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