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Marketing and Five-Step Application of Scientific Method

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1. The marketing research process is a five-step application of the scientific method that includes:

a. 0Defining the problem, analyzing the situation, getting problem-specific data, interpreting the data, and solving the problem
b. 0Defining the target market, analyzing the customers, getting survey feedback, interpreting the data, and launching the marketing campaign
c. 0Defining the marketing campaign goals, analyzing the product features, analyzing the situation, getting budget approval, and launching the marketing campaign
d. 0Defining the problem, conducting surveys, analyzing survey feedback, interpreting the data, and changing product attributes
e. 0Defining company goals, analyzing customers, analyzing products, conducting interviews, and changing product attributes

2. What are ethics?

a. 0Pressure on business conduct
b. 0Consumer Bill of Rights
c. 0Standard of societal morals
d. 0Conducted in the United States
e. 0Personal moral principals and values

3. The four major e-marketing domains include all of the following except:

a. 0 Business to Consumer
b. 0 Business to Wholesaler
c. 0 Business to Business
d. 0 Consumer to Consumer
e. 0 Consumer to Business

4. How many variables are there in the marketing mix?

a. 02
b. 03
c. 04
d. 05
e. 06

5. Ideally, "good market segments meet the following criteria:

a. 0 Single market, unique, screening, idea evaluation, and segmented
b. 0 Competitive, homogeneous, diversified, and penetrated
c. 0 Homogeneous, heterogeneous, geographic, and penetrated
d. 0 Homogeneous, heterogeneous, substantial, and operational
e. 0 Substantial, multiple target, operational, and homogeneous

6. Decisions regarding price are important because it affects both:

a. 0 Flexibility and company earnings
b. 0 The number of sales a firm makes and company earnings
c. 0 Product life cycle and discounts
d. 0 Discounts and company earnings
e. 0 Transportation cost and company earnings

7. __________ policy maximizes profits in the market introduction stage for an innovation.

a. 0One price
b. 0Penetration pricing
c. 0Skimming price
d. 0Flexible price
e. 0Multiple price

8. Relationship marketing refers to:

a. 0Ensuring you have a relationship between your product characteristics and price
b. 0Setting a price based on a fixed relationship between revenue and profit
c. 0Working with your suppliers to create a good relationship between them
d. 0Developing promotional material to show your product's relationship to others
e. 0Establishing an ongoing relationship with your customers to encourage repeat sales

9. All of the following are uses for technology in marketing except:

a. 0 Blogs
b. 0 Fax Campaigns
c. 0 Websites
d. 0 Data Mining
e. 0 Customer Relationship Management

10. The following are all factors affecting a firm's decision to pursue market segmentation strategy except:

a. 0Similarity of customer needs, attitudes, and buying behavior
b. 0Firm's resources
c. 0Nature of competition
d. 0Homogeneous markets
e. 0Size of target markets

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1. The marketing research process is a five-step application of the scientific method that includes:
a. 0Defining the problem, analyzing the situation, getting problem-specific data, interpreting the data, and solving the problem

2. What are ethics?
c. 0Standard of societal morals

3. The ...

Solution Summary

The marketing research process is a five-step application of the scientific method that includes.

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Marketing questions

1. Marketing:
_____a. should begin with the production process.
_____b. is defined as the advertising and selling process.
_____c. should anticipate potential customer needs or wants.
_____d. means selling whatever products are easy to produce.

2. In advanced economies, marketing costs about 20 cents of each consumer dollar.

_______True _______ False

3. A company focused on rushing a new product to market in order to take advantage of the company's exiting materials and capabilities is operating with a marketing orientation.
_______True _______ False

4. The marketing concept means that an organization aims all its efforts at satisfying its customers?at a profit.

_______ True _______ False

5-9. Put a "P" if it pertains to Production Orientation and "M" if it pertains to Marketing Orientation.
_____ a. Customer needs determine company plans.
_____ b. The company sells what it can make.
_____ c. If we build a Web site, customers will flock to us.
_____ d. Profit is a critical objective.
_____ e. Eliminate costs that do not give value to customer.

10. Retaining current customers is usually more costly than winning them away from competitors.

_______True _______ False

11. A target market:
_____ a. is a production oriented approach.
_____ b. responds to a "one size fits all" marketing mix.
_____ c. is a fairly homogeneous (similar) group of customers to whom a company
wishes to appeal.
_____d. is limited to small market segments.

12. Mass marketing strategy assumes that all customers are the same and the market is fragmented.

_______True _______ False

13. The acronym SWOTT stands for:

_____ a. Strategy, Work-in-progress, Opportunities, Technology, Trends
_____ b. Strengths, Weaknesses, Opportunities, Trends, Threats
_____ c. Strategy, Wealth, Organization, Technology, Training
_____ d. Strengths, Weaknesses, Opportunities, Threats, Trends
_____ e. Strategic Work Options To Target

14. Target marketers believe that ____________ should be the focus of all business and
marketing activity.

_____ a. Products
_____ b. Customers
_____ c. Budgets
_____ d. Distribution channels
_____ e. Advertising mediums

15. The marketing research process is a five-step application of the scientific method that includes:

_____ a. Defining the problem, analyzing the situation, getting problem-specific data,
interpreting the data, and solving the problem
_____ b. Defining the target market, analyzing the customers, getting survey feedback,
interpreting the data, and launching the marketing campaign
_____ c. Defining the marketing campaign goals, analyzing the product features, analyzing
the situation, getting budget approval, and launching the marketing campaign
_____ d. Defining the problem, conducting surveys, analyzing survey feedback, interpreting
the data, and changing product attributes
_____ e. Defining company goals, analyzing customers, analyzing products, conducting
interviews, and changing product attributes

16. The difference between primary and secondary research is:

_____ a. Primary research consists of one-on-one interviews while secondary research is done
in a group setting
_____ b. Primary research data sources come from observation and questioning while
secondary research data sources come from both inside and outside of the company

_____ c. Primary research data is qualitative while secondary research data is quantitative
_____ d. Primary research is based on focus group interviews while secondary research is based
on one-on-one interviews
_____ e. Primary research is less expensive but more time consuming

17. It is expected that by the next 25 years the population of U.S. seniors will:
_____ a. more than double
_____ b. be cut in half by the avian flu epidemic
_____ c. will remain the same
_____ e. will increase by about 10 percent.

18. The buyer decision process consists of three stages: evaluation of alternatives, purchase decision, and postpurchase behavior.

_______True _______ False

19. The following are all factors affecting a firm's decision to pursue market segmentation strategy except:
_____ a. Similarity of customer needs, attitudes, and buying behavior
_____ b. Firm's resources
_____ c. Nature of competition
_____ d. Homogeneous markets
_____ e. Size of target markets

20. The Internet has impacted marketing research in all of the following ways except:

_____ a. It is easier and faster to locate secondary data

_____ b. Research data found on the Internet is more reliable than other sources

_____ c. Primary research data can be obtained directly from some business processes
_____ d. It is less costly to locate secondary data
_____ e. In some cases it may be less costly to obtain primary data

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