{"id":66826,"date":"2022-05-30T13:52:31","date_gmt":"2022-05-30T13:52:31","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/busi-332-week-1-quiz\/"},"modified":"2022-05-30T13:52:31","modified_gmt":"2022-05-30T13:52:31","slug":"busi-332-week-1-quiz","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/busi-332-week-1-quiz\/","title":{"rendered":"Busi 332 week 1 quiz"},"content":{"rendered":"
\n

BUSI 332 WEEK 1 QUIZ<\/p>\n

1.\u00a0\u00a0\u00a0 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?
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Price fixing
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Market segmentation
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Value reengineering
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Marketing audit
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Environmental scanning<\/p>\n

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\u2019s 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.<\/p>\n

Refer to the Superfocus Scenario. People who need multifocal lenses are the company\u2019s _____.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 capital market
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 target market
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 dominant market
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 competitive market
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 bond market<\/p>\n

3. The Internet has made geographical distance almost a nonissue.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

4. Consumer segments exist because different consumers do not value different alternatives the same way.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

5. Qualitative research tools gather data in a highly structured way.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

6._____ involves the multitude of value-producing seller activities that facilitate exchanges between buyers and sellers.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Operations management
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Sociology
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Marketing
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Information Technology
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Sponsoring<\/p>\n

7. _____ best reflects the connectedness between a consumer and a retailer, a brand, or service provider.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Hedonic value
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Utilitarian value
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Synergy
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Goodwill
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Relationship quality<\/p>\n

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?
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Quantitative research
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Qualitative research
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Structured research
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Numerical research
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Statistical research<\/p>\n

9. A market-oriented firm stresses the importance of creating value for customers among all employees.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

10.Which type of business orientation typically offers the same basic product to all customers?
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Undifferentiated marketing
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Customized marketing
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Niche marketing
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Specialized marketing
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 One-to-one marketing<\/p>\n

11. Customer lifetime value represents the approximate worth of a customer to a company in economic terms.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

12. Interpretation of quantitative research data is a function of the researcher\u2019s opinion.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

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 _____.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 social influence
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 situational influence
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 socio-economic factor
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 hedonic factor
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 perceptional influence<\/p>\n

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 \u201cunder cover\u201d 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\u2019t 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?
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Attributes
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Liabilities
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Process nodes
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Touchpoints
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Intersections<\/p>\n

15. Data generated from qualitative research are considered researcher independent.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

16. Consumer segments exist because different consumers do not value different alternatives the same way.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

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 _____.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 opportunistic behavior
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 consumer behavior
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 cognitive psychology
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 social interaction
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 deviant behavior<\/p>\n

18. Undifferentiated marketing adopts the consumer orientation.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False
\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0
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.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

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?
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Forensic psychology
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Evolutionary psychology
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Quantitative psychology
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Cognitive psychology
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Social psychology<\/p>\n

21. _____ are unique to a time or place that can affect consumer decision making and the value received from consumption.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Situational influences
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Temporal factors
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Social influences
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Internal factors
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Market factors<\/p>\n

22. _____ refers to a marketplace condition in which consumers do not view all competing products as identical to one another.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Product positioning
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Product differentiation
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Marketing positioning
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Product cannibalization
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Market differentiation<\/p>\n

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?
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 End-state value
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Premium value
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Terminal value
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Utilitarian value
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Emotional value<\/p>\n

24. Two common interpretive research orientations are _____.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 regression and cluster analysis
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 psychology and sociology
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 phenomenology and ethnography
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 primary and secondary
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 qualitative and quantitative<\/p>\n

25. Customer lifetime value includes the net present value of the stream of profits over a customer\u2019s lifetime and _____.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 the costs associated with satisfying that customer
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 the costs associated with keeping that customer for more than 10 years
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 the retention rate for all customers
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 opportunity cost saved from having loyal customers
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 the worth attributed to the equity a good customer can bring<\/p>\n

26. Costs involve more than just the price of the product.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

27. The segment or segments of a market that a company serves to is called the focal market.
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 True
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 False<\/p>\n

28. Which of the following is a negative consequence of consumption?
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Quality compromises
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Opportunity costs
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Scarcity costs
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Emotional contagion
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Utilitarian costs<\/p>\n

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?
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Touch point
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Maximum point
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Optimum point
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Ideal point
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Slope intercept<\/p>\n

Which discipline is often defined as the study of production and consumption?
\u00a0\u00a0\u00a0\u00a0 a. \u00a0\u00a0\u00a0 Philosophy
\u00a0\u00a0\u00a0\u00a0 b. \u00a0\u00a0\u00a0 Psychology
\u00a0\u00a0\u00a0\u00a0 c. \u00a0\u00a0\u00a0 Economics
\u00a0\u00a0\u00a0\u00a0 d. \u00a0\u00a0\u00a0 Management
\u00a0\u00a0\u00a0\u00a0 e. \u00a0\u00a0\u00a0 Anthropology<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

BUSI 332 WEEK 1 QUIZ 1.\u00a0\u00a0\u00a0 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-66826","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/66826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=66826"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/66826\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=66826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=66826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=66826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}