Question 1

What happens after the marketing research problem has been well defined?

Accepted Answer

Once the marketing research problem has been well defined, researchers can focus on securing the exact information needed to solve it. This involves determining the appropriate research methodology, designing the research instruments, collecting and analyzing the data, and reporting the findings.

Question 2

Which of the following is one of the steps in the marketing research process?

Accepted Answer

Defining the problem is one of the key steps in the marketing research process, as it sets the direction for the research project and ensures that the research efforts are focused on solving a specific issue or addressing a specific need. Identifying theories, determining data types, and interviewing staff about their skill levels are not direct steps in the marketing research process.

Question 3

What kind of research seeks to discover the cause of a problem by discussing the problem with informed sources and examining pre-existing data?

Accepted Answer

Exploratory research seeks to discover the cause of a problem by gathering information from informed sources and examining pre-existing data. It is an initial step to gather insights and understanding of a problem before conducting further research. Situation analysis is a broader term that includes different types of research such as SWOT analysis, competitor analysis, and environmental scan. Informal investigation does not necessarily involve structured data collection and analysis methods. Cost or bottom-line analysis is a type of research that focuses on the financial aspects of a problem or decision.

Question 4

Walmart prefers transaction records sorted by customer type, product, sales method, type of order, and order size.What is analyzing internal data sorted in this manner called?

Accepted Answer

Analyzing internal data sorted by customer type, product, sales method, type of order, and order size is commonly referred to as sales analysis.

Question 5

After a problem has been defined and an exploratory investigation is conducted, what should the marketing researcher be able to do next?

Accepted Answer

After defining a problem and conducting an exploratory investigation, the next step for a marketing researcher is to formulate a hypothesis. This involves creating a testable statement or prediction about the relationship between variables, which can then guide the design of the study and data collection.

Question 6

What is a master plan or model for conducting marketing research called?

Accepted Answer

A master plan or model for conducting marketing research is called a research design. It outlines the overall approach and methodology for gathering and analyzing data to answer research questions or test hypotheses. The research design typically includes a description of the research objectives, target market, sampling strategy, data collection methods, and analysis techniques.

Question 7

What did much of the early marketing research consist of?

Accepted Answer

The answer of What did much of the early marketing...

Question 8

As part of his marketing research duties, Nathan evaluates company expenses for selling, warehousing, advertising, and delivery by the Mendocino Vinegar Cooperative.What is Nathan conducting?

Accepted Answer

Nathan is conducting a marketing cost analysis, which involves evaluating company expenses related to selling, warehousing, advertising, and delivery. This type of research helps companies understand their costs and identify potential areas for cost reduction or optimization.

Question 9

Which of the following areas are working more closely together in order to take advantage of the methodologies available?

Accepted Answer

Marketing research, database management, and competitive intelligence are closely related fields and can benefit from each other's methodologies for gathering and analyzing data.

Question 10

Which of the following describes Environics Research Group?

Accepted Answer

Environics Research Group is described as a full-service research supplier firm, providing a range of research services to clients.

Question 11

What is a statement called that potentially explains the relationship among variables, which, in turn, carries clear implications for testing the relationship?

Accepted Answer

A hypothesis is a statement that potentially explains the relationship among variables and carries clear implications for testing the relationship.

Question 12

What does a marketing cost analysis evaluate?

Accepted Answer

A marketing cost analysis evaluates the profitability of certain customers, territories, or product lines. It looks at the costs associated with marketing activities and compares them to the revenues generated from those activities. This allows a company to identify areas where it can improve its marketing strategies and maximize its return on investment.

Question 13

Which of the following describes a symptom?

Accepted Answer

A symptom is an alert or indication that a problem exists. Options A, B, and C describe either a problem or a cause, but not a symptom.

Question 14

Who does market research aid by presenting pertinent information in a useable format?

Accepted Answer

Market research aids decision makers in analyzing data and suggesting possible actions based on the information presented in a useable format. While it may indirectly benefit managers in evaluating sales performance and ultimately consumers in validating their purchases, the primary purpose is to provide decision makers with valuable insights to inform business decisions. Virtual marketplaces may also use market research, but it is not the main target audience.

Question 15

What is a benefit of using internal data for marketing research?

Accepted Answer

Sales analysis using internal data is often one of the least expensive methods of marketing research, as the data is already readily available within the organization. Additionally, internal data is often more current and reliable than external data sources, providing better accuracy and detail in tracking consumer information. Internal controls may limit access to the data, but this can also improve data quality by ensuring that only authorized personnel are handling and analyzing the data.

Question 16

Megan believes the reason the sales of one of her company's products have fallen is due to a price increase.She cites sales from the previous year to the same customers as evidence of declining sales.Where is Megan in the marketing research process?

Accepted Answer

Megan has developed a hypothesis that the price increase is the cause of declining sales. She still needs to conduct research to confirm or refute her hypothesis, which would involve creating a research design and collecting data. Therefore, she is currently in the stage of developing a hypothesis.

Question 17

What type of firm is a marketing research firm who contracts with clients to conduct complete marketing research projects?

Accepted Answer

A full-service firm is a marketing research firm that offers a complete range of market research services, including designing research studies, collecting data, analyzing data, and presenting the findings to the clients. Such firms contract with clients to conduct complete marketing research projects, hence option C is the correct answer. Syndicated firms, on the other hand, collect data on a regular basis and sell the data to various clients. Limited-service firms specialize in one or a few aspects of the marketing research process. Customer-service firms provide customized customer service solutions to clients.

Question 18

What can researchers begin doing once a firm has defined the problem it seeks to solve?

Accepted Answer

Once a firm has defined the problem it seeks to solve, researchers can begin conducting exploratory research to gather information about the problem and potential solutions. This can include gathering data from various sources, conducting interviews, and collecting customer feedback. The other options listed - looking for government data, completely changing the marketing mix, and deciding whether to experiment or conduct a survey - may be part of the research process, but they do not necessarily need to be done immediately after the problem is defined.

Question 19

In recent years, how have advances in computer technology significantly changed the nature of marketing research?

Accepted Answer

Advances in computer technology have greatly enhanced the ability of marketing researchers to use simulations and models to ask "what-if" questions, allowing for more in-depth understanding of consumer behavior and preferences. This has led to more accurate and relevant insights into the market and has helped marketers make more informed decisions. Additionally, computer technology has made it easier for researchers to collect, analyze, and interpret large amounts of data, helping to integrate primary and secondary data sources and providing more detailed and actionable insights. However, computer technology has not eliminated the need for outside research firms or in-house market research groups, as these organizations play a critical role in designing and implementing research studies, and in interpreting and presenting results to decision makers.

Question 20

When is marketing research MOST likely to be contracted to an outside firm?

Accepted Answer

Outsourcing marketing research to an outside firm is mostly likely when the provider can offer the service at a lower cost compared to doing it in-house. This is because marketing research can be an expensive and time-consuming process, and companies may not have the necessary expertise or resources. Hence, they may outsource it to a third-party, which can provide cost-effective solutions while delivering accurate results. It is not necessarily dependent on the problem being well-defined, the presence of in-house personnel with marketing degrees, or the latest technology.

Quiz 7: Marketing Research, Decision Support Systems, and Sales Forecasting