Marketing - NOT ALL ARE CORRECT, maybe 95%
All of the following are part of the five-step marketing research approach except which?
- Investigate the competition
All of the following are true of a salesforce survey forecast except which?
- It is a more rigorous form of linear extrapolation.
The National Institute of Cancer used fMRI brain imaging to decide which potential anti-smoking advertising campaign elicited the largest amount of brain activity. This is an example of which type of marketing research?
- Neuromarketing
The raw information obtained by iTunes about what songs are downloaded by its users would be considered ________ data.
- Observational
A busy downtown hotel is distributing questionnaires to past visitors in order to develop ideas about how to improve its conference facilities and services. The hotel is
- collecting primary data.
A local political party made phone calls to assess likely voter turnout. The only question asked in the telephone interview was if the respondent planned to vote in the fall elections, to which one could answer either yes or no. This question would be considered
- dichotomous.
All of the following are independent variables a market researcher may use in a marketing experiment except which?
- dollar sales
In 2019, a marketing manager for New Balance's Fresh Foam Zante shoe needs to forecast sales through 2021. She begins with the known totals for 2018 and adjusts for positive factors like acceptance of new high-tech designs and great publicity, and for negative factors like higher inflation and predicted moves by the competition. This type of forecast is referred to as
- lost-horse forecasting.
Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and
- recommending actions.
You are asked to complete a short survey after attending a free comedy show on campus. If the first question asked you to give an overall impression of the comedian, and had a five-point scale ranging from "hilarious" on one end to "not funny" on the other end, it would be what type of marketing research question?
- semantic differential scale
In marketing research, the research objectives are the ________ goals of the decision maker.
- specific and measurable
A company is interested in producing a dinosaur game for mobile phones and tablets. It selects a representative sample of boys and girls ages 4 to 8 who currently have access to a mobile device and like dinosaurs. After interviewing the children and collecting other relevant data, the firm then makes generalizations about what all young children want in their apps. The method used is
- statistical inference.
To forecast sales and schedule production needs Boeing asks its prospective customers what their likely purchases will be in the next five years, which is considered a
- survey of buyers' intentions.
Evaluating the decision and the process used for marketing research occurs in which stage of the process?
- take marketing actions
A disadvantage of using social media for marketing research is
- the sample of individuals from whom content is gleaned may not be statistically representative of the marketplace.
In a marketing decision, constraints are most likely to be restrictions on the ________ needed to solve the problem.
- time and money
Researchers have ridden alongside motorcycle enthusiasts to understand the relationship between riders and their beloved Harley-Davidsons. This is an example of ________ research.
-ethnographic
Target has used ________ to identify 25 products that, when bought together or over time, predict a woman's likelihood of being pregnant as well as her child's expected due date.
-predictive modeling
Marketing researchers often use ________ by selecting a group of distributors, customers, or prospects, asking them questions, and treating their answers as typical of all those in whom they are interested.
-sampling
North Safety Products manufactures butyl gloves that offer permeation resistance to gas or water vapors for workers who use dangerous chemicals like ketones. The company has fixed costs of $10 million for its butyl glove production and unit variable costs of $3 per pair. If the company charges $8 per pair, how many pairs of gloves must it sell to break even?
2,000,000 pairs
Though the percentages are not always the same, a general rule in business says that the large majority of a firm's revenues come from what percent of its customers?
20 percent.
The Precision Writing Instruments Company makes a high-end pen known as the Cordova. Materials cost per pen is $6. Labor cost per pen is $5. Production overhead is $1,000,000. Advertising and promotion is $1,000,000. What is the total cost for sales of 500,000 units of the Cordova design?
7,500,000
How is customer service related to logistics management?
A firm must drive down logistics costs as long as it can still satisfy customer requirements.
Which of the following statements regarding Internet marketing channels is most accurate?
A unique feature of these channels is that they combine electronic and traditional intermediaries to create time, place, form, and possession utility for buyers.
Which of the following is the best example of a shopping product?
Bentley automobile
Which of the following is an example of a single product with multiple market segments?
Botox is a drug marketed to some groups as a way to reduce signs of aging on the face, and to others as a treatment for migraines.
Intel Core processors are purchased by Toshiba for its laptops, and are thus considered what type of business product?
Components
In a ________ test market, a firm contracts with an outside service that pays retailers for shelf space and can therefore guarantee a specified percentage of the test product's potential distribution volume.
Controlled
Google's driverless car is an extreme example of the complexity of which step of the new-product process?
Development
Uber and Lyft customers often complain about the practice of "surge" or "prime-time" pricing used by these companies during periods of peak demand. This is an example of a __________ pricing policy.
Dynamic
As part of its ________ function, Macy's issues credit cards to consumers so they can buy now and pay later.
Facilitating
Which of the following is considered a durable good?
Headphones
Sjcam used a penetration pricing strategy to introduce its Legend action camera to compete with the latest GoPro offering. Which of the following conditions would argue for using a penetration pricing strategy when introducing this new camera?
Increasing volume substantially reduces production costs.
Jack always tries to sit in Becca's section at the grill because her prefers her service over any of the other current waitstaff, so he is considering the ________ aspect of services.
Intangibility
Most of Lands' End's revenues come through catalog and Internet sales, but it also operates several retail stores and factory outlets. This makes Lands' End an example of a(n) __________ marketer.
Multichannel
Which of the following is a variable that could be used for demographic segmentation of consumer markets?
Occupation
Having a Chevron gas station located near a car rental return location is an example of __________ utility.
Place
represents the vertical axis of a demand curve graph.
Price per unit
synergies are represented by multiple filled boxed running vertically down the market-product grid, representing an opportunity for efficiency in research and development (R&D) and production.
Product
There is a growing group of young individuals in the United States that live in their vans, documenting their picturesque adventures on Instagram with the hashtag, #vanlife. This group could most likely be isolated for marketing purposes using which consumer segmentation basis?
Psychographic
An Uber ride is considered a ________ because of its intangible nature.
Service
Which of the following is considered a part of total logistics cost, like transportation and order processing?
Warehousing
Research shows that ________ is the single most important factor for a new product to defeat competitive ones—having superior characteristics that deliver unique benefits to the user.
a distinctive point of difference
General Mills and Nestlé work together to distribute General Mills products in about 140 international markets from Mexico to China. This distribution arrangement is known as
a strategic channel alliance.
A channel intermediary in the consumer market that represent sellers but does not actually take title to products is called
an agent.
Which of the following is NOT an example of a price?
an allowance
Which of the following is an example of deceptive pricing?
bait and switch
When choosing a marketing channel and intermediaries, marketing executives typically consider, among other things, which will
best satisfy the buying requirements of the target market.
visually shows that the total revenue curve and the total cost curve intersect at a point of zero profit.
break-even chart
In the new-product development process, the ________ stage assesses the total "fit" of the proposed new product with the company's mission and objectives—from whether the product or service can be economically produced to the marketing strategy needed to have it succeed in the marketplace.
business analysis
A benefit of performing a SWOT analysis and an environmental scan during the new-product strategy development process is that they
can help identify the strategic role the new product might serve in the firm's portfolio
Walmart has been opening Walmart Neighborhood Market stores that are one-fifth the size of its supercenters and intended to compete with stores like Dollar General. One risk to this effort is
cannibalization
Which of the following would be an example of a variable cost for a hotel like the Marriott Marquis Hotel, which caters to an upscale clientele?
cleaning supplies and housekeeping wages
When it was introduced, Jergens Ultra Healing Extra Dry Skin Moisturizer was an example of a
continuous innovation.
Franchising is a variation of
contractual vertical marketing systems.
The three major types of vertical marketing systems are administered, contractual, and
corporate.
A supply chain manager's key task is to balance the four ________ factors against the six total logistics cost factors.
customer service
As consumer demand for new cars increases, tire makers and steel and aluminum suppliers may experience an increase in demand for their products, which is an example of
derived demand
When Apple introduced its iPhone X with Face ID at a high price tag, it used __________ to avoid direct competition with Samsung, LG, and others.
differentiation positioning
Positioning a product or brand effectively involves taking four steps, one of which is
discovering how target customers rate competing products or brands with respect to important attributes for the class.
In a strategy known as ________, Hallmark sells its Hallmark greeting cards through Hallmark stores and its Ambassador brand of cards through discount and drugstore chains.
dual distribution
A firm can become a channel captain because it is typically the channel member with the ability to influence the behavior of other members. Which of the following is the most likely source of that influence?
economic power
Consumer products are classified based on the attributes used in making the purchase decision, the frequency of purchase, and the
effort spent by the consumer.
What is target pricing?
estimating the price that the ultimate consumer would be willing to pay for a product, then working backward through markups taken by retailers and wholesalers to determine wholesale price
When a marketing researcher uses business periodicals and U.S. Census reports, she is using
external secondary data.
Sherwin-Williams, the paint manufacturer, now also operates retail stores in a strategy known as
forward integration.
To reward wholesalers and retailers for marketing functions they will perform in the future, a manufacturer often gives
functional discounts.
When Coca-Cola introduced New Coke it was a marketing failure. Someone in the marketing department likely thought the new recipe was a disaster waiting to happen, but didn't speak up. This is most likely an example of
groupthink
Luke has been scheduling fewer employees to work during the matinee hour at the movie theater he manages because it has been slow lately. He recognized a need to manage his
idle production capacity.
A business firm uses market segmentation to respond more effectively to the wants of groups of potential buyers in order to
increase sales and profits.
For Nike, shoes and clothes are among its product
lines
A marketing channel
makes possible the flow of products and services from a producer, through intermediaries, to a buyer.
Boeing has often cut its prices drastically to try to maintain its 60 percent of sales of commercial aircraft as it competes with Airbus. As a result of its ________ objective, it encountered losses.
market share
In a complete market-product grid analysis, each cell in the grid can show the estimated ______ of a given product sold to a ______.
market size; specific market segment.
Apple restricts its computer manufacturing line to only a few basic models that can be assembled in four minutes, which gives customers a good choice with quick delivery. This is an example of
mass customization.
A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand, is referred to as a
perceptual map.
Which of the following is a criterion used to select a target market segment?
potential of a marketing action to reach a segment
Dollar Shave Club asks men to "Shave Money, Shave Time" in its commercials; it offers high-quality blades available by mail for a few dollars a month. Dollar Shave Club's advertising promotes the time- and money-saving aspects of its product as an example of
product differentiation.
Kitchen World has put its offerings in store locations based upon the cooking activity—the way consumers prepare and present various meals. Everything for baking is in one spot, while food preparation utensils are in another, and table settings are in yet another. This strategy uses
product groupings.
Doritos' introduction of Cool Ranch Doritos is an example of a
product line extension.
Which of the following is not a pricing constraint?
promotional discounts
If you buy fewer than 10 pairs of UVex Clear UVExtreme safety eyewear for your employees, the cost is $7.40. But if you buy 10 or more pairs in a single purchase, the price per pair is reduced to $6.85. This is an example of a
quantity discount.
Profit as calculated from the profit equation can be challenging to predict because the ________ varies with the chosen price, and can also impact the variable costs through production efficiencies.
quantity sold
Hewlett-Packard's recycling service for computers and printers is available today in more than 73 countries, regions, and territories. Hewlett-Packard has recycled about 3 billion pounds of used electronic products and supplies to be refurbished for resale or donation or for recovery of materials. Hewlett-Packard is practicing
reverse logistics.
There are five steps involved in segmenting and targeting a market. What should a marketer do once she has developed a market-product grid and estimated the size of markets?
select target markets
Prestige pricing is
setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it.
An important feature of supply chain management is its application of sophisticated information technology that allows companies to
share and operate systems for order processing, transportation scheduling, and inventory and facility management.
Potential buyers within a market segment should be
similar in terms of the product features sought.
A division of IBM works out of 360 locations in 64 countries, tracking more than 1.5 million assets for both IBM and its clients. The division also deals with about 23,000 suppliers in nearly 100 countries. The individuals who monitor these transactions are engaged in
supply chain management.
Inseparability in services refers to the fact that
the consumer cannot distinguish the service provider from the service itself.
Price elasticity of demand refers to
the percentage change in quantity demanded relative to the percentage change in price.
The most indirect marketing channel is employed when
there are many small manufacturers and many small retailers.
In marketing, ideas are
thoughts that lead to a product or other marketing actions.
Products that the consumer does not know about or knows about but does not initially want are referred to as
unsought products.
Value takes into account both benefits and price. If price remains the same but benefits increase, then
value will increase.
Market segmentation involves aggregating prospective buyers into groups that have common needs and
will respond similarly to a marketing action.
Which two of the following demographic segmentation variables would firms use to segment organizational markets?
zip code and NAICS code
College students pay tuition, fees, and other charges each year to attend their educational institution. Using the price equation, what is the final price or cost to attend college for a typical semester based on the following data for an in-state student: tuition = $4,000; technology fee = $25; healthcare insurance = $50; student activity fee = $25; room & board = $5,000; books = $500; transportation & parking = $400; financial aid from work study (10 hours per week at $10 per hour wage) = $100 for 15 weeks; scholarships = $2000; and a discount of $500 for taking 15 credit hours?
· $6,000
Two major types of product positioning are
· head-to-head and differentiation.
Apple offers its iPhone XS for $999, under the presumption that consumers see the smartphone as priced at "something over $900" rather than "about $1,000." This is an application of what pricing strategy?
·odd-even pricing
