MKT 571 Week 1 Quiz - 69285

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1  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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Value chain

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Presence 

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Operational excellence 

 

2  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 beat the competition to a sale

To deepen customer loyalty

 

To decide which customers should receive a new sales offer

 

To avoid serious customer mistakes

 

3.  Which of the following is correct about marketing management? 

 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 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.

 

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 balances the need for data with that of creativity.

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Marketing is involved with price as the major factor.

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Marketing is about advertising.

 

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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Tertiary information

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Licensed information 

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Primary data

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Secondary data

 

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

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A school system

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A physician’s office

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A supermarket chain

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A local restaurant

 

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

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My friends agree Myfavorite Laundry detergent is the best.

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Myfavorite Laundry detergent is so easy to use. 

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I always buy Myfavorite Laundry detergent when purchasing laundry detergent.

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Myfavorite Laundry detergent smells good.

 

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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Qualitative

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Causal

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Exploratory

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Secondary

 

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

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Shifts upward

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Remains unaffected

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Becomes vertical

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Shifts downward

 

10 

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

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singles living with nonrelatives

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single-parent families

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childless married couples and empty nesters

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married couples with children 

 

11 

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 others

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Views of nature

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Views of ourselves

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Views of organizations

 

12 

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

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consumer borrowing increases during recession

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of steady supply of loanable funds in the economy during recession

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the consumers have a high debt-to-income ratio

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

 

13 

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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differentiation

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integrative growth

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market development 

 

14 

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

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Available market

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Potential market

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Penetrated market

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Target market

 

15 

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

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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.

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The market is nonexpandable.

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Industry marketing expenditures approach infinity for a given marketing environment.

 

16 

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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Differentiation

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Focus

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Promotional 

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Diversification

 

17 

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

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analyzing the internal environment

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developing a research plan

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defining the problem, the decision alternatives, and research objectives

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reading marketing research journals 

 

18 

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

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event

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place

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idea

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service

 

 

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