Marketing 2 Unit 2

Front

Which activity helps managers make smart decisions regarding business problems and opportunities? Options: Conducting marketing research, Advertising and sales promotion, Hiring new employees, Providing customer service

Back

Conducting marketing research

Answer explanation

Conducting marketing research provides managers with valuable insights into market trends, customer preferences, and competitive analysis, enabling them to make informed decisions about problems and opportunities.

Front

The success of any marketing research study depends most directly on

Back

defining the problem correctly.

Answer explanation

Defining the problem correctly is crucial in marketing research as it sets the direction for the study. Without a clear problem definition, even the best resources may not yield useful insights.

Front

Benefit of having managers and researchers aligned on the marketing research problem.

Back

It keeps the business from wasting resources.

Answer explanation

Having managers and researchers aligned on the marketing research problem ensures that resources are used efficiently, preventing unnecessary expenditures on irrelevant research efforts.

Front

Erika, a manager, is wondering why sales are lower in a particular market segment. This is her

Back

research problem.

Answer explanation

Erika's inquiry about lower sales indicates she is identifying a specific issue to investigate, which classifies it as a research problem. This is distinct from a research objective or situation analysis.

Front

“What are some unfulfilled needs in our target market?” is an example of a(n)

Back

research objective.

Answer explanation

The question identifies a specific inquiry about unmet needs in the target market, which aligns with a research objective. Research objectives guide the focus of a study, making "research objective" the correct choice.

Front

Which advertising campaign will be more effective?

Back

strategy-oriented decision problem.

Answer explanation

A strategy-oriented decision problem focuses on how to achieve specific advertising goals, making it more effective for determining the best campaign approach compared to other options.

Front

Which of the following is a true statement about marketing research studies?

Back

Each marketing research study is unique.

Answer explanation

Each marketing research study is unique because they are tailored to specific objectives, target audiences, and market conditions, making it essential to approach each study with a fresh perspective.

Front

What are sales invoices examples of in marketing research?

Back

secondary data.

Answer explanation

The sales invoices are historical records of transactions, making them secondary data. Secondary data refers to information that has already been collected and analyzed for purposes other than the current research.

Front

Results of focus groups in marketing research are examples of

Back

primary data.

Answer explanation

The results from focus groups are collected directly from participants for the specific research project, making them primary data. This contrasts with secondary data, which is previously collected information.

Front

Managers and researchers have decided to conduct their marketing research study by looking at individual customers rather than at households.

Back

unit of analysis.

Answer explanation

The study focuses on individual customers, which defines the 'unit of analysis' as individual customers rather than households. This choice is crucial for understanding customer behavior.