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MKTG 3310 Exam 3 || with Complete Solutions.
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Marketing Research correct answers The process of planning, collecting, and analyzing data relevant to a marketing decision Steps in the marketing research process correct answers 1) Define the problem 2) Plan design/ primary data 3) Specify sampling procedure 4) Collect data 5) Analyze data 6) ...

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  • August 23, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • marketing research

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  • MKTG 3310
  • MKTG 3310

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MKTG 3310 Exam 3 || with Complete Solutions.
Marketing Research correct answers The process of planning, collecting, and analyzing data
relevant to a marketing decision

Steps in the marketing research process correct answers 1) Define the problem 2) Plan design/
primary data 3) Specify sampling procedure 4) Collect data 5) Analyze data 6) Prepare and
present report 7) Follow up

Secondary Data correct answers Data collected from someone other than the user
Sources: internal corporate information, government agencies, trade and industry associations,
business periodicals and news media

Advantage of secondary data? correct answers 1) Saves time and money if on target 2) Helps
determine direction for primary data collection 3) Pinpoints the people to approach 4) Basis of
comparison for other data

Disadvantage of secondary data? correct answers 1) May not give detailed or adequate info 2)
May not be on target with the research problem 3) Quality and accuracy of data may pose a
problem

Primary Data correct answers Is information collected for the first time; used for solving the
problem under investigation

Advantage of primary data? correct answers 1) Answers a specific research question 2) Source is
known 3) Data is current 4) Secrecy because info is proprietary

Disadvantage of primary data? correct answers 1) Can be very expensive 2) Disadvantages are
usually offset by the advantages of primary data

In home interviews correct answers High quality information; expensive; disappearing from US

Mall intercept interviews correct answers Similar quality to telephone survey; carried on in a
shopping mall

Telephone interviews correct answers Cost rising due to non-response rates; exempt from do not
call; conducted from a central location telephone facility

Mail surveys correct answers Low cost, no interviewer, centralized control, centralized control,
possible anonymity; low response rates

Executive interviews correct answers Involves interview business people at their offices
concerning industrial products.

Focus groups correct answers Response to elements of 4Ps; concept testing, idea generation, and
actual product use.

, Scanner based research correct answers A system for gathering information from a distinct group
of respondents by continuously monitoring the advertising, promotion, and pricing they are
exposed to and the things they buy

Competitive intelligence correct answers An intelligence system that helps managers assess their
competition and their vendors to become more efficient and effective competitors

When should marketing research be conducted? correct answers When the expected value of
research information exceeds the cost of generating the information but depends on managers'
perceptions of additional information's quality, price, and timing

What is a product? correct answers 1) Everything (favorable & unfavorable) that a person
receives in exchange 2)Tangible good, service, an idea, or a combination of these

Business product correct answers A product used to manufacture other goods or services, to
facilitate an organization's operations, or to resell to other customers

Consumer product correct answers A product bought to satisfy an individual's wants

Convenience product correct answers A relatively inexpensive item that merits little shopping
effort. (things like napkins, ponytails, or pencils)

Shopping product correct answers A product that requires comparison shopping (more effort),
usually more expensive and found in fewer stores. (things like good running shoes or car parts)

Specialty products correct answers A particular item for which consumers search extensively and
are reluctant to accept substitutes. (Cars, houses)

Unsought products correct answers A product unknown to the potential buyer OR a known
product that the buyer does not actively seek.

Product item correct answers A specific version of a product designated as a distinct offering
among an organization's products (something with a SKU)

Product line correct answers A group of closely related product items (Different SKUs, same
purpose)

Product mix correct answers All products that an organization sells

Product lines correct answers Have many benefits such as package uniformity, efficient sales and
distribution, equivalent equality (stimulus gen.), standardized components, and advertising
economies

Increasing width of a product line can? correct answers 1) Cause a diversity risk 2) Capitalize on
a current success (example: the Yeti ice chest)

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