MKT200 Unit 2 Quiz #1

29 Jun MKT200 Unit 2 Quiz #1

Question
Question 1

5 out of 5 points

Which of the following is most essential to any definition of marketing?

demand management

the production concept

customer relationships

making a profit

Question 2

5 out of 5 points

When backed by buying power, wants become:

social needs

demands

physical needs

exchanges

Question 3

5 out of 5 points

The art and science of choosing target markets and building profitable relationships with them is called:

selling

segmentation

positioning

Correct marketing management

Question 4

5 out of 5 points

Which of the following best explains why consumers have greater power and control in today’s marketplace?

The production concept and competition have lowered prices.

Through new communication technologies, customers have more access to information and more methods of sharing their opinions with other customers.

Implementation of the product concept has resulted in continually improving products.

Customer-driven marketing creates goods and services that meet customers’ future needs.

Question 5

5 out of 5 points

The act of obtaining a desired object from someone by offering something in return speaks most closely to:

needs, wants and demands

market offerings

value and satisfaction

Correct

exchange relationships

Question 6

5 out of 5 points

The set of benefits a company promises to deliver to its consumers to satisfy their needs is called:

a money-back guarantee

low pricing

a value proposition

good customer service

Question 7

5 out of 5 points

Each department in a company that carries out value-creating activities can be thought of as a link in the company’s:

market development

product development

business portfolio

Correct value chain

Question 8

5 out of 5 points

The place a product occupies in the consumer’s mind relative to competitors’ products is termed:

product placement

product position

market segmentation

market targeting

Question 9

5 out of 5 points

In the four P’s of the marketing mix, design, packaging, services, and variety all fall under the category of:

product

price

promotion

place

Question 10

5 out of 5 points

Instead of thinking of selling products, marketers would be wise to take the customer’s view and think of:

providing convenience

initiating two-way communication

offering discounts

offering solutions to problems

Question 11

5 out of 5 points

Regarding customer relationship groups, a long-term customer who has a very low contribution to overall profits is called a:

butterfly

true friend

barnacle

stranger

Question 12

5 out of 5 points

A product with a low market growth rate and relatively high market share is known in the Growth-Share Matrix as a:

dog

cash cow

star

question mark

Question 13

5 out of 5 points

If you want to sell new products to new markets, you are using a strategy called:

market penetration

product development

market initiation

diversification

Question 14

5 out of 5 points

Your marketing department is currently researching the size, density, location, age, and occupations of your target market. Which environment is being researched?

psychographic

economic

demographic

geographic

cultural and social

Question 15

5 out of 5 points

Which of the following descriptions most accurately characterizes the baby boomers?

They are aging and slowing down.

They are a shrinking market for new housing and home remodeling.

They are past their peak earning and spending years.

They hold 70% of the country’s financial assets.

They were largely unaffected by the recent recession.

Question 16

5 out of 5 points

What is the first step in the marketing research process?

developing a marketing information system

defining the problem and research objectives

developing the research plan for collecting information

implementing the research plan

interpreting data and deciding on type of research

Question 17

5 out of 5 points

Secondary data consists of information:

that already exists somewhere but is outdated

that does not currently exist in an organized form

that is used by competitors

that the researcher can only obtain through surveys and observation

Question 18

5 out of 5 points

Companies who use brand ambassadors are using a specific technique called:

opinion leading

Correct buzz marketing

direct marketing

values marketing

Question 19

0 out of 5 points

Researchers found that a number of well-known brands tended to be strongly associated with one particular trait, such as JetBlue with “being human”. Which of the following terms would a marketer use to describe a specific mix of traits that may be attributed to a particular brand?

brand personality

product image

product perception

brand equity

Question 20

5 out of 5 points

You are bringing out a new product and want to be sure to reach those customers who will influence the choices of others. Which group will you target to carry your message?

early adopters and innovators

laggards and late mainstream customers

early mainstream and early adopters

innovators and early mainstream