MKT571/MKT 571 WEEK 1
• 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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Primary data
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Licensed information
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Secondary data
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Tertiary information
• Correct answerquestion2
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?
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To decide which customers should receive a new sales offer
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To avoid serious customer mistakes
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To deepen customer loyalty
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To beat the competition to a sale
• Correct answerquestion3
In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because
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the consumers have a high debt-to-income ratio
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of steady supply of loanable funds in the economy during recession
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consumer borrowing increases during recession
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of stringent credit policies adopted by the Fed before the onset of recession
• Correct answerquestion4
Which market do customers who have purchased and are driving Audi automobiles represent?
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Target market
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Potential market
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Penetrated market
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Available market
• Correct answerquestion5
When Apple introduced iTunes, a new market was opened. Which of the following describes this type of innovation?
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Operational excellence
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Value capture
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Presence
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Value chain
• Correct answerquestion6
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 balances the need for data with that of creativity.
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Marketing is about advertising.
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Marketing is involved with price as the major factor.
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Marketing focuses on sales as the primary goal.
• Correct answerquestion7
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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differentiation
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market development
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integrative growth
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overall cost leadership
• Correct answerquestion8
The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n)
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service
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place
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idea
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event
• Correct answerquestion9
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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Secondary
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Causal
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Qualitative
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Exploratory
• Correct answerquestion10
Which of the following industries is most likely to use database marketing?
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A school system
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A supermarket chain
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A physician- office
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A local restaurant
• Correct answerquestion11
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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childless married couples and empty nesters
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married couples with children
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single-parent families
• Correct answerquestion12
One of the most critical steps in the defining process of market research is
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developing a research plan
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analyzing the internal environment
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reading marketing research journals
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defining the problem, the decision alternatives, and research objectives
• Correct answerquestion13
Which of the following is correct about marketing management?
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It focuses mostly on monitoring the profitability of a company's products and services.
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It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.
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It is defined as the field that deals with planning and managing a business at the highest level of corporate organization.
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It is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services.
• Correct answerquestion14
Which of the following statements demonstrates behavioral loyalty towards a brand?
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I always buy Myfavorite Laundry detergent when purchasing laundry detergent.
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Myfavorite Laundry detergent smells good.
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Myfavorite Laundry detergent is so easy to use.
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My friends agree Myfavorite Laundry detergent is the best.
• Correct answerquestion15
A company's sales potential would be equal to market potential when which situations exists?
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The company gets 100 percent share of the market.
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The marketing expenditure of the company is reduced to zero.
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Industry marketing expenditures approach infinity for a given marketing environment.
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The market is nonexpandable.
• Correct answerquestion16
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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Diversification
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Differentiation
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Focus
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Promotional
• Correct answerquestion17
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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Shifts downwards
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Becomes vertical
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Remains unaffected
• Correct answerquestion18
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 ourselves
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Views of nature
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Views of organizations
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Views of others
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