QUESTION The marketing process starts with conducting research and determining a target market. Then it follows the four Ps of the marketing mix, in this order: product strategy > place strategy > promotion strategy > pricing strategy. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The four Ps are pursued […]
QUESTION A company has an idea for a product. The first thing the company should do is establish whether there is a market for the product. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The first thing the company should do is conduct research to determine whether there is a […]
QUESTION Test marketing is marketing research designed to solicit initial consumer reaction to new product ideas. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The definition given is for concept testing. Test marketing is the process of testing products among potential users.
QUESTION Marketing researchers often submit data to data analysis to make it more useful. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Data analysis involves using statistical tools to determine data’s significance.
QUESTION Exchange value is another term for price when you are figuring out how much to charge for a product (a good or a service). Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Exchange value determines the value of a product to the customer.
QUESTION When companies collect secondary and primary data, such as that they get from Internet searches, focus groups, and databases, they are doing what is called environmental scanning. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: When companies collect secondary and primary data, they are doing marketing research. Environmental scanning […]
QUESTION Which of the following, if true, most strongly supports flextime as an attractive option for Shoreline’s employees? A) The salary levels for Shoreline employees do not include a provision for overtime pay. B) Most of the tasks Shoreline’s employees do involve communicating by e-mail or voice mail with editors and clients, including many in […]
QUESTION Where did you hear about our product? and Would you pay $1.50 more for our product? are questions a company might be able to answer when it conducts market research about a product. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Marketing research helps a company find out consumer […]
QUESTION Which of the following, if true, most strongly suggests that adult care support is an attractive option to Shoreline’s employees? A) With proper counseling, children can defer expensive nursing home care for elders. B) Adult care is a relatively inexpensive benefit for Shoreline to provide. C) A significant number of workers also have one […]
QUESTION Why did the production era focus on producing as many goods as possible? A) because manufacturers wanted to try out new assembly-line technology B) because there was an unlimited demand for goods C) because marketers wanted to test new sales techniques D) because customers were unhappy and so companies kept trying to please them […]
