WGU D174 UNIT 3 MARKETING MANAGEMENT -
QUESTIONS AND CORRECT ANSWERS
What are examples of types of market research that are appropriate ways to select a
target market?
Choose two. - Answers - Buyer behavior analysis
Needs assessment
Correct! Appropriate kinds of market research for the selection of a target market are
identification of segmentation, market segmentation study, needs assessment,
determination of purchase criteria, buyer behavior analysis, and market demand
estimation. All these types of market research help a company determine what the ideal
target market is for its product or service.
Market research - Answers - the process that marketers use to conduct research and
collection of data on specific market questions.
Market information systems - Answers - provide marketers the ability to collect and
analyze large amounts of information to make marketing decisions. It is a process of
identifying, collecting, and analyzing data and sharing that information with marketing
leaders.
What can a company learn from prospective and current customer inquiries? - Answers
- New product ideas or features
Correct! Customer inquiries are internal information sources that marketers can analyze
to identify new product ideas or features based on what the customer needs.
Why should marketers use internal data information sources?
Choose two. - Answers - To access readily available data
To identify problems from the data
Correct! Internal data can show threats to a business and opportunities almost
instantaneously. There is no lag, there are no studies to be ordered, and the data come
directly from the target audience.
One of the most common external forces is - Answers - demographic information.
Market information systems are ongoing, evolving data and research processes.
External and internal forces impact market research and strategies such as - Answers -
organizational changes, economic shifts, and customer value shifts. Those shifts offer
different perspectives and information to better sort and acquire specific, helpful data.
Correlational research - Answers - used when a researcher measures two variables and
looks for statistical relationships, or correlation, between the two.With the laptop launch,
a correlational research study may address the relationship between the price of the
, new laptop and sales. Having this understanding could give the marketer additional
insight when establishing an entry price point and pricing strategy.
Regression analysis - Answers - conducted when a study examines multiple variables,
including a dependent and one or more independent variables. For the laptop launch,
an example of regression analysis could be to study the effect of an advertising
campaign on new laptop purchases.
Crosstabulation research - Answers - used to analyze the relationship between multiple
variables. With the new laptop launch, a crosstabulation study may compare laptop
features such as screen size, battery life, price, and size with consumer demographics
such as age, income, or stage of life to determine which laptop features match with a
target market.
Different types of research are required to achieve results to formulate good marketing
decisions. - Answers - Examples of research types include exploratory, descriptive, and
causal.
Online sampling tools - Answers - are a cost-effective way of collecting data by enabling
participants to contribute regardless of location by using an internet connection.
What are common challenges of gathering primary data when conducting global market
research?
Choose two. - Answers - Unreliable sampling procedures
Cultural views toward research
Correct! Unwillingness to respond, unreliable sampling procedures, inaccurate language
translations, and insufficient comprehension are the four biggest challenges of collecting
primary data in global markets.
What are common challenges of gathering secondary data when conducting global
market research?
Choose two. - Answers - Accessibility of secondary data
Unique measurement systems used
Correct! Data accessibility, dependability, and comparability are the biggest challenges
with secondary data in global market research.
General Data and Privacy Regulations (GDPR)— - Answers - applies to all European
Union (EU) member states. It was enacted to bolster the rights that EU citizens have
over their data and make companies more transparent in how they handle that data. As
a result, misusing personal data has serious consequences.
California Consumer Privacy Act (CCPA)— - Answers - more recent policy, enacted
January 2020, that grants California consumers robust data privacy rights and control
over their personal information. This includes the right to know, the right to delete, and
the right to opt-out of the sale of personal information that businesses collect, as well as
additional protections for minors.
QUESTIONS AND CORRECT ANSWERS
What are examples of types of market research that are appropriate ways to select a
target market?
Choose two. - Answers - Buyer behavior analysis
Needs assessment
Correct! Appropriate kinds of market research for the selection of a target market are
identification of segmentation, market segmentation study, needs assessment,
determination of purchase criteria, buyer behavior analysis, and market demand
estimation. All these types of market research help a company determine what the ideal
target market is for its product or service.
Market research - Answers - the process that marketers use to conduct research and
collection of data on specific market questions.
Market information systems - Answers - provide marketers the ability to collect and
analyze large amounts of information to make marketing decisions. It is a process of
identifying, collecting, and analyzing data and sharing that information with marketing
leaders.
What can a company learn from prospective and current customer inquiries? - Answers
- New product ideas or features
Correct! Customer inquiries are internal information sources that marketers can analyze
to identify new product ideas or features based on what the customer needs.
Why should marketers use internal data information sources?
Choose two. - Answers - To access readily available data
To identify problems from the data
Correct! Internal data can show threats to a business and opportunities almost
instantaneously. There is no lag, there are no studies to be ordered, and the data come
directly from the target audience.
One of the most common external forces is - Answers - demographic information.
Market information systems are ongoing, evolving data and research processes.
External and internal forces impact market research and strategies such as - Answers -
organizational changes, economic shifts, and customer value shifts. Those shifts offer
different perspectives and information to better sort and acquire specific, helpful data.
Correlational research - Answers - used when a researcher measures two variables and
looks for statistical relationships, or correlation, between the two.With the laptop launch,
a correlational research study may address the relationship between the price of the
, new laptop and sales. Having this understanding could give the marketer additional
insight when establishing an entry price point and pricing strategy.
Regression analysis - Answers - conducted when a study examines multiple variables,
including a dependent and one or more independent variables. For the laptop launch,
an example of regression analysis could be to study the effect of an advertising
campaign on new laptop purchases.
Crosstabulation research - Answers - used to analyze the relationship between multiple
variables. With the new laptop launch, a crosstabulation study may compare laptop
features such as screen size, battery life, price, and size with consumer demographics
such as age, income, or stage of life to determine which laptop features match with a
target market.
Different types of research are required to achieve results to formulate good marketing
decisions. - Answers - Examples of research types include exploratory, descriptive, and
causal.
Online sampling tools - Answers - are a cost-effective way of collecting data by enabling
participants to contribute regardless of location by using an internet connection.
What are common challenges of gathering primary data when conducting global market
research?
Choose two. - Answers - Unreliable sampling procedures
Cultural views toward research
Correct! Unwillingness to respond, unreliable sampling procedures, inaccurate language
translations, and insufficient comprehension are the four biggest challenges of collecting
primary data in global markets.
What are common challenges of gathering secondary data when conducting global
market research?
Choose two. - Answers - Accessibility of secondary data
Unique measurement systems used
Correct! Data accessibility, dependability, and comparability are the biggest challenges
with secondary data in global market research.
General Data and Privacy Regulations (GDPR)— - Answers - applies to all European
Union (EU) member states. It was enacted to bolster the rights that EU citizens have
over their data and make companies more transparent in how they handle that data. As
a result, misusing personal data has serious consequences.
California Consumer Privacy Act (CCPA)— - Answers - more recent policy, enacted
January 2020, that grants California consumers robust data privacy rights and control
over their personal information. This includes the right to know, the right to delete, and
the right to opt-out of the sale of personal information that businesses collect, as well as
additional protections for minors.
