BMGT350 - test 1

Which types of companies would most benefit from conducting marketing research? a- neither large multinational firms like Disney or IBM nor small local firms b- only medium sized companies that are about half the size of Disney and IBM c-only large multinational firms like Disney and IBM d- only small local firms like Beatrice's Bistro e- both large multinational firms like Disney and IBM and small local firms

both large multinational firms (like Disney and IBM), and small local firms

List critical thinking standards:

clarity, accuracy, precision, relevance, depth and breadth

What is a business portfolio?

collection of businesses and products that make up the company

Which of the following refers to the degree to which an innovation fits the values and experiences of potential customers? a- compatibility b- complexity c- relative advantage d- communicability e- divisibility

compatibility

Which of the five characteristics identified has an inverse relationship with an​ innovation's rate of​ adoption, meaning as this characteristic​ increases, the rate of adoption is​ slower? a- divisibility b- compatibility c- communicability d- complexity e- relative advantage

complexity

The website leftyslefthand.com markets products to​ left-handed consumers only. Which targeting strategy does this​ represent? a- undifferentiated marketing b- segmented marketing c- micromarketing d- concentrated marketing e- differentiated marketing

concentrated marketing

Which of the following is likely to slow the adoption of a new technology? a- conceptual complexity b- divisibility c- communicability d- relative advantage e- compatibility

conceptual complexity

What is loyalty status?

consumers can be loyal to brands, stores and companies

Who are marketers most concerned about?

customer

What is demographic segmentation?

dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

A company's marketing information system (MIS) is valuable because it: a- allows a company to outperform its competitors in the marketplace b- enables a company to use customer insights to improve relationships with customers c- maintains the company's internal database of customers d- ensures that the company will have good customer service e- increases the likelihood that a customer will buy a product

enables a company to use customer insights to improve relationships with customers

Which of the following describes the type of research used to help define the research problem and suggest hypotheses? a- causal research b- secondary research c- primary research d- descriptive research e- exploratory research

exploratory research

What is observational data?

facts and figures obtained by watching, either mechanically or in person, how people actually behave - ethnographic research sends trained observers to watch and interact with customers in their natural environments

You and 7 other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a: a- focus group b- individual study c-experiment d-ethnographic study e-immersion group

focus group

Advantages to competitive marketing intelligence?

gain insights about consumer opinions and their association with the brand, gain early warnings of competitor strategies, new product launches or changing markets and potential competitive strengths and weaknesses

When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by: a- identifying and targeting late adopters b- generating person-to-person brand conversations c- withdrawing from online social networks d- developing print and radio advertisements e- pushing one way commercials at customers

generating person-to-person brand conversations

The Ritz-Carlton has carefully created a strong and distinctive differentiation strategy, which is supported by everything the company says, is and does. Which type of differentiation is this? a- image differentiation b- product differentiation c- channel differentiation d- services differentiation e- people differentiation

image differentiation

Which of the following is not one of the typical advantages of the e-procurement systems? a- reducing time between order and delivery b- allowing buyers to focus on more strategic issues c- eliminating paperwork d- improving customer-supplier relationships e- finding better supplier resources

improving customer-supplier relationships

An international company appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO most likely to do as a function of their job? a- inform customers of the company's privacy policy b- use customer data in such a way to convince customers to buy products c- compile an exhaustive resource of customer data d- track the clicks of customers on websites e- scour consumer financial information

inform customers of the company's privacy policy

What is secondary data?

information that already exists somewhere, having been collected for another purpose

The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as: a- demographic segmentation b- behavioral segmentation c- lifestyle segmentation d- geographic segmentation e- intermarket segmentation

intermarket segmentation

What are strengths in SWOT?

internal capabilities that may help a company reach its objectives

Marketers obtain needed information from which of the following? a- internal data, marketing research and marketing managers b- marketing managers, information users, and internal databases c- internal data, big data, and market research d- internal data, marketing intelligence, and marketing research e- marketing intelligence, marketing research and the marketing environment

internal data, marketing intelligence, and marketing research

What are weaknesses in SWOT?

internal limitations that may interfere with a company's ability to achieve its objectives

Which of the following statements regarding the business market is correct? a- physiological needs b- social needs c- safety needs d- self actualization needs e- esteem needs

many sets of business purchases are made or one set of customer purchases

Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as: a- differentiation b- market targeting c- mass marketing d- market segmenting e- positioning

market segmenting

_____ consists of the analysis tools, technology an processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance: a- marketing analytics b- marketing information c- big data d- touch points e-CRM

marketing analytics

What is MIS?

marketing information system - assess information needs, develop needed information, help decision makers use information

What is exploratory research?

marketing research to gather preliminary information that will help define problems and suggest hypotheses - start with secondary, then consider primary data

What is usage rate?

markets can be segmented into light medium and heavy users

Disadvantages to competitive marketing intelligence?

may involve ethical issues

Disadvantages to secondary data?

may not get all the data you need, may not be usable information, relying on the work of others

The type of segment characteristic in which size, purchasing power, and profiles of the segment can be quantified is known as: a- actionable b- accessible c- differentiable d- substantial e- measurable

measurable

What is sampling procedure?

method of choosing the people to be studied

Mi Rancho Supermarkets is a chain grocer that locates stores in neighborhoods with large Hispanic populations. Their stores carry a greater selection of Hispanic and Latin foods. The type of marketing that Mi Rancho uses is an example of: a- concentrated marketing b- micromarketing c- target marketing d- differentiated marketing e- undifferentiated marketing

micromarketing

What is social targeting?

mines individual online social connections and conversations from social networking sites

What is the first step in the buyer decision process? a- post-purchase behavior b-information search c- purchase decision d- alternative evaluation e- need recognition

need recognition

What is the buyer decision process?

need recognition, information search, evaluation of alternatives, purchase decision and post-purchase behavior

What is product development?

new products, existing markets

What is diversification?

new products, new markets

What is user status?

nonusers, ex-users, potential users, first-time users and regular users

What is sampling size?

number of people to be studied

Who are Gen Z?

people born between 1997-2016

What is sampling unit?

people to be studied

From bottom to top, what are Maslow's needs?

physiological, safety, social, esteem and self-actualization

Who are seniors?

pre depression (born before 1930) and depression (1930-1945)

The business buying process can be a complex and complicated process with 8 basic stages. What is the first stage? a- supplier selection b- supplier search c- general need description d- problem recognition e- proposal solicitation

problem recognition

Dividing buyers into groups based on social class, lifestyle, or personality characteristics is called: a- psychographic b- geographic c- behavioral d- age and life-cycle e- user status

psychographic variables

H2Coast, an automobile manufacturer, produces fuel- efficient hybrid vehicles that are targeted toward high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on: a- behavioral b- psychographic c- demographic d- universal e- geographic

psychographic variables

Which of the following would be good advice for someone conducting marketing research in a foreign country? a- globalization has slowed down so international research is no longer necessary b- reaching respondents in other parts of the world is more difficult than it is in the US c- you can easily find good secondary data in most foreign markets d- consumers in foreign markets generally enjoy participating in marketing research e- language translation will be easy

reaching respondents in other parts of the world is more difficult than it is in the US

A purse company's ads feature the members of a popular housewives reality show. Product sales increase significantly among the fans. From the fans' viewpoint, the housewives reality show is a(n) ________________________: a- family group b- membership group c- late-majority adopter d- reference group e- lagging adopter

reference group

Which of the following information must a researcher evaluate to make certain it is relevant, accurate and impartial? a- secondary information b- survey information c- primary information d- focus group information e- big data analytical information

secondary information

What is benefit segmentation?

segments divided according to the different benefits that consumers seek from the product

What is experimental research?

selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses

Which 2 of the following have a high market growth rate in constant dollars? a- starts b- question marks c- cash cows d- dogs

starts and question marks

What is a mission statement?

statement of the organization's purpose and what it wants to accomplish in the larger environment

What is a positioning statement?

summarizes company/ brand position - format: to (target segment and need) our (brand) is (concept) that (point of difference)

Which of the following best describes the purpose of customer insights? a- the develop new markets of customers for the company b- to create more value for customers c- to represent the company to its customers d- to advertise new products to the customer bases e- to instruct other company departments in customer service

to create more value for customers

Why is it important for a company to collect both primary and secondary data when conducting marketing research? a- to keep costs down b- to avoid complaints that the study is not reliable c- to guarantee the product being researched will be successful d- to ensure the data is usable e- to have a full picture of the subject of its study

to have a full picture of the subject of its study

_____ refers to the practice of integrating ethnic themes and cross-cultural practices within a company's mainstream marketing: a- the buyer center b- buying actors c- the purchasing team d- the buying nucleus e- buying agents

total market strategy

Which of the following correctly describes customer purchase, sales force contacts, service and support calls, web and social media visits, satisfaction surveys, credit and payment interactions and market research studies? a- purchases b-satisfaction surveys c- touch points d- sales calls e- service calls

touch points

What is descriptive data?

used to better describe: who will buy, what they want, what are customer's attitudes about current or new products, where they buy, how much they'll pay, how they make product choices and ho big the market is - use secondary or primary

What are the 4 P's?

product, price, promotion, place

What is online listening?

provides the passion and spontaneity of unsolicited consumer opinions

What is market targeting?

evaluating each market segment's attractiveness and selecting one or more segments to enter

What is the macroenvironment?

Larger societal forces that affect the microenvironment

What is occasion segmentation?

Segments divided according to occasions, when the buyers: Get the idea to buy Make their purchase Use the purchased item

Amazon is now promising same-day pickup of goods as well as local secure pickup points. What point of differentiation is this? a- image differentiation b- services differentiation c- channel differentiation d- product differentiation e- people differentiation

Services differentiation

What is behavioral targeting?

Uses online consumer tracking data to target advertisements and marketing offers to specific consumers

A power tool company wants to give its customers access to internal, nonpublic information about how best to use its product in creative ways. What should the company create to provide customers with this information? a- a company website b- a company intranet c- a company extranet d- a company data mine e- a data warehouse

a company extranet

What is market segment?

a group of consumers who respond in a similar way to a given set of marketing efforts

What is a sample?

a segment of the population selected for marketing research to represent the population as a whole

What is strategic planning?

adapting the firm to take advantage of opportunities in its constantly changing environment

What is competitive advantage?

an advantage over competitors gained by offering greater customer value by having either: low prices or providing more benefits that justify higher prices

What is survey research?

asks people questions about their knowledge attitudes, preferences and buying behavior

Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient​ MIS? a- assess the information needs of the company b- determine how to use the information gathered by market research c- analyze the information gathered in market research d- conduct surveys or focus groups to gather information e- distribute necessary information to the marketing team

assess the information needs of the company

What are the levels of knowing in order?

bottom to top: ignorance, awareness, knowledge, skills, understanding and wisdom

The real value of marketing information rests in the: a- customer insights it provides b- marketing intelligence it uncovers c- support of a company's marketing research d- amount of big data it analyses e- social media data it uses

customer insights it provides

What is the nature of demand in the business market? a- business market demand is independent of consumer market demand b- demand in business markets is elastic c- demand in business markets fluctuates less than in consumer markets d- demand in business markets does not fluctuate e- demand in business markets is derived demand

demand in business market is derived demand

Heeltoe, a boutique that caters to the footwear needs of​ women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of​ affluent, middle-aged​ women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on: a- geographic b- psychographic c- demographic d- behavioral e- universal

demographic variables

What is geographic segmentation?

dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods

What is psychographic segmentation?

dividing a market into different segments based on social class, lifestyle, or personality characteristics

What is market segmentation?

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

What is market penetration?

existing products, existing markets

What is market development?

existing products, new markets

What is a research plan?

outlines sources of existing data to spell out specific research approaches, contact methods, sampling plans, and instruments that researchers will use to gather new data

Who are baby boomers?

people born between 1946 and 1964

Who are Gen x?

people born between 1965-1980

Who are Gen Y/ Millennials?

people born between 1981-1997

Who is iGen?

people born between 1995-2012

_____ is one problem with business-to-business e-procurement: a- increased time between order and delivery b- increased transaction costs c- reduced purchasing efficiency d-increased paperwork requirements e- suppliers being pitted against one another

suppliers being pitted against one another

What is causal research?

test hypotheses about cause-and-effect relationships

What is an exchange?

the act of obtaining a desired object from someone by offering something in return

____ consists of many different people who play multiple roles in the buying process: a- the business market is not as large as the consumer market in terms of dollars spent and items purchased b- in the business market buying process, buyers and sellers are less dependent on each other than in the consumer market c- the business market has more buyers than the consumer market d- business buying decisions are less complex than consumer buying decisions e- many sets of business purchases are made for one set of consumer purchases

the buying center

______ determines if a buyer is satisfied with a purchase: a- viral marketing b- cause marketing c- guerilla marketing d- total market strategy e- buzz marketing: a- the number of alternatives considered in the purchase decision b- how others feel about the purchase c- the amount of information gathered in the decision making process d- the relationship between the consumers' expectations and the products perceived performance

the relationship between the consumers' expectations and the product's perceived performance

What is marketing research?

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

Which of the following describes the process of dividing markets into groups based on the consumers' knowledge, attitudes, uses or responses? a- behavioral segmentation b- economic segmentation c- psychographic segmentation d- geographic segmentation e- demographic segmentation

behavioral segmentation

Advantages to secondary data?

can be obtained quickly at a low cost and can contain data that an individual company cannot collect on its own

What is marketing management?

choosing target markets and building profitable relationships with them

What are opportunities in SWOT?

external factors that the company may be able to exploit to its advantage

What is intermarket (cross-market) segmentation?

grouping consumers with similar needs and buying behaviors irrespective of their location

What is primary data?

information collected for the specific purpose at hand

A manufacturer on half-ton pickup trucks creates a positioning map for the US half-ton pickup market. The position of each circle on the map indicates the brand's perceived positioning on two dimensions: price and orientation (economy vs performance). The size of each circle indicates the brand's relative market share. This is an example of: a- perceptual positioning map b- competitively positioned map c- target segment map d- competitive map e- psychographic map

perceptual positioning map

If competitors cannot easily copy the benefit a company chooses to​ promote, that benefit is said to be​: a- superior b- preemptive c- profitable d- affordable e- distinctive

preemptive

When marketers aggressively promote only one benefit to the target market, the benefit promoted is known as the product or service's: a-unique difference proposition b- unique benefit proposition c- unique position proposition d- unique product proposition e- unique selling proposition

unique selling proposition

What is the microenvironment?

Actors close to the company that affect its ability to serve its customers

What are threats in SWOT?

current and emerging external factors that may challenge the company's performance

The marketing manager at Only Organic Delicatessen target customers who are focused on organic, healthy food choices but who still want to dine out. The restaurant chain offers a wide variety of organic, low-fat, locally raised produce and foods. Only Organic's approach is best referred to as: a- age and life-cycle b- psychographic c- geographic d- user status e- benefit

psychographic segmentation