Exam 4: Managing Marketing Information to Gain Customer Insights 

Simply collecting and storing huge amounts of data is of limited value. As stated by one data expert, " data trumps data."

Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of research.

Although internal databases can be accessed more quickly and cheaply than other information sources, one of the challenges of internal databases is .

Observational research is the most widely used method of primary data collection.

The major advantage of survey research is its flexibility.

What is marketing analytics? Why has it become so central to gathering data about customers and performance?

Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?

The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first?

The initial function of a marketing information system is .

You successfully worked with classmates in a marketing course project where your team created a product that addresses an unmet need. Your professor gave your team a very good score and commented that the idea has 'real world merit.' As you approach graduation and consider career options, the allure of starting your own company is growing increasingly attractive. You speak to your former marketing team members and they want to join you as you consider developing your project idea. You do not know the viability of your product. Describe how you will proceed to build your marketing research initiative (defining the problem and objectives) using Exploratory, Descriptive and Causal research.

Experimental research is best suited for gathering information.

Which of the following sources constitutes the internal database of a company?

What is neuromarketing? How is neuromarketing used by marketers?

CRM analysts use big data and marketing analytics to unearth patterns in customer data.

outline(s) sources of existing data as well as specific research approaches, sampling plans, and measurement instruments.

The information collected for an internal database comes only from the marketing department and the customer service department.

Which of the following is a quantitative approach to research?

Jimmy's Great Coffee has enjoyed strong national success serving fresh brewed coffee and homestyle baked goods. In the pursuit of sustained growth, the executive committee has determined that Jimmy's will expand internationally in the next two years and attractive foreign markets must be identified. In addition to identifying potential markets and the necessary research that will be conducted in order to make better foreign expansion decisions, the marketing director must consider issues that may arise when developing a market research strategy. What does the marketing director need to consider when contemplating a research strategy abroad?

are flexible and allow for explanation of difficult questions as well as demonstrating products.

The primary objective of causal research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product.