Session:6 Marketing Research and Market Intelligence

Answer Key

Principles of Marketing | Leadership Development – Micro-Learning Session

Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/principles-marketing

6.1 Knowledge Check

1. d. Marketing research is the process of collecting information from a variety of sources in order to make a
good managerial decision.
2. b. A marketing information system is a collection of data that an organization uses to make marketing
decisions.
3. b. Individuals uploading personal data into social media is part of the volume, velocity, and variety of data
that makes up big data.
4. a. Although marketing research is helpful in providing the data necessary for successful business ventures,
there is no guarantee that it will cause customer satisfaction.
5. c. Although a competitor’s information is interesting, your company would not have access to it, and
therefore it would not be considered marketing research.

6.2 Knowledge Check

1. c. A response to a customer service survey by a customer would be external information.
2. a. Of the available answers, pricing of the competition would be a good source of information to have
before setting Xin’s price.
3. d. A marketing information system is not a source of information—it is where the information is stored
within a business.
4. d. A competitor’s website is an opportunity to learn more about the company and its resources, products,
promotional plans, and pricing.
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5. b. Internal data is data that already exists within a company’s database. Internal data includes sales
records, product research, pricing comparisons, and other data compiled previously.

6.3 Knowledge Check

1. d. Deciding who to include in the research study is part of designing the sample.
2. a. A mailed survey can be sent to all households easily through a postal service.
3. c. The collection of data includes both primary (focus group and survey data) and secondary (journal
articles and syndicated data).
4. d. A frequency analysis shows how many people reported each answer on a survey.
5. a. A cross tabulation shows the relationship of two different variables, so the researcher can see if there is
correlation between the two.