Question 1

The _____ method is probably the oldest form of research in existence.

Accepted Answer

A)   questioning
B)   secondary research
C)   observational
D)   interpretiveE) All of the above
F) A) and B)

Question 2

The most detailed and scrutinized section of a formal marketing plan is the:

Accepted Answer

A)   competitor analysis.
B)   marketing strategy.
C)   market analysis.
D)   consumer analysis.E) None of the above
F) B) and C)

Question 3

Paul is a CPA (certified public accountant) .  He offers a variety of services depending on the needs of his customers.  Some hire him to perform bookkeeping activities; others have him prepare their tax return.  Paul's market is segmented based on:

Accepted Answer

A)   benefit variables.
B)   demographic variables.
C)   income levels.
D)   basic needs.E) A) and B)
F) None of the above

Question 4

Adopting a consumer-oriented marketing philosophy is most consistent with:

Accepted Answer

A)   quickly gaining highly profitable market returns.
B)   eventually achieving long-term market success.
C)   the revenue stabilizing effect of large market shares.
D)   focusing on the single most profitable consumer segment.E) None of the above
F) All of the above

Question 5

Odessa is writing the marketing plan for her bed and breakfast.  She has written that her market includes everyone from infants to the elderly.  This is incorrect because:

Accepted Answer

A)   customers must have purchasing power.
B)   the elderly are not likely to have unsatisfied needs.
C)   infants cannot write.
D)   infants do not make buying decisions.E) B) and C)
F) C) and D) A

Question 6

Andrew is considering two models of cars.  The size, price, and options are identical.  However, one model gets better gas mileage.  This fact would be considered a(n) :

Accepted Answer

A)   core product.
B)   actual product.
C)   augmented product.
D)   ancillary product.E) None of the above
F) A) and D)

Question 7

Morton sells salt; Domino sells sugar.  The best strategy for either of these products would be:

Accepted Answer

A)   the unsegmented strategy.
B)   the multi-segmented strategy.
C)   a differentiated strategy.
D)   a single-segment strategyE) A) and B)
F) All of the above

Question 8

Marketing research is an effective supplement, but not a replacement, for the intuitive judgment of entrepreneurs.

Accepted Answer

A) True 
 B)False  True

Question 9

Entrepreneurs should base their market assessments, production schedules, inventory policies, and personnel decisions on:

Accepted Answer

A)   techniques of observation.
B)   qualitative analysis.
C)   intuition alone.
D)   the sales forecast.E) A) and D)
F) A) and B)

Question 10

If an entrepreneur anticipates several target markets, each individual segment must have its own corresponding customer profile.

Accepted Answer

A) True 
 B)False

Question 11

A chain-ratio method of sales forecasting, or a buildup process, is frequently used for consumer products forecasting.

Accepted Answer

A) True 
 B)False

Question 12

Sales forecasts are typically expressed in dollars or units.

Accepted Answer

A) True 
 B)False

Question 13

The name of a new business should be:

Accepted Answer

A)   simple, memorable, and descriptive of the benefits.
B)   simple, memorable, and descriptive of the product.
C)   the family name of the founder and descriptive of the product.
D)   simple, memorable, and include the name of the founder.E) None of the above
F) B) and D)

Question 14

Ideas Unlimited is a consulting firm that provided retailers with information about regional sales trends. To estimate demand in the market for its services, the firm's marketing department identifies all buyers in each category of retailers and determines how much business is possible.  The market demand estimate is based on the:

Accepted Answer

A)   aggregate forecasting process.
B)   breakdown forecasting process.
C)   buildup forecasting process.
D)   indirect forecasting process.E) A) and B)
F) All of the above

Question 15

The initial step in the marketing research process is to:

Accepted Answer

A)   select a data collection method.
B)   identify consumer/business segments of interest.
C)   identify informational needs.
D)   conduct a preliminary information search.E) A) and B)
F) B) and C)

Question 16

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:

Accepted Answer

A)   to go ahead with the research to support future decisions.
B)   to wait and see how well the rival's product sells.
C)   to dispense with the research and launch his own product.
D)   to scrap his original product idea and come up with something else.E) None of the above
F) A) and B)

Question 17

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.

Accepted Answer

A)   importation
B)   exportation
C)   Internet marketing
D)   air transportE) B) and C)
F) None of the above

Question 18

Personal interview surveys are attractive as a marketing research method because these are inexpensive to conduct.

Accepted Answer

A) True 
 B)False  False

Question 19

Irene, owner of a small retail shop, is evaluating her customer profile. Which item is the most critical for her customer profile?

Accepted Answer

A)   the financial ratios to see how much her product costs the customer
B)   whether the marketing research was completed with primary or secondary information
C)   the customer benefits to verify they are consistent with the customer needs
D)   the customer demographics to determine new customersE) B) and D)
F) B) and C)

Question 20

The basic instrument used to guide the researcher and the respondent when surveys are taken is known as a:

Accepted Answer

A)   questionnaire.
B)   questioning form.
C)   interview outline.
D)   guide form.E) B) and C)
F) B) and D)

Exam 7: The Marketing Plan

The _____ method is probably the oldest form of research in existence.

Correct Answer
verified

The most detailed and scrutinized section of a formal marketing plan is the:

Correct Answer
verified

Paul is a CPA (certified public accountant) . He offers a variety of services depending on the needs of his customers. Some hire him to perform bookkeeping activities; others have him prepare their tax return. Paul's market is segmented based on:

Correct Answer
verified

Adopting a consumer-oriented marketing philosophy is most consistent with:

Correct Answer
verified

Odessa is writing the marketing plan for her bed and breakfast. She has written that her market includes everyone from infants to the elderly. This is incorrect because:

Correct Answer
verified
A

Andrew is considering two models of cars. The size, price, and options are identical. However, one model gets better gas mileage. This fact would be considered a(n) :

Correct Answer
verified

Morton sells salt; Domino sells sugar. The best strategy for either of these products would be:

Correct Answer
verified

Marketing research is an effective supplement, but not a replacement, for the intuitive judgment of entrepreneurs.

Correct Answer
verified
True

Entrepreneurs should base their market assessments, production schedules, inventory policies, and personnel decisions on:

Correct Answer
verified

If an entrepreneur anticipates several target markets, each individual segment must have its own corresponding customer profile.

Correct Answer
verified

A chain-ratio method of sales forecasting, or a buildup process, is frequently used for consumer products forecasting.

Correct Answer
verified

Sales forecasts are typically expressed in dollars or units.

Correct Answer
verified

The name of a new business should be:

Correct Answer
verified

Correct Answer
verified

The initial step in the marketing research process is to:

Correct Answer
verified

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:

Correct Answer
verified

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.

Correct Answer
verified

Personal interview surveys are attractive as a marketing research method because these are inexpensive to conduct.

Correct Answer
verified
False

Irene, owner of a small retail shop, is evaluating her customer profile. Which item is the most critical for her customer profile?

Correct Answer
verified

The basic instrument used to guide the researcher and the respondent when surveys are taken is known as a:

Correct Answer
verified

Exam 7: The Marketing Plan

The _____ method is probably the oldest form of research in existence.

Correct AnswerverifiedShow Answer

The most detailed and scrutinized section of a formal marketing plan is the:

Correct AnswerverifiedShow Answer

Paul is a CPA (certified public accountant) . He offers a variety of services depending on the needs of his customers. Some hire him to perform bookkeeping activities; others have him prepare their tax return. Paul's market is segmented based on:

Correct AnswerverifiedShow Answer

Adopting a consumer-oriented marketing philosophy is most consistent with:

Correct AnswerverifiedShow Answer

Odessa is writing the marketing plan for her bed and breakfast. She has written that her market includes everyone from infants to the elderly. This is incorrect because:

Correct AnswerverifiedA

Andrew is considering two models of cars. The size, price, and options are identical. However, one model gets better gas mileage. This fact would be considered a(n) :

Correct AnswerverifiedShow Answer

Morton sells salt; Domino sells sugar. The best strategy for either of these products would be:

Correct AnswerverifiedShow Answer

Marketing research is an effective supplement, but not a replacement, for the intuitive judgment of entrepreneurs.

Correct AnswerverifiedTrue

Entrepreneurs should base their market assessments, production schedules, inventory policies, and personnel decisions on:

Correct AnswerverifiedShow Answer

If an entrepreneur anticipates several target markets, each individual segment must have its own corresponding customer profile.

Correct AnswerverifiedShow Answer

A chain-ratio method of sales forecasting, or a buildup process, is frequently used for consumer products forecasting.

Correct AnswerverifiedShow Answer

Sales forecasts are typically expressed in dollars or units.

Correct AnswerverifiedShow Answer

The name of a new business should be:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The initial step in the marketing research process is to:

Correct AnswerverifiedShow Answer

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:

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Personal interview surveys are attractive as a marketing research method because these are inexpensive to conduct.

Correct AnswerverifiedFalse

Irene, owner of a small retail shop, is evaluating her customer profile. Which item is the most critical for her customer profile?

Correct AnswerverifiedShow Answer

The basic instrument used to guide the researcher and the respondent when surveys are taken is known as a:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
True

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
False

Correct Answer
verified

Correct Answer
verified