Quiz 1-5: Marketing Strategy – Marketing Research

Marketing strategy addresses a specific target market with a cohesive marketing mix of:
A. Product, price, place, promotion
B. Product, price, promotion, profit
C. Positioning, performance, potential, profitability
D. Price, place, people, promotion
E. Place, potential, product, performance
A. Product, price, place, promotion
“How do I come up with a killer product idea?”
A. Ask customers what they want
B. Ask, “What problems are people trying to solve.”
C. Ask, “How much money can I make?”
D. Ask, “What are the competitive offerings?”
E. Ask, “Which distribution channels offer the most cost effective solution?”
B. Ask, “What problems are people trying to solve.”
For every pair of Toms shoes purchased, the company donates a pair of shoes to a child in need. Which marketing philosophy does Toms use?
A. Production
B. Sales
C. Market
D. Societal
E. Consumer
D. Societal
Marketing creates, communicates, and delivers value to the firm’s chosen customers. This enables the firm to attract and keep customers. Attracting and keeping customers drives _____________ for the firm.
A. Priced
B. Profitability
C. Promotion
D. Product
E. Place
B. Profitability
The path to profitability starts with:
A. Understanding customers within the context of the marketing environment
B. Executing clever advertising campaigns using digital media
C. Reducing price for disadvataged customers
D. Developing distribution channels to reach a variety of customers
E. Benchmarking and then copying successful competitors
A. Understanding customers within the context of the marketing environment
The overall attractiveness of a foreign market depends on the risks and rewards of conducting business in the country of interest. Inadequate protection of intellectual property in a number of developing countries has caused some U.S. companies to avoid certain foreign markets because of the ____________ risk.
A. Competitive
B. Economic
C. Legal
D. Political
E. International
C. Legal
Starbucks announced that it plans to open cafes across India, as a combined effort with the Indian company TATA Global Beverages Limited. Each company will own 50% of the undertaking, called TATA Starbucks Limited. This is an example of which global market entry strategy?
A. Exporting
B. Licensing
C. Joint Venture
D. Foreign Direct Investment
E. International marketing
C. Joint Venture
When The Clorox Company purchased the right to manufacture and sell products under the Brita name in the United States, Clorox entered into a(n) _________ agreement with Brita GmbH.
A. Exporting
B. Licensing
C. Joint Venture
D. Foreign Direct Investment
E. Dyadic
B. Licensing
The global marketing strategy based on a standard platform combined with some modification for the market is called:
A. Global
B. Glocal
C. International
D. Multinational
E. Galactic
B. Glocal
When P&G entered Eastern Europe with household care products and beauty products, the company changed the packaging and pricing for many products to adapt to Eastern European customers. This is an example of:
A. Standardization
B. Customization
C. Realization
D. Commoditizing
E. Humanizing
B. Customization
For marketers, the three components of sustainabilty are:
A. Sustaining leaders, co-workers, and subordinates
B. Supporting the firm’s mission, objectives, and strategy
C. Growing the business in spite of social, economic, and competitive forces
D. EPA, OSHA, and FTC certifications
E. Consumers’ wants, the company’s requirements, and society’s long-term interests
E. Consumers’ wants, the company’s requirements, and society’s long-term interests
You and a friend go out to dinner at an expensive restaurant. The service is terrible. Your food is cold, so you ask the server to take it back. He says there is nothing he can do. You and your friend go home and write a negative review on Yelp, a restaurant rating website. This is an example of:
A. Buyer beware
B. Consumer power
C. Firm power
D. Unethical marketing
E. Bargaining power of suppliers
B. Consumer power
The number one reason new products fail is because:
A. The selling firm uses unethical tactics
B. Products don’t deliver functional or emotional benefits to consumers
C. The firm selects the wrong channels of distribution
D. The firm fails to understand market opportunity and potential
E. The competitors’ responses are intense
B. Products don’t deliver functional or emotional benefits to consumers
Your next-door neighbor tells you that you must buy a new car every four years because after four years, the engines break down. He feels that car manufacturers design cars this way on purpose to trap consumers into constantly buying new vehicles. Your neighbor believes in which myth of unethical marketing?
A. Marketers push products consumers don’t want to buy
B. Consumers are no match for the power of marketing
C. Marketing is deceptive, not truthful and honest
D. Marketers believe in planned obsolescence
E. Marketers believe a sustainability strategy does not maximize shareholder wealth
D. Marketers believe in planned obsolescence
Claire is under a lot of stress at work. Her position is on the line. She needs to close a sale soon. She tells herself that it is okay to possibly break the rules because she is trying to make enough money to support her family. According to the fraud triangle, which aspect is missing from this potentially unethical situation?
A. Pressure
B. Dishonesty
C. Rationalization
D. Money
E. Opportunity
E. Opportunity
Marketing employs some of the most sophisticated analytical methods used in business. Suppose your client provides you a data set of survey responses from credit card users and asks you to identify market segments based on the data. Which analytical method is most useful for this research project–classifying credit card users into various segments based on how they respond to demographic and behavioral questions?
A. MaxDiff analysis
B. Cluster analysis
C. Conjoint analysis
D. Factor analysis
E. TURF analysis
B. Cluster analysis
In short, the primary purpose of marketing research is to:
A. Use sophisticated analytical tools on large data sets
B. Collect data about customers
C. Collect data about competitors
D. Forecast sales
E. Support marketing decisions
E. Support marketing decisions
The Commerce Department reported this week that single-family home starts surged 7.0 percent to an annual rate of 628,000 units last month, the highest level in six months. If Home Depot used this report as a factor in their store expansion plans, they would be using:
A. Primary data
B. Secondary data
C. Observational data
D. Convenience data
E. Dichotomous data
B. Secondary data
Suppose your brand team decides to conduct research to understand consumers’ perceptions of brands and brand attributes. Specifically, you want to generate perceptual maps to show the relationship among brands and brand attributes in your industry. Which analytical method is most useful for this research project?
A. Cross tabs
B. Analysis of variance
C. Regression analysis
D. Discriminant analysis
E. Conjoint analysis
D. Discriminant analysis
Often the reason research results are invalid is because the data sample is irrelevant–coverage error. To minimize coverage error, researchers should:
A. Qualify or screen respondents for the study
B. Conduct focus group interviews
C. User personal interviews
D. Open the research to the general population
E. Increase the sample size by using Web and email questionnaires
A. Qualify or screen respondents for the study