1. Which of the following is important to ensure that marketing research leads to meaningful strategy?

determining the most appropriate research design(s)

all of the mentioned are important.

appropriate analysis of data

appropriate definition of research objectives

defining the problem accurately

2. Which of the following might be an objective of marketing research?

to gain background information on brands

to determine the connection between package design and sales

to describe who is buying your product and who could be buying your product

to test effectiveness of advertising campaign over time

Any one/all of these could be objectives of marketing research.

3. In the early stages of the research process, the research objective is often to gain background information. This requires ____ (pick ONE)

some form of exploratory research like a focus group or secondary data analysis

the only way to conduct marketing research is by using surveys

test marketing in real life situations

a highly controlled laboratory experiment

longitudinal data using large samples

4. The purpose of the marketing function is to:

Keep selling until there is left to sell.

Drive out all competition and dominate and monopolize the market

Maximize revenues by focusing on offering good value to cusotmers and by satisfying customers' needs

Create customer needs that customers never even knew existed

Maximize current profits for the organization

5. The concept of "exchange" is central to the marketing function. In this context, exchange:

is only applicable in the case of commodities - products that lack any form pof differentiation.

refers only to the delivery of value in the case of tangible goods

refers to offering cusotmers a chance to exchange the product for a better one if they are not 100% satisfied

refers to trading things of value in a way that both parties involved in the exchange are truly better off

refers to convincing consumers to give up as much they can

6. Select the statement that is most true.

None of the answers are correct.

Consumers are becoming more and more unhappy with products being offered to them, and this has resulted in reduced consumption activity overall.

For marketing to succeed, it is not that important for marketers to connect with their customers and build long term relationships with them.

There is no science (logic) to marketing -- it's all about being as cretive as you can to grab attention.

Due to product proliferation and lack of meaningful functional differences between brands, consumers aappear to be warming up to brands that connect with them at an emotional level.

7. Marketers strive to create, maintain and enhance a sustainable competitive advantage. What does this mean?

It means that marketers should strive to make their product offerings as different from the competitors as possible in ways that cannot be copied. Differentiation is the only path to success.

It means that marketers must negotiate so that their products are placed in prominent positions in the stores because "first seen = first bought."

None of these answers accurately describes what sustainable competitive advantage means.

Simply put, it means that marketers should offer a value proposition that is both relevant and attractive to customers; and one that is hard to mimic.

It means that a brand must become the leader in the market. That is the only true form of competitve advantage.

8. For years, Campbell’s Soup has relied on advertising campaigns that depict their soups as "food for the soul" using a simple slogan "Mmmm Mmmm Good!" At the same time, some competitors like Progresso have focussed on how thick and how filling their soups are, compared to some other brands on the market. Which ONE of the following statements is accurate?

Both brands are implementing a "product centric" marketing strategy.

Neither of these brands is offering any real value to consumers.

Campbells is enanging in brand building, whereas Progresso is engaging in product building.

Progresso has a better/stronger competitve advantage because no one else can make a thick and filling soup.

Campbells is attemtping to make an emotional connection, whereas Progresso is touting functional benefits.

9. Good marketing is about generating revenues/profits by focussing on customer satusfaction. What does this mean? (Pick the ONE that is most accurate.)

Satisfaction is unrleated to market performance.

It means that marketers must design offers that offer superior value in relation to customers' expectations and in relation to competitors.

It means that marketers must set very low expectations so that they are always able to delight their customers.

It means that if all customers are not satisfied, marketing is not doing a good job.

Customer satisfaction will guarantee maximum profit.

10. From the customer’s perspective, the perceived value of an offering is described as ________. (Pick ONE).

that part of the cost of manufacturing that is passed on to customers

the assessment of all functional and emotional benefits that will be received, in relation to the total cost of acquisition

Tangible benefits are easy to copy. So, value is only about the intangible benefits gained from a product, in relation to its price.

the price being charged for a product

the degree to which consumer demand for a product is positive

11. At its core, the fundamental purpose of marketing and related activties is: ________. (Pick ONE).

none of these answers is correct.

create a new need and satisfy it in a way that no one else can.

eliminate any competition and monopolize the market

find a market niche, specialize in it and make profits from high margins because consumers in niche markets are willing to pay higher prices.

create, communicate, capture and deliver superior value and sustained customer satisfaction at a profit

12. The most important intangible asset and major source of competitive advantage that a brand can own comes from _____ (Select the most appropriate answer.)

the extent to which consumers trust the brand.

the emotions that are evoked when consumers look at the brand's name and logo.

the number of patents owned by the brand.

Sorry, but attributes cannot be intangible, and competitve advantage is based only on tangible attributes.

the ratio of tangible benefits to intangible benefits being offered.

13. Under normal circumstances, consumers will generally choose a brand that ________. (Pick ONE).

can be delivered directly to their homes or bought on the internet.

is the most accessible, i.e., can be purchased most conveniently.

has the highest perceived value.

has the lowest perceived cost of acquisition.

that comes in the most attractive package

14. TBS Bikes recently introduced a series of bikes called Surami. The core positioning of TBS Bikes is "speed". Apart from excelling on speed, the company promises to offer other benefits such as “adequate safety”, and “good performance”. For a customer to perceive these benefits as “valuable”, s/he must also understand _____ (pick ONE)

why the bike is called Surami

the price and other sacrifices they may have to make to acquire those benefits.

all answers are accurate.

the manufacturer's cost

how fast the bike can really go relative to the closest competitor.

15. Regarding brand extentions, a brand is most extendable when___. (Select ONE ).

consumers' needs can be extended from one product to another.

customer attitudes align with brand strategies.

it has a distinctive and pecculair sounding name.

it's positioning is more abstract, and it is not to tied down to a particular product type.

it gives consumers unexpected benefits at unbelievable prices.

16. Regardless of the type of segmentation scheme used, the important thing for marketers is ____ (pick ONE)

to make it hard for customers to register complaints

only enter saturated markets

to know the cost-benefit relationship of narrowing the target market

to adjust the level of disposable income earned by the target group

to acknowledge diversity, i.e., variation in customer differences

17. The goal of positioning is ________ (pick ONE).

to target those customers marketers can satisfy in a superior way

to discover the different needs and groups existing in the marketplace

to locate the brand in the minds of consumers to maximize the potential benefit to the firm

to help the firm anticipate what the actions of its competitors will be

to collect information about competitors that will directly influence the firms' strategy

18. ________ is a company's ability to perform in one or more ways that competitors cannot match. (Select the most accurate answer).

Benefit Segmentation

Competitor analysis

Brand positioning

Competitive intelligence

Competitive advantage

19. Which of the following is the best statement reflecting the purpose of marketing research? (Select ONE of the following).

to supply marketers with useable information that can be used to make better educated marketing decisions

none of the answers are accurate descriptions of marketing research

to help marketers communicate effectively

to enable marketers to minimize resources by finding ways to mass market

to provide information that guarantees expected results

20. Marketing hopes to identify needs, create wants and to ultimately create a strong demand for products and services. Which ONE of the following is most accurate?

Ultimately, it is customer demand that drives marketer's needs and wants.

Demand is a strong form of want that is backed by an ability to pay.

A need is nothing but a strong want that is backed by personal desire and a willingness to pay.

Need refers to the personal desire for something that is specific - could be a particular product or a type of product.

Because customers are never able to define their needs precisely, the primary focus of marketing must be to inform consumers of their needs.