WGU D174 UNIT 3 Marketing Management Questions and Answers 2024
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What are examples of types of market research that are appropriate ways to select a target market? Choose two. Buyer behavior analysis Needs assessment Correct! Appropriate kinds of market research for the selection of a target market are identification of segmentation, market segmentation study, n...
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WGU D174 UNIT 3 Marketing
Management Questions and Answers
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What are examples of types of market research that are appropriate ways to select a target
market?
Choose two. ✔✔Buyer behavior analysis
Needs assessment
Correct! Appropriate kinds of market research for the selection of a target market are
identification of segmentation, market segmentation study, needs assessment, determination of
purchase criteria, buyer behavior analysis, and market demand estimation. All these types of
market research help a company determine what the ideal target market is for its product or
service.
Market research ✔✔the process that marketers use to conduct research and collection of data on
specific market questions.
Market information systems ✔✔provide marketers the ability to collect and analyze large
amounts of information to make marketing decisions. It is a process of identifying, collecting,
and analyzing data and sharing that information with marketing leaders.
,What can a company learn from prospective and current customer inquiries? ✔✔New product
ideas or features
Correct! Customer inquiries are internal information sources that marketers can analyze to
identify new product ideas or features based on what the customer needs.
Why should marketers use internal data information sources?
Choose two. ✔✔To access readily available data
To identify problems from the data
Correct! Internal data can show threats to a business and opportunities almost instantaneously.
There is no lag, there are no studies to be ordered, and the data come directly from the target
audience.
One of the most common external forces is ✔✔demographic information.
Market information systems are ongoing, evolving data and research processes. External and
internal forces impact market research and strategies such as ✔✔organizational changes,
economic shifts, and customer value shifts. Those shifts offer different perspectives and
information to better sort and acquire specific, helpful data.
, Correlational research ✔✔used when a researcher measures two variables and looks for
statistical relationships, or correlation, between the two.With the laptop launch, a correlational
research study may address the relationship between the price of the new laptop and sales.
Having this understanding could give the marketer additional insight when establishing an entry
price point and pricing strategy.
Regression analysis ✔✔conducted when a study examines multiple variables, including a
dependent and one or more independent variables. For the laptop launch, an example of
regression analysis could be to study the effect of an advertising campaign on new laptop
purchases.
Crosstabulation research ✔✔used to analyze the relationship between multiple variables. With
the new laptop launch, a crosstabulation study may compare laptop features such as screen size,
battery life, price, and size with consumer demographics such as age, income, or stage of life to
determine which laptop features match with a target market.
Different types of research are required to achieve results to formulate good marketing decisions.
✔✔Examples of research types include exploratory, descriptive, and causal.
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