Question 1

A marketing information system (MIS) develops available data into information useful for decision making.

Accepted Answer

The answer of A marketing information system (MIS) develops available...

Question 2

Competitive intelligence is essentially the same thing as business intelligence.

Accepted Answer

Competitive intelligence focuses on external data, particularly on competitors and market trends, while business intelligence primarily deals with internal data to improve decision-making and performance within an organization.

Question 3

Data mining focuses on identifying relationships that are not obvious to the marketers.

Accepted Answer

Data mining uses advanced analytical techniques to uncover correlations, patterns, and relationships in large datasets that may not be readily apparent to marketers or analysts.

Question 4

A short-run sales forecast usually covers a period of up to five years.

Accepted Answer

A short-run sales forecast typically covers a period of up to one year, focusing on immediate or near-term sales predictions.

Question 5

A marketing information system (MIS) is a part of a firm's overall management information system that deals specifically with marketing data and issues.

Accepted Answer

A marketing information system (MIS) is specifically designed to collect, analyze, and distribute information related to marketing activities, such as market research, advertising, and sales data. It is a subset of the overall management information system and helps firms make strategic decisions related to marketing.

Question 6

The Delphi technique is preferred by marketers as it is quick and inexpensive, and works best for short-run forecasting.

Accepted Answer

The Delphi technique is a structured communication technique or method, originally developed as a systematic, interactive forecasting method which relies on a panel of experts. It is not particularly quick or inexpensive, as it involves multiple rounds of questionnaires sent to a panel of experts. Several rounds of questionnaires are sent out, and the anonymous responses are aggregated and shared with the group after each round. The goal is to reach a consensus forecast on a particular issue. It is more suited for long-term forecasting and complex issues that require expert opinion, rather than for short-run forecasting.

Question 7

A Marketing Decision Support System (MDSS) consists of a computer hardware system that gathers, stores, retrieves, and processes the information relevant to a specific decision.

Accepted Answer

A Marketing Decision Support System (MDSS) is not just a computer hardware system; it encompasses software, data, procedures, and people that gather, store, retrieve, and process information relevant to making marketing decisions.

Question 8

Data mining is the process of searching through dormant databases looking for previously lost information that may have some value to the company.

Accepted Answer

Data mining involves analyzing large sets of data to discover patterns, trends, and relationships that can inform decision-making, rather than searching for lost information.

Question 9

A common method used in conducting interpretive research involves the observation of a consumer's everyday life.

Accepted Answer

This is true. Interpretive research aims to understand the underlying meanings and motivations behind consumer behavior, and observing their everyday life can provide insights into their values, beliefs, and practices. Other methods used in interpretive research include in-depth interviews, focus groups, and analysis of cultural artifacts.

Question 10

Long-run sales forecasts cover periods in excess of five years.

Accepted Answer

Long-run sales forecasts typically extend beyond five years, focusing on longer-term projections and strategic planning.

Question 11

A well-constructed Marketing Information System (MIS) serves as a company's nerve centre, continually monitoring the market environment-both inside and outside the organization-and providing instantaneous information.

Accepted Answer

A Marketing Information System (MIS) is designed to continuously gather, sort, analyze, evaluate, and distribute accurate and timely marketing information to decision makers. This system acts as the nerve center by monitoring both the internal and external environments related to the organization, thereby facilitating strategic planning and operational decision-making.

Question 12

Planners apply qualitative sales forecasting techniques when they want judgmental or subjective indicators.

Accepted Answer

Qualitative sales forecasting techniques involve the use of subjective or judgmental indicators such as expert opinions, market research, and historical data analysis. Planners may use these techniques when quantitative data is not available or when making predictions about new or emerging markets where historical data may not be relevant.

Question 13

A sales forecast is an important tool for marketing control because it sets standards against which actual performance can be measured.

Accepted Answer

A sales forecast provides a benchmark or target for sales and revenue, and by comparing actual sales with the forecast, businesses can evaluate their performance and take corrective actions, if necessary, to achieve their goals. Therefore, it is an important tool for marketing control.

Question 14

Quantitative forecasting methods rely on subjective data that reports opinions rather than exact historical data.

Accepted Answer

Quantitative forecasting methods rely on historical data and numerical analysis, while qualitative methods rely on subjective opinions and non-numerical data.

Question 15

A sales forecast is the difference between the actual and planned sales covering a short-run period, usually 12 to 18 months.

Accepted Answer

A sales forecast estimates future sales volumes over a specific period, not the difference between actual and planned sales.

Question 16

Businesses may need to adjust their data collection methods for primary research in other countries since some methods do not easily transfer across national borders.

Accepted Answer

Cultural, legal, and technological differences across countries can impact the effectiveness and appropriateness of certain data collection methods, necessitating adjustments to suit local contexts.

Question 17

Qualitative sales forecasting techniques are based on numerical data derived from statistical computations.

Accepted Answer

Qualitative sales forecasting techniques primarily rely on expert judgments and opinions rather than numerical data and statistical computations.

Question 18

A marketing information system (MIS) is a planned, computer-based system designed to provide decision makers with a continuous flow of information relevant to their areas of responsibility.

Accepted Answer

A marketing information system (MIS) is indeed designed to continuously provide relevant information to decision makers, utilizing computer-based systems to organize, analyze, and manage data pertinent to marketing decisions.

Question 19

The jury of executive opinion and the Delphi technique are both forecasting methods that use the opinions of experts from outside the firm.

Accepted Answer

The jury of executive opinion primarily relies on the insights and opinions of internal executives, while the Delphi technique gathers forecasts from external experts but does so in a structured manner to reach a consensus, not necessarily excluding internal experts.

Question 20

A marketing decision support system (MDSS) is a tool that can be used to transform the raw data of the Marketing Information System (MIS) into meaningful, connected information used to make marketing decisions.

Accepted Answer

An MDSS utilizes the raw data collected by the MIS, applying analytical tools and models to transform this data into actionable insights, thereby aiding in making informed marketing decisions.

Quiz 8: Marketing Research, Decision Support Systems, and Sales Forecasting