Marketing Research Review Sheet

Front

Marketing researchers should allow for continual evaluation of the data during the entire data collection period.

Back

True

Answer explanation

True. Continual evaluation of data during the collection period allows researchers to identify trends, adjust strategies, and ensure data quality, leading to more accurate and reliable results.

Front

Can marketing research be used to test a hypothesis?

Back

True

Answer explanation

True. Marketing research is a systematic process that can be used to gather data and test hypotheses, helping businesses make informed decisions based on empirical evidence.

Front

Survey and observation are considered secondary data collection techniques.

Back

False

Answer explanation

The statement is false because survey and observation are primary data collection techniques, as they involve gathering new data directly from sources rather than using existing data.

Front

Customer advisory boards are small groups of actual customers who serve as sounding boards for new product ideas and offer insights into their feelings and attitudes toward a firm's products, promotion, pricing, and other elements of marketing strategy. True or False?

Back

True

Answer explanation

True. Customer advisory boards consist of actual customers who provide feedback on product ideas and insights into their perceptions of a company's marketing strategies.

Front

Crowdsourcing refers to the process of taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd, or potential market, through an open call.

Back

True

Answer explanation

The statement accurately describes crowdsourcing as outsourcing tasks to a crowd through an open call, which is a key characteristic of the concept. Therefore, the correct answer is True.

Front

Stratified sampling may reduce some of the error that could occur in a simple random sample.

Back

True

Answer explanation

True. Stratified sampling involves dividing the population into subgroups and sampling from each, which can lead to more accurate and representative results, thus reducing potential errors compared to simple random sampling.

Front

Failing to conduct research can help companies maintain a competitive advantage.

Back

False

Answer explanation

Failing to conduct research can lead to a lack of understanding of market trends and customer needs, ultimately harming a company's competitive advantage. Therefore, the statement is false.

Front

The observation method of research systematically examines and records secondary data information about the physical conditions, events, and overt behavior of respondents.

Back

False

Answer explanation

The statement is false because the observation method primarily involves direct observation of behavior and events, rather than examining secondary data. It focuses on firsthand data collection.

Front

The four fundamental survey methods used to obtain data in marketing research are telephone surveys, mail surveys, online surveys, and personal interviews. True or False?

Back

True

Answer explanation

The statement is true. The four fundamental survey methods in marketing research are indeed telephone surveys, mail surveys, online surveys, and personal interviews, which are commonly used to gather data.

Front

The first step in drawing conclusions from most research is to rank the data according to importance.

Back

False

Answer explanation

The statement is false because the first step in drawing conclusions from research is typically to analyze and interpret the data, not to rank it by importance.