Deck 11: Small-Busines-Marketing-Strategy-And-Research

Question 1

Treating entire populations of people as potential customers for specific products is known as niche marketing.

Answer 1

False

Question 2

Marketing is more than selling or advertising.

Answer 2

True

Question 3

Whereas market segmentation tells a business owner who might buy the product,developing an understanding of consumer behavior is helpful to learn why people buy the product.

Answer 3

True

Question 4

Characteristics or ways to group people which make them more likely to purchase a product are known as segmentation variables.

Question 5

Your sales forecast will affect all sections of your marketing plan.

Question 6

Marketing strategies should state what should be accomplished and the process to be used to achieve that goal.

Question 7

The build-up method of forecasting sales begins with an estimate of the total market potential for a specific product or an entire industry.

Question 8

According to Peter Drucker,the two basic functions of business are marketing and innovation.

Question 9

Cognitive dissonance is the feeling of internal satisfaction that follows a major purchase.

Question 10

In order to identify the most attractive target markets for a business,characteristics that affect the buying behavior of people should be analyzed.

Question 11

The product alternatives that come into a consumer's mind when considering a purchase are called the elicited set.

Question 12

Marketing research links marketers to suppliers.

Question 13

Two factors leading to more individualized marketing are clutter and technology.

Question 14

Business began adopting the marketing concept in the 1970s.

Question 15

Market segmentation is the process of dividing the total market for a product into identifiable groups or target markets.

Question 16

One of the major advantages that large businesses have over small businesses is close customer contact.

Question 17

Purple cows represent the creation of a competitive advantage.

Question 18

Marketing objectives can be broken into two groups; marketing performance objectives and marketing support objectives.

Question 19

The final step in the consumer purchase decision-making process is the actual purchase.

Question 20

Niche marketing occurs when the marketing mix is adjusted to treat individual persons as separate target markets.

Question 21

Many people have difficulty identifying a problem because they confuse problems with symptoms.

Question 22

The number of products a business plans to sell during a future time period is known as the

A) Product projections
B) Sales predictions
C) Sales forecast
D) Sales estimates

Question 23

The philosophy of a business in which the wants and needs of customers are determined before goods and services are produced is referred to as the

A) Marketing concept
B) Production concept
C) Relationship concept
D) Demand concept

Question 24

Peter Drucker stated that businesses have ____ basic functions.

A) Two
B) Three
C) Four
D) Five

Question 25

The book by Seth Godin discussed at the beginning of the chapter describes a unique approach to visualizing competitive advantage.What is its title analogy?

A) Pink hearts
B) Purple cows
C) Yellow dogs
D) Red Ryders

Question 26

Marketing research should be used with caution.

Question 27

Conducting market research involves a logical five-step process.

Question 28

Businesses that emerge as winners are those that have been proactive rather than reactive.

Question 29

Marketing Research is most useful when customer needs are unspoken or markets are unserved.

Question 30

Marketing objectives must be all of the following except

A) Measurable
B) Time specific
C) Action-oriented
D) Qualitative

Question 31

A ____ can be defined as what the marketing efforts of a business intend to accomplish and how the business will achieve them.

A) Management strategy
B) Financing strategy
C) Marketing strategy
D) Company strategy

Question 32

Market research that does not lead to some type of action is useless.

Question 33

Employees at People 1^st Credit Union are encouraged by management to establish long-term buyer-seller relationships.They strive to learn each customer's name so that they can be greeted as they walk in the door.This is an example of which business concept?

A) Marketing concept
B) Production concept
C) Relationship marketing
D) Customer marketing

Question 34

There are two basic types of customer needs; those that customers can describe and those that customers have without realizing it.

Question 35

Whenever there is a marketing "problem," something is always wrong.

Question 36

When a business attempts to provide its customers with the product or service that the customer wants rather than simply trying to sell goods and services,the business is applying

A) The production concept
B) The marketing concept
C) A focus on quality
D) A focus on innovation

Question 37

The philosophy where companies concentrate their efforts on the product being made is known as which of the following philosophies?

A) "If you make it,they will buy it" philosophy
B) "If they won't buy it,why make it" philosophy
C) Production concept
D) Marketing concept

Question 38

Why might a marketing strategy be especially important to a small business in a service industry?

A) Some services are ones the customer could perform for themselves such as lawn mowing
B) It is more difficult to establish a brand image with intangible services than tangible products
C) Both of the above
D) None of the above

Question 39

Telephone interviews,personal interviews,and mail surveys are methods that small businesses often use to gather primary data.

Question 40

Marketing research conducted by small businesses is always formal and intense.

Question 41

In the Competitive Advantage: Innovation and Sustainability titled "Sometimes the Best Marketing strategy is a Good Defense," the point is made that not all customers are created equal.Customers are classified by their ____ and ____.

A) Location,age
B) Height,weight
C) Value,vulnerability
D) Offense,defense

Question 42

A sales forecast based on an estimate of total market potential for a specific market and projecting the market share a business can capture in any given area at any given time is using what approach?

A) Build-up
B) Guesstimate
C) Break-down
D) Pro forma

Question 43

Which of the following is NOT a segmentation variable difference?

A) Does the location of the customer influence whether or not they buy the product?
B) Does income,age,gender,or lifestyle matter?
C) Does the customer seek a different benefit from the product than do other groups?
D) Does the customer need the product?

Question 44

In the Entrepreneurial Snapshot,who is the primary,niche target market for Jones Soda?

A) Teens and twenty-somethings
B) Weight Watchers
C) Everyone
D) Carnivores

Question 45

Business markets that will succeed must have all but which of the following?

A) A need that the business product can satisfy
B) One-quarter of the population that wants the business
C) Enough people to generate a profit for the business
D) Possession of,and willingness to spend,enough money to generate profit for the business

Question 46

The most common marketing strategy of the 1960s was

A) Individualized marketing
B) Niche marketing
C) Services marketing
D) Mass marketing

Question 47

Breaking down populations of people into groups or target markets is referred to as

A) Consumer recognition
B) Market diversity
C) Market segmentation
D) Regression analysis

Question 48

Babies 'n Things is an independently-owned retail store that aims to compete with the local supercenter by targeting exclusively to young mothers in the upper-middle class.Babies 'n Things is using which marketing strategy?

A) Individualized marketing
B) Niche marketing
C) Services marketing
D) Mass marketing

Question 49

Small businesses are interested primarily in which of the following?

A) Why people desire products
B) Why people want products
C) Why people purchase products
D) Why people comparison shop for products

Question 50

Samantha,an intern at an advertising agency,is asked to review how local markets compare based on geographic,demographic,and psychographic differences.Samantha learns that these are most commonly referred to as

A) Population segments
B) Segmentation variables
C) Diversity statistics
D) Market segments

Question 51

A sales forecast that uses extensive historical sales data looking for a relationship between a dependent variable (past sales)and different independent variables is using what approach?

A) Build-up
B) Regression analysis
C) Break-down
D) Time series

Question 52

William,owner of a small hardware store,likes to forecast sales to better prepare for seasonal fluctuations.He identifies as many target markets as possible and predicts the sales for each based on one-day sales at different times of the year.He then combines the predictions for the various segments to create a total sales forecast.Which sales forecasting method is William using?

A) Build-up method
B) Break-down method
C) Qualitative method
D) Quantitative method

Question 53

The Black Box stimulus-response model of consumer behavior is based upon the work of

A) Henry Mintzberg
B) Frederic Herzberg
C) Henri Fayol
D) Kurt Lewin

Question 54

Market segmentation is the process of dividing the total market for a product into ____.

A) General markets
B) Novice markets
C) Target markets
D) Mass markets

Question 55

Information on consumer behavior comes from all but which of the following fields?

A) Psychology
B) Sociology
C) Biology
D) Geology

Question 56

The average American household spends approximately ____ hours per week watching television.

A) 20
B) 50
C) 65
D) 92

Question 57

Adjusting the marketing mix of a business to treat individual persons as separate target markets is known as

A) Mass marketing
B) Niche marketing
C) Individualized marketing
D) Personalized marketing

Question 58

Segmenting populations of people into smaller target markets is known as

A) Individualized marketing
B) Personalized marketing
C) Sub-target marketing
D) Niche marketing

Question 59

A sales forecast based on estimation of daily sales that are then projected for weeks,months,and years with seasonal adjustments is using what approach?

A) Build-up
B) Guesstimate
C) Break-down
D) Pro forma

Question 60

A forecasting method that uses historical sales data to identify patterns over a period of time is referred to as

A) Build-up method analysis
B) Regression analysis
C) Time series analysis
D) Qualitative analysis

Question 61

____ is a way to answer questions about customers' changing wants and needs.

A) Market search
B) Market research
C) Market tests
D) Market analysis

Question 62

The first step in the decision-making process that leads to a purchase is

A) Problem recognition
B) Information search
C) Alternate evaluation
D) Post-purchase evaluation

Question 63

The primary factor that looms as a reason for an increase in the amount of time and money that small businesses should spend on marketing research is

A) Poor economy
B) Lawsuits
C) Competition
D) Changing conditions

Question 64

The steps of the decision-making process in order are

A) Purchase,post-purchase evaluation,problem recognition,information search,alternative evaluation
B) Information search,problem recognition,alternative evaluation,purchase,post-purchase evaluation
C) Problem recognition,information search,alternative evaluation,purchase,post-purchase evaluation
D) Problem recognition,alternative evaluation,information search,purchase,post-purchase evaluation

Question 65

One creative discount merchant conducted an in-store marketing research project using

A) Trash
B) Finger paint
C) Peanuts
D) Marshmallows

Question 66

A clearly stated,concisely worded problem must be created in order to generate

A) A plan
B) A conclusion
C) Usable information
D) Data

Question 67

Most businesses spend between ____ and less than ____ conducting marketing research on their last product or service launched.

A) One to six months,$1,000
B) Seven to eight months,$1,500
C) One to six months,$1,500
D) Seven to eight months,$1,000

Question 68

The five steps of the marketing research process,in order,are which of the following?

A) Develop plan,identify problem,collect data,analyze data,draw conclusions
B) Identify problem,develop plan,collect data,analyze data,draw conclusions
C) Identify problem,collect data,develop plan,analyze data,draw conclusions
D) Draw conclusions,identify problem,develop plan,analyze data,collect data

Question 69

Sandra is excited about going shoe shopping with her friends later in the day.Before she goes,she thinks about the stores she wants to visit and the brands that she would like to try.These are all part of Sandra's

A) Evoked set
B) Cognitive dissonance
C) Black box
D) Market segment

Question 70

____ is the remorse that potential buyers feel after making a major purchase.

A) Purchase remorse
B) Cognitive dissonance
C) Post-purchase stress
D) Cognitive dispersion

Question 71

When planning a marketing research project,the researcher should do all but which of the following?

A) Identify the type of information that is needed
B) Identify primary and secondary sources of data
C) Use the method of research that provides the best data,no matter how much time,money,or personnel it takes
D) Select a sample that represents the population being studied

Question 72

____ sources of information should be checked first since they are less expensive.

A) Primary
B) Preliminary
C) Secondary
D) Subsequent

Question 73

Which of the following is a black box influence that is internal to the consumer's mind?

A) Demographic factors
B) Lifestyle
C) Method of payment
D) Motives and needs

Question 74

All of the following are reputable online survey tools except

A) Zoomerang
B) SurveyMonkey
C) Survey Gizmo
D) Surveys R Us

Question 75

Buyer's remorse is also known as

A) Evoked set
B) Cognitive dissonance
C) Black box consumer behavior
D) Market segmentation

Question 76

Secondary data can be defined as being

A) Data sources which are not as good as the initial data found
B) Data sources which already exist
C) Data sources which should be listed after primary data sources in the bibliography
D) Data sources which must be collected by the researcher and analyzed

Question 77

____ can be defined as the function which links consumers to marketers in order to improve marketing efforts.

A) Market research
B) Market tests
C) Market strategies
D) Market analysis

Question 78

The Black Box title is appropriate because it represents

A) What goes into the customer's mind that remains hidden from the business
B) What customers do not want others to know
C) What businesses do not want others to know
D) What goes into the mind of the business that remains hidden from customers

Question 79

Closeness to customers is a/an ____ to small businesses in understanding the internal influences that are occurring in customers' minds.

A) Disadvantage
B) Advantage
C) Method
D) Competitive advantage

Question 80

Many people have a hard time with identifying the problem,the first step of the marketing research process,because they

A) Are novices
B) Are too experienced to follow the correct procedures
C) Confuse problems with symptoms
D) Draw conclusions too quickly