Unit 2: Marketing Environment and Intelligence

Question 1

The “Context” from the 5 Cs in the Situation Analysis involves analyzing:

Answer 1

Social/Cultural/Demographic
Technological
Environmental (i.e., natural environment)
Economic
Political/Regulatory

Question 2

The important thing to know about how to interpret these environmental forces is that they don’t occur in a vacuum or ____________ of each other, and because they’re external, they cannot be ____________.

Answer 2

independent, controlled

Question 3

“Solar and wind power require no fuel, storage tanks, pipelines, railcars or tanker ships. The pandemic sped up the shift by depressing prices and investment in fossil fuels.”

Answer 3

Environmental force

Question 4

“One historical obstacle to internet retail adoption was that some advantages of the in-person shopping experience couldn’t be recreated. Amazon started with books because unlike a garment or an appliance, you don’t need to touch James Patterson’s latest bestseller to decide whether to buy it.”

Answer 4

Technological external force

Question 5

we use __________________ to help us more keenly understand the opportunities and threats that exist for our company in the marketplace.

Answer 5

environmental scanning

Question 6

opportunities and threats are defined as being ____________ to the company and not under the company’s direct ____________.

Answer 6

external, control

Question 7

Although marketers can control the _____________ and perhaps influence the ______________, they cannot control the _______________ in which their organizations operate.

Answer 7

marketing mix, external environment, external environment

Question 8

Forces analyzed within the Porter’s Five Forces Framework:

Answer 8

industry competitors, potential entrants, availability of substitutes, buyer power, supplier power

Question 9

Marketers only need a thorough understanding of the laws established by the federal government.

Answer 9

False

Question 10

Primary role of laws and regulation in a capitalist economy is to _______________.

Answer 10

protect competition

Question 11

2 Primary Goals for Government to “Interfere/Intervene” with Commerce in a Capitalist Economy:

Answer 11

1. Protect Competition
2. Protect People (consumers, employees, community)

Question 12

Marketing Research Process five-step model:

Answer 12

1. Formulate the problem or question
2. Determine the sources of information and design a research process
3. Choose the most appropriate data collection method
4. Collect the data
5. Analyze and interpret the data

Question 13

Three simple categories for the roles that marketing can take are ____________, ___________, and ___________.

Answer 13

descriptive, diagnostic, predictive

Question 14

The _____________ role of marketing research is to simply describe what is happening with customers and/or within a market environment.

Answer 14

descriptive

Question 15

Descriptive research is often described as giving us the _________ of any given research question.

Answer 15

“what”

Question 16

“What were the sales for each week over the past year, in units and revenue, and how did those sales results compare with the same week in the previous year?”

Answer 16

Descriptive role of marketing research

Question 17

How satisfied were customers of different industry sector segments with the latest release of product [x]?”

Answer 17

Descriptive role of marketing research

Question 18

The ___________ role of marketing research is to go further than just describe what is happening by also trying to provide possible explanations for why it is happening.

Answer 18

diagnostic

Question 19

The simplest form of diagnostic marketing research is _________________

Answer 19

correlative studies

Question 20

“Were sales each week over the past year influenced by a promotional email sent to customers on the Monday morning of each week?”

Answer 20

Diagnostic role of marketing research

Question 21

“Were customers in the automotive sector more satisfied with the latest release of product [x] when they were first visited by a sales engineer who gave them a tutorial over the new features?”

Answer 21

Diagnostic role of marketing research

Question 22

The ____________ role of marketing research is the attempt to provide a best estimate for what might happen when we create a launch a marketing program into the marketplace, or provide the answers to our ____________ questions.

Answer 22

predictive, “what if”

Question 23

Typically, our predictive role marketing research questions involve an ____________ that we are considering and attempting to determine the possible outcomes.

Answer 23

intervention

Question 24

“Would customers in the automotive sector be as satisfied with online tutorials that are available on-demand as they have been with in-person visits by sales engineers?”

Answer 24

Predictive role of marketing research

Question 25

To help understand why attendance at the team’s games was so poor, the Atlanta Falcons used marketing research to gather factual information. The organization used in-game surveys and end-of-season surveys of ticket holders. The gathering of factual statements is an example of marketing research in its _____ role.

Answer 25

descriptive

Question 26

It is important to recognize that marketers can conduct research in any part of the ___________

Answer 26

marketing process

Question 27

If a marketer seeks a close reflection of the population, the use of ______________ ensure people in the study are representative of that population.

Answer 27

probability samples

Question 28

Characteristics of probability samples:

Answer 28

Scientific Usually more effort involved and costly Representative of population

Question 29

If a marketer's research does not require close representation of the population, _________________ can be used.

Answer 29

nonprobability samples

Question 30

Nonprobability samples are sometimes called _________________ and can be prone to bias.

Answer 30

convenience samples

Question 31

Probability samples are most useful when:

Answer 31

observing existing relationships between members of a population statistic precision is necessary to draw conclusions making generalizations back to population

Question 32

Characteristics of nonprobability samples:

Answer 32

Convenience and accessibility Usually lower cost Nonrepresentative of population

Question 33

Nonprobability samples are most useful when:

Answer 33

demonstrating a trait within a population qualitative or pilot studies randomization is impossible due to size of population

Question 34

Post Properties is a company that manages apartments in various communities. It is concerned with a glut of apartments in Atlanta, Orlando, and Dallas. Its market researcher begins by examining the rental markets in the Southeast, the history of apartment buildings, local economies, competitive rents, and ownership—all information that was on hand and did not require any new research to locate. The market researcher looked at:

Answer 34

secondary data

Question 35

___________ is research that generates information that is not amenable to numerical measurement or statistical analysis.

Answer 35

Qualitative data research

Question 36

_____ specifies the research questions to be answered, how and when the data will be gathered, and how the data will be analyzed.

Answer 36

The research design

Question 37

Internet-based survey with 25 Likert-type questions (e.g., strongly agree to strongly disagree): Focus group with 8 people for 1 hour: Scanner-based research (e.g., analyzing data from cash register sales): Sitting next to people, observing them navigating a website and asking questions about what is easy and difficult for them:

Answer 37

Quantitative Qualitative Quantitative Qualitative

Question 38

The process of planning, collecting, and analyzing data relevant to a marketing decision.

Answer 38

Marketing Research

Question 39

Marketing Intelligence

Answer 39

A broader term than "research" intended to capture all the active and passive ways that we gain data and insights within the organization to drive decision-making.

Question 40

Secondary Data

Answer 40

Data previously collected for any purpose other than the one at hand.

Question 41

Primary Data

Answer 41

Information collected for the first time. Can be used for solving the particular problem under investigation.

Question 42

Experimental Research

Answer 42

Research that manipulates the environment and then measures the effects, seeking to understand casual relationships.

Question 43

Non-Experimental Research

Answer 43

Qualitative or quantitative research that aims to answer questions about market size, customer preference, and trade-off behavior without introducing any manipulation of the environment

Question 44

Qualitative and quantitative data is from _________________ research

Answer 44

non-experimental

Question 45

in-depth interviews, focus groups, direct observation, & empathetic design

Answer 45

qualitative data

Question 46

survey, customer behavior data what type of data?

Answer 46

quantitative data

Question 47

Probability sample

Answer 47

A sample in which every element in the population has a known statistical likelihood of being selected.

Question 48

simple random samples, stratified sample, cluster sample, systematic sample

Answer 48

probability samples

Question 49

convenience sample, judgement sample, quota sample, snowball sample

Answer 49

non-probability samples

Question 50

measurement error

Answer 50

error when there is a difference between the information desired and the information provided by research

Question 51

sampling error

Answer 51

error when a sample somehow does not represent the target population

Question 52

random error

Answer 52

error that exists from a source that is not identifiable

Question 53

Closed-Ended Question

Answer 53

A question that asks the respondent to make a selection from a limited list of responses

Question 54

Dichotomous Question

Answer 54

A closed-ended question that requires a choice between two responses. (e.g., Yes or No)

Question 55

Conjoint Analysis

Answer 55

Research tool that estimates how subjects set priorities or make trade-offs among attributes of a product or service

Question 56

Scanner-Based Research

Answer 56

A system for gathering information from a single group of respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy.