MARKETING 311 Chapter 4 | Answered with complete solutions

MARKETING 311 Chapter 4 | Answered with complete solutions With the recent explosion of information technologies, ________. A) most marketing managers are overloaded with data and often overwhelmed by it B) most market ...

MARKETING 311 Chapter 4 | Answered with complete solutions With the recent explosion of information technologies, ________. A) most marketing managers are overloaded with data and often overwhelmed by it B) most marketing managers are concerned solely about the duplication of content C) companies have ceased to feel the need for marketing information systems D) companies have ceased to maintain internal databases E) it has become more difficult and expensive to obtain primary data The real value of marketing information lies in how it is used ________. A) in determining selling prices for products B) in analyzing budgets C) in creating advertising campaigns D) in the customer insights that it provides E) in introducing a new product to the marketplace Brad works with a reputable retailer and leads a team that collects market information from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss Brad's firm or its products. Brad's team uses this information to arrive at a better understanding of consumers' behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ________ team. A) product development B) strategy implementation C) human resource D) customer relationship management E) customer insights The term big data refers to the ________ generated by today's sophisticated information generation, collection, storage, and analysis technologies. A) large reports B) huge and complex data sets C) information requests D) social media contacts E) e-mail messages Challenges of managing big data include ________. A) determining what information to request B) investing in appropriate technology C) hiring enough software engineers D) properly routing the information after gathering it E) accessing and sifting through so much data A(n) ________ consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights. A) enterprise planning system B) enterprise information system C) marketing information system D) corporate performance management system E) geographic information system An MIS is used to ________. A) generate product interest B) develop marketing plans C) identify demographic trends D) assess information needs E) test hypotheses about cause-and-effect relationships An MIS user should most likely be able to ________. A) implement new technology B) increase order requests C) develop customer insights D) analyze employee turnover E) establish short-term objectives The market researchers at HoneyCamp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents a(n) ________. A) enterprise planning system B) product mix C) strategic planning system D) marketing information system E) business portfolio With the recent explosion of information technologies, companies are finding it difficult to generate marketing information in great quantities. False The real value of marketing research lies in the customer insights that it provides. True With current technology systems, marketers find it simple to access and sift through the data that is gathered. False A management information system assesses information needs, develops needed information, and helps decision makers use the information. True A good marketing information system balances the information users ________ to have against what they ________ and what is ________ to offer. A) request; want; affordable B) demand; should request; time-efficient C) want; are unaware of; the newest technology D) would like; need; feasible E) don't need; can afford; available Costs are involved in obtaining, ________, storing, and delivering information. A) analyzing B) interviewing C) conducting D) designing E) reporting Kei, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Kei is using ________. A) ethnographic research B) internal databases C) descriptive research D) data warehouses E) causal research Information in a company's database can come from many sources. An advantage of harnessing such information is to ________. A) eliminate employee turnover B) achieve a high degree of employee empowerment C) gain competitive advantage D) gain access to mass markets E) eliminate resource dependency Which of the following is an advantage of using an internal database? A) Data always remains current in internal databases. B) Highly sophisticated equipment and techniques are not required for maintaining internal databases. C) Internal databases can be accessed more quickly and cheaply than other information sources. D) Internal databases require less maintenance efforts. E) Information obtained from internal databases is almost always sufficient for making marketing decisions. Which of the following is a disadvantage of using information from internal databases? A) Obtaining information from internal databases is both time-consuming as well as expensive. B) It is not possible to verify information obtained from internal databases. C) Using information from internal databases leads to biased research findings. D) Internal information may be incomplete or in the wrong form for making marketing decisions. E) Internal databases do not support highly sophisticated technologies that make it difficult to store large volumes of data. Problems with internal databases include all of the following EXCEPT that ________. A) data ages quickly B) the data is in the wrong form for making marketing decisions C) managing and mining mountains of information requires sophisticated equipment D) keeping a database current requires major effort E) information can be accessed more cheaply ________ is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment. A) Data warehousing B) Competitive marketing intelligence C) SWOT analysis D) Ethnographic research E) Customer relationship management The marketing department of a reputable firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives? A) ethnographic research B) strategic planning C) data warehousing D) competitive marketing intelligence E) customer relationship management Which of the following statements is true regarding competitive marketing intelligence? A) The advantage of using competitive marketing intelligence is negligible. B) The goal of competitive marketing intelligence is to improve recruiting efforts. C) Competitive marketing intelligence relies upon costly internal databases. D) Competitive marketing intelligence relies upon publicly available information. E) Companies using competitive marketing intelligence routinely ignore consumers' online chatter. Which of the following is NOT a method of gathering good marketing intelligence? A) sending out teams of trained observers to mingle with customers B) interviewing competitors' employees to learn as much "inside information" as possible C) setting up digital centers that monitor brand-related online consumer and marketplace activity D) purchasing merchandise from competing sites to analyze and compare their assortment, speed, and service quality E) searching specific competitor names, events, or trends to see what comes up Which of the following refers to a marketing intelligence technique? A) interviewing customers randomly B) increasing the annual budget for R&D C) investing heavily in primary research D) implementing product diversification E) benchmarking competitors' products Firms use competitive marketing intelligence to ________. A) create and sustain market monopolies B) counter the adverse effects of organizational anarchy C) perpetuate organizational learning D) gain early warnings of competitor moves and strategies E) strengthen weak ties with industry competitors In this scenario, which of the following is representative of competitive marketing intelligence? A) formulating a research plan B) collecting data about competitors C) sending mail questionnaires to focus groups D) creating competitive advantage E) consolidating core competencies The goal of competitive marketing intelligence is to evaluate and prevent high employee turnover. False External databases are electronic collections of consumer and market information obtained from data sources within a company's network. False Internal databases usually can be accessed more quickly and cheaply than other information sources. True Data ages quickly. True Internal information is almost always sufficient for making marketing decisions. False Competitive marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace. True Competitor intelligence can be collected from people inside the company, such as executives, engineers, purchasing agents, and the sales force, as well as customers. True ________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. A) Product marketing B) Strategic planning C) Marketing research D) Market segmentation E) Causal research Which of the following is true with regard to marketing research? A) The marketing research process depends primarily on sophisticated internal databases. B) The marketing research process requires assessing macroeconomic forces. C) Marketing research gives marketers insights into customer motivations. D) Marketing research eliminates the need for a SWOT analysis. E) Marketing research is a simple two-step process. Which of the following is the first step in the marketing research process? A) developing a marketing information system B) defining the problem and objectives of the study C) developing the research plan D) implementing the research plan E) interpreting and reporting the findings Which of the following is the final step of the marketing research process? A) developing the research plan B) implementing the research plan C) interpreting and reporting the findings D) selecting a research agency E) defining the research objectives The objective of causal research is to ________. A) test hypotheses about cause-and-effect relationships B) gather preliminary information that will help suggest hypotheses C) describe things, such as the market potential for a product D) assign a cause to a seemingly random event E) predict the effect of a random event on unrelated entities In ________ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses. A) exploratory B) statistical C) causal D) analytic E) descriptive The goal of ________ research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product. A) exploratory B) statistical C) causal D) analytic E) descriptive Akira Takano, a marketing manager, is about to test the hypothesis that the sale of a particular product will increase exponentially if there is a $5 drop in the selling price of the product. Akira is involved in ________ research. A) exploratory B) descriptive C) causal D) constructive E) ethnographic Which of the following types of research would be best suited for understanding the attitudes of consumers who buy a particular brand of soft drink? A) internal research B) descriptive research C) causal research D) exploratory research E) demographic research Beth Williams works for a marketing research company in Chicago. Her current research involves finding the market potential for a client's new line of sports apparel. Given her objective, which of the following types of research is the most suitable for Beth? A) causal research B) constructive research C) statistical research D) descriptive research E) exploratory research The research plan ________. A) provides comprehensive marketing intelligence about competitors B) outlines sources of existing data and spells out the specific research approaches C) does not include sampling plans D) does not include contact methods E) precedes the definition of research objectives The research plan should be presented in a written proposal. The proposal should include all of the following EXCEPT ________. A) the predicted results B) research objectives C) how the results will help management's decision making D) estimated research costs E) the information to be obtained Secondary data consist of ________. A) information collected for the specific purpose at hand B) data that does not age C) information that already exists somewhere, having been collected for another purpose D) information collected from conducting personal, in-depth interviews E) data that is unreliable and unsuitable for the purpose of making marketing decisions Primary data consist of ________. A) data that does not age B) data obtained from the public domain C) information collected for the specific purpose at hand D) information that already exists somewhere, having been collected for another purpose E) information that is the least expensive and the easiest to obtain Information collected from Internet search engines is an example of ________ data. A) primary B) secondary C) binary D) low-level E) disposable Commercial online databases are rich sources for obtaining ________. A) primary data B) secondary data C) customer insights D) low-level data E) binary data Which of the following is a valid source of secondary data? A) personal letters and correspondence B) Internet search engines C) ethnographic research D) direct surveys E) interviews Which of the following is true with regard to gathering secondary data? A) Gathering secondary data involves costly fees to government agencies. B) Commercial online databases contain primary rather than secondary data. C) Internet search engines can be useful sources of relevant secondary data. D) It is illegal for firms to purchase secondary data from outside suppliers. E) Secondary data eliminates the need for primary data in most cases. Which of the following is true about secondary data? A) It is always current and, unlike primary data, it does not have to be updated. B) Unlike primary data, it can be obtained by using direct surveys and questionnaires by the company. C) It cannot provide extra information a company is looking for. D) It can be obtained more quickly and at a lower cost than primary data. E) It requires more effort compared to gathering primary data. Which of the following is a disadvantage of using secondary data? A) Secondary data is generally not appropriate for consumer products. B) Collecting secondary data is time consuming. C) Few sources exist for secondary data. D) Gathering secondary data is costly. E) Relevant secondary data can be difficult to locate. Designing a plan for primary data collection requires decisions on all of the following EXCEPT ________. A) research instruments B) contact methods C) sampling plan D) research results E) research approaches A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. This is an example of ________. A) viral marketing B) survey research C) ethnographic research D) experimental research E) niche marketing