Practice Test for Midterm BUSN 2003
Your quarterly strategic planning meeting will be held next month. You will schedule all the brainstorming and discussion activities for the meeting in a sequence and structure consistent with the hierarchy of the traditional strategic planning process. Which of the following sequence of activities should you schedule in order to be most consistent with the hierarchy of the traditional strategic planning process?
1. Develop the company's mission and goals; 2: Develop business unit strategies; 3: Complete a SWOT analysis for the company; 4: Develop functional area goals and objectives.
By the turn of the twentieth century, the population of the United States had shifted to three large racial and ethnic groups. These groups are
African-Americans, Hispanics, and Caucasians
________________ promote ethical behavior by reducing opportunities for unethical behavior; employees know what is expected of them and what kind of punishment follows if rules are violated.
Codes of conduct
____ involves the use of digital networks to provide linkages between information providers and users.
Connectivity
After several children became ill while playing with toys imported from outside the United States, medical researchers found several illegal chemicals, including lead in the paint. These toys were sold primarily through websites on the Internet. Which of the following agencies would most likely have jurisdiction over the problem with lead in the paint of children's toys?
Consumer Product Safety Commission
____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.
Corporate
Which of the following requires hiring professionals to create initial forecasts, submit them to the company for averaging, and then use those results to make individual refined forecasts?
Delphi technique
Big data is the new hot topic in technology and marketing. It promises to provide many informational benefits to the companies that can harness it most effectively. But all new things come with positives and negatives. Which one of the following is a challenge associated with big data?
Determining how to get value from the data
Which of the following agencies regulates marketing activities the most?
Federal Trade Commission
Which of the following regulates and makes rules for privacy, fraud, and misappropriation of copyrighted intellectual property, as well as other illicit Internet activities?
Federal Trade Commission
Which of the following regulatory bodies is responsible for enacting legislation that regulates the information companies can gather online from consumers and about consumers?
Federal Trade Commission
____ competitors provide very different products that satisfy the same basic customer need.
Generic
Your company makes highly sophisticated components for military equipment. The U.S. Department of Defense is your largest customer. In recent years, you have expanded your customer base to include the militaries of all the major countries in the world. The following headlines appeared recently in the Sunday New York Times: "The Federal Reserve Board Chairman Sees Economic Growth Accelerating in the Third Quarter" "Congressional Republicans and Democrats Fail to Reach Compromise on the New Immigration Bill" "The Average Teen Spends Two Hours Per Day on Social Media Sites" "State Department Considers Imposing New Sanctions on Exports of Sensitive Military Technology" "Unemployment Rate Falls to 6.2%" Which one of the following statements is true regarding these headlines?
Headline #4 should be categorized as a legal and regulatory force in the company's marketing environment
Experience has shown you that your customers' buying decisions can be significantly affected by situational influences. You are analyzing past sales activities to better understand how these factors translate into sales impacts. Which of the following statements is true about situational influences on the consumer's buying decision process?
If the customer is fatigued, this could potentially be a situational influence on her buying decision process
____ is a popular mobile photo-sharing site.
Which of the following is not a characteristic that should be possessed by a marketing objective?
It should be open ended in terms of time.
Many marketers are concerned about the number of potential customers within a certain area of land because of the different requirements to serve dissimilar areas. What is this segmentation variable called?
Market density
What type of competitive structure exists when a firm produces a product that has no close substitutes?
Monopoly
The Internet has radically changed the way traditional marketing used the marketing mix to attract and retain customers. Now e-marketing strategies require the marketer to reexamine the characteristics of the four components of the marketing mix. With respect to e-marketing, which of the following statements about the four components of the marketing mix is true?
Most traditional promotions can be enhanced by using digital media
Which of the following is not a component of a marketing plan?
Product
In which type of sampling design is the final choice of respondents left up to the interviewer?
Quota
In which of the following sampling designs do all members of a population have an equal chance of being selected?
Random
Which sampling design gives every member of the population an equal chance of appearing in the sample?
Random
Price discrimination is prohibited by the ____ Act.
Robinson-Patman
Which of the following acts was enacted to prevent businesses from restraining trade and monopolizing markets?
Sherman Antitrust Act
Which of the following buying situations is most consistent with routinized response behavior?
Stephanie buying bottled water
Which of the following is not a dimension of social responsibility and marketing citizenship?
Technological
A first-mover advantage is
The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace
Your company is seeking to hire a consultant to assist with completing a specialized marketing research project that is focused on tech-savvy, young consumers. One of the firms describes its state-of-the-art marketing research system as follows: "It's a social intelligence system that provides insightful, actionable information about what people are saying about your brand. It integrates information from millions of sources and empowers you to, among other things, help your organization understand and even shape relevant conversations in the social media sphere." Based on the description, which of the following is the best reason for hiring this company?
The company's expertise and information systems are a good fit for the project.
The marketer uses segmentation variables to divide a market into segments. All of the following statements are true about segmentation variables except:
The variables should be based solely on demographic characteristics.
To find a target market, a firm can use one of these targeting strategies.
Undifferentiated strategy, the concentrated strategy, and the differentiated strategy
______ allows marketing managers to understand the problems and requirements of lower-level employees.
Upward communication
Which of the following is the best example of utilizing technology to improve consumer relationships?
Waiters recording orders on handheld computers
When a business has a relatively small number of customers, a preferred method of forecasting is
a customer forecasting survey
Which of the following is not a requirement or characteristic of a market?
a large number of people or organizations
The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchase response is
a market test
Which of the following forecasting methods is least dependent on historical sales data?
a market test
The marketing plan is
a written document detailing activities to be performed to implement and control marketing actions
The ability to obtain digital information is referred to as
accessibility
Due to the use of cookies, many websites are able to track visitors when they return to their websites. This helps them track how often the visitor views the website and in what products he or she shows an interest. Some websites have capitalized on this by providing product recommendations to users when they return to their websites based on their past activity. This is an example of
addressability
A business advantage of the concentrated targeting strategy for any company is that it
allows a firm to develop a special marketing mix for a single market segment
Competitive growth strategies are based on
analyses of each product or business unit
One of the most important benefits of e-marketing is the ability of marketers
and customers to share information
Smartphones contain ____ that help consumers access more information about businesses.
applications
Cognitive, affective, and behavioral are the three major components of
attitudes
Warnings on television commercials for prescription drugs include a list of sometimes grotesque side effects that are possible when taking that particular drug. The consumer right to ____ most applies to these commercials.
be informed
Your marketing team has started the analysis of your company's marketing environment. Competition has been very intense in recent years in your industry, so you decide to place more emphasis on analyzing the competitive forces in your industry. You group your competitors into the four types that a firm normally faces. In general, which one of the four types of competitors do you think will be the most formidable for your company?
brand competitors
Routinized response behavior is what a consumer does when
buying frequently purchases, low-cost items that need little search effort
The problem with using an undifferentiated strategy to market a "universal car" is that
car buyers have heterogeneous needs
In a traditional organization, marketing decisions are likely to be
centralized at the top levels of the organization
Marketers must understand a target group's culture if they hope to construct an effective marketing mix for the target group. Culture is the accumulation of values, customs, beliefs, and knowledge the target group possesses. Culture includes tangible items such as _____________. Additionally, culture includes intangible items such as ________________.
clothing; laws
Standards by which to judge the reliability marketing research include the _________ developed by the American marketing association to promote ethic research
code of conduct
Standards by which to judge the reliability marketing research include the developed by the American Marketing Association to promote ethical research.
code of conduct
The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is the
company sales potential
A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.
competitive advantage
When markets are comprised of people with differing product needs, the marketing manager should use a(n) ____ strategy.
concentrated or differentiated targeting
Your company is in the final stages of deciding whether to launch a new product that you have been testing for the last six months. While the CEO of your company is very optimistic about the potential for the product, he is a skeptic by nature. He has asked you to conduct one last round of market research that will give him greater confidence in the product's prospects. Which of the following types of marketing research should you conduct to satisfy the CEO's concerns?
conclusive research
____ connects customers with marketers as well as other customers.
connectivity
All marketing mix decisions must have two characteristics: ____ and ____.
consistency; flexibility
Purposeful actions to take advantage of or harm others during a transaction is best described as
consumer fraud
You are shopping for a laptop or tablet to use for taking notes, research, and studying. In this case, you belong to a(n)
consumer market
Credit card companies maintain staffs of professionals whose primary responsibility is to monitor the activity on cardholders' accounts to spot potential fraudulent purchases or stolen cards. These staffs are employed to prevent which of the following?
consumer misbehavior
According to President Kennedy's consumer bill of rights, the right to choose means that
consumers should have access to a variety of products and services at competitive prices
According to the consumer bill of rights, the right to be informed means that
consumers should have access to and the opportunity to review all relevant information about a product before buying it
____ refers to customers' ability to regulate the information they view and the rate and sequence of their exposure to that information.
control
When managers at Solutions Inc. are developing their strategic plan, they use a market orientation as a guide to ensure that ____ is an integral part of the process.
customer satisfaction
The main focus of a marketing information system is on
data storage and retrieval
Primary data are best described as the
data that are observed, recorded, or collected directly from subjects.
The following passage is an often-expressed critique of one of the two types of decision-making structures: Another disadvantage of this structure is that the organization may become fragmented. Business units may lose their sense of team spirit and cooperation. Some business units may put their own interests ahead of those of the company as a whole. Innovative ideas that once spread through the company quickly may now remain within individual business units. Which one of the following decision-making structures is this critique referring to?
decentralized organization structure
Segmentation variables are usually grouped into four categories:
demographic, geographic, psychographic, and behavioristic
Consumer confidence is at a low during periods of
depression
After an organization has determined which of the many segmentation variables it will use, the next step in the target market selection process is
developing market segment profiles
A survey question that requires a yes or no answer is called a
dichotomous question
If your firm uses a ______________ targeting strategy, you can expect to need __________ production processes to support the strategy.
differentiated; more
____ uses the Internet, mobile, and interactive channels to develop communication and exchanges with customers.
digital marketing
Electronic media that function using digital codes are called
digital media
____ are more consumer-driven than traditional media.
digital media
After purchasing a product, post purchase evaluation may result in cognitive dissonance. Cognitive dissonance is
doubts that occur because the buyers questions whether the decision to purchase the product was right
Which of the following refers to the strategic process of distributing, promoting, and pricing products, and discovering the desires of customers using digital media and digital marketing?
electronic marketing
To monitor changes in the marketing environment effectively, marketers must engage in
environmental scanning and analysis
The 1990 Nutrition Labeling and Education Act directly prohibits
exaggerated health claims on food packages
A marketing plan document usually begins with a(n)
executive summary
Which of the following products would probably require extended decision making before a purchase?
expensive products
Research that allows marketers to make causal inferences about relationships is called
experimental research
When more information is needed about a problem and a tentative hypothesis needs to be made more specific, marketers usually conduct ____ research.
exploratory
Quota sampling is most commonly used in
exploratory studies
Information from the U.S. Census Bureau is commonly used as ____ by a variety of agencies and organizations.
external secondary data
A marketer that targets customers based on marital status and the presence and age of children is using
family life cycle
There are generally __________ steps in the target market selection process. The second step is ______________.
five; determine which segmentation variable to use
A research method in which a number of people are exposed to an idea or concept and the interaction of the people is observed is called a(n)
focus-group interview
An opinion leader is likely to be most effective under all of the following conditions except when the
follower has attitudes and values that are different from those of the opinion leader
Discretionary income is associated with all of the following except
food
Marketers can influence consumers' evaluations by describing alternatives to products and their attributes in a certain manner, a practice known as
framing
All of the following are marketer-dominated sources of information except
friends
A culture can be divided into subcultures according to
geographic regions or human characteristics, such as age or ethnic background
For which of the following products would a consumer most likely use limited decision making?
hair dryer
Compared to a mail survey, telephone surveys have
higher response rates, but higher costs
The amount of money received through wages, rents, investments, pensions, and subsidies is called
income
When using credit to make purchases, consumers are
increasing current buying power at the expense of future buying power.
During the evaluation of alternatives stage of the consumer buying decision process, framing most likely influences the decision process of ____ buyers.
inexperienced
Which of the following statements about how a consumer organizes inputs that reach awareness is most accurate?
inputs that reach awareness are organized to produce meaning, and this meaning is interpreted in light of what is familiar to the individual
______________ can be ideas and creative materials, songs, movies, books, or electronics that are developed to educate or entertain.
intellectual property
____ allows customers to express their needs and wants directly to a company in response to its marketing communications.
interactivity
Within the information search step of the consumer buying decision process, what two primary aspects exist?
internal search and external search
Which step in the marketing research process involves the use of data analysis and statistical techniques to help draw conclusions?
interpreting research findings
Extended decision making is the type of consumer decision-making process that
is the most complex decision-making behavior, which comes into play when a purchase involves unfamiliar, expensive, or infrequently bought products
________ that can allow almost real-time measurement and evaluation should be embedded at the onset of a social media strategy.
key performance indicators
Eighteen-year-old students do not form a market for alcoholic beverages because they
lack the authority to purchase this type of product
The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace is called
late-mover advantage
Demographic variables such as income and occupation, as well as how people spend their time and the importance of things in their surroundings, are all factors considered in ____ segmentation.
lifestyle
When a consumer purchases products occasionally or needs information about an unfamiliar brand in a familiar product category, he or she will most likely engage in
limited decision making
The three most widely recognized types of consumer decision making are
limited problem solving, extended problem solving, and routinized response behavior
As consumers become more informed about their options, the demand for
low-priced products has grown
Although it may seem logical to target higher-income consumers, many marketers choose to target lower-income segments because
lower-income consumers represent a much larger population globally
Which of the following is the least flexible survey method?
mail surveys
When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a
market opportunity
The percentage of a market which actually buys a specific product from a specific company is referred to as that product's
market share
Which of the following is the most specific and detailed type of business strategy?
marketing
The process of putting marketing strategies into action is called
marketing implementation
The ____________ section of the marketing plan states what the company wants to accomplish through marketing activities, using a(n) ___________ of where the firm stands in the market.
marketing objectives; SWOT anaylsis
Strategic planning requires ________________ to facilitate the process of assessing opportunities or threats from competitors.
marketing research
A marketing objective should be expressed in clear, simple terms; be _____________; specify a time frame for completion; and ensure the marketing objective is _____________ with both business-unit and corporate strategies.
measurable; consistent
Internet sites that allow users to share photos, videos, and podcasts are called which of the following?
media-sharing sites
An organization's business goals should be derived from its
mission statement
The type of competitive structure that exists in the case where there are almost no substitutes for a product is a(n)
monopoly
In ____ sampling, there is no way to calculate the likelihood that a specific element of the population being studied will be chosen.
non-probability
An attitude is
one's evaluation, feelings, and behavioral tendencies toward an object or idea.
Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called
opportunities
Hereditary characteristics combined with personal experiences that together make an individual unique form one's
personality
____ are audio or video files that can be downloaded from the Internet with a subscription that automatically delivers new content to listening devices or personal computers.
podcasts
A firm wants to build a subsidiary in the Middle East. However, it is apprehensive because of protests in some Middle Eastern countries and the violence in Syria. It does not know if it should take the risk of expanding. Which type of barrier does this situation represent?
political
A positive review of a product or service posted on a(n) ____________ can result in a substantial increase in sales of the product or service.
popular blog
All the elements, individuals, or units of interest to researchers for a specific study are called the
population
____ are free online publicity that helps the company.
positive customer reviews
The five major stages of the consumer buying decision process, in order, are
problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation
During which stage of the business cycle is unemployment low and total income relatively high?
prosperity
Which of the following is the best example of strategic philanthropy for Staples, the large office supply chain?
providing low-income families with school supplies and computer training
The five categories of situational influences are
purchase reason, time perspective, social surroundings, physical surroundings, and buyer's momentary mood.
As digital communication technologies have advanced, it is possible for marketers to
reach markets that were previously inaccessible
Total buying power declines during periods of economic
recession.
Marketing ethics
refers to principles and standards that define acceptable conduct in marketing.
A forecasting method that predicts sales based on relationships between past sales and other variables is called
regression analysis
The sales prediction technique based on the correlation between sales and other factors such as population density, per capita income, or family size is
regression analysis
Pointing out any deficiencies and the possible reasons for them should be done in the ____ step of the marketing research process.
reporting research findings
The final step in the marketing research process is
reporting the research findings
An overall plan for obtaining the information needed to address a research problem or issue is called the
research design
Consumers tend to remember information inputs that support their feelings and beliefs and forget inputs that do not. This is known as selective
retention
When evaluating market segments, assessment of competitors is important because
sales estimates may cause a segment to appear to be lucrative, but there may be several competitors that together have a large share of that segment
Which of the following products is most likely to be marketed using an undifferentiated approach?
seasoning salt
Characteristics of individuals, groups, or organizations that are used for dividing a total market into smaller homogeneous groups are called ____ variables.
segmentation
Which of the following is not a purpose of the marketing plan?
serve as a contract with the customer
Marketers help consumers learn through free samples, sometimes coupled with coupons, to reduce purchase risk, through a practice called
shaping.
Market segment profiles are used to describe _____________ members of a market segment, and to explain ______________members in separate market segments.
similarities among; differences between
Information provided by a single firm on household demographics, consumer purchases, television viewing behavior, and responses to promotions is called ____ data.
single-source
The three major categories of influences on the consumer buying decision process are
situation influences, social influences, and psychological influences
______ do not engage in paid Internet advertising as much due to smaller budgets.
small businesses
Less randomness and more difficulty in obtaining a sample size are disadvantages of
social media
Any constituent who has a claim in some aspect of a company's products, operations, markets, industry, or outcomes is known as a(n)
stakeholder
The buildup approach measure of sales potential
starts with forecasts about demand for a specific product within a relatively small area.
According to the text, ____ interpretation focuses on what is typical or what deviates from the average.
statistical
Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a
strategic business unit
An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.
strengths and weaknesses
Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.
strengths; opportunities
Market researchers for a local bakery determined that Jewish people consume 63% of the portion of bagels sold in New York City. This is an example of ____ influence on consumer buying decision processes.
subcultural
In 2000, two childhood friends began working together to create a line of cleaning products that were beautifully designed, didn't smell like chemicals, and could be a design element rather than hidden in someone's kitchen cabinet. The company, Method, was established in 2001 and made its first sale of cleaning sprays to a local grocery store. The company founders, Adam Lowry and Eric Ryan, are committed to sourcing products that come from plants—not chemical plants. They never test their products on humans or animals and ensure that they make products that are safe for every surface, especially Earth's surface. In 2004, Method was the first company to mass market a concentrated laundry detergent in the United States that provided consumers with the opportunity to reduce the amount of packaging and waste associated with the packaging. Method emphasizes the _________ issue of social responsibility as a strategy to connect with customers and generate sales.
sustainability
Although telephone surveys can be conducted very quickly, a major limitation is
that only a small portion of the population likes to participate in telephone surveys
Consumerism is
the efforts of independent individuals, groups, and organizations to protect the rights of consumers
Which of the following variables would most likely be used to segment a business market?
the geographic location of the company
Many aspects of consumer buying decisions are affected by the individual's level of involvement. Level of involvement is
the importance and intensity of interest in a product in a particular situation
Which of the following is not a characteristic of a consumer market?
their purchasing decisions are always made by one individual
Which of the following is not a physical surroundings factor influencing buying decisions?
time
The forecasting method that utilizes a firm's historical sales data to find patterns in the firm's sales volume over time is
time series anaylsis
You are being quizzed on your knowledge of marketing. A question on the quiz asks, "What is the ultimate goal of marketing research for a firm?" Which of the following is the best answer to this question?
to improve organizational performance
One of the biggest mistakes a marketer can make when engaging in digital marketing is to
treat it like a traditional marketing channel
All of the following are steps in the marketing research process except
understanding your customer
Which of the following is an example of a behavioristic segmentation variable?
usage rate
The sales forecast differs from the company sales potential in that it focuses on
what actual sales will be at a certain level of company marketing effort
A ____ is a type of software that creates an interface that enables users to add or edit the content of some types of websites.
wiki
Which of the following terms refers to consumers' propensity to buy?
willingness to spend
The fact that consumers tend to trust other consumers over corporations and often rely on the recommendations of friends, family, and fellow consumers when making purchasing decisions has fostered the growth of sites like
yelp
The undifferentiated targeting strategy for finding a target market will likely not be successful if
people within the market have heterogeneous needs
Technology assessment is
trying to foresee the effects of new products and processes on the firm's operation and on society in general
A marketing analyst on your team obtained the following historical economic data from the Federal Reserve Bank of St. Louis for use in your marketing environment analysis: Month Civilian Unemployment Rate Real Personal Consumption Expenditures (Billions) December 2015 8.5% 10,372.1 June 2016 8.2% 10,493.6 December 2016 7.9% 10,602.4 June 2017 7.5% 10,707.1 December 2017 6.7% 10,844.3 Based on the data, which of the following statements about these economic forces in your marketing environment is true?
Our customers likely had more buying power in June 2017 compared to June 2016.
You have just completed a two-day offsite meeting with your marketing team. During the meeting, you solidified your company's strategy for distributing, promoting, and pricing products, and understanding the needs and desires of your customers by utilizing digital media marketing tactics. Which of the following statements best describes what you just accomplished?
You developed your company's e-marketing strategy.
What is the final step in establishing an implementation timetable?
Assigning responsibility for completing each activity
In your regular goods and services consumption activities, you purchase products for resale and for use in your daily operations. You also purchase products that you will use to produce other products. Based on this information, which of the following best describes the type of market you are part of?
Business market
It is time to develop a budget for marketing department activities for the next year. Your team is looking over the following costs.: 1. Office rent 2. Sales commissions 3. Promotional budget 4. Product development costs 5. Office supplies The finance department has recently told you that you have $3,000 to spend on office supplies. You cannot go beyond this no matter what changes happen in the marketing department. Your salespeople get a flat 15% sales commission on anything they sell. With this in mind, which of these costs are variable costs?
Sales commissions, promotional budget, and product development costs
If a marketing researcher is interested in observing group interaction during an informal, unstructured, and open-ended data collection process, he or she should use
a focus-group interview
According to the text, a market is defined as
a group of individuals an/or organization that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
An informed guess or assumption about a certain problem or set of circumstances is known as
a hypothesis
Micromarketing is
a market segmentation approach in which firms focus precise marketing efforts on very small geographic markets.
One of the fastest-growing areas in mobile technology is the creation of ____ that help consumers to access more information about businesses.
applications (apps)
According to the consumer bill of rights, the idea that consumers' interests should receive full and sympathetic consideration in the formulation of government policy is known as the right to
be heard
Marketers understand that the best marketing strategy in the world is doomed to fail if it is not properly implemented. With that in mind, an effective implementation strategy
begins with identifying the activities to be performed, and ends with assigning responsibility for each activity to one or more team members.
Which of the following is the division of a market according to benefits that consumers want from the product?
benefit segmentation
Which of the following describes the relationships among the three planning levels, from broadest to narrowest?
corporate strategy; business-unit strategy; marketing strategy
Research that is conducted to clarify the characteristics of certain phenomena to solve a particular problem is called ____ research.
descriptive
The best approach for a company to take when monitoring its competitors is
developing a system for gathering ongoing information about competitors
The purpose of market segmentation is to
divide a total market to enable a marketer to develop a more precise marketing mix.
Marketers use a variety of characteristics to segment markets they are interested in pursuing. When segmenting consumer markets, demographic variables are normally used. All of the following are demographic characteristics used by marketers to segment markets except
hometown
According to Maslow's hierarchy of needs,
individuals first satisfy the most basic needs and then try to fulfill needs at the next level up.
Problem location and definition is the first step toward finding a solution to a marketing problem or launching a research study. The first sign of a problem
is typically a departure from some normal function, such as a failure to attain objectives
The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is
lifestyle
To maintain the control needed to obtain accurate information, marketers approach marketing research as a process. Which of the following steps of that process focuses on uncovering the nature and boundaries of the marketing situation to be studied?
locating and defining problems
Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n)
market
Cameras, counting machines, and scanners are used most often in
observation
Which of the following survey methods has the potential to offer quick response at a lower cost than traditional mail and telephone surveys?
online surveys
After certain inputs have been selected to reach an individual's awareness, the next step in the perceptual process is perceptual
organization
Maslow's hierarchy of needs refers to the five levels of needs that humans seek to satisfy, from most to least basic to survival. These needs, in order from most to least basic to survival are
physiological, safety, social, esteem, self-actualization
Marketers who attempt to influence and change the various environmental forces have a(n) ____ response to these forces.
proactive
The Internet can be referred to as a ____ medium because users determine which websites they are going to view.
pull
When working as a summer intern for a local retail store, Tiffany Lynn was sent to the library to look up data on population forecasts for the city of Dallas. The population information she found would be considered
secondary data
The process of dividing a total market into market groups because people within each group have relatively similar product needs is called
segmentation
Age, rate of product use, location, and gender are all examples of common
segmentation variables
The objective of sampling in marketing research is to
select representative units from a total population
Perception is a three-step process that involves
selecting, organizing, and interpreting information inputs.
The fact that technology acts as a catalyst to spur even faster development is referred to as
self-sustaining
Which of the following is the most appropriate for qualitative research projects for a small targeted group?
telephone depth interview
Corporate executives often prefer marketing research findings to be put into a report
that is clear, short, and simply expressed
Technology is
the application of knowledge and tools to solve problems and perform task more efficiently.
Relying on executive judgment for forecasting may be adequate when
the executive had considerable experience and product demand is relatively stable
The major disadvantage of a mail survey versus a telephone or personal survey is
the failure of respondents to return the questionnaire
You are writing an Environmental Analysis for the marketing plan for your company. You were given the following master list of environmental factors that should be addressed in the plan: Foreign exchange rates Trade policy Population growth rates Tax policy Environmental regulations Production automation trends Health and medical trends You are responsible for the subsection dealing with political and regulatory factors that will impact your company's marketing strategies. Which of the factors from the master list of environmental factors will you include in your subsection?
trade policy; tax policy; environmental regulations
The accumulation of past income, natural resources, and financial resources is known as
wealth