Deck 4: Marketing Analytics: Gaining Customer Insights

Question 1

Marketing ________ is the function that links consumer,customer and public to the marketer through information that is used to identify and define marketing opportunities and problems.

Answer 1

research

Question 2

A marketing information system (MIS)consists of people and procedures to assess information needs,________ and help decision makers analyse and use the information.

A)experiment to develop information
B)test market the information
C)develop the needed information
D)critique the needed information
E)compare the needed information

Answer 2

C

Question 3

The huge data sets generated by information generation,collection,storage and analysis technologies are referred to as _____.

A)Netnographics
B)Big data
C)Marketing analytics
D)Customer insights
E)Exploratory research

Answer 3

B

Question 4

Which of the following statements is NOT true regarding information collected by marketers?

A)Managers lack information of the right kind.
B)Most managers do not need more information.
C)Most managers need better information.
D)Many managers are burdened by data overload.
E)Managers have the right information and they have enough of it.

Question 5

Good sources of marketing intelligence information include competitors' annual reports,business publications,trade show exhibits,press releases,advertisements and web pages.

Question 6

An effective MIS assesses information needs,develops needed information and distributes the information to help managers use it in decision making.

Question 7

Which of the following best describes the process of collecting and analysing data from all channels in the physical and digital arenas?

A)Big data
B)Ethnographics
C)Netnographics
D)Marketing analytics
E)Customer insights

Question 8

The real value of marketing research and information lies not in quantity but in the customer insights provided.

Question 9

Your firm faces determined marketing intelligence efforts by competitors.Managers are likely to instruct employees on how to take steps to protect information.

Question 10

Despite the data glut that marketing managers receive,they frequently complain that they lack ________.

A)enough information of the right kind
B)reliable information
C)timely information
D)accurate information
E)valid information

Question 11

Customer needs and buying motives are typically obvious to marketers.

Question 12

Many companies are now restructuring and renaming their marketing research and information functions.In their place,companies are creating ________.

Question 13

How do organisations use marketing analytics?

A)To derive customer insights
B)To define problems in research
C)To develop a research plan for collecting information
D)To match a research plan to available resources
E)To establish codes of conduct when conducting research

Question 14

Techniques for gathering marketing intelligence range from monitoring internet buzz or observing consumers firsthand,to quizzing the company's own employees,benchmarking competitors' products,and researching on the internet.

Question 15

A good MIS balances the information users would ________ against what they really ________ and what is ________.

A)need;like;feasible
B)like;can afford;needed
C)like to have;need;feasible to offer
D)need;can afford;useful
E)use;have to use;available

Question 16

The real value of a company's marketing research and information system lies in how it is used-in the ________.

A)amount of data it generates
B)variety of contact methods it uses
C)efficiency with which it completes studies
D)customer insights it provides
E)marketing information system it follows

Question 17

A marketing information system consists of ________,equipment and procedures used to gather,sort,analyse,evaluate and distribute information to marketing decision makers.

Question 18

Which of the following is an advantage of using 'big data' when researching consumer social media use?

A)Companies can determine which web sites to advertise on
B)Marketers have all the information needed to make good marketing decisions
C)Companies can gain rich,timely insights on the customer
D)Marketers find it easier to separate valuable data from other,less useful data
E)Systems that collect and analyse big data can replace other marketing information systems

Question 19

Most marketers today believe they still lack a sufficient quantity of research data to make high-quality decisions.

Question 20

The marketing information system can serve ________.

A)the company's marketing managers
B)suppliers
C)resellers
D)marketing services agencies
E)All of the above.

Question 21

Competitive marketing intelligence is confined to the collection and analysis of information about competitors but does not include information about consumers.

Question 22

Which of the following is NOT a potential source for marketing intelligence?

A)competitors' garbage
B)competitors' products
C)competitors' sales data published in annual reports
D)primary data
E)discussions with purchasing agents

Question 23

Too much marketing information can be as harmful as too little.

Question 24

Currently researching data sources from within the company to make marketing decisions involves making use of ________ databases.

A)external
B)current
C)historical
D)internal
E)foreign

Question 25

Four common sources of internal data supplied to internal databases include the accounting department,operations,the salesforce and the ________.

A)owners
B)stockholders
C)marketing department
D)competition
E)Web

Question 26

Faced with determined competitive marketing intelligence efforts by competitors,most companies are now doing which of the following?

A)training employees on protecting company information
B)promising to not participate in marketing intelligence efforts against competitors
C)providing employees with less key company information
D)decreasing the number of employees involved in decision-making processes
E)introducing codes of ethics

Question 27

When you collate and compile information from your company's accounting and sales records stored in the computer,you are developing an internal database.

Question 28

________ is the systematic collection and analysis of publicly available information about consumers,competitors and developments in the marketing environment.

A)Marketing data
B)Marketing intelligence
C)Sales management
D)Customer intelligence
E)Competitive intelligence

Question 29

Marketers must weigh carefully the costs of additional information against the ________ resulting from it.

A)organisation
B)benefits
C)creativity
D)ethical issues
E)cost

Question 30

Which of the following is LEAST likely to be emphasised as a benefit (or selling point)of marketing research?

A)assessing market potential and market share
B)understanding customer satisfaction and purchase behaviour
C)measuring the effectiveness of pricing and accounting
D)measuring the effectiveness of distribution and promotion activities
E)understanding customer motivation

Question 31

Major suppliers and resellers are not important sources of intelligence information for marketing decision making.

Question 32

________ databases can be obtained more quickly and cheaply than other information sources.

Question 33

Marketing ________ is the systematic collection and analysis of publicly available information about competitors and developments in the marketing environment.

Question 34

An early warning and environmental monitoring system is called _____.

Question 35

Your marketing department is attempting to improve strategic decision making,track competitors' actions,and provide early warning of opportunities and threats.To achieve this goal,which of the following would be the best for the department to use?

A)internal databases
B)external databases
C)marketing intelligence
D)the internet
E)company reports only

Question 36

Data ages quickly,so keeping the database current requires dedicated resources.

Question 37

Marketing information from which type of database can usually be accessed more quickly and cheaply than other information sources?

A)external
B)LexisNexis
C)DataStar
D)internal
E)ProQuest

Question 38

Which of the following is an example of a free online database that a company could access in order to develop marketing intelligence?

A)LexisNexis
B)Dun and Bradstreet
C)Australian Securities and Investments Commission's (ASIC)database
D)ProQuest
E)None of the above.

Question 39

Which of the following statements regarding marketing intelligence is true?

A)Marketing intelligence is privately held information.
B)The advantage of using competitive intelligence is negligible.
C)All marketing intelligence is free.
D)Marketing intelligence is publicly available information.
E)Marketing intelligence gathering is more focused on gaining insights into consumer activities than competitors' activities.

Question 40

Which of the following is NOT considered a source of marketing intelligence?

A)suppliers
B)resellers
C)key customers
D)causal research
E)activities of competitors

Question 41

Which type of research would be best suited for identifying which demographic groups prefer diet soft drinks and why they have this preference?

A)observational research
B)focus group research
C)ethnographic research
D)experimental research
E)descriptive research

Question 42

________ research is used to gather preliminary information that will help to define problems better and suggest hypotheses.

Question 43

Your colleague is confused about using the marketing research process,as he knows that something is wrong but is not sure of the specific causes to investigate.He seems to be having problems with ________,which is often the hardest step to take.

A)developing the research plan
B)determining a research approach
C)defining the problem and research objectives
D)selecting a research agency to help
E)implementing the research plan

Question 44

In the second step of the marketing research process,research objectives should be translated into specific ________.

A)marketing goals
B)information needs
C)dollar amounts
D)research methods
E)information sources

Question 45

A firm is conducting marketing research to determine the best options for opening new stores.Which of the following is NOT a source of secondary data that the firm might use?

A)Experian Australia
B)commercial online databases
C)online questionnaires
D)Web search engines
E)local chambers of commerce

Question 46

________ is the systematic design,collection,analysis and reporting of data relevant to a specific marketing situation facing an organisation.

A)The marketing information system
B)Marketing research
C)Exploratory research
D)Observational research
E)Causal research

Question 47

Causal research is used to ________.

A)test hypotheses about cause-and-effect relationships
B)gather preliminary information that will help define problems
C)find information at the outset of the research process in an unstructured way
D)describe marketing problems or situations
E)quantify observations that produce insights unobtainable through other forms of research

Question 48

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

A)descriptive
B)exploratory
C)causal
D)qualitative
E)descriptive and exploratory

Question 49

Exploratory research is used to ________.

A)define the problem and identify hypotheses
B)test hypotheses about cause-and-effect relationships
C)gather preliminary information that will help define problems
D)find information at the outset of the research process in an unstructured way
E)quantify observations that produce insights unobtainable through other forms of research

Question 50

________ research is used to describe things such as the market potential for a product.

Question 51

Carefully distinguish between marketing information and a marketing insight.

Question 52

Secondary data consists of information ________.

A)that already exists somewhere but is outdated
B)that does not currently exist in an organised form
C)that already exists somewhere but was collected for another purpose
D)that is used by competitors
E)that the researcher can only obtain through surveys and observation

Question 53

________ research is used to test hypotheses about cause-and-effect relationships.

Question 54

You are about to test the hypothesis that sales of your product will increase at a very similar rate at either a $5 drop in unit price or a $7 drop in unit price.You are involved in what type of research?

A)exploratory
B)descriptive
C)causal
D)focus group
E)ethnographic

Question 55

Of the following combinations,managers would be most likely to start with ________ research and later follow with ________ research.

A)exploratory;causal
B)descriptive;causal
C)descriptive;exploratory
D)causal;descriptive
E)causal;exploratory

Question 56

Which of the steps in the marketing research process has been left out of the following list: defining the problems and research objectives,implementing the research plan,and interpreting and reporting the findings?

A)developing the research budget
B)choosing the research agency
C)choosing the research method
D)developing the research plan
E)comparing and contrasting primary and secondary data

Question 57

Studies involving a lot of people and utilising statistical tools and techniques are known as ________ research.

Question 58

In the digital age,information is plentiful and cheap.Explain why it is more important than ever for managers to have high quality information and turn it into deep customer insights.

Question 59

You want to observe how often consumers listen to music throughout their day and what different audio devices they use.You are also interested in how consumers store and access their own music collections.Which type of research is best suited to this task?

A)causal
B)experimental
C)secondary
D)survey
E)exploratory

Question 60

What is the first step in the marketing research process?

A)developing a marketing information system
B)defining the problem and research objectives
C)developing the research plan for collecting information
D)implementing the research plan
E)interpreting data and deciding on type of research

Question 61

A marketing analyst is conducting research to determine consumers' personal grooming habits.Because of the personal nature of the survey questions about this topic,she wants to select the contact method that is most likely to encourage respondents to answer honestly.Which contact method should she select?

A)mail questionnaires
B)telephone interviews
C)individual interviews
D)focus group interviews
E)online panels

Question 62

ABC Company has decided to use mail questionnaires to collect data.Management recognises this method has all the following advantages EXCEPT which one?

A)low cost per respondent
B)more honest answers may be given
C)has an average response rate
D)has no interviewer to bias respondents' answers
E)can collect large amounts of information

Question 63

It is most accurate to say that secondary data are ________.

A)collected mostly via surveys
B)expensive to obtain
C)not always very usable
D)never purchased from outside suppliers
E)always necessary to support primary data

Question 64

Survey research is LEAST likely to be conducted through which of the following?

A)the Web
B)the mail
C)the telephone
D)observation
E)person-to-person interactions

Question 65

Ethnographic research ________.

A)comes from traditional focus groups
B)is gathered from people in their 'natural habitat'
C)provides secondary data
D)is most popular in the service sector
E)provides data to marketers when observation is impossible

Question 66

A fast food chain came out with a new hamburger and released it initially in two different cities with two different price points.Its marketers then analysed the different levels of purchases made at the two different price points,planning on using the information to set a nationwide price for the new offering.This is an example of ________.

A)observational research
B)survey research
C)ethnographic research
D)experimental research
E)descriptive research

Question 67

For secondary data to be useful to marketers,it must be relevant,current,unbiased and ________.

A)complete
B)accurate
C)inexpensive
D)collected before secondary data
E)experimental

Question 68

Which of the following contact methods is generally the least flexible?

A)telephone interviewing
B)personal interviewing
C)mail questionnaires
D)online surveys
E)online panels

Question 69

Which method could a marketing researcher use to obtain information that people are unwilling or unable to provide?

A)observational research
B)focus groups
C)personal interviews
D)internet surveys
E)questionnaires

Question 70

Focus group interviewing has become one of the major marketing research tools for getting insight into consumer thoughts and feelings.However,if the sample size is small,a researcher would be most concerned about which of the following?

A)finding a representative sample
B)generalising from the results
C)administering the questions
D)orchestrating cooperation among participants
E)collecting enough secondary data to support the findings

Question 71

Which of the following is true of ethnographic research?

A)It is conducted within traditional focus groups.
B)It provides fresher and better insight into customer behaviour than traditional approaches do.
C)It provides researchers with secondary data.
D)It is most popular in the service sector.
E)It is a research option when observation is not possible.

Question 72

Survey research,though used to obtain many kinds of information in a variety of situations,is the approach best suited for gathering ________ information.

A)interpersonal
B)causal
C)attitudinal
D)descriptive
E)exploratory

Question 73

Which form of data below can usually be obtained more quickly and at a lower cost than the others?

A)primary
B)survey research
C)secondary
D)experimental research
E)observational research

Question 74

The major advantage of survey research is its ________.

A)flexibility
B)interactive design
C)ease of completion
D)understandability
E)simplicity

Question 75

Which contact method for marketing research is flexible,allows for explanation of difficult questions and lends itself to showing products and advertisements?

A)personal interviewing
B)online interviewing
C)phone interviewing
D)ethnographic research
E)observational research

Question 76

Experimental research is best suited for gathering ________ information.

A)exploratory
B)causal
C)attitudinal
D)interactive
E)descriptive

Question 77

A major department store sends a trained observer to watch and interact with customers as they shop in store.This is an example of ________.

A)secondary research
B)survey research
C)ethnographic research
D)experimental research
E)descriptive research

Question 78

Your assistant wants to use secondary data exclusively for the current marketing research project.You advise him that the use of secondary data has some potential problems.Which of the following is NOT one of them?

A)It may not exist.
B)It may not be relevant.
C)It may not be impartial.
D)It is generally more expensive to obtain than primary data.
E)It may not be current.

Question 79

Which of the following is NOT a disadvantage of telephone interviews?

A)They are more expensive to conduct than mail questionnaires.
B)Interviewer bias is introduced.
C)Respondents may be unwilling to answer personal questions.
D)Interviewers may explain or probe more deeply on some questions.
E)Potential respondents may refuse to participate.

Question 80

Information collected from online databases on the internet is an example of ________ data.

A)primary
B)secondary
C)observational
D)experimental
E)ethnographic