Exam 1 Market Research

The primary role of market research is to reduce the risk in making business decisions.

True

False

True

Research in which results are measurable and can be counted is referred to as _____

• secondary research

• quantitative research

• qualitative research

• primary research

• quantitative research

Market research can be used to help address which of the following business questions?

• What should be the creative focus of new advertising campaign?

• Should a current product or service be altered or eliminated?

• Should the organization expand to new markets?

• What product or service should be developed next?

• All of these

• All of these

A guided discussion with a small group of participants is referred to as _____.

• quantitative research

• observational research

• a focus group

• survey research

• a focus group

A single piece of information in research is referred to as

• mean score

• data

• percentile

• datum

• datum

Demographics are ___

• the voice of the customer

• data collected from opinion research

• attitudes and behaviors

• statistics tat describe target consumers’ attributes

• statistics tat describe target consumers’ attributes

The following factors can help decide whether or not to engage in market research activities, except _____

• the cost versus the benefit of having the findings

• the time needed to gather research

• the risk level of the business decision

• the product’s current position in the product life cycle

• the product’s current position in the product life cycle

Secondary research is ___

• internal research

• external research

• existing research

• original research

• existing research

True or False: The terms “market research” and “marketing research” are often used interchangeably

True

Psychographics are ___

• statistics that describe target consumers’ attributes

• data collected from opinion research

• attitudes and behaviors of the target consumer

• the voice of the consumer

• the voice of the consumer

Primary research is _____

• original research

• internal research

• external research

• existing research

• original research

True or False: Market research should always be conducted regardless of the level of risk

False

True or False: Market research should always be conducted regardless of the level of risk

False

True or False: Primary data can be either quantitative or qualitative

True

Secondary research is typically ___ and ____ compared to primary research

• more accurate, includes a more robust sample size

• less costly; quicker to obtain

• more expensive; slower to obtain

• less accurate; includes a smaller size

• less costly; quicker to obtain

Who conducts market research?

• a mix of on-staff and external resources

• an external research form

• an-staff research experts

• all of these

• all of these

Each of the following is a focus of market research expert ____

• understanding the current market

• gathering assessments from stakeholders groups

• exploring emerging markets

• assessing employee performance

• assessing employee performanceWhich

Which of the following is not an advantage to hiring an external research consultancy versus conducting research in-house?

• May have access to comparative data

• More likely to remain objective and unbiased

• Generally cheaper

• Generally cheaper

The research objective ____

• is detailed and tactical in nature

• declares the purpose of conducting research

• should be positioned at the end of the proposal

• should be addressed only after a methodology is chosen

• declares the purpose of conducting research

True or false: Secondary data can be either qualitative or quantitative

True

An in-depth, semi-structured, question-and-answer session with one to three participants is considered

________.

• ethnographic research

• an interview

• a focus group

• secondary research

• an interview

Focus groups are _____.

• a primary quantitative method

• an internal secondary method

• an external secondary method

• a primary qualitative method

• a primary qualitative method

True or false: Research plans are only used when a company hires a research consulting firm

False

Research questions_____

• declare the purpose of conducting the research

• are detailed and tactical in nature

• are detailed and tactical in nature and help out the overarching research objective

• help flesh out the overarching research objective

• are detailed and tactical in nature and help out the overarching research objective

The methodology involves researchers secretly acting as consumers in order to gather data on the customer experience

• mystery shopping

• experiments

• focus groups

• observational research

• mystery shopping

What is a variable?

• tests causal relationships

• data that does not change over time

• descriptive data

• data that has a quantity that can vary

• data that has a quantity that can vary

True or false: Multiple methodologies can be deployed during the course of a single research project

True

Each of the following is part of the research plan except ____

• cost/investment

• study conclusions

• research objective

• study timeline

• study conclusions

This methodology is used for giving insight into the real consumer decision making process, how to improve customer service interactions, as well as retail design/layouts.

• ethnographic market research

• focus groups

• mystery shopping

• surveys

• ethnographic market research

The three types of research are exploratory, descriptive, and ______

• causal

• dual

• sample

• statistical

• causal

True or false: Home use tests involve participants recruited in a public place to take part in consumer research studies in

False

Capturing authentic behaviors, reactions, and interactions involving a product, product concept, or service in a real-world setting is which type of methodology?

• ethnographic market research

• Surveys

• mystery shopping

• focus group

• ethnographic market research

Which of the following is used to examine cause and effect relationships?

• mystery shopping

• experiments

• focus groups

• ethnographic market research

• experiments

True or false: by identifying the research objective and corresponding research questions, researchers can directly map each project to a definitive methodology

False

Exploratory research

• describes demographic characteristics, psychological behaviors, as well as opinions help by a market

• is used to discover new ideas or brainstorm solutions

• cannot be projected upon a larger population

• aims to determine if changes in one variable impacts changes in another variable

• is used to discover new ideas or brainstorm solutions

Which method is used to ask questions in real time as a product is being tested in order to capture authentic first impressions?

• observational research

• home use tests

• central location tests

• secondary research

• central location tests

How is feedback from a home use test typically obtained?

• secondary research methods

• a follow-up survey

• experiments

• exploratory research

• a follow-up survey

Causal research ___

• cannot be projected upon a larger population

• is used to discover new ideas or brainstorm solutions

• describes demographic characteristics, psychographic behaviors, as well as opinions held by a market

• aims to determine if changes in one variable impacts changes in another variable

• aims to determine if changes in one variable impacts changes in another variable

Results from past studies conducted internally are considered

• external secondary research

• primary data

• segmentation data

• internal secondary research

• internal secondary research

Geodemographic segmentation can be useful for each of the following except:

• for how to attract and communicate with targeted clusters

• in cases whether or not it makes sense to advertise in a particular area

• when identifying weaknesses of a current product

• for examining the viability of opening a new location

• for examining the viability of opening a new location

Sales and customer data are considered ____

• external secondary data

• internal secondary data

• external primary data

• primary data

• internal secondary data

A comparison value against past performance or performance of a standard business unit is considered an

• internal benchmark

• external benchmark

• segmentation result

• sales data trend result

• internal benchmark

Sales data are often collected in the following forms, except ___

• amount of services performed

• items sold

• inventory in stock

• memberships sold

• inventory in stock

Each of the following is an advantage to secondary research, except that it ____

• can help guide subsequent primary research

• is generally more accurate than conducting primary research

• is typically inexpensive

• does not require access to a sample of respondents or participants

• is generally more accurate than conducting primary research

Data collected on to whom products, services, or memberships are sold are considered ____

• primary data

• infographic data

• sales data

• customer data

• customer data

_____ analysis is used to determine which customers are most profitable and the degree to which product differentiation is required

• benchmark

• experimental

• secondary

• segmentation

• segmentation

True or False: Geography is one way to segment customers

True

True or False: Internal secondary data may not be useful when the research objective is related to entering new markets or attracting new customers

True

The following are common in ways to collect sales data except ____

• location

• sales representative

• usage behavior

• time

• usage behavior

True or False: Memberships sold and amount of subscribers to a service do not count as sales data; only revenue is considered sales data

False

All of the following are disadvantages to secondary research, except that ____

• all of these are disadvantages

• data could be outdated

• external secondary data may not be comparable to internal data

• the quality and accuracy must be scrutinized

• all of these are disadvantages

True or False: sales by new versus returning customers is an important metric commonly tracked by organizations

True

Secondary research might typically come into play in the following situations, except when

• examining outcomes to similar research questions posed in the past

• benchmarking against past internal performance

• gathering customer satisfaction results regarding a recent product launch

• monitoring competitor and market trends

• gathering customer satisfaction results regarding a recent product launch

True or false: a survey or focus group conducted last year was considered primary research originally, but this year may be considered secondary research

trueA

A beauty company collecting sales data on their perfume sales versus their hair care sales is an example of collecting sales data by ____

• type of product sold

• product line

• new and returning customers

• sales representatives

• product line

True or false: it is suggested to only segment customers by demographic, attributes since psychographic attributes are not quantitative

False

Reporting real-time sales data can be accomplished through the use of sales ____

• dashboard

• primary research report

• benchmark

• segment locator

• dashboard

Internal secondary research involves _____

• original research conducted internally

• original research conducted by an external firm

• existing research gathered within a researcher’s own company

• existing research gathered outside of a researcher’s own company

• existing research gathered within a researcher’s own company

A _____ is a slogan or statement that represents a company’s offerings

• value proposition

• key brand attribute

• brand read

• tagline

• tagline

Types of industry trends market researchers may monitor include the following except ______

• regulations and policies

• all of these

• industry innovations

• supply chain trends

• all of these

When a company compares an outcome value such as sales, revenue, or market share against the same outcome value of another organization, it is considered a/an ____

• competitor index

• external benchmark

• consumer benchmark

• internal benchmark

• external benchmark

Organizations in the same industry that use different distribution methods, price points, and/or target a slightly different market are considered _____.

• peer organization

• direct competitors

• indirect competitors

• aspirational organizations

• indirect competitors

Efforts related to collecting data on the social media engagement of the target consumer is considered

_______

• digital marketing data collection

• social media listening

• social media monitoring

• environmental scanning

• environmental scanning

Sources of external secondary research include each of the following except ___

• existing customer survey results

• industry databases

• population statistics of a target market area

• results of a survey conducted by a trade organization

• existing customer survey results

Secondary research can be used to gather information about the following topics except:

• brand reputation

• industry and competitive data

• current level of employee satisfaction

• population statistics

• current level of employee satisfaction

Digital marketing data includes the following except ____

• percent satisfied with service

• number of people ad has reached

• cost metrics, including cost per click or result

• number of people who click on ad

• percent satisfied with service

True or False: Secondary research can be exploratory

True

True or False: Product and pricing intelligence involves understanding competitors through monitoring their product and service offerings as well as associated pricing strategies

True

True or False: Indirect competitors are organizations offering similar products and services to the same target market using similar price points and distribution methods

False

The portion of targeted consumer market a company controls or “owns” by the way of its products or services is referred to as ___

• consumer benchmark

• market stock

• market share

• competitor index

• market share

Ture or False: One of the main reasons to monitor consumer trends is to aid in developing new product ideas and customer service enhancements

True

What makes environmental scanning different from other forms of secondary research?

• there is no specific research objective

• data is limited to industry databases

• the sources used are not the same

• citations are not needed

• there is no specific research objective

The effort to gauge online sentiment is considered ____

• social media listening

• digital marketing data collection

• environmental scanning

• social media monitoring

• social media listening

All of the following are reputable secondary sources except ____

• blogs

• libraries

• trade associations

• research vendors

• blogs

True or False: So-called “field experts” should not be used when conducting environmental scanning since their affinity for the topic could bias results

False

Data resulting from digital advertising is considered a part of ______

• social media listening data

• social media monitoring data

• digital multimedia

• digital marketing data

• digital marketing data

True or false: If data is collected through secondary means do not fit the questions researchers are trying to answer, the data should not be used at all

False