Podcast
Questions and Answers
What is the role of marketing intelligence?
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?
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?
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?
What do the features of a product determine?
How do distribution channels affect competition?
How do distribution channels affect competition?
What does price indicate for consumers?
What does price indicate for consumers?
What is one of the ways organizations can promote their products?
What is one of the ways organizations can promote their products?
What is the main purpose of marketing intelligence?
What is the main purpose of marketing intelligence?
What are the learning objectives of studying this chapter?
What are the learning objectives of studying this chapter?
What does marketing intelligence involve?
What does marketing intelligence involve?
Which of the following is an example of secondary data?
Which of the following is an example of secondary data?
Which type of data can be measured and analyzed objectively through the use of empirical tools?
Which type of data can be measured and analyzed objectively through the use of empirical tools?
Which of the following is an example of qualitative data?
Which of the following is an example of qualitative data?
Which type of data requires a sufficiently large sample size to be considered accurate?
Which type of data requires a sufficiently large sample size to be considered accurate?
What are some common practical arguments against the use of marketing intelligence?
What are some common practical arguments against the use of marketing intelligence?
What are some common ethical arguments against the use of marketing intelligence?
What are some common ethical arguments against the use of marketing intelligence?
Which chapter of the textbook covers the ethical considerations specific to marketing intelligence?
Which chapter of the textbook covers the ethical considerations specific to marketing intelligence?
What is the purpose of categorizing marketing intelligence data by purpose?
What is the purpose of categorizing marketing intelligence data by purpose?
What is the format of the upcoming midterm test?
What is the format of the upcoming midterm test?
What percentage of the final mark does the midterm test account for?
What percentage of the final mark does the midterm test account for?
Which of the following is NOT a characteristic of a good marketing intelligence question?
Which of the following is NOT a characteristic of a good marketing intelligence question?
What is the purpose of marketing intelligence?
What is the purpose of marketing intelligence?
What is the difference between marketing intelligence and market research?
What is the difference between marketing intelligence and market research?
Which of the following is a tool of marketing intelligence?
Which of the following is a tool of marketing intelligence?
What does seasonality refer to in marketing intelligence?
What does seasonality refer to in marketing intelligence?
What are the characteristics of primary data?
What are the characteristics of primary data?
What are the characteristics of secondary data?
What are the characteristics of secondary data?
What are the steps involved in implementing a marketing intelligence plan?
What are the steps involved in implementing a marketing intelligence plan?
How does loyalty of consumers impact marketing efforts?
How does loyalty of consumers impact marketing efforts?
What is the role of competitive response in marketing intelligence?
What is the role of competitive response in marketing intelligence?
According to the text, what percentage of small and medium-sized businesses accounted for the total employment in the private sector in 2018?
According to the text, what percentage of small and medium-sized businesses accounted for the total employment in the private sector in 2018?
What is one of the reasons often cited for starting a new business?
What is one of the reasons often cited for starting a new business?
Approximately what percentage of small businesses close permanently within three years?
Approximately what percentage of small businesses close permanently within three years?
Which of the following is NOT a management shortcoming that can contribute to small business failure?
Which of the following is NOT a management shortcoming that can contribute to small business failure?
What is one of the reasons why inadequate financing can contribute to small business failure?
What is one of the reasons why inadequate financing can contribute to small business failure?
What is one of the major expenses for small businesses according to the text?
What is one of the major expenses for small businesses according to the text?
What is the purpose of a business plan according to the text?
What is the purpose of a business plan according to the text?
Which of the following is a form of private business ownership?
Which of the following is a form of private business ownership?
What is a sole proprietorship?
What is a sole proprietorship?
What is a franchisee?
What is a franchisee?
What is a franchising agreement?
What is a franchising agreement?
What is the advantage of franchising?
What is the advantage of franchising?
Which type of ownership does not pursue profit?
Which type of ownership does not pursue profit?
What is the role of the board of directors in a corporation?
What is the role of the board of directors in a corporation?
According to Industry Canada, how is a small business defined?
According to Industry Canada, how is a small business defined?
What is the approximate percentage of Canadian firms that have fewer than 100 employees?
What is the approximate percentage of Canadian firms that have fewer than 100 employees?
What are the major industries where small businesses are concentrated?
What are the major industries where small businesses are concentrated?
What are the benefits of operating a home-based business?
What are the benefits of operating a home-based business?
What is the approximate number of self-employed individuals in Canada?
What is the approximate number of self-employed individuals in Canada?
Why are small businesses considered a launching pad for entrepreneurs?
Why are small businesses considered a launching pad for entrepreneurs?
What is the drawback of operating a home-based business?
What is the drawback of operating a home-based business?
Which of the following is NOT a type of business combination?
Which of the following is NOT a type of business combination?
What is a joint venture?
What is a joint venture?
What is the purpose of a merger?
What is the purpose of a merger?
What is an acquisition?
What is an acquisition?
Which type of business combination involves two or more firms from unrelated industries coming together to form one company?
Which type of business combination involves two or more firms from unrelated industries coming together to form one company?
What is a vertical merger?
What is a vertical merger?
What is a horizontal merger?
What is a horizontal merger?
What is a conglomerate?
What is a conglomerate?
What is the purpose of an acquisition?
What is the purpose of an acquisition?
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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