Question 1

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

Accepted Answer

Marketing research involves the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Question 2

The initial function of a marketing information system is .

Accepted Answer

The initial function of a marketing information system is to assess the information needs of a company to ensure that the system provides relevant and useful data for decision-making.

Question 3

Big data refers to the huge data sets generated by sophisticated information generation, collection, storage, and analysis technologies.

Accepted Answer

Big data encompasses large and complex data sets that traditional data processing software cannot manage, requiring advanced technologies for handling and analysis.

Question 4

Which of the following demonstrates the real value of a company's marketing research and information system?

Accepted Answer

The real value of a company's marketing research and information system lies in the customer insights it provides, as these insights help in making informed business decisions and strategies.

Question 5

Marketing Information Systems (MIS) do not collect and use data from the operations department (production, shipments) as they are not connected to the customer and therefore are not marketing related.

Accepted Answer

Marketing Information Systems (MIS) do collect and use data from the operations department as this information can provide insights into product availability, delivery times, and production capabilities, which are important for marketing strategies and customer satisfaction.

Question 6

Describe the components of a marketing information system (MIS) and list its three main functions.

Accepted Answer

The answer of Describe the components of a marketing information...

Question 7

Although internal databases can be accessed more quickly and cheaply than other information sources, one of the challenges of internal databases is .

Accepted Answer

Internal databases require regular updates and maintenance to ensure data accuracy and relevance, which can be challenging for organizations.

Question 8

Which of the following is true of competitive marketing intelligence?

Accepted Answer

Competitive marketing intelligence involves gathering publicly available information about consumers, competitors, and developments in the marketplace. It does not require subscription-based databases or inside information from competitors.

Question 9

Companies have set up social media command centres that monitor real-time brand-related online mobile media activity.

Accepted Answer

Companies use social media command centers to track and respond to brand-related activities and conversations in real-time, enhancing customer engagement and brand management.

Question 10

Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?

Accepted Answer

Competitive marketing intelligence involves gathering and analyzing information about competitors' activities, which can provide early warnings of opportunities and threats in the market.

Question 11

Marketers can obtain needed information from internal data, marketing intelligence, and marketing research.
Describe some common sources of each.

Accepted Answer

The answer of Marketers can obtain needed information from internal...

Question 12

Which of the following is not considered a source of competitive marketing intelligence?

Accepted Answer

Competitors' internal databases are not accessible to other companies and therefore cannot be considered a source of competitive marketing intelligence.

Question 13

Secondary data consist of information collected for the specific purpose at hand.

Accepted Answer

Secondary data refers to data that has been previously collected and exists in some form before the research is conducted. It may or may not have been collected for the specific purpose at hand. Primary data, on the other hand, is collected specifically for the purpose of the research at hand.

Question 14

The database for documents and information filed by public Canadian companies and for investment funds is known as SEDAR (System for Electronic Document Analysis and Retrieval):

Accepted Answer

SEDAR is the official database for public Canadian companies and investment funds to file documents and information, facilitating public access to these filings.

Question 15

Which of the following is true of a good marketing information system?

Accepted Answer

A good marketing information system helps decision makers use the information to generate customer and market insights, enabling informed decision-making.

Question 16

The information collected for an internal database comes only from the marketing department and the customer service department.

Accepted Answer

An internal database can collect information from various departments within an organization, not just marketing and customer service.

Question 17

Marketers don't need _ _ information, they need information. And they need to make better of the information they already have.

Accepted Answer

Marketers need more information and better use of the information they already have to make informed decisions.

Question 18

Which of the following statements regarding marketing intelligence is true?

Accepted Answer

Marketing intelligence involves the systematic collection, monitoring, and analysis of publicly available information about competitors and market trends.

Question 19

Which of the following sources constitutes the internal database of a company?

Accepted Answer

The company's sales transactions are part of its internal database, as they are generated and stored within the company itself.

Question 20

Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of databases.

Accepted Answer

Susan is using internal databases because she is collecting data from her own business records.

Quiz 4: Managing Marketing Information to Gain Customer Insights