Questions: In the context of the ever-changing marketplace, which of the following statements is true of marketing research? a. It overlooks the role of word of mouth advertising in the promotion process of newly launched products. b. It helps in understanding the marketing environment with the ald of big data analytics. c. It discourages the use of loyalty programs when marketing to improve customer relationships. d. It results in inaccurate forecast as the marketplace keeps changing.

In the context of the ever-changing marketplace, which of the following statements is true of marketing research? a. It overlooks the role of word of mouth advertising in the promotion process of newly launched products. b. It helps in understanding the marketing environment with the ald of big data analytics. c. It discourages the use of loyalty programs when marketing to improve customer relationships. d. It results in inaccurate forecast as the marketplace keeps changing.
Transcript text: In the context of the ever-changing marketplace, which of the following statements is true of marketing research? a. It overlooks the role of word of mouth advertising in the promotion process of newly launched products. b. It helps in understanding the marketing environment with the ald of big data analytics. c. It discourages the use of loyalty programs when marketing to improve customer relationships. d. It results in inaccurate forecast as the marketplace keeps changing.
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Solution

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Answer

The answer is b. It helps in understanding the marketing environment with the aid of big data analytics.

Explanation
Option 1: It overlooks the role of word of mouth advertising in the promotion process of newly launched products.

This statement is incorrect. Marketing research often includes studying the impact of word-of-mouth advertising, especially in the context of social media and online reviews, which are crucial for the promotion of new products.

Option 2: It helps in understanding the marketing environment with the aid of big data analytics.

This statement is true. Marketing research increasingly relies on big data analytics to understand consumer behavior, market trends, and the competitive landscape. Big data provides valuable insights that help businesses make informed decisions.

Option 3: It discourages the use of loyalty programs when marketing to improve customer relationships.

This statement is incorrect. Marketing research often supports the use of loyalty programs as they are proven to enhance customer retention and satisfaction. Research helps in designing effective loyalty programs that cater to customer needs.

Option 4: It results in inaccurate forecasts as the marketplace keeps changing.

This statement is partially true but misleading. While it is true that the marketplace is dynamic, marketing research aims to provide the most accurate forecasts possible given the available data. Continuous research and updated data help in making more accurate predictions despite market changes.

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