What is the Marketing Mix?

A 'mix' of the product's price, marketing method, selling locations, etc.

Which is not a reason for businesses to be conducting market research?

Find the most reliable suppliers in the market

When conducting desk research and not field research there is a higher risk of... (Two correct answers)

Retrieving outdated information, Collecting data that is already available to competitors

To conduct effective market research, what order of methods is correct?

Desk Research -> Field Research

Some desk research is important before starting field research because...

Otherwise field research runs a risk of being too general & unfocused

Which is not a method of desk research?

Live view of stock prices of businesses and subsidiaries in a given market

What is not an advantage of desk research?

Exclusive data only to the researching firm

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LC Business 5.13 - Market Research

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LC5.13 - Marketing: Market Research Unit 5 Syllabus Numbers: 13

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Questions 17

Answers

1
With field research, the information gathered is specific to the exact needs of a firm
False
True
2
What is the Marketing Mix?
A 'mix' of the product's price, marketing method, selling locations, etc.
A document detailing all methods of marketing a company is using
Strategy involving pricing a product at the average of competitor products
3
What are the two types of market research?
Marketing Mix Research & Desk Research
Marketing Mix Research & Field Research
Desk Research & Field Research
Field Research & Correlational Research
4
Field research uses which type of sources
Secondary Sources
Primary Sources
Tertiary Sources
Quaternary Sources
5
Which is not a reason for businesses to be conducting market research?
Revealing Information about Competitors
Figure out what influences consumers' buying behavior
Projecting future sales of a product in the market
Find the most reliable suppliers in the market
6
A firm searching for the most accurate and rigorous market data regardless of time and cost will conduct...
Desk Research
Market Simulations
Field Research
7
Which is not a method of field research?
Online Research
Focus Groups
Personal Interviews
Creating Online Surveys
8
Desk Research is more Prone to Bias than Field Research
True
False
9
When conducting desk research and not field research there is a higher risk of... (Two correct answers)
Retrieving outdated information
Running over-budget and committing more capital than initially intended
Research taking too long and planning turning out to be insufficient
Collecting data that is already available to competitors
10
Businesses carry out market research in order to reduce the risk that the product will fail in a given market
True
False
11
To conduct effective market research, what order of methods is correct?
Either desk or field research depending on the abundance of time/assets
Both methods in parallel in order to verify and confirm results.
Desk Research -> Field Research
Field Research -> Desk Research
12
Some desk research is important before starting field research because...
Only desk research provides a general overview of market characteristics
Otherwise field research runs a risk of being too general & unfocused
Otherwise there will be an increased risk of losing investors
13
Which is not a method of desk research?
Reports from Government Agencies about the characteristics of a market
Newspapers/Magazine articles about economic trends in a market
Internet sources describing the age & sex profile of a typical consumer
Live view of stock prices of businesses and subsidiaries in a given market
14
Desk research is known for being a more accurate method as all the sources are legitimate and verifiable
False
True
15
Surveys and Questionnaires are a part of what type of market research?
Desk Research
Field Research
16
Desk research uses which type of sources
Quaternary Sources
Tertiary Sources
Primary Sources
Secondary Sources
17
What is not an advantage of desk research?
Wide variety of sources for verification
Fast (sometimes immediate) results
Relatively inexpensive cost
Exclusive data only to the researching firm

LC Business 5.13 - Market Research Flashcards | StudBud