MKT 571 week 1 Quiz

Question1

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?

[removed]Views of others
[removed]Views of ourselves
[removed]Views of organizations
[removed]Views of nature

Question 2

Which of the following is correct about marketing management?

[removed]It focuses mostly on monitoring the profitability of a company's products and services.
[removed]It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.
[removed]It is defined as the field that deals with planning and managing a business at the highest level of corporate organization.
[removed]It is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services.

Question 3

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

[removed]consumer borrowing increases during recession
[removed]of steady supply of loanable funds in the economy during recession
[removed]the consumers have a high debt-to-income ratio
[removed]of stringent credit policies adopted by the Fed before the onset of recession

Question 4

A company's sales potential would be equal to market potential when which situations exists?

[removed]The marketing expenditure of the company is reduced to zero.
[removed]The market is nonexpandable.
[removed]Industry marketing expenditures approach infinity for a given marketing environment.
[removed]The company gets 100 percent share of the market.

Question 5

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

[removed]A physician’s office
[removed]A school system
[removed]A local restaurant
[removed]A supermarket chain

Question 6

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

[removed]event
[removed]idea
[removed]service
[removed]place

Question 7

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

[removed]integrative growth
[removed]overall cost leadership
[removed]market development
[removed]differentiation

Question 8

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

[removed]Available market
[removed]Potential market
[removed]Penetrated market
[removed]Target market

Question 9

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?

[removed]To decide which customers should receive a new sales offer
[removed]To avoid serious customer mistakes
[removed]To deepen customer loyalty
[removed]To beat the competition to a sale

Question 10

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?

[removed]Marketing is about advertising.
[removed]Marketing balances the need for data with that of creativity.
[removed]Marketing is involved with price as the major factor.
[removed]Marketing focuses on sales as the primary goal.

Question 11

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

[removed]Becomes vertical
[removed]Shifts upward
[removed]Shifts downward
[removed]Remains unaffected

Question 12

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?

[removed]Qualitative
[removed]Secondary
[removed]Exploratory
[removed]Causal

Question 13

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

[removed]Myfavorite Laundry detergent smells good.
[removed]My friends agree Myfavorite Laundry detergent is the best.
[removed]Myfavorite Laundry detergent is so easy to use.
[removed]I always buy Myfavorite Laundry detergent when purchasing laundry detergent.

Question 14

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.

[removed]Differentiation
[removed]Promotional
[removed]Diversification
[removed]Focus

Question 15

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

[removed]married couples with children
[removed]singles living with nonrelatives
[removed]childless married couples and empty nesters
[removed]single-parent families

Question 16

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.

[removed]Licensed information
[removed]Tertiary information
[removed]Primary data
[removed]Secondary data

Question 17

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

[removed]Value capture
[removed]Presence
[removed]Operational excellence
[removed]Value chain

Question 18

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

[removed]analyzing the internal environment
[removed]reading marketing research journals
[removed]defining the problem, the decision alternatives, and research objectives
[removed]developing a research plan

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MKT 571 week 1 Quiz (All correct)

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