UMUC MRKT 604 Midterm Answers

UMUC MRKT 604 Midterm Answers

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MRKT 604 Midterm Exam Answers / Marketing Intelligence and Research Systems

1. How does marketing research help in the marketing planning process? Use a hypothetical business (e.g. a small sporting goods store, a local hardware manufacturing small business, an independent publishing company etc.) to discuss how market research helps in compiling market intelligence with regard to aspects such as product decisions, customer segmentation decisions, brand and pricing decisions, keeping stakeholders happy.

2. Examine a small business in your community in terms of what product/services it provides, how it prices and promotes its products/services and other aspects of the business. If you are given a chance to manage the business, what research would you conduct in order to change (or continue) any aspects of the business (e.g. products offered, design, features, promotion etc).

4. FutureScapes, a small business located in Maryland, is interested in segmenting potential markets in the DC tri-state area for its Dry Erase Whiteboards.

i. Which type of data would be best suited to obtain the required information?

ii. What are the possible sources of information to aid in the segmentation decision?

iii. What are the benefits and limitations of using secondary data for this purpose?

5. What are the types of consumer panels used for gathering market research data? Discuss each type with examples of businesses where they are most often used. What are the recent technological options that marketing researchers are using to gather data, instead of from consumer panels?