MKTG 448 Quizzes

Q3 How is pricing represented in advertising when the advertisers pay for impressions? A. CPM (cost per thousand) B. CPM (cost per milion) C. CPH (cost per hundred) D. Dollars

A. CPM (cost per thousand)

Q2 During which step in the STP marketing process is a value proposition defined and an action plan developed? A. Positioning B. Planning C. Segmentation D. Targeting E. Profiling

A. Positioning A value proposition is defined and an action plan is developed during positioning, the last step of the STP process.

Q4 Where was the Westgate Plaza branch of Reed Supermarkets located? A. Dallas, TX B. Trenton, NJ C. Surprise, AZ D. Columbus, OH

D. Columbus, OH

Q4 Reed decided to carry 3 organic pet food lines due to consumer research showing higher pet ownership for Reed customers.

True Pet ownership for Reed customers was 20% higher than the average.

Q3 Fashion Channel True/False: The Fashion Channel is the one and only network that is dedicated to fashion programming 24/7.

True TFC is the only network who only offers fashion programming all day, every day.

Q1 Primary data collected in a non-experimental fashion can have which of the following two orientations? A. Qualitative or quantitative B. Internal or external C. Accumulator or process D. Collective or individual E. Laboratory or field

A. Qualitative or quantitative Non-experimental, primary data are divided into two orientations: qualitative or quantitative.

Q2 Mass customization is most appropriate: A. for technology products where the cost of new versions is extremely low. B. for technology products in emerging markets. C. in industries with minimal competition. D. in markets where customers have homogeneous needs.

A. for technology products where the cost of new versions is extremely low. Mass customization is appropriate for technology products where the cost of new versions is extremely low, in industries where flexible manufacturing methods enable cost-effective production of customized products, and in markets where customers are willing to pay a premium for customized products. In all three cases, the cost must either be minimal or there must be enough demand to justify a higher price to the customer.

Q2 Among the segmentation variables related to purchase behavior is consumers' share of wallet. This term refers to the: A.money that a consumer spends with one firm as a share of all the money that the consumer spends in that category. B.total amount of money that a consumer spends as a share of that consumer's yearly expenditures. C.money that a consumer spends with a representative firm as a share of all the money spent by similar consumers. D.money that a consumer spends with one firm as a share of that consumer's discretionary income.

A.money that a consumer spends with one firm as a share of all the money that the consumer spends in that category. The term "share of wallet" refers to the amount of money that a consumer spends with one firm as a share of all the money that consumer spends in that category.

Q3 What was the average amount of national ad time for programs that lasted a half hour? A. 3 minutes B. 6 minutes C. 8 minutes D. 4 minutes

B. 6 minutes

Q1 You work for a major retailer and have been asked to develop a study to evaluate the organization of the retailer's stores and how consumers shop in the stores. Which of the following types of research would be most appropriate for this task? A. A survey mailed to known customers B. A direct observation study C. Focus groups of store customers D. Depth interviews E. Conjoint analysis

B. A direct observation study

Q4 Which of the following is NOT one of the 3 dominating large chains of Dollar stores? A. Dollar Tree B. Aldi C. Dollar General D. Family Dollar

B. Aldi Dollar General, Dollar Tree, and Family Dollar were the top 3 dominating dollar stores.

Q3 When focusing on Exhibit 3, the "Basics" cluster has what kind of involvement in fashion? A. Highly engaged B. Disengaged C. Participate on a regular basis D. Participate for specific needs

B. Disengaged The Basics cluster is disengaged relating to their involvement in fashion.

Q1 What type of data has already been collected and usually is purchased? A. Both Internal and External Secondary Data B. External Secondary Data C. Both Primary and Secondary Data D. Internal Secondary Data

B. External Secondary Data External Secondary Data - This is research already gathered that is outside of the company and must be purchased.

Q1 Internal, secondary data can come from all the following sources EXCEPT: A. data on market developments collected systematically from employees. B. US Department of Commerce data on the firm's industry. C. company accounting records. D. sales call records. E. past marketing research studies conducted by the company.

B. US Department of Commerce data on the firm's industry. The sources of secondary data are discussed in a paragraph at the bottom of page 6 in the Core Reading and in the examples presented regarding Black & Decker. US Department of Commerce data are external to the firm and are listed as an external source of secondary data.

Q3 An "impression" in advertising is also known as: A. number of ads sold B. a moment of viewing C. how people perceive ads D. watching an entire ad

B. a moment of viewing

Q2 A company that develops artificial flavorings for candy manufacturers uses research to refine its market offerings. Its studies require participants to make repeated comparisons between pairs of products; in each pair, the products differ on the key attributes of flavoring strength and price. The research approach of this firm is: A. latent class analysis. B. conjoint analysis. C. cluster analysis. D. regression analysis. E. paired comparison analysis.

B. conjoint analysis. The approach is conjoint analysis, which may be applied in both consumer and business markets.

Q2 A firm should consider three key factors when choosing a target segment, including not only the external factors of competition and segment characteristics but also the firm's internal: A. revenue targets and market share. B. resources and competencies. C. strategic and tactical plans. D. sales goals and market share.

B. resources and competencies. Three key factors should influence the selection of a target segment: 1. Current and potential competition in different segments 2. Segment characteristics, such as size, growth rate, and profitability 3. The firm's own resources and competencies to address the needs of different segments.

Q2 Specialty retailers like Restoration Hardware, L.L.Bean, and Anthropologie make heavy use of direct mail catalogs. Such catalog marketers typically segment their markets based on three factors, each of which describes the nature of different customers' past purchases and correlates well with future purchases. Abbreviated as RFM, the factors are: A. revenue targets and market shares B. resources and competencies. C. strategic and tactical plans. D. sales goals and market share.

B. resources and competencies. Three key factors should influence the selection of a target segment: 1. Current and potential competition in different segments 2. Segment characteristics, such as size, growth rate, and profitability 3. The firm's own resources and competencies to address the needs of different segments.

Q1 Black & Decker used previously collected data from earlier studies and conducted telephone surveys and field tests to help inform their positioning strategy for power tools. Which of the following did they use? A. Primary data only B. Secondary data only C. Both primary and secondary data D. Neither primary nor secondary data E. Collaborator research methods

C. Both primary and secondary data

Q4 CEO Jack Morrissey depended on "prosperous customers" to help Reed increase their market share, which of the following accurately describes his description of these customers? A. Loyal B. Price driven C. Fickle D. Indifferent to store ambiance

C. Fickle Jack Morrissey described prosperous customers as fickle with upscale tastes

Q1 Assume that you have been hired as an assistant marketing manager at a startup firm that is preparing to launch its first product in the outdoor recreation industry. After you learn about the company's plans and the new product, you are asked to sketch a plan for marketing research. Which of the following set of characteristics would be most suitable to include in your plan? A. One-year time horizon with a pre-product launch study and a post-project launch study, both using the same research methods B. Five-year approach with different types of studies appropriate to the circumstances that may occur, including pre-product launch studies, post-product launch studies, and studies examining specific marketing actions C. Five-year time horizon with a series of studies, perhaps one each year, that would all be the same so that you could compare results from each time period D. Only one prelaunch study because that is what is important right now E. A list of every type of research study you can think of that can be used over the next 20 years so that managers can pick and choose from the list as they wish.

C. Five-year time horizon with a series of studies, perhaps one each year, that would all be the same so that you could compare results from each time period

Q4 Who is the VP of Marketing for Reed Supermarkets? A. Collin Meredith B. Jack Morrissey C. Meredith Collins D. Meredith Morrissey

C. Meredith Collins

Q2 Which of the following does the marketing process of segmentation, targeting, and positioning (STP) NOT address? A. Potential customers B. How a firm defines its value proposition for its target customers C. Potential competitors D. Which customers to pursue E. Differences in customer preferences

C. Potential competitors STP identifies a firm's potential customers, which customers a firm should pursue, and how a firm defines its value proposition for its target customers. This process does not identify competitors.

Q2 For a segmentation to be useful, it must meet several criteria. Which of the following is NOT among these criteria? A. Identifiable B. Accessible C. Profitable D. Substantial E. Actionable

C. Profitable Segment profitability is not a separate criterion. It is an outcome sought by segmenting based on six key criteria: identifiable, substantial, accessible, stable, differentiable, and actionable. The criterion that would capture profitability would be substantial—meaning that the segment is big enough to matter to the firm, which often includes the bottom line.

Q2 The goal of cluster analysis is to group customers and determine the number of groups, or clusters, so that the: A. distance between two customers in a cluster is maximized. B. average distance between clusters is minimized. C. distance between two customers in a cluster is minimized. D. distance between clusters is averaged.

C. distance between two customers in a cluster is minimized. Cluster analysis attempts to group customers and then determine the number of groups, or clusters, so that the distance between two customers is small, but the average distance between the groups is large. This is done to establish homogenous but mutually exclusive groups.

Q3 Which of the 4 clusters, found in the GFE Associates research, contained women of ages 18 to 34? A. ONLY Fashionistas B. ONLY Fashionistas and Planners & Shoppers C. ONLY Basics D. ALL Clusters

D. ALL Clusters

Q4 Which of the following was NOT one of the aspects of Reed Supermarkets "exceptionally attentive customer service?" A. Check out clerks wearing red aprons B. Greeters offer free cookies on weekends C. High staffing to ensure short lines D. Curbside pick up

D. Curbside pick up

Q1 You work for a large department store chain with customers spread across the United States. You want to conduct a survey of the chain's customers, and you have decided to take a sample of customers and ask them to complete the survey. Which of the following statements about your survey sampling is INCORRECT? A. Your sample will query a subset of the total population of interest. B. The discipline of statistics will help you determine how large your sample should be. C. Nonresponse from many customers selected to be in the sample can lead to survey error. D. Customers from two to three store locations near headquarters will be sufficient for your sample. E.Sampling is the only practical and cost-effective way to conduct your survey.

D. Customers from two to three store locations near headquarters will be sufficient for your sample.

Q4 Which of the following is NOT a way Reed Supermarkets are currently differentiating themselves from competitors? A. Long hours B. Attractive stores C. Attentive customer service D. Every-day low prices

D. Every-day low prices Reed differentiated itself by offering attractive stores, long hours, elegant serving-case displays, and exceptionally attentive customer service. Reed did not currently employ every-day low pricing strategy, competitors like TopVal and Walmart established strong market positions using this format.

Q1 Let's say that a company conducts research by manipulating the environment in some way for a group of consumers or research participants and then examines the differences in outcomes between the group for which the environment was manipulated and a group for which the environment was not manipulated. What type of research has the company conducted? A. External secondary research B. Qualitative data research C. Quantitative data research D. Experimental research E. Conjoint analysis

D. Experimental research

Q1 Assume that you work for a company that produces different types of flavored salty snacks for many different target markets (for example, flavored potato chips or flavored sunflower seeds). One part of your job is to explore regularly what flavors your potential customers might like. Taste preferences constantly change, and you may not always be aware of all the flavors people crave. With the above research objective in mind, which type of research would you most likely conduct on a regular basis? A. Survey research B. Field experiments C. Depth interviews D. Focus groups E. Laboratory experiements

D. Focus groups

Q1 Apple wants to know where it stands in relation to its competitors. The company wants to know how the customer perceives the brand and would like a way to visualize the findings. What would be the best tool for Apple to use? A. Conjoint Analysis B. Focus Groups C. Surveys D. Perceptual Mapping

D. Perceptual Mapping Perceptual Mapping - "developing maps that indicate how customers perceive a firm's key products in comparison to those of competitors when there are more than just two potentially relevant attributes."

Q1 Based on the Core Reading, the availability of which of the following is "perhaps the most important new development in marketing intelligence of the last decade"? A. Supermarket sales data by firms like A.C. Nielsen B. Global market research information from Euromonitor International's Passport service C. Competitive information from companies such as Bloomberg, Compustat, and Hoover's D. Social media research information from firms such as Sysomos E. Reports found on the Internet concerning specific research questions and topics

D. Social media research information from firms such as Sysomos

Q2 Dunkin' Donuts is expanding in several different countries. Its stores offer curry doughnuts in India, dulce de leche doughnuts in Peru, and cherry brandy doughnuts in Germany. This is an example of segmentation based primarily on: A. demographics. B. behavior. C. psychographics. D. geography. E. customization.

D. geography. Dunkin' Donuts is segmenting based primarily on geography and is customizing its products to meet varying geographic tastes and preferences. People in different locations have different acquired tastes.

Q1 When marketers want to determine consumer preferences within a bundle of product attributes and how consumers value the different attributes, they should use which of the following market-research techniques? A. Focus groups B. Depth interviews C. Field experiments D. Secondary data E. Conjoint analysis

E. Conjoint analysis

Q1 Which of the following describes an experimental laboratory setting in which a researcher controls all variables, thus allowing her to ascribe the measured results to the experimental manipulation? A. External validity B. Lower costs C. Quicker results D. Confidentiality E. Internal validity

E. Internal validity

Q1 Which of the following BEST describes empathetic design? A. Research that uses empathy with consumers when conducting depth interviews B. Research that uses focus groups composed of people from different cultures to gain deep consumer insights C. Quantitative technique that explores what the respondent's friends and family members think D. Research that requires respondents to "think out loud" so the researcher can understand the respondent's reaction in more depth E. Relatively new research approach that uses observations of consumers as they conduct routine activities looking for "pain points" and frustrations

E.Relatively new research approach that uses observations of consumers as they conduct routine activities looking for "pain points" and frustrations

Q4 In the Columbus market, Reed was attracting lower income customers. The median income of a shopper at Reed was 12% lower than the area household average.

False Reed was attracting the high income shopper in Columbus.`

Q3 TFC decided they will position itself to target the low income 18-to-34 year-old demographic.

False TFC wanted to target the "premium" 18-to-34 year-old demographic.

Q4 The team really liked Collins plan of action for Columbus and was ready for the next steps.

False The team disagreed about how to hand the positioning in Columbus.

Q3 True/False: The network has always focused on certain customer segments when marketing to its customers.

False This is false because the case states that TFC felt that "marketing messages should appeal to as broad a group as possible."

Q1 True or False: Experimental research is more widely used by marketers and is the cheaper alternative to non-experimental research.

False Non-experimental research "is more commonly used by marketers than costly, complicated, and time-consuming experiments."

Q3 Wheeler felt that driving revenue growth would come from: Increasing BOTH viewership (ratings) and advertising pricing Increasing ONLY viewership (ratings) Increasing ONLY advertising pricing Increasing viewership (ratings) and decreasing advertising pricing

Increasing BOTH viewership (ratings) and advertising pricing Wheeler felt that `increasing BOTH would help achieve this goal.

Q3 True/False: GFE Associates compiled the data that was found in the research with attitudinal clusters.

True

Q4 CEO, Jack Morrissey had a goal of growing the Columbus share.

True