2. (TCO 1) A decision is (Points : 3)
a conscious choice to select the only possible alternative.
a conscious choice between one positive alternative and all other negative alternatives.
a conscious choice from among two or more alternatives.
an unconscious choice of the alternative which presents the least amount of risk.
an unconscious choice of the alternative which presents the greatest possible assurance of success.
3. (TCO 1) Research objectives are the (Points : 3)
restrictions placed on potential solutions by the nature of the research.
criteria or standards used in evaluating proposed solutions to the research.
goals the decision maker seeks to achieve in conducting the marketing research.
conjecture about factors or situations that simplify the problem enough to allow it to be solved using the proposed research.
specific goals an organization seeks to achieve and by which it can measure its performance.
4. (TCO 1) A test market is an example of which type of marketing research? (Points : 3)
5. (TCO 1) One test of whether marketing research should be done is (Points : 3)
whether different outcomes will lead to different marketing actions.
whether different outcomes will lead to the unrelated marketing actions.
using a jury of executive opinion to interpret the data.
agreeing to take action only if the decision is unanimous.
if top management has the final say on actions taken after research is completed.
6. (TCO 3) A picture or verbal description of a product or service a firm might offer for sale is known as a(n) (Points : 3)
7. (TCO 1) The two main types of data are (Points : 3)
independent and dependent.
primary and secondary.
Comprehension and factual.
extraneous and experimental.
measurable and non-measurable.
8. (TCO 3) The process of segmenting a market and selecting specific segments as targets is the link between __________ and the organization's marketing program. (Points : 3)
self-regulatory industry standards
controllable environmental factors
9. (TCO 3) MyTwinn makes dolls that look like young girls. For $119 they will make a doll that looks just like a photograph. So, if you send in the money and a photo of your young niece, she could have a doll that is her twin! This is an example of (Points : 3)
how the 80/20 rule is implemented.
10. (TCO 6) There are five steps involved in segmenting and targeting a market. What should a marketer do once he or she has selected a target market? (Points : 3)
create product groupings
develop a market-product grid
estimate size of market
take marketing actions to reach that target market
form prospective buyers into market segments
11. (TCO 6) Potential buyers within a segment should be (Points : 3)
difficult to reach to prevent competitors from reaching them first.
similar to buyers among different segments.
similar in terms of a marketing action.
high cost to assign to segments.
interested in direct mail services.
12. (TCO 3, 5 & 6) A market-product grid is a framework to relate the market segments of potential buyers to (Points : 3)
estimated expenses for products sold.
total anticipated revenue.
total anticipated profit.
market share compared to closest competitor.
products offered or potential marketing actions by an organization.
13. (TCO 6) Which of the following is a criterion used for selecting a target segment? (Points : 3)
potential for increased profit
similarity of needs of potential buyers within a segment
difference of needs of buyers among segments
potential of a marketing action to reach a segment
compatibility with the organization s objectives and resources
14. (TCO 3, 5 & 6) What does the term product positioning refer to? (Points : 3)
a careful analysis of cross tabulations
shelf locations in major chain, grocery, and department stores
geographic segmentation, often within major metropolitan areas
the place a product offering occupies in consumers' minds on important attributes
an old and outdated concept no longer worthy of consideration in marketing planning
15. (TCO 3, 5 & 6) Which of the following data are collected from consumers to develop a perceptual map for a particular product? (Points : 3)
a listing of all prospective brands and products
managerial judgments about how consumers perceive products
identification of the important attributes for a product class
rank order of the ratings of an existing brand's preference relative to its competitors
All of the above types of data are collected from consumers.
16. (TCO 1, 3, 5 & 6) A __________ is a group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range. (Points : 3)
17. (TCO 1, 3, 5 & 6) The Federal Trade Commission considers a product new only (Points : 3)
for a period of six months after it enters regular distribution.
for a period of one year after it enters regular distribution.
until a similar product is introduced by a competitor.
until a newer version of the same product is produced.
for a period of seventeen years at which time patent rights are returned to the public domain.
18. (TCO 1, 3, 5 & 6) When General Foods introduced Post Cereals with freeze-dried fruits, people found that by the time the fruit had absorbed enough milk, the flakes were soggy. Why did this product fail? (Points : 3)
poor product quality
insignificant point of difference compared to competitive offerings
too little market attractiveness
poor execution of the marketing mix
no economical access to buyers
19. (TCO 1, 3, 5 & 6) The stages a firm goes through to identify business opportunities and convert them into salable goods or services are called the (Points : 3)
strategic management process.
idea generation process.
20. (TCO 3 & 6) The market testing stage of the new-product process often involves test markets or purchase laboratories in which the dependent variable is (Points : 3)
21. (TCO 1, 3, 5 & 6) Lack of profit in the introductory stage of the product life cycle is very often the result of (Points : 3)
insufficient allocation of resources to the marketing mix.
poor selection of distribution channels.
large investment costs in product development.
ineffective execution of the marketing program.
22. (TCO 1, 3, 5 & 6) When the Floral Council advertises giving flowers as a thoughtful and appreciated gift for any occasion it is trying to stimulate __________ demand. (Points : 3)
(TCO 1, 3, 5 & 6) The stage in the product life cycle labeled A in above Figure is called (Points : 3)
24. (TCO 1, 3, 5 & 6) Which of the following is a characteristic of the growth stage of the product life cycle? (Points : 3)
advertising emphasis switches to selective demand
growing proportion of initial purchasers to repeat purchasers
product features remain unchanged
profit margins increase as sales increase
All of the above are characteristics of the growth stage of the product life cycle.
25. (TCO 1, 3, 5 & 6) The stylized blue and white waves in an oval shape that appear on every package of Ocean Spray brand products is an example of a (Points : 3)