Exam 7: Standardized Information Sources

Standardized information services collect market tracking data at the household level by using:

Although useful information, geodemographic information is limited in that one must use only pre-defined geographical boundaries such as cities, counties, or state definitions.

A key advantage of a standardized service is the shared costs among many firms of the data that are collected.

Auditors conducting tracking studies determine sales by using the following formula: Beginning Inventory + Purchases Received - Ending Inventory = Sales.

ESRI has grouped U.S. consumers into 65 different groups and given them descriptive names such as "Top Rung" (highly educated & wealthy)and "Aspiring Young Families" (young, ethnically diverse, spend money on children's toys, theme parks, etc.). This is an example of a:

Which standardized information service is primarily responsible for providing radio listenership data?

Nielsen's Scantrack Services is an example of market tracking data collected at the retail level. That is, data are collected from retail stores' scanners.

Some methods used to gather marketing tracking data collected at the household level is by providing panel members with wands or scanners that they use to scan the UPC codes on the products they purchase, by asking them to keep diaries of their purchases, and by having auditors conduct audits in the consumers' household.

Firms subscribing to syndicated data have substantial control over what information is collected and what format the information comes in (i.e., class definitions).

Certain products such as gasoline and diesel engines require very precise drilling. Tolerances are extremely small, and drill bits that can accomplish the near-perfect drills are very expensive. Unfortunately, the drill bits must be discarded after only a few drills as they sustain distortions that cause them to exceed the tight tolerances. Harold Kushner invented a new method to sharpen high performance metal drill bits to their original specifications. Harold's process meant that companies could extend the life of drill bits. Harold knew that his invention would be a success, but he needed to find the users of high-performance drill bits and direct personal sales calls to them. Using both SIC and NAICS Harold was frustrated because, for example, he could compile only very general lists of potential users and many on the lists would not be users of drill bits at all. Harold needed a service that would provide much more specific information about business firms in order to determine if they were really potential customers. Which of the following services would likely help Harold?

The Nielsen TV ratings would be considered an example of:

Which of the following standardized information services, a syndicated data service, provides readership scores by type of magazine ad, which helps marketers determine the characteristics of "good" ads?

For many years Nielsen Media Research used diaries to measure TV viewership. However, today TV ratings are gathered exclusively by having small electronic sensors sewn just beneath the skin on the wrists of panel members. The sensors record all TV signals to which panel members are exposed.

Adnorms is a standardized service that allows managers to determine the characteristics of magazine ads, such as ad size, color, or copy that are most likely to have a high impact on readership.

James Murphy owns a small number of upscale candy and gift shops in a three-state area. The shops are unique in that they offer very unusual candies and gifts made from many different areas of the globe. The products are very expensive and appeal only to a particular type of consumer. James is interested in expanding to other areas of the country, but outside the three-state area he is not at all familiar with the demographics of the cities in the states in which he has an interest. He needs a firm that will allow him to combine geodemography allowing him to select arbitrary (two-mile circles around proposed site locations)and a standardized service that associates his customer profile with that of predetermined "types" of customer groups. Once this is done, the service should be able to tell him which proposed site locations have a large number of the desired customer "types" that will likely be good customers for his unique shops. Which service should James select?

Whereas market tracking studies are done at the retail store level by either scanning data or auditing, there is no market tracking conducted within households.

Standardized services differ from syndicated data services. In the former, each client is provided with:

When retail store tracking data are not collected by scanners, they may be collected by:

The Nielsen Television Index specializes in providing information on TV ratings.

Which of the following would be best for providing information on members of the industrial market?