MKT 571 WEEK 1 QUIZ (ANSWER 18/18) - 78142

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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 avoid serious customer mistakes To deepen customer loyalty To decide which customers should receive a new sales offer By 2015, projections indicate that the largest category of households will be composed of Single-parent families Singles living with nonrelatives Childless married couples and empty nesters Married couples with children In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because Consumer borrowing increases during recession The consumers have a high debt-to-income ratio Of steady supply of loanable funds in the economy during recession Of stringent credit policies adopted by the Fed before the onset of recession 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 is involved with price as the major factor. Marketing balances the need for data with that of creativity. Marketing focuses on sales as the primary goal. Marketing is about advertising. 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 Differentiation Promotional Diversification Which of the following industries is most likely to use database marketing? A school system A supermarket chain A physician’s office A local restaurant Which market do customers who have purchased and are driving Audi automobiles represent? Available market Target market Penetrated market Potential market How does the market demand curve change (as a function of marketing expenditure) during recession? Remains unaffected Shifts upward Shifts downward Becomes vertical When Apple introduced iTunes, a new market was opened. Which of the following describes this type of innovation? Value chain Presence Operational excellence Value capture 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. 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 Differentiation Market development Integrative growth Overall cost leadership 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 ourselves Views of others Views of nature Views of organizations 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. 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. Tertiary information Licensed information Primary data Secondary data One of the most critical steps in the defining process of market research is Developing a research plan Defining the problem, the decision alternatives, and research objectives Analyzing the internal environment Reading marketing research journals A company's sales potential would be equal to market potential when which situations exists? The market is nonexpandable. 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. 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 Qualitative Exploratory Causal The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) Event Idea Place Service
Solution Description

 

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 avoid serious customer mistakes

To deepen customer loyalty

To decide which customers should receive a new sales offer

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

Single-parent families

Singles living with nonrelatives

Childless married couples and empty nesters

Married couples with children 

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

Consumer borrowing increases during recession

The consumers have a high debt-to-income ratio

Of steady supply of loanable funds in the economy during recession

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

Marketing is considered both an art and a science. How do the 4Ps, or marketing mi

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