intro to marketing exam 1 questions

Which kind of company would most benefit from conducting marketing research?Neither large multinationals like Disney and IBM nor small locals truly need market research. a) Only medium-sized companies that are about half the size of Disney and IBM need market research. b) Both large multinationals like Disney and IBM and small locals truly need market research. c) Only small locals like Beatrice's Bistro need market research. d) Only large multinationals like Disney and IBM need market research.

Both large multinationals like Disney and IBM and small locals truly need market research.

Which of the following statements about big data is correct? a) Analyzing big data is a very easy task. b) One result of big data is that marketing managers are often overloaded and overwhelmed with information. c) Big data is very important because marketers today need more information to make good decisions. d) Big data actually refers to very small data sets. e) Analyzing big data will always lead to useful customer insights.

One result of big data is that marketing managers are often overloaded and overwhelmed with information.

Which of the following statements about online research is correct? a) Online research is only feasible for large companies. b) Online surveys generally have higher response rates than those conducted by mail or phone. c) Experiments cannot be conducted online. d) It is more expensive to conduct online research than to do a mail, phone, or personal interview. e. focus groups are rarely conducted online

Online surveys generally have higher response rates than those conducted by mail or phone.

From a marketing standpoint, which of the following BEST describes Baby Boomers?

They constitute a lucrative market for financial services, new housing and home remodeling, new cars, travel and entertainment, eating out, and health and fitness products.

A power tool company wants to give its customers access to internal, non-public information about how best to use its product in creative ways. What should the company create to provide customers with this information?

a company extranet

How does the new concept of marketing differ from the old concept of marketing? a) The new concept focuses on the needs of the customer. b) The new concept focuses on having a well-developed product. c) The new concept focuses on making money. d) The new concept requires less work from marketing executives. e) The new concept is more cost efficient.

a) The new concept focuses on the needs of the customer.

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers? a. customer-perceived value b. customer equity c. share of customer d. customer profitability e. customer lifetime value

a. customer perceived value

the act of obtaining a desired object from someone by offering something in return

an exchange

Which of the following illustrates the changing composition of the American family?

an increase in the number of non-family households

Which of the following best describes product positioning? a. differentiating a market offering to create superior customer value b. arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers c. identifying consumer needs and creating a product to meet those needs d. evaluating each market segment's attractiveness and selecting one or more segments to enter e. dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

b. arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Which of the following is a geographic shift that has been observed in the United States in recent times? a. fewer Americans moving to Sunbelt states b. more Americans moving to the South c. more Americans moving to the Midwest d. more Americans moving to densely populated cities e. more Americans moving to rural areas

b. more Americans moving to the South

how do the individual components of a SWOT analysis work together to determine status of a company

by ascertaining a company's strengths, relating them to oppurtunities, minimizing weaknesses and identifyiing threats to growth and development

MorningLinks, Inc., makes breakfast sausages and has begun to use the slogan, "Start Your Day the Organic Way" to jump on the eco-friendly movement. Unfortunately, as soon as consumers discovered MorningLinks' not-so-organic ingredients, the company began to see a rapid decline in profits and customer loyalty. What was MorningLinks' mistake? a) MorningLinks failed to target the correct market segments. b) MorningLinks focused only on breakfast sausages instead of diversifying its product mix. c) MorningLinks did not properly differentiate its position. d) MorningLinks' slogan was not catchy enough. e) MorningLinks did not deliver on the promise it made.

c) MorningLinks did not properly differentiate its position.

Which of the following BEST describes the research relationships? a) Observation is best suited for exploratory research, surveys for causal research, and experiments for descriptive research. b) Observation is best suited for descriptive research, surveys for causal research, and experiments for exploratory research. c) Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research. d) Observation is best suited for descriptive research, surveys for exploratory research, and experiments for causal research. e) Observation is best suited for causal research, surveys for exploratory research, and experiments for descriptive research.

c) Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research.

What is a business portfolio? a) A record of business investments b) The record of the responsibilities of the CEO and the CFO c) The collection of businesses and products that make up a company d) A collection of a group of companies within the same area of business e) A projection of a future marketing direction for a company

c) The collection of businesses and products that make up a company

Jimmy Smith has a limited budget to conduct market research. Which of the following research approaches would provide Jimmy with the most cost-effective way to reach a large number of respondents in a short period? a. telephone surveys b. personal interviews c. Internet-based surveys d. mail surveys e. focus group interviews

c. Internet-based surveys

The ultimate goal of the marketing process is to do which of the following?

capture value from customers

The Anheuser-Busch Emergency Drinking Water Program provides clean drinking water to families in disaster-stricken areas. This is an example of ________ marketing.

cause related

To exercise their social responsibility, many companies are linking themselves to what type of marketing?

cause related

to exercise social responsibility, many companies are linking themselves to what type of marketing

cause related

For the past few years, Doritos has held a "Crash the Super Bowl" contest in which it invites 30-second ads from consumers and runs the best ones during the game. This is an example o

consumer generated marketing

Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the​ company's niche productlong dash—​premium, organic dog and cat foodlong dash—and contracted to sell it in several​ high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do​ now?

create a promotion strategy to increase customer awareness

A wedding services company changes its marketing strategy to reflect the fact that more LGBT (lesbian/gay/bisexual/transgender) marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company analyze?

cultural

Craig's Craft Beer structures its company in such a way to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is​ Craig's Craft Beer attempting to​ build?

customer equity

According to the text, ________ are the most important actors in a company's microenvironment

customers

According to the text, ________ are the most important actors in a company's microenvironment.

customers

Which of the following describes the current trend in businesses regarding relationships with customers? a) Find a few customers and develop strong relationships with them. b) Gather as many customers as possible on a surface level. c) Avoid developing relationships with customers at all. d) Build the right relationships with the right customers. e) Maintain strong relationships with as many customers as possible.

d) Build the right relationships with the right customers.

Juniper is a toy manufacturer based in Japan. Which of the following most likely indicates that Juniperis following a diversification strategy? a. Juniperincreases its spending on advertising and promotion. b. Juniper acquires the rights to manufacture toys resembling a popular cartoon character. c. Juniperintroduces its toys in the Indian and South-East Asian markets. d. Juniperenters the U.S. market with a line of children's clothing. e. Juniperdevelops a new line of educational toys targeting its current market.

d. Juniper enters the U.S. market with a line of children's clothing.

Susan now has the buying power to purchase the iPhone that she wanted to buy a year ago. Susan's want has most likely become a ________.

demand

PepsiCo has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product (i.e., describe the target market), PepsiCoshould most likely use a. exploratory research b. archival research c. causal research d. experimental research e. descriptive research

descriptive research

Bob's Bicycle Sales and Repair is a brand new company. From a marketing​ standpoint, what is the FIRST thing​ Bob's Bicycle Sales and Repair needs to​ do?

determine who in the community wants or needs bicycle repair service

Overall, how has the American population changed over time?

e) It has become more diverse, better educated, and more mobile.

What is the main problem that sellers suffering from marketing myopia face? a) They focus more on profit than the customer's benefit. b) They focus more on brand image than the quality. c) They focus on customer wants instead of demands. d) They focus more on the customer's experience than the product itself. e) They focus more on products than the customer's underlying need.

e) They focus more on products than the customer's underlying need.

To develop needed information, marketing information systems utilize _________. a) internal databases, marketing research, and marketing managers b) marketing intelligence, marketing research, and the marketing environment c) marketing managers, information users, and internal databases d) internal databases, big data, and market research e) internal databases, marketing intelligence, and marketing research

e) internal databases, marketing intelligence, and marketing research

the group of economic factors that affect consumers' purchasing power and spending patterns is called ________.

economic enviornment

A market researcher wants to find the cause-and-effect relationship between using organic ingredients in food and the subsequent consumption by customers. He invites ten respondents to his research firm and asks them to taste two identical dishes. The dishes were prepared in a similar manner, but one has natural herbs for flavoring, and the other has artificial flavors. This is an example of ________.

experiential research

Burger Town introduced a new hamburger and released it in two different cities at two different prices. Marketers of Burger Town then analyzed the sales records of their outlets at the two cities, determined the price that resulted in better profits, and used the information to set a nationwide price for their new offering. This is an example of ________ research

experimental research

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses. a. descriptive b. exploratory c. causal d. corrective e. experimental

exploratory

You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n) ________.

focus group interview

Advantage Airlines has instituted a loyalty rewards program that rewards customers with free​ Wi-Fi, seat​ upgrades, and free miles for their continued patronage. What relationship tool is Advantage Airlines​ using?

frequency marketing program

Numbering 49 million or more, this group of consumers is sometimes overlooked because it is less materialistic than other groups and prizes experience, not acquisition.

gen x

Which generational group is most comfortable using digital technologies?

gen z

Numbering 49 million or​ more, this group of consumers is sometimes overlooked because it is less materialistic than other groups and prizes​ experience, not acquisition.

generation x

The role of a company's marketing intermediaries is to do which of the following?

help the company find, promote, sell and distribute products

what are stars in the growth share matrix

high-growth, high-share businesses or products

When a company engages in strategic​ planning, it must consider which of the​ following?

how to take advantage of current bussiness oppurtunities

The goal of a market development growth strategy is to do which of the​ following?

identify and develop new markets for current products of a company's market

Jennifer Davis, the owner of an alcohol distributing company, collects data from her monthly records of sales, costs, and cash flow. In this case, Jennifer is making use of ________ databases.

internal

Many companies build extensive electronic collections of consumer and market information obtained from data sources within the company's network. This is known as ___________.

internal database

The role of a company's marketing information system (MIS) is important because ______________. a) it maintains the company's internal database of customer sb) it enables a company to use customer insights to improve relationships with customers c) it increases the likelihood that a customer will buy a product d) it allows a company to outperform its competitors in the marketplace e) it ensures that the company will have good customer service

it enables a company to use customer insights to improve relationships with customers

overall, how has the american population changed over time

it has become more diverse, better educated, and more mobile

The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers make up which of the following?

macroenviornment

A firm's decision to identify and develop new markets for existing products is a ________ strategy. a) market development b) market differentiation c) market penetration d) product development e) diversification

market development

A firm's decision to identify and develop new markets for existing products is a ________ strategy. a. market development b. market differentiation c. market penetration d. product development e. diversification

market development

Tim Hortons has introduced a Special Shopper Card that allows current customers to pay in advance for coffee and snacks. This effort by Tim Hortons management is most likely an example of

market penetration

when consumers respond in a similar way to a given set of marketing efforts, they can be reffered to as a

market segment

When a company divides the market into groups of customers, it is engaging in which of the following? a) Target marketing b) Societal marketing c) Differentiation d) Demand management e) Market segmentation

market segmentation

_____consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

marketing analytics

Dunkin Donuts goal to increase customer satisfaction in its coffee by 18 percent during the first 6 months of the new fiscal year is an example of a

marketing objective

Vince's Video has suffered in the current economy because fewer people have the money for videos and because people utilize available technology, including online streaming sites like YouTube and Hulu. The videos Vince's Video does sell are often out priced by versions coming from China or Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected Vince's Video? a) The changing economic environment b) Not-for-profit marketing c) Rapid globalization d) Sustainable marketability e) The digital age

not for profit marketing

Ford Motor Company issuing a recall that requires customers to schedule appointments with car dealerships to repair faulty igniters would have the greatest impact on the ________ component of its marketing mix. a) promotion b) price c) product d) packaging e) place

place

In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

political

Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the​ claims, the restaurant called in a company to test not only its veggie burgers but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the​ restaurant's Facebook page. What BEST describes​ Beverly's Burgers response to the​ allegations?

proactive

What is the ultimate aim of customer relationship management

produce high customer equity

which of the following is not one of the four p's

profit

Louis Vuitton profitably appeals to families with more financial means. The retailer's approach is most likely referred to as

target marketing

Wonders such as robotic​ surgery, miniaturized​ electronics, and antibiotics can be attributed to which marketing​ environment?

technological

what is most likely to cause a variation in customer-perceived value

the customer opinion of what constitutes value

Tammy's Tap Dancing School currently has several question marks in its business​ portfolio, but it is currently maintaining its market share. At the most recent board​ meeting, the CEO of​ Tammy's Tap Dancing School decided to allocate all of the​ company's profits toward the growth and expansion of this question​ mark, in order to cause the question marks to become stars. What is likely to happen to this​ company?

the growth of the company will be unpredictable since there is no gurantee a questions mark will become a star

Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as​ _____________.

the marketing mix

Competitive marketing intelligence is primarily responsible for _____________. a) the systematic collection and analysis of publicly available information b) defining the problem c) implementing the research plan d) using primary data over secondary e) developing the research plan

the systematic collection and analysis of publicly available information

what is the main problem that sellers suffering from marketing myopia face

they focus more on products than the customers underlying need

Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six​ years, sales have continuously declined and profits have almost completely disappeared. The CEO of​ Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to​ Tina's Tunes?

tina's tunes is likely to fail because it is ignoring the technoligcal enviornment

what is the purpose of the marketing mix as part of the overall marketing strategy

to elicit a response that influences a demand for the product from the customers the company is targeting

Any contact between a customer and a company is called a(n)

touch point

to create value for customers, marketers must improve the performance of the ______, which includes partnering with suppliers, distributers, and customers

value delivery network

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

value proposition

A brand new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new​ company?

we will help customers build, invigoate, restore, refurbish, or completely redesign their homes or busineses

Noah's Sporting Goods is having difficulty attaining the credit it needs to expand. What should the company do in order to alleviate its financial​ situation?

work out a plan with its financial intermediaries