{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Marketing Final Exam

Homogeneous group of companies in a particular group

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ican Institution Code System North American Industry Classification System ANS: E The North American Industry Classification System (NAICS) is an industry classification system for classifying North American business establishments. PTS: 1 REF: 110 Thinking KEY: CB&E Model Research OBJ: 07-5 TOP: AACSB Reflective MSC: BLOOMS Knowledge 32. Imagine that you are the research director of a major industrial marketing firm. You need to select an NAICS code that defines the most homogeneous group of companies in a particular group of highly competitive companies. Which of the following codes might you use? a. 7432 b. 532 c. 19 d. 7 e. 999 ANS: A The more digits in a code, the more homogeneous the group will be. The alternatives presented in this question are to illustrate the point that more digits results in a more homogeneous grouping. They may or may not be actual NAICS codes. PTS: 1 REF: 110 Thinking KEY: CB&E Model Research OBJ: 07-5 TOP: AACSB Reflective MSC: BLOOMS Application 33. NAICS data are helpful for analyzing, segmenting, and targeting markets. The system was developed by: a. large manufacturers in United States and Mexico that produce similar goods b. the North American Free Trade Agreement partners c. Brazil, Chile, Argentina, Canada, and the United States working together in a joint venture d. the SIC committee e. the U.S. government ANS: B NAICS is an industry classification system that replaced the standard industrial classification (SIC) system in 1997 for the North American Free Trade Agreement partners. The partners include the United States, Canada, and Mexico. PTS: 1 REF: 110 Thinking KEY: CB&E Model Research OBJ: 07-5 TOP: AACSB Reflective MSC: BLOOMS Knowledge 34. Managers can use the NAICS data to: a. b. c. d. e. create a more focused mission statement eliminate risk classify consumer behavior identify potential new customers determine purchase motives ANS: D NAICS data can be converted to market potential estimates, market share estimates, and sales forecasts. It can also be used for identifying potential new customers. PTS: 1 REF: 110 Thinking KEY: CB&E Model Research OBJ: 07-5 TOP: AACSB Reflective MSC: BLOOMS Comprehension 35. All of the following are demand characteristics of business markets EXCEPT: a. inelastic demand b. fluctuating demand c. joint demand d. stable demand e. derived demand ANS: D Business markets are characterized by derived demand, inelastic demand, joint demand, and fluctuating demand. PTS: 1 REF: 110 Thinking KEY: CB&E Model Customer OBJ: 07-6 TOP: AACSB Reflective MSC: BLOOMS Analysis 36. The demand for consumer goods often affects the demand for business products. This characteristic of business markets is called _____ demand. a. elastic b. inelastic c. fluctuating d. derived e. joint ANS: D The demand for business products is called derived demand because organizations buy products to be used in producing their customers’ products. PTS: 1 REF: 110 Thinking KEY: CB&E Model Customer O...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern