AGEC 327 Exam 1 Practice Questions

A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. This is an example of ________.

Ethnographic Research

Which of the following is not a step in the strategic planning process? A. Setting company objectives and goals B. Defining the company mission C. Planning marketing and other functional strategies D. Designing the business portfolio E. Evaluating members of the company's value chain

Evaluating members of the company's value chain

Which of the following is not one of the "Four P's" that make up the set of tools a firm uses to implement its marketing strategy.. Place, Product, Price, Promotion, or Profit?

Profit

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________. Bear Dog Star Question mark Cash cow

Question Mark

Shoez Inc., a manufacturer of shoes, has recently launched a brand of sturdy shoes ideal for hiking and other outdoor activities. Which of the following brand personalities could be best associated with the new brand? A. Competence B. Excitement C. Ruggedness D. Sincerity E. Sophistication

Ruggedness

According to Maslow's hierarchy of needs, which of the following is the LEAST pressing need?

Self-Actualization

Which of the following statements is true of cultural factors that influence consumer behavior? A. Social classes show distinct product and brand preferences in areas such as clothing and travel B.Hispanic Americans and African Americans are examples of racially-segregated groups and not subcultures C. Cultural influences on buying behavior are identical across countries D. Subcultures include nationalities and racial groups, but exclude religions

Social Classes

__________ provide the resources needed by a company to produce its goods and services.

Suppliers

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.

Target Marketing

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

Building profitable relationships and creating customer delight

The objective of causal research is to ___________. A. Assign a cause to a seemingly random event B. Gather preliminary information that will help suggest hypotheses C. Test hypothesis about cause-and-effect relationships D. Describe things, such as the market potential for a product E. Predict the effect of a random event on unrelated entitites.

Causal Research is marketing research to test hypotheses about cause & effect relationships. A cause & effect relationship doesn't just look for correlations, or relationships, between events, but tries to say that one event causes another event

Which of the following refers to a probability sample in which the population is divided into mutually exclusive groups (such as blocks), and the researcher draws a sample of the groups to interview?

Cluster Sample

The marketing team of 7 Star Inc., a company manufacturing smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the following environments is being studied in this scenario? A. Demographic environment B. Economic environment C. Cultural environment D. Political environment E. Technological environment

Demographic

Cape Sky Inc., an international insurance and financial services company, is the primary sponsor of the annual New York City Marathon, which is attended by over one million fans and watched by approximately 300 million viewers worldwide. The Cape Sky logo and name are displayed throughout the race course. Cape Sky most likely sponsors this event in order to appeal to which of the following types of publics?

General Public

Maria Ramirez is conducting research to determine consumers' personal grooming habits. Because of the personal nature of many of the survey questions, Maria wants to select the contact method that is most likely to encourage respondents to answer honestly and that will allow her to easily collect large amounts of data. Which of the following is best suited to meet Maria's requirements? A. Mail questionnaires B. Focus group interviews C. Individual interviews D. Immersion group discussions E. Telephone interviews

Mail Questionaires

The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________.

Market Development

A ___________ is some combination of products, services, information or experiences provided to customers to satisfy a need or want

Market Offering

The market researchers at HoneyCamp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents a(n) ________.

Marketing Information System (MIS)

Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.

Microenvironment

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.

Mission Statement

Which of the following is characteristic of online social networks? A. Use of one-way communication techniques B. Negligible adoption rates C. Guaranteed positive results D. Easy methods to measure results E. User-controlled content

Online social networks involves user-controlled content & multi-way communication have been successful at generating large adoption rates, especially among group peers.

Which of the following demographic trends is the most likely cause for a rapid increase in telecommuting? A. The migration from rural to metropolitan areas B. The migration toward micropolitan and suburban area C. The growing percentage of married couples who do not have children D. The increasing number of traditional households E. The declining number of manufacturing workers in today's workforce

Telecommuting is the use of the internet and phone to work from home. Since many companies offices are located in the metropolitan areas, the migration towards micropolitan & suburban areas and away from company headquarters is most likely to increase the role of telecommuting

Each department in a company can be thought of as a link in the company's internal value chain

True

Many company and brand Web sites also serve as online brand communities, where customers can congregate and exchange brand-related interests and information.

True

The latest trend in the United States involves rediscovering the benefits of home-cooked food and the use of organic ingredients. People are choosing to spend hours in the kitchen using only the freshest ingredients to cook healthy and nutritious meals. This change in ________ is one of the reasons for the increasing demand for organic ingredients.

lifestyle