MKT/571

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homequiz_week_1_market.docx

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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

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 nature

Views of others

Views of ourselves

Views of organizations

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?

Secondary

Exploratory

Causal

Qualitative

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.

Diversification

Promotional

Differentiation

Focus

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.

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 is involved with price as the major factor.

Marketing is about advertising.

Marketing balances the need for data with that of creativity.

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

consumer borrowing increases during recession

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

the consumers have a high debt-to-income ratio

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

Myfavorite Laundry detergent is so easy to use.

I always buy Myfavorite Laundry detergent when purchasing laundry detergent.

My friends agree Myfavorite Laundry detergent is the best.

Myfavorite Laundry detergent smells good.

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

Operational excellence

Value capture

Presence

Value chain

Which of the following is correct about marketing management?

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

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.

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 decide which customers should receive a new sales offer

To beat the competition to a sale

To avoid serious customer mistakes

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

overall cost leadership

differentiation

market development

integrative growth

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

Becomes vertical

Remains unaffected

Shifts downward

Shifts upward

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

developing a research plan

analyzing the internal environment

reading marketing research journals

defining the problem, the decision alternatives, and research objectives

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

Available market

Penetrated market

Potential market

Target market

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.

Primary data

Licensed information

Secondary data

Tertiary information

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

A physician’s office

A supermarket chain

A local restaurant

A school system