In: Operations Management
1)because some companies have been conducting have been conducting market research for many years on particular market they are interested in, they understand the characteristics of target customers. For this reason, when should marketing research not be undertaken?
a. when the actual costs are less than the forecasted benefits
b. when there is no secondary data in existence of guide the project definition
c. when the perceived costs are the same as the forecasted benefits
d. when the research would be redundant and waste of money
2) what specifies the research questions to be answered, how and when the data will be gathered, and how the data will be analyzed?
a. the research design
b. secondary data use plan
c. the sampling plan
d. the research collaborative plan
3) what can marketing managers use marketing research for?
a. to implement a sales promotion
b. to improve the quality of their decision making
c. to learn how to more efficiently respond to customers
d. to find out why a marketing plan failed to launch
Question 1
Option A-when the actual costs are less than the forecasted
benefits
This is the incorrect option
The research aims to help implement the best strategies for your
business. If the associated costs are less than ROI will be
positive.
Option B- when there is no secondary data in the existence of guide
the project definition
This is the incorrect option
In this situation, the research assignment might uncover secondary
data and helps incorrect decision making.
Option C. when the perceived costs are the same as the forecasted
benefits
This is the incorrect option
If it is going to cost the same to conduct the research than
potential ROI, It might be beneficial to conduct the research since
it may lead to quality decision making hence positive ROI
Option D- when the research would be redundant and waste of
money
This is the correct option
Spending Money on useless research will hamper the ROI.
Question 2:
Option A- the research design
This is the correct answer
The research design involves the making of the detailed plan
starting from objectives, Data gathering, and methods of data
analysis.
Option B- secondary data use plan
This is the Incorrect answer
secondary data helps researchers can list their unanswered
questions and rank them but it does not specify the research
questions to be answered, how and when the data will be gathered,
and how the data will be analyzed
Option C- the sampling plan
This is the Incorrect answer
A sampling plan basically comprises of different sample units or
sample population whom you are going to contact to collect market
research data.
Option D- the research collaborative plan
This is the Incorrect answer
This approach is used to collect the market research data typically
with a partner organization.
Question 3:
Option A- to implement a sales promotion
This is the incorrect option
Sales Promotion is conducted after the launch of a product. Market
research predates the sales promotion.
Option B- to improve the quality of their decision making
This is the correct option
Marketing research uncovers hidden insights and potential pitfalls.
The decisions made based on research are not vague and have a high
potential for success.
Option C- to learn how to more efficiently respond to
customers
This is the incorrect option
This activity is generally conducted after the customers purchase
the product and involve problem-solving.
Option D- to find out why a marketing plan failed to launch
This is the incorrect option
Market Research is conducted before launching a marketing plan.
Hence it is not an objective of market research.