BUSI 332 WEEK 1 QUIZ

1.    Community Trust Bank is analyzing its customer data to determine if groups with similar monetary patterns other than the business customers can be identified. The bank is looking at the frequency of branch visits, use of ATMs, online banking activity, loan activity, and account balances of each customer. The bank has identified three groups of customers based on these factors and is planning to offer different products to better meet the needs of each group. Which of the following marketing concepts is represented by this exercise?
     a.     Price fixing
     b.     Market segmentation
     c.     Value reengineering
     d.     Marketing audit
     e.     Environmental scanning

2.Superfocus is a revolutionary concept in eyeglasses–it even received The Wall Street Journal innovation award in 2010. It is a type of eyeglass that allows the wearer to change correction without changing glasses, or having to look through a certain part of the lens like bifocal and progressive lens wearers must do. The round lenses are actually two lenses with a clear fluid in-between. The outer lens is hard, while the inner lens is flexible. There’s a little slider on the bridge that, when moved, pushes the fluid and changes the shape of the inner, flexible lens. That, in turn, changes the correction, so a user can see near, far, and everything in-between just by changing the position of the slider. The only catch is that the lenses have to be perfectly round and the frames need to be made out of stainless steel or titanium aluminum. This limits the frame style and color choices for consumers.

Refer to the Superfocus Scenario. People who need multifocal lenses are the company’s _____.
     a.     capital market
     b.     target market
     c.     dominant market
     d.     competitive market
     e.     bond market

3. The Internet has made geographical distance almost a nonissue.
     a.     True
     b.     False

4. Consumer segments exist because different consumers do not value different alternatives the same way.
     a.     True
     b.     False

5. Qualitative research tools gather data in a highly structured way.
     a.     True
     b.     False

6._____ involves the multitude of value-producing seller activities that facilitate exchanges between buyers and sellers.
     a.     Operations management
     b.     Sociology
     c.     Marketing
     d.     Information Technology
     e.     Sponsoring

7. _____ best reflects the connectedness between a consumer and a retailer, a brand, or service provider.
     a.     Hedonic value
     b.     Utilitarian value
     c.     Synergy
     d.     Goodwill
     e.     Relationship quality

8. Which type of research includes tools such as case analyses, clinical interviews, focus group interviews, and other tools in which data are gathered in a relatively unstructured way?
     a.     Quantitative research
     b.     Qualitative research
     c.     Structured research
     d.     Numerical research
     e.     Statistical research

9. A market-oriented firm stresses the importance of creating value for customers among all employees.
     a.     True
     b.     False

10.Which type of business orientation typically offers the same basic product to all customers?
     a.     Undifferentiated marketing
     b.     Customized marketing
     c.     Niche marketing
     d.     Specialized marketing
     e.     One-to-one marketing

11. Customer lifetime value represents the approximate worth of a customer to a company in economic terms.
     a.     True
     b.     False

12. Interpretation of quantitative research data is a function of the researcher’s opinion.
     a.     True
     b.     False

13.The presence of music in an environment may shape consumer behavior and even change buying patterns. In this case, music is an example of a _____.
     a.     social influence
     b.     situational influence
     c.     socio-economic factor
     d.     hedonic factor
     e.     perceptional influence

14. Insight Research, a marketing research company, has been hired by a national chain of family restaurants to help them better understand their customers and their preferences. The restaurant chain has several competitors competing for the same customer segments and has experienced sales declines in the past few years. Researchers go “under cover” and pretend to be customers so that they will fit in while they observe the interactions between customers and the wait staff. Subsequently, they write a report of their interpretations of what they experienced personally while pretending to be a customer. They also add in details of what they saw regarding interactions of other customers with each other and with the employees of the restaurant. Some conclusions drawn were that the employees were not especially attentive to the customers and that customers were overheard saying they didn’t intend to return. Some researchers also noted that the food was not very good and they saw several customers return orders.
Refer to the Restaurant Research Scenario. What are the interactions between the customers and the wait staff called?
     a.     Attributes
     b.     Liabilities
     c.     Process nodes
     d.     Touchpoints
     e.     Intersections

15. Data generated from qualitative research are considered researcher independent.
     a.     True
     b.     False

16. Consumer segments exist because different consumers do not value different alternatives the same way.
     a.     True
     b.     False

17. A market researcher focuses on the psychological process, including thoughts, feelings, and behavior that people experience once they realize that they have an unmet need. This set of value-seeking activities that the researcher is examining is best described as _____.
     a.     opportunistic behavior
     b.     consumer behavior
     c.     cognitive psychology
     d.     social interaction
     e.     deviant behavior

18. Undifferentiated marketing adopts the consumer orientation.
     a.     True
     b.     False
       
19. A blue ocean strategy seeks to position a firm so far away from competitors that, when successful, the firm creates an industry of its own and at least for a time, isolates itself from competitors.
     a.     True
     b.     False

20. Marie Johns is a psychologist who studies consumer behavior. She specializes in the mental reactions involved in consumer information processing, such as how advertisements persuade consumers to buy a product. Which field of psychology is Marie practicing?
     a.     Forensic psychology
     b.     Evolutionary psychology
     c.     Quantitative psychology
     d.     Cognitive psychology
     e.     Social psychology

21. _____ are unique to a time or place that can affect consumer decision making and the value received from consumption.
     a.     Situational influences
     b.     Temporal factors
     c.     Social influences
     d.     Internal factors
     e.     Market factors

22. _____ refers to a marketplace condition in which consumers do not view all competing products as identical to one another.
     a.     Product positioning
     b.     Product differentiation
     c.     Marketing positioning
     d.     Product cannibalization
     e.     Market differentiation

23. Sam needed a new pair of bicycle pedals as the pedals of his bicycle had cracks in them. After visiting several stores to find the right ones, he purchased a pair from a local store, All Things Sports, and was satisfied that his needs were met. Which of the following best describes the type of value Sam received?
     a.     End-state value
     b.     Premium value
     c.     Terminal value
     d.     Utilitarian value
     e.     Emotional value

24. Two common interpretive research orientations are _____.
     a.     regression and cluster analysis
     b.     psychology and sociology
     c.     phenomenology and ethnography
     d.     primary and secondary
     e.     qualitative and quantitative

25. Customer lifetime value includes the net present value of the stream of profits over a customer’s lifetime and _____.
     a.     the costs associated with satisfying that customer
     b.     the costs associated with keeping that customer for more than 10 years
     c.     the retention rate for all customers
     d.     opportunity cost saved from having loyal customers
     e.     the worth attributed to the equity a good customer can bring

26. Costs involve more than just the price of the product.
     a.     True
     b.     False

27. The segment or segments of a market that a company serves to is called the focal market.
     a.     True
     b.     False

28. Which of the following is a negative consequence of consumption?
     a.     Quality compromises
     b.     Opportunity costs
     c.     Scarcity costs
     d.     Emotional contagion
     e.     Utilitarian costs

29. In the context of a perceptual map, which of the following represents the combination of product characteristics that provide the most value to an individual consumer or market segment?
     a.     Touch point
     b.     Maximum point
     c.     Optimum point
     d.     Ideal point
     e.     Slope intercept

Which discipline is often defined as the study of production and consumption?
     a.     Philosophy
     b.     Psychology
     c.     Economics
     d.     Management
     e.     Anthropology