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Marketing 3250 Exam 2 Questions and Answers
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Marketing 3250 Exam 2 Questions and Answers
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Marketing 3250 Exam 2 Questions andAnswers
Customer Insights - Answer-Fresh understandings of customers and the marketplace
derived from marketing info that become the basis for creative customer value and
relationships
Steps of Marketing Research - Answer-Define the problem, develop research plan,
collect relevant info, develop findings, take marketing actions
Primary Data - Answer-Data observed and recorded/collected directly from respondents
Secondary Data - Answer-Data compiled both inside and outside the org. for some
purpose other than the current investigation
Should start with this type of data
Sources of Secondary Data - Answer-Internal- databases, customer comments,
financial statements, sales reports
External- consulting firms, U.S. Census
Sources of Primary Data - Answer-Observational research, ethnographic research,
focus groups, survey research, experiments, and quasi-experiments
Collaging - Answer-Conducting a focus group through the use of pics
Exploratory Research - Answer-Goal is to understand attitudes, not to measure them
Observational research, ethnography, collaging, focus groups
Descriptive Research - Answer-Goal is to generalize from sample to larger group
Surveys
Causation - Answer-Goal is to prove a causal relationship between variables
Experiments, quasi-experiments
A/B Testing - Answer-Experimenting with different variables in 2 versions to determine
cause
Stages to the Experimental Framework - Answer-Determine conversion to improve,
hypothesize change, identify variables and create variations, run experiment, measure
results
Key Elements for Defining a Problem - Answer-Setting research objectives and
identifying possible marketing actions
, Effective Research Objectives - Answer-Specific, measurable goals the decision maker
seeks to achieve in conducting research
Measures of Success - Answer-Criteria/standards used in evaluating proposed
solutions to the problem
Developing a Research Plan - Answer-Specify constraints, identify the data needed,
and determine how to collect
Marketing Input - Answer-Data related to effort expanded to make sales
Marketing Output - Answer-Data related to results of marketing efforts
Data Mining - Answer-Extraction of hidden predictive info from large databases to find
statistical links
Cross Tabulation - Answer-Method of presenting and analyzing data involving 2+
variables to discover relationships
Used the most frequently even though its limited when given small sets of data
Sales Forecast - Answer-Total sales of a product that a firm expects to sell during a
specified time period under environmental conditions and its own marketing efforts
Lost-Horse Forecast - Answer-Looking at previous forecasts, factors that could affect it,
and changing forecasts accordingly
Trend Extrapolation - Answer-Extending a pattern observed in past data to the future
If the line is straight, then it's linear
Brand Value Proposition - Answer-Set of benefits/values the brand promises to deliver
to consumers to satisfy their needs
Part of positioning
Segment Target Position (STP) - Answer-S: identifying meaningful different groups of
customers
T: selecting which segments to serve
P: implementing chosen image and appeal to chosen segment (4Ps)
Levels of Market Segmentation - Answer-Mass marketing, segment marketing, niche
marketing, micro marketing
Mass Marketing Segmentation Level - Answer-Same marketing mix to all consumers
(no segmentation)
Segment Marketing Segmentation Level - Answer-Different marketing mixes to 1 or
more segments
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