S/E Marketing Chapter 5 Test Review

Marketing information collected from customers can be used by businesses to help make needed improvements.

• True

• False

Some large companies have a marketing research department within the firm but also work with outside marketing research firms.

• True

• False

Deceiving people when conducting marketing research usually leads to important findings that a company can use to improve its business.

• True

• False

Once people agree to participate in market research, companies can use the data those people provide in any way they choose.

• True

• False

Research has shown that the quality of a TV advertisement is directly connected with how memorable the ad is to viewers.

• True

• False

The first step in marketing research is to collect the data.

• True

• False

After marketing data is gathered, researchers will look for patterns in the data and draw conclusions based on those patterns.

• True

• False

A calculation of the estimated profit a business will earn from a customer is called the customer's lifetime value, or CLV.

• True

• False

Even data-driven decisions must be balanced with common sense and ethics.

• True

• False

The first step for marketing research is to

• analyze current conditions

• collect the data

• discover and define the problem

• analyze and report the data