BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE
If the price of a product were to go down, which of the following will most likely
happen?
The quantity demanded will increase.
When supply and demand meet at the equilibrium point, prices in the market will
trend toward that price.
According to Tutorial Video 1: Overview of MikesBikes, what is the main goal in
MikesBikes?
Generate greater shareholder value than your competitors
Is your MikesBikes company a Retail Company or a Manufacturing Company?
Manufacturing Company
What are the market segments described in Tutorial Video 1: Overview of
MikesBikes?
Mountain Bike Market, Road Bike Market and the Youth Bike Market
Why do companies use segmentation?
To target specific customers
If Ford decides to target women to sell its F-150 truck to, then what type of
segmentation would Ford be using?
Demographics
Which type of segmentation looks at a consumer's attitudes, values, and personal
interests?
Psychographic segmentation
As digital technology continues to grow, consumer demands are expected to rise
in all of these areas EXCEPT:
Consumers want to interact anywhere and at any time
Consumers want to use information in new ways that create value for them
Consumers expect to pay less than they did in the past
Consumers expect personalized experiences
Consumers want all interactions to be easy
Consumers expect to pay less than they did in the past
Customer Relationship Management (CRM) allows organizations seek to enhance
customer satisfaction by:
Building long-term relationships with customers
True or False: Marketing can be defined as the activity, set of institutions and
processes for creating, communicating, delivering, and exchanging offerings with
value for customers, clients, partners, and society at large.
True
The marketing mix can be defined as a unique blend of product, distribution,
promotion, and pricing strategies designed to produce mutually satisfying
exchanges with a specific:
target market
A common method of collecting primary data includes:
focus groups
"The 4 Ps" of marketing include:
, Product, Price, Place, Promotion
Observational research is a form of :
Primary Research
Which is the best reason as to why you would conduct observational research?
Your company wants feedback on their customer service
You want to figure out demographic information of presidential voting patterns
Your company is researching toys for two-year-olds who can't yet speak
You conduct a focus group to gather feedback
Your company is researching toys for two-year-olds who can't yet speak
Fischer-Price set up a(n) _________ lab to observe the reaction of toddlers with
new toys.
observation
True or False: Once we've identified who our potential customers are, we need to
usefully segment them into smaller target groups.
True
All of these are examples of how we can segment our customers EXCEPT for:
Products Sought
Geography
Benefits Sought
Psychographics
Products Sought
True or False: Demographic data is the most difficult information to access for US
markets.
False, The US Census Bureau provides a tremendous amount of demographic
information for free at www.uscensus.gov It is an amazing resource!
True or False: Outbound Marketing is the most efficient and best way to reach out
to younger generations, such as Generation Z.
False, In general, this market does not have a landline, they don't pick up call on their
cell that they don't recognize, the don't open promotional mail, and they don't like spam
of any kind.
Segmenting potential customers into neighborhood lifestyle categories defines:
Geodemographic Segmentation
All of the following are groupings Claritas provides to the user, EXCEPT for?
Household Composition
Population by Age
Household by Religion
Households by Income
Household by Religion
True or False: Consumers can be usefully categorized into two huge groups:
Business-to-Business (B2B) and Business-to-Customer (B2C).
True
_____________ is defined as individuals and organizations that buy goods and
services to use in production or to sell, rent, or supply to other businesses.
Business-to-Business or B2B
One-to-One Marketing and Niche Marketing are examples of:
Small Segments
If the price of a product were to go down, which of the following will most likely
happen?
The quantity demanded will increase.
When supply and demand meet at the equilibrium point, prices in the market will
trend toward that price.
According to Tutorial Video 1: Overview of MikesBikes, what is the main goal in
MikesBikes?
Generate greater shareholder value than your competitors
Is your MikesBikes company a Retail Company or a Manufacturing Company?
Manufacturing Company
What are the market segments described in Tutorial Video 1: Overview of
MikesBikes?
Mountain Bike Market, Road Bike Market and the Youth Bike Market
Why do companies use segmentation?
To target specific customers
If Ford decides to target women to sell its F-150 truck to, then what type of
segmentation would Ford be using?
Demographics
Which type of segmentation looks at a consumer's attitudes, values, and personal
interests?
Psychographic segmentation
As digital technology continues to grow, consumer demands are expected to rise
in all of these areas EXCEPT:
Consumers want to interact anywhere and at any time
Consumers want to use information in new ways that create value for them
Consumers expect to pay less than they did in the past
Consumers expect personalized experiences
Consumers want all interactions to be easy
Consumers expect to pay less than they did in the past
Customer Relationship Management (CRM) allows organizations seek to enhance
customer satisfaction by:
Building long-term relationships with customers
True or False: Marketing can be defined as the activity, set of institutions and
processes for creating, communicating, delivering, and exchanging offerings with
value for customers, clients, partners, and society at large.
True
The marketing mix can be defined as a unique blend of product, distribution,
promotion, and pricing strategies designed to produce mutually satisfying
exchanges with a specific:
target market
A common method of collecting primary data includes:
focus groups
"The 4 Ps" of marketing include:
, Product, Price, Place, Promotion
Observational research is a form of :
Primary Research
Which is the best reason as to why you would conduct observational research?
Your company wants feedback on their customer service
You want to figure out demographic information of presidential voting patterns
Your company is researching toys for two-year-olds who can't yet speak
You conduct a focus group to gather feedback
Your company is researching toys for two-year-olds who can't yet speak
Fischer-Price set up a(n) _________ lab to observe the reaction of toddlers with
new toys.
observation
True or False: Once we've identified who our potential customers are, we need to
usefully segment them into smaller target groups.
True
All of these are examples of how we can segment our customers EXCEPT for:
Products Sought
Geography
Benefits Sought
Psychographics
Products Sought
True or False: Demographic data is the most difficult information to access for US
markets.
False, The US Census Bureau provides a tremendous amount of demographic
information for free at www.uscensus.gov It is an amazing resource!
True or False: Outbound Marketing is the most efficient and best way to reach out
to younger generations, such as Generation Z.
False, In general, this market does not have a landline, they don't pick up call on their
cell that they don't recognize, the don't open promotional mail, and they don't like spam
of any kind.
Segmenting potential customers into neighborhood lifestyle categories defines:
Geodemographic Segmentation
All of the following are groupings Claritas provides to the user, EXCEPT for?
Household Composition
Population by Age
Household by Religion
Households by Income
Household by Religion
True or False: Consumers can be usefully categorized into two huge groups:
Business-to-Business (B2B) and Business-to-Customer (B2C).
True
_____________ is defined as individuals and organizations that buy goods and
services to use in production or to sell, rent, or supply to other businesses.
Business-to-Business or B2B
One-to-One Marketing and Niche Marketing are examples of:
Small Segments
