Deck 6: Exploring Your Market

Question 1

Consumers who have a similar response to a certain type of marketing can be classified as a ________.

A) Market segment
B) Market
C) Market section
D) Market part
E) Market division

Answer 1

A

Question 2

What is a focus group?

A) A method of market research that focuses on how the industry is performing
B) A method of market research that involves collecting statistics about a group of people who might use a product
C) A method of market research that involves bringing together some people who might use a product and having a researcher question them about it
D) A method of market research that focuses on competitor strengths
E) All of the above

Answer 2

C

Question 3

The product life cycle phases include ________.

A) Growth
B) Maturity
C) Introduction
D) Decline
E) All of the above

Answer 3

E

Question 4

The positioning statement for a business includes its name/brand, its competitive industry/category, its ________, and its audience/target market.

A) Benefits or points of difference
B) Features and points of difference
C) Features and points of similarity
D) Benefits and similarities
E) Features and benefits

Question 5

Which of the following is NOT a step in the buying process?

A) Demographic analysis
B) Evaluation of purchase
C) Awareness
D) Information search
E) Evaluation of alternatives

Question 6

The most important thing you should do before launching your product or service is ________.

A) Thoroughly research the market
B) Design your logo
C) Raise enough capital
D) Print business cards
E) Have a working prototype

Question 7

Dividing the market by purchase behaviors that have been observed is ________ segmentation.

A) Behavioral
B) Psychographic
C) Demographic
D) Geographic
E) All of the above

Question 8

Which of the following is a step in determining how customers decide to buy a product?

A) Analyze the buying process
B) Think about who might actually buy it
C) Determine the need it meets
D) All of the above
E) None of the above

Question 9

The set of four stages that a product or market goes through from its beginning until its end is called the ________.

A) Product life cycle
B) Marketing cycle
C) Promotion cycle
D) Merchandise life cycle
E) Phases of product maturity

Question 10

Dividing a population on the basis of age, gender, income, or education is ________.

A) Demographics
B) Marketing statistics
C) Behavioral data
D) Psychographics
E) Geographics

Question 11

There is a subtle difference between the ________ and the ________ of a product. One is a fact while the other is a perception.

A) Features, benefits
B) Revenue, costs
C) Sales, marketing
D) Marketing, penetration
E) None of the above

Question 12

Which of the following aspects of a product/service is the most important to focus on when selling?

A) Benefits
B) Features
C) Price
D) Friendliness
E) Closing the deal

Question 13

An entrepreneur's market is ________.

A) The building where his or her business is located
B) A three-square-block area surrounding his or her location
C) His or her business's promotional activities
D) The group of people who are current and possible future customers
E) All of the above

Question 14

Understanding the status and trends of an industry can be aided by ________.

A) Checking out the internet public library, your local Small Business Administration, chamber of commerce, or local business school or college library
B) Looking for recent articles on the industry in magazines or by using Google or other search engines
C) Looking on competitors' Web sites
D) All of the above
E) None of the above

Question 15

________ ask(s) people directly through interviews or questionnaires about their perceptions of a product or service.

A) Surveys and focus groups
B) Secondary research methods
C) Industry research
D) General research
E) Statistical research

Question 16

Which business function do experts agree you should focus on first when preparing to start a business?

A) Marketing vision
B) Operations
C) Financing
D) Production
E) Human resources

Question 17

The marketing term that describes owning a perception in the minds of consumers is called ________.

A) Mind share
B) Consumer perception
C) Consumer influence
D) Market share
E) Market segment

Question 18

In doing secondary research, there are several choices to help you. Among these are ________.

A) Magazine articles
B) Internet research
C) Business library
D) Books
E) All of the above

Question 19

When has a market become saturated?

A) When there has been so much advertising and publicity that almost every person in the market is aware of the product
B) When competitors have entered the market and forced the price of the product so low that the businesses selling it can no longer earn a profit
C) When most of the people in the market who are interested in the product have already purchased it
D) When nobody wants to buy the product
E) When all customers decide that they do not like the product

Question 20

Smart marketers always emphasize ________.

A) Benefits, not prices
B) Benefits, not features
C) Features, not benefits
D) All of the above
E) None of the above

Question 21

Psychographic analysis and behavioral analyses are examples of methods of ________.

A) Market segmentation
B) Marketing
C) Market research
D) Market study
E) Market investigation

Question 22

Annual reports of competitors can provide information for benchmarking and include industry insights.

Question 23

Positioning your product in the market involves ________.

A) Buying advertising
B) Obtaining publicity
C) Communicating your competitive advantage to the customer
D) Demonstrating the cheapest price
E) Promoting special sales

Question 24

Marketing is ________.

A) Satisfying customers at a profit
B) The business function that identifies customers
C) The business function that identifies customer needs
D) The business function that identifies customer wants
E) All of the above

Question 25

What is the third step of deciding who the potential customers are for your business?

A) Understanding who needs your product or services
B) Understanding who might actually buy your product or service
C) Analyzing the buying process that leads customers to your product or service
D) Understanding customer relationships
E) Analyzing family values

Question 26

Secondary research is carried out indirectly, through existing resources.

Question 27

Large corporations spend very little money on market research before they introduce a product or service.

Question 28

Research carried out indirectly through other existing resources is called ________.

A) Secondary research
B) Tributary research
C) Ancillary research
D) Literature analysis
E) Primary research

Question 29

Statistics dealing with the behavior of groups of people are called geographics.

Question 30

Market research is typically ________.

A) Ongoing: You always do market research
B) Complete a year after product introduction
C) Complete prior to product introduction
D) Complete within six months after introduction
E) Complete when the product or service is introduced

Question 31

The customer realizes a need in the awareness step of the buying process.

Question 32

Written survey questions should be clearly stated, easy to understand, and relatively short.

Question 33

Market research can help you get a fix on who your customers are by determining ________.

A) What kind of income they earn
B) What benefit your product or service offers that would best or most attract them
C) How old they are
D) Where they live
E) All of the above

Question 34

Marketing is an isolated business function.

Question 35

Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers.

A) Advertising and publicity
B) Advertising
C) Publicity
D) None of the above

Question 36

A market is identified by attitudinal, behavioral, demographic, and other characteristics.

Question 37

By teaching customers how to use its products, Home Depot is helping customers see the ________ of its products.

A) Benefits
B) Features
C) Ramifications
D) Structure
E) Qualities

Question 38

Industry associations, chambers of commerce, and public agencies frequently collect demographic and statistical data on and for their members or constituents.

Question 39

The methods to use for industry research do not overlap with those for customer research.

Question 40

Marketing is the satisfying of customer needs ________.

A) At a profit
B) At no profit
C) With no attention to profit
D) Regardless of profit
E) At the breakeven point

Question 41

Online searches are an example of secondary research.

Question 42

Secret shoppers are part of the tracking primary research category.

Question 43

What is tracking and how does it help?

Question 44

Primary research is conducted directly on a subject or subjects.

Question 45

In the introduction stage of the product life cycle, your product or service is new to the market and is essentially unknown.

Question 46

Analyze the buying process that leads customers to your product or service.

Question 47

Marketing is the business function that identifies customers and their needs and wants.

Question 48

Explain what market segmentation is and how it applies to marketing.

Question 49

Explain why marketing is considered the business function that should drive all of a business's decisions.

Question 50

Explain the difference between features and benefits and how it applies to sales.