Deck 4: Marketing: The Customer

Question 1

Traditional marketing was "two-way" from the venture to the customers and back.

Answer 1

False

Question 2

Price Elasticity refers to how responsive demand will be in response to a change in the price.

Answer 2

True

Question 3

Monopolistic competition has only one seller or producer, and no substitutes for the desire good or service exist.

Answer 3

False

Question 4

Restaurants are often examples of Monopolistic Competition

Question 5

A company with a patent for a specific product required by many is an example of a oligopoly.

Question 6

Social Media marketing requires two-way communication between the business and the consumers.

Question 7

Traditional marketing methods seek to control the content seen by the audience and attempt to dominate the competitors' message.

Question 8

Social Media platforms must be generic so that they reach as global of a population as possible

Question 9

The "4 I's" of building a comprehensive mobile social media marketing strategy include individualization, involvement, imitation, and integration

Question 10

According to the book, pure competition is of most concern to the new venture owner.

Question 11

What are the "4 I's" of building a comprehensive mobile social media marketing strategy?

A) Individualization, involvement, imitation, integration
B) Integration, individualization, imitation, initiation
C) Integration, individualization, involvement, initiation
D) Integration, imitation, involvement, initiation

Question 12

__________ as a means of establishing a mutually beneficial relationship with the platform participants. Social media is a key way to build relationships.

A) Categorize
B) Collaborate
C) Contribute
D) Convert

Question 13

Which one of these is a strategy for new ventures to stay competitive with the bigger players in the market?

A) Targeting high end customers
B) Creating an online presence
C) Making connections in the community
D) All of the above

Question 14

An In-store interview is an example of what kind of survey research method?

A) Local Statistics
B) Sales Analysis
C) Focus Group
D) Other

Question 15

What is the main benefit of Focus Groups?

A) Provides significant quantitative data
B) Provides answers to a significant amount of questions easily within the place of business
C) Provides a method to compile a profile of the local community
D) Provides significant qualitative data within a short time period

Question 16

What is the first step in conducting a marketing research survey?

A) Formulate a statement of the problem or goal
B) Analyze the Situation
C) Design the research
D) Carry out the survey

Question 17

What type of marketing research is easily conducted from data already retrieved from the place of business?

A) Sales Analysis
B) Specialized Surveys
C) Mail Survey
D) Focus Groups

Question 18

Which of the following is Not a market niche danger signal?

A) Customers leave the store without buying anything
B) Employees appear indifferent and make customers wait unnecessarily
C) Salespeople over-communicate their knowledge of the store's merchandise
D) Customers do not buy additional items or trade up

Question 19

What is a Market Niche Danger Signal?

A) A signal that the sales of a business are expanding beyond its market niche
B) Signals that the only sales of the business come from the store's market niche
C) Signals that the store's group of market niche customers is eroding
D) A signal that the market niche for a particular target market is not large enough to support store growth

Question 20

Which of the following is Not a method to remain competitive among major retailers?

A) Specialize
B) Diversify
C) High End
D) Provide Meaning

Question 21

Knowing that you cannot sell a product at a price below a specific level and that your customers also will not buy that same product either above or below a specific level is an example of knowing your:

A) Price Elasticity
B) Return on Investment Control
C) Market Niche
D) Relevant Price Range

Question 22

____________ exists when many independent sellers offer products in the same basic way.

A) Oligopoly
B) Monopoly
C) Monopolistic Competition
D) Pure Competition

Question 23

An ____________ is a market with a few dominant firms.

A) Oligopoly
B) Monopoly
C) Monopolistic Competition
D) Pure Competition

Question 24

____________ exists when and industry has many firms, each producing only a small share of the output demand.

A) Oligopoly
B) Monopoly
C) Monopolistic Competition
D) Pure Competition

Question 25

Demonstration Approaches can be used by which of the following business types?

A) Car dealership
B) Supermarkets
C) Golf Specialty Store
D) All of the above

Question 26

Farmers who sell corn, wheat, and barley typically compete within what type of environment?

A) Oligopoly
B) Monopoly
C) Monopolistic Competition
D) Pure Competition

Question 27

Most new ventures fall into what type of competition?

A) Pure Competition
B) Oligopoly
C) Monopolistic Competition
D) Monopoly

Question 28

A respondent to a survey providing different answers to two questions seeking the same information asked different ways, is an example of what?

A) Dual Needs
B) Question Bias
C) Desire Discrepancy
D) Uncommitted Consumer

Question 29

Which of the following is Not a benefit of Social Media Marketing?

A) Two-Way Communication
B) Trust
C) Controlled Content
D) Consumer Contribution

Question 30

Name and describe four of the strategies business owners need to employ in order to remain distinctive in the eyes of the customers.

Question 31

How does each of the following differ from the others: monopoly, oligopoly, monopolistic competition, and pure competition?

Question 32

What are the most common data collection methods new ventures use for their marketing research? Describe at least two.

Question 33

How is market survey research carried out? Explain the six steps.

Question 34

How can a small retailer compete with a bigger retailer such as Walmart which has a mass appeal?