MKT 571 Week 1 Quiz NEW 100% Correct

1. What data analysis type is being used here? When Sam thought about opening a foreign car repair shop in Phoenix, he researched all of the firms in the area before deciding on a location. He also analyzed their capabilities and found articles about many of them in terms of their capabilities, strengths, and weaknesses.

 Secondary data

 Primary data

 Licensed information

 Tertiary information

 

2. Marketing is considered both an art and a science. How do the 4Ps, or marketing mix, help us bridge the gap between art and science?

Marketing focuses on sales as the primary goal.

Marketing balances the need for data with that of creativity.

Marketing is about advertising.

Marketing is involved with price as the major factor.

 

3. Which of the following statements demonstrates behavioral loyalty towards a brand?

My friends agree Myfavorite Laundry detergent is the best.

Myfavorite Laundry detergent is so easy to use.

Myfavorite Laundry detergent smells good.

I always buy Myfavorite Laundry detergent when purchasing laundry detergent.

 

4. By 2015, projections indicate that the largest category of households will be composed of

childless married couples and empty nesters

married couples with children

single-parent families

singles living with nonrelatives

 

5. One of the most critical steps in the defining process of market research is

reading marketing research journals

defining the problem, the decision alternatives, and research objectives

analyzing the internal environment

developing a research plan

 

6. Which of the following is correct about marketing management?

It is primarily concerned with the systematic gathering, recording, and analysis of data  about issues related to marketing products and services.

It focuses mostly on monitoring the profitability of a company"s products and services.

It is defined as the field that deals with planning and managing a business at the highest level of corporate organization.

It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.

 

7. In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because

of stringent credit policies adopted by the Fed before the onset of recession

the consumers have a high debt-to-income ratio

of steady supply of loanable funds in the economy during recession

consumer borrowing increases during recession

 

8. Which of the following elements of sociocultural environment can be associated with the growing demand for social surrogates like social networking sites, television, and so on?

Views of ourselves

Views of nature

Views of others

Views of organizations

 

9. Wabash Bank would like to understand if there is a relationship between the advertising or promotion it does and the number of new customers the bank gets each quarter. What type of research is this an example of?

Causal

Exploratory

Secondary

Qualitative

 

10. Which strategy does this exemplify? Kayak and Orbitz provide their customers with a variety of travel options including flight reservations, vacation packages, flight and hotel options with or without car rentals, and cruise offerings.

Focus

Diversification

Differentiation

Promotional

 

11. Which of the following industries is most likely to use database marketing?

A supermarket chain

A local restaurant

A physician’s office

A school system

 

12. Which market do customers who have purchased and are driving Audi automobiles represent?

Potential market

Available market

Target market 

Penetrated market

 

13. When Apple introduced iTunes, a new market was opened. Which of the following describes this type of innovation?

Presence

Operational excellence

Value chain

Value capture

 

14. The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n)

Service

Event

Place

Idea

 

15. How does the market demand curve change (as a function of marketing expenditure) during recession?

Shifts upward

Becomes vertical

Remains unaffected

Shifts downward

 

16. A company"s sales potential would be equal to market potential when which situations exists?

The marketing expenditure of the company is reduced to zero.

The company gets 100 percent share of the market.

Industry marketing expenditures approach infinity for a given marketing environment.

The market is nonexpandable.

 

17. During the holidays, companies often provide gifts to customers. The more a client spends, the larger the gift, usually. To segment customers in this way, for what purpose is this data being mined?

To deepen customer loyalty

To beat the competition to a sale

To avoid serious customer mistakes

To decide which customers should receive a new sales offer

 

18. Costco is able to keep its inventory expenditure relatively low through its management technology and cutting-edge point-of-sale inventory management technology. As a result, Costco is able to pass these savings on to consumers in the form of low prices. This strategy is best described as

market development

integrative growth

overall cost leadership

differentiation

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MKT 571 Week 1 Quiz NEW 100% Correct