MKT 571 MKT 571 Week 2 Quiz
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
- Licensed information
- Primary data
- Tertiary information
2) Which market do customers who have purchased and are driving Audi automobiles represent?
- Penetrated market
- Target market
- Available market
- Potential market
3) In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because
- of steady supply of loanable funds in the economy during recession
- the consumers have a high debt-to-income ratio
- of stringent credit policies adopted by the Fed before the onset of recession
- consumer borrowing increases during recession
4) 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 decide which customers should receive a new sales offer
- To beat the competition to a sale
- To deepen customer loyalty
- To avoid serious customer mistakes
5) 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?
6) When Apple introduced iTunes, a new market was opened. Which of the following describes this type of innovation?
- Value chain
- Value capture
- Operational excellence
7) Which of the following industries is most likely to use database marketing?
- A local restaurant
- A school system
- A physician’s office
- A supermarket chain
8) 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.
9) Which of the following is correct about marketing management?
- 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 is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services.
· It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.
10) Which of the following statements demonstrates behavioral loyalty towards a brand?
- Myfavorite Laundry detergent smells good.
- Myfavorite Laundry detergent is so easy to use.
- My friends agree Myfavorite Laundry detergent is the best.
- I always buy Myfavorite Laundry detergent when purchasing laundry detergent.
11) The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n)
12) One of the most critical steps in the defining process of market research is
· reading marketing research journals
· developing a research plan
- defining the problem, the decision alternatives, and research objectives
· analyzing the internal environment
13) 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
14) 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 market is nonexpendable.
- Industry marketing expenditures approach infinity for a given marketing environment.
· The company gets 100 percent share of the market.
15) 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 organizations
- Views of ourselves
- Views of nature
· Views of others
16) 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 is about advertising.
- Marketing is involved with price as the major factor.
- Marketing balances the need for data with that of creativity.
· Marketing focuses on sales as the primary goal.
17) How does the market demand curve change (as a function of marketing expenditure) during recession?
· Becomes vertical
- Shifts upward
- Remains unaffected
· Shifts downward
18) By 2015, projections indicate that the largest category of households will be composed of
· single-parent families
- childless married couples and empty nesters
- singles living with nonrelatives
· married couples with children
MKT 571 Week 1 Quiz / (All 18 answers are right)