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Marketing Final Exam

The benefits willingness to acquire additional

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Unformatted text preview: conduct marketing research. ANS: WHEN DECISION-MAKING INFORMATION ALREADY EXISTS. Some companies have been conducting research in certain markets for many years. These firms have developed a thorough understanding of target markets. Under these circumstances, further research may be repetitive and a waste of money. WHEN THE COSTS OF CONDUCTING RESEARCH EXCEED THE BENEFITS. Willingness to acquire additional decision-making information depends on a manager’s perception of the information quality, price, and timing. While marketing research relieves some uncertainty, it is also expensive, and the costs of obtaining research may not be outweighed by potential benefits. PTS: 1 REF: 154-155 Communication KEY: CB&E Model Research OBJ: 09-6 TOP: AACSB MSC: BLOOMS Synthesis 17. What is competitive intelligence? Discuss how it is used and provide an example. ANS: Competitive intelligence is an intelligence system that helps managers assess their competition and their vendors in order to become more efficient and effective competitors. Competitive intelligence can help identify the advantage of a competitor and play a major role in determining how the advantage was achieved. Intelligence is analyzed information. It becomes decision-making intelligence when it has implications for the organization. For example, a primary competitor may have plans to introduce a product with performance standards equal to yours but with a 15 percent cost advantage. This intelligence has important decision-making and policy consequences for management. Examples will vary, but many students may be aware of the theft of Coca-Cola’s formula for a new beverage. PTS: 1 REF: 155 Communication KEY: CB&E Model Research OBJ: 09-7 TOP: AACSB MSC: BLOOMS Synthesis 18. List five noncomputer sources of competitive intelligence. ANS: There are several sources, and students can list any five: Company salespeople Industry experts Competitive intelligence consultants Government agencies Uniform Commercial Code filings Suppliers Periodicals Yellow Pages Industry trade shows PTS: 1 REF: 155 Communication KEY: CB&E Model Research Chapter 10—Product Concepts OBJ: 09-7 TOP: AACSB MSC: BLOOMS Synthesis TRUE/FALSE 1. A product may be defined as everything, both favorable and unfavorable, that a person receives in an exchange. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Knowledge REF: 157 OBJ: 10-1 KEY: CB&E Model Product 2. An elementary school teacher purchased a ream of art paper, a box of crayons, and some modeling clay. The teacher intends to use these products in her classroom, so they would be classified as business products. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Application REF: 158 OBJ: 10-2 KEY: CB&E Model Product 3. Convenience products, though inexpensive, still require considerable shopping effort by buyers. ANS: F Convenience products are relatively inexpensive items that merit little shopping effort. PTS: 1 REF: 158 Thinking KEY: CB...
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