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MKT 571 WEEK 1 QUIZ (100% ANSWER)
1 When Apple introduced iTunes, a new market was opened. Which of the following describes this type of innovation?
Value capture
Value chain
Presence
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. 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 balances the need for data with that of creativity.
Marketing is involved with price as the major factor.
Marketing is about advertising.
4. 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
5. Which of the following industries is most likely to use database marketing?
A school system
A physician’s office
A supermarket chain
A local restaurant
6. Which of the following statements demonstrates behavioral loyalty towards a brand?
My friends agree Myfavorite Laundry detergent is the best.
Myfavorite Laundry detergent is so easy to use.
I always buy Myfavorite Laundry detergent when purchasing laundry detergent.
Myfavorite Laundry detergent smells good.
7. Which of the following is correct about marketing management?
It focuses mostly on monitoring the profitability of a company's products and services.
It is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services.
It is defined as the field that deals with planning and managing a business at the highest level of corporate organization.
It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.
8. 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?
Qualitative
Causal
Exploratory
Secondary
9. How does the market demand curve change (as a function of marketing expenditure) during recession?
Shifts upward
Remains unaffected
Becomes vertical
Shifts downward
10. By 2015, projections indicate that the largest category of households will be composed of
singles living with nonrelatives
single-parent families
childless married couples and empty nesters
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?
Views of others
Views of nature
Views of ourselves
Views of organizations
12. 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
of steady supply of loanable funds in the economy during recession
the consumers have a high debt-to-income ratio
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
overall cost leadership
differentiation
integrative growth
market development
14. Which market do customers who have purchased and are driving Audi automobiles represent?
Available market
Potential market
Penetrated market
Target market
15. 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.
The market is nonexpandable.
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.
Differentiation
Focus
Promotional
Diversification
17. One of the most critical steps in the defining process of market research is
analyzing the internal environment
developing a research plan
defining the problem, the decision alternatives, and research objectives
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)
event
place
idea
service
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