers to the process of gathering and analyzing information about the market, while a management information system is a broader term that encompasses various types of data used by management. A marketing information system focuses specifically on data related to marketing activities.

Question 7

Give an account of how internet-based research helps in creating new market information.

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Question 8

Which of the following activities is to be avoided when engaging in the process of market learning?

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Question 9

Which of the following learning process activities can leverage the value of the information by cutting across business functions to share information on customers,channels of distribution,suppliers and competitors?

Accepted Answer

Information distribution for synergy can leverage the value of information by cutting across business functions to share information on customers, channels of distribution, suppliers, and competitors, leading to synergies and improved performance. Objective inquiry involves gathering data, mutually informed interpretation involves obtaining a shared understanding, and accessible memory involves having information readily available. While these activities are important, they do not inherently involve sharing information across functions as much as information distribution for synergy does.

Question 10

What is the role of management information systems (MISs) in data collection?

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Question 11

Which of the following learning process activities involves matching the vision of executives,like managers,to the information collected?

Accepted Answer

Mutually informed interpretations involve matching the vision of executives to the information collected by the organization. This process helps to ensure that the insights and conclusions developed from the data are aligned with the strategic priorities of the organization. Information distribution for synergy involves sharing data across different departments or groups to leverage collective knowledge and expertise. Accessible memory refers to creating systems and processes for storing and retrieving information. Objective inquiry involves systematically gathering and analyzing data to uncover patterns and trends.

Question 12

Which of the following organizational scanning initiatives would require the use of external consultants for fresh perspectives on the business to be incorporated in strategic decision making?

Accepted Answer

Outsourcing involves hiring external consultants or firms to provide services or perform tasks that could include organizational scanning or strategic analysis, offering fresh perspectives and expertise not available within the organization.

Question 13

Megagro,a groceries retail chain,demonstrated the market sensing process of _____ when it hired researchers to survey the refrigerator contents and lifestyles of 90 families-checking average family size,gross family income,what the families ate for breakfast,and how often they shopped for groceries.

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Question 14

_____ is "the systematic gathering,recording,processing,and analyzing of marketing data,which-when interpreted-will help the marketing executive to uncover opportunities and to reduce risks in decision making."

Accepted Answer

The definition provided fits with the concept of marketing research, which involves the collection and analysis of data to inform marketing decisions. The other options listed, such as systemic marketing, marginal analysis, and market segmentation, do not accurately reflect the definition given.

Quiz 5: Capabilities for Learning About Customers and Markets