Marketing Final Study Guide Part 4

Which of the following is a true statement about the steps in the marketing-research process:

The steps in marketing research must follow a certain order, and none can be eliminated.

Why are a company's suppliers and distributors sources of competitive data?

They work with many companies in the same industry.

Why do businesses use exploratory research?

To define the reason for the research

How could a business use marketing-research data it has gathered about the average age, income, educational level, and spending patterns of area consumers?

To develop a profile of the typical customer

Which of the following is a primary reason that businesses use brands:

To identify their products

Which of the following is the most important reason for creating a written plan for a marketing-research project:

To keep the project on track

Which of the following is an example of a fact:

Valentine's Day is on February 14.

Which of the following is a product strategy that marketers devise using available data:

What level of customer service to provide

The town of Riverview has three candy stores. One of them, Lola's Candy Co., sold 1,000 of the 10,000 chocolate bars purchased in Riverview in a quarter. Lola's Candy Co. has

a 10% market share.

Data obtained from negative outcomes can help marketers to

avoid making the same mistakes in the future.

Jeni's Ice Creams added ice cream sandwiches to its highly successful ice cream brand. Such an addition to an existing brand is an example of

brand extension.

Before selecting a brand name for a new product, marketers should determine the acceptability of brand possibilities among different cultures. As part of this process, marketers should

determine if the brand name would be culturally taboo where the product will be marketed.

Quinn is getting ready to start college. Though she knows that the figure could change over time, she guesses that her four years in school will cost her around $65,000. This is an example of a(n)

estimate.

Cedric just spent $150 taking a potential customer out to dinner. He will submit this information in a(n)

expense report.

A business owner marked down a line of products in order to sell them, but customers still didn't buy them. Marketing research might have been used in this situation to protect the business from

financial loss.

An example of an internal source of marketing-research data is

financial statements.

Predictive research is used by businesses when they need to

forecast future business developments

A business with its own marketing-research department is most likely to use outside marketing research when

the business needs more research than the department can handle.

The Keebler Elves, Ronald McDonald, and Mr. Peanut are examples of

trade characters.

Food Service Monthly magazine released a report stating that fast-food chain sales are declining, while locally owned cafés are on the rise. This source of data is called a(n)

trade publication.

An advantage of using primary data in a marketing-research project is that they are

usually more up to date than secondary data.

The best source for data about the goods and services a company needs to buy for its own operation is its

vendors.

The observation method of collecting marketing-research data involves

watching what customers do.

Marketers use data to determine pricing strategies such as

when to offer a discount on the product.

Which of the following are common types of data used by marketers:

Facts, predictions, estimates

Which of the following is an example of a trade name: Diet Coke Ford Mustang 501 Jeans Ford

Ford

Which of the following is a true statement about the wise use of available data:

It creates more satisfied customers.

Jennifer notices that stock prices have been steadily increasing for several months. How could this piece of data impact her marketing decision making?

It indicates that the economy is growing, so marketing decisions might involve expansion or growth.

Ted is planning a new advertising campaign for his company, a stable that offers private horseback-riding lessons. Which of the following is data that would be useful for Ted's marketing decision making:

Market share data for his company during the past year

Which of the following is an example of a prediction:

Sales will be up four percent next quarter.

Why should a brand name be distinctive?

So that it sets the product apart from other products

Why is it important for marketing research to be objective?

So that the data gathered are not influenced by researchers' opinions

Which of the following is the most popular data-collection method:

Survey

Which of the following is an example of an experimental study:

Test marketing a product

Which of the following is the best place to start looking for data about competitors:

The company's website

Which of the following is most likely to affect the amount of data that will be collected in a marketing-research project:

The method of data analysis to be used

Kellogg's Froot Loops, General Mills' Chex, and Post Honey Bunches of Oats are all examples of

product brands.

ABC Appliances has received several service calls to fix its latest model of washing machine.

product data.

Marketers use data to determine that they want to create messages that appeal to a younger target market. This is part of an overall

promotional strategy.

Having appropriate data helps marketers to set goals that are

realistic.

A disadvantage of individual brands is that they may contaminate each other. prevent companies from reaching different markets. require more promotion. be associated with one-of-a-kind benefits.

require more promotion.

Using data wisely can help a company save money by

running more efficiently.

If marketers want to know how salespeople are performing over a period of time, they should consult

sales reports.

Juliana wants to measure her business's actual sales against its goals for the quarter. She needs to conduct a ________________ analysis.

sales volume

Whenever possible, an effective brand name should always be

short and memorable

Which of the following is most likely to be a secondary data source:

A call report

Which of the following is most likely to be a primary data source:

A customer survey

Determine which of the following is a true statement: A good brand name creates an appealing image. The more common the brand name, the better it is. Brand names belonging to other firms are available free. Long brand names are more graphically pleasing.

A good brand name creates an appealing image.

Which of the following pieces of data give a wealth of information about a customer:

A sales invoice

Which of the following is essential to all marketing research:

Accuracy

Which of the following data are most likely to be found in a business's customer records:

Annual purchases and product usage

Which of the following is an example of a trade journal:

Autoparts Report

Determine which of the following is a true statement: Determining what URLs are available is necessary only when a product will be sold online. A trademark is a brand mark that has been made to seem lifelike. The last step in the initial branding process is determining brand objectives. Brand ideas may come from many sources, including company employees and customers.

Brand ideas may come from many sources, including company employees and customers.

Which of the following questions should be asked by a firm that is trying to decide whether to brand its products:

Can the product be easily identified by a brand?

Which of the following is a type of financial statement that is useful in marketing decision making:

Cash flow statement

Why do businesses want customers to demonstrate brand insistence for them?

Customers will bypass other brands because they are brand loyal and will buy only the desired brand.

Which of the following is a requirement for good decision making:

Data

Which of the following is an example of customer data:

Data about buying habits

When buying things like towels or toilet paper, Mike prefers to save money by buying plainly packaged products that receive little or no promotion, also known as

Generic Items

Which of the following is a piece of data that could be obtained from customer complaints files:

How a customer's complaint was resolved

Which of the following is an example of data that marketers could gather from the company's sales team:

How actual sales compare to sales goals

Which of the following is a place strategy that marketers devise using available data:

How much of the product to create

Which of the following best describes the relationship between internal and external data:

Internal and external data should be analyzed together.

Which of the following is the most significant reason why marketing research is important to businesses:

It contributes to business success.

Which of the following is an advantage of family branding: New products are not tied to company image. New products are easier to introduce. Sellers need less shelf space. Unrelated products are recognizable.

New products are easier to introduce.

Is marketing research used just by large businesses?

No, it is used by businesses and organizations of all sizes.

Can any brand name be selected and used by a business?

No, the name must be legally available for use.

Which of the following could provide data on competitors' upcoming plans:

Observable changes in marketing strategies

Elyza usually buys the same brand of chocolate, but if her favorite brand isn't available, she'll try another brand. Elyza demonstrates brand

Preference

Which of the following is a way that marketers can use data to follow up on any problems or issues with a product:

Providing salespeople with additional training

The non-profit organization Sesame Workshop, which produces the Sesame Street television series, often gives permission to manufacturers such as Fisher Price and Build-a-Bear Workshop to use numerous Sesame Street characters on their products for a fee. This arrangement between Sesame Workshop and these companies is known as

brand licensing.

A clothing store wants its customers to know how it differs from other retailers in the area, so it highlights the benefits of shopping at its store to create its image. The store is engaging in

brand positioning.

Marketers must use data to estimate costs for projects and allocate funds appropriately. This is known as

budgeting.

Because not all sales calls result in sales, it's important for salespeople to track customer contacts in

call reports.

Several restaurant companies, including Long John Silver's and KFC, have successfully joined forces to increase recognition, customer loyalty, and sales for all companies involved. Such arrangements between companies are examples of

co-branding.

A piece of easily observable data about a competitor is its

current promotional campaign.

An advantage of using secondary data in a marketing-research project is that they are

less expensive to collect than primary data.

When all of the data in a marketing-research project have been collected and analyzed, the next step for the researcher is to

make recommendations based on the findings.

Simon wants to know how well his company did last quarter in relation to other companies in its industry. He needs to conduct a _________________ analysis.

market share

Descriptive research is a type of marketing research that is used by businesses when they need to

obtain specific data related to the business's situation.