Chapter 15

25 July 2022
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question
Conjoint studies are run to understand how consumers make __________.
answer
trade-offs
Explanation: Conjoint studies are run to understand how consumers make decisions. In particular, they help to identify the relative importance of different factors that go into a purchase decision. For example, a conjoint study might be used to understand how much weight consumers give to price, compared to factors like brand or product features.
question
Perceptual maps are pictures of competing brands as well as attributes.
answer
TRUE
Explanation: Perceptual maps are used by businesses to understand how consumers perceive their products in relation to competitor products. Perceptual maps can be used to identify gaps in the market, and to develop marketing strategies to target those gaps.
question
Conjoint methods are used frequently in studies of pricing and branding.
answer
TRUE
Explanation: Conjoint methods are used to understand how people value different attributes of a product or service. For example, in a study of pricing, researchers might use conjoint analysis to understand how people value different features of a product, such as the brand, the price, the quality, and the features. In a study of branding, researchers might use conjoint analysis to understand how people value different aspects of a brand, such as the name, the logo, the slogan, and the advertising.
question
Scanner data originated in retail grocery stores as an inventory management tool, and quickly became even more valuable as a marketing tool.
answer
TRUE
Explanation: Scanner data is information that is collected when customers use a scanner to scan items at a store. This data is used to track inventory and sales, and can also be used for marketing purposes. Retailers can use this data to see what products are selling well and what products are not selling well. This information can be used to make decisions about promotions, pricing, and product assortment.
question
Strict ethical policies are followed by marketing researchers, such as keeping individual respondents' identities and responses confidential.
answer
TRUE
Explanation: When marketing researchers collect data from individual respondents, they follow strict ethical policies to keep the respondents' identities and responses confidential. This means that the researchers do not share the respondents' information with anyone outside of the research team, and they take steps to protect the respondents' anonymity. These policies help to ensure that the data collected is used only for research purposes and that the respondents' privacy is respected.
question
ABC Products, Inc. wants to kick-off an ethnographic study to learn more about how its customers use and interact with its best-selling product. Ethnographies involve ________.
answer
a mix of observation and interviews
Explanation: An ethnography is a qualitative research method that involves observing and interviewing people in their natural environment. The goal of an ethnography is to understand the culture, values, and beliefs of a group of people.
question
Every marketing decision should be based on _______.
answer
facts
Explanation: Every marketing decision should be based on the company's marketing objectives. The marketing objectives should be based on the company's overall business objectives.
question
Marketing research is quite rigid--there are only a couple of ways to do it.
answer
FALSE
Explanation: Marketing research is the process of gathering information about consumers and businesses in order to better understand how to market products and services. There are a few different ways to conduct marketing research, but the most common methods are surveys, focus groups, and interviews.Marketing research is important because it helps businesses to better understand the needs and wants of their customers. By understanding what consumers are looking for, businesses can tailor their products and services to better meet those needs. Additionally, marketing research can help businesses to identify trends and understand how to better reach their target market.While there are only a few main methods of conducting marketing research, there are many different ways to go about each method. For example, surveys can be conducted online, by phone, or in person. Focus groups can be held in person or online, and interviews can be conducted one-on-one or in a group setting.No matter how marketing research is conducted, the goal is always to gather accurate and reliable information that businesses can use to improve their marketing efforts.
question
ROMI stands for referral of multidimensional information.
answer
FALSE
Explanation: ROMI stands for referral of multidimensional information. This refers to the process of collecting information from multiple sources and then analyzing it to identify patterns and trends. This information can be used to make decisions about marketing strategies and tactics.
question
Focus groups are typically used as exploratory techniques, meaning the researcher doesn't quite know yet what questions to put on a survey.
answer
TRUE
Explanation: Focus groups are typically used as exploratory techniques, meaning the researcher doesn't quite know yet what questions to put on a survey. Focus groups allow the researcher to probe and explore the topic at hand in a more informal setting, and to ask follow-up questions as needed. This can be helpful in refining the research question and/or hypothesis, and in developing survey questions that will be more likely to produce meaningful results.
question
Scanners began in _______ to help inventory management, but it quickly became obvious that the information obtained was valuable for far more.
answer
grocery stores
Explanation:Focus groups are typically used as exploratory techniques, meaning the researcher doesn't quite know yet what questions to put on a survey. Focus groups allow the researcher to probe and explore the topic at hand in a more informal setting, and to ask follow-up questions as needed. This can be helpful in refining the research question and/or hypothesis, and in developing survey questions that will be more likely to produce meaningful results.
question
It would be a waste of money to hire a market researcher to help with cluster analysis.
answer
FALSE
Explanation: There are a few reasons why it would be a waste of money to hire a market researcher to help with cluster analysis. First, cluster analysis is a fairly simple technique that can be learned with a little bit of effort. Second, market researchers are expensive, and their time could be better spent on more important tasks. Finally, cluster analysis is not always the best tool for the job; sometimes other techniques, such as factor analysis, are more appropriate.
question
Data analysis can be used to address just about any marketing question.
answer
TRUE
Explanation: Data analysis can be used to address just about any marketing question. This is because data analysis allows marketers to see patterns and trends in customer behavior, which can then be used to make informed decisions about marketing strategies. For example, data analysis can be used to determine which marketing channels are most effective at reaching target customers, what type of messaging is most likely to resonate with customers, or which customer segments are most valuable to a company.
question
Scanner data, combined with shopper demographics, provides useful data for marketing researchers seeking insights about customer purchase behavior.
answer
TRUE
Explanation: Scanner data is data that is collected when customers use scanners to scan items at the store. This data is then combined with shopper demographics, which includes information such as age, gender, income, and location. This combination of data provides useful insights about customer purchase behavior. For example, researchers can use this data to understand what types of products are being purchased by different types of customers, how often customers are buying certain products, and what types of promotions are most effective at influencing customer behavior.
question
It is a good idea to follow up focus group leads with a larger scale survey.
answer
TRUE
Explanation: A focus group is a small group of people who are asked about their opinions on a particular topic. A survey is a larger study that asks a larger group of people about their opinions on a particular topic. Following up a focus group with a survey can help to confirm the results of the focus group and to get a more representative sample of the population.
question
In an attribute-based map, customers make two kinds of ratings. Which is NOT a rating that is made?
answer
How many attributes does our company contain?
Explanation: In an attribute-based map, customers make two kinds of ratings. The first rating is called the as-is" rating, and it reflects the customer's current satisfaction level with the product or service. The second rating is called the "could be" rating, and it reflects the customer's potential satisfaction level with the product or service if it were improved."
question
Marketing research should focus solely on the customer.
answer
FALSE
Explanation: Marketing research should focus solely on the customer because the customer is the most important part of the marketing process. The customer is the one who decides what they want to buy, and they are the ones who ultimately decide whether or not a product is successful. Without customers, there would be no market for products, and without a market, there would be no need for marketing research. Therefore, marketing research should focus solely on the customer in order to ensure that the products and services that are being offered are meeting their needs and wants.
question
Marketing research is tremendously _______.
answer
flexible
Explanation: Marketing research is tremendously important because it allows businesses to understand what consumers want and need. It also allows businesses to understand what consumers think about their products and services. Additionally, marketing research can help businesses identify new market opportunities and understand how to best reach their target consumers.
question
In the attribute based approach, the customer makes two kinds of ratings: (1) how does our company rate on a number of attributes? and (2) how important are each of these attributes?
answer
TRUE
Explanation: In the attribute based approach, the customer makes two kinds of ratings: (1) how does our company rate on a number of attributes? and (2) how important are each of these attributes? The first question is answered on a scale from 1 to 10, with 1 being the worst and 10 being the best. The second question is answered on a scale from 1 to 5, with 1 being the least important and 5 being the most important.
question
If you're not tweaking the environment but constantly monitoring it, then you're using _______ observation.
answer
naturalistic
Explanation: If you're not tweaking the environment but constantly monitoring it, then you're using continuous observation.