Marketing Test #2
Two fundamental ways to acquire primary data are by questioning and ____________________ customers: A) observing B) interviewing C) researching D) obtaining
a
Which of the following is designed to link computers within a company: A) an intranet B) a decision support systems C) a webnet D) the internet
a
A common marketing research problem is collecting new________________unnecessarily when there is plenty of free or inexpensive information available that may be helpful. A) soft data B_) primary data C) big data D) secondary data
b
A data warehouse can also be described as: A) a sales commission B) an electronic library C) a clearing house D) a brick and mortar storage
b
A pitfall for marketing managers engaged in Step 1 oft he marketing research process is : A) recalling feedback B) thinking that a symptom is the problem C) correctly interpreting the data D) accessing problem-specific data
b
List the typical order of the five-step scientific approach to marketing research, with the first step at the top. Interpret the data Solve the problem Get problem-specific data Define the problem Analyze the situation
1.Define the problem 2.Analyze the situation 3. Get problem-specific data 4. Interpret the data 5. Solve the problem
A _______________is even more short-lived than a regular fashion. A) trend B) New Fashion C) old fashion D) fad
D
A common marketing research problem is collecting new __________ unnecessarily when there is plenty of free or inexpensive information available that may be helpful. A) primary data B) soft data C) secondary data D) big data
a
A focus on the changes in total revenue and total cost from selling one more until to find the most profitable price and quantity is called __________________ _________________. A) marginal analysis B) profit range C) profit maximization D) marginal demand
a
An educated guess about the relationship between things or about what will happen in the future is called: A) a hypothesis B) the scientific mehtod C) a fact D) the marketing research process
a
Because marketing plans are often ongoing strategies, it is often necessary to phase out struggling products.: a) gradually b) as quickly as possible c)abruptly d) when all existing inventory is sold
a
Dividing the total fixed cost by the related quantity equals the _________________ __________________ _________________________ (per unit). A) average fixed cost B) average variable cost C) average cost D) total cost
a
During the ________________ step of the new-product development process, managers evaluate a potential new product's strengths and weaknesses against market trends and company resources. A) Screening B) Idea Evalutaion C) Commercialization D) Development
a
During the idea evaluation step of the new-product development process, marketing managers should: A) describe and test the firm's assumptions about each new-product idea and customer's needs. B) evaluates the firm's resource and potential threats form competitors. C) produce a working prototype of the new-product idea and perform a full-scale market test. D) consider the return on investment for a new-product idea.
a
From what academic discipline did ethnographic research derive? A) anthropology B) sociology C) comparative literature D) psychology
a
Given the following data, compute the BEP in units: Price per unit =$3.00 Variable cost per unit = $0.50 Total fixed cost = $ 500,000 A) 200,000 B) 125,000 C) 333,334 D) 400,000
a
How is the average variable cost (per unit) obtained? A) by dividing the total variable cost by the related quantity B) by multiplying the total variable cost by the related quantity C) by dividing the total fixed cost by the related quantity D) by multiplying the average cost (per unit) by the average variable cost (per unit)
a
If a firm's total fixed costs is $200,00 and its fixed cost contribution per unit is $10, its break-even in units is : A) 20,000 B) 200,000 C) 100,000 D) 10,000
a
In addition to informing the marketing manager of what information is existing and accessible regarding a problem area, a(n)__________________ analysis also highlights information about the problem area that does not exist or must be acquired. A) situation B) problem C) competitor D) customer
a
In marketing research, a(n) _____________________________ is the total group that marketing managers are interested in. A)population B) sample group C) sample D) area
a
In the problem-solving step, managers use the research results to: A) choose a marketing plan B) develop appropriate products C) plan the firm-wide budget D) hire suppliers and distributors
a
Offering a specific price for each possible job rather than setting a price that applies for all customers is called ____________________ _____________________. A) Bid pricing B) Bid output C) Bid input D) Bid price-output
a
One of the most valuable sources for government statistics is the : A) statistical abstract of the united states B) world book of statistics C) united states yearbook volume D) summary of the world
a
Royal Caribbean offers a New Year's Eve cruise for $1,800 per person. In it's advertising, the company focuses on four payments of $450 because customers are __________ price sensitive the greater the total expenditure. A) more B) less C) not
a
Setting prices that have special appeal to target customers is called : A) Psychological pricing B) Reference pricing C) Leader Pricing D)Bait pricing
a
Setting prices that will capture some of what customers will save by substituting the firm's product for the one currently being used is called: A) value in use pricing B) cost-oriented pricing C) marginal analysis pricing D) value capture E) psychological pricing
a
The __________-____________ __________________________per unit is the assumed selling price per unit minus the variable cost per unit. A) fixed-cost contribution B) variable-cost contrbution C) fixed-cost D) variable cost
a
The ________________ _________________ _______________ Commission sets safety standards for products and imposes penalties for unsafe products. A) U.S. Consumer product safety B) U.S. Consumer safety product C) U.S. Consumer safe product D) U.S. Consumer safety
a
The development stage of the new-product development process helps to determine: A) the materials, equipment, staff, or training that will be required to deliver a new product or service. B) the customer response to the product C) the costs associated with distributing a product D) the makeup of competitors innovations through the use of reverse engineering.
a
The longer new-product development takes, the more likely it is that : A) customer needs will change B) competitive advantages will be achieved C) the product will succeed D) total development costs will fall
a
The quantity where the firm's total cost just equal its total revenue is called the _________________ __________________ ___________________________. A) break-even point (BEP) B) break-even analysis C) break-even chart
a
The stage in the new-product development process that involves gathering feedback from customers even before there is an actual product is called: A) idea evaluation B) return on investment C) idea generation D) screening
a
The sum of those costs that are fixed in total, regardless of how much is produced, is called the total ____________ _________________________. A) Total Fixed cost B) Total variable cost C) total cost D)average cost
a
True or False: Findings attained from a focus group session are affected by the researcher's perspective. A) True B) False
a
True or False: Poor interpretation of data can result in poor marketing planning decisions: A) true B) false
a
True or False: The MIS makes it easier for marketing managers to find information. A) True B) False
a
True or False: in general, consumers are less sensitive to price when they share the cost of an item with another person or a group of people. A) true B) false
a
What are benefits of online focus group? (select all that apply) A) smaller likelihood of one person controlling the discussion B) participants feel at liberty to express themselves fully C) questions are in "yes" and "no" format D) the honesty of participants
a, b, d
Which of the following are benefits to conducting a personal interview survey? (select all that apply) A) the interviewer can explain complicated directions B) it saves time C) it is less expensive than other methods D) it can take place at locations where people shop
a, d
Customers on a consumer panel agree to allow marketing managers to collect information about their grocery purchases, including: (select all that apply) A) whether they use coupons B) the types of items they buy C) the cost of items D) their satisfaction level with customer service.
a,b,c
As a market moves into the market maturity stage, which of the following might provide a firm in that market with sources of competitive advantage? (select all that apply) A) lower production costs B) successful promotion strategies C) an undifferentiated product D) a superior product
a,b,d
Developing new-product ideas and strategies: (select all that apply) A) is often the key to a firm's survival. B) can still lead to a high risk of product failure C) guarantees success if enough money is spent on the process. D) is often the key to a firm's success
a,b,d
Which of the following are effective data sources in international markets: (select all that apply) A) Eurostat B) Statistics Canada C) Data India D) Data.autralia.gov.au E) Asia stats
a,b,d
Which of the following conditions will make a customer more price sensitive? (select all that apply) A) when a customer can evaluate competitor's prices B) when a customer is determining whether to buy a costly product C) when a customer must pay money to switch to a new product D) when a customer has other methods of fulfilling a need
a,b,e
Which of the following factors are important to new product success? (select all that apply) A) effective transitions from idea to market B) effective product design C) complete brand awareness among all market segments D) low production costs E) offering superior customer value
a,b,e
Which of the following are reasons that international marketing efforts fall: (select all that apply) A) because the home office does not take into account the market competition in international markets. B) because there is not information regarding international markets, so market managers must makes educated guesses C) because the home office misreads the desires of international customers D) because syndicated data is not available for international markets.
a,c
Which of the following conditions will make customers less price sensitive (select all that apply) A) when a customer is determining whether to buy an inexpensive product B) when a customer has other methods of fulfilling a need C) when a customer shares the cost of a product D) when a customer can evaluate competitor's prices.
a,c
Which of the following statements are accurate descriptions of average-cost pricing? (select all that apply) A) it may yield very good profits, but only in lucky cases. B) it is a cautious and responsible approach to pricing that avoids risk. C) it seems simple, but it often doesn't work very well D) it requires the marketing manager to set a price below cost.
a,c
Why do companies add a markup to the cost of products that they have purchased from wholesalers? (select all that apply) A) to make a profit B) to demonstrate price sensitivity C) to pay for the cost of operating the business D) to attract customers.
a,c
As a member of an MROC, which provides marketing managers with both qualitative and quantitative data, you may be asked to: (select all that apply) A) participate in focus groups B) demonstrate your ability to search the Internet effectively C) have discussion with members of the group and marketing managers D) take structured response surveys
a,c,d
Which of the following are effective ways marketing managers can best monitor Internet chatter about products (select all that apply): A) by reviewing social media B) by interviewing individual customers C) by checking blogs D) by reading comments
a,c,d
What are accurate descriptions of the concept of total variable cost? (Select all that apply) A) it refers to the total costs that are closely connected to output B) it refers to ongoing costs, such as rent, salaries, and some taxes C) it decreases as total quantity produced increases. D) it increases as total quantity produced increases.
a,d
Why is big data organized and evaluated by new and innovative database tools, but not traditional ones? (select all that apply) A) because big data is enormous B) because marketing managers want raw data, not information C) because information technology (IT) specialists refuse to work with traditional tools D) because big data is nuanced and complicated.
a,d
Which of the following positions oversee product promotion and often take over the jobs formerly handled by advertising managers? (select all that apply) A) product manager B) sales manager C) office manager D) divisional manager E) brand manager
a,e
A software manufacturing company set a suggested retail list price of $240.00 for its new data management software. From the suggested retail list price, the software company subtracted its usual chain of markups for wholesales and retailers to obtain its own selling price of $102. This is an example of : A) average-cost pricing B) demand-backward pricing C) odd-even pricing D) full-line pricing
b
Advantages of secondary data are that it: A) must be gathered B) is already available C) is specifically collected to solve a current problem. D) allows researchers to avoid doing a situation analysis
b
Aidan Haeger, marketing manager for Wilson Sporting Goods, wants to use marginal analysis to price new soccer balls. Unfortunately he does not know the exact shape of the firm's demand curve. Under these circumstances, marginal analysis: A) suggests that the only sensible approach is to follow the market leader B) may be useful anyway because a profitable region generally surrounds the best price. C) does not provide an exact level of demand and is therefore useless. D) will suggest the same price as break-even analysis.
b
Amber feels that there is no substitute for the True Secular brand jeans she is about to buy. What level of price sensitivity might Amber be expected to have in this moment? A) high price sensitivity B) low price sensitivity
b
For a marketing manager, calling people who are knowledgeable in the designated problem area and performing internet searches may constitute the research required to conduct a useful: A) sales forecast B) situation analysis C) research objective D) primary data collection
b
In the beginning stages of a(n) _______________, marketing managers may communicate with people who can provide them with needed information. A) problem definition B) situation analysis C) product launch D) advertising campaign
b
In the marketing research process, what is the name of the type of plan that specifies what information will be obtained and how? A) a problem document B) a research proposal C) a marketing outline D) a situation plan
b
K.C. Rao, brand manager for Hershey, has introduced a new low-calorie chocolate candy bar, Choco-Lite. He is gradually rolling out the product, starting to sell it in the western United States before moving east. He has decided on an expensive promotional campaign to make customer's aware of the new bar. Choco-Lite is in which step of the new-product development process? A) idea generation B) commercialization C) idea screening D) Development
b
Marketing managers can use specialized search engines to access: A) another company's MIS. B) secondary data C) primary data D) proprietary competitor information
b
Multiplying the selling price times the BEP in units equal: A) the total variable cost B) the BEP expressed in dollars C) the BEP expressed as a percent D)the FC contribution per unit.
b
Secondary data found on the internet: A) is only trustworthy when found in a Google search B) is sometimes inaccurate C) eliminates the need for a situation analysis D) eliminates the need for primary data
b
Setting a few price levels for a product line and then marking all items at these prices is called : A) Red lining B) Price lining C) Odd lining D) Price letting
b
The _____________ is obtained by dividing total cost by the related quantity. A) average fixed cost (per unit) B) average cost (per unit) C) average variable cost (per unit) D) total fixed cost
b
The range on either side of an estimate that is likely to contain the true value for the whole population is called the ___________________ ________________. A) situation analysis B) confidence interval C) Aerial location D) true value
b
What cost decreases steadily as quantity increases? A) total variable cost B) average fixed cost C) total fixed cost D) average variable cost
b
What is a popular type of qualitative marketing research that seeks group interaction to encourage participants to share their reaction and thoughts: A) a direct mail questionairre B) a focus group interview C) an e-mail survey D) a telephone poll
b
What is the function of a marketing model? A) to translate data into information, knowledge, and wisdom B) to help marketing managers choose an appropriate marketing plan C) to connect company computers D) to reduce the number of marketing managers needed per company.
b
When research and development managers at television manufacturer Vizio purchase a new Samsung high-definition television and take it apart to get a new product idea, Vizio's managers are engaging in : A) concept testing B) reverse enigneering C) developmental insight D) competitive espionage E) commercialization
b
Which of the following research methods would be the most suitable for acquiring detailed private information about people? A) situation analysis B) mail or online survey C) focus group
b
What are the disadvantages of conducting a telephone survey: (select all that apply) A) it takes a long time for the data to be collected and analyzed B)consumers many not share personal details since they cannot verify the identity of who is calling C) a significant percentage of respondents will not answer questions D) the interviewer does not have the time to ask follow-up questions
b, c
Break-even charts tend to assume which of the following? (select all that apply) A) that profits will discontinue growing beyond the BEP B) that the total cost curve an total revenue curve are straight lines. C) that profits will continue to grow beyond the BEP D) that the total cost curve and total revenue curve do not have to interest to find the BEP.
b,c
Break-even charts tend to assume which of the following? (select all that apply) A) that the total cost curve and total revenue curve do not have to intersect to find the BEP B) that profits will continue to grow beyond the BEP C) that the total cost curve and total revenue curve are straight lines D) that profits will discontinue growing beyond the BEP
b,c
Even if business is as good as predicted, average-cost pricing may: (select all that apply) A) respond too quickly to fluctuations in the demand curve. B) fail to generate maximum profits C) price items too high D) fail to generate any profits.
b,c
Why is primary data more expensive than secondary data? ( Choose all that apply) A) primary data is more valuable than secondary data B) secondary data can be inexpensive C) secondary data can be free D) financing the collection of primary data is expensive
b,c,d
Break-even charts tend to assume which of the following: (select all that apply) A) that profits will discontinue growing beyond the BEP B) that profits will continue to grow beyond the BEP C) that the total cost curve and total revenue curve do not have to intersect to find the BEP D) that the total cost curve and total revenue curve are straight lines.
b,d
Which of the following are benefits of reducing the number of research objectives at the start of the marketing research process? (Check all that apply) A) It provides clues to competitors B) It saves money C) It confuses problems with symptoms D) It saves time
b,d
Which of the following are characteristics of break-even analysis? (select all that apply) A) it makes it appear as if profits will decrease continually. B) it makes it appear as if any item can be sold at the assumed price, which may not be the case. C)it takes the demand curve into consideraj D) it makes it appear as if profits will increase continuously. E:) it is easy to use and useful for analyzing costs.
b,d,e
A main disadvantage of using Internet directory searches in the market research process is that such searches may: A) make information acquired during the situation analysis negligible B) yield too many primary data C) yield sources that are unhelpful or inapplicable D) not be legal in the United States
c
Advertising new uses for a product to different markets can help offset declining sales in a _______________ market. A) global B) fad C) mature D) sales growth
c
How can market researchers prevent validity problems: A) walk a mile in the customers shoes B) use research conducted in previous trials. C) perform a trial run of research project D) avoid using website analysis software
c
How should marketing managers view the results of their research: A) as the true value B) as representative of the American populace C) as suggestive of the approximate value D) as a fixed interval
c
In developing economies, secondary data is commonly: A) is more reliable that in the US B)is equivalent in quality to the secondary data of the United States C) unavailable or imperfect D) simple to access
c
Marketing research that is informed by the scientific method requires a company's marketing plans to be: A) politically correct B) approved by the CEO and governing board C) tested prior to implementation D) evaluated by scientists.
c
Place the four stages of the product life cycle in order from earliest to latest : A) Market introduction, market maturity, market growth, sales decline B) Market growth, market introduction, market maturity, sales decline C) Market introduction, market growth, market maturity, sales decline D) Market introduction, market maturity, market growth, slaes decline
c
Product influenced by fashion typically have ________ life cycles. A) narrow B) long C) short D_ broad
c
Setting a rather high price to suggest high quality or high status is called : A) Elite pricing B) Royal pricing C) Prestige pricing D) Over pricing
c
Setting some very low prices to attract customers, but trying to sell more expensive models or brands to the customer in the store is called: A) fair price B) leader pricing C) bait pricing D) reference price
c
Setting some very low prices-real bargains- to get customers into retail stores is called: A)Bait price B) Fair price C) Leader pricing D) Reference pricing
c
The experimental method in market research is also referred to as : A) MIS testing B) ethnographic research C) A/B testing D) market managing
c
What is information that has already been collected or published called? A) primary data B) concise data C) secondary data D) Generic data
c
Which of the following is a reason that a company might create an intranet? A) so that the CEO can observe and monitor the computer activities of employees B) so that customers can evaluate the effectiveness of company products C) so that employees can quickly and straightforwardly retrieve data and information D) to replace a decision support system
c
Which of the following is often the best way for a marketing manager to observe and understand a customer's experience: A) the marketing manager should conduct focus groups with one demographic. B) the marketing manager should hire decoys to shoplift their products C) the marketing manager should become a customer D) the marketing manager should study competitors' marketing strategies.
c
Which two groups of people need to work closely together in order to produce effective outcomes to the marketing research process? A) marketing managers and scientists B) marketing managers and salespeople C) marketing managers and market researchers D)marketing managers and customers
c
Without ____________data, marketing managers may make the same errors as their predecessors. A) flexible B) dashboard C) hard D) soft
c
What does product-bundle pricing encourage consumers to do? (select all that apply) A) buy complementary products B) purchase a competitor brand C) spend more money D) purchase items that they may not have planned to.
c,d
Which of the following conditions will make a customer less sensitive? (select all that apply) A)when a customer can evaluate competitors prices B) when a customer has other methods of fulfilling a need C) when a customer is determining whether to buy an inexpensive product. D) when a customer shares the cost of a product.
c,d
A decision-making approach that focuses on being objective and orderly in testing ideas before accepting them is referred to as: A) a marketing model B) a DSS C) an MIS D) the scientific method
d
A manager seeking ____________ will select the highest spot on the total profit curve that has the longest vertical distance between the total revenue curve and total cost curve. A) curve maximization B) ethical rice maintenance C) marginal optimization D) profit maximization E) average cost optimization
d
As the marketing manager at a very successful sports equipment company, Joe must make decisions about pricing and advertising. He often uses a computer program that provides suggestions about price levels and advertising media choices. This computer program is most likely: A) a data warehouse B) an intranet C) a computer aided manufacturing (CAM) program D) a decision support system (DSS)
d
In order to determine a demand estimate for a product, a manager will need to engage in ______________, which will allow him or her to conceptualize future outcomes of a number of different scenarios regarding the quantity and price of a product. A) break-even analysis B) a mission statement C) average-cost thinking D) if-then thinking
d
Match the characteristics of the marketing mix variables with the stage of the product life cycle : A) Market introduction- build channels; market growth-battle of the brands; market maturity-skimming or penetration pricing; market decline- some firms drop out B) Market-introduction-battle of the brands; market growth-build channels, Martket maturity- some firms drop out; market decline- skimming or penetration pricing. C) Market decline-Build channels; market growth-some firms drop out; Market maturity-battle of the brands; market introduction-skimming or penetration pricing D) Market introduction-skimming or penetration pricing; Market growth- build channels ; Market maturity- battle of the brands; Market decline- some firms drop out
d
Profit is calculated by determining the difference between: A) total cost and total variable cost B) average cost and average fixed cost C) total revenue and average fixed cost. D) total revenue and total cost
d
Selling prices that end in certain number, such as $0.99 or $49, is called: A) Reference pricing B) Leader pricing C) Bait Pricing D) Odd-even pricing
d
Sometimes in a(n) _____________ market, a firm may find a new use for an existing product that aids in boosting sales and avoiding sales decline. A) introductory B) new C) fashion D) mature
d
The degree to which data assess what they are designed to assess is referred to as: A) reliability B) relevancy C) Consistency D) Validity
d
The legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products is called : A) product damages B) product insurance C) product rider D) product liability
d
The price customers expect to pay for a product is called the A) psychological price B) bait price C) fair price D) reference price E) Value in use price
d
The sum of total fixed cost and total variable cost is called _______________________ _________________________. A) average cost (per unit) B) average fixed cost (per unit) C) total fixed cost D) total cost
d
What cost decreases steadily as quantity increases? A) total fixed cost B) total variable cost C) average variable cost D) average fixed cost
d
What is the outcome for marketing managers who acquire data from a sample that is not representative of the population? A) the data are accurate B) the data must be sold to a syndicated data company C) the data must be analyzed by a statistical package D) the data are probably inaccurate
d
What is the term for the percentage of people contacted who complete a questionnaire: A) statistical abstract B) quantitative research C) fixed response D) response rate
d
