QUESTION Primary data that companies collect from databases for the purpose of getting accurate customer information to use when making marketing decisions can also be used how? What will be an ideal response? ANSWER Answer: Primary data collected from databases can be used for one-to-one marketing (reducing marketing segmentation to individual customers). Explanation: One-to-one […]
QUESTION What are the advantages and disadvantages of using primary data sources and secondary data sources when conducting market research? What will be an ideal response? ANSWER Answer: Secondary data is cheaper and easier to obtain, but it is open to competitors, may not fit a company’s needs, and may be out of date. […]
QUESTION Which of the following, if true, strengthens the argument for keeping the traditional product line? A) The aging product line is disproportionately taking up management’s time. B) Other companies are keeping their competing product lines intact using promotion tactics and aggressive price cutting. C) A miniscule band of loyal customers still prefers the company’s […]
QUESTION Which factors influencing buying behavior are closely related to the sociocultural forces in the external marketing environment? What will be an ideal response? ANSWER Answer: culture and subculture, and social class Explanation: Sociocultural forces include cultural changes reflecting customs, beliefs, and lifestyles of groups that differ in social class, ethnicity, age, and so […]
QUESTION Which of the following, if true, strengthens the argument for dropping the traditional product line? A) Faced with a shrinking market, competitors are dropping their comparable product lines. B) If sales hold up, the company can harvest the product line by reducing costs associated with the plant and equipment, maintenance, R&D, and advertising. C) […]
QUESTION What happened during the production era? What will be an ideal response? ANSWER Answer: Emphasis was on production. The production concept emphasized producing as many goods as possible because there was an unlimited demand. Producers were small time (farmers, tradesmen), goods were handmade and scarce, and demand was high. This represented a seller’s […]
QUESTION Maura works for a huge online shoe seller. Her job is to look through the database of customer buying records so the company will be better able to use one-to-one marketing with its customers going forward. What is the name for what Maura is doing, and what is she looking for? What will be […]
QUESTION When developing a marketing strategy, you need a plan for what three things? What will be an ideal response? ANSWER Answer: (1) for identifying the target market among market segments, (2) for creating the right marketing mix to reach that target market, and (3) for dealing with important forces in the external marketing […]
QUESTION In step three of marketing research (analyze the data: use statistical tools to determine the facts), what might a company have to do with the data it has collected? What will be an ideal response? ANSWER Answer: A company may need to edit data, or check it over to eliminate mistakes. The company […]
QUESTION Jamal is having trouble figuring out his taxes on paper. Walk through Jamal’s experience with the five steps in the consumer buying process for what Jamal needs to think through as far as getting help on his taxes. What will be an ideal response? ANSWER Answer: Sample answer: (1) Jamal first recognizes his […]
