Exam 1: A Decision Making Perspective on Marketing Intelligence

Extrapolation from present data is an effective forecasting procedure

The identification of problems, opportunities in the market, and plans for the launching of a new product, are all parts of the strategic planning activity of the firm.

Marketing Intelligence helps decision makers in performing the following

Marketing Intelligence stresses more on profit maximization as the goal of an organization than on customer satisfaction.

The purpose of marketing intelligence is just to gather data

Once the marketing program is launched and its objectives set, further research is not likely to be beneficial.

One of the reasons to conduct research is to satisfy curiosity or confirm the wisdom of previous decisions

If several approaches are used to address a research problem and each approach has a different kind of bias, the result of the research will be biased by the sum of the individual biases.In practice, this means reduced accuracy.

Each new product idea should be considered in depth before any attempt is made to measure the market's interest in that product.

Information in existing databases is not useful for gathering HYPERLINK "http://www.dobney.com/market_intelligence.htm" marketing intelligence data.

Marketing research is the link between the organization and its market environment.It involves the specification, gathering, analyzing, and interpretation of information to help management understand the environment, identify problems and opportunities, and develop and evaluate alternative courses of marketing action.

Obtaining information about customer needs and gather marketing intelligence helps organizations to satisfy customer needs efficiently.

There are many situations where the timing of decisions is contingent upon research results

Scenario Planning allows practitioners to prepare for the future by picturing a number of possible future scenarios

Business Intelligence is the ability to access data from multiple sources within an enterprise and deliver it to business users for analysis

Marketing research should be undertaken only when its results will reduce uncertainty or confirm the wisdom of previous decisions.

International marketing research can be defined as marketing research conducted to aid in making decisions in more than one country.

Marketing research involves the gathering and analysis of data for the purpose of evaluating decisions which have been made in the public or private sector.

Continuous information is essential, especially on key variables in the market, since the speed and direction of change can be gauged only if there are benchmarks from which to measure.

Faced with budget constraints, a firm can economize in setting up its MPIS by foregoing market analysis activities and concentrating instead on strategic planning.