Exam - Q8

Question 1

Marketing information system

Answer 1

A marketing information system consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights.

Question 2

Assessing marketing information

Answer 2

Assessing marketing information needs involves balancing information users would like to have against what they really need and what is feasible to offer

Question 3

Developing marketing information

Answer 3

Developing marketing information involves building extensive internal databases that can assist with analysing customer characteristics, sales transactions and customer satisfaction

Question 4

Analysing and using information

Answer 4

Analysing and using the information involves competitive marketing intelligence

Question 5

Secondary data

Answer 5

Secondary data is information that already exists somewhere, having been collected for another purpose

Question 6

Primary data

Answer 6

Primary data is information collected for the specific purpose at hand

Question 7

Advantage of secondary data

Answer 7

An advantage of using secondary data is that it is efficient because the business doesn’t need to waste time carrying out the research

Question 8

Advantage of primary data

Answer 8

An advantage of using primary data is that it is specific to the particular research being carried out so Organic Drinks will get the precise information they require

Question 9

Disadvantage of secondary data

Answer 9

The disadvantage of using secondary data is that it may contain variables that do not relate to your research and so therefore the findings may not truly represent your research objective

Question 10

Disadvantage of primary data

Answer 10

A disadvantage of using primary data is the time it takes to collect

Question 11

Exploratory research

Answer 11

Exploratory research is marketing research used to gather preliminary information that will help to define problems and suggest hypotheses

Question 12

Descriptive research

Answer 12

Descriptive research is marketing research used to better describe marketing problems, situations or markets

Question 13

Causal research

Answer 13

Causal research is marketing research used to test hypotheses about cause-and-effect relationships