ch 7 pt 2

The most detailed and scrutinized section of a formal marketing plan is the
marketing strategy.
the name of a new business should be:
simple, memorable, and descriptive of the benefits.
John, a car repair shop owner, is developing the warranty and repair policies for his business. What area of the marketing strategy is he addressing?
Product and/or Service plan
Miguel is deciding how to get his product to his customers. His options include a fixed location, a mobile location, working out of his home, and the Internet. Miguel is making the ___________ decision.
place
In her marketing plan, Candace is describing the laws of a foreign country and comments about the exchange rate. It is likely Candace is considering ______________ as a method of distribution.
exportation
At a minimum, the price of a product or service must cover:
the cost of bringing it to customers.
At minimum, the price of a product and/or service
must cover the cost of bringing it to market.
The price of an item should be :
what purchasers are willing to pay.
The section of the marketing plan which describes the entrepreneur’s approach to creating customer awareness of the product or service is the
promotion section.
The initial step in the marketing research process is to
identify informational needs.
To determine credit card average purchases, managers of Component City Stereo and Appliances reviewed credit card sales receipts from the previous three months. Managers are conducting marketing research by collecting and analyzing
secondary data.
Caution is advised when relying on blogs for secondary data because:
information in blogs may not be factually correct.
Which source of data would be the least helpful for secondary data use?
blogs
Techniques used to collect primary data are often classified as ____ and ____ methods.
observational/questioning
Mary, owner of Delany Salsas, is curious to know whether the new packaging for her line of salsas is being noticed by supermarket consumers. To collect information, she passively watches shopper reactions as they pass by the Delany Salsas display. Mary is collecting ____ data through ____ methods.
primary/observational
The _____ method is probably the oldest form of research in existence.
observational
___________ and ____________ are questioning methods that involve contact with respondents.
Surveys, experimentation
The basic instrument used to guide the researcher and the respondent when surveys are taken is known as a:
questionnaire.
Marta’s job involves asking shoppers in the mall about their experience with specific products. She works from a list given to her by the products’ producers. Marta is using the _________ method to gather ____________ data.
questioning, primary
Ned was just about ready to begin his market research when an unknown rival launched a similar product in the market. Ned’s best course of action would be:
to wait and see how well the rival’s product sells.
Nardella has completed her market research but now feels overwhelmed by the large amount of data. It might be helpful to her to :
use a program like Excel to help her interpret the data.
Marketing research should be viewed as a supplement to, not a replacement for _____.
intuitive judgement.
In order to be appropriately considered a market, a group of customers or potential customers must have
purchasing power.