Transcript MIM

MIM
7: What is an internal source of
marketing information for a
business?
A: Government planning agencies
B: Inventory records
C: Public libraries
D: Trade journals
8: In planning marketing activities
and in making marketing decisions,
marketersuse a variety of data
gathered by a(n)
A: inventory control system
B: double-entry bookkeeping system
C: file of employee records
D: marketing-information management
system
10: Your company has asked you to make
recommendations for new hardware and
software to replace the existing marketinginformation system. What should you
recommend?
A: The largest system available for future
expansion
B: Software that is secure and accessible
only to you
C: Software that decision makers can use
with minimum training
D: Software that everyone in the company
can use to collect and process data
37: Which characteristics of useful
marketing information is represented by
the statement “The benefits of using the
information should be greater than the
expense of gathering the data used to
generate this information”?
A: Timeliness
B: Accessibility
C: Relevancy
D: Cost-effectiveness
Answer
D: Cost-effectiveness
Marketing information must provide greater benefits to
the user than the expense of gathering the data used to
generate this information. If the marketing information
cannot provide greater benefits to the user , then the
corresponding data are not worth gathering or
processing. Timely data and information are up-to-date,
so the data must be gathered at a time when they will be
of the most value to the business. Accessible
information is readily available so that it can be used
without major effort or excessive cost. Marketing
information should be relevant- closely related to the
situation at hand
36: What is an example of marketing
information that a business could gather
by surveying its customers?
A: Planned product improvements
B: The company’s current market share
C: Location of the company’s market
D: Financial status of competitors
Answer
C: Location of the company’s market. By
surveying customers, the business can
determine where the people who are interested
in buying its products are located. Information
about the company’s market share and plans to
improve current products can be obtained from
the company’s own records. The financial status
of competitors is only available if they operate as
a corporation and must report their finances to
shareholders, or they are in a situation that
requires them to disclose their financial
recouses.
9.
When a marketing- information
management system compares financial
information from one time period with the
financial data from another time period, it
provides a picture of the business’s.
A. Competition
B. Situation analysis
C. Sales forecasts
D. Profitability
11.
A.
B.
C.
D.
One advantage to marketinginformation managers of using the
internet to do research and gather data is
that the process is.
Inexpensive
Restrictive
Regulated
Protected
12.
A.
B.
C.
D.
So a business can retrieve current
customer and internal marketing
information from a central location, it may
use which of the following technological
tools:
Presentation software
A database
Opt- in e-mail
A CAD program
13.
A.
B.
C.
D.
Which of the following is a technology
tool that allows a business to observe a
customer’s internet activities:
Spam
Hyperlink
Cookie
Host
42.
A.
B.
C.
D.
Why do many businesses place a
cookie on a user’s hard drive when the
user visits the business’s web site?
To regulate the user’s access to
information
To make it easy for the user to find the
website
To track the number of times the user
buys a product
To guarantee that the web site is secure
Explanation question 42.
C.
To track the number of times the user buys a product. Many
businesses that have web sites place a cookie, which is a type of
information, on a user’s hard drive when the user visits that site.
Then, the next time a user visits that site, the site’s computer
recognizes the user because of the cookie. A business’s marketinginformation managers use cookies to maintain user information and
track how many times a user visits a specific web site or buys a
product online. This type of data allows marketing-information
managers to customize web sites in order to appeal to the
preferences and habits of customers who are visiting their sites.
Cookies make it possible for businesses to obtain marketing
information. They do not make it easy for the user to find the web
site, regulate the user’s access to information, or guarantee that
web site is secure.
43.
A.
B.
C.
D.
How can businesses use
computerized databases to sort and
organize information about customers’
purchases, brand preferences, and dollar
amounts spent?
To maintain sales strategies
To prepare financial reports
To develop inventory control plans
To customize its marketing efforts
Explanation question 43
D.
To customize marketing efforts. Many businesses use
computerized databases to sort and organize information about
customers’ purchases, brand preferences, dollar amounts spent, etc.
The benefit to the business is that it can use this information to
customize its marketing efforts and appeal to specific customers.
For example, a business might use a database to organize
customers according to geographic location, and send different
promotional pieces to each area. The database allows a business
to target specific customers based on certain criteria. Businesses
do not use this type of customer information to prepare financial
reports, develop inventory control plans, or maintain sale strategies.
44.
A.
B.
C.
D.
How can using a database to track its
customers’ preferences and buying
habits help a business?
Decreases the need to analyze
marketing activities
Obtains additional deductions for its
semi- annual tax return
Reduces unnecessary operational
expenses
Builds strong, loyal customer
relationships
Explanation question 44
D.
Builds strong, loyal customer relationships. When a business
understands what its customers like and dislike about its good and
services, it can incorporate activities to maintain, improve, or expand
its products. When customers see that the business is showing
interest in meeting their needs and wants, they are more likely to
continue the relationship with the business. A business’s tax
deductions are not generally based on its ability to track its
customers’ buying behavior. Operational expenses refer to all of the
expenses of running the business. A database can facilitate efficient
use of a business’s resources, but does not necessarily reduce
operating expenses, nor does it necessarily decrease the need to
analyze marketing activities.
#15
Which of the following is a
characteristic of unstructured
observation?
• A. Often records a variety of behaviors
• B. Uses standard checklists to document
behavior
• C. Requires the use of surveillance
equipment
• D. Most often limits observer with specific
guidelines
#15
Answer: A
• The answer is A because the answer is
obvious.
# 16 What is the advantage is using
personal interviews to collect
marketing data?
•
•
•
•
A. Biased interviewer
B. Slow collection rate
C. Limited interaction
D. High flexibility
#16
Answer: D
• The answer is D because D is for dogs.
# 63 What is a common methods of
collecting research date that often involves
the use of questionnaires?
• A. Case study
• B. Mail survey
• C. Message board
• D. Behavior chart
#63
•
Answer: B
Mail survey. A survey is a marketing-research method
that involves asking consumers questions in order to
learn their opinions and the reasons behind those
opinions. Researches often use mail surveys that are
sent to individuals’ homes as a way of collecting data. A
message board is a gathering place for transmitting
ideas or information through electronic communication. A
case study is an instructional method that involves giving
trainees a written description of an organizational
problem, and the trainees are asked to determine the
problem and potential solutions. Behavior chart is not a
common method of collecting research data.
•
•
•
•
#64 What data-collection methods can be
used to obtain product information during
the point-of-purchase process?
A. Volume-tracking scanner
B. photographic scanner
C. E-mail survey
D. Statistical survey
#64
Answer: A
• Volume-tracking scanner. A scanner is an electronic
device that reads or translates codes that are placed
on products and enters the product information into a
computer. Scanners are commonly used during a
sales transaction, which is the point of purchase. This
is a popular method of collecting information about
customers’ buying habits and inventory status because
the scanning system can track large volumes of
goods. Once enough data are collected, researchers
evaluate the data to determine how fast or slow certain
products are moving, which is information they can
use to make business decisions.
#64 Explanation Continued
• Photographic scanner, e-mail surveys, and
statistical surveys are not data collection
methods that researchers use during the
point of purchase process.
#65 What is the most appropriate data-collection
method to use when a business wants to
determine how its employees interact with
•
•
•
•
customers?
A. Experiment
B. Observation
C. Employee survey
D. Telephone interview
#65
Answer: B
• Observation. Observing the way in which
employees and customers interact is one way
to obtain information about customer service
and customer satisfaction. This technique
involves watching how the employees and
customers communicate with one another
without them knowing that they are being
observed. The observation approach often
provides the researcher with insight (verbal
and nonverbal cues) that s/he cannot obtain
by holding a telephone interview or by
distributing a survey.
Cont.
For example, if observation research indicates that
several employees have problems helping
customers select the appropriate product, the
business can take steps to train employees so
they can better help customers. An experiment
involves manipulating certain factors in a
controlled environment to determine the cause
and effect of variable combinations. An experiment
would not be the appropriate approach to
determine how employees interact with customers.
#66
•
A.
B.
C.
D.
What is an example of a marketingresearch method that is used to collect
primary data?
Customer Survey
Census Data
Trade-Journal Article
External Reports
#66
Answer: A
• Customer survey. Primary marketing research is
information that a business obtains for a specific
purpose. Businesses use many techniques to
obtain primary data, such as observation,
interviews, and surveys. Surveys contain
questions about the information the business
wants to obtain. For example, a business might
distribute a survey to its customers when it
wants to find out what the customers think of the
business’s goods and services. Census data,
trade-journal articles, and external reports are
forms of secondary research.
17.To obtain reliable valid marketing research data
when conducting personal interviews researchers
must make sure that the interviewers are
• A-open friendly and nonjudgmental
• B-approachable opinionated and
organized
• C- consistent biased and aggressive
• D- courteous passive and distant
17. Answer
• A- open friendly and nonjudgmental
14. Which of the following is a rating scale that
allows marketing researchers to determine
respondents feelings
•
•
•
•
A- variable
B- likert
C- comparative
D- attribute
14. Answer
• B- likert
67.How can ill- designed questionnaires
affect survey participants
• A- can make them question surveys
purpose
• B- can decrease their response rate
• C- can decrease their desire to answer
personal questions
• D- can make them take their time to
complete the survey
67. Answer
• B.can decrease their response rate. Ill-designed
questionnaires negatively affect the quality and quantity
of data obtained from survey participants. This lowers
their response rate because they may think the survey is
too complex too time consuming or too confusing survey
design is unlikely to make participants question the
surveys purpose decrease their desire to answer
personal questions or make them take their time to
complete the survey
68. When should researchers ask potentially
sensitive questions during an interview
• A- toward the end of the interview
• B- at the beginning of the interview to get
them out of the way
• C- throughout the interview
• D- at the mid-point of the interview to allow
time for the researcher to build rapport
68- answer
• Atoward the end of the interview. By asking
potentially sensitive questions toward the end of
an interview the researcher can avoid having the
participant cut off the interview before important
information can be collected by asking the
questions at the beginning I the middle or
through out the interview the researcher risks
prematurely ended interviews
62. What type of scale is a firm using when a survey format has a seven-point
rating system consisting of opposite adjectives on each of the scale
•
•
•
•
A- semantic differential
B- likert
C- stapel
D- random rating
62. Answer
• A
semantic differential. Itemized scales provide respondents with a set
of options from which they must choose and answer. A semantic
differential scale is a type of itemized scale that marketing
researchers use to measures attitudes. The scale provides seven
spaces which are bounded by descriptive antonyms at each end
such as reliable and unreliable the respondent places an x at the
point or space on the continuum that best describes his/her feeling
about the object or idea that s/he is rating. The likert scale measures
the respondents level of agreement with the statement. The spatel
scale is a 10- point scale that places the phrase in the middle and
requires the respondent to mark which series of positive or negative
numbers best describes his/her feelings about the phrase in relation
to the object or idea. Random-rating scale is a fictitious term
61. The sbu company developed a survey In which
respondents are provided the same number of favorable
rating options what type of scale has this survey used
•
•
•
•
A- sequential
B- continuous
C- spliced
D- balanced
61. answer
• D
balanced. Marketing researchers can use many types of
itemized rating scales on a survey. An itemized scale
provides respondents with a set of options from which
they must choose an answer. A balanced itemized scale
provides an equal number of favorable respondents (e.g.
dissatisfied extremely dissatisfied) a continuous scale is
a type of non comparative scale that allows respondents
top place a slash mark on a line that is bounded by two
opposite variables . Spliced and sequential are not types
of survey rating scales
6. What does a business need in order to
understand why a product that has been a strong
seller for a long time is now losing its popularity?
A. marketing information
B. sales records
C. secondary data
D. purchasing documents
A. Marketing information
They need to see how rival products are
doing and how they are affecting the
product.
29. What is one way that businesses use
marketing information?
A.
B.
C.
D.
To develop new products
To determine credit scores
To change economic trends
To prepare sales invoices
A.
To develop new products
Businesses need to obtain and analyze a wide variety of marketing
information in order to make decisions for the future. One way that
businesses use this information is to develop new products and
improve existing products in order to satisfy customers’ needs. In
order to make marketing decisions that will keep them
competitive, businesses are constantly gathering information
about customers’ preferences and why customers buy certain
products.
Businesses do not use marketing information to prepare sales invoices.
Businesses obtain marketing information in order to monitor
economic trends, but they are not able to change those trends.
Credit scoring is a function of finance that helps a company
determine a customer’s credit worthiness.
30. What does continuously monitoring
international marketing information enable
businesses to do?
A.
B.
C.
D.
Investigate competitors
Identify problems
Evaluate market share
Analyze economic changes
B. identify problems
Marketing information is data available inside (internal) and outside
(external) the business. Internal marketing information that
businesses monitor include inventory reports, customers, sales
records, customers’ feedback from surveys, etc. Comparing current
and past marketing information can often reveal problems, such as a
sudden drop in sales of a particular product.
A drop in sales may indicate that the business needs to provide new or
improved products or increase promotional efforts. Businesses need
to review various forms of external marketing information to
effectively investigate competitors, evaluate market share, and
analyze economic changes.
31. What is one way that many businesses use the
marketing information contained in sales reports?
A. To monitor expense accounts
B. To qualify potential new customers
C. To improve the effectiveness of
salespeople
D. To develop negotiating techniques
C. To improve the effectiveness of salespeople
Sales reports contain a variety of information that businesses often use
to improve the effectiveness of salespeople. This is information
about numbers of new customers, number lost of customers, cost of
selling, time spent with each customer, etc.
By reviewing the information, a business can determine if the
salesperson is effective, or might need assistance or more training
to be better able to market the business’s product information that
the salesperson does not have. Then, the business can develop
materials to provide the detailed information.
This will help the salesperson to more effectively work with customers.
Businesses do not develop negotiating techniques. Expense
accounts are types of sales reports that often contain marketing
information.
32. By monitoring its sales and its customers’
buying habits, what is a business often able to
identify?
A.
B.
C.
D.
Popular products
Research methods
Economic resources
Competitors’ activities
A.
Popular products
A business that monitors its sales and customers’ buying
habits overtime can determine which products are not
popular and which products are not selling. By
knowing which products are improving well and not so
well, the business can make informed decisions about
its product mix.
For example, a business may decide to offer popular
products in other colors and sizes, or it may decide to
delete slow-moving items from its product mix.
Research methods are the ways in which a business
obtains marketing information. Economic resources
are the human and natural resources and capital
goods used to produce goods and services. Monitoring
its sales and its customers’ buying habits will not help
the business identify research methods, economic
resources, or competitors’ activities.
33. XYZ Company noticed that the sales of iPads
in blue have increased in sales. What can the
business determine about the iPads?
A.
B.
C.
D.
Popular products
Research methods
Economic resources
Competitors’ activities
A. Popular products
If they’re sold out they’re popular!
34. What type of internal report would indicate to a
business that sales for a specific product have dramatically
dropped over the past three months?
A.
B.
C.
D.
Market demographics analysis
Accounts-payable summary
Annual income statement
Quarterly inventory status
D. Quarterly inventory status.
By monitoring inventory, a business can determine how well a product is
selling. If the status report indicates that the inventory for the item is
turning slowly, then the business knows that sales are down. By
monitoring the inventory status report over time, the business might
decide to drop items form the product line that are not selling.
Accounts-payable reports summarize data related to monies the business
has made or lost over a certain period of time. A demographics
characteristics (e.g., age, gender, education). An accounts-payable
summary, an annual income statement, and market demographics
analysis will not indicate changes in a product’s sales.
35. What type of marketing data can a business obtain by
reviewing its inventory reports and customers’ invoices?
A.
B.
C.
D.
Product quality
Customers’ credit limits
Customers’ product preferences
Actual market share
C. Customers’ product preferences
Internal records provide businesses with information about their
customers’ buying habits and product usage. By reviewing
inventory reports, a business can determine which products are
selling well and which products are moving slowly.
This information may prompt the business to phase out the slow
moving product and increase promotional efforts for the products
that are selling well. Customers’ invoices provide information
about an individual customer’s buying preferences and habits.
For example, invoices might reveal that certain customers buy a
certain quantity of a particular product four times a month. By
knowing this type of information, the business can customize
promotions for its customers and take steps to ensure that it has
sufficient product on hand when it is needed.
Financial reports provide information about customers’ credit status
and limits. Customer invoices do not provide information about a
product’s level of quality. Businesses need to analyze industry and
competitors’ data and compare them with internal data to evaluate
its market share.
45. What is the overall reason that
marketing strategies are designed and
implemented?
A.
B.
C.
D.
Improving management techniques
Achieving planned goals
Changing the image of the business
Increasing business profits immediately
B. Achieving planned goals
The business’s goals and strategies for
achieving those goals may change
frequently.
Changing the business’s image, increasing
its profits, or improving management
techniques might be specific goals at any
point in time.
46. Dennis has a great idea for a new type of
tennis ball that, if produced, would be better
than any ball currently on the market. He
pitches his idea to a few investors. Which of the
four P’s should these investors consider first?
A.
B.
C.
D.
Product
Price
Promotion
Place
A. Product
Before a company introduces a new product, it
should determine if there is a market for the
product. The investors should first determine if
there is a new type of ball before creating a
company.
After product is considered, the investors would
have to think about how to price the new ball,
where and how it should be promoted, how to
ship the product, and where it should be sold.
47. Manny has a new idea for a new cleanser that
would decrease the time in cleaning tiled floors.
He thinks this product would be better than any
cleanser currently on the market. Which of the
four P’s should these investors consider first?
A.
B.
C.
D.
Product
Price
Promotion
Place
A. Product
When you are working on a idea, the first
thing you need to consider is the logistics
of the product.
48. To promote its summer menu, Danielle’s Café
plans to e-mail a $5.00-off coupon to its regular
customers next Tuesday. The coupon will be
valid from June 1st through June 15th. What
does use of the coupon represent?
A.
B.
C.
D.
Tactic
Strategy
Goal
Trend
A. Tactic
Because e-mailing the coupon is a
specific action to increase short-term
sales, it is a marketing tactic. Marketing
tactics are used to carry out the
business’s marketing strategies, which
are broader in scope and serve as
“road maps” to achieve the business’s
marketing goals.
A trend is the general direction in which
people or events are moving.
Businesses evaluate trends when
setting marketing objectives,
49. Highway 1 Restaurant allows customers the
opportunity to enter drawings in order to win a
birthday cake. Customers register by providing
their contact information on a card. What does
entering the drawing represent?
A.
B.
C.
D.
Tactic
Strategy
Goal
Trend
A. Tactic
A tactic is short-term. The drawing to win
birthday cake is short-term.
50. Sue is a 12th grade student who loves the new Ferrari
convertible which retails for approximately $300,000.
She works part-time at the local movie theater and has
approximately $150 in her savings and checking
account. Is Sue a part of the market for the Ferrari?
A.
B.
C.
D.
No, she is not financially willing to purchase the Ferrari.
Yes, she has an unfulfilled desire for the Ferrari.
No, she is not financially able to purchase the Ferrari.
Yes, she has an unfulfilled desire and is financially able
and willing to satisfy that desire.
C. No, she is no financially able
to purchase the Ferrari.
To be part of a market, the customer must
have an unfulfilled desire and be
financially able and willing to satisfy that
desire.
Sue lacks the financial ability to purchase a
Ferrari.
51. Which market do customers in cold
climates who need snow shovels and
snow blowers represent?
A.
B.
C.
D.
Geographic
Psychographic
Behavioral
Occupational
A. Geographic
Geographic segmentation groups people by
the area in which they are located. This
includes customers in cold climates.
Occupations are a basis for demographic
segmentation.
Psychographic segmentation groups people
by lifestyles and personalities.
Behavioral segmentation groups people by
their response to a product.
52. Which market segment do customers
that prefer reasonably-priced recreational
activities that include a variety represent?
A.
B.
C.
D.
Geographic
Psychographic
Behavioral
Occupational
B. Psychographic
The person’s mind likes the recreation, so it
relates to the mind.
53. A business determines that it can increase its
market share 12 percent by promoting its
goods and services to Hispanic females who
are 18- to 34-years old. How is the business
segmenting the market?
A.
B.
C.
D.
By geographics
By psychographics
By demographics
By behavior
C. By demographics
Demographics are the physical and social
characteristics of the population. A business that
segments the market on the basis of
demographics considers factors such as the
age, gender, and ethnicity of the population.
Psychographic segmentation is the division of a
market on the basis of consumers’ lifestyles and
personalities, which are influenced by their
behavior.
Geographic segmentation involves dividing a
market on the basis on location (e.g., zip code).