Question 1

Market research should be an integral part of your business.

Accepted Answer

A) True 
 B)False  True

Question 2

In doing research, there are several choices to help you. Among these are ________.

Accepted Answer

A)   business library
B)   magazine articles
C)   Internet research
D)   All of the above. D

Question 3

The product life cycle phases include ________.

Accepted Answer

A)   introduction
B)   decline
C)   growth and maturity
D)   All of the above. D

Question 4

Marketing is ________.

Accepted Answer

A)   satisfying customers at a profit
B)   the business function that identifies customers and their needs and wants
C)   product, place, promotion, and price
D)   All of the above.

Question 5

Consumers who have a similar response to a certain type of marketing can be classified as a ________.

Accepted Answer

A)   market segment
B)   target market
C)   market
D)   small niche

Question 6

Which business function do experts agree you should focus on first when preparing to start a business?

Accepted Answer

A)   operations
B)   marketing vision
C)   financing
D)   core concepts

Question 7

What is the third step of deciding who the potential customers are for your business?

Accepted Answer

A)   understanding who might actually buy your product or service
B)   understanding who needs your product or services
C)   analyzing who has the authority to buy
D)   analyzing the buying process that leads customers to your product or service

Question 8

Positioning your product in the market involves ________.

Accepted Answer

A)   buying advertising and obtaining publicity
B)   distinguishing your product by demonstrating to customers that it is the cheapest in the market
C)   distinguishing your product from others being offered to the market segments you have targeted
D)   moving it to the top in search engine optimizing

Question 9

Which of the following aspects of a product/service is the most important to focus on when selling?

Accepted Answer

A)   benefits
B)   features
C)   price
D)   usefulness

Question 10

Market research is typically ________.

Accepted Answer

A)   complete when the product or service is introduced
B)   complete within six months after introduction
C)   complete a year after product introduction
D)   ongoing; you always do market research

Question 11

The positioning statement for a business includes its name/brand, its competitive industry/category, ________, and audience/target market.

Accepted Answer

A)   features and points of difference
B)   benefits or points of difference
C)   benefits and similarities
D)   pricing and distribution

Question 12

Which of the following is a step in determining how customers decide to buy a product?

Accepted Answer

A)   Determine the need it meets.
B)   Analyze the buying process.
C)   Think about who might actually buy it.
D)   All of the above.

Question 13

Dividing a population on the basis of age, gender, income or education is ________.

Accepted Answer

A)   marketing statistics
B)   demographics
C)   behavioral data
D)   psychographics

Question 14

Which of the following is not a step in the buying process?

Accepted Answer

A)   awareness
B)   demographic analysis
C)   information search
D)   evaluation of purchase

Question 15

Research carried out indirectly through other existing resources is called ________.

Accepted Answer

A)   secondary research
B)   primary research
C)   literature analysis
D)   post-secondary research

Question 16

The product life cycle compares gross profit to sales as a product/service moves through its life stages.

Accepted Answer

A) True 
 B)False

Question 17

Your best option in market research is generally primary rather than secondary research.

Accepted Answer

A) True 
 B)False

Question 18

Explain what market segmentation is and how it applies to marketing.

Accepted Answer

The answer of Explain what market segmentation is and how...

Question 19

Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers.

Accepted Answer

A)   publicity
B)   advertising and publicity
C)   advertising
D)   coupons

Question 20

Understanding the status and trends of an industry can be aided by ________.

Accepted Answer

A)   checking out the internet public library, your local Small Business Administration, chamber of commerce, or local business school or college library
B)   looking for recent articles on the industry in magazines or by using Google or other search engines
C)   looking on competitors' web sites
D)   All of the above.

Exam 4: Exploring Your Market

Market research should be an integral part of your business.

In doing research, there are several choices to help you. Among these are ________.

The product life cycle phases include ________.

Marketing is ________.

Consumers who have a similar response to a certain type of marketing can be classified as a ________.

Which business function do experts agree you should focus on first when preparing to start a business?

What is the third step of deciding who the potential customers are for your business?

Positioning your product in the market involves ________.

Which of the following aspects of a product/service is the most important to focus on when selling?

Market research is typically ________.

The positioning statement for a business includes its name/brand, its competitive industry/category, ________, and audience/target market.

Which of the following is a step in determining how customers decide to buy a product?

Dividing a population on the basis of age, gender, income or education is ________.

Which of the following is not a step in the buying process?

Research carried out indirectly through other existing resources is called ________.

The product life cycle compares gross profit to sales as a product/service moves through its life stages.

Your best option in market research is generally primary rather than secondary research.

Explain what market segmentation is and how it applies to marketing.

Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers.

Understanding the status and trends of an industry can be aided by ________.