Business 1 - Introduction to Business » Spring 2020 » Chapter 13 Quiz

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Question #1
Firms that adopt a relationship marketing strategy attempt to
A.   maximize market share by controlling production costs and maintaining low prices.
B.   develop products that meet the specific requirements of individual customers.
C.   develop their promotional efforts utilizing mass media such as television, newspapers, and radio in order to relate to a large audience.
D.   maximize their market share by designing products that appeal to large numbers of customers.
Question #2
H2 O'Yeah has designed a water purification device that is drastically different and far superior to any product currently on the market. Although consumer response was positive to the idea of the new product, management wants to find out more before committing to full-scale production. The next step H2 O'Yeah's marketing department is likely to take is to:
A.   develop an advertising campaign to persuade consumers of the value of the new water purifier system.
B.   locate a low-cost production site
C.   test market the product among potential users.
D.   seek a joint venture with a larger competitor.
Question #3
Which of the following describes a process in which marketers present an accurate description of a new product to potential customers and ask if they find the idea appealing?
A.   concept testing
B.   test marketing
C.   prototype testing
D.   competitive benchmarking
Question #4
Worlds of Fun is preparing to open its newest theme park in Shanghai. Once open, the marketing department will be collecting lots of information on what customers want while they are at the park. The marketing research team for Worlds of Fun will create original surveys with targeted questions to help collect reliable information. This type of research is described by marketing professionals as the collection of
A.   primary data.
B.   secondary data.
C.   sequential data.
D.   formative data.
Question #5
A ________ orientation refers to the process of determining the wants and needs of buyers and then providing goods and services to meet or exceed their expectations.
A.   market
B.   customer
C.   profit
D.   production
Question #6
One factor that influences the consumer decision-making process is ________, referring to the set of values, attitudes, and ways of doing things passed from one generation to another in a given society.
A.   culture
B.   the legal environment
C.   cognitive dissonance
D.   group behavior
Question #7
Which of the following represents a technique used to obtain primary data?
A.   gaining access to an unpublished government report from the Federal Trade Commission (FTC)
B.   conducting personal interviews with potential customers
C.   establishing a database to store and cross-index articles from leading academics and researchers
D.   reviewing the best-selling trade books and textbooks that present marketing principles
Question #8
Malcolm works as the campaign manager for a candidate for the U.S. Senate. He needs to learn as much as possible about the candidate's potential voters. With the information he digs up, he hopes to focus the campaign on the issues most important to voters. What does this best represent?
A.   the use of marketing by a nonprofit organization
B.   a nonprofit application of the production era strategy
C.   an extension of the profit orientation to a nonprofit organization
D.   the use of public service advertising to sell a political candidate
Question #9
Which of the following best represents an example of demographic segmentation?
A.   An entertainment company divides its market according to the attitudes and interests of its customers, marketing some films to people who enjoy action movies and targeting other movies to people who prefer romantic comedies.
B.   A car manufacturer offers different types of cars designed to appeal to different age groups and income levels.
C.   A food company has designed a special line of easy-to-prepare microwavable meals that are low fat and high in fiber to attract people interested in the health benefits of the foods they eat.
D.   A recreational equipment company divides its market into groups by region of the country, designing different products for people in different parts of the country.
Question #10
A firm's marketing mix refers to the combination of
A.   strategies regarding product, price, place, and promotion.
B.   advertising media the firm utilizes to promote its products.
C.   goods the firm offers to different market segments.
D.   people directly involved in making marketing decisions.
Question #11
Which of the following is part of the marketing process?
A.   designing the most efficient method of production of a new product
B.   contacting suppliers after a purchase to ensure producer satisfaction
C.   developing an understanding of company finances available for new products
D.   determining an appropriate brand name for a new product
Question #12
The goal of ________ is to keep individual customers over time by offering them new products that exactly meet their requirements.
A.   niche marketing
B.   relationship marketing
C.   segment marketing
D.   mass marketing
Question #13
Which of the following is consistent with relationship marketing?
A.   working with buyers to determine their individual needs
B.   focusing more on obtaining new customers than on retaining existing customers
C.   developing market share through mass media advertising
D.   maintaining transactional relationships with customers
Question #14
Successful marketing researchers
A.   listen to customers and other stakeholders.
B.   develop as much information as possible from primary sources.
C.   focus their efforts on determining historical needs of customers, since the core value of marketing is that the customer needs don't change.
D.   rely on their experience and personal opinions when making decisions.
Question #15
According to the Spotlight on Small Business box, small businesses can make big money by
A.   jumping on board with technological advances as they evolve.
B.   participating in mass production.
C.   opening online stores to accompany the already established brick-and-mortar shops.
D.   shipping products to consumers faster than competitors.
Question #16
The significant increase in consumer demand following World War II marked the beginning of the
A.   selling era.
B.   marketing concept era.
C.   production era.
D.   customer relationship era.
Question #17
Jet Magazine focuses its marketing efforts on reaching young African Americans. The firm believes that they are positioned to profitably serve this group of consumers. Jet utilizes the strategy of:
A.   primary marketing.
B.   narrowcasting.
C.   focus group selection.
D.   target marketing.
Question #18
________ consists of information that has already been researched by others and is published in journals or books, or has been made available online.
A.   Secondary data
B.   Technical data
C.   Primary data
D.   Pre-coded information
Question #19
The number of buyers in B2B markets is
A.   controlled by government regulation.
B.   much larger than the number in the consumer market.
C.   roughly the same as the number of buyers in the consumer market.
D.   relatively small compared to the consumer market.
Question #20
The ________ market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others.
A.   B2B
B.   consumer
C.   target
D.   super

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