BUSI 520 Quiz 1 Questions & Answers (version 2) liberty university.

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BUSI 520 Quiz 1 Questions & Answers (version 2) • Question 1 Which aspect of holistic marketing motivates employees and ensures that everyone in the organization embraces appropriate marketi... ng efforts, especially senior management? • Question 2 When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) ________. • Question 3 The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the ________. • Question 4 Which of the following is NOT one of the 4 As customers most value? • Question 5 ________ marketing aims to build mutually satisfying long-term collaboration with key constituents, such as customers, employees, suppliers, distributors, and other marketing partners, in order to earn and retain their business. • Question 6 ________ goods constitute the bulk of most countries' production and marketing efforts. • Question 7 Which of the new four Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing? • Question 8 Chipotle engages customers through Facebook, Twitter, and other social media via its grassroots "Food with Integrity" digital strategy, which puts the focus on what it sells and where it comes from. These are examples of ________ media. • Question 9 During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________ markets. • Question 10 Which of the following is NOT a consumer touch point? • Question 11 The marketing plan, the central instrument for directing and coordinating the marketing effort of a company, operates at the ________ levels. • Question 12 When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively less marketing skills as compared to other strategies. • Question 13 Which of the following elements of a marketing plan permits senior management to grasp the plan's major thrust? • Question 14 The value delivery process can be divided into three phases, out of which "choosing the value" implies ________, which is the essence of strategic marketing. • Question 15 Once Starbucks established its presence in thousands of cities internationally, the company sought to increase the number of purchases by existing customers with a ________ strategy that led to new in-store merchandise, including compilation CDs and high-speed wireless access. • Question 16 When one company licenses another to produce its offerings, or two companies jointly market their complementary offerings, it is called a ________. • Question 17 Of the four organizational levels, the corporate level is likely to make which of the following decisions? • Question 18 Mission statements are at their best when they reflect a ________. • Question 19 ________ for a product is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program. • Question 20 A growing population does not mean growing markets unless ________. • Question 21 Mandatory recycling laws have boosted the recycling industry and launched dozens of new companies making new products from recycled materials. Which of the following most closely resembles this situation? • Question 22 The ________ market is the part of the qualified available market the company decides to pursue. • Question 23 A ________ is a direction or sequence of events that has some momentum and durability; it reveals the shape of the future and can provide strategic direction. • Question 24 People vary in their views of society and their consumption patterns often reflect their social attitudes. ________ are a major market for movies, music, surfing, and camping. • Question 25 Suppose Concrete Express, a cement manufacturing firm, finds that its sales have increased by 3 percent this year, while industry sales have increased by 5 percent. This implies that ________. • Question 26 Which of the following economies provide limited opportunities to international marketers to develop product sales? • Question 27 Which of the following is considered to be the most versatile of all the contact methods? • Question 28 A(n) ________ is a gathering of 6 to 10 people carefully selected by researchers based on certain demographic, psychographic, or other considerations and brought together to discuss various topics of interest at length. • Question 29 According to marketing consultant Pat LaPointe, the ________ metrics pathway of the marketing dashboard reflects how prospects become consumers. • Question 30 The Nielsen Company and IRI are examples of ________, or firms that gather consumer and trade information which they sell for a fee. • Question 31 Which of the following is true of qualitative research? • Question 32 Which of the following rules must be kept in mind while framing a questionnaire? • Question 33 If the goal of marketing research is to identify a problem and to suggest possible solutions, the research is said to be ________. • Question 34 Marketing ________ analyze(s) data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities. • Question 35 Rachel and Josh are on vacation in Hawaii. When they arrived at the hotel, they were offered chilled juice. Their check-in formalities were handled by the staff. When they entered their room, they saw that chocolates had been placed on the pillows and a flower arrangement on the table. These are examples of customer ________. • Question 36 Companies provide rewards to customers who buy often and in substantial amounts. These reward schemes are referred to as ________ programs. • Question 37 The aim of customer relationship management is to produce high customer ________. • Question 38 Which of the following is true for customer satisfaction? • Question 39 Which of the following is the first step in customer value analysis? • Question 40 The 80-20 rule reflects the idea that ________. • Question 41 Which of the following gains the most benefit from introducing a frequency program? • Question 42 Many banks and phone companies now charge fees for once-free services to ensure minimum customer revenue levels. This helps banks to ________. • Question 43 A(n) ________ is a descriptive thought that a person holds about something. • Question 44 Marketers who target consumers on the basis of their ________ believe that they can influence purchase behavior by appealing to people's inner selves. • Question 45 Within the context of Jennifer Aaker's analysis, identify the brand personality that can be associated with a new product whose promotional messages consistently portray it as being reliable, intelligent, and successful. • Question 46 Consumers often choose and use brands that have a brand personality consistent with how they think others view them, also known as the ________ self-concept. • Question 47 The relatively homogeneous and enduring divisions in a society, which are hierarchically ordered and whose members share similar values, interests, and behavior constitute a ________. • Question 48 ________ risk occurs if the product fails to perform up to expectations. • Question 49 A consumer who uses Google to find comparative reports on new automobiles, is most likely using which of the following information sources for assistance? • Question 50 Marriage, childbirth, and divorce constitute the ________ that shape the consumption pattern of individuals. 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