Deck 1: A Decision Making Perspective on Marketing Intelligence

Question 1

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

Answer 1

False

Question 2

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

Answer 2

False

Question 3

Marketing researchers must learn to compromise, and sometimes that means sacrificing accuracy in exchange for a study that is efficient, relevant, and on time.

Answer 3

False

Question 4

Companies do market analysis to recognize, as early as possible, opportunities or problems that require them to change their marketing programs.

Question 5

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

Question 6

Business intelligence BI) bridges the gap between disparate operational systems and data‐hungry end users.

Question 7

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.

Question 8

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.

Question 9

Marketing research can only be used in issues that involve fundamental shifts in the positioning of a business.

Question 10

Before developing marketing programs, management should always have a thorough understanding of the environment of the firm.

Question 11

Managers readily use the information generated through marketing research to solve their problems.

Question 12

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

Question 13

Marketing research can be used for acquisition studies and for market segmentation and product positioning analyses.

Question 14

In situation analysis, performance objectives are set.

Question 15

Situation analysis is a methodology that allows practitioners to prepare for the future by looking at trends in the present and mapping how these interrelate with each other.

Question 16

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.

Question 17

In a market planning process, situation analysis pertains to measuring performance strategies and refining them, if necessary.

Question 18

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.

Question 19

In a marketing research study, relevance comes through anticipating the kinds of information that will be required.

Question 20

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.

Question 21

The information needs for strategy development and marketing program developments are the same.

Question 22

Marketing intelligence is a form of business intelligence used in strategic planning and problem solving.

Question 23

A new Marketing Research should be conducted even if the information required for decision making already exists in the form of results of a study conducted for a different problem.

Question 24

Producers and Channels have varying knowledge about customer attitudes, preferences and changing tastes

Question 25

Marketing intelligence helps to capture popular perceptions and changing trends, tastes and life styles and to make right decisions.

Question 26

Marketing Intelligence does not focus on creating and managing profitable and long term relationships with customers

Question 27

Marketing Research is an immediate or an obvious path to finding solutions to all managerial problems.

Question 28

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

Question 29

Extrapolation from present data is an effective forecasting procedure

Question 30

The two main branches of study under Marketing Intelligence are Marketing Strategy and Database Marketing.

Question 31

Business Intelligence is the actionable information that comes out of data analytics techniques

Question 32

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

Question 33

Marketing Intelligence helps decision makers in building brand equity and consciousness among the targeted customer segments.

Question 34

In Scenario Planning technique key change indicators are monitored and used to gauge how events turn out.

Question 35

A satisfied customer is a profitable customer

Question 36

Situation analysis, in a marketing planning process, concerns scanning the environment, identifying the threats and opportunities, and assessing the competitive position.

Question 37

The marketing concept requires that profit maximization should be the goal of marketing intelligence applications

Question 38

Strategy development, in a marketing planning process, pertains to defining the business scope, setting performance objectives, and establishing competitive advantages.

Question 39

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

Question 40

The purpose of marketing intelligence is just to gather data

Question 41

Which one of the following can be termed as strategy development?

A)deciding on the sources of data for market research
B)planning to recover lost market share
C)choosing the right design for market research
D)none of the above

Question 42

Market intelligence MI) is

A)The process of acquiring and analyzing information in order to understand the market both existing and potential customers)
B)Determining the current and future needs and preferences, attitudes and behavior of the market
C)Assessing changes in the business environment that may affect the size and nature of the market in future.
D)All of the above

Question 43

If the information required for decision making already exists within the organization, in the form of results of a study conducted for a different problem or in the form of managerial experience and talents, marketing research is not called for.

Question 44

The factor that does not influence the use of marketing research in organizations is

A)quality of the research
B)market share of the product
C)clarity of presentation
D)political acceptability within the firm

Question 45

Which of the following does not fall under the list of respondents' rights?

A)The right to decide which questions to answer
B)The right to know the true purpose of the research
C)The right to give an incorrect response
D)The right to privacy

Question 46

Performance monitoring takes place in which stage of the marketing planning process?

A)Implementation
B)Situation analysis
C)Marketing program development
D)Strategy development

Question 47

A marketing research study should be ordered if and only if the research costs

A)exceed the perceived value of information.
B)equal the perceived value of information.
C)are less than the perceived value of information.
D)are absolutely minimal.

Question 48

Marketing research is

A)an informational input to decisions.
B)a link between the organization and its market environment.
C)the specification, gathering, analyzing, and interpretation of information to help management make decisions.
D)all of these.

Question 49

In a marketing planning process, scanning the environment and identifying the threats and opportunities is

A)situation analysis.
B)strategy development.
C)marketing program development.
D)opportunity analysis.

Question 50

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

Question 51

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

Question 52

Which of the following is not a stage of marketing planning process?

A)Implementation
B)Situation analysis
C)Scenario planning
D)Strategy development

Question 53

Competitive position is assessed in which stage of the marketing planning process?

A)Implementation
B)Marketing program development
C)Situation analysis
D)Strategy development

Question 54

All of these is true of market research except it:

A)designs the method for collecting information
B)manages and implements the data collection process
C)generates information for external use only
D)analyzes, and communicates the findings and their implications

Question 55

Some amount of personal bias in marketing research is acceptable as ethical research

Question 56

Which of the following can be applications of Marketing Intelligence

A)Market opportunity identification to build profitable businesses
B)Marketing mix creation; acquisition and retention of customers
C)Planning, organization, evaluation and control market performance
D)All of the above.

Question 57

The following should be included in the development phase of a company's marketing program:

A)identifying problems and planning advertising.
B)identifying problems and monitoring performance.
C)making product and price decisions.
D)performance evaluation and promotion decisions.

Question 58

Political acceptability within the firm affects a manager's decision to use research information

Question 59

The most efficient way to analyze a market is through the use of

A)a survey.
B)a focus group.
C)information already available.
D)whatever type of research will provide the greatest benefit for the least cost, while remaining appropriate to the decisions that managers face.

Question 60

Which answer best describes a market researcher?

A)one who is academically trained for market research
B)one who understands the marketing process as well as the subtleties of marketing problems and opportunities
C)one who is well trained in statistics and can design proper sampling procedures
D)one who has a strong background in communications and advertising