MKTG 352 Principles of Marketing Research Exam 1 Updated with Verified Answers
Measuring service quality perceptions by gathering online consumer reviews on is - ANS: B) Secondary Data Modern Office Designs, Inc (MOD), manufactures a broad line of office equipment and supplies. Through its sales force, it sells its products to a variety of organizations. Despite heavy growth in industry sales, MOD's profits have declined during the past two years, much to the concern of MOD executives. What is the appropriate research type? - ANS: Exploratory Research Reason: Research questions are not clearly defined yet, so we need to conduct interviews or focus groups to dig deeper into the symptom and figure out the research questions. Saver's National Bank (SNB) has grown rapidly since its inception a few years ago, apparently due to the unique set of financial services it offers. Although pleased with the bank's performance thus far, SNB's management is worried about growing competition from variety of financial institutions. To consolidate SNB's current market position, the bank's executives want to ascertain the demographic composition of customers and their perceptions about the bank's strengths and weaknesses. What is the appropriate research type? - ANS: Descriptive Research Reason: The goal of this research is to describe the composition of different segments that SNB targets. Trent Eating Association (TEA) operates a chain of restaurants in eight communities of similar size and population. TEA currently has the image of a high-class restaurant chain serving excellent food at premium prices. Its president is wondering whether a 15 percent reduction in prices of all menu items would hurt or help save revenues and profits. What is the appropriate research type? - ANS: Casual Research Reason: To answer the president's question, we need to assess the causal relationship between price and revenue, and the causal relationship between price and profits. That is, reduction in prices would cause how much change in revenue and profits. Suppose in a party two cola brands are served - Coca Cola and Pepsi cola. Which of these would you chose? Please provide your response below. Your preference for either the Pepsi or coca cola is measured as: - ANS: B) Ordinal "I am highly satisfied with the service that my personal banker provides me." Please indicate your response below: What is the measurement level for this question in a questionnaire? - ANS: C) Interval
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