MARKETING MANAGEMENT - D174
UNIT 3 QUESTIONS &
ANSWERS(RATED A+)
What are examples of types of market research that are appropriate ways to select a
target market?
Choose two. - ANSWERBuyer 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 - ANSWERthe process that marketers use to conduct research and
collection of data on specific market questions.
Market information systems - ANSWERprovide 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.
Different types of research are required to achieve results to formulate good
marketing decisions. - ANSWERExamples of research types include exploratory,
descriptive, and causal.
Online sampling tools - ANSWERare a cost-effective way of collecting data by
enabling participants to contribute regardless of location by using an internet
connection.
What are common challenges of gathering primary data when conducting global
market research?
Choose two. - ANSWERUnreliable sampling procedures
Cultural views toward research
Correct! Unwillingness to respond, unreliable sampling procedures, inaccurate
language translations, and insufficient comprehension are the four biggest
challenges of collecting primary data in global markets.
What can a company learn from prospective and current customer inquiries? -
ANSWERNew 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. - ANSWERTo 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 - ANSWERdemographic information.
Market information systems are ongoing, evolving data and research processes.
External and internal forces impact market research and strategies such as -
ANSWERorganizational changes, economic shifts, and customer value shifts. Those
shifts offer different perspectives and information to better sort and acquire specific,
helpful data.
Correlational research - ANSWERused 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 - ANSWERconducted 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 - ANSWERused 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.
What are common challenges of gathering secondary data when conducting global
market research?
Choose two. - ANSWERAccessibility of secondary data
Unique measurement systems used
Correct! Data accessibility, dependability, and comparability are the biggest
challenges with secondary data in global market research.
General Data and Privacy Regulations (GDPR)— - ANSWERapplies to all European
Union (EU) member states. It was enacted to bolster the rights that EU citizens have
over their data and make companies more transparent in how they handle that data.
As a result, misusing personal data has serious consequences.
California Consumer Privacy Act (CCPA)— - ANSWERmore recent policy, enacted
January 2020, that grants California consumers robust data privacy rights and
control over their personal information. This includes the right to know, the right to
delete, and the right to opt-out of the sale of personal information that businesses
collect, as well as additional protections for minors.
UNIT 3 QUESTIONS &
ANSWERS(RATED A+)
What are examples of types of market research that are appropriate ways to select a
target market?
Choose two. - ANSWERBuyer 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 - ANSWERthe process that marketers use to conduct research and
collection of data on specific market questions.
Market information systems - ANSWERprovide 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.
Different types of research are required to achieve results to formulate good
marketing decisions. - ANSWERExamples of research types include exploratory,
descriptive, and causal.
Online sampling tools - ANSWERare a cost-effective way of collecting data by
enabling participants to contribute regardless of location by using an internet
connection.
What are common challenges of gathering primary data when conducting global
market research?
Choose two. - ANSWERUnreliable sampling procedures
Cultural views toward research
Correct! Unwillingness to respond, unreliable sampling procedures, inaccurate
language translations, and insufficient comprehension are the four biggest
challenges of collecting primary data in global markets.
What can a company learn from prospective and current customer inquiries? -
ANSWERNew 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. - ANSWERTo 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 - ANSWERdemographic information.
Market information systems are ongoing, evolving data and research processes.
External and internal forces impact market research and strategies such as -
ANSWERorganizational changes, economic shifts, and customer value shifts. Those
shifts offer different perspectives and information to better sort and acquire specific,
helpful data.
Correlational research - ANSWERused 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 - ANSWERconducted 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 - ANSWERused 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.
What are common challenges of gathering secondary data when conducting global
market research?
Choose two. - ANSWERAccessibility of secondary data
Unique measurement systems used
Correct! Data accessibility, dependability, and comparability are the biggest
challenges with secondary data in global market research.
General Data and Privacy Regulations (GDPR)— - ANSWERapplies to all European
Union (EU) member states. It was enacted to bolster the rights that EU citizens have
over their data and make companies more transparent in how they handle that data.
As a result, misusing personal data has serious consequences.
California Consumer Privacy Act (CCPA)— - ANSWERmore recent policy, enacted
January 2020, that grants California consumers robust data privacy rights and
control over their personal information. This includes the right to know, the right to
delete, and the right to opt-out of the sale of personal information that businesses
collect, as well as additional protections for minors.
