Question 1

Standardized services, refers to data that are collected in a standard format and made available to all subscribers. Such data are stored in a common database and the same data are made available to subscribers for a fee.

Accepted Answer

The answer of Standardized services, refers to data that are...

Question 2

Tracking studies gather data from retail stores by using either scanner data, diaries, or by conducting retail-store audits.

Accepted Answer

This statement is true. Tracking studies are used to gather data from retail stores and can employ methods such as scanner data, diaries, or retail-store audits to collect that data.

Question 3

VALS^TM is a system that has identified consumer segments based upon psychographics. VALS^TM has also associated psychographics with purchase behaviour.

Accepted Answer

The system VALS^TM has identified consumer segments based upon psychographics and associated them with purchase behaviour, making the statement true.

Question 4

Firms subscribing to syndicated data have substantial control over what information is collected and in what format the information comes.

Accepted Answer

Firms subscribing to syndicated data do not have control over what information is collected and in what format the information comes. The data is collected by a third-party provider and is sold to multiple subscribers. The format and content of the data are standardized and cannot be customized for individual subscribers.

Question 5

Single-source data are data that contain information on several variables such as promotional message exposure, demographics, and buyer behaviour. This, however, cannot help managers determine causal relationships.

Accepted Answer

Single-source data can help managers determine causal relationships by linking exposure to marketing efforts with consumer behavior, allowing for analysis of cause and effect.

Question 6

Nielsen Scantrack Services is an example of market tracking data collected at the retail level that allows brand managers to monitor sales and market share and to evaluate marketing strategies.

Accepted Answer

Nielsen Scantrack Services is a real market tracking data collected at the retail level that helps evaluate marketing strategies and monitor sales and market share.

Question 7

GIS stands for Geodemographic Information Systems.

Accepted Answer

The answer of GIS stands for Geodemographic Information Systems....

Question 8

Because syndicated data firms specialize in the collection of standard data, the quality of data can be a disadvantage.

Accepted Answer

Syndicated data firms often ensure high-quality data through standardized collection methods, making it reliable and consistent for various analyses.

Question 9

Dun's Market Identifiers (DMI) is useful for providing market segmentation information on members of the industrial market.

Accepted Answer

Dun's Market Identifiers (DMI) is a system used for segmenting the industrial market based on various parameters such as industry type, company size, location, and more. Therefore, it is useful for providing market segmentation information on members of the industrial market.

Question 10

Whereas market tracking studies can be done at the retail store level by either scanning data or auditing, market tracking cannot be conducted at the household level.

Accepted Answer

Market tracking can be conducted at the household level through various methods such as consumer surveys, panel data, and home scanners.

Question 11

One advantage of the Gallup Poll is that the company has been tracking the same attitudes and opinions over many years and across many countries, and business executives can track how these attitudes are changing.

Accepted Answer

The statement is true. Gallup Poll has been conducting surveys and tracking attitudes and opinions for many years, and this allows for tracking changes in these attitudes over time and across different countries. This is one of the advantages of using the Gallup Poll.

Question 12

Syndicated data are data that are collected in a standard format and made available to all subscribers. Such data are stored in a common database and the same data are made available to subscribers for a fee.

Accepted Answer

This is the definition of syndicated data.

Question 13

VALS^TM stands for Value Added by Logistical Support and is a tool used in the industrial market. It represents a form of syndicated data.

Accepted Answer

VALS™ stands for "Values and Lifestyles," a psychographic segmentation tool used in marketing to categorize consumers based on their values and lifestyles, not a logistical support tool or syndicated data.

Question 14

When using standardized services, the client is burdened with the responsibility of ensuring that the standardized service fits the intended situation.

Accepted Answer

Standardized services are designed to fit a broad range of situations, but the client still needs to assess whether the standardized service is appropriate for their particular needs.

Question 15

Auditors conducting tracking studies determine sales by using the following formula: Beginning Inventory - Purchases Received + Ending Inventory = Sales.

Accepted Answer

This formula is incorrect. It should be Beginning Inventory + Purchases Received - Ending Inventory = Cost of Goods Sold, not sales. The sales figure is typically obtained from the company's financial records or point-of-sale systems.

Question 16

One method that marketing tracking data are collected at the household level is by providing panel members with wands or scanners that they use to scan the UPC codes on the products they purchase.

Accepted Answer

This statement is true. Household level marketing tracking data can be collected through the use of panel members scanning UPC codes on their purchased products using wands or scanners.

Question 17

Although useful information, geodemographic information is limited in that one must use only pre-defined geographical boundaries such as cities, provinces, or countries.

Accepted Answer

Geodemographic information can be analyzed using various geographical boundaries, including custom-defined areas, not just pre-defined ones like cities, provinces, or countries.

Question 18

Because firms subscribing to syndicated data share the costs of data collection and dissemination, the information comes to them at a lower cost than if they collected it themselves.

Accepted Answer

This statement is true, as subscribing to syndicated data allows firms to share the costs of data collection and dissemination, ultimately resulting in a lower cost of the information compared to collecting it themselves.

Question 19

Standardized services firms are marketing a process more than anything else. Examples include standardized methods of measuring customer satisfaction or providing a system for segmenting the market.

Accepted Answer

Standardized services firms are focused on providing a consistent and repeatable process to clients, typically in areas such as market research, customer experience measurement, and similar areas. These firms may provide software platforms or other tools to help clients implement these standardized methods, but their core value proposition is the method or process itself, rather than any specific product.

Question 20

The Broadcast Bureau of Measurement Canada (BBM Canada) is a major provider of TV viewing and radio data in Canada.

Accepted Answer

BBM Canada is a major provider of TV viewing and radio data in Canada.

Quiz 4: Using Secondary Data and Online Information Databases