MKT 3301 EXAM 2 QUESTIONS AND VERIFIED
ANSWERS
Chapter 7 - Improving Decisions with Marketing Information
Two key sources for Marketing Information - Answers - 1) Marketing Research
2) Marketing Information System (MIS)
Marketing Research - Answers - these are procedures that develop and analyze new
information about a market and may involve use of questionnaires, interviews with
customers, direct observation, experiments and other appraches
Marketing Information System - Answers - it is an organized way of continually
gathering, accessing, and analyzing information that marketing managers need to make
ongoing decisions and also makes information more available and accessible
Why is marketing research needed? - Answers - to get the information they need to
make decisions during any step in the Marketing Strategy Planning Process - or to
improve implementation and control
Data Warehouse - Answers - a place where database are stored so that they are
available when needed;
Decision Support System (DSS) - Answers - is a computer program that makes it easy
for a marketing manager to get and use information as he or she is making decisions
Four elements of MIS - Answers - 1) Information Sources
2) Questions and Answers
3) Decision Maker
4) Results
Marketing Dashboard - Answers - one way to interface with DSS which displays up-to-
the minute marketing data in the easy-to-read format and are often customized to a
manager's area of responsability
Marketing Research - Answers - a set of procedures to develop and analyze new
information to help marketing manager make decisions;
What is needed to have good MS? - Answers - Marketing manager and Marketing
Researcher need to have a good working relationship and a good researcher will
understand the marketing problem as well as the technical details
, Marketing Model - Answers - is a statement of relationships among marketing variables;
it enables a manager to look at the sales (and costs) expected with different types of
promotion and select the marketing mix that is best
Marketing Research Process 5 Steps - Answers - 1) Defining the problem
2) Analyzing the situation
3) Getting problem-specific data
4) Interpreting the data
5) Solving the problem
Step 1: Defining the Problem - Answers - ...
Product Life Cycle and the stages - Answers - describes the stages a really new product
idea goes through from beginning to end and divided into four major stages:
1) Market Introduction
2) Market Growth
3) Market Maturity
4) Sales Decline
Market Introduction - Answers - sales are low as the new idea is first introduced and it is
investing in the future
Market Growth - Answers - industry sales grow fast but industry profits rise and then
start falling
1) Innovation Attracts Competition
2) Profits Peak and Then Decline
Market Maturity - Answers - industry sales level off, competition gets tougher, profits
continue down, product must have clear competitive advantage as it moves into
maturity
Sales Decline / Phasing Out Dying Produtcts - Answers - it is determined that the
product will not contribute to the achievement of the organization's objectives in the
future and it's the time of product replacement
How are new ideas developed? - Answers - New Product Development Process -
competitive research, talk to customers, surveys, customer complaints, international
markets
New Product Development Process (NPDP) - Answers - 1) Idea Generation - ideas
from customers and marketing research
2) Screening - strengths and weakeness, fit with objectives
3) Idea Evaluation - concept testing, rough estimates of costs, sales
4) Development - R&D, develop model or service prototype
5) Commercialization - finalize product & marketing plan, start production "roll out"
ANSWERS
Chapter 7 - Improving Decisions with Marketing Information
Two key sources for Marketing Information - Answers - 1) Marketing Research
2) Marketing Information System (MIS)
Marketing Research - Answers - these are procedures that develop and analyze new
information about a market and may involve use of questionnaires, interviews with
customers, direct observation, experiments and other appraches
Marketing Information System - Answers - it is an organized way of continually
gathering, accessing, and analyzing information that marketing managers need to make
ongoing decisions and also makes information more available and accessible
Why is marketing research needed? - Answers - to get the information they need to
make decisions during any step in the Marketing Strategy Planning Process - or to
improve implementation and control
Data Warehouse - Answers - a place where database are stored so that they are
available when needed;
Decision Support System (DSS) - Answers - is a computer program that makes it easy
for a marketing manager to get and use information as he or she is making decisions
Four elements of MIS - Answers - 1) Information Sources
2) Questions and Answers
3) Decision Maker
4) Results
Marketing Dashboard - Answers - one way to interface with DSS which displays up-to-
the minute marketing data in the easy-to-read format and are often customized to a
manager's area of responsability
Marketing Research - Answers - a set of procedures to develop and analyze new
information to help marketing manager make decisions;
What is needed to have good MS? - Answers - Marketing manager and Marketing
Researcher need to have a good working relationship and a good researcher will
understand the marketing problem as well as the technical details
, Marketing Model - Answers - is a statement of relationships among marketing variables;
it enables a manager to look at the sales (and costs) expected with different types of
promotion and select the marketing mix that is best
Marketing Research Process 5 Steps - Answers - 1) Defining the problem
2) Analyzing the situation
3) Getting problem-specific data
4) Interpreting the data
5) Solving the problem
Step 1: Defining the Problem - Answers - ...
Product Life Cycle and the stages - Answers - describes the stages a really new product
idea goes through from beginning to end and divided into four major stages:
1) Market Introduction
2) Market Growth
3) Market Maturity
4) Sales Decline
Market Introduction - Answers - sales are low as the new idea is first introduced and it is
investing in the future
Market Growth - Answers - industry sales grow fast but industry profits rise and then
start falling
1) Innovation Attracts Competition
2) Profits Peak and Then Decline
Market Maturity - Answers - industry sales level off, competition gets tougher, profits
continue down, product must have clear competitive advantage as it moves into
maturity
Sales Decline / Phasing Out Dying Produtcts - Answers - it is determined that the
product will not contribute to the achievement of the organization's objectives in the
future and it's the time of product replacement
How are new ideas developed? - Answers - New Product Development Process -
competitive research, talk to customers, surveys, customer complaints, international
markets
New Product Development Process (NPDP) - Answers - 1) Idea Generation - ideas
from customers and marketing research
2) Screening - strengths and weakeness, fit with objectives
3) Idea Evaluation - concept testing, rough estimates of costs, sales
4) Development - R&D, develop model or service prototype
5) Commercialization - finalize product & marketing plan, start production "roll out"
