In the final stage of the decision-making process, the consumer
A. Makes a choice of the best alternative
B. May decide not to make a purchase
C. Gathers information about the price
D. Assesses whether or not choice was correct
What is D, assesses whether or not choice was correct
100
A strategy for a company in intense competition that uses the marketing concept is to
A. Reduce prices below their competitors’ prices
B. Create a unique brand name for its products
C. Change the marketing mix to make it different and more satisfying to customers
D. Increase the amount of promotion
What is C
100
A choice among alternatives is a ___________________.
A. Product
B. Decision
C. Option
D. Promotion
What is B, decision
100
_______________ purchases are not essential, so consumers can decide whether or not to purchase them.
A. Unwanted
B. Secondary
C. Luxuries
D. Discretionary
What is D, discretionary
100
Important factors facing businesses today that increase the need to gather and study information include all of the following except
A. consumer differences
B. expanding choices
C. larger marketing budgets
D. more intense competition
What is A, consumer differences
200
To make effective marketing decisions, marketers need information about
A. consumers
B. the business environment
C. the marketing mix
D. all of the above
What is D, all of the above
200
Which of the following would not be an important source of information for marketers?
A. sales records
B. production reports
C. marketing performance information
D. all are important
What is D, all are important
200
An external source of information for marketers is
A. government records
B. sales records
C. financial statements
D. all of the above
What is A, government records
200
One of the five elements of an effective information system includes
A. market research
B. analysis
C. results
D. marketing mix
What is B, analysis
200
After reviewing the situation and the available information, a researcher
A. states the problem
B. asks others to review the problem statement
C. might be able to identify a solution without completing a research study
D. prepares the research report
What is A, states the problem
300
36. Information collected for the first time to solve the problem being studied is data.
A. biased
B. numerical
C. secondary
D. primary
What is D, primary
300
A procedure in which everyone in the population has an equal chance of being selected in the sample is
A. a focus group
B. random sampling
C. marketing research
D. an experiment
What is B, random sampling
300
38. A planned set of questions to which individuals or groups of people respond is
A. a survey
B. random sampling
C. a marketing research report
D. an experiment
What is A, survey
300
39. A focus group is
A. a group of marketers who develop a survey
B. a small number of people who meet to discuss an issue
C. a list of specific questions to be included in a survey
D. another name for a target market
What is B, a small number of people who meet to discuss an issue
300
Experiments operated in laboratories where researchers create the situation to be studied are known as
A. focus groups
B. test markets
C. simulations
D. random sampling
What is C, simulations
400
Taking personal responsibility for actions
A code of ethics
B consumerism
C ethics
D self-regulation
E social responsibility
What is D, self-regulation
400
Concern about the consequences of actions on others
A code of ethics
B consumerism
C ethics
D self-regulation
E social responsibility
What is E, social responsibility
400
Moral principles or values based on honesty and fairness
A code of ethics
B consumerism
C ethics
D self-regulation
E social responsibility
What is C, ethics
400
A set of standards or rules that guide ethical business behavior
A code of ethics
B consumerism
C ethics
D self-regulation
E social responsibility
What is A, code of ethics
400
A plan that identifies how a company expects to achieve its goals
A. target market
B. market segments
C. strategy
D. market opportunity analysis
What is C, strategy
500
Businesses categorize customers according to similar characteristics, needs, and purchasing behavior
A. target market
B. market segments
C. strategy
D. market opportunity analysis
What is B, market segments
500
Studying and prioritizing market segments to locate the best potential (money, resources) based on demand and competition
A. target market
B. market segments
C. strategy
D. market opportunity analysis
What is D, market opportunity analysis
500
Clearly defined segment of the market to which a business wants to appeal
A. target market
B. market segments
C. strategy
D. market opportunity analysis
What is A, target market
500
Relationship between price and quantity demanded
A. demand curve
B. supply curve
C. demand
D. supply
What is A, demand curve
500
Relationship between price and quantity supplied
A. demand curve
B. supply curve
C. demand
D. supply