©FYNDLAY 2024/2025 ALL RIGHTS RESERVED.
MKT 3301: Exam 2 Questions And Answers
100% Verified And Updated.
Chapter 7 - Answer✔Improving Decisions with Marketing Information
Two key sources for Marketing Information - Answer✔1) Marketing Research
2) Marketing Information System (MIS)
Marketing Research - Answer✔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 - Answer✔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? - Answer✔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 - Answer✔a place where database are stored so that they are available when
needed;
Decision Support System (DSS) - Answer✔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 - Answer✔1) Information Sources
2) Questions and Answers
3) Decision Maker
4) Results
Marketing Dashboard - Answer✔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 - Answer✔a set of procedures to develop and analyze new information to
help marketing manager make decisions;
1|Page
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED.
What is needed to have good MS? - Answer✔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 - Answer✔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 - Answer✔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 - Answer✔...
Product Life Cycle and the stages - Answer✔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 - Answer✔sales are low as the new idea is first introduced and it is
investing in the future
Market Growth - Answer✔industry sales grow fast but industry profits rise and then start falling
1) Innovation Attracts Competition
2) Profits Peak and Then Decline
Market Maturity - Answer✔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 - Answer✔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? - Answer✔New Product Development Process - competitive
research, talk to customers, surveys, customer complaints, international markets
New Product Development Process (NPDP) - Answer✔1) Idea Generation - ideas from
customers and marketing research
2) Screening - strengths and weakeness, fit with objectives
2|Page
MKT 3301: Exam 2 Questions And Answers
100% Verified And Updated.
Chapter 7 - Answer✔Improving Decisions with Marketing Information
Two key sources for Marketing Information - Answer✔1) Marketing Research
2) Marketing Information System (MIS)
Marketing Research - Answer✔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 - Answer✔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? - Answer✔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 - Answer✔a place where database are stored so that they are available when
needed;
Decision Support System (DSS) - Answer✔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 - Answer✔1) Information Sources
2) Questions and Answers
3) Decision Maker
4) Results
Marketing Dashboard - Answer✔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 - Answer✔a set of procedures to develop and analyze new information to
help marketing manager make decisions;
1|Page
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED.
What is needed to have good MS? - Answer✔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 - Answer✔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 - Answer✔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 - Answer✔...
Product Life Cycle and the stages - Answer✔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 - Answer✔sales are low as the new idea is first introduced and it is
investing in the future
Market Growth - Answer✔industry sales grow fast but industry profits rise and then start falling
1) Innovation Attracts Competition
2) Profits Peak and Then Decline
Market Maturity - Answer✔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 - Answer✔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? - Answer✔New Product Development Process - competitive
research, talk to customers, surveys, customer complaints, international markets
New Product Development Process (NPDP) - Answer✔1) Idea Generation - ideas from
customers and marketing research
2) Screening - strengths and weakeness, fit with objectives
2|Page
