WGU D174 UNIT 3 Marketing Management Questions and Answers Rated A

What are examples of types of market research that are appropriate ways to select a target market? Choose two. 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 the process that marketers use to conduct research and collection of data on specific market questions. Market information systems 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? 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. 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 demographic information. Market information systems are ongoing, evolving data and research processes. External and internal forces impact market research and strategies such as organizational changes, economic shifts, and customer value shifts. Those shifts offer different perspectives and information to better sort and acquire specific, helpful data.