Mrkt 444 test 1
Reasons for conducting exploratory research include _____.
Claryfing the research problem
Since there are so many other companies that operate in the food service industry, the marketing manager of Gourmet Dining pays detailed attention to what other restaurants that offer similar meals, prices, and services are doing. In the context of external forces affecting marketing decisions, the marketing manager's focus is on _____.
Comeptition
_____ is a central tenet of marketing in which a person gives up something of value to them for something else they desireto have.
Exchange
In the context of situation analysis, which of the following is a category for analysis in the internal environment?
Firm resources
Apex Jerseys, a manufacturer of sports apparel and sports equipment, has experienced a sharp drop in sales over the last quarter. The marketing manager asks the marketing research department to investigate this alarming development. The first step taken by the researchers in their investigation should be to _____.
Formulate a specific research problem
Samantha has worked for MJS Marketing for five years and expected a promotion next month. However, the new product launch that she organized did not go as smoothly as expected. In this case, Samantha's boss should most likely be reminded of which guideline for having a successful marketing planning experience?
Give yourself and your people room to fail and try again.
A manufacturer of food products is looking at entering several new markets in developing countries. Before it does this, the company wants to collect data on item and flavor preferences in these markets. It sends out a survey that has been accurately translated into the local language, but it still receives inconsistent results. In talking with a consulting firm, the manufacturer is informed that several of these countries have extremely high illiteracy rates and the survey answers may be only random guesses by the respondents. Which of the following problems associated with collecting primary data in global markets does this scenario exemplify?
Insufficient comprehension
Microsoft's revolution of the information field and Disney's creation of the modern theme park industry are the classic examples of _____.
Market creation
_____ refers to approaches that drive the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before.
Market creations
Biz Solutions has 12 call centers worldwide handling customer service issues for a variety of companies. The firm is considering the purchase of a software firm that serves the oil and gas industry. According to Igor Ansoff's Product-Market Matrix, this is an example of the _____ strategy.
Market diversification
Bliss Massage Therapy Center maintains a database of over 700 clients and sends each one a special discount offer in the month of his or her birthday. Managers hope that as existing customers use the discount, they will see an overall growth in sales. According to Igor Ansoff's Product-Market Matrix, this is an example of the _____ strategy.
Market penetration
_____ is the set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
Which of the following is NOT a key resource studied during internal analysis that involves taking a look at all aspects of a firm's functional/operational-level resources and capabilities?
Political capabilities
Automobile manufacturers must comply with regulations set by the National Transportation and Safety Board. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?
Political, legal, and ethical
The marketing manager for Dream Weaver Textiles reads in a trade magazine that the Federal Trade Commission is in the process of revising content labeling requirements for textiles that claim to be natural. In the context of external forces affecting marketing decisions, this represents the _____.
Political/legal environment
Inga, marketing manager at Sunshine, a professional preschool center, thinks the firm should start an after-school program to retain its current clients. This makes sense as she wants to extend the trusting relationship already established with parents and children. According to Igor Ansoff's Product-Market Matrix, this is an example of the _____ strategy.
Product development
The marketing managers of Brand Z Shoes have clearly defined their research problem as "If we increase our promotions expenditures, by what percentage will it increase sales?" They have also decided that they need primary data to answer this question. To collect these data, they should most appropriately use _____ research.
Quantitative
Which of the following competitive forces is NOT addressed directly by Michael Porter?
Relative power of other stakeholders
Zenith Homebuilders used to purchase many building lots and erect spec homes (i.e., it gambled that the demand for new houses would be so high that they would sell easily). Since the real estate slowdown, it builds homes only when owners are under contract. In this case, the company is most likely pursuing a generic business strategy of _____.
Retrentchment
Which of the following statements is true of secondary data?
Secondary data will not fit the research problem exactly.
According to the 2010 U.S. Census, Asian Americans are the high-income, fast-growing racial group in America. In the context of situation analysis, under which of the following macro-level external environmental factors will this be included?Sociocultural/demographic factors
Sociocultural/demographic factors
After a recent 141-day strike, the union members in California went back to work at area grocery stores. The union negotiated raises, better health care benefits, and a one-tier pay scale. The union may best be described as a(n) _____.
Stakeholder
Tyler's event planning company hired a new marketing assistant who focuses only on long-term organizational goals and objectives ignoring the functional or operational level aspects of planning. For having a successful marketing planning experience, in which concept should the new assistant be trained?
Stay strategic, but also stay on top of the tactical.
Which of the following can impact the competitive nature of an industry through their ability to raise prices or affect the quality of inbound goods and services?
Suppliers
Today many retailers create apps that customers can download to their smartphones or tablets to be up-to-date on the company's offerings. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?
Technological factors
For successful Marketing (Big M), all internal organizational practices should be aligned around _____.
The customer
Which of the following is true of in-depth interviews?
They are used for exploratory research.
Which of the following is most likely to be considered a goal rather than an objective?
To be the leader in one's field
Which of the following is considered an objective?
To increase revenue by 15 to 20% in each of the next five years
Mary's firm has delayed making a decision on acquiring a new product line because her marketing team members took more than three months to analyze numbers. Which of the following tips for successful marketing planning experience did the firm fail to use?
Utilize input, but don't become paralyzed by information and analysis.
From a customer's perspective, what is defined as a ratio of the bundle of benefits a customer receives froman offering compared to the costs incurred by the customer in acquiring that bundle of benefits?
Value
Which of the following are the two core marketing concepts?
Value and exchange
Strategic marketing refers to _____.
a long-term, firm-level commitment to investing in marketing
A continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical data to marketing decision makers is known as _____.
a market information system
The Internet has made it easy for customers to get details about products online, post their opinions, and read other people's opinions. From a marketer's point of view, this has caused _____.
a shift in information power from marketers to consumers
The marketing management team of Brand Z Toys is looking at the possibility of opening a new plant in one of several developing countries. Before they decide on which country they want to build in, they want to conduct some preliminary research including local population demographics and lifestyle characteristics. However, they have discovered that the governments in several of these countries do not have a department that collects these data and no independent research firm has measured any of these areas. This shows the difficulty with secondary data _____ in global markets.
acessability
Goals and objectives should be set _____.
after completion of market research, situation analysis, and competitor analysis
The marketing manager of Low Cost Retailer wants to conduct descriptive research to gather information on what customers purchase, when they purchase, and how often they purchase certain products. For this purpose, the marketing manager should use _____.
behavioral data
A _____ is some type of utility that a company and its products provide its customers.
benefit
Mega-Big Corp. has a small strategic business unit (SBU) that produces a component vital to the manufacturers of automobiles and has been extremely profitable for 18 years. The SBU acts as a key source of income for the firm. In the context of the BCG matrix, Mega-Big Corp. is most likely considered a _____.
cash cow
A restaurant's marketing manager is interested in finding out if reducing the price of food items will lead to increased sales. For this purpose, the manager should conduct _____ research.
casual
Sheena, marketing manager for Yaard-Vark Lawn Tractors, is interested in the relationship between the prices of lawn tractors and the level of sales. To test whether increasing prices will lead to a change in sales and how much of a change, she should use _____ research.
casual
While writing a customer satisfaction survey, the marketing director for Brand X Bank created a set of questions that customers would answer by circling a number between 1 and 7. The number 1 meant that the customers were very dissatisfied by that aspect of the experience, whereas 7 meant that they were very satisfied. The director is using _____ questions to collect this information.
close-ended
When examining some secondary data from Uzbekistan, the marketing manager of RS Chemicals notices that the income figures seem high even after conversion to U.S. dollars. He later learns that the government agency that collects this information records total household income rather than per capita income as in most other countries. This shows the difficulty with secondary data _____ in global markets.
comparability
The AMA's definition of marketing reflects the view toward marketing activities as focused on ______.
creating and delivering offerings that have value
The recent controversy over the age of Chinese Olympic gymnasts because of differing ages on their passports and in government files exemplifies the difficulty with secondary data _____ in global markets.
depandability
The sole proprietor of Sam's Swings is interested in gaining a better understanding of his current customers in terms of certain demographic and lifestyle characteristics so he may better serve their needs. For this purpose, he should most appropriately conduct _____ research.
descriptive
The Clean-O company makes a cleanser for the hospital and nursing home market that is guaranteed to kill 99 percent of Staphylococcus germs, a major concern for medical facilities. Unlike other companies, Clean-O is not interested in pursuing the consumer market. In this case, Clean-O has adopted a _____.
differentiation orientation
Lately the demand for building materials has dropped due to the slowdown in new housing construction. Wood-O Corp. is thinking of closing its fine wood division that produces mahogany and cherry lumber for building cabinets and other applications. Under the Boston Consulting Group Growth-Share Matrix, the fine wood division would most likely be classified as a _____.
dog
A shoe manufacturing company is interested in selling its products in a new country. Before entering the marketplace, the company wishes to gather information about how the country's citizens' set priorities and make buying decisions. For this purpose, the company is most likely to analyze the country's _____.
economic conditions
For successful Marketing (Big M), customer orientation must be understood by _____.
everyone in organization
Bryan gets reduced fees for his daughter's piano lessons by maintaining her teacher's website. Bryan is practicing the central tenet of marketing called _____.
exchange
Brand X diapers, a national brand, has been declining in absolute level of sales for the last four consecutive months. The product manager asks the market research department to do a study to determine why sales have declined. The most appropriate research type would be _____.
exploratory research
The best place in a SWOT analysis to list the availability of credit for a firm seeking to expand through new construction of real estate is _____.
external opportunities
The best place in a SWOT analysis for an airline to identify the possibility of acquiring a competitor is _____.
external opportunties
The best place in a SWOT analysis for a wristwatch manufacturer to identify the presence of substitute products is _____.
external threats
The best place in a SWOT analysis to identify problems with hurricanes, earthquakes, major snowfalls, and other natural phenomena is _____.
external threats
Which of the following is the best place in a SWOT analysis to list competitive trends?
external threats
Vegan Videos has decided to conduct exploratory research to clarify its marketing-related research problem. The company needs to collect primary data using qualitative research, but it has less time to collect these data from 20 customers with only one researcher. In this case, Vegan Videos should most likely use a(n) _____ to collect the data to meet its deadline.
focus groups
Jan Smith, the marketing manager of Big Wheel Autos, has noticed that in many European countries more of the population is moving into urban centers. This has resulted in an increased demand for subcompact cars that can maneuver through these congested streets rather than full-size automobiles. In the context of external information sources, this is an example of how _____ can influence marketing management decisions.
geographic changes
Companies that promote sustainability practices like Starbucks, which has a stringent recycling program, or General Electric, which makes environmentally sensitive products, are practicing _____.
green marketing
A good market research _____.
impartial
The best place in a SWOT analysis to list a highly competent workforce is _____.
internal strengths
The marketing manager for Brand A Razors, a strong national brand, believes he knows how customers will react to a new product offering, but he conducts market research merely to provide justification for this new product. This research cannot be considered as a good market research because it _____.
is not impartial and objective
Peter Drucker, the father of modern management, believed that marketing _____________.
is the whole business as seen from the customer's point of view
Jamal's boss wants him to travel to Canada to do some research on good locations for their retail stores, which they are planning to open in Montreal and Ottawa." The firm operates 278 stores in the United States. According to Igor Ansoff's Product-Market Matrix, the extension into a new geographic region is an example of the _____ strategy.
market development
Time Express, a well-established North American delivery service, wants to expand service into Central and South America. According toIgor Ansoff's Product-Market Matrix, this is classified as the _____ strategy.
market development
The CEO of Big Wheel Automotive is concerned about declining sales. He has identified his research problem as the fact that his competitors are drawing away his business. He purchases access to J. D. Power's automobile rankings to learn about possible reasons for the shift in consumer purchasing. In this case, the CEO is using _____ to collect secondary data for his research problem.
market research organizations
A _____ articulates an organization's reason for existence and defines the unique purpose that sets it apart from competitors and identifies the scope of the company's operations, products, and markets.
mission statement
The manager of Big Brand Clothing wants to determine what items consumers are looking for this Christmas so that he can plan his orders. He decides to collect data for the purpose by stationing employees outside the store on a particular Saturday with a list of questions to ask willing shoppers to answer as they pass by. In this case, the manager is using a _____sampling method to select respondents.
non-probability
The manager of Gina's Groceries wanted to see how customers would react to some new displays. To collect this information she posted employees where they could see the display and had them record how long customers looked at it, whether they picked up the item, and if they took the item with them. In this case, she is using _____ for her market research.
observational data
Dan is creating a survey for his company. The question he is currently working on asks his business-to-business customers to describe the ideal purchasing transaction. In the context of information content, Dan is utilizing a(n) _____ question.
open-ended
Maria, the marketing manager of an automobile dealership, is crafting a SWOT analysis. In this case, she should list competitors that have gone bankrupt under _____.
opportunities
Victor Inc., a producer of headphones used with cell phones and MP3 players, uses contract manufacturing overseas. The firm is concerned that tariffs may be increased. Under which component of situation analysis will an examination of this issue be found?
political, legal, ethical
Brand Electronics' marketing manager would like to know about the typical consumer who purchases handheld computers. He begins by searching online and in databases for this information, but soon discovers that a product is too new for the sources to be of help. In this instance he will need _____ data to solve his research problem.
primary
The marketing director of Bank Y decides to conduct a survey of 5,000 current customers to gather information to answer the research problem of what the bank can do to improve its services and customer satisfaction. She starts with a database of 50,000 current customers and randomly picks a name on the list to start. She then selects every tenth person as she goes down the list to receive a survey. She is using a _____ sampling method to select the participants for the study.
probability
Mega-Big Corp. is interested in buying Soft works, a medical software firm. Soft works is highly regarded by medical practices for ease of use. Two software engineers started the company, but they have made risky financial and poor management decisions. Mega Corp. believes that with proper management the software firm will become an industry leader. In the context of the BCG matrix, Soft works is most likely considered a _____.
problem child
Fernandez Brothers Inc., provides accounting services to small businesses. Before and after tax season, the partners meet with each client company. It sends a monthly newsletter to update clients with tax changes. The firm's business practices mainly focus on keeping profitable current customers rather than gaining new customers. Fernandez Brothers has adopted a _____ approach.
relationship orientation
The marketing manager of a firm has hired a market research team. Together, the manager and the researchers decide that they need data from current customers and noncustomers who fit a specific demographic and lifestyle profile. In the context of research design activities, the selection of these individuals as targets for data collection represents the _____.
sampling plan
Burger Bistro recently experienced a decline in hamburger sales after salmonella was discovered during a health inspection at one of the restaurants. The marketing manager was interested in how other restaurants had dealt with similar situations. Which of the following types of data would be the most appropriate way to find answers related to this marketing problem?
secondary
A marketing manager is considering a new advertising campaign for Guzzle Beverages. She purchases six months of scanner data for Cruncheez Snack Foods, a company that recently ran a similar campaign. She wants to use this information to determine the campaign's effectiveness before implementing it for Guzzle. In this case, the marketing manager is using _____ to collect the needed information for research.
secondary data
Bazooka brand of candy revamped its package inserts by changing from comic strips to quizzes and brainteasers that direct kids to digital content. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in generational values and preferences
The Girl Scouts introduced a cookie finder app in 2013. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in generational values and preferences
Today companies have no choice but to be more open about their businesses and products because they can't stop chat rooms or bloggers or customer reviews. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in information power from marketer to customer
Today customers have limitless access to facts about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in information power from marketer to customer
Appropriate and effective marketing metrics must be designed to identify, track, evaluate, and provide key benchmarks for improvement. In the context of change drivers affecting the future of marketing, this reflects the _____.
shift to justifying the relevance and payback of the marketing investment
Mammoth Foods, a major agricultural corporation, recently purchased MJS Organic Foods Co. MJS was established six years ago and has become a major supplier to restaurants in the northeastern United States. The organic herbs, vegetables, and fruit market is expected to have a double-digit growth rate over the next decade. Under the Boston Consulting Group (BCG) Growth-Share Matrix, MJS would most likely be classified as a _____ .
star
Marketing (Big M) is also known as _____.
strategic marketing
Roberta's company, New Home Builders Corp., specializes in designing one-storey homes that have wide hallways and walk-in showers that could accommodate the need to use a wheelchair or walker, and other amenities that allow couples to remain in their homes as they age. The company's strong value proposition has allowed it to maintain steady market share in a weak housing market. In the context of SWOT analysis, a discussion of this relative advantage would be included under _____.
stregnths
A SWOT analysis of a firm is least likely to _____.
suggest solutions to problems
The marketing manager for Joe's Shoe-Mart has decided to conduct descriptive research using primary data. Based on some preliminary research of trade journals and interviews with customers, she knows what questions to ask. However, the customers she wants information from are spread out over many stores in several states. The best technique for her to collect these data would be _____.
surveys
In the context of change drivers impacting the future of marketing, marketing (little m) is also known as _____.
tactical marketing
Malala, the marketing manager of an automobile dealership, is crafting a SWOT analysis. In this case, she should include the downturn in the U.S. economy and tightening of the credit markets under _____.
threats
Open Sesame is a chain of Thai restaurants located in the western United States. The marketing manager has discovered that there is a growing demand for Spanish food. In the context of SWOT analysis, this information would be included under _____.
threats
To ensure the primary data they collected about consumer reactions to their product were accurate, the makers of Classic Toiletries hired a single research firm to visit certain cities in various countries. In the past, the company had used mail and telephone surveys by local companies in each country to gather data, but it was concerned about whom these companies were surveying and if they actually fit the demographic and lifestyle profiles of Classic's target market. Classic hired a new research firm to overcome the problem of _____ that can occur when collecting primary data in global markets.
unreliable sampling procedures
The marketing management team of Superior Foods Inc. hired a research firm to collect preference data from consumers in several former Soviet Bloc countries. However, the researchers struggled to get these data, especially from older citizens who were afraid that the information would be used against them, as it had been when they were under a Communist government. Which of the following problems associated with collecting primary data in global markets does this scenario exemplify?
unwillingness to respond
The owner of Joe's Pool Hall found some secondary data online that measured consumer reactions to certain amenities in bars and nightclubs. However, he is concerned about how these data were collected and whom it was collected from. This represents the concerns associated with the _____ of secondary data.
validity
_____ is defined as the ratio of bundled benefits received to the cost incurred by a customer to receive those benefits.
value
The marketing manager at Little Red Architects, a firm that specializes in the design of school buildings, discovered a glitch in the software that the firm uses and that some of its most recent projects will come in over budget. In the context of SWOT analysis, a discussion of this would be included under _____.
weakness
The account manager of a market research firm is conducting secondary research on consumer preferences in energy drinks for his clients. His client's drink is 100% organic, but all of the secondary data he has found contains only beverages that contain a majority of artificial ingredients. This scenario illustrates the fact that secondary data _____.
will not fit the research problem exactly
