MKT 3501-476

Joe Kerry, owner of a small bakery, wants to obtain marketing insights to improve his business. Joe has a limited budget and would like to gather free secondary data. What is the best option for Joe? Select one:

Internet search engines

Which of the following is true with regard to a SWOT analysis?

It evaluates the company's overall strengths.

________ refers to the unique psychological characteristics that distinguish an individual or group.

Personality

________ are low-share business units in high-growth markets that require a lot of cash to hold their share.

Question marks

The main section of the marketing plan most likely presents a detailed ________ analysis of the current marketing situation.

SWOT

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

Suppliers

Marketers describe the way a consumer processes information to arrive at brand choices as ________.

alternative evaluation

A person's buying choices are influenced by four major psychological factors. Which of the following is NOT one of these factors?

association

The economic environment consists of economic factors that affect ________.

consumer purchasing power

Which of the following refers to a nonprobability sample in which the researcher selects the easiest population members from which to obtain information?

convenience sample

The ________ environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors.

cultural

A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________.

diversification

A successful CRM program is expected to help a company achieve all of the following EXCEPT ________.

understand the competition better

________ include banks, credit companies, insurance companies, and other businesses that help insure against the risks associated with the buying and selling of goods.

Financial intermediaries

Which of the following is true with regard to cash cows?

Which of the following is true with regard to cash cows?

Among the generational groups in U.S population, the ________ are still the wealthiest generation in U.S. history.

baby boomers

Business buyer behavior refers to the ________.

buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others

Companies that use brand ambassadors are most likely involved in ________ marketing.

buzz

Akira Takano, a marketing manager, is about to test the hypothesis that the sale of a particular product will increase exponentially if there is a $5 drop in the selling price of the product. Akira is involved in ________ research.

causal

Almost all major purchases result in ________, or discomfort caused by postpurchase conflict.

cognitive dissonance

Trends in the natural environment include all of the following EXCEPT ________.

decreased costs of product development

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?

demographic environment

Business demand that ultimately comes from the demand for consumer goods is known as ________ demand. Select one:

derived

Beth Williams works for a marketing research company in Chicago. Her current research involves finding the market potential for a client's new line of sports apparel. Given her objective, which of the following types of research is the most suitable for Beth?

descriptive research

Josie's FarmFresh creates sustainable, all-natural food products. These products are most likely to become popular with which group?

environmentally conscious

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 ________. Select one:

ethnographic research

Observation is best suited for ________ research.

exploratory

Customer relationship management (CRM) helps ________.

firms manage customer touch points to maximize customer loyalty

Berman Electronics, a chain of appliance stores in North America, caters to a wide range of customers. It has a marketing organization in which different operational specialists head different marketing activities. Berman Electronics is a(n) ________.

functional organization

Firms use competitive marketing intelligence to ________.

gain early warnings of competitor moves and strategies

Primary data consist of ________.

information collected for the specific purpose at hand

Donna wants to buy a new coat. During the ________ stage of the buyer decision process she will ask her friends to recommend stores that sell good quality winterwear clothing. She will also go through newspapers and magazines to look out for offers and sales on coats.

information search

Secondary data consist of ________.

information that already exists somewhere, having been collected for another purpose

Kei, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Kei is using ________.

internal databases

Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instance, Sam has been directed to study the ________ of the organization. Select one:

macroenvironment

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy.

market development

Making more sales to current customers without changing a firm's products is known as ________.

market penetration

Paul Robinson has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a ________.

market segment

A(n) ________ consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights.

marketing information system

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

In a ________ situation, the "in" suppliers may become nervous and feel pressured to put their best foot forward to protect an account and the "out" suppliers may see the present situation as an opportunity to make a better offer and gain new business.

modified rebuy

A value marketer is most likely to ________.

offer consumers a balanced combination of product quality at a fair price

Rachel loves fashion and is always seen wearing the trendiest fashion outfits. She actively shares her knowledge with a wide group of friends and colleagues about where to shop for the latest fashion at great deals. Most of her friends and colleagues follow her fashion tips. Rachel portrays the image of a(n) ________.

opinion leader

Consumer purchases are influenced strongly by characteristics that marketers cannot control but must take into account, including cultural, social, psychological, and ________ characteristics.

personal

James has decided to buy a new vehicle. His brother John has recently purchased a new truck and recommends the same model to James. James finally decides to buy the same truck. Which of the following sources of information has most likely influenced James' purchase decision?

personal sources

Which of the following is an element of the marketing mix?

place

The process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

positioning

A particular automobile company works to keep its customers happy after each sale, aiming to delight each one of them in order to increase their customer lifetime value. Which of the following steps of the buyer decision process does the company exemplify?

postpurchase behavior

Katrina Mendoza is a senior manager in a manufacturing firm that hires lobbyists to influence legislation that affects the manufacturing industry. Katrina's firm takes a(n) ________ stance toward the marketing environment.

proactive

Companies that define their missions in terms of products or technologies are considered myopic primarily because ________.

products and technologies eventually become outdated

Companies can succeed against their competitors by all of the following EXCEPT ________.

providing the same product as the competition

According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.

relative market share

A(n) ________ is a segment of the population selected for marketing research to represent the population as a whole.

sample

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

self-actualization needs

A marketer of women's hair care products targeting Chinese customers created an advertising message that told women their hair could be worn any way they wanted as opposed to wearing it straight. The message suggested the women did not need to conform to the mainstream media definition of beauty. It is most accurate to say that this ad was based on an understanding of customers' ________.

self-concept

The fact that people are dropping out of organized religion doesn't mean that they are abandoning their faith. Some futurists have noted a renewed interest in ________, perhaps as a part of a broader search for a new inner purpose.

spirituality

A mission statement serves as a ________.

statement of the organization's purpose

Many companies use RFID product labels on their goods, which exemplifies the ________ environment in business.

technological

Which of the following best describes a strategic business unit?

the key businesses that make up a company

What is the purpose of marketing analytics?

to interpret the data obtained