Question 1

The risk of being the lower-cost producer of a good or service is:

Accepted Answer

The risk of being the lower-cost producer is that customers will abandon your business when someone else offers a lower price. This is because customers are primarily motivated by price and will switch to a competitor if they can get the same product or service at a lower cost. Therefore, it is important to continuously monitor the market and adjust pricing strategies accordingly in order to remain competitive.

Question 2

The basic instrument used to guide the researcher and the respondent when surveys are taken is known as a:

Accepted Answer

A questionnaire is the basic instrument used to guide the researcher and the respondent when surveys are taken. It contains a set of questions designed to gather information from respondents and is used as a standardized tool to ensure that all respondents are asked the same questions in the same way.

Question 3

Marta's job involves asking shoppers in the mall about their experience with specific products.She works from a list given to her by the products' producers.Marta is using the _________ method to gather ____________ data.

Accepted Answer

Marta is asking shoppers questions, which is the questioning method, making the best choice B. Additionally, since the data is collected directly by Marta, it is primary data that is being gathered.

Question 4

Ned was just about ready to begin his market research when an unknown rival launched a similar product in the market.Ned's best course of action would be:

Accepted Answer

The answer of Ned was just about ready to begin...

Question 5

A ____ is defined as a group of customers or potential customers who have purchasing power and unsatisfied needs.

Accepted Answer

The answer of A ____ is defined as a group...

Question 6

The initial step in the marketing research process is to:

Accepted Answer

The initial step in the marketing research process is to identify informational needs, which involves determining what information is necessary to address the marketing problem or opportunity.

Question 7

Oliver figured if people were willing to pay for bottled water,they would also be willing to pay for bottled air.Oliver has forgotten that customers will buy only if they have:

Accepted Answer

The correct answer is unsatisfied needs. Customers only buy products or services if they have unfulfilled or unsatisfied needs. In this case, Oliver's assumption that people would be willing to pay for bottled air is flawed because people do not have an unsatisfied need for bottled air.

Question 8

Marketing research should be viewed as a supplement to,not a replacement for,_____.

Accepted Answer

Marketing research cannot solely rely on data or surveys, it also requires intuitive judgement to interpret and make decisions based on the results. Thus, marketing research should be viewed as a supplement to intuitive judgement rather than a replacement for it.

Question 9

Caution is advised when relying on blogs for secondary data because:

Accepted Answer

Blogs are often not fact-checked or researched in the same way as traditional sources of secondary data, making them potentially unreliable sources. However, this does not mean that all bloggers are opinionated, blogs are outdated, or censored. It simply means caution should be exercised when relying on them for research purposes.

Question 10

Techniques used to collect primary data are often classified as ____ and ____ methods.

Accepted Answer

Primary data can be collected through observational methods such as direct observation, experiments, and ethnography, as well as through questioning methods such as surveys, interviews, and focus groups. These two categories cover the majority of techniques used for primary data collection. Options A, C, and D do not accurately describe the two main categories of primary data collection techniques.

Question 11

Why would a small business conduct less marketing research than a larger,established firm?

Accepted Answer

The answer of Why would a small business conduct less...

Question 12

Mary,owner of Delany Salsas,is curious to know whether the new packaging for her line of salsas is being noticed by supermarket consumers.To collect information,she passively watches shopper reactions as they pass by the Delany Salsas display.Mary is collecting ____ data through ____ methods.

Accepted Answer

Mary is directly observing shopper behavior to collect primary data on the effectiveness of the new packaging. She is not actively questioning shoppers or using pre-existing data, making Option C the most appropriate answer.

Question 13

___________ and ____________ are questioning methods that involve contact with respondents.

Accepted Answer

The answer of ___________ and ____________ are questioning methods that...

Question 14

Nardella has completed her market research but now feels overwhelmed by the large amount of data.It might be helpful to her to:

Accepted Answer

Using a program like Excel can help Nardella organize and analyze the large amount of data she has collected. Excel has tools to help sort, filter, and create charts and graphs to visualize the data, making it easier for her to draw conclusions and make decisions based on the data. Hiring a consultant or working with college students may be helpful, but they may not have the same level of knowledge about the industry or the specific research goals as Nardella, which could make it difficult for them to accurately summarize the data. Creating a slide show for investors could be useful, but it is not the most effective way to analyze and interpret data.

Question 15

The section of the marketing plan which describes the entrepreneur's approach to creating customer awareness of the product or service is the:

Accepted Answer

The promotion section of the marketing plan focuses on creating customer awareness of the product or service through various promotional strategies such as advertising, sales promotions, personal selling, and public relations. It outlines the tactics and channels used to communicate the value proposition of the business to the target audience.

Question 16

Odessa is writing the marketing plan for her bed and breakfast.She has written that her market includes everyone from infants to the elderly.This is incorrect because:

Accepted Answer

D  A marketing plan should target individuals who have the ability to purchase the service, which infants do not have. Additionally, infants do not make buying decisions, so they cannot be considered part of the target market.

Question 17

To determine credit card average purchases,managers of Component City Stereo and Appliances reviewed credit card sales receipts from the previous three months.Managers are conducting marketing research by collecting and analyzing

Accepted Answer

The managers of Component City Stereo and Appliances are reviewing credit card sales receipts from the previous three months, which is an example of secondary data. Secondary data refers to information that has already been collected and is available for use in marketing research.

Question 18

Which source of data would be the least helpful for secondary data use?

Accepted Answer

While blogs can be a useful source of information, they are often not peer-reviewed or backed by reputable sources. As a result, the reliability of the information found on blogs can be questionable, making it the least helpful source of data for secondary data use.

Question 19

The _____ method is probably the oldest form of research in existence.

Accepted Answer

Observational method involves observing and recording data without manipulating the environment or participants. This method has been used by humans since the beginning of civilization to gather information about the natural world and make decisions based on that information.

Question 20

In order to be appropriately considered a market,a group of customers or potential customers must have

Accepted Answer

In order for a group of customers to be considered a market, they must have the ability to purchase products or services, which is known as purchasing power. Without purchasing power, the group cannot be considered a viable market. Market power refers to the ability of a company or group of companies to influence the market, while satisfied needs and correlated needs are not necessary for a group to be considered a market.

Quiz 7: The Marketing Plan