Deck 10: Marketing Challenges for Entrepreneurial Ventures

Question 1

The role of the customer in social media marketing is as an external source of intelligence and feedback.

Answer 1

False

Question 2

Shopping goods are products that consumers take time to examine carefully and compare for quality and price.

Answer 2

True

Question 3

Social media marketing is the application of online collaborative media for marketing purposes.

Answer 3

True

Question 4

A consumer driven marketing philosophy often relies on direct selling.

Question 5

Geographic flexibility is greater for telephone interviews than for in-person interviews.

Question 6

Marketing planning is the process of determining a clear, comprehensive approach to the creation of customers.

Question 7

Control versus communication is an important distinction between social media marketing and traditional marketing.

Question 8

In the marketing shift from the 4Ps to the 4Cs, price shifts to choice and promotion shifts to communities.

Question 9

Only major strategic decisions need to be supported through marketing research.

Question 10

Marketing information that has already been compiled is known as secondary data.

Question 11

Most firms generally gather primary data and then see if there is secondary data to supplement it.

Question 12

It is usually more expensive to gather secondary data than primary data.

Question 13

Effective marketing is based on three key elements: marketing philosophy, market segmentation,
and consumer behavior.

Question 14

A marketing information system compiles and organizes data according to a customer's sex, age, and geographic location.

Question 15

Mobile social media applications can be differentiated based on location-sensitivity as well as on time-sensitivity.

Question 16

Marketing research involves the gathering of information about a particular market, followed by analysis of the information.

Question 17

Babies and career are indicative of the priorities that shape the buying decisions of persons in the nestbuilding stage of the family life cycle.

Question 18

The first step in marketing research is to gather primary data.

Question 19

A firm's pricing structure dictates almost no knowledge to customers.

Question 20

Sales forecasting is a process of projecting future sales through educated guesses.

Question 21

When developing a survey, you should consider

A) including questions only pertaining to the study.
B) ask leading and biased questions.
C) giving concise but incomplete instructions.
D) the personality of the respondents.

Question 22

Which of these survey methods is the most expensive to conduct?

A) phone surveys
B) interviews
C) mail surveys
D) all are of equal cost

Question 23

The 4Ps of marketing include all the following except:

A) principle
B) product
C) price
D) promotion

Question 24

Which of the following statements about the marketing skills of great entrepreneurs is True?

A) They demonstrate persistence in their strategies.
B) They have no fears.
C) They are inattentive to details, focusing continually on the big picture.
D) They have clear visions of what they want to achieve next.

Question 25

Pricing procedures are the same for all types of ventures.

Question 26

Secondary data consists of

A) internal data only
B) external data only
C) existing information
D) newly developed primary research

Question 27

In defining research objectives, the entrepreneur should include

A) local weather
B) consumer tastes
C) competitors research objectives
D) market experts

Question 28

Even after marketing research is done, many entrepreneurs are unsure of how to price their products or services.

Question 29

Inhibitors to marketing research include all of the following except:

A) cost
B) irrelevancy
C) complexity
D) distribution

Question 30

All of the following techniques are used in gathering primary data except

A) observational methods
B) analysis of financial records
C) surveys
D) experimentation

Question 31

The 4Cs of marketing include all the following except:

A) cocreation
B) communities
C) choice
D) continuity

Question 32

Which of these survey methods has the lowest nonresponse rate?

A) phone interviews
B) personal interviews, door to door
C) Internet surveys
D) mail surveys

Question 33

Which one of these survey methods typically has the lowest respondent cooperation?

A) personal interviews, mall intercept
B) personal interviews, door to door
C) phone surveys
D) mail surveys

Question 34

A market is

A) a group of consumers who have purchasing power and unsatisfied needs
B) a way of gaining consumer data
C) a segment of the economy
D) a group of known purchasers

Question 35

Pricing for the product life cycle is generally ineffective for luxury goods.

Question 36

Surveys include contact by

A) mail
B) telephone
C) personal interviews
D) all of the above

Question 37

Which of the following is not a method of collecting primary data?

A) review of government publications
B) telephone
C) mail survey
D) observation

Question 38

Pricing the social media age is sometimes based on a model that offers basic levels of service for free.

Question 39

Skimming is setting prices at such a low level that products are sold at a loss.

Question 40

The key to marketing analysis is

A) secondary data
B) psychographic information
C) marketing research
D) marketing response data

Question 41

__________ is the use of portable wireless devices to connect to the Internet.

A) Entrepreneurial marketing
B) Networking
C) Mobile computing
D) Social media marketing

Question 42

Which of the following are the two major variables needed to identify specific market segments?

A) demographic and benefit.
B) demographic and geographic.
C) geographic and benefit.
D) economic and financial.

Question 43

The purpose of marketing research is __________.

A) to gain customers
B) to identify customer
C) to fulfill customer needs
D) to develop new products

Question 44

Psychological characteristics of consumers include which of the following?

A) social class
B) aspiration
C) family influence
D) income

Question 45

The textbook recommends that social media marketers consider three aspects of social media when using social media tools for marketing purposes. What are they?

A) cost, complexity, and relevancy
B) creating something of value, enabling customer promotion, and encouraging participation
C) control, contribution, and distribution
D) resource management, context, and content

Question 46

Of the following, which is not associated with entrepreneurial tactics in market research?

A) guerrilla marketing
B) lead user research
C) in-person interviews
D) blog monitoring

Question 47

A marketing information system compiles and organizes data relating to _______ from the customer base.

A) price
B) revenue
C) demand
D) supply

Question 48

Which of the following statements about entrepreneurial marketing is not True?

A) In entrepreneurial marketing, customers actively define the product.
B) In entrepreneurial marketing, actions are constrained by resources currently controlled.
C) In entrepreneurial marketing, marketers seek sustainable advantage through value-creating innovation.
D) In terms of risk perspective, entrepreneurial marketers seek ways to mitigate, stage, or share risks.

Question 49

Which of the following statements about traditional marketing is not True?

A) In traditional marketing, marketing is seen as an objective, dispassionate science.
B) In terms of risk perspective, traditional marketers seek risk minimization.
C) In traditional marketing, customers are viewed as sources of intelligence and feedback.
D) In traditional marketing, the role of a marketer is that of internal and external change agent.

Question 50

Products that consumers will take time to examine carefully and compare for quality and price are

A) convenience goods
B) shopping goods
C) specialty goods
D) generic goods

Question 51

Marketing segmentation focuses on which variable?

A) characteristics that differentiate consumers
B) market share
C) cyclographic
D) profitability

Question 52

Products or services that consumers make a special effort to find and purchase are

A) convenience goods
B) shopping goods
C) specialty goods
D) generic goods

Question 53

The sales-driven philosophy

A) is based on the belief "produce efficiently and worry about sales later"
B) relies on research to discover consumer preferences before production begins
C) focuses on personal selling and advertising to persuade customers to buy the company's output
D) is strictly cost-driven

Question 54

Several aspects distinguish social media marketing from the traditional marketing. The textbook discusses all of the following except:

A) relevancy
B) control versus contributions
C) trust building
D) two-way communication

Question 55

Of the following, which does the textbook identify as critical to the marketing planning process?

A) market niche
B) market segmentation
C) marketing research
D) marketing myopia

Question 56

Market segmentation is

A) the process of categorizing products into different segments
B) the process of identifying a specific set of characteristics that differentiate one group of consumers from the rest
C) the process of segmenting the sales force
D) heavily psychographic in nature

Question 57

Which of the following influences the choice of marketing philosophy?

A) competitive pressure
B) economic outlook
C) Dow Jones Industrial averages
D) cost of living index

Question 58

Which of the following is a marketing philosophy that focuses on personal selling?

A) computer-driven philosophy
B) sales-driven philosophy
C) consumer-driven philosophy
D) cost-driven philosophy

Question 59

All of the following are identified as stages in consumer buying behavior, according to the family life cycle, except:

A) full nest
B) courtship
C) specialty occasion
D) sole survivor

Question 60

Which of the following is a demographic variable?

A) weight
B) hair color
C) attitude
D) income

Question 61

What part of the marketing plan emphasizes the factors that contribute to a firm's competitive edge?

A) the appraisal of marketing strengths and weaknesses
B) the development of marketing strategies
C) the setting of pricing structures
D) the conducting market research

Question 62

Sometimes consumers associate a higher price with

A) higher product quality
B) supply interruptions
C) discounted cash flows
D) product complexity

Question 63

All of the following factors affect pricing strategies except:

A) degree of competitive pressure
B) government mandates
C) changes in demand
D) distribution costs

Question 64

Explain the new marketing concept?

Question 65

Identify and describe one shortcoming of a sales-driven marketing philosophy?

Question 66

What three important aspects of social media marketing should entrepreneurs be aware of?

Question 67

Of the following pricing models, which is not indicative of pricing in the social media age?

A) the subscription model
B) the freemium model
C) the affiliate model
D) the growth stage model

Question 68

What is penetration pricing?

A) setting price to maximize profit
B) setting price to maximize market share
C) setting price to switch customers to new product lines
D) setting price to match the competition

Question 69

What is the purpose of loss-leader pricing?

A) to gain market share
B) to maximize profit
C) to allow for future price increases
D) to switch customers to new products

Question 70

What is guerrilla marketing?

Question 71

What is skimming?

A) setting price to maximize profit
B) setting price to maximize market share
C) setting price to switch customers to new product lines
D) setting price to match the competition

Question 72

Which of the following is not a key factor affecting a marketing information system?

A) size of the system
B) usefulness or understandability of data
C) timeliness of the reporting system
D) relevancy of data

Question 73

What is meant by pricing for the life cycle?

A) that pricing needs to be adjusted at each stage in a product's life cycle
B) that pricing needs to be increased at each stage in a product's life cycle
C) that pricing of new products needs to start out low and end high
D) that pricing of new products needs to start out high and end low

Question 74

What is skimming and what are its effects?

Question 75

What types of research questions might be asked about a firm's advertising?

Question 76

Identify and describe two pricing models pertinent to the social media age?

Question 77

The final critical factor in the marketing-planning process is

A) analysis
B) cost projection
C) sales forecasting
D) evaluation