MKTG 3001 Exam 2 Updated Questions
And Answers With 100% Correct
Answers Graded A+
QUESTIONS AND ANSWERS
Marketing research. ANSWER - the process of defining a marketing problem and
opportunity, systematically collecting and analyzing information, and recommending
actions
reason for marketing research. ANSWER - to reduce the risk of and thereby improve
marketing decisions
measures of success. ANSWER - criteria or standards used in evaluating proposed
solutions to a problem
five step marketing research approach. ANSWER - 1.Define the problem
2. develop the research plan
3. Collect relevant information
4.develop findings
5. take marketing actions
Define the problem. ANSWER - set research objectives, identify possible marketing
actions (step 1 MKTG research)
develop the research plan. ANSWER - Specify constraints, identify data needed for
marketing actions, determine how to collect data (step 2 MKTG research)
collect relevant info. ANSWER - obtain secondary data, obtain primary data (step 3
MKTG research)
develop findings. ANSWER - analyze the data, present the findings (step 4 MKTG
research)
, take marketing action. ANSWER - make action recommendations, implement action
recommendations, evaluate results (step 5 MKTG research)
secondary data. ANSWER - facts and figures that have already been recorded prior to the
project at hand
marketing input data. ANSWER - relate to the effort expended to make sales (internal-
secondary data)
marketing output data. ANSWER - relate to the results of marketing efforts (internal-
secondary data)
primary data. ANSWER - facts and figures collected for a current project
observational data. ANSWER - facts and figures obtained by watching
questionnaire data. ANSWER - facts and figures obtained by asking people about their
attitudes, awareness, intentions and behaviors
data warehouse. ANSWER - collection of databases where internal and external data are
stored
information technology. ANSWER - involves operating computer networks that can store
and process data
data mining. ANSWER - the extraction of hidden predictive information from large
databases to find statistical links between consumer purchasing patterns and marketing
actions
sales forecast. ANSWER - the total sales of a product that a firm expects to sell during a
specified time period under certain conditions and its own marketing efforts
direct forecast. ANSWER - estimating the value to be forecast without any intervening
steps
And Answers With 100% Correct
Answers Graded A+
QUESTIONS AND ANSWERS
Marketing research. ANSWER - the process of defining a marketing problem and
opportunity, systematically collecting and analyzing information, and recommending
actions
reason for marketing research. ANSWER - to reduce the risk of and thereby improve
marketing decisions
measures of success. ANSWER - criteria or standards used in evaluating proposed
solutions to a problem
five step marketing research approach. ANSWER - 1.Define the problem
2. develop the research plan
3. Collect relevant information
4.develop findings
5. take marketing actions
Define the problem. ANSWER - set research objectives, identify possible marketing
actions (step 1 MKTG research)
develop the research plan. ANSWER - Specify constraints, identify data needed for
marketing actions, determine how to collect data (step 2 MKTG research)
collect relevant info. ANSWER - obtain secondary data, obtain primary data (step 3
MKTG research)
develop findings. ANSWER - analyze the data, present the findings (step 4 MKTG
research)
, take marketing action. ANSWER - make action recommendations, implement action
recommendations, evaluate results (step 5 MKTG research)
secondary data. ANSWER - facts and figures that have already been recorded prior to the
project at hand
marketing input data. ANSWER - relate to the effort expended to make sales (internal-
secondary data)
marketing output data. ANSWER - relate to the results of marketing efforts (internal-
secondary data)
primary data. ANSWER - facts and figures collected for a current project
observational data. ANSWER - facts and figures obtained by watching
questionnaire data. ANSWER - facts and figures obtained by asking people about their
attitudes, awareness, intentions and behaviors
data warehouse. ANSWER - collection of databases where internal and external data are
stored
information technology. ANSWER - involves operating computer networks that can store
and process data
data mining. ANSWER - the extraction of hidden predictive information from large
databases to find statistical links between consumer purchasing patterns and marketing
actions
sales forecast. ANSWER - the total sales of a product that a firm expects to sell during a
specified time period under certain conditions and its own marketing efforts
direct forecast. ANSWER - estimating the value to be forecast without any intervening
steps
