_________ has/have helped firms to concentrate on their core business.
Answer
Correct Answer:
Outsourcing
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Alex is creating a marketing plan for his best friend’s restaurant. He visits the local library to gather data on the restaurant industry. Alex is collecting what kind of data?
Answer
Correct Answer:
Secondary data
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Employees at People First Credit Union are encouraged by management to establish long-term buyer–seller relationships. They strive to learn each customer’s name so that they can be greeted as they walk in the door. This is an example of which business concept?
Answer
Correct Answer:
Relationship marketing
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The process of determining what the responses to research mean is referred to as ______.
Answer
Correct Answer:
Data analysis
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Qualitative data produces useful results if the researcher is looking for ______.
Answer
Correct Answer:
Open-minded responses to probing questions
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The philosophy of a business in which the wants and needs of customers are determined before goods and services are produced is referred to as the ______.
Answer
Correct Answer:
Marketing concept
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Primary data that cannot be analyzed statistically is called ______.
Answer
Correct Answer:
Qualitative data
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Which of the following is a black box influence that is internal to the consumers’ mind?
Answer
Correct Answer:
Motives and needs
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Marketing data that a business collects for its own specific purposes is referred to as ______.
Answer
Correct Answer:
Primary data
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Buyer’s remorse is also known as ______.
Answer
Correct Answer:
Cognitive dissonance
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Secondary data can be defined as being ______.
Answer
Correct Answer:
Data sources which already exist
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Sandra is excited about going shoe shopping with her friends later in the day. Before she goes, she thinks about the stores she wants to visit and the brands that she would like to try. These are all part of Sandra’s ______.
Answer
Correct Answer:
Evoked set
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The first step in the decision-making process that leads to a purchase is ______.
Answer
Correct Answer:
Problem recognition
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Arthur, a grocery store manager, politely asks customers to fill out a three-question survey about their shopping experience as they are leaving the store. The data collected from these surveys would best be described as ______.
Answer
Correct Answer:
Primary data
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Potential problems with ______ is that it may not be specific or detailed enough for the needed purpose.
Answer
Correct Answer:
Secondary information
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______ is the remorse that potential buyers feel after making a major purchase.
Answer
Correct Answer:
Cognitive dissonance
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Select the correct statements about target markets:
Answer
Correct Answer:
All of the above
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Segmentation variables are the _____ to group people who are more likely to purchase a product.
Answer
Correct Answer:
Both a and b
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Secondary data is the marketing data that has been _____ available by an outside source.
Answer
Correct Answer:
All of the above
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Sales forecast is the quantity of products a business plans to sell during a _____ period.
Answer
Correct Answer:
Future Time
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_____ is the philosophy of business that concentrates on establishing a long-term buyer–seller relationship for the benefit of both parties.
Answer
Correct Answer:
Relationship Marketing
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The philosophy of a business that concentrates more on the customers that the business makes than on product needs.
Answer
Correct Answer:
False
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Primary data is the marketing data that a business collects for its own _____.
Answer
Correct Answer:
Specific purposes
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Niche marketing is segmenting populations of people into larger target markets.
Answer
Correct Answer:
False
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Treating entire populations of people as potential customers for specific products is called?
Answer
Correct Answer:
Mass Marketing
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Market segmentation is breaking down populations of people into _____ markets.
Answer
Correct Answer:
Both a and b
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Market research is the process of gathering information about _____ that will improve marketing efforts.
Answer
Correct Answer:
Consumers
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Marketing strategy is What the marketing efforts of a business are intended to accomplish and how the business will achieve its _____,
Answer
Correct Answer:
All of the above
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Individualized marketing is adjusting the marketing mix of a business to treat individual persons as United target markets.
Answer
Correct Answer:
False
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The group of _____ that comes to a customer’s mind when she thinks of a type of product is called Evoked Set.
Answer
Correct Answer:
All of these
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Cognitive dissonance is the conflict (i.e., remorse) that buyers feel _____ making a major purchase.
Answer
Correct Answer:
After
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Big data is a huge amount of information that shows conclusions via _____ ?
Answer
Correct Answer:
Both a and b
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