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MKT200 Unit 2 Quiz 1 - Verified Answers

Quiz 1 Answers .docx • Question 1 5 out of 5 points If you want to sell new products to new markets, you are using a strategy called: Correct Answer: diversification • Question 2 5 out of 5 points When backed by buying power, wants become: Correct Answer: demands • Question 3 5 out of 5 points Which of the following descriptions most accurately characterizes the baby boomers? Correct Answer: They hold 70% of the country's financial assets. • Question 4 5 out of 5 points Your marketing department is currently researching the size, density, location, age, and occupations of your target market. Which environment is being researched? Correct Answer: demographic • Question 5 5 out of 5 points The set of benefits a company promises to deliver to its consumers to satisfy their needs is called: Correct Answer: a value proposition • Question 6 5 out of 5 points Which of the following is most essential to any definition of marketing? Correct Answer: customer relationships • Question 7 5 out of 5 points Secondary data consists of information: Correct Answer: that already exists somewhere but was collected for another purpose • Question 8 0 out of 5 points Researchers found that a number of well-known brands tended to be strongly associated with one particular trait, such as JetBlue with "being human". Which of the following terms would a marketer use to describe a specific mix of traits that may be attributed to a particular brand? Correct Answer: brand personality • Question 9 5 out of 5 points Companies who use brand ambassadors are using a specific technique called: Correct Answer: buzz marketing • Question 10 5 out of 5 points The place a product occupies in the consumer's mind relative to competitors' products is termed: Correct Answer: product position • Question 11 5 out of 5 points Regarding customer relationship groups, a long-term customer who has a very low contribution to overall profits is called a: Correct Answer: barnacle • Question 12 5 out of 5 points Instead of thinking of selling products, marketers would be wise to take the customer's view and think of: Correct Answer: offering solutions to problems • Question 13 5 out of 5 points A product with a low market growth rate and relatively high market share is known in the Growth-Share Matrix as a: Correct Answer: cash cow • Question 14 5 out of 5 points You are bringing out a new product and want to be sure to reach those customers who will influence the choices of others. Which group will you target to carry your message? Correct Answer: early adopters and innovators • Question 15 5 out of 5 points What is the first step in the marketing research process? Correct Answer: defining the problem and research objectives • Question 16 5 out of 5 points The art and science of choosing target markets and building profitable relationships with them is called: Correct Answer: marketing management • Question 17 5 out of 5 points In the four P's of the marketing mix, design, packaging, services, and variety all fall under the category of: Correct Answer: product • Question 18 5 out of 5 points Each department in a company that carries out value-creating activities can be thought of as a link in the company's: Correct Answer: value chain • Question 19 5 out of 5 points Which of the following best explains why consumers have greater power and control in today's marketplace? Correct Answer: Through new communication technologies, customers have more access to information and more methods of sharing their opinions with other customers. • Question 20 5 out of 5 points The act of obtaining a desired object from someone by offering something in return speaks most closely to: Correct Answer: exchange relationships • Question 1 5 out of 5 points If you want to sell new products to new markets, you are using a strategy called: Correct Answer: diversification • Question 2 5 out of 5 points When backed by buying power, wants become: Correct Answer: demands • Question 3 5 out of 5 points Which of the following descriptions most accurately characterizes the baby boomers? Correct Answer: They hold 70% of the country's financial assets. • Question 4 5 out of 5 points Your marketing department is currently researching the size, density, location, age, and occupations of your target market. Which environment is being researched? Correct Answer: demographic • Question 5 5 out of 5 points The set of benefits a company promises to deliver to its consumers to satisfy their needs is called: Correct Answer: a value proposition • Question 6 5 out of 5 points Which of the following is most essential to any definition of marketing? Correct Answer: customer relationships • Question 7 5 out of 5 points Secondary data consists of information: Correct Answer: that already exists somewhere but was collected for another purpose • Question 8 0 out of 5 points Researchers found that a number of well-known brands tended to be strongly associated with one particular trait, such as JetBlue with "being human". Which of the following terms would a marketer use to describe a specific mix of traits that may be attributed to a particular brand? Correct Answer: brand personality • Question 9 5 out of 5 points Companies who use brand ambassadors are using a specific technique called: Correct Answer: buzz marketing • Question 10 5 out of 5 points The place a product occupies in the consumer's mind relative to competitors' products is termed: Correct Answer: product position • Question 11 5 out of 5 points Regarding customer relationship groups, a long-term customer who has a very low contribution to overall profits is called a: Correct Answer: barnacle • Question 12 5 out of 5 points Instead of thinking of selling products, marketers would be wise to take the customer's view and think of: Correct Answer: offering solutions to problems • Question 13 5 out of 5 points A product with a low market growth rate and relatively high market share is known in the Growth-Share Matrix as a: Correct Answer: cash cow • Question 14 5 out of 5 points You are bringing out a new product and want to be sure to reach those customers who will influence the choices of others. Which group will you target to carry your message? Correct Answer: early adopters and innovators • Question 15 5 out of 5 points What is the first step in the marketing research process? Correct Answer: defining the problem and research objectives • Question 16 5 out of 5 points The art and science of choosing target markets and building profitable relationships with them is called: Correct Answer: marketing management • Question 17 5 out of 5 points In the four P's of the marketing mix, design, packaging, services, and variety all fall under the category of: Correct Answer: product • Question 18 5 out of 5 points Each department in a company that carries out value-creating activities can be thought of as a link in the company's: Correct Answer: value chain • Question 19 5 out of 5 points Which of the following best explains why consumers have greater power and control in today's marketplace? Correct Answer: Through new communication technologies, customers have more access to information and more methods of sharing their opinions with other customers. • Question 20 5 out of 5 points The act of obtaining a desired object from someone by offering something in return speaks most closely to: Correct Answer: exchange relationships

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