Exam 5: Managing Marketing Information to Gain Customer Insights

Which of the following statements regarding marketing intelligence is true? Marketing intelligence is privately held information. The advantage of using competitive intelligence is negligible. All marketing intelligence is free. Marketing intelligence is publicly available information. Marketing intelligence gathering is more focused on gaining insights into consumer activities than competitors' activities.

Marketing intelligence techniques range from observing consumers first-hand to quizzing the company's own employees, benchmarking competitors' products, researching on the Internet, and monitoring Internet buzz.

Patti Love is making a presentation to the owners of her company.She is trying to convince them to conduct some current marketing research.Which of the following would she be LEAST likely to emphasize as a benefit or selling point of marketing research? assessing market potential and market share understanding customer satisfaction and purchase behaviour measuring the effectiveness of pricing and accounting measuring the effectiveness of distribution and promotion activities understanding customer motivation

A researcher is collecting data in an airport.Why might a sample be most appropriate?

Fredia Dyck has just discovered the major advantage of survey research.She reports to her supervisor that the advantage is its ________. flexibility interactive design ease to complete understandability simplicity

Neuromarketing techniques provide easy-to-interpret data that allow researchers to analyze consumer involvement with products.

Malaya Ramirez is organizing marketing research in Central American countries for a large Canadian corporation that is interested in expanding its market.The survey Malaya is using was written in English and then translated into Spanish for use by Spanish-speaking respondents.Which of the following is it most important for Malaya to do before administering this questionnaire to a sample of the market? make sure that the survey includes both open-end and closed-end questions decide whether to focus on primary or secondary data determine which type of research instrument to use have the questionnaire translated back into English to check for accuracy determine whether to focus on descriptive or causal objectives

When you collect information from your company's sales transactions, costs, and cash flows, as well as shipments and inventories, you are developing an internal database.

Scenario Jason West, owner of A-1 Cleaning, began his enterprise in 2001.Jason's primary focus had been on office cleaning for large corporations.But in recent months Jason has seen a decline in demand for office cleaning.Surprisingly, the competitive environment appears relatively stable with no new competitors.However, Jason understands that office cleaning is a high-frequency service that is usually performed daily; therefore, competitors must be doing something to attract his customers.Building a competitive advantage seems to be the only option to offset competition.But as Jason pondered his dilemma, he realized that he needed to better understand how customers assess service quality and what they are looking for in a superior cleaning service before he could build his competitive advantage. ason developed a research plan.First, he gathered competitor information-primarily through pamphlets, but also from a few phone calls-to find out exactly what competitors offer in their cleaning packages.In addition, Jason obtained from the area Chamber of Commerce an updated list of local corporations to which he would send a short survey. hough the list of corporations contained 141 local company names, Jason chose to survey 75 of them.To better understand customer service expectations in both small and large corporations, Jason divided his surveys into two categories.The survey questions were designed to extract specific data from respondents with regard to service quality expectations in correlation to service frequency and price. ason awaited the results.Though his primary focus had been on large corporations, he was flexible and would aim his efforts differently if needed. How did Jason know he needed marketing research?

Which of the following is true about customer relationship management (CRM)? It relies on information produced through primary research. Its aim is to maximize profit margins. Its aim is to increase the efficiency of each customer touchpoint. Its aim is to maximize customer loyalty. Most companies who first implemented CRM have greatly benefited from the results.

Too much marketing information can be as harmful as too little.

Michelle Phaneuf is a customer service agent for a national car rental business.She has access to the company's intranet, which provides performance reports, shared work documents, contact information, and detailed information about customers.Which of the following is this access most likely to enable Michelle to do during interactions with customers? analyze primary data use data mining techniques share information with value-network members reward customer loyalty with an upgrade or discount evaluate marketing intelligence

When do marketers need marketing research?

ABC Interior Designs wants to collect research data through mechanical instruments.The three typical methods are video cameras, checkout scanners, and Internet surveys.

ABC Company has decided to use mail questionnaires to collect data.Management recognizes this method has the following advantage. flexibility speed of data collection control of interviewer effects response rate control of subject

Marketing research is the systematic design, collection, analysis, and reporting of data directly relevant to a specific marketing situation facing an organization.

For a small business manager deciding where to relocate within the city, relevant research will LEAST likely include ________. traffic-flow patterns in specific areas informal surveys of customers past sales data competitors' advertisements options for repackaging the company's products

To create value for customers and build meaningful relationships with them, marketers must ultimately _________. perform thorough ethnographic research implement marketing intelligence gain a deep understanding of customers' needs and wants provide attractive promotions make consumers loyal

After a research instrument is selected, the next step in the marketing research process is ________. selecting a sampling method interpreting the findings implementing the research plan collecting secondary data selecting a research approach

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. The marketing information system Marketing research Exploratory research Observational research Causal research