Postest 4.04a
Questions and Answers
- 1.
Which of the following is the most significant reason why marketing research is important to businesses?
- A.
It improves financial management
- B.
It contributes to business success
- C.
It makes competitors take notice of the business
- D.
It helps the business to base decisions on opinions
Correct Answer
B. It contributes to business successExplanation
Marketing research is important to businesses because it contributes to business success. By conducting research, businesses can gain valuable insights into their target market, customers' needs and preferences, and the effectiveness of their marketing strategies. This information allows businesses to make informed decisions, develop effective marketing campaigns, and ultimately increase their chances of success in the market. It helps businesses understand their customers better, identify opportunities, and stay ahead of competitors, ultimately leading to improved business performance and growth.Rate this question:
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- 2.
How could a business use marketing research data it has gathered about the average age, income, educational levels, and spending patterns of area consumers?
- A.
To create a mailing list for the business
- B.
To identify problems within the business
- C.
To develop a profile of the typical customer
- D.
To establish an appropriate operating budget
Correct Answer
C. To develop a profile of the typical customerExplanation
A business could use marketing research data about the average age, income, educational levels, and spending patterns of area consumers to develop a profile of the typical customer. By analyzing this data, the business can gain insights into the characteristics and preferences of their target market. This information can help the business tailor their marketing strategies, product offerings, and customer service to better meet the needs and expectations of their typical customer.Rate this question:
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- 3.
A business owner marked down a line of products in order to sell them, but customers still didn't buy them. Marketing research might have been used in this situation to protect the business from?
- A.
Embarrassment
- B.
Financial loss
- C.
Competitors
- D.
Loss of clientele
Correct Answer
B. Financial lossExplanation
In this situation, marketing research might have been used to protect the business from financial loss. By conducting marketing research, the business owner could have gained insights into customer preferences, market trends, and demand for the products. This information would have allowed the owner to make informed decisions about pricing, promotion, and product positioning, potentially avoiding a situation where customers did not buy the products even after being marked down. By understanding the market dynamics, the business owner could have minimized the risk of financial loss by aligning the product offering with customer needs and preferences.Rate this question:
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- 4.
Determine which of the following is a true statement about the steps in the marketing research process?
- A.
The order of the steps in marketing research can be changed to suit the business
- B.
The amount of data being gathered affects the steps in the marketing research process
- C.
The business can leave out some of the steps in the marketing research in certain situations
- D.
The steps in the marketing research must follow a certain order, and none can be eliminated
Correct Answer
D. The steps in the marketing research must follow a certain order, and none can be eliminatedExplanation
The correct answer is that the steps in the marketing research must follow a certain order, and none can be eliminated. This means that the process of marketing research requires a specific sequence of steps to be followed, and all of these steps are necessary for conducting effective research. Changing the order or eliminating any steps can result in incomplete or inaccurate research findings.Rate this question:
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- 5.
Which of the following is essential to all marketing research?
- A.
Accuracy
- B.
Frequency
- C.
Primary data
- D.
Secondary data
Correct Answer
A. AccuracyExplanation
Accuracy is essential to all marketing research because it ensures that the data collected is reliable and free from errors or biases. Accurate data is crucial for making informed decisions and developing effective marketing strategies. Without accuracy, the research findings may be flawed and lead to incorrect conclusions or ineffective actions. Therefore, accuracy is a fundamental requirement in marketing research to ensure the validity and credibility of the results.Rate this question:
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- 6.
Why is it important for marketing research to be objective?
- A.
So that researchers can guide consumers responses
- B.
So that researchers can express their own opinions
- C.
So that the data gathered are not influenced by researchers opinions
- D.
So that the data gathered can be analyzed using statistical software
Correct Answer
C. So that the data gathered are not influenced by researchers opinionsExplanation
It is important for marketing research to be objective so that the data gathered are not influenced by researchers' opinions. Objective research ensures that the findings are based on unbiased and impartial data, leading to more accurate and reliable results. This allows for a better understanding of consumer behavior and preferences, leading to more effective marketing strategies and decision-making. By eliminating personal biases and opinions, objective research helps to ensure the integrity and credibility of the research process and its outcomes.Rate this question:
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- 7.
Is marketing researching used by just large businesses?
- A.
No, it is used mainly by individuals and small businesses
- B.
No, it is used by businesses and organizations of all sizes
- C.
Yes, individuals and small organizations so not use marketing research
- D.
Yes, large businesses are the exclusive users of marketing research
Correct Answer
B. No, it is used by businesses and organizations of all sizesExplanation
Marketing research is not limited to just large businesses. It is a crucial tool used by businesses and organizations of all sizes to gather information about their target market, understand customer needs and preferences, and make informed business decisions. Whether it is a small startup or a multinational corporation, conducting marketing research helps businesses stay competitive and meet the demands of their customers.Rate this question:
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- 8.
A business with its own marketing research department is most likely to use outside marketing research when?
- A.
The business needs specific internal information
- B.
The business wants to prevent unnecessary financial loss
- C.
Data must be analyzed by computer to be useful
- D.
The business needs more research that the department can handle
Correct Answer
D. The business needs more research that the department can handleExplanation
A business with its own marketing research department is most likely to use outside marketing research when it needs more research that the department can handle. This suggests that the department may be overwhelmed with the amount of research required or may not have the necessary resources or expertise to conduct certain types of research. By seeking assistance from external sources, the business can ensure that it gathers comprehensive and accurate data to make informed decisions.Rate this question:
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- 9.
Why do businesses use exploratory research?
- A.
To predict future opportunities
- B.
To define the reason for the research
- C.
To try out different approaches to see what the results would be
- D.
To obtain specific data related to the businesses situation
Correct Answer
B. To define the reason for the researchExplanation
Businesses use exploratory research to define the reason for the research. Exploratory research helps businesses to gain a better understanding of a problem or opportunity and to define the objectives and scope of the research. It allows them to explore different perspectives, gather preliminary data, and identify potential research questions. This type of research is often conducted at the initial stages of a project or when there is limited existing information available. By defining the reason for the research, businesses can effectively plan and design their studies to address the identified objectives and make informed decisions.Rate this question:
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- 10.
Descriptive research is a type of marketing research that is used by businesses when they need to?
- A.
Make predictions of the businesses future sales
- B.
Decide which direction to take in a given situation
- C.
Try several theories to see what solution would work best
- D.
Obtain specific data related to the businesses situation
Correct Answer
D. Obtain specific data related to the businesses situationExplanation
Descriptive research is a type of marketing research that is used by businesses to obtain specific data related to the business's situation. This type of research aims to describe and analyze the current state of affairs, rather than making predictions or testing theories. By gathering specific data, businesses can gain insights into various aspects of their operations, customer preferences, market trends, and other relevant factors. This information can then be used to make informed decisions, develop strategies, and identify opportunities for improvement or growth.Rate this question:
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- 11.
Predictive research is used by businesses when they need to?
- A.
Forecast future business developments
- B.
Define their reasons for research
- C.
Determine the impact that one thing has on another
- D.
Gather specific data related to an identified problem
Correct Answer
A. Forecast future business developmentsExplanation
Predictive research is used by businesses to anticipate and predict future business developments. This type of research involves analyzing historical data, trends, and patterns to make informed predictions about potential outcomes and changes in the business environment. By forecasting future developments, businesses can make strategic decisions, plan for potential challenges, and identify opportunities for growth and improvement.Rate this question:
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- 12.
Which of the following is the most important reason for creating a written plan for a marketing research project:
- A.
To keep the project on track
- B.
To implement the marketing concept
- C.
To keep the project from going over budget
- D.
To make it easy to analyze the data collected
Correct Answer
A. To keep the project on trackExplanation
Creating a written plan for a marketing research project is important to keep the project on track. A written plan outlines the objectives, methodologies, timelines, and resources required for the project. It helps to ensure that all team members are aligned and working towards the same goal. The plan serves as a roadmap, providing guidance and direction throughout the project, minimizing the chances of deviating from the original objectives. It helps in monitoring progress, identifying potential issues or roadblocks, and making necessary adjustments to keep the project on schedule and on target.Rate this question:
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- 13.
An advantage of using secondary data in a marketing research project is that they are?
- A.
More relevant than primary data
- B.
More up-to-date than primary data
- C.
Less likely to be available to competitors
- D.
Less expensive to collect than primary data
Correct Answer
D. Less expensive to collect than primary dataExplanation
Secondary data refers to data that has already been collected by someone else for a different purpose. One advantage of using secondary data in a marketing research project is that it is less expensive to collect compared to primary data. Primary data requires conducting surveys, interviews, or experiments specifically for the research project, which can be time-consuming and costly. Secondary data, on the other hand, is readily available and can be obtained at a lower cost or sometimes even free. This makes secondary data a cost-effective option for marketers, allowing them to allocate resources more efficiently.Rate this question:
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- 14.
An advantage of using primary data in a marketing research project is that they are?
- A.
Easier to collect than secondary data
- B.
Quicker to collect than secondary data
- C.
Usually more up-to-date than secondary data
- D.
Less expensive to collect than secondary data
Correct Answer
C. Usually more up-to-date than secondary dataExplanation
Primary data refers to data that is collected firsthand for a specific research project. One advantage of using primary data in a marketing research project is that it is usually more up-to-date than secondary data. This is because primary data is collected directly from the source, allowing researchers to gather the most recent and relevant information. In contrast, secondary data may have been collected for a different purpose or at an earlier time, making it less current. Therefore, primary data provides a timelier and more accurate reflection of the current market conditions, consumer preferences, and other relevant factors for the research project.Rate this question:
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- 15.
Which of the following is most likely to affect the amount of data that will be collected in a marketing research project:
- A.
The level of industry competition
- B.
The reliability of the available data
- C.
The method of data analysis to be used
- D.
The amount of objectivity desired by the business
Correct Answer
C. The method of data analysis to be usedExplanation
The method of data analysis to be used is most likely to affect the amount of data that will be collected in a marketing research project. Different methods of data analysis may require different types and amounts of data to be collected. For example, if a project plans to use qualitative data analysis methods, such as interviews or focus groups, it may require a smaller sample size compared to quantitative data analysis methods, which often require larger sample sizes to ensure statistical significance. Therefore, the method of data analysis chosen will determine the amount of data that needs to be collected.Rate this question:
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- 16.
An example of an internal source of marketing research data is?
- A.
Census figures
- B.
Unemployment statistics
- C.
Industry sales
- D.
Financial statements
Correct Answer
D. Financial statementsExplanation
Financial statements can be considered an internal source of marketing research data because they provide information about a company's sales, expenses, profits, and other financial metrics. This data can be used to analyze the company's performance, identify trends, and make informed marketing decisions. Financial statements are generated by the company itself and are not publicly available, making them an internal source of data.Rate this question:
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- 17.
Which of the following is the most popular data collection method:
- A.
Experiment
- B.
Observation
- C.
Survey
- D.
Situation analysis
Correct Answer
C. SurveyExplanation
A survey is the most popular data collection method because it allows researchers to gather information from a large number of participants in a structured and standardized manner. Surveys can be conducted through various mediums, such as online questionnaires, phone interviews, or paper-based forms. This method provides a way to collect quantitative and qualitative data, enabling researchers to analyze and interpret the results effectively. Surveys are commonly used in social sciences, market research, and public opinion polling due to their versatility and ability to reach a wide audience.Rate this question:
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- 18.
The observation method of collecting marketing research data involves?
- A.
Watching what customers do
- B.
Test marketing new products
- C.
Surveying customers by mail
- D.
Calling customers on the telephone
Correct Answer
A. Watching what customers doExplanation
The observation method of collecting marketing research data involves watching what customers do. This method entails observing and recording customers' behaviors, actions, and interactions in order to gather valuable insights about their preferences, habits, and needs. By directly observing customers, researchers can gain a deeper understanding of their purchasing decisions, product usage patterns, and overall consumer behavior. This information can then be used to inform marketing strategies, product development, and decision-making processes within a company.Rate this question:
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- 19.
Which of the following is an example of an experimental study?
- A.
Test marketing
- B.
Customer diaries
- C.
A focus group
- D.
Computer cookies
Correct Answer
A. Test marketingExplanation
Test marketing is an example of an experimental study because it involves introducing a new product or service to a limited market in order to gather data and evaluate its performance. This study allows companies to assess consumer response, measure sales potential, and make necessary adjustments before launching the product on a larger scale. It involves manipulating variables, collecting data, and drawing conclusions based on the results, which are key characteristics of experimental studies.Rate this question:
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- 20.
When all of the data in a marketing research project have been collected and analyzed, the next step for the researcher is to?
- A.
Develop a testable hypothesis
- B.
Make recommendations based on findings
- C.
Develop a research design for the project
- D.
Decide whether the project should be continued
Correct Answer
B. Make recommendations based on findingsExplanation
After collecting and analyzing all the data in a marketing research project, the next step for the researcher is to make recommendations based on the findings. This is because the purpose of conducting a marketing research project is to gather insights and information that can inform decision-making and strategy. By making recommendations based on the findings, the researcher can provide actionable insights and suggestions for the organization or client to implement and improve their marketing efforts. Developing a testable hypothesis and research design are typically done at the beginning of the project, while deciding whether the project should be continued is a separate consideration that may come after the recommendations have been made.Rate this question:
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