Market Intelligence in Marketing
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Questions and Answers

What is the role of marketing intelligence?

  • To increase profit margins
  • To create brand awareness
  • To develop new products
  • To improve the quality of decision making (correct)

    • What is the purpose of a marketing intelligence plan?

  • To design marketing campaigns
  • To categorize marketing tools
  • To gather and analyze relevant information (correct)
  • To analyze market limitations

    • What is one of the decisions organizations need to make regarding their brand?

  • Whether to develop a new brand (correct)
  • Whether to increase the price of the brand
  • Whether to advertise the brand
  • Whether to sell the brand online

    • What do the features of a product determine?

    <p>Consumer appeal</p> Signup and view all the answers

    How do distribution channels affect competition?

    <p>They determine who the competition will be</p> Signup and view all the answers

    What does price indicate for consumers?

    <p>A level of quality</p> Signup and view all the answers

    What is one of the ways organizations can promote their products?

    <p>Advertising</p> Signup and view all the answers

    What is the main purpose of marketing intelligence?

    <p>To gain advantage through knowledge</p> Signup and view all the answers

    What are the learning objectives of studying this chapter?

    <p>To explain the role of marketing intelligence</p> Signup and view all the answers

    What does marketing intelligence involve?

    <p>Facts, research, data, insights, and analysis</p> Signup and view all the answers

    Which of the following is an example of secondary data?

    <p>Internal data</p> Signup and view all the answers

    Which type of data can be measured and analyzed objectively through the use of empirical tools?

    <p>Quantitative data</p> Signup and view all the answers

    Which of the following is an example of qualitative data?

    <p>Observation</p> Signup and view all the answers

    Which type of data requires a sufficiently large sample size to be considered accurate?

    <p>Quantitative data</p> Signup and view all the answers

    What are some common practical arguments against the use of marketing intelligence?

    <p>All of the above</p> Signup and view all the answers

    What are some common ethical arguments against the use of marketing intelligence?

    <p>Marketing intelligence violates privacy and personal information</p> Signup and view all the answers

    Which chapter of the textbook covers the ethical considerations specific to marketing intelligence?

    <p>Chapter 18</p> Signup and view all the answers

    What is the purpose of categorizing marketing intelligence data by purpose?

    <p>All of the above</p> Signup and view all the answers

    What is the format of the upcoming midterm test?

    <p>True/False &amp; Multiple Choice</p> Signup and view all the answers

    What percentage of the final mark does the midterm test account for?

    <p>15%</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a good marketing intelligence question?

    <p>Viable</p> Signup and view all the answers

    What is the purpose of marketing intelligence?

    <p>To understand potential competitive response</p> Signup and view all the answers

    What is the difference between marketing intelligence and market research?

    <p>Marketing intelligence is based on existing data</p> Signup and view all the answers

    Which of the following is a tool of marketing intelligence?

    <p>Purchase frequency</p> Signup and view all the answers

    What does seasonality refer to in marketing intelligence?

    <p>The seasonal changes in consumption</p> Signup and view all the answers

    What are the characteristics of primary data?

    <p>Expensive, time consuming, proprietary</p> Signup and view all the answers

    What are the characteristics of secondary data?

    <p>Readily available, inexpensive, specific</p> Signup and view all the answers

    What are the steps involved in implementing a marketing intelligence plan?

    <p>Implementation, analysis, decision</p> Signup and view all the answers

    How does loyalty of consumers impact marketing efforts?

    <p>It makes it hard to get consumers to switch</p> Signup and view all the answers

    What is the role of competitive response in marketing intelligence?

    <p>To understand potential competitive response</p> Signup and view all the answers

    According to the text, what percentage of small and medium-sized businesses accounted for the total employment in the private sector in 2018?

    <p>89.5%</p> Signup and view all the answers

    What is one of the reasons often cited for starting a new business?

    <p>Innovation</p> Signup and view all the answers

    Approximately what percentage of small businesses close permanently within three years?

    <p>15%</p> Signup and view all the answers

    Which of the following is NOT a management shortcoming that can contribute to small business failure?

    <p>Poor knowledge of finance</p> Signup and view all the answers

    What is one of the reasons why inadequate financing can contribute to small business failure?

    <p>Making management shortcomings worse</p> Signup and view all the answers

    What is one of the major expenses for small businesses according to the text?

    <p>Taxes</p> Signup and view all the answers

    What is the purpose of a business plan according to the text?

    <p>All of the above</p> Signup and view all the answers

    Which of the following is a form of private business ownership?

    <p>Corporate Management</p> Signup and view all the answers

    What is a sole proprietorship?

    <p>A business ownership where the sole proprietor's status is separate from their status as a business owner.</p> Signup and view all the answers

    What is a franchisee?

    <p>The individual or business firm that buys the franchise.</p> Signup and view all the answers

    What is a franchising agreement?

    <p>A contract between the franchisee and the franchisor.</p> Signup and view all the answers

    What is the advantage of franchising?

    <p>Proven business model</p> Signup and view all the answers

    Which type of ownership does not pursue profit?

    <p>Not-for-Profit Corporations</p> Signup and view all the answers

    What is the role of the board of directors in a corporation?

    <p>Governing body elected by shareholders</p> Signup and view all the answers

    According to Industry Canada, how is a small business defined?

    <p>An independent business having fewer than 100 employees and not dominant in its market</p> Signup and view all the answers

    What is the approximate percentage of Canadian firms that have fewer than 100 employees?

    <p>98%</p> Signup and view all the answers

    What are the major industries where small businesses are concentrated?

    <p>Retail, construction, professional, scientific and technical services; health care; and other services</p> Signup and view all the answers

    What are the benefits of operating a home-based business?

    <p>More control over both their business and personal time; lower startup and operating expenses</p> Signup and view all the answers

    What is the approximate number of self-employed individuals in Canada?

    <p>2.8 million</p> Signup and view all the answers

    Why are small businesses considered a launching pad for entrepreneurs?

    <p>They provide opportunities for individuals to start their own businesses</p> Signup and view all the answers

    What is the drawback of operating a home-based business?

    <p>Owner can feel isolated; business has less visibility to customers</p> Signup and view all the answers

    Which of the following is NOT a type of business combination?

    <p>Conglomerate</p> Signup and view all the answers

    What is a joint venture?

    <p>A partnership between companies for a specific activity</p> Signup and view all the answers

    What is the purpose of a merger?

    <p>To combine two or more firms into one company</p> Signup and view all the answers

    What is an acquisition?

    <p>When one firm purchases another firm</p> Signup and view all the answers

    Which type of business combination involves two or more firms from unrelated industries coming together to form one company?

    <p>Conglomerate</p> Signup and view all the answers

    What is a vertical merger?

    <p>A merger between two or more firms at the same stage of the production process</p> Signup and view all the answers

    What is a horizontal merger?

    <p>A merger between two or more firms in the same industry</p> Signup and view all the answers

    What is a conglomerate?

    <p>A merger between two or more firms in unrelated industries</p> Signup and view all the answers

    What is the purpose of an acquisition?

    <p>To acquire another firm's property and assets</p> Signup and view all the answers

    Study Notes

    Marketing Intelligence

    • The role of marketing intelligence is to gather and analyze data to support marketing decisions.
    • The purpose of a marketing intelligence plan is to identify and prioritize marketing opportunities and challenges.
    • One of the decisions organizations need to make regarding their brand is how to position it in the market.
    • The features of a product determine its benefits, quality, and functionality.
    • Distribution channels affect competition by influencing how products reach customers.
    • Price indicates to consumers the value of a product.
    • One way organizations can promote their products is through advertising.

    Data and Marketing Intelligence

    • Marketing intelligence involves gathering and analyzing both primary and secondary data.
    • Secondary data is an example of data that has already been collected by others.
    • Quantitative data can be measured and analyzed objectively through the use of empirical tools.
    • Qualitative data is an example of data that is subjective and based on opinions.
    • A large sample size is required for quantitative data to be considered accurate.

    Characteristics of Data

    • Primary data is original and collected by the organization itself.
    • Secondary data is already existing and collected by others.
    • The purpose of categorizing marketing intelligence data by purpose is to identify its relevance and usefulness.

    Marketing Intelligence Plan

    • The steps involved in implementing a marketing intelligence plan are identifying opportunities, gathering data, analyzing data, and making recommendations.

    Small Business and Entrepreneurship

    • According to the text, in 2018, small and medium-sized businesses accounted for approximately 90% of the total employment in the private sector.
    • One of the reasons often cited for starting a new business is to be one's own boss.
    • Approximately 20% of small businesses close permanently within three years.
    • Inadequate financing can contribute to small business failure due to lack of resources.
    • One of the major expenses for small businesses is labor costs.
    • The purpose of a business plan is to outline the business's goals, strategies, and financial projections.

    Business Ownership

    • A sole proprietorship is a form of private business ownership where one individual owns and operates the business.
    • A franchisee is an individual who purchases the right to operate a business using the franchisor's name, products, and operating system.
    • A franchising agreement is a contract between the franchisor and franchisee.
    • The advantage of franchising is that it provides support and resources to the franchisee.
    • A non-profit organization is a type of ownership that does not pursue profit.

    Business Combinations

    • A joint venture is a type of business combination where two or more firms collaborate on a specific project.
    • The purpose of a merger is to combine two or more firms into one company.
    • An acquisition is when one company purchases another company.
    • A conglomerate is a type of business combination that involves two or more firms from unrelated industries coming together to form one company.
    • A vertical merger is when a firm merges with a supplier or distributor.
    • A horizontal merger is when a firm merges with a competitor.
    • A diagonal merger is when a firm merges with a firm from a different industry.

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    Description

    Test your knowledge on market intelligence in marketing with this quiz. Learn about the role of marketing intelligence, categorize different tools used in market intelligence, and understand how to design and implement a marketing intelligence plan. Analyze the limitations of market intelligence and gain an advantage through knowledge.

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