MGT 301 Marketing Trivia Quiz Questions!

The four Ps in marketing refer to Product, Price, Promotion, and Place. These are the key elements that companies use to create and implement their marketing strategies. However, "Political" is not one of the Ps. Political factors may influence marketing decisions, but it is not considered one of the fundamental elements of marketing stimuli.

An open-ended question is a type of question that allows respondents to provide their own answers in their own words, without being limited to a set of predetermined options. In this case, the question asks respondents to share what they like least about textbook shopping, without providing any specific answer choices. This allows for a wide range of responses and provides more detailed and personalized feedback for the University Book Shop.

Management Information System (MIS) is a system that involves various components such as people, equipment, and procedures to collect, organize, and process data into meaningful information. The missing word in the question is "Analyze". Analyzing information is an essential step in the MIS process as it involves evaluating and interpreting the data collected. By analyzing the information, marketing decision-makers can gain insights, identify trends, and make informed decisions based on the findings. Therefore, "Analyze" is the most appropriate word to complete the sentence and accurately describe the role of MIS in information processing and decision-making.

The correct order for marketing research is gathering data, analysis, and interpretation. This is because the first step in any research process is to collect relevant data, which can be done through surveys, interviews, or observations. Once the data is gathered, it needs to be analyzed to identify patterns, trends, and insights. Finally, the findings from the analysis are interpreted to draw meaningful conclusions and make informed decisions. Therefore, the correct scheme for marketing research is gathering data, analysis, and interpretation.

Harvard University is engaging in the systematic process of designing, collecting, analyzing, and reporting data to understand and target its marketing efforts towards minority students. This process is known as marketing research. Through marketing research, Harvard can gather insights and information about the preferences, needs, and behaviors of minority students, allowing them to tailor their promotional strategies and effectively reach this specific target audience.

A new-task purchase refers to a transaction in which an organization is buying an item for the first time to fulfill a new job or project. This means that the organization has not purchased this item before and is acquiring it specifically for the purpose of the new job. This type of purchase requires more decision-making and evaluation compared to other types of purchases, as the organization needs to assess the suitability of the item for the new task.

Perception refers to the process by which people select, organize, and interpret information to form a meaningful picture of the world. It involves the way individuals perceive and make sense of their surroundings, including their thoughts, emotions, and behaviors. Perception plays a crucial role in shaping our understanding of the world and influences our interactions and decision-making processes.

A role refers to the set of actions and activities associated with each position one holds within a family, club, or organization. It signifies the responsibilities, duties, and behaviors that individuals are expected to fulfill based on their position or status within these social groups. Roles help establish and define the expectations and norms within these groups, guiding individuals on how to interact and contribute effectively.

Subcultures are groups of people who share common value systems based on their shared life experiences and situations within a larger culture. These subcultures may have their own distinct beliefs, behaviors, and norms that differentiate them from the dominant culture. This can include subcultures based on factors such as age, ethnicity, religion, or occupation.

The person's pattern of living, as expressed in their psychographics, refers to their lifestyle. Psychographics is the study of people's attitudes, interests, and opinions, which helps in understanding their behavior and choices. Lifestyle encompasses various aspects such as activities, interests, opinions, values, and habits that define how a person lives their life. Therefore, the concept that best aligns with a person's pattern of living expressed in their psychographics is lifestyle.

Learning refers to a change in behavior that occurs as a result of acquiring new knowledge or skills through information and experience. When an individual's behavior is influenced by the information they receive and the experiences they have, it indicates that they are learning and adapting their behavior accordingly. This concept of learning is closely related to the process of acquiring new knowledge and skills, and it involves a change in behavior based on the information and experiences gained.

Maslow's hierarchy of needs is a theory that categorizes human needs into a pyramid structure, with physiological needs at the base and self-actualization at the top. The needs listed in the question - physiological needs, safety needs, and self-actualization - are all part of Maslow's hierarchy. However, "need recognition" is not one of the needs identified by Maslow. It is possible that "need recognition" refers to the process of becoming aware of one's needs, but it is not explicitly mentioned in Maslow's theory.

The correct answer is "Developing the research plan". This step involves determining the specific research objectives, selecting the appropriate research design, and outlining the overall research approach. It is an essential step in the marketing research process as it helps in guiding the data collection and analysis process. Without developing a research plan, the other steps in the process, such as implementing the research plan and interpreting and reporting the findings, cannot be effectively carried out.

Culture is not one of the stages that customers go through in the process of adopting a new product. The stages that customers typically go through are awareness, interest, and evaluation. Culture refers to the beliefs, values, and behaviors of a particular group or society, and it does not directly relate to the process of adopting a new product.

The given scenario suggests that ABC Ltd is aware of a decline in its market share in Pakistan but does not know the reasons behind it. This indicates that the company is in the stage of problem identification in the marketing research process. In this stage, the focus is on identifying and defining the problem or issue that needs to be addressed through research. Once the problem is identified, further steps can be taken to gather data, analyze it, and develop hypotheses to understand the causes of the decline in market share.

Marketing intelligence refers to the systematic collection and analysis of publicly available information about competitors and developments in the marketing environment. This includes gathering data on competitors' strategies, market trends, customer preferences, and other relevant information. By analyzing this information, companies can gain valuable insights and make informed decisions to stay competitive in the market. Marketing intelligence helps businesses stay updated on market dynamics, identify opportunities and threats, and adjust their marketing strategies accordingly. It is an essential tool for effective decision-making and achieving marketing success.

Secondary data refers to data that has already been collected and is readily available for use. It is usually obtained more quickly and at a lower cost compared to primary data, which requires new data collection. Secondary data can be obtained from various sources such as government agencies, research institutions, or published reports. It is often used for preliminary research, trend analysis, or to supplement primary data.

Marketing researchers usually draw conclusions about large groups of consumers by studying a sample of the total consumer population. A sample is a smaller, representative subset of the population that is selected for research purposes. By studying this sample, researchers can gather insights and information that can be generalized to the larger population. This allows them to make conclusions and predictions about consumer behavior, preferences, and trends on a larger scale.

Marketing research is typically conducted on a special-project basis rather than being a continuous process. Special projects are designed to gather specific information, such as consumer insights, market trends, or competitive analysis, to support decision-making in marketing. This approach allows companies to focus their resources and efforts on specific research objectives, ensuring that the information collected is relevant and actionable.