Exam 8: Marketing Research, Decision Support Systems, and Sales Forecasting

For market research purposes, a population is a subgroup of the total sample selected for analysis.

Overall, what is the ideal method for obtaining primary data about consumers?

Match each item to the statement or sentence listed below. a.marketing research b.exploratory research c.secondary data d.primary data e.sampling f.hypothesis g.nonprobability sample h.interpretative research i.focus group j.marketing decision support system k.sales forecast l.jury of executive opinion m.Delphi technique n.sales force composite o.trend analysis p.exponential smoothing q.marketing information system r.data mining s.mall intercept t.simple random sample u.cluster sample v.convenience sample w.controlled experiment -The process of discussing a marketing problem with informed sources is _____.

If the United Nations were to bring experts together to discuss the impact of technological change on less-developed countries, which of the following forecasting techniques would the United Nations be using?

A sales forecast is the difference between the actual and planned sales covering a short-run period, usually 12 to 18 months.

Which technique uses statistical computations as the bases of sales forecasts?

Because the content of the Internet is posted by people with in-depth knowledge of the subjects they are reporting, it can be trusted implicitly.

What do survey methods used in marketing research for collecting primary data involve?

Market research aids decision makers in analyzing data and in suggesting possible actions.

In a stratified sample, each selected subgroup is relatively homogeneous for a certain characteristic.

What kind of data is collected and published by organizations such as trade associations or general business magazines?

Carlos, CEO of Fresh Foods, wants a qualitative forecasting technique that is quick, inexpensive, and can be effectively used to forecast sales in the short run and for new product development. What method should he use?

While shopping at the mall, Lewis is approached by a representative of a marketing research company doing an exploratory study. He is asked to spend 10 minutes answering questions in return for a 25 percent coupon, valid at any store in the mall. From a marketer's perspective, Lewis is known as an accidental sample.

In the context of the sampling process, what is the universe is also known as?

The process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources is known as test marketing.

When Pantry Food Corporation wanted to taste test a new Tabasco-flavoured sour cream, they selected a number of Canadian cities as test sites and then randomly selected grocery stores within those cities as trial vendors. This is a good example of quota sampling.

Though many firms focus their marketing research on tracking the satisfaction levels of current customers, some have gained valuable insights by examining the dissatisfaction that leads customers to abandon products for those offered by competitors.

A marketing research firm can provide technical assistance and expertise not available within the contracting firm.

Data mining is the process of searching through dormant databases looking for previously lost information that may have some value to the company.

Keith is working on a computerized search through one of his company's massive data files. The purpose of the search is to try to detect patterns in product sales. What is Keith engaged in?