MKT 331 Chapters 3 and 4 Test with answers - Voorhees College (A grade/School graded)

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5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 1/21 * Some questions not yet graded Chapters 3 and 4 Test Due May 23 at 9:... 59pm Points 100 Questions 40 Available after May 17 at 6am Time Limit 90 Minutes Instructions Attempt History Attempt Time Score LATEST Attempt 1 64 minutes 97.5 out of 100 * Score for this quiz: 97.5 out of 100 * Submitted May 18 at 10:50am This attempt took 64 minutes. This quiz/test consist of 40 questions. You will have two attempts and will be timed for 90 minutes. Question 1 2.5 / 2.5 pts The absolute limit of company demand is the market potential; the two would be equal if the company captured 100 percent of the market. Correct! Correct! True False5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 2/21 Question 2 2.5 / 2.5 pts Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green marketing" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful? demonstrate that the products will benefit both customers and the society in the long term Correct! Correct! emphasize benefits to the consumer rather than environmental benefits focus on the efforts and costs incurred by the company to bring these "green" products to consumers engage in "greenwashing" to highlight the environmental benefits of the product explain the rules and regulations laid out by governmental agencies to protect the environment Question 3 2.5 / 2.5 pts Each society contains ________, groups with shared values emerging from their special life experiences or circumstances.5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 3/21 stakeholders cliques consumer bundles Correct! Correct! subcultures behavioral niches Question 4 2.5 / 2.5 pts During a recession, the market demand curve, which is a function of marketing expenditure, ________. shifts upward becomes vertical remains unaffected Correct! Correct! shifts downward slopes downward Question 5 2.5 / 2.5 pts Which of the following is the largest contributor to global warming, contributing almost a quarter of the carbon dioxide in the environment? transportation5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 4/21 industrial production facilities Correct! Correct! electrical power plants aerosol cans rural cooking fires Question 6 Not yet graded / 2.5 pts Your Answer: Briefly describe the methods of forecasting future demand on the basis of past sales. Survey of buyer’s inventions or the user’s expectation method - anticipating what buyers are likely to do under a given set of conditions Collective opinion or sales force composite method - sales representatives to estimate their future sales Experts’ opinions - companies buy economic and industry forecasts from well-known economic-forecasting firms that have more data available and more forecasting expertise Market test method - help forecast new-product sales or established product sales in a new distribution channel or territory. Trend projection method - Time-series analysis breaks past time series into four components (trend, cycle, seasonal, and erratic) and projects them into the future.5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 5/21 The methods are: 1. Time-series analysis, that breaks past time series into four components (trend, cycle, seasonal, and erratic) and projects them into the future 2. Exponential smoothing, that projects the next period's sales by combining an average of past sales and the most recent sales, giving more weight to the latter 3. Statistical demand analysis, which measures the impact of a set of causal factors (such as income, marketing expenditures, and price) on the sales level 4. Econometric analysis, which builds sets of equations that describe a system and statistically derives the different parameters that make up the equations statistically. Question 7 2.5 / 2.5 pts The available market is the set of consumers who have interest, income, and access to a particular offer. Correct! Correct! True False Question 8 2.5 / 2.5 pts Suppose an individual buyer purchases three pairs of shoes each year at $50 each pair and that there are 50 million such consumers in the economy. Compute the total market potential for shoes. $5,000 million5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 6/21 $6,500 million Correct! Correct! $7,500 million $10,000 million $75 billion Question 9 2.5 / 2.5 pts ________ measures the impact of a set of causal factors (such as income, marketing expenditures, and price) on the sales level. Time-series analysis Correct! Correct! Statistical demand analysis Econometric analysis Cost effectiveness analysis Exponential smoothing Question 10 2.5 / 2.5 pts Firms find "reverse innovation" advantage by introducing a commodity in a ________. developed country and then distributing it globally developing country and then distributing it in other developing countries5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 7/21 Correct! Correct! developing country and then distributing it globally developed country and then distributing it in developing countries developed country and then distributing it in other developed countries Question 11 2.5 / 2.5 pts Jeanine would like to own a Mercedes but is unable to afford one at this time. Jeanine is part of the ________ market for this product. Correct! Correct! potential available target projected penetrated Question 12 2.5 / 2.5 pts Demand estimates prepared by companies are based on four different time periods. True Correct! Correct! False5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 8/21 Question 13 2.5 / 2.5 pts A ________ is "unpredictable, short-lived, and without social, economic, and political significance." Correct! Correct! fad fashion trend megatrend style Question 14 2.5 / 2.5 pts In the first two-and-a-half years of the iPad's existence, Apple sold ________ million units worldwide. Correct! Correct! 97 45 63 112 91 Question 15 2.5 / 2.5 pts5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 9/21 The sales forecasting method of ________ builds sets of equations that describe a system and statistically derives the different parameters that make up the equations statistically. time-series analysis statistical demand analysis Correct! Correct! econometric analysis cost effectiveness analysis exponential smoothing Question 16 2.5 / 2.5 pts The heart of the internal records system is the ________ because customers favor firms that can promise timely delivery. sales information system data mining system Correct! Correct! order-to-payment cycle information needs probe data warehouse Question 17 2.5 / 2.5 pts5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 10/21 The base sales of an organization that takes place even without any demand-stimulating expenditures is called ________. primary demand market potential Correct! Correct! market minimum optimum demand market demand Question 18 2.5 / 2.5 pts Market demand 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. Correct! Correct! True False Question 19 2.5 / 2.5 pts A ________ is the limit approached by market demand as industry marketing expenditures approach infinity for a given marketing environment. sales budget5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 11/21 company sales forecast sales quota company sales potential Correct! Correct! market potential Question 20 2.5 / 2.5 pts Today, corporations need to make sure that they are good corporate citizens and that their consumer messages are honest in order to positively align themselves with consumers' views of ________. others Correct! Correct! organizations themselves the universe society Question 21 2.5 / 2.5 pts Which of the following is an external marketing metric that companies need to monitor? resource adequacy staffing or skill levels5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 12/21 active innovation support Correct! Correct! market share relative employee satisfaction Question 22 2.5 / 2.5 pts The goal of ethnographic research is to ________. capture cause-and-effect relationships by eliminating competing explanations of the observed findings understand consumers' behavior by observing a sample group discussing various topics of interest at length study demographic variables such as age, gender, income, education, and so on, in relation to consumer buying patterns analyze customers' purchasing behavior through catalog purchases and customer databases immerse the researcher into consumers' lives to uncover unarticulated desires that might not surface in any other form of research Correct! Correct! Question 23 2.5 / 2.5 pts5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 13/21 Because of its flexibility, ________ are the most common technique of collecting primary data. Correct! Correct! questionnaires telephonic interviews behavioral research studies experimental designs focus groups Question 24 2.5 / 2.5 pts ________ measure the interest or emotions aroused by exposure to a specific ad or picture. Tachistoscopes Polygraphs Correct! Correct! Galvanometers Audiometers GPS systems Question 25 2.5 / 2.5 pts5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 14/21 The ________ phase of marketing research is generally the most expensive and the most prone to error. contact research planning questionnaire design interview design Correct! Correct! data collection Question 26 2.5 / 2.5 pts A customer-performance scorecard tracks the satisfaction of various constituencies who have a critical interest in and impact on the company's performance: employees, suppliers, banks, distributors, retailers and stockholders. True Correct! Correct! False Question 27 2.5 / 2.5 pts Marketing-mix modeling is used to estimate causal relationships and measure how marketing activity affects outcomes. Correct! Correct! True5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 15/21 False Question 28 2.5 / 2.5 pts With respect to the sampling plan, three decisions must be made: 1) the sampling unit - who is to be surveyed; 2) sample size - how many people should be surveyed; and 3) ________. sample cost - how much does sampling cost surveyor skill - who should conduct the survey sample security - how should the sample data be protected Correct! Correct! sampling procedure - how should respondents be chosen sample supervisor - who leads the sampling effort Question 29 2.5 / 2.5 pts The primary purpose of ________ is to identify the range of possible brand associations in consumers' minds. experimental research dashboarding laddering semantic differentials Correct! Correct! word associations5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 16/21 Question 30 2.5 / 2.5 pts According to the concept of ________, a series of increasingly more specific "why" questions can reveal consumer motivation and consumers' deeper, more abstract goals. word association projection visualizing brand personification Correct! Correct! laddering Question 31 2.5 / 2.5 pts The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place? defining the problem analyzing the information drafting the report Correct! Correct! developing the research plan collecting information5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 17/21 Question 32 2.5 / 2.5 pts "Truancy should be checked in schools: 1) Strongly disagree, 2) Disagree, 3) Neither agree nor disagree, 4) Agree, 5) Strongly agree." This is an example of a ________. Correct! Correct! Likert scale semantic differential multiple choice question Thematic Appreciation Test (TAT) dichotomous question Question 33 2.5 / 2.5 pts Management can assemble a summary set of relevant internal and external measures in a marketing dashboard for synthesis and interpretation. Correct! Correct! True False Question 34 2.5 / 2.5 pts ________ questions allow respondents to answer in their own words and often reveal more about how people think.5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 18/21 Correct! Correct! Open-end Dichotomous Likert scale Multiple choice Semantic differential Question 35 2.5 / 2.5 pts According to marketing consultant Pat LaPointe, the ________ metrics measurement pathway of the marketing dashboard reflects how prospects become consumers. Correct! Correct! customer unit cash-flow brand productivity Question 36 2.5 / 2.5 pts When American Airlines asked "1) What types of first-class passengers would respond most to ultra high-speed Wi-Fi service and 2) How many are likely to use it at different price levels?", it was ________.5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 19/21 Correct! Correct! setting specific research objectives conducting exploratory research outlining decisions defining the problem designing a research plan Question 37 2.5 / 2.5 pts An item in a questionnaire states that "most politicians cannot be trusted." Respondents are required to provide their answers by choosing any one of the following options: 1) Strongly disagree, 2) Disagree, 3) Neither agree nor disagree, 4) Agree, 5) Strongly agree. This is an example of a ________. semantic differential word association question Thematic Appreciation Test (TAT) Correct! Correct! Likert scale dichotomous question Question 38 2.5 / 2.5 pts Which of the following is an advantage of personal interviews?5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 20/21 It is a relatively inexpensive method of gathering information. The possibility of interviewer bias is minimized. Participants can choose to respond at their own convenience. It facilitates anonymous responses. Interviewers can record additional observation about the respondent such as body language. Correct! Correct! Question 39 2.5 / 2.5 pts Marketing-mix modeling focuses on baseline sales or long-term effects instead of incremental growth. True Correct! Correct! False Question 40 2.5 / 2.5 pts ________ attached to television sets in participating homes now record when the set is on and to which channel it is tuned. Tachistoscopes Polygraphs GPS systems5/18/2020 Chapters 3 and 4 Test: Managerial Marketing OGMT447 https://voorhees.instructure.com/courses/1197/quizzes/2477 21/21 Correct! Correct! Audiometers Galvanometers Quiz Score: 97.5 out of 100 [Show More]

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