Question 1

Facts or recorded measures of certain phenomena (things or events)are known as _____.
A) data
B) information
C) market intelligence
D) knowledge

Accepted Answer

Data refers to factual information or recorded measurements of certain phenomena, such as numbers, statistics, or figures. Information is a broader term that includes processed data, whereas market intelligence is a specific type of information related to market trends and customer behavior. Knowledge is a higher level of understanding or insight derived from information and experience.

Question 2

Which source of input data is represented when a company conducts marketing research to identify the characteristics of its customers?
A) internal records
B) proprietary marketing research
C) salesperson input
D) behavioral tracking

Accepted Answer

Proprietary marketing research is conducted by the company itself to gather information about its customers, competitors, and market trends. This type of research is used to identify the characteristics of customers, such as their demographics, preferences, and buying behavior. Internal records may provide some of this information, but they are focused on past transactions rather than current characteristics. Salesperson input and behavioral tracking may also provide some insight into customer characteristics, but they are not as comprehensive or reliable as marketing research.

Question 3

Accumulated records resulting form point-of-sale data recordings are known as _____.
A) scanner data
B) multiple-source data
C) cookies
D) environmental scanning data

Accepted Answer

Scanner data is the most commonly used term for accumulated records resulting from point-of-sale data recordings. It includes information such as product codes, prices, quantities sold, and transaction times. Multiple-source data refers to data collected from various sources, which may include scanner data. Cookies are small files stored on a computer that track website activity, and environmental scanning data refers to information collected from the external environment that could potentially impact a business.

Question 4

Who can provide data to a decision support system?
A) production managers
B) marketing researchers
C) accountants
D) all of these choices

Accepted Answer

All of these choices can provide data to a decision support system. Production managers can provide operational data, marketing researchers can provide market research data, and accountants can provide financial data. Therefore, all of these choices are valid sources of data for decision support systems.

Question 5

Which of the following is a characteristic of valuable information?
A) global
B) completeness
C) objective
D) all of these choices

Accepted Answer

The answer of Which of the following is a characteristic...

Question 6

A computer-based system that helps decision makers confront problems through direct interaction with databases and systems is known as a(n)_____.
A) Internet
B) Intranet
C) decision support system (DSS)
D) global positioning satellite system

Accepted Answer

A decision support system (DSS) is a computer-based system that allows decision makers to interact with databases and systems to help resolve problems. The other options, Internet, Intranet, and global positioning satellite system do not specifically refer to systems for decision making.

Question 7

The characteristic of data reflecting how pertinent these particular facts are to the situation at hand is called ____.
A) relevance
B) timeliness
C) completeness
D) significance

Accepted Answer

Relevance refers to the degree to which the data is related and useful to the specific context or problem at hand. Timeliness refers to the freshness or recency of the data, completeness refers to the extent to which all relevant and necessary data has been collected, and significance refers to the potential impact or importance of the data on decision-making. Therefore, relevance is the most appropriate answer to the question.

Question 8

Which of the following is a process that allows important day-to-day operational data to be stored and organized for simplified access?
A) global information system
B) data warehousing
C) proprietary marketing research
D) keyword search

Accepted Answer

Data warehousing is a process that involves collecting and storing important day-to-day operational data in a centralized database. This allows for simplified access and analysis of the data, which can be used for decision-making, reporting, and other business purposes. A global information system refers to a system that collects and shares information across multiple locations or organizations, while proprietary marketing research refers to research that is conducted and owned by a specific company. Keyword search refers to a method of searching for information within a database or on the internet.

Question 9

_____ is the bar-coded information that contains product information that can be read by optical scanners.
A) RFID
B) NFC
C) CRM
D) UPC

Accepted Answer

UPC (Universal Product Code) is the bar-coded information that contains product information that can be read by optical scanners. RFID (Radio Frequency Identification) and NFC (Near Field Communication) are also technologies used for identifying and tracking products, but they are not specifically barcodes. CRM (Customer Relationship Management) is a software application used for managing a company's interactions with customers.

Question 10

Harold is conducting marketing research to determine what consumer segment his company should serve with its services.Which function is this marketing research serving?
A) testing
B) issues
C) foundational
D) performance

Accepted Answer

The marketing research that Harold is conducting is serving a foundational function. This type of research is used to gather information about the market, consumer behavior, and competitors. By determining what consumer segment his company should serve, Harold is gathering foundational information that will inform the company's overall marketing strategy. Testing research is used to evaluate the effectiveness of specific marketing tactics, issues research is used to address challenges or problems that arise, and performance research is used to evaluate the success of past marketing campaigns or initiatives.

Question 11

An organization's mailing list of current customers is an example of _____.
A) a cookie
B) software
C) a database
D) a hyperlink

Accepted Answer

A mailing list of current customers is typically stored in a database, which allows for efficient management and processing of customer information. "Cookie" refers to a small text file that is stored on a user's computer by a website, while "software" refers to computer programs. "Hyperlink" refers to clickable text that takes a user to another webpage or resource.

Question 12

Which of the following is an example of behavioral tracking?
A) product sales histories
B) test market results
C) supermarket scanner data
D) survey findings

Accepted Answer

Supermarket scanner data involves tracking the purchasing behavior of customers, which is an example of behavioral tracking. Product sales histories, test market results, and survey findings do not necessarily involve tracking individual behavior, but rather aggregate data or opinions.

Question 13

Which part of the decision support system addresses exchanges between the firm and its customers?
A) customer relationship management (CRM) system
B) data warehouse
C) global information system (GIS)
D) intellectual capital system

Accepted Answer

The customer relationship management (CRM) system is the part of the decision support system that addresses exchanges between the firm and its customers. It provides a centralized database for managing customer information and interactions, and helps organizations track customer behavior and preferences to better serve their needs. The data warehouse is a centralized repository of data used for reporting and analysis, while the global information system (GIS) focuses on geographic data and mapping. The intellectual capital system deals with managing and leveraging a company's knowledge and expertise.

Question 14

Some experts claim that the life cycle of technology products is approximately 18 months,meaning the industry changes that rapidly.This rate of change in environmental and competitive factors is an example of _____.
A) entropy
B) history snuffing
C) timeliness
D) market dynamism

Accepted Answer

Market dynamism refers to the rapid change in environmental and competitive factors in an industry, including technology products, which makes it difficult to predict and respond to market trends. The 18-month life cycle of technology products is an example of this market dynamism. Entropy refers to a measure of disorder or randomness in a system, while history snuffing and timeliness are not relevant to the given scenario.

Question 15

Which technology works like a WiFi system communicating with specific devices within a defined space like inside of a retail unit?
A) RFID
B) NFC
C) DDS
D) DIOD

Accepted Answer

Near Field Communication (NFC) technology works like a WiFi system and can communicate with specific devices within a defined space, making it a suitable choice for inside a retail unit. RFID technology can also communicate wirelessly within a defined space, but it is better suited for tracking and identifying objects rather than communicating with devices. DDS and DIOD are not relevant technologies in this context.

Question 16

Which of the following is a subset of data and information that actually has some explanatory power enabling effective decisions to be made?
A) knowledge
B) intellectual capital
C) market intelligence
D) decision support system

Accepted Answer

The answer of Which of the following is a subset...

Question 17

All of the following are functions supported by marketing research EXCEPT _____.
A) testing
B) foundational
C) compliance
D) performance

Accepted Answer

Compliance is not a function typically associated with marketing research. Testing, foundational research to understand consumer behavior, and performance measurement are all common functions of marketing research.

Question 18

A researcher has assessed the reliability and validity of his data and is comfortable in thinking the data accurately matches reality.Which characteristic of valuable information does this best describe?
A) relevance
B) completeness
C) quality
D) timeliness

Accepted Answer

The researcher's assurance in the reliability and validity of the data highlights the characteristic of quality, which indicates that the information is accurate and trustworthy.

Question 19

Merck,a pharmaceutical company,places a tiny chip on drug packaging to track its product from the manufacturing plant to the consumer to ensure the product flows through the proper distribution channel and safety for consumers.The tiny chip is an application of which technology?
A) RFID
B) smart technology
C) market dynamism
D) GPS

Accepted Answer

RFID (radio-frequency identification) technology uses small chips or tags to track objects and transmit data to readers without the need for direct contact. In this case, Merck is using RFID to track their pharmaceutical products from manufacturing to the consumer, ensuring proper distribution and consumer safety.

Question 20

An organization's inventory figures are a good example of:
A) cookies
B) internal records
C) external records
D) CRM

Accepted Answer

An organization's inventory figures are considered internal records, as they are data and information that the organization collects and maintains for its own use and decision-making.

Quiz 2: Data Mining Procedures and Knowledge Systems

Facts or recorded measures of certain phenomena (things or events) are known as _____.

Which source of input data is represented when a company conducts marketing research to identify the characteristics of its customers?

Accumulated records resulting form point-of-sale data recordings are known as _____.

Who can provide data to a decision support system?

Which of the following is a characteristic of valuable information?

A computer-based system that helps decision makers confront problems through direct interaction with databases and systems is known as a(n) _____.

The characteristic of data reflecting how pertinent these particular facts are to the situation at hand is called ____.

Which of the following is a process that allows important day-to-day operational data to be stored and organized for simplified access?

_____ is the bar-coded information that contains product information that can be read by optical scanners.

Harold is conducting marketing research to determine what consumer segment his company should serve with its services.Which function is this marketing research serving?

An organization's mailing list of current customers is an example of _____.

Which of the following is an example of behavioral tracking?

Which part of the decision support system addresses exchanges between the firm and its customers?

Some experts claim that the life cycle of technology products is approximately 18 months,meaning the industry changes that rapidly.This rate of change in environmental and competitive factors is an example of _____.

Which technology works like a WiFi system communicating with specific devices within a defined space like inside of a retail unit?

Which of the following is a subset of data and information that actually has some explanatory power enabling effective decisions to be made?

All of the following are functions supported by marketing research EXCEPT _____.

A researcher has assessed the reliability and validity of his data and is comfortable in thinking the data accurately matches reality.Which characteristic of valuable information does this best describe?

Merck,a pharmaceutical company,places a tiny chip on drug packaging to track its product from the manufacturing plant to the consumer to ensure the product flows through the proper distribution channel and safety for consumers.The tiny chip is an application of which technology?

An organization's inventory figures are a good example of: