MKT301 Quiz 2 (January 2019)

MKT 301 Principles of Marketing

Quiz 2

Question 1Regardless of where you travel in the world, a Starbucks looks like a Starbucks. They remain very consistent. What type of global strategy are they using?

Conformation

Adaptation

Market consistency

Standardization

Coffee con leche

Question 2Which of these is the best definition of the segmentation concept of “persona”

The promotional strategy a firm uses for a given segment

The lifetime value a firm assigns to a group of consumers

The personality of any given segment of consumers

A name and a set of characteristics that describe the segment

The psychographic traits that define a group of consumers

Question 3What is the first step in the marketing research process?

deciding the research design

selecting which consumers we will study

selecting our primary research plan

determining the business or managerial problem we are solving

getting a good grade in applied decision methods

Question 4Dave plans to include Saint Leo’s core values in his new social media platform. If he wants to appeal to students that believe strongly in our values what type of segmentation is he using?

Social

Psychographic

Ethical

Demographic

Cultural

Question 5For a sample to be truly random what must be true

it must distinguish between different members of the population

it must focus on only those fitting a specific profile

a sample can never be truly random – there is always bias

all members of the population must have an equal chance of being selected

the sample must contain some members of all ages and races

Question 6Age, gender, income, education, family size and national origin would be used in what type of segmentation?

Psychographic

Demographic

Seasonal

Occasion

Geographic

Question 7Which of the following would you expect to have a short product lifecycle?

bottled water

peanut butter

pickup trucks

teen fashion

soft drinks

Question 8Which of these best describes the marketing practice of the selling concept?

It focuses on a “hard sell” of product goods even if the consumer is not looking for them

It is considered to be very consumer friendly

It tends be build a strong lifetime value with the consumer

It is responsible for building strong brand loyalty

It benefits customers more than many other marketing strategies

Question 9Retailers such as LUSH are targeting customers that are concerned about the impact their purchases have on the environment and society. What trend in retailing best describes this?

Socially conscious retailing

Tree hugger retailing

Green retailing

Progressive retailing

Micro target retailing

Question 10Outdoor World has everything any hunter or fisherman could want, all under one roof including a display of hunting trophies and a swimming pool full of bass to test fishing gear. What kind of retailer is Outdoor World?

Socially conscious retailing

Destination retailing

NRA retailing

Gender targeted retailing

Micro target retailing

Question 11The firm that makes Betty Sue’s Down Home Pork Rinds found that their best customers enjoy NASCAR, pro wrestling, family gatherings, and are politically conservative. These are considered to be the __________ of the market segment

psychographics or lifestyle

customer attributes

demographics

media choices

social planning elements

Question 12The quantitative (numerical) segmentation factors that help a marketing manager decide where, and to whom, to sell the firm’s products such as age, race, gender, and income are known as:

communications planning

market planning

lifestyle choices

numeric profile

demographics

Question 13Research and experience shows that most supermarkets are able to draw customers from approximately a five mile radius; however, Trader’s Joe’s draws from a much larger area due to their image and special products. If Trader Joe’s uses this phenomenon in developing a persona for a group of customers, this would be an example of what type of segmentation?

Demographic

Price

Psychographic

Geographic

Branded

Question 14Better Value Shoes is planning to conduct some market research to determine their strategy for the next year. What is the FIRST step in their process?

Selecting a primary research method

Using the secondary research they already have

Selecting their target audience

Determining the business problem and research objectives

Writing a report on their proposed outcomes

Question 15 Better Value is planning on conducting a series of focus groups. What type of research are they conducting?

Exploratory

Secondary

Segmented

Primary

Customer focused

Question 16 Better Value has years of industry records showing what shoes sold best in what stores and at what time of year. They have assigned their intern Susan to dig through these records and write a report. What type of research is she conducting?

Internal

Sales

Financial

Exploratory

Secondary

Question 17Better Value Shoes is planning on surveying consumers regarding what is most important to them when shopping for shoes. If they want a truly random sample what must be true of those that are selected to participate?

They must give honest answers

They must be in the target audience

They must each have an exactly equal chance of being selected to participate

They must agree to be in the research

All of them must be customers of Better Value

Question 18The process of products entering the market, growing in sales and then being replaced is called the ___________________.

Supply chain

Marketing cycle

Product mix

Product lifecycle

None of these

Question 19Famous Foods has a brand of mayonnaise that is hugely popular ad has been a household staple for years. In which phase of the product lifecycle is the mayo?

Stable

Cash cow

Market leader

Mature

Consumer favorite

Question 20Famous Foods introduced a new brand of holiday candy that briefly popular, however sales have dropped quickly and they are discounting the product to move out of inventory. In which phase of the product lifecycle is the candy?

Inventory reduction

Clearance

Loss leader

Replacement

Decline