Marketing Test #3

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? a. Business b. Resale c. Professional d. Manufacturing e. Consumer

a. Business

A _____ is a master plan created by a marketer for conducting market research. a.research design b.research hypothesis c.probability sample d.research cluster

a.research design

T/F: As consumers devote little effort to convenience product purchase decisions, marketers must strive to make these exchanges as simple as possible.

t

T/F: Business products contribute directly or indirectly to the production of other goods and services for resale.

t

T/F: Telephone surveys with clearly worded questions are effective at drawing appropriate responses.

t

T/F: Manufacturers' brands are also called national brands.

T

Uber offers its customers "the smartest way to get around." By stressing this notion and the ease and convenience of the Uber experience of getting one where they need to go, the organization is establishing its: a. value proposition. b.key market characteristic. c.target marketing approach. d.market entry strategy.

a. value proposition.

The assortment of product lines and individual product offerings a company sells is called its product _____. a. pack b. cluster c. mix d. bunch

c. mix

T/F: One way to distinguish goods from services is that services are inseparable from their service providers.

T

T/F: Parents enter the "empty nest" stage once their children are grown. ​

T

The Florida Orange Juice Growers and their ad agency utilized the slogan, "It's not just for breakfast anymore" to motivate consumers to drink more orange juice by having current orange juice drinkers enjoy the beverage throughout the day hoping this would increase demand and sales of orange juice. This strategy is called: a. market penetration. b. product development. c. product diversification. d. market development.

a. market penetration.

All of Martin's friends recognize that he knows a lot about cars. He is very up-to-date on new models and knows about the performance and reliability of almost every car. His friends often ask Martin for his guidance when they are in the market for a new car. Martin can be considered a(n) _________ in regard to automobiles. a. opinion leader b. decision guider c. category influencer d. action leader

a. opinion leader

The strategy of attaching a popular brand name to a new product in an unrelated product category is known as _____. a. brand extension b. brand engagement c. brand licensing d. brand reinforcement

a.brand extension

Promotional campaigns conducted by a firm during the introductory stage of a product lifecycle generally focus on: a. comparing the firm's product with those of competitors. b. informing the market about the product and explaining its features. c. reducing the size of the available market through selective advertising. d. communicating new and alternate uses for the product.

b. informing the market about the product and explaining its features.

Which of the following is most likely to be a logical starting point in identifying the marketing problem? a. Simulating a market research based on formulated hypotheses b. Ascertaining the budget and logistical limits that the problem warrants c. Evaluating the firm's target market and marketing mix elements d. Determining the computational scope of the problem

c. Evaluating the firm's target market and marketing mix elements

Which of the following methods used for conducting primary research gathers information by encouraging the participants to engage in a discussion on a predetermined topic? a. Observation b. Interpretative research c. Focus group d. Delphi technique

c. Focus group

At the _____ stage in the consumer adoption process, potential buyers begin to seek information about the product. a. trial b. adoption c. interest d. evaluation

c. interest

Jessica is planning a vacation and is interested in taking a cruise. She's starting to research cruise lines and prices and had hoped to take a cruise with her husband over the Christmas holidays. She's learning that the prices for a cruise are much higher for cruises that depart between December 22nd and January 3rd. However, she notices that prices are somewhat lower from January 4th through March 1st. Which aspect or characteristics of services does this difference in price reflect? a. Services are inseparable from the service providers. b. Services are intangible. c. Companies cannot easily standardize services. d. Services are perishable.

d. Services are perishable.

Which of the following is a basic requirement for effective market segmentation? a. The firm must avoid focusing on the consumer-dependent variable, such as discretionary income, while conducting market segmentation. b. The company must expand beyond its marketing capabilities to capture those market segments that have reached the maturity stage in the product life cycle. c. The company must target a large number of small market segments so that they can develop effective strategies to appeal to them. d. The market segment must present measurable purchasing power and size.

d. The market segment must present measurable purchasing power and size.

Individuals who purchase new products almost as soon as these products reach the market are called _____. a. late adopters b. hesitant buyers c. laggards d. consumer innovators

d. consumer innovators

Which of the following is most likely to be categorized as a consumer product as well as a business product? a.Iron ore b.Natural gas c.Concrete mixers d.Agriculture produce

d.Agriculture produce

Procter & Gamble has nearly 100 brands of consumer package goods. These are organized into many different groups, including Baby, Family & Feminine Care, Beauty, and Fabric & Home Care. Each of these groups has several products. All of the Procter & Gamble brands together are Procter & Gamble's: a. company groups. b. product lines. c. corporate offering. d.product mix

d.product mix

​Beaux, a clothing boutique store, specializes in high-end evening wear for women. Most of the dresses are custom-made for their elite customers. Beaux is an example of a store offering _____ products. a. shopping b.impulse c.convenience d.specialty

d.specialty

T/F: In contrast to the purchase of shopping products, consumers buy convenience products only after comparing competing offerings on such characteristics as price, quality, style, and color.

F

T/F: Merrill Lynch's bull logo cannot be considered a part of the product's trade dress.

F

T/F: A company sent free samples of its new shampoo to a researched list of potential customers. This strategy is most likely to accelerate the evaluation and trial stages of the consumer adoption process.

T

T/F: A service encounter is a point at which a consumer interacts with a service provider.

T

T/F: Analysis of sales performance records helps marketers to find clues to potential problems.

T

T/F: Concentrated marketing strategy ties a firm's growth to a specific market segment.

T

T/F: Convenience of location is unimportant to a consumer who wants to buy a specialty product.

T

T/F: Geographic indicators such as job growth give useful guidance to marketers, depending on the type of products they sell.

T

T/F: In the maturity stage of a product lifecycle, differences between competing products diminish as competitors discover the product and promotional characteristics most desired by customers.

T

T/F: Internal analysis in the benchmarking process establishes a baseline for comparison.

T

T/F: Jack does not buy his shoes from any company other than Unparalleled, a leading shoe manufacturer, because of the comfort they offer and their unique style features. Jack is in the brand insistence stage of brand loyalty.

T

T/F: Observation is a useful technique to collect primary data for marketers trying to understand how consumers behave in certain situations.

T

On a recent trip to the grocery store, Jackson noticed an in-store tasting event for a new line of yogurt-based dips. The store was providing product sampling and a coupon for 0.50 off the purchase price. Jackson tried the French Onion flavor and liked it so much they decided to purchase it for an upcoming party at their home. Which characteristic influencing adoption rates does this represent? a. Possibility of trial use b. Observability c. Relative advantage d. Complexity

a. Possibility of trial use

Which of the following tasks least describes the role of a brand manager? a. Protecting the company's trademark and brand b. Ensuring that products are perceived as high in quality c. Offering opportunities to enhance consumer brand loyalty d. Making the product relevant to its target market e. Being familiar with the kinds of emotions that push consumers to buy

a. Protecting the company's trademark and brand

Susan has noted the growing popularity of blow-dry-only salons with busy customers who need last-minute hair care or touchups. Now she is opening her own. To maximize her opportunity for success, Susan should strive to: Select all that apply. a. Offer late-night and weekend hours b. Locate the salon in a visible location c. Promote the salon in a few prestigious media d. Promote the salon in as many media as possible e. Not require appointments

a. Offer late-night and weekend hours b. Locate the salon in a visible location d. Promote the salon in as many media as possible e.Not require appointments

A basic distinction in types of markets is between markets that purchase the item for their own personal use and those that purchase the item for use either directly or indirectly in the production or distribution of other goods or services for resale. For example, when Logan stopped at the gas station to fill up their car before heading home for the weekend, the gas was for their personal use. However, when Brandon filled up his car with gas before a night of working as an Uber driver the gas was actually used to provide a service for sale. In this case, gas was: a. a consumer product for Logan and a business product for Brandon. b. a consumer product for Logan and a business product for Brandon. c. a marketing product for Logan and a commercial good for Brandon. d. gasoline is always a consumer product by definition.

a. a consumer product for Logan and a business product for Brandon.

The added value that a certain brand name gives to a product in the marketplace is called _____. a. brand equity b. brand relevance c. brand recognition d. brand identity

a. brand equity

Wilma is an older consumer that is very hesitant to buy new products. In fact, Wilma still has a landline phone and listens to music on a cassette deck. When asked a cell phone, Wilma responded, "Those new-fangled things are just not for me!" Wilma would fall into the ______ category of the diffusion process. a. laggard b.early adopter c.early majority d.innovator

a. laggard

A market researcher for a cable company is seeking to determine the number of households in a selected neighborhood that consist of four or more people. The most cost-efficient way to collect this information would be to: a. look through the census information available on the Internet. b. use the services of a full-service research supplier. c. conduct personal interviews with neighborhood leaders. d. search through the information provided by the local Chamber of Commerce.

a. look through the census information available on the Internet.

Vicks advertises its NyQuil brand is THE nighttime cold remedy. Vicks wants you to think of NyQuil whenever you need a " nighttime, sniffling, sneezing, aching, coughing, stuffy-head, fever, so you can rest medicine." NyQuil is the product for this situation. NyQuil is using a_______ positioning strategy. a. product use or application b. product specific c. competitive d. value

a. product use or application

A consumer goods company segments its markets on the basis of purchase patterns of their customers. The company groups its consumers who regularly buy their product into heavy, moderate, and light users, and nonusers. This segmentation approach is an example of _____. a. segmentation by usage rates b. geographic segmentation c. segmentation by benefits sought d. distributive segmentation

a. segmentation by usage rates

The process by which new goods or services are accepted in the marketplace is known as the _____ process. a. extension b. diffusion c. referencing d. polarization

b. diffusion

Natural resources, farm produce, and lumber constitute _____. a. component parts and materials b. raw materials c. installations d. accessory equipment

b. raw materials

What is the term for information that originates in unprecedented volume and speed from the world around us? a. ​Market sectors b. ​Big data c. ​Digital data d. ​Marketing research

b. ​Big data

A product that is in the mature stage of the product life cycle has reached a plateau in sales with many competitors existing in the marketplace. An example of this would be: a. 3D printers. b. digital cameras. c. self-driving cars. d. VHS video players.

b. digital cameras.

Some consumers are hesitant to try new products. In general, they are risk averse, so they only buy new technology after it has been well established, and often after facing peer pressure from others. These consumers tend to be older as well. These customers would tend to fall into the ______ category of the diffusion process. a. early adopter b. late majority c. early majority d. innovator

b. late majority

Which of the following are true about access to secondary data in foreign markets? a. The U.S. government provides free customized research to marketers seeking information on foreign countries. b. The U.S. government can provide information on market research and data on international trade to marketers. c. Population, education levels, and employment information on foreign countries can be obtained from the World Bank. d. Every country collects census data similar to that of the United States.

b. The U.S. government can provide information on market research and data on international trade to marketers. c. Population, education levels, and employment information on foreign countries can be obtained from the World Bank.

Which of the following is the earliest method used for gathering marketing information? a. Telephone surveys conducted to assess household preferences b. Written testimonials received from purchasers of a firm's products c. Delphi technique d. Email surveys conducted by research professionals

b. Written testimonials received from purchasers of a firm's products

Jimmy opened McGill's Microbrewery in his hometown of Cicero, Illinois. While the beer business has 100s of brands, Jimmy focused on a single product - McGill's Double Hopped Barley Beer. The beer was only sold on premise to customers that came to the brewery. McGill's is taking a(n) ______ approach. a. undifferentiated marketing b. concentrated marketing c. differentiated marketing d. consolidated marketing

b. concentrated marketing

Procter & Gamble has nearly 100 brands of consumer package goods. However, these products are not just randomly organized, but put into categories to help manage them. For example, paper towels and napkins include Bounty Basic Paper Towels, Bounty Paper Towels, and Bounty Napkins. Paper towels and napkins represent one of Procter & Gamble's: a. product brands. b. product lines. c. corporate groups. d. company segments

b. product lines.

Supermarkets usually display items such as candies, gums, and magazines near the checkout counter because: a. they can be replenished easily on short notice. b. they tend to be purchased on the spur of the moment. c. of the prestige associated with their ownership. d. they are closely evaluated prior to purchase.

b. they tend to be purchased on the spur of the moment.

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? a.Government data b.Research services c.Internal data d.Industry publications

b.Research services

Sam is a sales representative with Stepan, a global chemical supplier with manufacturing operations around the globe. Sam is based in the Midwest and Procter and Gamble is one of his accounts. Stepan is known as a quality producer of surfactants which are utilized by companies like Procter and Gamble to make their products work better. For example, Procter and Gamble utilizes surfactants in Tide detergent in order to get clothes cleaner and separate the "cleaning agent" from the water. Stepan produces their surfactant as one of their "finished products" but when added to Tide detergent, the surfactant from Stepan becomes a final product of Procter and Gamble. Which type of business product are Stepan's surfactants? ​ a.raw materials b.component parts and materials c.supplies d.accessory equipment

b.component parts and materials

The first step in the new-product development process is: a.business analysis. b.idea generation. c. development. d.screening.

b.idea generation.

Which of the following is a limitation of secondary data not found in primary data? a. It is usually in the form of raw data and hence not reliable. b. It is more expensive to collect and analyze than primary data. c. It may not be completely relevant to the specific needs of the marketer. d. It is not readily accessible to marketers.

c. It may not be completely relevant to the specific needs of the marketer.

Dell Computer offers a variety of desk top, tablet, and laptop computers. One popular product line is Dell's Alienware - built for gamers with high speed processors, enhanced memory and special graphics cards. What marketing principle is Dell utilizing with its Alienware product line? a. Profit-oriented segmentation b. Geographic segmentation c. Market segmentation d. Marketing concept

c. Market segmentation

Behavioral segmentation focuses on the demonstrated behavior of consumers. Looking at what consumers actually do, rather than their characteristics, brings us much closer to the actual purchase. Which of the following is NOT one of the approaches to behavioral segmentation? a. Usage rate b. Benefits sought c. Media habits d. Brand loyalty

c. Media habits

One way to avoid language issues in international research is to use: a. English-speaking respondents in research studies. b. a local market researcher. c. back translation. d. language translation software.

c. back translation

The process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources is known as _____. a. situation analysis b. informal investigation c. exploratory research d. interpretative research

c. exploratory research

A "_____" carries an item's brand name or symbol, the name and address of the manufacturer or distributor, information about the product's composition and size, and recommended uses. a. watermark b. brand mark c. label d. brand token

c. label

Undifferentiated marketing is also called _____. a.micro marketing b. societal marketing c. mass marketing d. concentrated marketing

c. mass marketing

Some organizations offer only very closely related products (such as Campbell Soup Company) while others have a wide range of products (such as General Electric). The variance among the product mix is usually reflected in the number of different product lines. A company like GE with many divergent product lines has a: a. narrow product mix. b. shallow product mix. c. wide product mix. d. deep product mix.

c. wide product mix.

​Master Cookie Bakers sells customized cookies to restaurants and standardized cookies to individual buyers. The firm is using a. Micromarketing, since cookies are small b. Concentrated marketing, since it concentrates only on restaurants and individuals c. Differentiated marketing, since it sells different products to different markets d. Undifferentiated marketing, since it only sells cookies e. Niche marketing, since cookie buyers are a single niche among buyers of baked goods

c. Differentiated marketing, since it sells different products to different markets

As head of marketing for Clarity Eyewear, you are focused on developing a promotional campaign that provides information about the product's features. You are also working to induce channel members to stock it. Unfortunately, the company is experiencing some technical problems and financial losses related to the product. Clarity Eyewear is most likely in which stage of the product lifecycle? a. Decline b. Growth c. Introductory d.Maturity e.Research and development

c. Introductory

A national shampoo brand is conducting research to determine why the sales for their products have been declining. Which of the following would be classified as primary data? Please select all that apply a. Internal sales reports. b. Industry data on shampoo sales for all brands. c. Recordings of focus groups conducted by the shampoo brand. d. One-on-one interviews with customers shopping for shampoo in grocery, drug, and convenience stores.

c. Recordings of focus groups conducted by the shampoo brand. d. One-on-one interviews with customers shopping for shampoo in grocery, drug, and convenience stores.

The business analysis stage generates extremely important information for new-product development as: a. verifying if the product will perform well in a real-life environment. b. turning the original concept into a product. c. assessing how the product can be differentiated from the competition. d. collecting information from different sources to generate new ideas.

c. assessing how the product can be differentiated from the competition.

Frequent flyer programs are often used by airlines to encourage consumers to make repeat purchases since members can earn free trips based on their accumulated points are an example of _____. a. segmentation by benefits sought b. socioeconomic segmentation c. brand loyalty segmentation d. psychographic segmentation

c. brand loyalty segmentation

Lily introduced the first drone camera that follows the operator and records video in 2014. While the Lily drone is tough, portable, and waterproof - perfect for videoing your bicycle ride, float down the river, or skiing down a mountain, it was not immediately financially successful. More recently though, sales have increased, the Lily drone camera has become profitable, and other manufacturers have introduced direct competitors. While sales continue to increase, Lily's market share is dropping as the market becomes more competitive. What stage of the product life cycle is the Lily drone camera? a. decline b. introduction c. growth d. maturity

c. growth

Convenience products that customers constantly replenish to maintain a ready inventory are categorized as: a. impulse goods. b. emergency goods. c. staples. d. shopping products.

c. staples.

In the context of business products, office stationery will fall under the category of: a. shopping products. b. accessory equipment. c. supplies. d. installations.

c. supplies.

360 degree cameras provide a complete view of any situation. However, the cost of these cameras is still quite expensive, and they are growing their share of the market very slowly. With low-sales volume, manufacturers are still not making a profit on the cameras, but they are optimistic sales will increase in the coming year and eventually start to show profits. 360 degree cameras are in the __________ stage of the product life cycle. a.growth b.decline c.introduction d.maturity

c.introduction

Which of the following can be regarded as external data? a. Sales force activity reports compiled by the sales manager b. Product performance reviews made by the engineering department c. Accounting data obtained from the financial statements d. Information obtained from the U.S Census

d. Information obtained from the U.S Census

Which of the following is true of services? a. Services are nonperishable. b. Services are tangible. c. Companies can easily standardize services. d. Services are inseparable from service providers.

d. Services are inseparable from service providers.

Cameron is involved in the new product development process at Bose Corporation. Currently, Cam is assessing the potential market for a noise cancelling system for automotive exhaust. Cam's job is to determine the overall size of the market and projected annual sales of the system. Essentially, he is responsible for determining the overall financial feasibility of this concept before more time and money is invested in developing the system. Cam's analysis is part of the _________ stage of the new product development: a. test marketing stage b. idea generation stage c. screening stage d. business analysis

d. business analysis

International Business Machines decided to brand its products under its acronym IBM. From a marketing perspective, this was a smart idea because as a brand name, IBM: a. accurately describes the products it manufactures. b. is easy to translate into any language. c. can easily be expanded to suit innovative advertising campaigns. d. is easy to pronounce, recognize, and remember.

d. is easy to pronounce, recognize, and remember.

The marketing strategy that focuses on producing a single product and marketing it to all customers is called: a. differentiated marketing. b. micromarketing. c. concentrated marketing. d. mass marketing.

d. mass marketing.

The Kirkland brand is owned by Costco, and the products can only be purchased at Costco stores. Costco contracts with manufacturers to produce and package products under the Kirkland name. Kirkland can be regarded as a(n): a. generic brand. b. family brand. c. individual brand. d. private brand.

d. private brand.

Product positioning is about creating a mental image or perception of a brand, especially vis-à-vis competitive brands. How do you think of Ford and Chevrolet compared to Jaguar or Aston Martin? Or Walmart compared to Neiman Marcus? Or Rice Krispies compared to Shredded Wheat? These brands all have a certain space in your mind on different attributes. To help capture and illustrate this, marketers often use a: a. product specific. b. value. c. competitive. d. product use or application.

d. product use or application.

You are a rising star in the purchasing department at your company and you have recently been promoted to manager of business services procurement. As your title suggests, you will be responsible for purchasing business services for your firm. a. ​You will be purchasing process materials. b. You will be purchasing MRO supplies. c.You will be purchasing raw materials. d.You will be purchasing janitorial services. e.You will be purchasing component parts.

d.You will be purchasing janitorial services.

Cecile, the chef at Chez Cecile, shops at the same farmers market that you do to buy fresh items for her restaurant. Cecile seems very knowledgeable about the vegetables she purchases, and you have started to buy the same items she does for your own consumption. When you buy vegetables for your own use, they would be considered: a. a business product. b. an impulse purchase. c. a professional service. d.a consumer product.

d.a consumer product.

Datamonitor and eMarketer are examples of _______, companies that acquire, reformat, and then resell premium research reports that have already been published. a. predictive analysts b. marketers c. data miners d.aggregators

d.aggregators

T/F: Products bought by ultimate customers for personal use are known as consumer products.

T

What is a research design? What are the factors that need to be considered by marketers while creating a research design?

A research design is a master plan or model for conducting marketing research, created by marketers to test hypotheses and find solutions to marketing problems. While planning a research project, the marketers: 1) must be sure that the study will measure what they intend to measure and 2) select the respondents for the study before collecting the data.

T/F: Companies that offer mass-marketed goods and services are more likely to achieve monopoly position with their customers compared to those companies that manufacture luxury products.

F

T/F: Ethnicity is one of the demographic segmentation variables. In the United States, the African-American population is the fastest growing ethnic group.

F

T/F: Extensive planning time is required for the purchase of supplies.

F

T/F: Focus groups elicit information from the customers through a question-and-answer format.

F

T/F: Since rubber purchased by Goodyear is utilized to manufacture tires that are ultimately used by consumers for their automobiles, rubber is a consumer product for Goodyear.

F

T/F: The adoption process captures the steps individuals go through in deciding to use a new product. Fortunately, marketers know what stage to focus on since all consumers move through the adoption process at the same time.

F

T/F: The assortment of product lines and individual product offerings that a company sells is known as its product cluster.

F

T/F: Staples are convenience goods and services that consumers constantly replenish to maintain a ready inventory.

T

T/F: The choice between secondary and primary data is tied to cost, applicability, and effectiveness.

T

T/F: The market segmentation that is based on the stages of the family lifecycle is a form of demographic segmentation.

T

Define service quality. Describe its five variables.

Service quality refers to the expected and perceived quality of a service offering. Its five variables are: 1) Tangibles, or physical evidence 2) Reliability, or consistency of performance and dependability 3) Responsiveness, or the readiness to serve 4) Assurances, or the confidence communicated by the service provider 5) Empathy, which shows the service provider's understanding of the customer's needs and its readiness to fulfill them

Explain how each product listed below can be classified as either a consumer and/or business product. 1.Shampoo 2.Steel bars for concrete reinforcement 3.Lawn mower 4.Computer 5.Automobile

Shampoo is normally a consumer product unless it is purchased by a hair salon for use in servicing customers. Steel bars would normally be considered a business product unless a consumer purchases them from a home decor store to use in a diy project. A lawn mower could be purchased by a homeowner (a consumer product) but could also be purchased by a lawn care company. Both computers and automobiles can be consumer purchases or business products when purchased by a company.

Discuss the characteristics of shopping products. Do marketers essentially use the same approach to market all shopping products?

Shopping products are products that consumers purchase after comparing competing offerings. The purchaser of a shopping product lacks complete information prior to the buying trip and gathers information during the buying process.

T/F: A market penetration strategy seeks to increase sales of existing products in existing markets.

T

What is test marketing? What are the challenges associated with test marketing new products?

Test marketing is a marketing research technique that involves introducing a new product in a specific area and then measuring its degree of success. Up to this point, a product development team may have gathered feedback from focus groups. Other information may have come from shoppers' evaluations of competing products. Test marketing is the first stage at which the product performs in a real-life environment.There are three challenges often cited with test marketing: 1)Test marketing is expensive. A firm can spend more than $1 million depending on the size of the test market city and the cost of buying media to advertise the product.2)Competitors quickly learn about the new product. By studying the test market, competitors can develop alternative strategies.3)Some products are not well suited to test marketing. Few firms test market long-lived, durable goods such as cars because of the major financial investments required for their development, the need to establish networks of dealers to distribute the products, and requirements for parts and servicing. 4)Firms need to read the results over a sufficient amount of time to increase accuracy.

A(n) _____ sets the stage for more in-depth research in a marketing research process by further clarifying what researchers need to test. It is a tentative explanation for a specific event. a. hypothesis b. informal investigation c. ethnographic study d. sales analysis

a. hypothesis

The "empty nest" stage in the family lifecycle includes: a. parents whose children are living on their own. b. parents with children in their growing years. c. young people without children. d. newly married couples without children.

a. parents whose children are living on their own.

Walmart is evaluating its performance records of the previous years that are stored in its database. In addition to this, the company is also evaluating its previous year invoices. This evaluation process carried out by firms is called _____. a. sales analysis b. financial iteration c. interpretative research d. market capitalization

a. sales analysis

Which of the following factors is most likely to have an influence on the choice between primary and secondary data? a. Applicability b. Substitutability c. Availability d. Data source

a. Applicability

One model in the marketing discipline discusses four stages of products - the progression through introduction, growth, maturity, and decline. This model is known as : a. product life cycle. b. new-product development process. c. new-product adoption process. d. diffusion of innovation.

a. product life cycle.

Keith is searching through computerized information files of customers to detect patterns in product sales. Keith is engaged in the process of: a. sales forecasting. b. data mining. c. short-run forecasting. d. ethnographic research.

b. data mining.

Many retail chains have stores across the country or even globally. For the most part, these stores are centrally controlled and have standard store practices. However, there are times when characteristics of local markets influence the product mix. For example, stores in Florida may carry swimwear year around, while stores in Minnesota might only have these items a few months in the spring and summer. It appears these retailers are using: a. psychographic segmentation. b. geographic segmentation. c. behavioral segmentation. d. demographic segmentation.

b. geographic segmentation.

While mail surveys are a common data collection method in developed countries, they are an unreliable means of gathering primary data in many foreign countries because of the: a. opinionated nature of target samples. b. low literacy rates. c. reticence of people in presence of others. d. lack of basic telecommunications infrastructure.

b. low literacy rates.

Annie's Inc., which produces vinegar for cooking purposes, identified new uses for its product and started promoting it as a fabric softener and a cleansing product. The company started selling the same product in different packages modified for different types of uses. This strategy used by Annie's to increase the sales of its product is an example of a _____ strategy. a. product diversification b. market penetration c. brand extension d. line engagement

b. market penetration

Marketers use several different approaches to market segmentation. Which of these approaches is the most commonly used? a. Geographic segmentation b. Demographic segmentation c. Behavioral segmentation d. Psychographic segmentation

b. Demographic segmentation

Crock Pot has noticed a decline in sales for their counter top slow cooker appliances. The company would like to conduct research to determine the cause of the drop in sales. Which of the following research methods would be classified as secondary research? a. Surveys sent to registered customers of Crock Pot. b. Industry reports on overall slow cooker sales in the United States. c. Transcripts from focus groups that Crock Pot previously conducted to determine customer preferences on color and design. d. Interpretive research conducted inside the homes of Crock Pot users.

b. Industry reports on overall slow cooker sales in the United States. c. Transcripts from focus groups that Crock Pot previously conducted to determine customer preferences on color and design.

A regional bank is considering removing all drive thru lanes and replacing them with ATMs. Which of the following data would be classified as secondary data? Please select all that apply a. Data compiled through surveys given to customers that come through the bank's drive thru lanes. b. Information from banking industry reports. c. Transcripts from one-on-one interviews the bank previously conducted about ATM features. d. Reports on ATM usage at all of the bank's locations.

b. Information from banking industry reports. c. Transcripts from one-on-one interviews the bank previously conducted about ATM features. d. Reports on ATM usage at all of the bank's locations

New-product development is the life blood of firms. However, it is a difficult process and not always successful. In fact, approximately ____ of new products fail. a.40% b.80% c.20% d.60%

b.80%

Which of the following data collection methods is considered as the best means for obtaining detailed information about consumers? a. Mail surveys b. Telephone interviews c. Personal interviews d. Focus groups

c. Personal interviews

Penelope is using data collected and published by a trade association in her marketing research study. The data used by Penelope can be regarded as _____. a. raw data b. primary data c. experimental data d. secondary data

d. secondary data

Tiffany is a marketing research consultant and is working with a local community college to determine the primary reasons students select the college. Based on exploratory research, Tiffany believes the main reasons are cost, convenience, and value. She plans to conduct additional research to determine whether or not this ______ can be supported. a. belief b. feeling c. attitude d. hypothesis

d. hypothesis

Your company recently released an ad campaign to promote its new tablet. Shortly thereafter, your company publishes a series of blogs and articles about the product and sets up hotlines so people can call in to find out more information about the product and its release date. At which stage of the adoption process are consumers operating? a. Evaluation b. Trial c. Adoption d. Interest e. Awareness

d. Interest

A _____ brand refers to a brand name owned by a manufacturer or a producer. a.generic b.captive c.private d.national

d.national

Asmeret works as a hotel manager for a popular family resort and casino in Atlantic City, New Jersey. During the summer, hotel managers aim for an occupancy rate of at least 85% to ensure that overhead costs are covered. The resort is known for its quality services; guests generally return an average of three times during the summer and use their rewards and loyalty cards during their stays. On this particular day, Asmeret is quite stressed because the occupancy rate is only 65%. If the hotel fails to sell at least an additional 20% of the available rooms, she might be in some trouble. a.Services are inseparable from service providers. b.Service standards show wide variation. c.Buyers play an important role in the creation and distribution of services. d.Companies cannot easily standardize the services they provide. e.Services are perishable.

e.Services are perishable.