Question 1

Henri started his own platinum importing firm.He has no budget for marketing research but wants to identify potential business customers.Henri's best option,using a "shoestring budget," to research this problem would be:

Accepted Answer

NAICS codes can help identify industries and businesses that might be interested in platinum, providing a cost-effective way to find potential customers.

Question 2

During a recent budget cutting session,the finance manager at Eastern Shore Bank proposed eliminating the market research budget.You are the marketing director.What general arguments would you use to defend expenditures on market research?

Accepted Answer

The answer of During a recent budget cutting session,the finance...

Question 3

Which of the following types of research would be considered conclusive research?

Accepted Answer

Experimental research is considered conclusive because it involves manipulating variables and controlling for outside influences to test hypotheses and determine causality. This type of research is often used to make definitive conclusions and inform decision-making.

Question 4

Which of the following data sources would be considered external secondary data?

Accepted Answer

All of these are examples of external secondary data. U.S. Census data, syndicated data, newspaper articles, and scanner data are all sources that are collected and available for public use outside of the organization.

Question 5

Which of the following is a systematic means of collecting information from people using a questionnaire?

Accepted Answer

A survey is a systematic way to collect information from people using a questionnaire. It involves asking a predetermined set of questions to a large group of people, and the results are usually analyzed quantitatively. The other options listed (experiment, scanner study, in-depth interview, and focus group) are different methods of data collection that may involve a different set of procedures and analysis techniques.

Question 6

A restaurant chain is working on improving the quality of its food and service.It recruits customers who agree to respond to customer satisfaction surveys once every three months over the next two years,in order to track its progress.What kind of data is the restaurant chain collecting?

Accepted Answer

The restaurant chain is collecting data from the same group of customers over a period of two years, which is known as panel data.

Question 7

You have spent weeks designing the project,gathering data and analyzing it.Now it is time to present your findings to senior executives.Your best course of action is to:

Accepted Answer

Senior executives typically do not have the time or interest in all the detailed data and analysis. Providing an executive summary that highlights the key findings and recommendations is the best way to present the information in a concise and effective manner. This allows executives to quickly understand the important aspects of the research and make informed decisions.

Question 8

Henri started his own business insurance software firm.He has no budget for marketing research but wants to keep track of what his competitors are doing.Henri's best option,using a "shoestring budget," to research this problem would be:

Accepted Answer

Visiting competitor's websites is the best option for Henri to keep track of what his competitors are doing with his limited budget. This will give him an idea of their products, pricing, and marketing strategies. Additionally, if competitors have a social media presence, Henri can follow their accounts to stay updated on their latest news and offerings. Census data and SEC filings are not specific to Henri's industry and may not provide useful information. Using competitor's software is unethical and may result in legal issues. Asking the Chamber of Commerce for assistance may not be helpful if Henris target market extends beyond the local area they serve.

Question 9

Which of the following is an unstructured question?

Accepted Answer

This question is open-ended and allows for a wide range of answers without any specific structure or options provided.

Question 10

Randall is preparing a market research report based on analysis of recreational users of the Inland Waterway.When preparing the report,Randall will do all of the following EXCEPT:

Accepted Answer

Making the report as lengthy as possible is not necessary for effective communication and may actually detract from its usefulness. It is important to focus on providing clear and concise information that is relevant to the audience's needs.

Question 11

Which of the following statements is NOT an example of the guidelines provided by the American Marketing Association for conducting marketing research?

Accepted Answer

The guideline provided by the American Marketing Association is that personal information about research participants should not be disclosed to anyone except those specifically designated to receive it for research purposes. It does not specify that the designee should be a member of senior management.

Question 12

Which of the following statements best describes secondary data?

Accepted Answer

Secondary data are data that have been collected by others and are not collected specifically for the research project. These data can be collected for a different purpose or research project. Therefore, option A is the best choice as it correctly describes secondary data as information that has been collected prior to the start of the focal research project.

Question 13

The number of customers who discontinue their use of a service divided by the average number of total participants is called:

Accepted Answer

Churn rate is defined as the number of customers who stop using a service or product divided by the average number of total participants. Therefore, the correct answer is option A.

Question 14

Each time you go to the grocery store and have your purchases scanned while using a loyalty or bonus reward card,you are contributing to a database that can help marketers determine:

Accepted Answer

By using a loyalty or bonus reward card at the grocery store, you are providing information about your shopping habits and purchases. This data can be used by marketers to determine typical shopping lists, whether changes in prices affect buying, marketplace trends, and what kind of promotions might be attractive to you. Therefore, all the options mentioned are valid and using a loyalty or reward card can contribute to gathering this information.

Question 15

Which of the following provides the information needed to confirm insights and help managers to pursue appropriate courses of action?

Accepted Answer

Conclusive research is designed to provide information that confirms or refutes insights and enables managers to make decisions about appropriate courses of action. Other research methods, such as exploratory research, observation research, in-depth interviews, and social media monitoring, may provide useful insights, but they do not necessarily provide the conclusive evidence required for managerial decision-making.

Question 16

When a research team has gathered data for specific research needs this is known as:

Accepted Answer

Primary data refers to data that is collected specifically for a particular research project, as opposed to secondary data which is already available from previous research or sources such as government publications. Data mining refers to the process of extracting patterns or knowledge from large sets of data, and data recovery refers to the process of retrieving lost or damaged data. Data modeling refers to creating a mathematical representation of a system or process.

Question 17

If a marketing researcher encounters severe time constraints,which of the following types of data sources would probably be available soonest?

Accepted Answer

Syndicated data is data that has already been collected and is available for purchase, meaning it can be accessed quickly. This type of data is often collected on a regular basis, so it is likely to be available soonest. Other types of data sources, such as focus group data, experimental data, panel data, and survey data, would require time for data collection and analysis.

Question 18

Which of the following types of data would be the best choice for a fast food restaurant wanting to know how many hamburgers versus chicken sandwiches it has sold in past years?

Accepted Answer

Internal secondary data would be the best choice as it refers to data that the restaurant already has in its own records. The restaurant can look at its sales history to determine how many hamburgers versus chicken sandwiches it has sold in past years.

Question 19

When a supermarket collects information about individual customers based on information gathered through the use of its loyalty card,and then analyzes the data to look for patterns in purchases,this is known as:

Accepted Answer

This process is specifically referred to as data mining, which involves using software to explore and analyze large sets of data in order to find correlations or patterns that can be used for business insights and decision-making.

Question 20

Felicia is the new Southeastern U.S.sales representative for Cemex,a giant global cement company.Without spending much money,she would like to identify geographic areas with the largest potential growth in demand for her company's product.She will most likely use:

Accepted Answer

Census data provides detailed information on population trends, demographics, and economic activity in specific geographic areas, which can be used to forecast demand for Cemex's products. Competitor's websites and SEC filings may provide some insight into market trends and performance, but they are unlikely to provide comprehensive geographic data. NAICS codes are useful for categorizing and comparing industries, but do not provide specific geographic data. The Tourism and Hospitality Chamber of Commerce data is too narrowly focused to provide useful information for a cement industry representative.

Quiz 9: Marketing Research