1. What is the most significant reason why marketing research is important to businesses? • It makes competitors take notice of the business. • It improves financial management. • It contributes to business success. • It helps the business to base decisions on opinions.
2. How could a business use marketing-research data it has gathered about the average age, income, educational levels, and spending patterns of area consumers? • To identify problems within the business • To create a mailing list for the business • To develop a profile of the typical customer • To establish an appropriate operating budget
3. What is an advantage of using secondary data in a marketing-research project? • Less expensive to collect than primary data • More up-to-date than primary data • Less likely to be available to competitors • More relevant than primary data
4. Which statement about marketing research problems is true? • Problems that company decision-makers identify are often just symptoms of larger problems that need to be researched. • Company decision-makers typically finalize marketing research problems prior to involving marketing researchers. • Marketing research problems are commonly based on specific research objectives and research instruments. • Marketing research problems are usually only needed when marketing researchers plan to gather external information.
5. What is a benefit of having managers and researchers "on the same page" about the marketing-research problem? • It allows the two parties to avoid establishing research objectives. • It keeps the business from wasting resources. • It ensures favorable results from the study. • It improves the business's market share.