Bus 375- Final Exam Chapters 1,4,10, 11, 16 | With Complete Solution

Chap 1. Define marketing research: Correct Answer: Marketing research is the function that links the consumer to the marketer through information. The information is used to identify and define marketing problems; generate, refine, and evaluate marketing actions; monitor marketing performance, and improve understanding of marketing as a process Discuss different kinds of firms that conduct marketing research: Correct Answer: a. Producers of products and services b. Advertising agencies c. Marketing research companies Producers of products and services Correct Answer: a. Producers of products and services have marketing research departments and gather information relevant to the particular products and services they produce and the industry in which they operate Advertising agencies Correct Answer: often conduct research, primary to test advertising and measure its effectiveness Marketing research companies Correct Answer: are in business to conduct research; some focus on very specific topics or aspects of the research process, while others are more general in focus. List some of the skills that are important for careers in marketing: Correct Answer: a. Most positions in marketing research require analytical, communication, and human relations skills b. In addition, marketing researchers must be comfortable working with numbers and statistical techniques, and they must be familiar with a great variety of marketing research methods. List three reasons for studying marketing research: Correct Answer: a. Some students pursue careers in marketing research b. Almost everyone is a consumer of marketing research in one way or another and needs to be able to know how to evaluate the likely validity of the research c. Managers must understand what marketing research can and cannot do as well as what is involved in the process of conducting research Chap 4. Specify the key steps in problem formulation: Correct Answer: 1. Meet with client, 2. clarify problem/opportunity, manager's decision problem 4. develop possible research problems, t research problems to be addressed