Question 1

Marta's job involves asking shoppers in the mall about their experience with specific products.  She works from a list given to her by the products' producers.  Marta is using the _________ method to gather ____________ data.

Accepted Answer

Marta is asking shoppers questions, which is the questioning method, making the best choice B. Additionally, since the data is collected directly by Marta, it is primary data that is being gathered.

Question 2

Caution is advised when relying on blogs for secondary data because:

Accepted Answer

Bloggers are not bound by any journalistic standards or code of ethics, and hence they are free to post whatever they like, and it may not be factually correct. It is always advisable to verify information found in blogs from other sources. Other options may be true to some extent, but they do not fully address the problem with relying on blogs for secondary data.

Question 3

Marketing research should be viewed as a supplement to, not a replacement for, _____.

Accepted Answer

Marketing research provides valuable data and insights, but it should not be solely relied upon to make important business decisions. Intuitive judgement, based on experience and intuition, is still a valuable aspect of decision making. Therefore, intuitive judgement is the best choice as it emphasizes the importance of balancing data-driven insights with practical experience.

Question 4

The risk of being the lower-cost producer of a good or service is:

Accepted Answer

The risk of being the lower-cost producer is that customers will abandon your business if someone else offers a lower price. This is because price is often a primary factor in a customer's purchasing decision. As a result, if a competitor is able to offer a similar product or service for a lower price, customers may switch to them, causing a loss of market share for the lower-cost producer.

Question 5

___________ and ____________ are questioning methods that involve contact with respondents.

Accepted Answer

The answer of ___________ and ____________ are questioning methods that...

Question 6

Which source of data would be the least helpful for secondary data use?

Accepted Answer

While all of the options listed can provide secondary data, blogs may not always be a reliable source of information as they can be biased or lack credibility.

Question 7

A ____ is defined as a group of customers or potential customers who have purchasing power and unsatisfied needs.

Accepted Answer

The answer of A ____ is defined as a group...

Question 8

In order to be appropriately considered a market, a group of customers or potential customers must have

Accepted Answer

Purchasing power is a necessary condition for a group of customers to be considered a market, as they must have the ability to buy products or services in order for a market to exist. Market power, satisfied needs, and correlated needs are not necessary conditions for a group to be considered a market.

Question 9

Odessa is writing the marketing plan for her bed and breakfast.  She has written that her market includes everyone from infants to the elderly.  This is incorrect because:

Accepted Answer

While it is true that a wide range of ages can potentially stay at the bed and breakfast, not everyone within those age ranges will have the purchasing power to do so. Therefore, the market should be defined more specifically to target those who are likely to have the financial means to stay at the bed and breakfast.

Question 10

The basic instrument used to guide the researcher and the respondent when surveys are taken is known as a:

Accepted Answer

A questionnaire is the most commonly used tool in surveys to guide researchers and respondents. It is a pre-defined set of questions designed to gather specific information from participants. The questions are carefully crafted to ensure that the collected data is relevant and reliable. The questionnaire can be administered in various ways, such as online, through mail or in-person, and can be structured or unstructured.

Question 11

The section of the marketing plan which describes the entrepreneur's approach to creating customer awareness of the product or service is the:

Accepted Answer

The promotion section of the marketing plan outlines the entrepreneur's approach to promoting and creating customer awareness of the product or service. This section includes advertising, sales promotions, public relations, and personal selling tactics that will be used to reach the target audience and generate interest in the product or service.

Question 12

Nardella has completed her market research but now feels overwhelmed by the large amount of data.  It might be helpful to her to:

Accepted Answer

Using a program like Excel can help Nardella organize and analyze the data, making it easier to interpret and draw conclusions. This option also allows her to have control over the data and make adjustments as needed. Hiring a consultant may be too expensive and may not result in the same level of understanding as doing it herself with Excel. PowerPoint may be useful for presenting the data but it does not help with analyzing it. Working with college students may be helpful but it also introduces an added layer of complexity and potential for error.

Question 13

Why would a small business conduct less marketing research than a larger, established firm?

Accepted Answer

The answer of Why would a small business conduct less...

Question 14

Ned was just about ready to begin his market research when an unknown rival launched a similar product in the market.  Ned's best course of action would be:

Accepted Answer

The answer of Ned was just about ready to begin...

Question 15

Techniques used to collect primary data are often classified as ____ and ____ methods.

Accepted Answer

Observational methods involve watching and recording behavior, while questioning methods involve directly asking individuals about their behavior, opinions or attitudes.

Question 16

The _____ method is probably the oldest form of research in existence.

Accepted Answer

Observational research, which involves observing and recording behavior, is likely the oldest form of research in existence as it can be traced back to primitive societies.

Question 17

Mary, owner of Delany Salsas , is curious to know whether the new packaging for her line of salsas is being noticed by supermarket consumers. To collect information, she passively watches shopper reactions as they pass by the Delany Salsas display. Mary is collecting ____ data through ____ methods.

Accepted Answer

Mary is directly observing and gathering data on the reactions of shoppers to her new packaging, which makes it a type of primary data. She is not actively questioning shoppers or interacting with them, so it is observational instead of questioning. Additionally, since Mary is collecting the data herself instead of relying on existing sources, it is primary data instead of secondary data.

Question 18

Marketing research can be defined as the _______, processing, interpreting, and _______ of market information.

Accepted Answer

The answer of Marketing research can be defined as the...

Question 19

To determine credit card average purchases, managers of Component City Stereo and Appliances reviewed credit card sales receipts from the previous three months. Managers are conducting marketing research by collecting and analyzing

Accepted Answer

The managers of Component City Stereo and Appliances are reviewing credit card sales receipts from the previous three months. This means that they are using data that already exists, which is secondary data. Therefore, the best choice is D, secondary data.

Question 20

The initial step in the marketing research process is to:

Accepted Answer

The answer of The initial step in the marketing research...

Quiz 7: The Marketing Plan

Marta's job involves asking shoppers in the mall about their experience with specific products. She works from a list given to her by the products' producers. Marta is using the _ method to gather ____ data.

Caution is advised when relying on blogs for secondary data because:

Marketing research should be viewed as a supplement to, not a replacement for, _____.

The risk of being the lower-cost producer of a good or service is:

_ and __ are questioning methods that involve contact with respondents.

Which source of data would be the least helpful for secondary data use?

A ____ is defined as a group of customers or potential customers who have purchasing power and unsatisfied needs.

In order to be appropriately considered a market, a group of customers or potential customers must have

Odessa is writing the marketing plan for her bed and breakfast. She has written that her market includes everyone from infants to the elderly. This is incorrect because:

The basic instrument used to guide the researcher and the respondent when surveys are taken is known as a:

The section of the marketing plan which describes the entrepreneur's approach to creating customer awareness of the product or service is the:

Nardella has completed her market research but now feels overwhelmed by the large amount of data. It might be helpful to her to:

Why would a small business conduct less marketing research than a larger, established firm?

Ned was just about ready to begin his market research when an unknown rival launched a similar product in the market. Ned's best course of action would be:

Techniques used to collect primary data are often classified as and methods.

The _____ method is probably the oldest form of research in existence.

Mary, owner of Delany Salsas , is curious to know whether the new packaging for her line of salsas is being noticed by supermarket consumers. To collect information, she passively watches shopper reactions as they pass by the Delany Salsas display. Mary is collecting data through methods.

Marketing research can be defined as the _, processing, interpreting, and _ of market information.

To determine credit card average purchases, managers of Component City Stereo and Appliances reviewed credit card sales receipts from the previous three months. Managers are conducting marketing research by collecting and analyzing

The initial step in the marketing research process is to: