MKT 571 WEEK 1 quiz

Your answers : 18/18 (100%) Submitted on May 20, 2015, 9:42 AM

• Correct answer question 1

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? 

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Causal

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Exploratory

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Secondary

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Qualitative

• Correct answer question 2

Which of the following is correct about marketing management?

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

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

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

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

• Correct answer question 3

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

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idea

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event

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service

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place

• Correct answer question 4

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

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

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the consumers have a high debt-to-income ratio

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of steady supply of loanable funds in the economy during recession

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consumer borrowing increases during recession

• Correct answer question 5

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

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I always buy Myfavorite Laundry detergent when purchasing laundry detergent.

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My friends agree Myfavorite Laundry detergent is the best.

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Myfavorite Laundry detergent smells good.

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Myfavorite Laundry detergent is so easy to use. 

• Correct answer question 6

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

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reading marketing research journals 

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defining the problem, the decision alternatives, and research objectives

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analyzing the internal environment

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developing a research plan

• Correct answer question 7

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

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Penetrated market

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Potential market

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Target market

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Available market

• Correct answer question 8

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?

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To deepen customer loyalty

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To decide which customers should receive a new sales offer

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To avoid serious customer mistakes

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To beat the competition to a sale

• Correct answer question 9

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. 

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Focus

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Promotional 

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Diversification

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Differentiation

• Correct answer question 10

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

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married couples with children 

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single-parent families

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childless married couples and empty nesters

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singles living with nonrelatives

• Correct answer question 11

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

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A local restaurant

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A physician’s office

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A school system

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A supermarket chain

• Correct answer question 12

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

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The market is nonexpandable.

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Industry marketing expenditures approach infinity for a given marketing environment.

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The marketing expenditure of the company is reduced to zero.

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The company gets 100 percent share of the market.

• Correct answer question 13

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

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Value capture 

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Presence 

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Value chain

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Operational excellence 

• Correct answer question 14

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?

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Marketing focuses on sales as the primary goal.

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Marketing is involved with price as the major factor.

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Marketing is about advertising.

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Marketing balances the need for data with that of creativity.

• Correct answer question 15

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.

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Licensed information 

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Secondary data

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Tertiary information

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Primary data

• Correct answer question 16

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?

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Views of organizations

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Views of nature

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Views of ourselves

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Views of others

• Correct answer question 17

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 

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overall cost leadership 

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integrative growth

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market development 

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differentiation

• Correct answer question 18

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

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Remains unaffected

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Shifts upward

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Becomes vertical