MGT 453 Marketing Research Quiz

False (B)

Two weeks from the announcement date

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

<p>Data Collection = Middle Problem Definition = Beginning Data Analysis = Middle Report Preparation = End</p> Signup and view all the answers

<p>The consumer and the marketer. (C)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Type of fruit and subscription price</p> Signup and view all the answers

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

<p>8 (A)</p> Signup and view all the answers

<p>Granny Smith Apples (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Marketing Research = Provides information for making marketing decisions Problem = A situation requiring a manager to make a choice Decision Alternatives = The different options available when making a decision Subscription Fee = One-time payment for MGT 453 fruit service</p> Signup and view all the answers

<p>When a marketing decision needs to be made, but the decision-maker lacks relevant information. (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Opportunities to meet a customer want or need in a new way</p> Signup and view all the answers

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

<p>To identify or detect marketing problems that may require further marketing research. (A)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Not meeting objectives = Failing to meet a sales target New Customer Opportunity = Customer want or need traditional marketing problems = Belief that traditional market is worth pursuing</p> Signup and view all the answers

<p>The cost of research versus the potential benefits (information value). (C)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>When the costs of research outweigh its potential value. (D)</p> Signup and view all the answers

<p>A concise description of the problem or opportunity that management is facing and may need marketing research to make a decision</p> Signup and view all the answers

<p>decision alternatives</p> Signup and view all the answers

<p>To ensure the manager knows what to do after the research is complete. (B)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>High Costs = When the value of the marketing research is less than the cost. Readily Available Information = An effective marketing information system can be implemented. Time Constraints = Need to act quickly; not enough time to conduct marketing research. Premature Research = Products unlike anything already on the market.</p> Signup and view all the answers

<p>What information must the researcher produce to help management solve the problem? (A)</p> Signup and view all the answers

<p>$50 (C)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Segmentation, targeting, and positioning decisions</p> Signup and view all the answers

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

<p>To evaluate potential marketing actions (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Product, Price, Promotion, Place. Answer should include any two.</p> Signup and view all the answers

<p>Tracking sales of a product = Monitor marketing performance Selecting target markets = Generate, refine, and evaluate potential marketing actions Identifying marketing opportunities and problems = Identifying marketing opportunities and problems Improving marketing as a process = Improve marketing as a process</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Failing to understand and meet the expectations of Canadian consumers (D)</p> Signup and view all the answers

<p>5</p> Signup and view all the answers

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

<p>Offering identical product offerings to US stores (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Undesirable Locations = Diminished Target's image among Canadians. No Website = Underestimated consumer interest. Unresponsive to Competitors' Sales = Missed opportunity to retain customers. Product Offerings = Dissatisfied customers expecting similar products.</p> Signup and view all the answers

<p>75% (D)</p> Signup and view all the answers

A systematic approach to collecting, analyzing, and interpreting data related to marketing.

The organized sequence of actions taken during marketing research, usually outlined in multiple phases.

Warnings about the flexibility and variability of the marketing research process.

Small, gradual improvements made to existing marketing strategies rather than large-scale innovations.

New ideas generated during the marketing research process that can lead to innovative approaches.

A process linking consumers and marketers through information for decision-making.

Choices regarding product, price, place, and promotion related to a marketing strategy.

A pricing strategy where customers pay a fee for ongoing access to a product or service.

Different options available for making a decision in marketing.

Types of fruit available for the vendor’s service, includes apples, bananas, oranges, and pears.

A plan to set prices based on costs, competition, and consumer willingness to pay.

The assessment of potential marketing strategies to determine effectiveness.

The connection between consumers' needs and marketers' offerings through research.

Marketing research is required when relevant information for decisions is lacking.

Weigh the costs of research against its potential benefits.

A case where research assesses the success chance of a new product.

The likelihood that a marketing initiative will succeed.

The financial loss associated with a failed marketing initiative.

Factors that indicate a need for marketing research.

Ongoing assessment of marketing performance to detect problems.

Common challenges that could be addressed by marketing research.

The conviction that sales can always be enhanced and that new marketing opportunities are always present.

Situations where the costs of marketing research exceed its value.

When relevant data is already available, conducting additional research may be unnecessary.

Lack of financial resources to conduct research or implement its recommendations.

When quick action is required, and there isn't enough time for thorough research.

Conducting research on new ideas may be too early since consumers lack familiarity with them.

A concise description of the problem or opportunity facing management that requires marketing research.

Specific goals outlining the information required to solve a defined problem, which evolve over time.

A cost that does not change regardless of the number of subscriptions sold.

The cost incurred for each individual subscription offered.

A graphical representation showing the relationship between price and the quantity demanded.

Research focused on evaluating the specifics of the product offered.

Research aimed at determining the most effective pricing strategy for a product.

The combination of factors that can be controlled by a company to influence customers to purchase its products.

An advantage that allows a company to outperform its competitors.

Not conducting marketing research can lead to significant financial losses.

75% of new product ideas do not reach the market.

80% of new restaurants fail within 5 years.

Target failed to research Canadian consumer needs and location factors.

Target underestimated the importance of a comprehensive website.

Target did not react to Walmart’s price discounts effectively.

High sticker prices led to customer dissatisfaction as they expected lower prices.

Slow inventory response hurt Target’s appeal as a one-stop shop.