Question 1

Cloakwork Security sells security products and services. It went public last year and created a research and development team to spur growth in shareholder wealth. Which reason to develop new products is most evident in this scenario?

Accepted Answer

Cloakwork Security's creation of a research and development team to spur growth in shareholder wealth indicates a focus on expanding revenue and profits, which is why option C is the most evident reason for developing new products in this scenario.

Question 2

Clarion Shampoo creates a new shampoo that is supposed to eliminate dandruff while also eliminating grey hair. It begins soliciting volunteers willing to have their hair professionally cleaned with the new shampoo. The volunteers are then asked for their feedback on the shampoo. This process can best be described as ________, a part of the ________ strategy step in the marketing process.

Accepted Answer

Test marketing is the correct term for this process, as it involves testing a product with consumers to gather feedback before a full market launch, and it is a part of the product strategy step in the marketing process.

Question 3

The product development team at Seamless Pox was working on a new epoxy solution and accidentally created a new polishing compound. Before deciding to produce any products with the new compound, what would be the best course of action for Seamless Pox?

Accepted Answer

Determining the potential target market is crucial as it helps the company understand who would benefit from the new polishing compound, guiding further decisions on product development, marketing, and sales strategies.

Question 4

Mainline Engine is feeling the effects of economic inflation and has to pay more for the steel it needs to produce its engines. As a result, it is evaluating the exchange value of its product. This scenario relates to the ________ strategy in the marketing process.

Accepted Answer

The scenario describes Mainline Engine evaluating the exchange value of its product due to increased costs for steel, which directly relates to the pricing strategy in the marketing process. Pricing strategies involve setting a price for a product based on various factors, including production costs, which in this case have risen due to economic inflation.

Question 5

Revival Mineral Water has hired a web development company to create a new storefront app for mobile devices. It hopes that the storefront app will make it easier for customers to purchase its water in the future. This scenario would most likely be part of the ________ strategy in the marketing process.

Accepted Answer

Creating a new storefront app for mobile devices to make it easier for customers to purchase products aligns with the "place" strategy in marketing, which focuses on how a product is distributed and how to make it easily accessible to customers.

Question 6

NextWave Video created a new high-definition projector. It creates an advertising campaign highlighting the improved clarity and brightness offered by the projector. Prior to starting the campaign, it shows the commercials to a test audience and monitors their brainwaves to verify a positive response. This can be best described as ________, a form of ________ data.

Accepted Answer

Neuromarketing is the correct term because it involves studying consumers' sensorimotor, cognitive, and affective response to marketing stimuli, in this case, using brainwave monitoring. This is considered primary data because it is data collected firsthand for the specific research purpose at hand.

Question 7

Composite Vitamins hires Andujar as a marketing specialist. His first job is to review the company's pricing strategy. He begins by conducting online searches of the competition. He looks for information on product pricing and reads blogs and articles with pricing forecasts. This information best represents ________ data, which is part of the ________ step in the marketing research process.

Accepted Answer

Secondary data is information that has already been collected by someone else and is available for use by others, which is what Andujar is using when he conducts online searches of the competition. This is part of the "collect facts" step in the marketing research process, where researchers gather existing data to understand the market better.

Question 8

Madeline is a marketing specialist at Seiferst Enterprises. She recently conducted a series of focus groups aimed at gauging the effectiveness of Seiferst's most recent advertising campaign. Her most likely next step will be to ________ with the hope of positively influencing Seiferst's ________ strategy.

Accepted Answer

After conducting focus groups, the next logical step is to analyze the data gathered from these groups. This analysis is aimed at understanding the effectiveness of the advertising campaign, which is a part of the company's promotion strategy.

Question 9

The marketing team at Trinity Dynamics recently was tasked with determining the company's opportunity in a new market. After spending over a month conducting research, the team met to conduct a thorough data analysis and weigh the significance of their results. What would be the next step for the marketing team?

Accepted Answer

Determining the best solution is the next logical step after conducting thorough data analysis and understanding the significance of the results, as it involves deciding on the most effective strategy to capitalize on the identified market opportunity.

Question 10

Renegade Insurance begins efforts to target the LGBTQ community, who make up a large portion of its customer base. Which external marketing force is most likely at play in this example?

Accepted Answer

The sociocultural force is at play here as it involves understanding and targeting specific cultural and social groups, such as the LGBTQ community, which can influence consumer behavior and preferences.

Question 11

Cornerstone Toys wants to be able to keep up with demand for its toys around the holidays and whenever a hot toy or fad is making its way through the market. After hours of research, it decides to implement an automated production and quality assurance line in its factory. Which external marketing force is most likely at play in this example?

Accepted Answer

The decision to implement an automated production and quality assurance line is influenced by technological advancements, which allow for more efficient production processes and quality control. This is an example of a technological external marketing force at play.

Question 12

The leadership team at Simplicity Uniforms recently hired a compliance officer who will be responsible for ensuring that the company is compliant with all relevant finance and accounting laws. Which external marketing force is most likely at play in this example?

Accepted Answer

The hiring of a compliance officer to ensure adherence to finance and accounting laws is directly related to legal and regulatory forces. These forces encompass the laws and regulations that a company must follow to operate legally.

Question 13

During the past decade, video rental businesses began to disappear as various streaming services began to enter the market. Which external marketing force is most likely at play in this example?

Accepted Answer

The answer of During the past decade, video rental businesses...

Question 14

Levi is a marketing manager for Trailblazer Customer Outfitters. He is currently finalizing the corporate marketing strategy and is reviewing factors outside of the organization. He wants to ensure the marketing strategy is adjusted to reflect these factors. Levi is most likely conducting a(n)

Accepted Answer

An environmental scan involves reviewing factors outside of an organization to ensure strategies are adjusted to reflect these external elements, which is what Levi is doing by finalizing the corporate marketing strategy with external factors in mind.

Question 15

Despite limited funds, the leaders at Clipz Pet Grooming Supply Company know that they need to market their company. They hire an outside marketing firm to assist with planning. Help the marketing firm with their response.

Accepted Answer

The answer of Despite limited funds, the leaders at Clipz...

Question 16

Thread Jeans is preparing a marketing push for its different lines of blue jeans. The chief marketing officer wants to use a demographic marketing approach. Help the marketing specialist create a brief recommendation.

Accepted Answer

The answer of Thread Jeans is preparing a marketing push...

Question 17

Contour Furniture is a small business focused on selling couches. The business development manager at Contour approaches the owner with a recommendation to funnel cash into product development. Choose one of the reasons to develop new products and craft an argument for the manager to use with the owner.

Accepted Answer

The answer of Contour Furniture is a small business focused...

Question 18

Quartz Distillery has decided that it is time to develop a new product. The owner asks the chief marketing officer to outline a strategic plan for the product development. Help the officer in constructing a response.

Accepted Answer

The answer of Quartz Distillery has decided that it is...

Question 19

Easton works in the marketing department for a large athletic apparel company. The newest shoe line has not been doing well, and he is asked to research the issue. Help Easton determine what kinds of research he could conduct.

Accepted Answer

The answer of Easton works in the marketing department for...

Question 20

The marketing team at Genie Enterprises is preparing for an annual presentation to the company's leadership team. Arjun is on the marketing intern and has been asked to provide a brief overview of how sociocultural and technological forces might impact the company. Help create Arjun's summary.

Accepted Answer

The answer of The marketing team at Genie Enterprises is...

Quiz 9: Essentials of Leadership and Management