4.10 Zachary

Question 46. what is the most significant reason why marketing research is important to businesses? A. It makes competitors take notice of the business B. it improves financial management C. it contributes to business success D. it helps the business to base decisions on opinions

46. C It contributes to business success. Marketing research has a significant impact on business success. Businesses that obtain reliable marketing-research data are better able to make good decisions because their decisions are based on fact, not opinion. Whether marketing research improves a business’s financial management would depend upon the kind of problem the business is trying to solve and the data gathered. Competitors are often unaware of a business’s marketing-research efforts.

Question 47. how could a business use marketing-research data it has gathered about the average age, income, educational levels, and spending patterns of area consumers? A. to identify problems within the business B. to create a mailing list for the business C. to develop a profile of the typical customer D. to establish an appropriate operating budget

47. C To develop a profile of the typical customer. Demographics data are often gathered through marketing research. The business can use such data to develop a profile of the typical customer. The business cannot create a mailing list from these data since names and addresses are not included in the data. The data also would not help the business to identify internal problems or set up an operating budget.

Question 48.what is an advantage of using secondary data in a marketing-research project? A. less expensive to collect than primary data B. more up –to-date than primary data C. less likely to be available to competitors D. more relevant than primary data

48. A Less expensive to collect than primary data. Secondary data are facts that have been collected for purpose at hand. They are quicker, easier, and less expensive to collect than primary data. Examples of secondary data include industry reports, government census figures, and trade association surveys. These data are rapidly available to competitors. A drawback of secondary data is that they are less likely to be up-to-date and relevant than primary data.

Question 52. which statement about marketing research problems is true? A. problems that company decision-makers identify are often are often just symptoms of larger problems that need to be researched B. company decision-makers typical finalize marketing research problems prior to involving marketing researchers C. marketing research problems are commonly based on specific research objections and research instruments D. marketing research problems are usually only needed when marketing researchers plan gather external information

52.A Problems that company decision-makers identify are often just symptoms of larger problems that need to be researched. Frequently, the problem or issue that decision-makers identify is actually the result or outcome of a much larger, “real” problem. Marketing researchers are responsible for helping these decision-makers can work together to finalize the marketing research problem, not the other way around. The research instruments, or methods to collect the data, are identified after the marketing research of whether researchers plan to gathered internal and/or external information.

Question 53. what is a benefit of having managers and researchers “on the same page” about the marketing-research problem? A. it allows the two parties to avoid establishing research objectives. B. it keeps the business from wasting resources. C. it ensures favorable results from the study. D. it improves the business’s market share

53. b It keeps the business from wasting resources. When managers and researchers are “on the same page” about what the marketing-research problem is, it keeps the business from wasting the valuable resources of time, money, and effort on researching the wrong problem. Managers and researchers will still need to establish formal research objectives. Defining the problem clearly doesn’t ensure that the results of the study will be favorable for the business. The results of the study may help managers plan strategies for improving the business’s market share, but simply defining the problem won’t accomplish that.