Test Bank for Marketing The Core Fifth Canadian Edition by Kerin,Hartley,Bureau

Test Bank for Marketing The Core Fifth Canadian Edition by Kerin,Hartley,Bureau Market Research, Metrics, and Analytics True / False Questions 1. The ultimate purpose of market research is to help make better business decision. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-01 Explain the value of market research; metrics; and analytics. Topic: 04-01 Market Research and Metrics 2. All companies use the same set of metrics to track business success. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-01 Explain the value of market research; metrics; and analytics. Topic: 04-01 Market Research and Metrics 3. Metrics measure performance using numeric information. TRUE Accessibility: Keyboard Navigation Blooms: Understand Difficulty: Moderate Learning Objective: 04-02 Outline the different categories of metrics. Topic: 04-02 Metrics 4. Big data refers to data used exclusively by large companies. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-03 Describe the different types of data and their challenges. Topic: 04-03 Big Data and Analytics 5. The 4 v’s of big data are: volume, viscosity, variety and veracity. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Moderate Learning Objective: 04-03 Describe the different types of data and their challenges. Topic: 04-03 Big Data and Analytics 6. Structured data includes numeric data and word-processed information. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-03 Describe the different types of data and their challenges. Topic: 04-04 Types of Data 7. Analytics can help marketers with market segmentation and market planning. TRUE Accessibility: Keyboard Navigation Blooms: Understand Difficulty: Easy Learning Objective: 04-04 Describe the methods of analyzing big data. Topic: 04-05 Analytics 8. Market research can help in the relative success of current and competitive marketing practices and troubleshoot problems. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-05 Differentiate between exploratory; descriptive; and causal research. Topic: 04-06 Types of Market Research 9. Exploratory research is often conducted with the expectation that subsequent and more conclusive research will follow. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-05 Differentiate between exploratory; descriptive; and causal research. Topic: 04-07 Exploratory Research 10. Research designed to identify cause-and-effect relationships among variables is termed descriptive research. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-05 Differentiate between exploratory; descriptive; and causal research. Topic: 04-08 Descriptive Research 11. Causal research studies examine elements such as the effect of advertising on sales and the relationship between price and perceived product quality. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-05 Differentiate between exploratory; descriptive; and causal research. Topic: 04-09 Casual Research 12. Objectives are specific, measurable goals that the decision maker seeks to achieve. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-06 Identify the step-by-step market research approach. Topic: 04-11 Step 1: Define the Problem/Issue/Opportunity 13. The second step in the market research process is to define the problem, issue, or opportunity. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-06 Identify the step-by-step market research approach. Topic: 04-12 Step 2: Design the Research Plan 14. Sampling is the process of gathering data from a subset of the total population, rather than from all members of that particular group. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-06 Identify the step-by-step market research approach. Topic: 04-12 Step 2: Design the Research Plan 15. Probability sampling involves the use of arbitrary judgment by the market researcher to select a sample so that the chance of selecting a particular element of the population is either unknown or zero. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-06 Identify the step-by-step market research approach. Topic: 04-12 Step 2: Design the Research Plan 16. Exploratory secondary data is data that researchers have to create through options such as focus groups, in-depth interviews, and online communities. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Moderate Learning Objective: 04-06 Identify the step-by-step market research approach. Topic: 04-13 Step 3: Conduct Exploratory and Qualitative Research 17. Focus group research, in-depth interviews, online communities, online bulletin boards, and social listening are forms of research called qualitative research. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Moderate Learning Objective: 04-06 Identify the step-by-step market research approach. Topic: 04-13 Step 3: Conduct Exploratory and Qualitative Research 18. Qualitative research is statistically reliable information that uses observational techniques and/or questioning methods such as surveys or experiments to deliver statistically significant results. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-06 Identify the step-by-step market research approach. Topic: 04-13 Step 3: Conduct Exploratory and Qualitative Research 19. Secondary data is lower in cost and easier to obtain than primary data. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-06 Identify the step-by-step market research approach. Topic: 04-13 Step 3: Conduct Exploratory and Qualitative Research 20. An in-depth interview is an informal interview session in which six to ten people are brought together in a room with a moderator to discuss topics surrounding the market research problem. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-06 Identify the step-by-step market research approach. Topic: 04-13 Step 3: Conduct Exploratory and Qualitative Research 21. The online research community uses vocal consumers, often in high-involvement categories such as sports and entertainment. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-07 List and describe primary research tools and their advantages and disadvantages. Topic: 04-14 Step 4: Collect Quantitative Primary Research 22. Observational research is obtained by watching how people behave, either in person or by using a machine to record events. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-07 List and describe primary research tools and their advantages and disadvantages. Topic: 04-14 Step 4: Collect Quantitative Primary Research 23. Syndicated surveys are performed by research companies who effectively spread the cost of research across several clients. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Moderate Learning Objective: 04-07 List and describe primary research tools and their advantages and disadvantages. Topic: 04-14 Step 4: Collect Quantitative Primary Research 24. An experiment is an in-market localized regional approach, or short-term online destination, used to test the success of promotional offers, new services, or new-product launches. FALSE Accessibility: Keyboard Navigation Blooms: Understand Difficulty: Difficult Learning Objective: 04-07 List and describe primary research tools and their advantages and disadvantages. Topic: 04-14 Step 4: Collect Quantitative Primary Research 25. A marketing experiment involves changing a variable involved in a purchase to find out what happens. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-07 List and describe primary research tools and their advantages and disadvantages. Topic: 04-14 Step 4: Collect Quantitative Primary Research 26. Experiments can be conducted only in contrived environments. FALSE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-07 List and describe primary research tools and their advantages and disadvantages. Topic: 04-14 Step 4: Collect Quantitative Primary Research 27. Once data collection is complete, marketers are ready to make decisions. FALSE Accessibility: Keyboard Navigation Blooms: Understand Difficulty: Moderate Learning Objective: 04-07 List and describe primary research tools and their advantages and disadvantages. Topic: 04-15 Step 5: Compile; Analyze; and Interpret Data 28. To be effective, research reports must be structured to help marketers make specified decisions. TRUE Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-07 List and describe primary research tools and their advantages and disadvantages. Topic: 04-16 Step 6: Generate Reports and Recommendations Multiple Choice Questions 29. At its core, market research is used to A.Defend preferred decisions or choices B. Reduce the risk in making decisions C. Predict the future with certainty D. Defend market share against new competitors Market research is used to help reduce the risk of making bad decisions. It is used to provide specific information to help with specific decisions. Accessibility: Keyboard Navigation Blooms: Understand Difficulty: Easy Learning Objective: 04-01 Explain the value of market research; metrics; and analytics. Topic: 04-01 Market Research and Metrics 30. Many companies consider market share as a critical measure of their relative success in an industry. This is an example of a(n) A.Metric B. Profit goal C. Dashboard D. Big data platform Metrics are numerical measures used by marketers to measure success or effectiveness of actions. Market share is a commonly used metric that compares the sales of one firm against the total sales for all firms in a category. Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-02 Outline the different categories of metrics. Topic: 04-02 Metrics 31. Which of these is NOT one of the 4 Vs of Big Data? A.Volume B. Velocity C. Variety D. Viscosity The 4 Vs of Big Data include volume, variety, velocity and veracity. Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-03 Describe the different types of data and their challenges. Topic: 04-03 Big Data and Analytics 32. The challenge for marketers with big data is A.Which pieces of data are relevant and what patterns emerge as useful B. To ensure that each of the 4 Vs is adequately reflected in the data C. Finding adequate sources of data D. Converting structured data into unstructured forms to allow for analysis The challenge for marketers with big data is sorting through all the data sources to find information that is relevant, accurate and reliable. Accessibility: Keyboard Navigation Blooms: Understand Difficulty: Moderate Learning Objective: 04-03 Describe the different types of data and their challenges. Topic: 04-03 Big Data and Analytics 33. The goal of analytics is to A.Utilize the 4Vs in a cost effective way B. Describe numerical data in non-numeric terms C. Forecast economic conditions D. Use metric data to help make better decisions Analytics aims to use metrics data in order to help managers make better decisions. Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Moderate Learning Objective: 04-04 Describe the methods of analyzing big data. Topic: 04-05 Analytics 34. _____ is formally defined as the process of planning, collecting, and analyzing information in order to recommend actions to improve marketing activities. A.Marketing information system B. Market research C. Market watch D. Market exploration Market research is formally defined as the process of planning, collecting, and analyzing information in order to recommend actions to improve marketing activities. Accessibility: Keyboard Navigation Blooms: Remember Difficulty: Easy Learning Objective: 04-01 Explain the value of market research; metrics; and analytics. Topic: 04-01 Market Research and Metrics 35. Types of Market Research include exploratory, descriptive and A.Selective B. Objective C. Omnibus D. Causal