MKT 3350 Final

Which of the following is true about the steps in the market research process?

?

Serengeti makes lightweight sunglasses with 100 percent UV protection for people who love to hunt, hike, and bike ride. Its long-term plans include the development of lenses that, in addition to protecting users from UV rays, will also have effective water-sheeting action to reduce lens spotting. This new feature will be valuable to people who fish. Serengeti has determined that fishing is one of the fastest growing sports in the United States. In terms of a SWOT analysis, Serengeti has recognized a market ________.

opportunity

In Vin del Mar, Chile, there are a dozen stores specializing in selling the same quality of seafood products on one street. An individual store dare not charge more than the going price without the risk of losing business to the other stores that are selling the fish at a common price. This is an example of what type of market?

perfect competition

Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes. This is an example of the ________ element of the marketing mix.

place

The ________ environment refers to the local, state, national, and global laws and regulations that affect businesses.

political and legal

To successfully market the Corvette to the European market, General Motors had to make the automobile shorter and narrower. GM chose to use a ________ strategy with the Corvette.

product adaptation

U.S. sugar import quotas have existed for more than 50 years and preserve about half of the U.S. sugar market for domestic producers. These quotas are examples of ________.

protectionism

Alex paid for a(n) ________ when he took his car to the carwash to be washed and waxed.

service

To enter the European market, Starbucks joined in a cooperative venture with Bon Appetit Group A.G. in Switzerland. Bon Appetit has the recognized brand name, and Starbucks has the product and the expertise to run coffeehouses. This is an example of a(n) ________.

strategic alliance

A ________ is defined as a market segment on which an organization focuses its marketing plan and toward which it directs its marketing efforts.

target market

In February 2000, the United States imposed a tax on imported steel in an effort to protect about 5,000 U.S. jobs. Another name for this levied tax is a(n) ________.

tariff

When a firm analyzes the marketing environment, it is least likely to look at which of the following?

the cost of developing a new product

Which of the following is the best example of a consumer good?

the disposable diapers purchased by the new mother for her baby

Which of the following is part of the product element of the marketing mix?

the packaging

An independent grocer who wants to know if cocktail and tartar sauce would sell better if the two products were moved from the salad dressing section of the store to a display next to the seafood selection would most likely use ________ research.

Casual

Which of the following is NOT considered a source of market intelligence?

Casual Research

Which of the following questions should marketers first answer when they are determining their research design?

Does the information we need already exist?

The population of Djibouti is approximately 830,000. To serve the communication needs of this nation, there are two FM radio stations, one AM radio stations, and one television station. There are only 22,000 telephone lines in the whole country. This is a partial description of Djibouti's ________.

Economic Infrastructure

A chief marketing officer is more likely to be in charge of strategic planning than functional planning.

False

Market planning is a type of ________.

Functional Planning

Which of the following is a type of descriptive research that involves tracking the responses of the same sample of responders over time?

Longitudinal design

Trusted Wholesalers is a company that purchases products produced in Mexico and sells them to companies based in the United States and Canada. Management at Trusted Wholesalers would most likely be interested in becoming experts in the agreements made by ________.

NAFTA

While deciding whether or not to begin a construction project overseas, BuildBest learned that they would not be able to get permits for demolition until they paid a local city official a sizable fee in addition to the fees the city charges for the permit. This is an example of ________.

Nationalization

________ utility is the benefit marketing provides by allowing the consumer to own, use, and enjoy a product.

Possession

What part of the sustainable marketing mix involves producing more environmentally friendly products, such as electric automobiles?

Product strategies

A high-fashion boutique sells top-of-the-line women's clothing and accessories. The keys to its success include knowing customers' changing tastes and providing something different than other retailers. In addition, because of the high value of the merchandise, the boutique's management is investing in the use of computerized inventory controls and sales order processing. The least important environmental force to the boutique at this time is likely to be

Regulatory

In general, companies that focus on a triple bottom line are most likely to place a priority on which of the following

Sustainability

Since the introduction of the iPhone, a booming market for smartphone applications has emerged. It is most accurate to say that this new opportunity was created through changes in the ________ environment.

Technological

A firm has a competitive advantage when it is able to outperform the competition, providing customers with a desired benefit not provided by the competition.

True

One firm's business ethics may be different from another firm's business ethics.

True

Which of the following is a true statement about the Four Ps of the marketing mix?

A decision about one of the Ps affects every other marketing-mix decision.

Which of the following is LEAST likely to be of growing importance in marketing in the near future?

a selling orientation

Which of the following is NOT an example of a secondary data source for a company researching whether it should open a casino near St. Louis, Missouri?

a survey commissioned by the company asking St. Louis residents about their gambling habits

Strategic planning for a large firm such as Disney with several SBUs probably occurs ________.

at both the overall corporate level and at the individual SBU level

Once a company has conducted exploratory research and reviewed the resulting data, its next step is most likely which of the following?

conduct descriptive research

Marketing managers at a cosmetic company wanted to find out how resistant their product is to smudging. They hired a research firm to ask 293 women who were wearing the company's StayColor line of cosmetics to rub their cheeks against their shirts using "the pressure they use when caressing someone else's face." The company was conducting ________.

custom research

Management at Growing Green, a company that markets organic and environmentally friendly gardening and landscaping supplies and equipment, is evaluating the benefits and disadvantages of indirect exporting, direct exporting, and licensing. In which stage of the international marketing process is Growing Green?

deciding which market-entry strategy is best

The CEO, president, and top executive officers are responsible for ________ in the strategic plan.

defining the firm's purpose

Many airlines now sell tickets almost exclusively through online third-party vendors. This is an example of a ________ strategy.

distribution

Ideally, market research should be ________.

done in an ongoing process

Marketers would be most likely to use ________ to come up with ideas for new strategies and opportunities or to get a better understanding of a problem they are currently experiencing with a product.

exploratory research

Which data collection method for marketing research is flexible, allows for explanation of difficult questions, and lends itself to showing products and other visual materials?

face-to-face interviewing

Data such as which customers buy which products, which items the company has in stock, and when the company ships items to its customer are all examples of ________.

internal company data

If you own a small retail shop and you put ads in the local paper, put flyers in doors in every neighborhood, and buy billboards in the area so that you can reach as many potential consumers as possible, you are engaging in ________ marketing

mass

The ________ for Twitter is "To give everyone the power to create and share ideas and information instantly, without barriers."

mission statement

Chris just landed her dream job but realizes that her college wardrobe is not going to work for her new professional position. In this situation, Chris has a(n) ________.

need

A sales manager sets an objective for her team to increase the units sold by five percent for the quarter. This objective is most likely part of a detailed ________ plan that is created annually, semiannually, or quarterly.

operational

Orkin Pest Control Service knows homeowners skimp on maintenance such as pest control during recessions. It also knows that the more consumers know about bugs, the more likely they are to buy the company's services. So Orkin teamed with the Smithsonian Institution on the Insect Safari, a traveling exhibit designed to teach people about the critters. The Safari truck visited 108 cities during one year, leaving a wake of creeped-out insectophobes reaching for the phone numbers of the local Orkin franchise. Business increased in each city the Safari truck visited. Decisions on which cities to visit and what kinds of promotion to use in each city visited are both examples of ________ plans.

operational