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Chapter 6: Marketing Research and Market Intelligence

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Chapter 6: Marketing Research and Market Intelligence

15 problems · 0 figures

Knowledge Check 6.1.1 §6.1 source ↗

Anaya is collecting information from a variety of sources to make a decision on where to market her new line of designer scarves. Anaya is conducting ________.
  1. a.
    market intelligence
  2. b.
    big data
  3. c.
    management information system
  4. d.
    marketing research

Answer

D. marketing research
Marketing research is the process of collecting information from a variety of sources in order to make a good managerial decision.

Knowledge Check 6.1.2 §6.1 source ↗

The collection of data the company has gathered over time and used to make marketing decisions on a regular basis is called its ________.
  1. a.
    big data
  2. b.
    marketing information system
  3. c.
    marketing research
  4. d.
    survey data

Answer

B. marketing information system
A marketing information system is a collection of data that an organization uses to make marketing decisions.

Knowledge Check 6.1.3 §6.1 source ↗

Ryan and Christie are uploading their recent pictures to Instagram, tagging the photographer and the venue. What is this content adding to?
  1. a.
    Market intelligence
  2. b.
    Big data
  3. c.
    Management information system
  4. d.
    Marketing research

Answer

B. Big data
Individuals uploading personal data into social media is part of the volume, velocity, and variety of data that makes up big data.

Knowledge Check 6.1.4 §6.1 source ↗

Which of the following is not a reason why marketing research is important for the success of a business?
  1. a.
    It provides a guarantee of customer satisfaction.
  2. b.
    It identifies opportunities in the market to explore.
  3. c.
    It helps to quantify customer perceptions.
  4. d.
    It uncovers weaknesses within a company.

Answer

A. It provides a guarantee of customer satisfaction.
Although marketing research is helpful in providing the data necessary for successful business ventures, there is no guarantee that it will cause customer satisfaction.

Knowledge Check 6.1.5 §6.1 source ↗

Which of the following would not be considered marketing research?
  1. a.
    Analyzing the product purchases of current customers
  2. b.
    Measuring the number of reactions to a social media post
  3. c.
    Examining a competitor’s database of information
  4. d.
    Surveying potential employees about why they are interested in working for a company

Answer

C. Examining a competitor’s database of information
Although a competitor’s information is interesting, your company would not have access to it, and therefore it would not be considered marketing research.

Knowledge Check 6.2.1 §6.2 source ↗

Which of the following is a source for external information?
  1. a.
    Sales receipts of your company’s most popular product
  2. b.
    Employee salaries
  3. c.
    Comments received from a customer service survey
  4. d.
    Company’s website content

Answer

C. Comments received from a customer service survey
A response to a customer service survey by a customer would be external information.

Knowledge Check 6.2.2 §6.2 source ↗

Xin wants to determine the best price for a new product. What source of data would be the most appropriate to use?
  1. a.
    Price of a competitor’s products
  2. b.
    Inventory expenses
  3. c.
    Journal articles
  4. d.
    Online news site

Answer

A. Price of a competitor’s products
Of the available answers, pricing of the competition would be a good source of information to have before setting Xin’s price.

Knowledge Check 6.2.3 §6.2 source ↗

Which of the following is not a source of marketing information?
  1. a.
    Journal articles
  2. b.
    Social media posts
  3. c.
    Experiments
  4. d.
    Marketing information systems

Answer

D. Marketing information systems
A marketing information system is not a source of information—it is where the information is stored within a business.

Knowledge Check 6.2.4 §6.2 source ↗

Which of the following would be a good source of competitive intelligence?
  1. a.
    Experiments
  2. b.
    Product sales of a company’s products
  3. c.
    Consumer responses to a poll on a company’s new products
  4. d.
    Competitor’s website

Answer

D. Competitor’s website
A competitor’s website is an opportunity to learn more about the company and its resources, products, promotional plans, and pricing.

Knowledge Check 6.2.5 §6.2 source ↗

Critical data that already exists within a company’s databases is called ________.
  1. a.
    big data
  2. b.
    internal data
  3. c.
    external data
  4. d.
    competitive data

Answer

B. internal data
Internal data is data that already exists within a company’s database. Internal data includes sales records, product research, pricing comparisons, and other data compiled previously.

Knowledge Check 6.3.1 §6.3 source ↗

Sagar is completing a marketing research project and is at the stage where he must decide who will be sent the survey. What stage of the marketing research plan is Sagar currently on?
  1. a.
    Defining the problem
  2. b.
    Developing the research plan
  3. c.
    Selecting a data collection method
  4. d.
    Designing the sample

Answer

D. Designing the sample
Deciding who to include in the research study is part of designing the sample.

Knowledge Check 6.3.2 §6.3 source ↗

A strength of mailing a survey is that ________.
  1. a.
    you are able to send it to all households in an area
  2. b.
    it is inexpensive
  3. c.
    responses are automatically loaded into the software
  4. d.
    the data comes in quickly

Answer

A. you are able to send it to all households in an area
A mailed survey can be sent to all households easily through a postal service.

Knowledge Check 6.3.3 §6.3 source ↗

Bartlett is considering the different types of data that can be pulled together for a research project. Currently they have collected journal articles, survey data, and syndicated data and completed a focus group. What type(s) of data have they collected?
  1. a.
    Primary data
  2. b.
    Secondary data
  3. c.
    Secondary and primary data
  4. d.
    Professional data

Answer

C. Secondary and primary data
The collection of data includes both primary (focus group and survey data) and secondary (journal articles and syndicated data).

Knowledge Check 6.3.4 §6.3 source ↗

Which statistic can be used to show how many people responded to a survey question with “strongly agree”?
  1. a.
    Mean
  2. b.
    Median
  3. c.
    Mode
  4. d.
    Frequency

Answer

D. Frequency
A frequency analysis shows how many people reported each answer on a survey.

Knowledge Check 6.3.5 §6.3 source ↗

Why would a researcher want to use a cross tabulation?
  1. a.
    It shows how respondents answered two variables in relation to each other and can help determine patterns by different groups of respondents.
  2. b.
    By presenting the data in the form of a picture, the information is easier for the reader to understand.
  3. c.
    It is an easy way to see how often one answer is selected by the respondents.
  4. d.
    This analysis can used to present interview or focus group data.

Answer

A. It shows how respondents answered two variables in relation to each other and can help determine patterns by different groups of respondents.
A cross tabulation shows the relationship of two different variables, so the researcher can see if there is correlation between the two.

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Problems and answers are adapted from Principles of Marketing by Maria Gomez Albrecht, Mark Green and Linda Hoffman, OpenStax, and are used under the CC BY-NC-SA 4.0 licence. Access for free at https://openstax.org/books/principles-marketing/pages/1-unit-introduction. Illustrations: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license. This adaptation is released under the same licence, is non-commercial, and is neither affiliated with nor endorsed by OpenStax or Rice University.