Management 3360 Chapter 12
A form of data gathering from a small group led by a moderator is called
focus group.
Examining the current situation includes all of the following EXCEPT
how will you solve employee grievances.
Creating a(n) _____ plan is the first step in putting together your business plan.
marketing
Questions that allow respondents to express themselves as they choose are called _____ questions.
open-ended
Which of these tools is useful in conducting a situation analysis?
SWOT analysis
One of the most important pieces of the marketing plan that determines your profitability and ultimately whether you will stay in business or not is
knowing what your sales will be.
The process of dividing the market into groups that have somewhat homogeneous needs for a product or service is called
market segmentation.
Identifying the weaknesses of your competition would result in the identification of _____ for your firm.
opportunities
A(n) _____ strategy is useful when there is really no difference in the reasons why consumers buy your products.
undifferentiated
When you divide your total market based on age and income, it is called
demographic segmentation.
In developing his marketing plan, Fred should know that _____ should be his first step.
identifying the target market
Which of the following is an informal approach and a good way to test your questions to make sure your audience understands exactly what you are asking? A. Ethnographic research
Focus group
Which of following is the most expensive survey method?
In-person
Generally marketers choose one of these targeting strategies EXCEPT
cost-leadership.
A(n) _____ strategy is used when there is more than one market segment likely to need a product or service.
differentiated
Data gathered by simple observation seeing what customers do rather than asking them refers to
ethnographic research.
Companies that provide alternates that are dissimilar to your product/service that consumers might choose to meet a similar need are called
indirect competition.
Data gathered through close-ended questions provide more information than those collected through open-ended questions.
FALSE
Direct competition for a firm are those products that people use if they do not purchase the firm's product or service category
FALSE
Generally, marketers choose one of three targeting strategies: cost, differentiation, and focus
FALSE
Glen is using the information available on the Internet, to conduct a research on "Retail Marketing." Glen is conducting a primary research.
FALSE
Open-ended questions are not useful in marketing research since they can be answered in many ways.
FALSE
Jeff is a market research executive who has prepared questionnaires' for his respondents. The questionnaires allow respondents to answer in either a "Yes" or a "No." This questionnaire can be categorized under which of the following question type?
Dichotomous
Which of the following is also known as competitive advantage?
Differential advantage
Snackos is a company that manufactures snacks. They advertise their products with the catch phrase "Snackos, snacks with nutritious value and more for your money". What kind of strategy are they following?
Differentiated strategy
Which of these represent the first step of a marketing plan?
Discussing the target market
Which of the following is a problem with secondary data?
It may not be timely
This form of survey has the lowest return rate and does not allow for much flexibility
Fred has received various different numbers from the local Chamber of Commerce and Economic Development office on how big the potential market is. Which of these can verify the size of the potential market for Fred?
Marketing research
_____ refers to systematic collection and interpretation of data to support future marketing decisions.
Marketing research
If Fred decides to conduct a survey to collect data, compare groups, and statistically analyze data, which of these questions should he avoid?
Open-ended
Which of these is NOT one of the 4Ps?
Plan
Which of these is not a close-ended question type?
Subjective
A systematic written plan of all phases of marketing for a business is known as a marketing plan.
TRUE
Differential advantage is also known as competitive advantage.
TRUE
Differential advantage occurs as a result of something a company does in either - product, price, place, or promotion.
TRUE
Ethnographic research is an observational method of collecting data
TRUE
For a new company the marketing plan provides the justification for going into the market
TRUE
Marketing research can verify the size of the potential market.
TRUE
Normally, the first step in creating the business plan is creating the marketing plan.
TRUE
Primary data are specific to the problem you are solving.
TRUE
Promotion can create a differential advantage, although more likely it will be the means by which you convey this advantage to the customers.
TRUE
Secondary research is often free and quick.
TRUE
The easiest way of finding the selling prices of different products is through secondary research.
TRUE
The primary reason for targeting is that you don't waste a lot of effort and money
TRUE
When a firm chooses one particular segment on which to focus all its efforts, the firm is using a concentration strategy.
TRUE
With close-ended questions it is much easier to compare groups and to statistically analyze.
TRUE
With prestige pricing, people will pay more for a particular name brand because of the perceived benefits of using the brand.
TRUE
Questions that have only two possible choices are called _____ questions.
dichotomous
Which of the following strategy is ideal while selling bottled water in a beach on a hot summer day?
Undifferentiated
A data collection method using a questionnaire is called
a survey.
A Web-based program that uses artificial intelligence technique to automate tasks such as searches is called a(n)
bot.
If you are asked a question: What is your ethnicity? White, African American, Hispanic, Asian, other, it reflects a _____ question.
categorical
With _____ questions, it is much easier to compare groups and statistically analyze
close-ended
The challenge in _____ is finding data.
secondary analysis
The numbers and data offered to Fred by the Chambers of Commerce and Department of Economic Development are called
secondary data.
A _____ is the population segment or segments that are likely to buy your product or service.
target market
A differentiated strategy is useful when there is really no difference in the reasons why consumers buy your products.
FALSE
If Fred wants to find new niches and perfect his services before he opens Super Sports, he should focus on which of these questions?
Open-ended
_____ questions can help you find new niches and perfect your product or service before you introduce it.
Open-ended
Which of the following are the two major types of questions used in surveys?
Open-ended and close-ended
These questions provide data that are more difficult to tabulate and the answers can be difficult to compare.
Open-ended questions
Open-ended questions are best for all of these EXCEPT
comparing groups and statistical analysis.
The key component in your situation analysis is to consider your
competitors.
Which of these is the final step of a marketing plan?
Addressing the 4 P's
An automobile company has different categories of cars for different types of customers. The have segmented it as: speed cars, safety cars, capacity cars etc. Customers can choose their cars accordingly. Which of the following best explains this type of segmentation?
Benefit
Identify the form of questions that gives you several predetermined groups from which to choose.
Categorical questions
Maya runs a business of home-based new born baby wear through the Internet called "First Memories". She targets her business at all first time mothers around the globe. Identify the type of marketing strategy involved.
Concentrated strategy
Noel is a management student who needs to conduct primary data for his project on "Retail Marketing." He goes to a local department store and observes customers. He makes a note of the different products the customers choose, and the time they spend in making decisions in choosing different products. Which of the following best explains this type of research?
Ethnographic
A marketing plan is required to convince a bank or private investor to loan you money or a store or distributor to carry your product. It is not required if you plan to use your own personal savings and direct marketing.
FALSE
A written marketing plan does not include financial projections if it is not a part of an entire business-plan.
FALSE
Focus group method refers to gathering data by simple observation.
FALSE
_____ research is research gathered to answer a specific marketing question
Primary
Vince is a marketing research executive for a retail firm. He has been assigned the task of identifying the reason for low sales of its products in a specific area compared to other areas of the same city. Vince should conduct secondary marketing research to get accurate information.
FALSE
While conducting a survey, asking questions to people on the phone is the most expensive method.
FALSE
_____ refers to information already collected for some other purpose than the current problem
Secondary data
Research falls into two major categories: secondary and post-secondary research.
FALSE
The creation of a marketing plan is a one-time process
FALSE
An example of demographic segmentation is dividing the market based on whether people live in the city or rural areas.
FALSE
Identifying the target market for the product or service, gives us an answer to "how crowded the market is."
FALSE
Marketing research can show what the competitors are doing correctly but cannot identify their weaknesses.
FALSE
Questionnaires' in which respondents have to choose between age levels e.g. below 20, 20 to 29, 30 to 39 etc. can be categorized as dichotomous questions.
FALSE
Ethan is a marketing research executive for Coca Cola. Recent sales figures suggest that the sales for Coke have fallen drastically in Cincinnati, Iowa. The regional manager wants Ethan to conduct a market research in Cincinnati. Which of the following research should Ethan use?
Primary
A firm is planning to introduce a new product in the market. Which of the following strategy includes determining the ideal medium through which the customers should be educated?
Promotion
The characteristic that separates one company from another in product, price, promotion and/or distribution, is referred to as
differential advantage.
In situation analysis, you need to consider those who provide the same product or service, otherwise known as
direct competition.
A(n) _____ strategy is used when a firm chooses one particular segment on which to focus all its efforts.
concentrated
An example or photo of your product or service is a great visual aid in helping you sell your plan in your written market plan. This is an example of
defining your product.
A marketing plan examines all of these areas EXCEPT
employee issues involving product creation.
When you divide the market you serve based on regions, such as, Northeast, Southeast, and Midwest, it is called
geographic segmentation.