Deck 1: A Decision Making Perspective on Marketing Intelligence

Question 1

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

Answer 1

False

Question 2

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

Answer 2

True

Question 3

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.

Answer 3

False

Question 4

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

Question 5

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

Question 6

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

Question 7

Government statistics should not be included in the marketing data of a firm, since they are available for all the competitors as well. Only in-house records should be used.

Question 8

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

Question 9

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

Question 10

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 11

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 12

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

Question 13

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 14

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

Question 15

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

Question 16

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

Question 17

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

Question 18

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

Question 19

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 20

Market information systems contain three types of information: routine market and accounting data, marketing intelligence, and marketing research.

Question 21

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

Question 22

A new Marketing Research should 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 23

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

Question 24

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

Question 25

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

Question 26

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

Question 27

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

Question 28

The purpose of marketing intelligence is just to gather data

Question 29

A satisfied customer is a profitable customer

Question 30

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

Question 31

Extrapolation from present data is an effective forecasting procedure

Question 32

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

Question 33

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

Question 34

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

Question 35

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

Question 36

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

Question 37

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

Question 38

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

Question 39

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

Question 40

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

Question 41

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 42

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

Question 43

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 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

Marketing research should not be done if 1-the type of information required to solve the problem exists, within the organization or outside. 2-the timing for the decision is not conducive. 3-there is a lack of resources.

A)1
B)2
C)3
D)1, 2, and 3

Question 46

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

Question 47

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 48

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

Question 49

Which of the following is not always true of marketing research ?

A)uses methodologically sound procedures
B)procedures are planned in advance
C)generally conducted to support existing ideas
D)none of the above

Question 50

Method of data collection is decided in which of the following stages ?

A)defining the problem
B)formulating the research design
C)preparing and analyzing data
D)none of the above

Question 51

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 52

Before conducting a research, to determine the value of the information sought through the d research, a manager should perform a

A)situation analysis.
B)strategy development.
C)marketing program development.
D)cost-benefit analysis

Question 53

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

Question 54

Market research for any firm should be

A)internal if the firm is small
B)external if the firm is large
C)based on the needs of the firm
D)none of the above

Question 55

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 56

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

Question 57

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 58

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 59

When the organization lacks funds, research study can be impeded because it may result in d 1-improper execution of the project. 2-inefficient execution of the project. 3-improper implementation of the research decision.

A)1
B)2
C)3
D)1, 2, and 3

Question 60

Marketing Intelligence helps decision makers in performing the following

A)Estimating size of the market
B)Quantitative and behavioral analysis of the market
C)Forecasting future trends/needs.
D)All of the above

Question 61

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 62

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 receive the results of the research

Question 63

Database analysis includes all of the following EXCEPT

A)Extracting data from existing Databases
B)Performing statistical analysis to better understand customers and their behavior.
C)Database Administration
D)Merging cleaned data with other relevant data