DHS Marketing – Chapter 5 Test

What do most businesses today recognize about their customers?
Different customers have different wants and needs
Type of competition, economic regulations, and government regulations are all considered information about what?
the business environment
What are the steps that a business usually takes in the process of gathering marketing information?
1. Identify the types of information
2. Determine the available sources of each type of information
3. Evaluate each source to determine if it meets the organization’s needs
4. Select the sources that best meet the identified needs
5. Enter the information into a marketing information system
Which MkIS element answers the question, “Which methods should be used to organize and study the information in order to make effective marketing decisions?”
analysis
What is the first step in implementing a marketing research study?
define the problem
What is an example of an closed-ended question?
Rating an item on a scale of 1 to 10
A carefully designed and controlled situation in which all important factors are the same except the one being studied is called what?
experiment
When businesses try to compete for sales emphasizing their name, availability, or price, what do the products have?
limited differences
As businesses develop an international focus, differences among customer groups and number of distinct market segments tend to do what?
become even greater
What is becoming much more intense for most businesses?
competition
What is probably the main source of internal information of most businesses?
business detailed records and inventory
What is an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions?
marketing information system
The process of summarizing, combining, or comparing information so that decisions can be made is called what?
analysis
What kind of sampling ensures that everyone in the population has an equal chance of being selected in the sample?
random sampling
Do marketing researchers, who are completing the study, make the final decisions about solutions for a business?
no
What do researchers use open-ended questions?
to allow respondents to develop their own answers without additional information about possible choices
What kind of research usually results in greater accuracy and objectivity?
observation research
In data collection, what is the difference between a population and a sample?
Population is all of the people in the group that the company is interested in studying.
Sample is a smaller group selected from the population.
What is a discretionary purchase?
Discretionary purchases are not essential so that consumers can decide whether or not to purchase them.
What are the tree categories of important types of internal information?
1) Customer Records and Sales Information
2) Production and Operations Reports
3) Performance Information