WGU D174 UNIT 3 – MARKETING MANAGEMENT
What are examples of types of market research that are appropriate ways to select a
target market?
Choose two. - Answers - 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 - Answers - the process that marketers use to conduct research and
collection of data on specific market questions.
Market information systems - Answers - 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? - Answers
- 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. - Answers - 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 - Answers - demographic information.
Market information systems are ongoing, evolving data and research processes.
External and internal forces impact market research and strategies such as - Answers
- organizational changes, economic shifts, and customer value shifts. Those shifts offer
different perspectives and information to better sort and acquire specific, helpful data.
Correlational research - Answers - used when a researcher measures two variables
and looks for statistical relationships, or correlation, between the two.With the laptop
launch, a correlational research study may address the relationship between the price of
the new laptop and sales. Having this understanding could give the marketer additional
insight when establishing an entry price point and pricing strategy.
, Regression analysis - Answers - conducted when a study examines multiple variables,
including a dependent and one or more independent variables. For the laptop launch,
an example of regression analysis could be to study the effect of an advertising
campaign on new laptop purchases.
Crosstabulation research - Answers - used to analyze the relationship between
multiple variables. With the new laptop launch, a crosstabulation study may compare
laptop features such as screen size, battery life, price, and size with consumer
demographics such as age, income, or stage of life to determine which laptop features
match with a target market.
Market research is a systematic process of obtaining data for decision-making. The
market research process consists of six steps: - Answers - define the research
problem, establish research design, search secondary sources, collect the data,
analyze the data, and report the findings
CRM - Answers - a process for managing all an organization's interactions with its
customers. When performed correctly, CRM helps a firm increase its revenue and
profits because it aligns the firm's structure and allocates resources to focus the
company on its relationship with customers
Two key metrics that marketers focus on within CRM are - Answers - customer lifetime
value (CLV) and return on customer investment (ROCI).
Customer Lifetime Value (CLV) - Answers - represents how valuable a customer is on
a purchase-by-purchase measurement and over the entire period of their engagement
with the organization.
Return on Customer Investment (ROCI) - Answers - helps the organization prioritize
how its resources are used. Some consumers are worth investing in over the lifetime of
a relationship based on their contribution to organizational sales and profits.
Which of the following are objectives of customer relationship management (CRM)? -
Answers - Customer acquisition, retention, and profitability
Correct! CRM involves focusing on the right customers and maintaining the satisfaction
and retention of those customers.
What is defined as the degree to which an individual will resist switching from one
offering to another? - Answers - Customer loyalty
Correct! Customer loyalty is the customer's desire to favor a product or organization and
resist the need to switch to a competitor.
CRM is a cycle that involves following four elements. These four elements foster both
learning and action for marketers - Answers - Knowledge discovery
Market planning
Customer interaction
What are examples of types of market research that are appropriate ways to select a
target market?
Choose two. - Answers - 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 - Answers - the process that marketers use to conduct research and
collection of data on specific market questions.
Market information systems - Answers - 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? - Answers
- 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. - Answers - 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 - Answers - demographic information.
Market information systems are ongoing, evolving data and research processes.
External and internal forces impact market research and strategies such as - Answers
- organizational changes, economic shifts, and customer value shifts. Those shifts offer
different perspectives and information to better sort and acquire specific, helpful data.
Correlational research - Answers - used when a researcher measures two variables
and looks for statistical relationships, or correlation, between the two.With the laptop
launch, a correlational research study may address the relationship between the price of
the new laptop and sales. Having this understanding could give the marketer additional
insight when establishing an entry price point and pricing strategy.
, Regression analysis - Answers - conducted when a study examines multiple variables,
including a dependent and one or more independent variables. For the laptop launch,
an example of regression analysis could be to study the effect of an advertising
campaign on new laptop purchases.
Crosstabulation research - Answers - used to analyze the relationship between
multiple variables. With the new laptop launch, a crosstabulation study may compare
laptop features such as screen size, battery life, price, and size with consumer
demographics such as age, income, or stage of life to determine which laptop features
match with a target market.
Market research is a systematic process of obtaining data for decision-making. The
market research process consists of six steps: - Answers - define the research
problem, establish research design, search secondary sources, collect the data,
analyze the data, and report the findings
CRM - Answers - a process for managing all an organization's interactions with its
customers. When performed correctly, CRM helps a firm increase its revenue and
profits because it aligns the firm's structure and allocates resources to focus the
company on its relationship with customers
Two key metrics that marketers focus on within CRM are - Answers - customer lifetime
value (CLV) and return on customer investment (ROCI).
Customer Lifetime Value (CLV) - Answers - represents how valuable a customer is on
a purchase-by-purchase measurement and over the entire period of their engagement
with the organization.
Return on Customer Investment (ROCI) - Answers - helps the organization prioritize
how its resources are used. Some consumers are worth investing in over the lifetime of
a relationship based on their contribution to organizational sales and profits.
Which of the following are objectives of customer relationship management (CRM)? -
Answers - Customer acquisition, retention, and profitability
Correct! CRM involves focusing on the right customers and maintaining the satisfaction
and retention of those customers.
What is defined as the degree to which an individual will resist switching from one
offering to another? - Answers - Customer loyalty
Correct! Customer loyalty is the customer's desire to favor a product or organization and
resist the need to switch to a competitor.
CRM is a cycle that involves following four elements. These four elements foster both
learning and action for marketers - Answers - Knowledge discovery
Market planning
Customer interaction
