MKT 571 Week 1 QUIZ 18

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? 

Causal

Exploratory

Secondary

Qualitative

Correct answer question 2

Which of the following is correct about marketing management?

It focuses mostly on monitoring the profitability of a company’s 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.

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.

Correct answer question 3

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

idea

event

service

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

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

the consumers have a high debt-to-income ratio

of steady supply of loanable funds in the economy during recession

consumer borrowing increases during recession

Correct answer question 5

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

I always buy Myfavorite Laundry detergent when purchasing laundry detergent.

My friends agree Myfavorite Laundry detergent is the best.

Myfavorite Laundry detergent smells good.

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

reading marketing research journals 

defining the problem, the decision alternatives, and research objectives

analyzing the internal environment

developing a research plan

Correct answer question 7

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

Penetrated market

Potential market

Target market

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?

To deepen customer loyalty

To decide which customers should receive a new sales offer

To avoid serious customer mistakes

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. 

Focus

Promotional 

Diversification

Differentiation

Correct answer question 10

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

married couples with children 

single-parent families

childless married couples and empty nesters

singles living with nonrelatives

Correct answer question 11

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

A local restaurant

A physician’s office

A school system

A supermarket chain

Correct answer question 12

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

The market is nonexpandable.

Industry marketing expenditures approach infinity for a given marketing environment.

The marketing expenditure of the company is reduced to zero.

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?

Value capture 

Presence 

Value chain

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?

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.

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.

Licensed information 

Secondary data

Tertiary information

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?

Views of organizations

Views of nature

Views of ourselves

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 

overall cost leadership 

integrative growth

market development 

differentiation

Correct answer question 18

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

Remains unaffected

Shifts upward

Becomes vertical

Shifts downward

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