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Terms in this set (42)What is the name for the process by which information is collected, recorded, and analyzed so that a company can make informed decisions about its marketing efforts? marketing research Which type of marketing research is focused on domestic operations? Specific market information used to make decisions about the marketing mix. Arrange the steps of the research project in the correct order. 1. Definition of the research problem and establishment of research goals.2. Determination of the sources of information to fulfill research goals.3. Analysis of the costs and benefits of the research effort.4. Collection of relevant data from secondary or primary sources, or both.5. Analysis, interpretation, and summary of the research outcomes.6. Effective communication of the research outcomes to decision makers. Why is the first step of the research process essential in foreign markets? The unfamiliar environment tends to cloud problem definition. A marketing researcher uses an academic paper written by a professor at the University of Connecticut to derive certain findings. The academic paper is a summary of several researchers' findings. In this case, the academic paper is a ______ data source. secondary Other than directly observing the market, how do most companies get their market research? From trusted research vendors. Which of the following skills are researchers most likely to require when they access foreign marketing-related secondary data? language skills What are the three types of market research? specific market information used to make decisions about the marketing mix general information about a country, area, and/or market information necessary to forecast future marketing requirements A reason for the low level of reliability of secondary data is that fear of the tax collector affects reporting Nina, a marketing researcher, has gathered relevant primary and secondary data. Which step should Nina take next? analyze, interpret, and summarize the results of her research The lack of historical data with which to contrast current foreign data leads to ______ problems. comparability The first step of the research process is especially important in foreign markets because researchers tend to underestimate the influence of local culture on a problem.treat the problem as if it were in their home environment. A market researcher collects information about the sales of baby food from a commercial database. He uses the latest census, which lists the number of births in the last year, to verify this data. This case exemplifies validation of secondary data. Data that has already been collected by another agency is known as _____ data. Secondary Which of the following is a problem associated with the availability of marketing data for foreign markets? Researchers often do not know the language in which the data is available. Primary data can be gathered from a firm's distributors (or representatives, middlemen, or customers) Which of the following is a reason why secondary foreign data may be unreliable? Official statistics may reflect pride rather than practical reality. An accurate statement about secondary data in less developed countries is that the data gathered previously may use categories that are too broad or too narrow. Qualitative research is used in part to discover relevant questions that should undergo further investigation. Secondary data is considered valid if it is consistent with another set of data of known validity. Lists that carry demographic data and from which samples are to be drawn are sometimes not current. In this case, sampling becomes ______. less reliable Data that is gathered specifically for a particular research project is known as ______ data. primary Why is it difficult to conduct marketing research in foreign countries? Respondents' answers cannot always be translated exactly. Research design tends to be successful when _____. local language is used perfectly in questionnaires Identify a use of qualitative research. To gain insight into a market's needs and what ad messages it might respond to One of the problems faced by marketing researchers when selecting samples is that demographic data may not be sufficient Multicultural research should strive to achieve comparable and equivalent results. Which of the following is the most common problem faced by market researchers collecting data in foreign countries? Language barriers Identify a challenge faced by international marketers who use the Internet to conduct market research. The invasion of consumers' privacy poses legal complications. Cultural and national differences can be resolved during research design by translating questionnaires properly Brix Inc., a European cement manufacturer, decides to enter the Chinese market. It seeks the opinion of three experts to help forecast demand and then compares these estimates. In this case, Brix Inc. is engaging in a process known as _____. triangulation When using analogy to forecast demand, marketers must exercise caution because it relies on both countries having similar factors. Identify an accurate statement about multicultural research. It should consider differences in social structures of countries. Which of the following is a limitation of the Internet as a research tool? It creates a potential bias because respondents are all Internet users. The comparison of estimates formulated by different experts in order to predict demand is known as triangulation When conducting marketing research in foreign markets, researchers should use "catch as catch can" methods to obtain data. To forecast demand, marketers may use ______, which assumes that demand for a product will follow a similar pattern in all countries. analogy Identify a strategy that a company should adopt when conducting multicountry research. It should form relationships with other companies in the target country. According to market researchers, communication within multinational organizations can be facilitated by increasing the frequency of communication instances In foreign markets, marketers should be guided by collected data even if it does not follow the expected course. Which strategy should be employed by a company when conducting international marketing research? It should coordinate closely with local research companies. Market researchers believe that communication within organizations can be improved by increasing employee incentives for sharing information Sets with similar termsIntl Marketing Ch 847 terms fostemj Int Mktg Chpt 860 terms Bro_Ke1313 International marketing midterm Chapter 847 terms aehovey MKTG 190 - CH 826 terms gogofighting Sets found in the same folderInternational Marketing chapter 891 terms nolanschue International Marketing Ch. 136 terms caitlinAray International Marketing Ch.255 terms caitlinAray International MKT Ch. 7105 terms aross48 Other sets by this creatorPractice Exam: Practice and Disclosures100 terms Brendanino001 Practice Exam: Laws of Agency100 terms Brendanino001 Practice Exam: Laws of Agency100 terms Brendanino001 Practice Exam: Contracts100 terms Brendanino001 Verified questionsQUESTION Mobile technology may be lethal- at least on the road. A nationwide study reports that nearly 6,000 people were victims of drivers who were distracted by using cell phones and other similar devices. The U.S. Transportation Secretary said it is "an epidemic, and it seems to be getting worse each year." Make a list of three basic rules for drivers who have these devices. White a public service announcement (PSA) for radio, highlighting your rules. Verified answer
QUESTION If British pounds sell for $1.53 (U.S.) per pound, what should dollars sell for in pounds per dollar? Verified answer
QUESTION A company’s 5-year bonds are yielding 7% per year. Treasury bonds with the same maturity are yielding 5.2% per year, and the real risk-free rate $\left(\mathrm{r}^{*}\right)$ is 2.75%. The average inflation premium is 2.05%; and the maturity risk premium is estimated to be $0.1 \times(t-1) \%$, where t=number of years to maturity. If the liquidity premium is 0.7%, what is the default risk premium on the corporate bonds? Verified answer QUESTION A firm has a profit margin of 3% and an equity multiplier of 1.9. Its sales are $150 million, and it has total assets of$60 million. What is its ROE? Verified answer Other Quizlet setsChapter 3 SM30 terms tysontigrett American legal system (LEO)17 terms Jack_Spragins10 English III Mid-term American literature34 terms NKBourgeois10 GEO 261 Exam 279 terms mikaylashae20 Related questionsQUESTION A test market in which a new breakfast cereal is offered at different prices to determine the different levels of sales in an example of which type of marketing research? 15 answers QUESTION A marketing research firm that specializes in sampling is a type of: 2 answers QUESTION How can a reciprocal sales arrangement between a buyer and seller create an unethical situation? (A) 15 answers QUESTION Once people agree to participate in market research , companies can use the data those people provide in any way they choose. 10 answers Is are a type of secondary data in which the data collected and or the process of collecting the data are standardized for all users?Standardized information is a type of secondary data in which the data collected and/or the process of collecting the data are standardized for all users.
What are the three types of market research?Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
Which materials are considered secondary data?Sources of secondary data include books, personal sources, journals, newspapers, websitess, government records etc. Secondary data are known to be readily available compared to that of primary data. It requires very little research and needs for manpower to use these sources.
Which of the following is the most common problem faced by market researchers collecting data in foreign countries?Which problems do market researchers face when collecting primary data in foreign countries? - They forget to take into account cultural differences among countries.
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