Deck 10: Marketing Research for Entrepreneurial Ventures

Question 1

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

Answer 1

False

Question 2

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

Answer 2

False

Question 3

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

Answer 3

False

Question 4

A consumer-driven marketing philosophy often relies on direct selling.

Question 5

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

Question 6

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

Question 7

Effective marketing is based on three key elements: marketing philosophy, market segmentation, and consumer philosophy.
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Question 8

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

Question 9

Pricing procedures are the same for all types of ventures.

Question 10

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

Question 11

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

Question 12

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

Question 13

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

Question 14

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

Question 15

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

Question 16

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

Question 17

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

Question 18

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

Question 19

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

Question 20

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

Question 21

Which of the following is the greatest marketing challenge facing the cannabis industry?

A)competition from the alcohol industry
B)entry into trade shows
C)distribution channel
D)establishing a clean image

Question 22

The purpose of marketing research is to

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

Question 23

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

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

Question 24

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 25

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 26

There are _____ steps for an entrepreneur to consider when creating a structured approach to a market plan.

A)four
B)five
C)seven
D)three

Question 27

Customizable links to which of the 4Ps of marketing?

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

Question 28

Pricing for the product life cycle correlates with customer demand and sales volume.

Question 29

A candy bar that is purchased at the checkout lane is an example of a _____ good.

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

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

Penetration pricing is setting the price to

A)maximize profit.
B)be below competition.
C)switch customers to new product lines.
D)

Question 32

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

Question 33

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)system cost
D)data relevancy

Question 34

Which of the following 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 35

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

Question 36

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

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

Question 37

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 38

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

Question 39

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 a clear vision of what they want to achieve next.

Question 40

The freemium model requires new and exciting content each month to build a long-term relationship with fee-paying customers.

Question 41

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 42

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

A)phone surveys
B)personal interviews
C)mail surveys
D)group surveys

Question 43

Sometimes consumers associate a higher price with

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

Question 44

Promotion links to which of the 4Cs of marketing?

A)cocreated
B)communities
C)customizable
D)choice

Question 45

The textbook discusses all of the following aspects that distinguish social media marketing from traditional marketing except

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

Question 46

Inhibitors to marketing research include all of the following except

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

Question 47

According to the family life cycle, all of the following are identified as stages in consumer buying behavior except

A)nest building.
B)courting.
C)family traditions.
D)sole survivor.

Question 48

_____ 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 49

The textbook recommends that social media marketers consider which of the following three aspects of social media when using those tools for marketing purposes?

A)cost, complexity, and relevancy
B)creating, enabling, and encouraging
C)control, contribution, and distribution
D)resource management, context, and content

Question 50

Marketing segmentation focuses on which of the following variables?

A)demographics
B)market shares
C)consumer behaviors
D)profits

Question 51

Which of the following survey methods has the lowest response rate?

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

Question 52

Which of the following does the textbook identify as critical to the marketing planning process?

A)marketing niche
B)marketing segmentation
C)marketing information systems
D)marketing forecasting

Question 53

What is meant by product life cycle pricing?

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

Question 54

Which of the following is not associated with entrepreneurial tactics in market research?

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

Question 55

Which of the following influences the choice of marketing philosophy?

A)competitive pressure
B)economic outlook
C)stock market averages
D)cost of living index

Question 56

Secondary data consist of

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

Question 57

The key to marketing analysis is

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

Question 58

A market is a

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

Question 59

Skimming is setting the price to

A)maximize profit.
B)maximize market share.
C)switch customers to new product lines.
D)

Question 60

Which of the following is a demographic variable?

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

Question 61

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

Question 62

Which of the following parts of the marketing plan emphasizes the factors that contribute to a firm's competitive edge?

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

Question 63

A marketing information system compiles and organizes data relating to _____, revenue, and profit from the customer base.

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

Question 64

When developing a survey, you should consider

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

Question 65

What is skimming, and what are its effects?

Question 66

Which of the following statements about conventional marketing is not true?

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

Question 67

The purpose of loss-leader pricing is to

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

Question 68

The sales-driven philosophy

A)is based on the belief that you must "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 69

Which of the following pricing models is not indicative of pricing in the social media age?

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

Question 70

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

Question 71

Explain the new marketing concept for entrepreneurs.

Question 72

List and describe two entrepreneurial tactics in market research.

Question 73

The final critical factor in the marketing planning process is

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