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MKTG 3310 - EXAM 3 || with Error-free Solutions.
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marketing information system correct answers people and procedures dedicated to: 1. assessing information needs 2. developing the needed information 3. helping decision makers to use the information to generate and validate actionable customer and market insights ** Begins and Ends with info...

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  • August 23, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • marketing information system

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  • MKTG 3310
  • MKTG 3310

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MKTG 3310 - EXAM 3 || with Error-free Solutions.
marketing information system correct answers people and procedures dedicated to:
1. assessing information needs
2. developing the needed information
3. helping decision makers to use the information to generate and validate actionable customer
and market insights
** Begins and Ends with information users - marketing managers, internal/external partners, etc.
**

customer insights correct answers fresh understandings of customers and the marketplace
derived from marketing data that becomes the basis for creating customer value and relationships

customer insight teams correct answers dedicated, cross-functional, and set aside part of the
organization that is dedicated to the identification, interpretation, and dissemination of the
marketing informations system

customer insight groups correct answers collect customer and market data from a wide variety of
sources and use this data to "sift out" important customer insights. (a subset of a customer insight
team)

1. A good MIS balances the information users would like versus what they really need.
2. Collecting and storing information using a MIS is expensive!
3. Firms must decide whether the value of the insights gained from more information is worth
the cost correct answers What are some key attributes to the Marketing Information System?

1. Internal Data Bases 2. Competitive Marketing Intelligence
3. Marketing Research correct answers Marketers can obtain needed information from what key
3 sources?

Internal Data Base correct answers electronic collections of consumer and market information
obtained from data sources within the company network. *Ages Rapidly*

Customer characteristics; sales transactions; customer service data; records of: sales, costs, and
profitability; operations reports: production, shipments, and inventories. correct answers What
information do internal data bases collect?

competitive marketing intelligence correct answers the systematic collection and analysis of
publicly available information about consumers, competitors, and developments in the marketing
environment.

"observing customers", benchmarking competitors, quizzing your company's employees, internet
research, monitoring social media, voice-of-customer interviews.
(EX: samsung galaxy 5 phone) correct answers What are some techniques used for competitive
marketing intelligence?

, marketing research correct answers the formal and systematic design, collection, analysis of data
"relevant" to a "specific" market situation and then reporting the resultant customer and market
insights to the rest of the organization

customer motivations, purchase behavior and customer satisfaction (customer focused) + market
potential, market share, pricing effectiveness, desired marketing mix for your target market
(market focused) correct answers Marketing research gives marketers insights to what?

1. Defining the problem and research objectives
2. Developing the research plan for collecting data
3. Implementing the plan- collecting and analyzing the data
4. Interpreting and reporting the gained insights correct answers What are the 4 key steps to the
marketing research process?

exploratory research correct answers gathering preliminary information that will help define the
problem and suggest hypotheses.

descriptive research correct answers Generating information to better describe marketing
problems, situations, or markets

causal research correct answers testing hypotheses about cause-and-effect relationships

secondary data correct answers data that already exists somewhere, having been collected for
another purpose. This data is often cheaper and easier to obtain than primary data.

company's internal data base, purchase data from outside suppliers, commercial on-line data
bases, internet search engines correct answers What does secondary data include?

requiring filtering and aged information correct answers What is a downside to internet search
engines with secondary data?

to ensure the data is relevant, accurate, current, and impartial correct answers What is the key to
successful use of secondary data?

primary data correct answers data collected for the specific purpose at hand

a. the research approach
b. contact methods
c. the sampling plan correct answers What are the 3 different approaches to when using primary
data?

observational research correct answers involves gathering primary data by observing relevant
people, actions, and situations

ethnographic research correct answers a form of observational research that involves sending
trained observers to watch and interact with consumers in their "natural environment"

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