MARKETING 201 FINAL EXAM STUDY TERMS UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MARKETING 201 FINAL EXAM STUDY TERMS
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
Marketing Research Process
Answer:
1. Defining objectives and research needs
2. Designing research
3. Data collection process
4. Analyzing data and developing insights
5. Action plan and implementation

Question:
Secondary data
Answer:
pieces of information that have already been collected from other sources and
usually are readily available

Question:
Syndicated data
Answer:
data available for a fee from commercial research firms such as ACNielsen, type
of external secondary data

Question:
Scanner data
Answer:
a type of syndicated external secondary data used in quantitative research that is
obtained from scanner readings of UPC codes at check out counters

Question:
Data warehouses
Answer:
large computer files that store millions and even billions of pieces of individual
data

Question:
Data mining
Answer:
the use of a variety of statistical analysis tools to uncover previously unknown
patterns in the data stored in databases or relationships among variables

Question:
a data collection technique that attempts to begin to understand the
phenomenon of interest; also provides initial information when the problem lacks