< Liberty BUSI 520 Quiz 1 Chapters 1-5 >

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Question 1                                                                                                                                          2 out of 2 points

 

The ________ concept holds that consumers will  favor offerings with the best

 

quality, performance, or innovative features.

 

Question 2                                                                                                                                          2 out of 2 points

 

At the heart of any marketing program is the firm's ________, its tangible offering

 

to the market.

 

Question 3                                                                                                                                          0 out of 2 points

 

Each of the following is true about the Internet's impact on the way business is

 

conducted today, EXCEPT one. Identify the exception.

 

Question 4                                                                                                                                          2 out of 2 points

 

The ultimate outcome of relationship marketing is a unique company asset called

 

the ________, consisting of the company and its supporting stakeholders.

 

Question 5                                                                                                                                          0 out of 2 points

 

Which of the following holds that consumers prefer products that are widely

 

available and inexpensive?

 

Question 6                                                                                                                                          0 out of 2 points

 

 

 

People in emerging countries today are becoming increasingly health conscious

 

and are seeking healthy food choices. As a result, demand for health foods is

 

rising steadily, creating an opportunity for marketers to exploit this ________

 

market.

 

Question 7                                                                                                                                          2 out of 2 points

 

 

 

Which of the following categories of goods and services is most likely to require an

 

aggressive use of the selling concept?

 

 

 

 

 

 

 

 

 

 

 

Question 8                                                                                                                                           2 out of 2 points

 

 

 

Rick Johnson trains his company's sales force to go after the consumer. He

 

repeatedly asks his team to bear in mind the essential fact that it is the sales

 

team's responsibility to rouse the consumer's interest and make him feel that he

 

needs the product. A true salesman is one who can convert an indifferent

 

consumer walking into the store into a new customer. Johnson believes in the

 

________ concept.

 

Question 9                                                                                                                                           0 out of 2 points

 

________ marketing aims to build mutually satisfying long-term collaboration with

 

key constituents, such as customers, employees, suppliers, distributors, and other

 

marketing partners, in order to earn and retain their business.

 

Question 10                                                                                                                                        2 out of 2 points

 

 

 

During market segmentation analysis, the marketer identifies which segments

 

present the greatest opportunity. These segments are called ________.

 

Question 11                                                                                                                                        2 out of 2 points

 

 

 

James Frank has been put in charge of gathering marketing intelligence,

 

disseminating it within his organization, and eventually directing action on the

 

information. Mr. Frank's task is best described as part of the ________.

 

Question 12                                                                                                                                        2 out of 2 points

 

 

 

Which of the following can be considered a primary activity in the value chain

 

process?

 

Question 13                                                                                                                                        2 out of 2 points

 

 

 

 

 

The most frequently cited shortcomings of current marketing plans, according to

 

marketing executives, are lack of realism, insufficient competitive analysis, and a

 

________ focus.

 

 

 

 

 

Question 14                                                                                                                                        2 out of 2 points

 

 

 

The task of any business is to ________.

 

Question 15                                                                                                                                        2 out of 2 points

 

 

 

The ________ is the number of channel levels, from raw materials to final product

 

and distribution, in which a company will participate.

 

Question 16                                                                                                                                        2 out of 2 points

 

 

 

The ________ in the value chain cover the sequence of bringing materials into the

 

business (inbound logistics), converting them into final products (operations),

 

shipping out final products (outbound logistics), marketing them (marketing and

 

sales), and servicing them (service).

 

Question 17                                                                                                                                        2 out of 2 points

 

 

 

Gerber primarily serves the baby food market. In choosing to focus on this market,

 

Gerber is defining its competitive sphere on the basis of ________.

 

Question 18                                                                                                                                        2 out of 2 points

 

 

 

Which of the following is best described as a market-oriented business definition?

 

Question 19                                                                                                                       2 out of 2 points

 

 

 

After analyzing their company's strengths and weaknesses, top managers at Loan

 

Bright decided that they would serve individual loan officers who typically only

 

wanted to purchase small sets of homebuyer data, rather than bigger institutional

 

clients. To meet the needs of this segment, Loan Bright simplified its sales

 

contract, restructured its advertising efforts to focus on Google ads, and created a

 

separate customer-service department. Loan Bright's strategy is best described as

 

a(n) ________ strategy.

 

 

 

 

 

 

 

 

 

Question 20                                                                                                                                        2 out of 2 points

 

The ________ is the last section of the marketing plan and spells out the goals

 

and budget for each month or quarter, so management can review each period's

 

results and take action as needed.

 

Question 21                                                                                                                                        2 out of 2 points

 

________ is the maximum sales available to all firms in an industry during a given

 

period, under a given level of industry marketing effort and environmental

 

conditions.

 

Question 22                                                                                                                                        2 out of 2 points

 

 

 

In the U.S., consumer expenditures on homes and big ticket items tend to slacken

 

during recessions because ________.

 

Question 23                                                                                                                                        2 out of 2 points

 

 

 

________ is the company's estimated share of market demand at alternative levels

 

of company marketing effort in a given time period.

 

Question 24                                                                                                                                        2 out of 2 points

 

 

 

Which of the following elements of sociocultural environment can be associated

 

with the growing demand for "social surrogates" like social networking sites,

 

television, etc?

 

Question 25                                                                                                                                        2 out of 2 points

 

 

 

The base sales of an organization that takes place even without any demandstimulating

 

expenditures is called ________.

 

Question 26                                                                                                                                        0 out of 2 points

 

               

 

With an increase in marketing expenditure, market demand ________.

 

Question 27                                                                                                                                        2 out of 2 points

 

 

 

Each society contains ________, groups with shared values emerging from their

 

special life experiences or circumstances.

 

 

 

 

 

 

 

Question 28                                                                                                                                         2 out of 2 points

 

 

 

A company can take several steps to improve the quality of its marketing

 

intelligence. Which of the following best describes the practice used by McDonald's

 

when it sent pseudo customers to assess stores' internal speed standards?

 

Question 29                                                                                                                                        0 out of 2 points

 

 

 

A company can expect to expand its market share to a large extent when

 

________.

 

Question 30                                                                                                                                        2 out of 2 points

 

 

 

In response to the U.S. income distribution trend toward ________, Levi-Strauss

 

introduced premium Levi's Capital E line to upscale retailers and the economy Levi

 

Strauss Signature line to mass-market retailers.

 

Question 31                                                                                                                                       0 out of 2 points

 

 

 

In which of the following qualitative method are subjects asked to complete an

 

incomplete stimulus?

 

Question 32                                                                                                                                        2 out of 2 points

 

 

 

Because of its flexibility, ________ are the most common technique of collecting

 

primary data.

 

Question 33                                                                                                                                        2 out of 2 points

 

 

 

You are the marketing research director of a medium-sized manufacturing firm and

 

you would like to engage an outside marketing research firm to conduct field

 

interviews. Which of the following options categories of marketing research firms

 

should you use?

 

Question 34                                                                                                                                        2 out of 2 points

 

 

 

________ is the systematic design, collection, analysis, and reporting of data and

 

findings relevant to a specific marketing situation facing the company.

 

 

 

Question 35                                                                                                                                        2 out of 2 points

 

 

 

After collecting the relevant information, the next step in the marketing research

 

process is to ________.

 

Question 36                                                                                                                                        0 out of 2 points

 

 

 

Which of the following is an internal marketing metric that companies need to

 

monitor?

 

 

 

Question 37                                                                                                                                        2 out of 2 points

 

 

 

Which of the following types of marketing research firms gathers consumer and

 

trade information and then sells it for a fee (e.g., Nielsen Media Research)?

 

Question 38                                                                                                                                        2 out of 2 points

 

 

 

In which of the following types of tests is a picture presented and respondents are

 

asked to make up a story about what they think is happening or may happen in the

 

picture?

 

Question 39                                                                                                                                        2 out of 2 points

 

 

 

________ approach uses concepts and tools from anthropology and other social

 

science disciplines to provide deep cultural understanding of how people live and

 

work.

 

Question 40                                                                                                                                        2 out of 2 points

 

 

 

________ is designed to capture cause-and-effect relationships by eliminating

 

competing explanations of the observed findings.

 

Question 41                                                                                                                                        2 out of 2 points

 

 

 

In which of the following cases is building a database worthwhile for the company?

 

Question 42                                                                                                                                        0 out of 2 points

 

 

 

Which of the following is a policy a store can adopt to make low-profit customers

 

more profitable?

 

 

 

 

 

Question 43                                                                                                                                        2 out of 2 points

 

 

 

Which of the following is a step in one-to-one marketing that can be adapted for

 

CRM marketing?

 

Question 44                                                                                                                                        2 out of 2 points

 

 

 

________ is the difference between the prospective customer's evaluation of all

 

the benefits and all the costs of an offering and the perceived alternatives.

 

Question 45                                                                                                                                        2 out of 2 points

 

 

 

Customer profitability analysis (CPA) is best conducted with the tools of an

 

accounting technique called ________.

 

Question 46                                                                                                                                        2 out of 2 points

 

 

 

________ describes the net present value of the stream of future profits expected

 

over the customer's lifetime purchases.

 

Question 47                                                                                                                                        2 out of 2 points

 

 

 

A ________ is simply a set of names, addresses, and telephone numbers.

 

Question 48                                                                                                                                        2 out of 2 points

 

 

 

Rachel and Josh are on vacation in Hawaii. When they arrived at the hotel, they

 

were offered chilled juice. Their check-in formalities were handled by the staff.

 

When they entered their room, they saw that chocolates had been placed on the

 

pillows and a flower arrangement on the table. The hotel's actions are an example

 

of ________.

 

Question 49                                                                                                                                        0 out of 2 points

 

 

 

Which of the following is an example of focusing disproportionate effort on

 

high-profit customers?

 

Question 50                                                                                                                                        2 out of 2 points

 

 

 

Another term for high customer ________ is customer churn.

 

 

 

 

 

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