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MIM 7: What is an internal source of marketing information for a business? A: Government planning agencies B: Inventory records C: Public libraries D: Trade journals 8: In planning marketing activities and in making marketing decisions, marketersuse a variety of data gathered by a(n) A: inventory control system B: double-entry bookkeeping system C: file of employee records D: marketing-information management system 10: Your company has asked you to make recommendations for new hardware and software to replace the existing marketinginformation system. What should you recommend? A: The largest system available for future expansion B: Software that is secure and accessible only to you C: Software that decision makers can use with minimum training D: Software that everyone in the company can use to collect and process data 37: Which characteristics of useful marketing information is represented by the statement “The benefits of using the information should be greater than the expense of gathering the data used to generate this information”? A: Timeliness B: Accessibility C: Relevancy D: Cost-effectiveness Answer D: Cost-effectiveness Marketing information must provide greater benefits to the user than the expense of gathering the data used to generate this information. If the marketing information cannot provide greater benefits to the user , then the corresponding data are not worth gathering or processing. Timely data and information are up-to-date, so the data must be gathered at a time when they will be of the most value to the business. Accessible information is readily available so that it can be used without major effort or excessive cost. Marketing information should be relevant- closely related to the situation at hand 36: What is an example of marketing information that a business could gather by surveying its customers? A: Planned product improvements B: The company’s current market share C: Location of the company’s market D: Financial status of competitors Answer C: Location of the company’s market. By surveying customers, the business can determine where the people who are interested in buying its products are located. Information about the company’s market share and plans to improve current products can be obtained from the company’s own records. The financial status of competitors is only available if they operate as a corporation and must report their finances to shareholders, or they are in a situation that requires them to disclose their financial recouses. 9. When a marketing- information management system compares financial information from one time period with the financial data from another time period, it provides a picture of the business’s. A. Competition B. Situation analysis C. Sales forecasts D. Profitability 11. A. B. C. D. One advantage to marketinginformation managers of using the internet to do research and gather data is that the process is. Inexpensive Restrictive Regulated Protected 12. A. B. C. D. So a business can retrieve current customer and internal marketing information from a central location, it may use which of the following technological tools: Presentation software A database Opt- in e-mail A CAD program 13. A. B. C. D. Which of the following is a technology tool that allows a business to observe a customer’s internet activities: Spam Hyperlink Cookie Host 42. A. B. C. D. Why do many businesses place a cookie on a user’s hard drive when the user visits the business’s web site? To regulate the user’s access to information To make it easy for the user to find the website To track the number of times the user buys a product To guarantee that the web site is secure Explanation question 42. C. To track the number of times the user buys a product. Many businesses that have web sites place a cookie, which is a type of information, on a user’s hard drive when the user visits that site. Then, the next time a user visits that site, the site’s computer recognizes the user because of the cookie. A business’s marketinginformation managers use cookies to maintain user information and track how many times a user visits a specific web site or buys a product online. This type of data allows marketing-information managers to customize web sites in order to appeal to the preferences and habits of customers who are visiting their sites. Cookies make it possible for businesses to obtain marketing information. They do not make it easy for the user to find the web site, regulate the user’s access to information, or guarantee that web site is secure. 43. A. B. C. D. How can businesses use computerized databases to sort and organize information about customers’ purchases, brand preferences, and dollar amounts spent? To maintain sales strategies To prepare financial reports To develop inventory control plans To customize its marketing efforts Explanation question 43 D. To customize marketing efforts. Many businesses use computerized databases to sort and organize information about customers’ purchases, brand preferences, dollar amounts spent, etc. The benefit to the business is that it can use this information to customize its marketing efforts and appeal to specific customers. For example, a business might use a database to organize customers according to geographic location, and send different promotional pieces to each area. The database allows a business to target specific customers based on certain criteria. Businesses do not use this type of customer information to prepare financial reports, develop inventory control plans, or maintain sale strategies. 44. A. B. C. D. How can using a database to track its customers’ preferences and buying habits help a business? Decreases the need to analyze marketing activities Obtains additional deductions for its semi- annual tax return Reduces unnecessary operational expenses Builds strong, loyal customer relationships Explanation question 44 D. Builds strong, loyal customer relationships. When a business understands what its customers like and dislike about its good and services, it can incorporate activities to maintain, improve, or expand its products. When customers see that the business is showing interest in meeting their needs and wants, they are more likely to continue the relationship with the business. A business’s tax deductions are not generally based on its ability to track its customers’ buying behavior. Operational expenses refer to all of the expenses of running the business. A database can facilitate efficient use of a business’s resources, but does not necessarily reduce operating expenses, nor does it necessarily decrease the need to analyze marketing activities. #15 Which of the following is a characteristic of unstructured observation? • A. Often records a variety of behaviors • B. Uses standard checklists to document behavior • C. Requires the use of surveillance equipment • D. Most often limits observer with specific guidelines #15 Answer: A • The answer is A because the answer is obvious. # 16 What is the advantage is using personal interviews to collect marketing data? • • • • A. Biased interviewer B. Slow collection rate C. Limited interaction D. High flexibility #16 Answer: D • The answer is D because D is for dogs. # 63 What is a common methods of collecting research date that often involves the use of questionnaires? • A. Case study • B. Mail survey • C. Message board • D. Behavior chart #63 • Answer: B Mail survey. A survey is a marketing-research method that involves asking consumers questions in order to learn their opinions and the reasons behind those opinions. Researches often use mail surveys that are sent to individuals’ homes as a way of collecting data. A message board is a gathering place for transmitting ideas or information through electronic communication. A case study is an instructional method that involves giving trainees a written description of an organizational problem, and the trainees are asked to determine the problem and potential solutions. Behavior chart is not a common method of collecting research data. • • • • #64 What data-collection methods can be used to obtain product information during the point-of-purchase process? A. Volume-tracking scanner B. photographic scanner C. E-mail survey D. Statistical survey #64 Answer: A • Volume-tracking scanner. A scanner is an electronic device that reads or translates codes that are placed on products and enters the product information into a computer. Scanners are commonly used during a sales transaction, which is the point of purchase. This is a popular method of collecting information about customers’ buying habits and inventory status because the scanning system can track large volumes of goods. Once enough data are collected, researchers evaluate the data to determine how fast or slow certain products are moving, which is information they can use to make business decisions. #64 Explanation Continued • Photographic scanner, e-mail surveys, and statistical surveys are not data collection methods that researchers use during the point of purchase process. #65 What is the most appropriate data-collection method to use when a business wants to determine how its employees interact with • • • • customers? A. Experiment B. Observation C. Employee survey D. Telephone interview #65 Answer: B • Observation. Observing the way in which employees and customers interact is one way to obtain information about customer service and customer satisfaction. This technique involves watching how the employees and customers communicate with one another without them knowing that they are being observed. The observation approach often provides the researcher with insight (verbal and nonverbal cues) that s/he cannot obtain by holding a telephone interview or by distributing a survey. Cont. For example, if observation research indicates that several employees have problems helping customers select the appropriate product, the business can take steps to train employees so they can better help customers. An experiment involves manipulating certain factors in a controlled environment to determine the cause and effect of variable combinations. An experiment would not be the appropriate approach to determine how employees interact with customers. #66 • A. B. C. D. What is an example of a marketingresearch method that is used to collect primary data? Customer Survey Census Data Trade-Journal Article External Reports #66 Answer: A • Customer survey. Primary marketing research is information that a business obtains for a specific purpose. Businesses use many techniques to obtain primary data, such as observation, interviews, and surveys. Surveys contain questions about the information the business wants to obtain. For example, a business might distribute a survey to its customers when it wants to find out what the customers think of the business’s goods and services. Census data, trade-journal articles, and external reports are forms of secondary research. 17.To obtain reliable valid marketing research data when conducting personal interviews researchers must make sure that the interviewers are • A-open friendly and nonjudgmental • B-approachable opinionated and organized • C- consistent biased and aggressive • D- courteous passive and distant 17. Answer • A- open friendly and nonjudgmental 14. Which of the following is a rating scale that allows marketing researchers to determine respondents feelings • • • • A- variable B- likert C- comparative D- attribute 14. Answer • B- likert 67.How can ill- designed questionnaires affect survey participants • A- can make them question surveys purpose • B- can decrease their response rate • C- can decrease their desire to answer personal questions • D- can make them take their time to complete the survey 67. Answer • B.can decrease their response rate. Ill-designed questionnaires negatively affect the quality and quantity of data obtained from survey participants. This lowers their response rate because they may think the survey is too complex too time consuming or too confusing survey design is unlikely to make participants question the surveys purpose decrease their desire to answer personal questions or make them take their time to complete the survey 68. When should researchers ask potentially sensitive questions during an interview • A- toward the end of the interview • B- at the beginning of the interview to get them out of the way • C- throughout the interview • D- at the mid-point of the interview to allow time for the researcher to build rapport 68- answer • Atoward the end of the interview. By asking potentially sensitive questions toward the end of an interview the researcher can avoid having the participant cut off the interview before important information can be collected by asking the questions at the beginning I the middle or through out the interview the researcher risks prematurely ended interviews 62. What type of scale is a firm using when a survey format has a seven-point rating system consisting of opposite adjectives on each of the scale • • • • A- semantic differential B- likert C- stapel D- random rating 62. Answer • A semantic differential. Itemized scales provide respondents with a set of options from which they must choose and answer. A semantic differential scale is a type of itemized scale that marketing researchers use to measures attitudes. The scale provides seven spaces which are bounded by descriptive antonyms at each end such as reliable and unreliable the respondent places an x at the point or space on the continuum that best describes his/her feeling about the object or idea that s/he is rating. The likert scale measures the respondents level of agreement with the statement. The spatel scale is a 10- point scale that places the phrase in the middle and requires the respondent to mark which series of positive or negative numbers best describes his/her feelings about the phrase in relation to the object or idea. Random-rating scale is a fictitious term 61. The sbu company developed a survey In which respondents are provided the same number of favorable rating options what type of scale has this survey used • • • • A- sequential B- continuous C- spliced D- balanced 61. answer • D balanced. Marketing researchers can use many types of itemized rating scales on a survey. An itemized scale provides respondents with a set of options from which they must choose an answer. A balanced itemized scale provides an equal number of favorable respondents (e.g. dissatisfied extremely dissatisfied) a continuous scale is a type of non comparative scale that allows respondents top place a slash mark on a line that is bounded by two opposite variables . Spliced and sequential are not types of survey rating scales 6. What does a business need in order to understand why a product that has been a strong seller for a long time is now losing its popularity? A. marketing information B. sales records C. secondary data D. purchasing documents A. Marketing information They need to see how rival products are doing and how they are affecting the product. 29. What is one way that businesses use marketing information? A. B. C. D. To develop new products To determine credit scores To change economic trends To prepare sales invoices A. To develop new products Businesses need to obtain and analyze a wide variety of marketing information in order to make decisions for the future. One way that businesses use this information is to develop new products and improve existing products in order to satisfy customers’ needs. In order to make marketing decisions that will keep them competitive, businesses are constantly gathering information about customers’ preferences and why customers buy certain products. Businesses do not use marketing information to prepare sales invoices. Businesses obtain marketing information in order to monitor economic trends, but they are not able to change those trends. Credit scoring is a function of finance that helps a company determine a customer’s credit worthiness. 30. What does continuously monitoring international marketing information enable businesses to do? A. B. C. D. Investigate competitors Identify problems Evaluate market share Analyze economic changes B. identify problems Marketing information is data available inside (internal) and outside (external) the business. Internal marketing information that businesses monitor include inventory reports, customers, sales records, customers’ feedback from surveys, etc. Comparing current and past marketing information can often reveal problems, such as a sudden drop in sales of a particular product. A drop in sales may indicate that the business needs to provide new or improved products or increase promotional efforts. Businesses need to review various forms of external marketing information to effectively investigate competitors, evaluate market share, and analyze economic changes. 31. What is one way that many businesses use the marketing information contained in sales reports? A. To monitor expense accounts B. To qualify potential new customers C. To improve the effectiveness of salespeople D. To develop negotiating techniques C. To improve the effectiveness of salespeople Sales reports contain a variety of information that businesses often use to improve the effectiveness of salespeople. This is information about numbers of new customers, number lost of customers, cost of selling, time spent with each customer, etc. By reviewing the information, a business can determine if the salesperson is effective, or might need assistance or more training to be better able to market the business’s product information that the salesperson does not have. Then, the business can develop materials to provide the detailed information. This will help the salesperson to more effectively work with customers. Businesses do not develop negotiating techniques. Expense accounts are types of sales reports that often contain marketing information. 32. By monitoring its sales and its customers’ buying habits, what is a business often able to identify? A. B. C. D. Popular products Research methods Economic resources Competitors’ activities A. Popular products A business that monitors its sales and customers’ buying habits overtime can determine which products are not popular and which products are not selling. By knowing which products are improving well and not so well, the business can make informed decisions about its product mix. For example, a business may decide to offer popular products in other colors and sizes, or it may decide to delete slow-moving items from its product mix. Research methods are the ways in which a business obtains marketing information. Economic resources are the human and natural resources and capital goods used to produce goods and services. Monitoring its sales and its customers’ buying habits will not help the business identify research methods, economic resources, or competitors’ activities. 33. XYZ Company noticed that the sales of iPads in blue have increased in sales. What can the business determine about the iPads? A. B. C. D. Popular products Research methods Economic resources Competitors’ activities A. Popular products If they’re sold out they’re popular! 34. What type of internal report would indicate to a business that sales for a specific product have dramatically dropped over the past three months? A. B. C. D. Market demographics analysis Accounts-payable summary Annual income statement Quarterly inventory status D. Quarterly inventory status. By monitoring inventory, a business can determine how well a product is selling. If the status report indicates that the inventory for the item is turning slowly, then the business knows that sales are down. By monitoring the inventory status report over time, the business might decide to drop items form the product line that are not selling. Accounts-payable reports summarize data related to monies the business has made or lost over a certain period of time. A demographics characteristics (e.g., age, gender, education). An accounts-payable summary, an annual income statement, and market demographics analysis will not indicate changes in a product’s sales. 35. What type of marketing data can a business obtain by reviewing its inventory reports and customers’ invoices? A. B. C. D. Product quality Customers’ credit limits Customers’ product preferences Actual market share C. Customers’ product preferences Internal records provide businesses with information about their customers’ buying habits and product usage. By reviewing inventory reports, a business can determine which products are selling well and which products are moving slowly. This information may prompt the business to phase out the slow moving product and increase promotional efforts for the products that are selling well. Customers’ invoices provide information about an individual customer’s buying preferences and habits. For example, invoices might reveal that certain customers buy a certain quantity of a particular product four times a month. By knowing this type of information, the business can customize promotions for its customers and take steps to ensure that it has sufficient product on hand when it is needed. Financial reports provide information about customers’ credit status and limits. Customer invoices do not provide information about a product’s level of quality. Businesses need to analyze industry and competitors’ data and compare them with internal data to evaluate its market share. 45. What is the overall reason that marketing strategies are designed and implemented? A. B. C. D. Improving management techniques Achieving planned goals Changing the image of the business Increasing business profits immediately B. Achieving planned goals The business’s goals and strategies for achieving those goals may change frequently. Changing the business’s image, increasing its profits, or improving management techniques might be specific goals at any point in time. 46. Dennis has a great idea for a new type of tennis ball that, if produced, would be better than any ball currently on the market. He pitches his idea to a few investors. Which of the four P’s should these investors consider first? A. B. C. D. Product Price Promotion Place A. Product Before a company introduces a new product, it should determine if there is a market for the product. The investors should first determine if there is a new type of ball before creating a company. After product is considered, the investors would have to think about how to price the new ball, where and how it should be promoted, how to ship the product, and where it should be sold. 47. Manny has a new idea for a new cleanser that would decrease the time in cleaning tiled floors. He thinks this product would be better than any cleanser currently on the market. Which of the four P’s should these investors consider first? A. B. C. D. Product Price Promotion Place A. Product When you are working on a idea, the first thing you need to consider is the logistics of the product. 48. To promote its summer menu, Danielle’s Café plans to e-mail a $5.00-off coupon to its regular customers next Tuesday. The coupon will be valid from June 1st through June 15th. What does use of the coupon represent? A. B. C. D. Tactic Strategy Goal Trend A. Tactic Because e-mailing the coupon is a specific action to increase short-term sales, it is a marketing tactic. Marketing tactics are used to carry out the business’s marketing strategies, which are broader in scope and serve as “road maps” to achieve the business’s marketing goals. A trend is the general direction in which people or events are moving. Businesses evaluate trends when setting marketing objectives, 49. Highway 1 Restaurant allows customers the opportunity to enter drawings in order to win a birthday cake. Customers register by providing their contact information on a card. What does entering the drawing represent? A. B. C. D. Tactic Strategy Goal Trend A. Tactic A tactic is short-term. The drawing to win birthday cake is short-term. 50. Sue is a 12th grade student who loves the new Ferrari convertible which retails for approximately $300,000. She works part-time at the local movie theater and has approximately $150 in her savings and checking account. Is Sue a part of the market for the Ferrari? A. B. C. D. No, she is not financially willing to purchase the Ferrari. Yes, she has an unfulfilled desire for the Ferrari. No, she is not financially able to purchase the Ferrari. Yes, she has an unfulfilled desire and is financially able and willing to satisfy that desire. C. No, she is no financially able to purchase the Ferrari. To be part of a market, the customer must have an unfulfilled desire and be financially able and willing to satisfy that desire. Sue lacks the financial ability to purchase a Ferrari. 51. Which market do customers in cold climates who need snow shovels and snow blowers represent? A. B. C. D. Geographic Psychographic Behavioral Occupational A. Geographic Geographic segmentation groups people by the area in which they are located. This includes customers in cold climates. Occupations are a basis for demographic segmentation. Psychographic segmentation groups people by lifestyles and personalities. Behavioral segmentation groups people by their response to a product. 52. Which market segment do customers that prefer reasonably-priced recreational activities that include a variety represent? A. B. C. D. Geographic Psychographic Behavioral Occupational B. Psychographic The person’s mind likes the recreation, so it relates to the mind. 53. A business determines that it can increase its market share 12 percent by promoting its goods and services to Hispanic females who are 18- to 34-years old. How is the business segmenting the market? A. B. C. D. By geographics By psychographics By demographics By behavior C. By demographics Demographics are the physical and social characteristics of the population. A business that segments the market on the basis of demographics considers factors such as the age, gender, and ethnicity of the population. Psychographic segmentation is the division of a market on the basis of consumers’ lifestyles and personalities, which are influenced by their behavior. Geographic segmentation involves dividing a market on the basis on location (e.g., zip code).