BA Exam #2

Marketers looking for information on age, income, and population would access:

Census Data

Jake is determining which customers should be included in a study sample. According to this information, Jake is in which stage of the marketing research process?

Creating a research design

Your boss believes strongly in the potential of special software that has been developed to search for patterns in computerized data files. This software is used primarily for _______________.

Data Mining

_______________ is the process of searching through computerized information files to detect patterns that guide decision making.

Data Mining

A _____________ marketing strategy focuses on producing several products and pricing, promotion, and distributing them with several marketing mixes designed to satisfy smaller segments

Differentiated

American Express, a large firm with many financial products, recently introduced two new credit cards designed for very specific markets: The Knot, for engaged couples, and The Nest, for newlyweds. This is an example of _______________ marketing.

Differentiated

Cody stopped by Ferrari of Beverly Hills to look at the new Ferrari 488 Spider that just came in. Cody is obsessed with cars and would love to buy the 488, but there is a slight problem. Cody is a full-time student in his senior year of college and works part time at Olive Garden where he earns $7.75 an hour. The new 488 is listed for sale for $429,000! Cody really should not be considered part of the market for the Ferrari because he:

Does not have purchasing power.

In interpretive research, the researcher first spends an extensive amount of time studying the culture, and for that reason, the studies often are called ____________ studies.

Ethnographic

You are the campaign manager for a candidate running for mayor of Hartford, Connecticut. You are running a series of focus group sessions with Hartford residents to get a better idea of their needs and wants. Your focus group sessions are an example of which of the following types of research?

Exploratory Research

What is a major source of information for U.S. companies that want to research global markets?

Export.gov

Sydney is a marketing researcher for an advertising agency and is gathering _______________ data from the Census Bureau to determine the characteristics of people living in a three-county area within the state of Texas.

Secondary

Marketers obviously want to have products available where customers live. Hence, retail store site selection is critical for brick and mortar retailers. Further, consumers in urban areas, suburban areas, and rural areas often have different wants and needs. Retailers not only calculate how far apart stores need to be but also what merchandise is carried by different stores based on geographic areas. These retailers are making decisions based on what element of geographic segmentation?

Market Density

The latest ad of crest toothpaste says "Crest is a cavity fighter." This is an example of a positioning strategy based on:

Product Application

In your regular goods and services consumption activities, you purchase products from the wholesaler for resale and for use in your store's daily operations. You also purchase products that you will feature in the gift baskets you make. On the basis of this information, which of the following best describes the market component you are part of?

Resale

Whole Foods, a grocery and health food store, is ready to open a new location in Dallas, Texas. Executives at Whole Foods would like to gather research to determine which Dallas neighborhood to build in. Whole foods uses information from ESRI's Tapestry segmentation to identify Dallas zip codes with the highest concentration of their target audience. Whole Foods is utilizing which type of secondary data?

Research Services

When firms identify the factors that affect consumers purchase decisions and develop strategies and tactics to appeal to specific types or groups of customers, they are practicing market ______________.

Segmentation

Emeril works for a local sports bar known for its chicken wings and nachos. For the last 5 years, the company has continued to grow, and according to a recent trend analysis, sales have risen by increments of about $530,000 annually since the restaurant opened its doors. Surprisingly, however, the restaurant has seen a decline in patronage over the last quarter, and Emeril has been tasked with identifying the root cause of this sudden decline in sales. Emeril has never conducted exploratory research, so you have decided to help him. One of the first lessons you share with him is to be careful about confusing the symptoms of a problem with the problem itself. After you conduct a series of interviews with waitstaff, customers, distributors, and other stakeholders, you help Emeril come up with possible explanations for the decline in sales. Which of the following is a possible cause of the problem at the restaurant?

The restaurant's marketing team recently released a new billboard that many customers find offensive

Market segmentation has interested you ever since your first marketing course, and you want to work for the type of organization that uses this technique. This means you should avoid pursuing a job with:

You could pursue a job with any of the above, since all would use market segmentation

An undifferentiated marketing strategy:

is efficient from a production point of view

Social media has assumed a major role in the promotion of goods and services. Almost all TV advertising today includes calls to "like us on Facebook" or "follow us on Twitter". While most U.S. citizens engage in some form of social media, some only do this occasionally while others are constantly on their computer of phone accessing social media. Just like with social media, consumers vary in their consumption of almost all products and services. Recognizing these differences can lead a firm to employ:

usage rate segmentation