Principles of Marketing Exam 2 Questions and Correct Answers Graded A+

Principles of Marketing Exam 2 Questions and Correct Answers Graded A+ Which marketing process is a systematic way to link collected and analyzed marketing information of customer insights with marketing opportunities and solutions to marketing problems? - Answers marketing research What is the freshest source of dependable customer information from either outside or inside an organization? - Answers marketing information Why is conducting marketing research vital in today's world? - Answers new competitors enter markets and change the dynamics of customer expectations Besides marketing information being used throughout all of the marketing mix process, what is another critical area that benefits from discovering the marketing research information? - Answers sales forecasting and related costs Last year the Ritzy Fan company loaded up all of their customer interaction information into a customer relationship management (CRM) system. Using the sophisticated computer algorithms in the system, the marketing department has identified the best times to offer discounts and increase prices and when customers are more likely to drop away from purchases. This new insight into their customer behaviour can assist the team in deciding: - Answers when to generate a marketing campaign offering additional discounts to retain customers A fruit stand marketer has gathered marketing information about a rival fruit stand by reading their advertisements, checking out their website, and looking at what other similar fruit stands have opened their area. This is known as: - Answers competitive intelligence Joe's Crab Shack is on the heavily trafficked beach boardwalk. Lance, the owner, decides to see what the other crab shacks are offering. He discovers that most of the competition is within a mile of his location, have better advertising and signage than his shack, and offer smaller meals for lower prices. With this new competitive intelligence, what is Lance's best marketing choice? - Answers update his signage and highlight his bigger meals as a better deal A camera company had a system set up to captured their customer's information from company interactions. The information included buying behaviors, communication preferences, gender, geographic location, and age. What is this type of collection of information called? - Answers internal data Caroline started doing her marketing research process by identifying the problem of poor marketing message penetration. What does Caroline need to articulate next? - Answers objectives for the research A hair salon wants to expand its business. It began working through a marketing research process and are they now in the planning the research step. What do they need to put in the plan besides the types of data needed, timing, budget, data collecting methods, interpretation, and reporting? - Answers their analysis plan Frank owns a skateboard store. He needs to capture another market and is walking through the steps of a marketing plan. He begins checking out his current customers and analyses what they are like, what type of purchases they make, and what they look like demographically. He talks with a few of his best customers and then realized he missed a step in the process. Now that he has conducted his primary research, what should be his next step? - Answers conduct secondary research The dog grooming shop Coddled Critters has recently lost many of its clients. Coddled Critters is starting a market research process and has identified its problem, objectives, and research questions. What is the next logical step for Coddled Critters to take? - Answers developing the research plan Source information previously collected from either outside or inside an organization is known as: - Answers secondary research A company sells vacuums for consumers and wants to see the latest marketing trends, find data on its industry, and developments in both online and offline news sources for its yearly forecasting. What is a best place for it to discover this information? - Answers industry associations, professional journals With the variety of ways to conduct primary research, what does a company need to considered to conduct primary research in a most effective manner? - Answers resources, timing, and budget The organization that collects data in the U.S. economy about industries, businesses, and the general population which is focused on a business user is: - Answers U.S. Small Business Administration (SBA) General Business Data and Statistics Cora is strategizing expanding her business consulting services into international markets. In order to identify what countries have a robust enough economy to support her business model she must sift through international economic data. Cora can best find her relevant data through which source? - Answers World Bank Data Identify some of the commercial companies that provide syndicated marketing research often used by organizations subscribed to their services: - Answers Nielsen, Yankelovich, Ipsos Choose all of the following types of organizations that provide free publicly available data: - Answers non-profit organizations and government agencies A discipline in marketing combining computer and database technology with marketing communications and customer service is the definition of: - Answers customer relationship management (CRM) A company used its CRM systems to capture customer information and interactions data and to centrally store this information. How else can a company use its CRM system? - Answers To tailor its marketing mix to customer interests and needs and target segments If you work with the tools of one of the leading providers of CRM, such as S, what components are included in their offerings? - Answers sophisticated analytical tools and data warehouses and databases What is different about using a CRM system approach rather than a traditional marketing research project approach? - Answers The CRM inquiries are more self-contained because of the tools system provides What is the next step to take after marketing research is conducted and results collected? - Answers marketers share marketing information with appropriate team members to highlight findings What is a useful exercise for a marketer to conduct to encourage a better reception of the marketing research insights in an organization? - Answers Review the original problem the research was trying to solve Armed with marketing research results, the company marketer Jeff is conducting a brainstorming session about the price of his company's main product. Which of these questions are most appropriate to steer the conversation about price? - Answers How would changes to pricing affect sales? The relationship formed between the seller and the customer after they both assess trade-offs and swap value is called the: - Answers exchange process A marketer must understand potential buyers' needs and wants to be able to address and satisfy them. There are two key questions the marketer needs to ask. The first is "How do potential buyers go about making purchase decisions?" What is the other question? - Answers what influences a potential buyer's decision process and in what way? Jim and his friends decide they want to start crossfit training to get in shape for their week-long mountain biking trip in the fall. Jim has become the designated gym and coach researcher for the group. Each of his buddies has "heard of a guy" who is good, so Jim begins calling and visiting various gyms, talking with other crossfitters, and collecting data to bring back to the group. What part of the consumer decision-making process is Jim working in right now? - Answers searching for information Jason has run out of toilet paper in the bathroom. He walks over to his supply closet only to discover that all of his toilet paper rolls have been used up. Jason has just experienced what part of the consumer decision-making process? - Answers recognition of a need