engage in marketing research.

       spend more dollars on advertising.

       hire more salespeople.

       develop new cereals. 

Question 2.2. (TCO 1) The act of consciously choosing from alternatives is called (Points : 3)       a dilemma.

       a quandary.

       decision making.

       a paradox.

       a predicament. 

Question 3.3. (TCO 1) Research objectives are the (Points : 3)       restrictions placed on potential solutions by the nature of the research.

       criteria or standards used in evaluating proposed solutions to the research.

       goals the decision maker seeks to achieve in conducting the marketing research.

       conjecture about factors or situations that simplify the problem enough to allow it to be solved using the proposed research.

       specific goals an organization seeks to achieve and by which it can measure its performance. 

Question 4.4. (TCO 1) A test market is an example of which type of marketing research? (Points : 3)       Descriptive

       Explanatory

       Exploratory

       Causal

       Concrete

Question 5.5. (TCO 1) When Home Depot entered the Quebec market, 2% of the population was aware of the retail chain. To determine how effective its advertising was in the first 18 months of its presence in the Canadian province, it conducted awareness research for a second time. Prior to conducting the research, it was decided that if at least 50% of the population was aware of the Home Depot brand, it would continue its present advertising program. This is an example of a(n) (Points : 3)       objective.

       constraint.

       assumption.

       measure of success.

       barrier to entry.

Question 6.6. (TCO 3) Fisher-Price managers developed a(n) _____ for the Chatter Telephone that involved adding a noisemaker, wheels, and eyes to the basic telephone. (Points : 3)       vision

       alternative

       hypothesis

       new-product concept

       opportunity 

Question 7.7. (TCO 1) Secondary data are the (Points : 3)       facts and figures that are newly collected for the project at hand.

       facts and figures obtained by watching people mechanically rather than in person.

       facts and figures obtained by asking people questions.

       facts and figures that have already been recorded before the project.

       conclusions developed from information obtained from a representative sample of a population.

Question 8.8. (TCO 3) Market segmentation stresses _____ and relating needs and benefits to specific marketing actions. (Points : 3)       grouping people randomly in a market

       market sectioning

       grouping people according to similar needs

       splitting people randomly between markets

       product-based market development 

Question 9.9. (TCO 3) MyTwinn makes dolls that look like young girls. For $119, it will make a doll that looks just like a photograph. So, if you send in the money and a photo of your young niece, she could have a doll that is her twin! This is an example of (Points : 3)       mass customization.

       synergy.

       target marketing.

       how the 80/20 rule is implemented.

       repositioning.

Question 10.10. (TCO 6) The first step in segmenting and targeting markets is to (Points : 3)       recognize a need.

       group potential buyers into segments.

       create product groupings.

       estimate size of the overall market.

       develop a market-product grid.

Question 11.11. (TCO 6) Which of the following is not a criterion used in forming segments? (Points : 3)       Potential for increased profit

       Similarity of needs of potential buyers within a segment

       Competitive position

       Potential of marketing action to reach a segment

       Simplicity and cost of assigning potential buyers to segments 

Question 12.12. (TCOs 3, 5, and 6) A market-product grid is a framework to relate the market segments of potential buyers to (Points : 3)       estimated expenses for products sold.

       total anticipated revenue.

       total anticipated profit.

       market share compared to closest competitor.

       products offered or potential marketing actions by an organization.

Question 13.13. (TCO 6) Which of the following is a criterion used for selecting a target segment? (Points : 3)       Potential for increased profit

       Similarity of needs of potential buyers within a segment

       Difference of needs of buyers among segments

       Potential of a marketing action to reach a segment

       Competitive position

Question 14.14. (TCOs 3, 5, and 6) Changing the place an offering occupies in consumers’ minds relative to competitive products is called (Points : 3)       perceptual mapping.

       product positioning.

       product differentiation.

       repositioning.

       psychographics.

Question 15.15. (TCOs 3, 5, and 6) Which of the following data are collected from consumers to develop a perceptual map for a particular product? (Points : 3)       A listing of all prospective brands and products

       Managerial judgments about how consumers perceive products

       Ratings of an ideal product’s or brand’s attributes

       Rank order of the ratings of an existing brand’s preference relative to its competitors

       All of the above

Question 16.16. (TCOs 1, 3, 5, and 6) A product is a good, service, or idea consisting of a _____ that satisfies consumers and is received in exchange for money or some other unit of value. (Points : 3)       warranty from the seller

       bundle of tangible and intangible attributes

       bundle of tangible attributes

       a tangible received in exchange for a person’s time

       bundle of intangible attributes

Question 17.17. (TCOs 1, 3, 5, and 6) The terms continuous innovation, dynamically continuous innovation, and discontinuous innovation are classifications based on (Points : 3)       generated sales.

       production technology.

       degree of learning required by the consumer.

       channels of distribution.

       industry growth. 

Question 18.18. (TCOs 1, 3, 5, and 6) When General Foods introduced Post Cereals with freeze-dried fruits, people found that by the time the fruit had absorbed enough milk, the flakes were soggy. Why did this product fail? (Points : 3)       Poor product quality

       Insignificant point of difference compared to competitive offerings

       Too little market attractiveness

       Poor execution of the marketing mix

       No economical access to buyers 

Question 19.19. (TCOs 1, 3, 5, andFIN 100_Careers in Finance,Business & Finance,,

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