BUSI 330 Quiz 3

BUSI 330 Quiz 3 Liberty University

1. The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts is referred to as the
2. Penningtons Superstore, which specializes in plus-size fashions for women, wanted to determine if it should add a line of plus-size junior wear. To compare the effectiveness of offering products for the teenage market in current stores versus opening separate teen-only stores, researchers plan to distribute questionnaires to current shoppers to solicit their opinions, set up focus groups with plus-size teens, and locate helpful secondary research. This is which step of the marketing research approach?
3. Figure 7-5 shows how marketing researchers and managers use information technology to turn information into marketing actions. What does D represent?
4. Once the problem has been defined, the market researcher proceeds to the second step of the five-step marketing research approach.
5. DirectProtect is an insurance provider that uses telemarketers rather than insurance agents to sell insurance and deal with claims. It wants to pursue new markets, but with some idea of how successful its sales efforts will be. Researchers invited a group of eight insured people to its headquarters to discuss their attitudes about home and auto insurance and awareness of DirectProtect. Responses were gathered on paper as data.
6. The Minnesota Twins, a professional baseball team, wanted to develop creative ways to boost sagging attendance at ball games. The Twins hired a moderator who, after every home game during the month of July, led informal discussions with groups of 8 to 10 fans to find out what they did and did not like about the baseball team and their experience at the stadium. Discussions were videotaped for later review. These research sessions are called
7. A picture or verbal description of a product or service a firm might offer for sale is referred to as
8. Which of the following would be best used to forecast the opening weekend box office sales for a new movie? Figure 7-5 shows how marketing researchers and managers use information
9. technology to turn information into marketing actions. What does C represent?
10. In marketing, a conscious choice made from among two or more alternatives is referred to as
11. Figure 8-6 shows the market-product grid for a Wendy’s restaurant next to a large urban university campus. The best way to describe how the student market is segmented is
12. Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as
13. The segmentation strategy used by Prince Sports today is
14. The best segmentation approach for business firms is the one that
15. A study by the Aberdeen Group analyzed which segmentation bases were used by the 20 percent most profitable organizations of the 220 surveyed. Which segmentation base did these organizations use the most?
16. Market segmentation refers to
17. Building open and honest relationships with communication is an example of one of Zappos’
18. Wonk is a unique furniture company that design, builds, and retails in Brooklyn, NY. You can customize your design with creative input, including personalizing items with wood and lacquer options or environmentally conscious materials and finishes, though the options are not unlimited. Wonk relies on
19. The perceptual map in Figure 8-8 shows adult perceptions for beverages. Suppose a marketer is introducing a new beverage that is higher-than-average in nutrition and is intended for adults. It will probably be most useful to promote the drink as similar to what?
20. The quantity consumed or patronage (store visits) during a specific period is referred to as
21. In the marketing map above, the annual growth rate in each state is shown. There are 11 “good” states (CA, NV, AZ, NM, CO, TX, LA, MN, IL, GA, and FL) and 15 “bad” states, meaning very poor states (ID, UT, NE, IA, OH, WV, NC, PA, MD, NJ, CT, RI, VT, NH, and ME). If you were a marketing manager faced with this dashboard, which of the following would be the best action?
22. Which of the following are a type of business products known as support products?
23. The inventory costs for airlines is high because they
24. You greatly admire a set of Waterford crystal serving bowls you see at a dinner party and decide to buy two despite their cost of $250 each. They are only available in your area in a Waterford shop 40 miles from campus. Into which classification of consumer products would the Waterford crystal serving bowls fall?
25. A good, as opposed to a service or an idea, has tangible attributes that a consumer’ can perceive.
26. The stage of the new-product process that positions and launches a new product in full-scale production and sales is referred to as
27. Distribution is very limited and brand status is stressed in marketing which of the following consumer product types?
28. The screening and evaluation stage of the new-product process involves
29. Generating insights leading to marketing actions based on massive numbers of people’s ideas is called
30. A product is a good, service, or idea consisting of that satisfy consumers’ needs and is received in exchange for money or something else of value.