Question 1

Coca-Cola launched Coke Zero to avoid cannibalizing current sales and to attract new customers in a segment they might not get with Diet coke.

Accepted Answer

True

Question 2

When a marketer adjusts the marketing mix to give customers a clear, distinctive understanding of what the product does, the marketer is engaging in psychographic segmentation.

Accepted Answer

False

Question 3

For products like pencils and paperclips, marketers should probably use an undifferentiated targeting strategy.

Accepted Answer

True

Question 4

When deciding how to promote his new medical oncology center, Dr. Jones decided that he did not need to throw a large grand opening reception. Instead, he promoted the center to the internal medicine doctors in the area, who were the doctors most likely to refer patients to the center. Dr. Jones was engaged in a concentrated targeting strategy.

Accepted Answer

True

Question 5

It would be logical for bathing suit marketers to use geographic segmentation.

Accepted Answer

True

Question 6

NASCAR redirected it\'s marketing efforts when a survey indicated that almost fifty percent of it\'s fans were female. This is an example of psychographic segmentation.

Accepted Answer

False

Question 7

The value and lifestyle survey (VALS) conducted by SRI Consulting Business Intelligence is a widely used tool for geographic segmentation.

Accepted Answer

False

Question 8

Giant Food stores in suburban Washington, D.C., adjusts it\'s ethnic food aisle offerings based on the ethnic groups living near each store. Giant Foods is using geodemographic segmentation.

Accepted Answer

True

Question 9

Positioning strategies generally focus either on how the product benefits the consumer or on how it is better than competitors\' products.

Accepted Answer

True

Question 10

A self-values map displays the position of products or brands in the consumer\'s mind.

Accepted Answer

False

Question 11

Sally is in the new marketing department of a midsized lawn and garden company. She is working on the first marketing plan the firm has ever used. She has defined the mission and objectives, and she just finished a situation analysis for the firm. The next step is to:

Accepted Answer

identify and evaluate opportunities by conducting segmentation, targeting, and positioning analysis.

Question 12

Segmentation, targeting, and positioning:

Accepted Answer

are part of a firm\'s marketing strategy.

Question 13

Alex has found that both commercial and residential real estate buyers respond positively to his marketing communication message. Alex has identified___________ that respond similarly to his marketing efforts.

Accepted Answer

market segments

Question 14

For each target market, General Imaging Corporation, a manufacturer of imaging equipment, will engage in positioning, adjusting it\'s marketing mix variables to give customers ______________.

Accepted Answer

a clear, distinctive, and desirable understanding of it\'s products relative to competing products.

Question 15

The first step in the STP process is to _________________.

Accepted Answer

identify the segmentation methods to be used.

Question 16

One of the benefits of marketing research is it reduces the uncertainty under which managers make decisions.

Accepted Answer

True

Question 17

Marketing research should be used only to produce favorable recommendations for senior management to consider.

Accepted Answer

False

Question 18

The marketing research process follows five steps, and in order to be effective they must be followed in order without omitting any steps.

Accepted Answer

False

Question 19

Before conducting market research, the first question to ask is, \"What are we trying to learn?\".

Accepted Answer

True

Question 20

Briena is looking at the results of a syndicated study conducted two years ago. Briena is looking at primary data.

Accepted Answer

False

Question 21

A major advantage of primary data collection is that it can be tailored to fit the pertinent research questions.

Accepted Answer

True

Question 22

Data collection should begin after the research design process.

Accepted Answer

True

Question 23

Warren is conducting a marketing research project. He is not sure what questions to ask or what types of consumers he should talk to. Warren is ready to conduct conclusive research.

Accepted Answer

False

Question 24

Quentin is in a group of eight to twelve people and is being asked questions by a trained moderator. Quentin is part of an in-depth interview group.

Accepted Answer

False

Question 25

Donald is analyzing and interpreting data. In the process, he is converting data into information.

Accepted Answer

True

Question 26

Data that has been collected prior to the start of the current research project is considered primary data.

Accepted Answer

False

Question 27

The terms \"external secondary data\" and \"syndicated data\" mean the same thing.

Accepted Answer

False

Question 28

When companies store information on customers\' purchase histories in large computer files, this is known as data warehousing.

Accepted Answer

True

Question 29

Panel data is always secondary data.

Accepted Answer

False

Question 30

When presenting the results of marketing research to a client, it is acceptable to omit some research data that contradicts the clients\' expectations in order to improve the chances of being hired again.

Accepted Answer

True

Question 31

Marketing research includes all of the following except: -collecting data -creating data -recording data -interpreting data -analyzing data

Accepted Answer

creating data

Question 32

After a year in business, Tyrone hired a market research company to analyze his sales data and tell him which groups of customers were the most profitable to his firm. Tyrone will probably use the results of this research to: -define market segments -adjust positioning strategies -change product offerings -adjust prices -any of these

Accepted Answer

any of these

Question 33

When Olivia learned that just twenty of her yoga studio customers accounted for eighty percent of her annual revenue, she probably: -adjusted class schedules to meet the needs of those twenty customers -surveyed those twenty customers to see what other types of yoga classes they were interested in -offered a special session for just those twenty customers -analyzed the geodemographic of those twenty customers to see how she could attract more people like them. -all of these

Accepted Answer

all of these

Question 34

Political consultants have been using market research for decades to help their candidates understand:

Accepted Answer

who makes up the voting public and how to reach them.

Question 35

Paul subscribes to an internet service that alerts him whenever other firms in his industry are quoted in the media. Paul is using this type of market research primarily to:

Accepted Answer

monitor his competitors.

Question 36

New product development adds value to a firm\'s products & services through innovation.

Accepted Answer

True

Question 37

Although innovation strategies may not work in the long run, overriding short term reasons compel firms to introduce new products and services.

Accepted Answer

True

Question 38

New to the world products that create new markets can add tremendous value to firms.

Accepted Answer

True

Question 39

The majority of new products are failures.

Accepted Answer

True

Question 40

Even if products succeed, not all consumers adopt new to the world products at the same time.

Accepted Answer

True

Question 41

One of the key characteristics of brainstorming sessions is that bad ideas should be immediately rejected so the group can focus it\'s attention on good ideas.

Accepted Answer

False

Question 42

Test marketing refers to customers who modify existing products according to their own ideas to suit their specific needs.

Accepted Answer

False

Question 43

When Glenn asked a few of his regular customers to test his prototype surfboard, he was engaging in alpha testing.

Accepted Answer

False

Question 44

To determine whether a new product is commercially viable, a firm can conduct premarket testing.

Accepted Answer

True

Question 45

A product will likely remain in the maturity stage of the product life cycle until a superior product comes along to replace it.

Accepted Answer

True

Question 46

The maturity phase of a product life cycle is characterized by greatly reduced competition.

Accepted Answer

False

Question 47

A product is anything that is of value to a consumer and can be offered through a voluntary exchange.

Accepted Answer

True

Question 48

Effective packaging and labels send the signal: \"Buy me.\"

Accepted Answer

True

Question 49

A company\'s product line consists of its various product mixes.

Accepted Answer

False

Question 50

Brands enable customers to quickly differentiate one firm or product from another.

Accepted Answer

True

Question 51

Because market and operating conditions are all very similar, marketers\' pricing strategies should be uniform.

Accepted Answer

False

Question 52

Cost-based pricing assumes costs will not vary much for different levels of production.

Accepted Answer

True

Question 53

Value-based pricing necessitates a great deal of consumer research to be implemented successfully.

Accepted Answer

True

Question 54

Odd prices suggests low quality.

Accepted Answer

True

Question 55

When Sony released their PlayStation 3 game machines, they charged a high price, attracting the most avid game players. This was a market penetration pricing strategy.

Accepted Answer

False

Question 56

Cheryl wants to quickly establish a dominant market share for her new line of ergonomic pens. To do this, she will likely use a market penetration pricing strategy.

Accepted Answer

True

Question 57

Slotting allowances are used to get retailers to feature a manufacturer\'s product in their advertising and promotional efforts.

Accepted Answer

False

Question 58

3/10, n/30 means a 3 percent discount if paid in full within 10 days, or the net amount is due in 30 days.

Accepted Answer

True

Question 59

Price lining is setting a price floor and a price ceiling for a line of products and then setting price points in between to represent differences in quality.

Accepted Answer

True

Question 60

Kristina sells sports equipment and wants to get customers into her store. She knows from past experience that sales generate customer traffic, particularly when she puts children\'s baseball equipment on sale. She may consider a leader pricing strategy.

Accepted Answer

True

Question 61

Because market and operating conditions are different in each target market:

Accepted Answer

the choice of a pricing strategy is specific to the target market.

Question 62

A weakness associated with cost-based pricing methods is that they:

Accepted Answer

do not recognize the role that consumers or competitors\' prices play in the marketplace.

Question 63

Compared to other pricing methods,__________ pricing is relatively simple.

Accepted Answer

cost-based

Question 64

Cost-based pricing assumes costs:

Accepted Answer

Will not vary much for different levels of production.

Finals Practice Exam Chapters 9,10,11,12,14 & 15 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards