Question 1

The ________ consists of all possible buyers with the need and financial resources for a specific product.&#10;A) segment&#10;B) cross sellers&#10;C) actual market&#10;D) market potential

Accepted Answer

The market potential refers to the total demand that exists within the actual market, which consists of all the possible buyers who have the need and financial resources to purchase a specific product. Therefore, option D is the correct answer. Option A (segment) refers to a subgroup of the market that has similar needs and characteristics, while cross sellers (B) refer to businesses that sell complementary products to the same customer base. The actual market (C) refers to the customers who have actually purchased a product, which may not be representative of the total market potential.

Question 2

A staircase analysis is a tool used by marketers to ________.&#10;A) develop specific objectives&#10;B) create innovative products&#10;C) assess competitors' strengths&#10;D) analyze strategic business units

Accepted Answer

A staircase analysis is used to develop specific objectives for marketing campaigns. It involves breaking down a larger marketing goal into smaller steps or "stairs" that can be achieved in a specific time frame. This allows marketers to create a clear plan of action and track progress towards their overall objective.

Question 3

Which term refers to the amount of business a firm receives from a customer?&#10;A) purchase rate&#10;B) share of wallet&#10;C) cross buying&#10;D) market share

Accepted Answer

Share of wallet refers to the amount of business a firm receives from a customer, compared to the total amount of business the customer conducts. A high share of wallet means that the customer is loyal to the firm and prefers to do most of their business with them. The other options are not directly related to the amount of business from a customer - purchase rate refers to how often a customer makes a purchase, cross buying refers to when a customer purchases additional products from the same firm, and market share refers to the percentage of total market sales a firm has.

Question 4

When using a staircase analysis,what is the first question that should be asked?&#10;A) How many customers are completely satisfied?&#10;B) What brand awareness exists in the market?&#10;C) What is the market potential?&#10;D) What is the market share?

Accepted Answer

The first question when using a staircase analysis should be about the market potential, as this will help establish a baseline for future analysis and understanding of the market. It will also help to determine how much growth potential there is in the market and what opportunities exist for businesses to succeed.

Question 5

What is the most narrow category of a staircase analysis?&#10;A) repeat customers&#10;B) purchase rate&#10;C) satisfied customers&#10;D) cross selling

Accepted Answer

The answer of What is the most narrow category of...

Question 6

A customer who buys ________ is a cross-buyer.&#10;A) one product when a vendor has discounted prices&#10;B) one product from a vendor on a regular basis&#10;C) multiple products from many vendors&#10;D) multiple products from one vendor

Accepted Answer

A cross-buyer is a customer who purchases multiple products from one vendor.

Question 7

Aided recall and unaided recall are methods for measuring ________.&#10;A) brand loyalty&#10;B) share of wallet&#10;C) brand awareness&#10;D) market potential

Accepted Answer

Aided recall and unaided recall are both methods used in market research to measure brand awareness, which is the extent to which consumers are able to recognize or recall a brand without being prompted (unaided) or with some form of assistance (aided). These methods are commonly used to evaluate the effectiveness of marketing campaigns and to identify areas where brand recognition can be improved. Option A (brand loyalty) and Option B (share of wallet) are not directly related to the methods of aided and unaided recall, while Option D (market potential) is a broader concept that encompasses factors such as market size, consumer demographics, and competition.

Question 8

Marketing objectives are long-term and directly linked to a firm's vision,while marketing goals are narrow and short-term.

Accepted Answer

The answer of Marketing objectives are long-term and directly linked...

Question 9

The share of wallet is an indicator of growth potential.

Accepted Answer

The share of wallet refers to the percentage of a customer's total spending that a particular business captures. A higher share of wallet indicates that the business has a larger portion of the customer's spending, which can be indicative of growth potential as the business can potentially capture even more of the customer's spending in the future. Therefore, option A is true.

Question 10

What does a gap in a staircase analysis most likely represent?&#10;A) misidentified market segments&#10;B) shrinking brand loyalty&#10;C) lost potential sales&#10;D) outdated products

Accepted Answer

A gap in a staircase analysis is typically used to identify a missed opportunity or a lost potential sale, as it represents a point in the sales process where customers are dropping off and not continuing on to the next level. It is not necessarily indicative of misidentified market segments, shrinking brand loyalty, or outdated products.

Question 11

When measuring brand awareness,unaided recall is always lower than aided recall.

Accepted Answer

The answer of When measuring brand awareness,unaided recall is always...

Question 12

How should a marketer interpret a big difference between unaided and aided recall in a staircase analysis?&#10;A) The brand is weak in its product category.&#10;B) Consumers buy the product based on price.&#10;C) The brand is unattractive to many consumers.&#10;D) Consumers wait for promotions to buy the product.

Accepted Answer

The answer of How should a marketer interpret a big...

Question 13

As a marketer,how would you benefit from using a staircase analysis to formulate marketing objectives?

Accepted Answer

The answer of As a marketer,how would you benefit from...

Deck 37: Note : Staircase Analysis