Question

In: Operations Management

1)because some companies have been conducting have been conducting market research for many years on particular...

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

Solutions

Expert Solution

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.


Related Solutions

Suppose you are conducting market research for your favorite brand. Sales have been lagging for two...
Suppose you are conducting market research for your favorite brand. Sales have been lagging for two quarters, and you are determined to find out why. You decide to host an in person focus group to gain customer insights into your brand’s current product offerings. You are also interested in obtaining feedback on a new product that your brand plans to launch in the next six months. Determine the makeup of your focus group. Who should be invited to the focus...
find companies that have restated their financials because of some type of a failure in their...
find companies that have restated their financials because of some type of a failure in their internal processes and are now having to pay fines or set up new Financial, Quality or Security audit controls 5 in total also give me link of there 8k EDGAR
You are opening your own wedding planning business and are conducting some market research. According to...
You are opening your own wedding planning business and are conducting some market research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S. is $35,000. You are skeptical about whether these numbers apply to the Piedmont Triad area—your target market—and so you decide to conduct your own survey. After randomly sampling 40 recently married couples, you find an average cost of $32,000 with a standard deviation of $10,000. 1. Find the 90% confidence...
Typically, a hospital patient receives medications that have been ordered by a particular doctor. Because the...
Typically, a hospital patient receives medications that have been ordered by a particular doctor. Because the patient often receives several medications per day, there is a 1:M relationship between PATIENT and ORDER. Similarly, each order can include several medications, creating a 1:M relationship between ORDER and MEDICATION. REQUIREMENTS: A. Screenshot of the ERD diagrams showing the PK and FK B. SQL commands used. C. Screenshot of the Table structure
1. In the last few years, many research studies have shown that the purported benefits of...
1. In the last few years, many research studies have shown that the purported benefits of hormone replacement therapy (HRT) do not exist, and in fact, that hormone replacement therapy actually increases the risk of several serious diseases. A four-year experiment involving 4400 women was conducted at 38 medical centres. Half of the women took placebos and half took a prescription drug, a widely prescribed type of hormone replacement therapy. There were x1 = 49 cases of dementia in the...
1. Suppose you have been hired by a research firm trying to understand the market for...
1. Suppose you have been hired by a research firm trying to understand the market for Widgets (a hypothetical product). Your analysis of the data indicates that the Demand curve for Widgets is estimated to be linear and given by equation Qd = 100 – 2P and the Supply curve for Widgets appears to be linear as well and is estimated as Qs = 2P – 20. Graphically draw these two curves, labeling all relevant points (such as intercepts for...
As part of an investment firm, you have been asked to research potential companies for the...
As part of an investment firm, you have been asked to research potential companies for the firm to invest in. Specifically, you are interested are interested in identifying the factors that influence a company’s earnings before taxes. You hypothesize that a firm’s current assets, current liabilities, and amount the firm pays in interest on its loans all might play a role in predicting a company’s earnings before taxes. Therefore, you collect data on all of the variables from several different...
1-In recent years, the Wall Street Journal has indicated that many companies have changed their accounting...
1-In recent years, the Wall Street Journal has indicated that many companies have changed their accounting principles. What are the major reasons why companies change accounting methods?
Proposal #1 would extend trade credit to some customers that previously have been denied credit because...
Proposal #1 would extend trade credit to some customers that previously have been denied credit because they were considered poor risks.   Sales are projected to increase by $200,000 per year if credit is extended to these new customers.  Of the new accounts receivable generated, 6% are projected to be uncollectible.  Additional collection costs are projected to be 5% of incremental sales, and production and selling costs are projected to be 78% of sales.  Your firm expects to pay a total of 30% of its...
Proposal #1 would extend trade credit to some customers that previously have been denied credit because...
Proposal #1 would extend trade credit to some customers that previously have been denied credit because they were considered poor risks.   Sales are projected to increase by $200,000 per year if credit is extended to these new customers. Of the new accounts receivable generated, 6% are projected to be uncollectible. Additional collection costs are projected to be 5% of incremental sales, and production and selling costs are projected to be 78% of sales. Your firm expects to pay a total...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT