Module 4 Study Questions On Marketing! Trivia

The ease of navigation is the most important factor in determining website customer satisfaction. This means that if a website is easy to navigate, users can easily find what they are looking for and complete their desired actions without any confusion or frustration. A well-organized and user-friendly website with clear menus, intuitive search functions, and easily accessible information will greatly enhance the user experience and increase customer satisfaction.

According to Rogers, 16% of buyers are innovators or early adopters. This means that a relatively small percentage of the population is willing to try out new products or ideas before they become mainstream. These individuals are typically more open to change and are often influential in shaping the opinions and behaviors of others.

JIT stands for "Just in time". This term is used in the context of supply chain management and refers to a production strategy where goods are produced or delivered exactly when they are needed, minimizing inventory costs and reducing waste. It aims to improve efficiency by synchronizing production with demand, ensuring that products are available at the right time without excess inventory.

A convenience sample is a sample that is gathered from a convenient pool of customers or potential customers. This means that the individuals included in the sample are selected based on their accessibility and willingness to participate, rather than being chosen through a random or systematic sampling method. This type of sampling is often used in situations where it is difficult or impractical to gather a representative sample from the entire population of interest.

Today's cultures are influenced and shaped by their developing economies and evolving trade with other countries. Economic growth and international trade have a significant impact on a nation's culture as it introduces new ideas, technologies, and products from different parts of the world. This exchange of goods and services can lead to the adoption of new practices, beliefs, and values, ultimately altering the cultural landscape. Additionally, economic development can bring about social changes, such as urbanization and migration, which further contribute to cultural transformation.

Changing beliefs about the performance of products and services supplied to the market can be seen as an indicator of changing behavior. In this context, "leading" refers to something that comes before or precedes a certain outcome or event. Therefore, if beliefs about performance are changing, it suggests that behavior is likely to change in the future, making "leading" the correct answer.

Increased customer satisfaction is a significant factor in creating capital for a business. When customers are satisfied with a company's products or services, they are more likely to become repeat customers and recommend the business to others. This leads to increased sales and revenue, which in turn contributes to the growth and success of the company. Therefore, customer satisfaction plays a major role in generating capital for a business.

Exploratory research is used to help define the problem. This type of research is conducted when there is limited information available on a particular topic and the researcher wants to gain a better understanding of the problem or phenomenon. It aims to explore and generate insights, rather than test specific hypotheses or establish cause and effect relationships. Exploratory research often involves qualitative methods such as interviews, focus groups, or observations, and it can be a valuable first step in the research process to guide further investigation.

If you increase the size of a sample four times, you double the precision. This is because increasing the sample size reduces the margin of error and increases the accuracy of the results. Doubling the sample size will result in a more precise estimate or measurement, as there will be more data points to analyze and a smaller chance of random variation affecting the results.

The second step in focus group research is to choose a moderator. This is because the moderator plays a crucial role in facilitating the discussion and ensuring that all participants have an opportunity to express their opinions. The moderator should have good communication and interpersonal skills, as well as a neutral and unbiased approach. By selecting a suitable moderator, the focus group is more likely to be productive and generate valuable insights.

Having management watch a focus group is considered a good idea because it allows them to directly observe the feedback and opinions of the participants. This firsthand experience can provide valuable insights and help management make informed decisions. Additionally, it demonstrates a commitment to understanding the needs and preferences of customers or target audiences.

As income rises, individuals have more activities and responsibilities to fit into their limited leisure time. This can lead to feelings of being rushed, stressed, and overwhelmed, creating what is known as the "harried leisure class." This term describes a group of people who have the financial means to engage in leisure activities but are constantly busy and find it difficult to truly relax and enjoy their free time.

Psychographics refers to the study and analysis of individuals' attitudes, opinions, interests, hobbies, and passions. It focuses on understanding their psychological and behavioral characteristics, which help in segmenting and targeting specific groups of people based on their lifestyle, values, and motivations. This term is commonly used in marketing and market research to gain insights into consumer behavior and tailor products and services accordingly.

Cause and effect research is the correct answer because it involves investigating the relationship between two variables and determining whether one variable (redesigning an online site) causes a change in the other variable (sales to click conversion rate). This type of research aims to establish a cause-and-effect relationship and determine the impact of certain factors on an outcome. By conducting cause and effect research, one can determine whether redesigning an online site has a direct effect on increasing the sales to click conversion rate.

The best time to influence shopping and consumption values, beliefs, and habits is when consumers are between 0-15. This is because during this age range, individuals are more susceptible to external influences and are still forming their beliefs and habits. They are more likely to be influenced by advertisements, peer pressure, and societal norms, which can shape their future shopping and consumption behaviors.

Hanging photos of customer visits in meeting rooms keeps the focus on the customer. By displaying these photos, it serves as a constant reminder of the importance of customer relationships and the value they bring to the business. It helps create a customer-centric environment and encourages discussions and decision-making that align with meeting customer needs and expectations.

A census is a survey of a whole population, meaning that every member of the population is included in the survey. This method provides a comprehensive and accurate representation of the entire population, allowing for more precise analysis and decision-making. It is considered a reliable and valuable tool for collecting data and understanding the characteristics and needs of a population.

37% of 18-21 year old U.S. online users publish a web page, write blogs or upload videos.

In a supply chain joint venture, the continued independence between the supplier and buyer allows for the exploration and implementation of new ideas and methods, leading to innovation. This independence ensures that both parties can maintain their entrepreneurial leadership and pursue their own strategies, which ultimately keeps them satisfied and content. By fostering a culture of innovation, the joint venture can stay competitive and adapt to changing market conditions.

Customer visits are very good for generating options and new ideas. When customers visit a business, they often provide feedback and suggestions that can lead to the generation of new options and ideas. By listening to the customers' needs and preferences, businesses can gain valuable insights that can help them develop new products, services, or improve existing ones. Additionally, customer visits can also lead to the identification of potential sales leads, as businesses can establish relationships and explore new business opportunities with their customers.

Over the last 40 years, the median household income in the U.S. has increased by about 20%. This can be attributed to the increase in the number of female heads of household working. As more women enter the workforce and contribute to the household income, the overall median household income has risen. This indicates a positive trend in terms of economic growth and gender equality in the workforce.

Managers who know that customer satisfaction determines their promotion are likely to go to bed at night thinking about customer satisfaction. This suggests that they are highly concerned about meeting the needs and expectations of their customers. They understand the importance of ensuring customer satisfaction in order to succeed in their roles and advance in their careers. By constantly thinking about customer satisfaction, managers can strategize and implement effective measures to enhance the customer experience and ultimately achieve their professional goals.

The correct answer is "Third". In the market research process, data collection is an essential step. This involves gathering information and data from various sources such as surveys, interviews, observations, and existing databases. Data collection helps in obtaining relevant and accurate information about the target market, consumer behavior, and market trends. It provides valuable insights that can be used to make informed business decisions and develop effective marketing strategies.

The given answer "Not" suggests that online research samples are not representative of the whole population. This means that the samples obtained through online research may not accurately reflect the characteristics, opinions, or behaviors of the entire population being studied. It implies that there may be biases or limitations in online research samples that prevent them from being truly representative.

In complex searches, shoppers may stop searching and make a purchase when they either find exactly what they want or perceive that further search is not worth the effort. This means that they may be satisfied with the options they have found so far or they may feel that continuing to search will not yield better results. Therefore, the correct answer is either A or B.

The given answer is "When they review and renew their supply contracts." This is because a systematic analysis of a business account should include a step-by-step description of various aspects such as the people involved, the organization's use of the product or service, the major decision-makers' benefits sought, and perceptions of competitive offerings. Reviewing and renewing supply contracts is an important aspect of understanding the organization's procurement process and its relationship with suppliers, which is crucial in analyzing a business account.

The lawn care example suggests that advertising to consumers who hold negative beliefs about your product is not a growth and profit opportunity. This implies that targeting consumers who have positive or uncertain beliefs about your product may be more beneficial for the business.

The answer "I will recommend to friends" is considered the gold standard measure of satisfaction because it indicates not only that the person is satisfied with the product or service but also that they are willing to endorse it to others. This measure suggests that the individual has had such a positive experience that they are confident in recommending it to their friends, which is a strong indicator of overall satisfaction and perceived value.

The correct answer is "Until you learn nothing more." This means that you should continue running focus groups until you have gathered all the necessary information and insights. Once you reach a point where running more focus groups does not provide any new or valuable insights, you can stop conducting them. The goal is to gather as much knowledge and understanding as possible through the focus groups, and this answer emphasizes the importance of continuing until you have learned everything you need to know.

A probability sample is a sample where all respondents in the population or segment to be studied have a known (non-zero) chance of being chosen to be in the sample from the population/segment being studied. This means that each individual or element in the population has a chance of being selected for the sample, and this chance is not zero. This ensures that the sample is representative of the population and helps to minimize bias in the study.

Word-of-mouse refers to the online chatter and discussions that occur on social media platforms, review websites, and other online channels about a company's products, services, and marketing efforts. It highlights the influence of online word-of-mouth and the power of social media in shaping consumer opinions and behaviors.

Rolls Royce has extended the life of its engines by tracking the performance of its 3,500 jet engines owned by its customers. This tracking allows the company to identify any potential issues or maintenance needs early on, allowing for timely repairs and maintenance. By addressing these issues promptly, the engines are able to operate at their optimal performance for a longer period of time, resulting in a tenfold increase in their lifespan.

The Rogers diffusion curve analysis of buyers has five categories. This analysis is based on the diffusion of innovations theory, which suggests that the adoption of new products or ideas follows a predictable pattern. The five categories in the diffusion curve analysis are innovators, early adopters, early majority, late majority, and laggards. These categories represent different segments of the population based on their willingness to adopt new innovations.

The correct answer is 50%. This means that half of the consumers believe that within five years they will adopt a strongly green lifestyle and purchasing habits.

The way firms buy is influenced by their financial position, unique personalities involved, and socio-political climate. These factors play a significant role in shaping the purchasing decisions of firms. The financial position of a firm determines its ability to make purchases, while the unique personalities involved may have different preferences and priorities when it comes to buying. Additionally, the socio-political climate can impact the availability of resources, market conditions, and government regulations, all of which influence the buying process. Therefore, all the options mentioned are true and contribute to shaping the way firms buy.

Focus groups can be used to make go-no go decisions when the reaction is extreme. This means that if the participants' responses are extremely positive or extremely negative, it can provide valuable insights for decision-making. Extreme reactions indicate a strong preference or dislike for a product, service, or idea, which can help determine whether to proceed with it or not. These strong reactions are often indicative of potential success or failure in the market, making them useful for making go-no go decisions.

Consumers are often reluctant to participate in survey research for various reasons. Firstly, they may be too busy with their daily lives and find it difficult to take out time for surveys. Secondly, if the incentives offered for participating in the survey are too little or not attractive enough, consumers may not feel motivated to take part. Lastly, consumers may suspect that the study is not genuine and actually a sales pitch or a way to gather personal information. Therefore, all of these factors contribute to consumers' reluctance to participate in survey research.

In selling to a business, a standard buying or bidding process may even be provided by the buying firm. This means that the buying firm is responsible for offering or making available the standard buying or bidding process to potential sellers. They may provide guidelines, procedures, or documents that outline the steps and requirements for sellers to participate in the buying or bidding process.

Qualitative research is a form of research that is used to gain insights into customer motivations, beliefs, and preferences. It is not representative of the entire market as it typically involves a small number of respondents. Therefore, all of the given options are true as qualitative research focuses on understanding customer behavior and opinions rather than generalizing findings to the entire population.

Our evolutionary background has shaped our behaviors and preferences, including those related to shopping. Curiosity and boredom are two such habits that influence our shopping search. Curiosity drives us to explore new products and experiences, seeking novelty and satisfaction. Boredom, on the other hand, pushes us to seek stimulation and excitement, leading us to constantly search for new items to alleviate our boredom. These two habits, curiosity and boredom, play a significant role in shaping our shopping behavior and choices.

Longitudinal research involves collecting data over a period of time to observe changes and trends. In the context of data-mining company sales records, longitudinal research would involve analyzing sales data over a specific time frame to identify patterns, fluctuations, and factors that may have influenced sales performance. This type of research allows for a deeper understanding of sales trends and can help companies make informed decisions about their sales strategies and performance.

Paying the respondents generously for their response time and effort is the most effective way to avoid non-response error. This is because offering a generous incentive motivates individuals to participate in the survey, increasing the response rate. When respondents are compensated adequately, they are more likely to take the time to complete the survey and provide accurate information. This helps to minimize the bias that can arise from non-response, ensuring a more representative sample and improving the overall quality of the data collected.

Person to person influence refers to the impact that individuals have on each other's thoughts, opinions, and behaviors through direct interactions. This form of social influence has been prevalent since the beginning of human civilization and continues to play a significant role in shaping attitudes and decisions. While platforms like YouTube, Facebook, and LinkedIn also contribute to social influence, person to person interactions have a more personal and immediate effect, allowing for deeper connections and trust-building.

The statement suggests that the key determinant of marketing success is not fussing about the best measurement of customer satisfaction. This implies that focusing too much on finding the perfect measurement of customer satisfaction may not necessarily lead to marketing success. It could be more important to focus on other factors such as product quality, customer service, and effective communication with customers.

Observational research conducted by IKEA led them to design a whole new line of furniture for their Japanese customers. This suggests that the research findings indicated that the existing furniture designs were not suitable or appealing to the Japanese market, leading IKEA to create a completely new range of furniture specifically tailored to meet the preferences and needs of their Japanese customers.

Talking amongst yourselves about what you saw during a customer visit is important because it allows for collaboration and sharing of observations and insights. This can help in gaining a better understanding of the customer's needs and preferences, and also enables the team to brainstorm and come up with potential solutions or strategies. It promotes effective communication and teamwork, which can ultimately lead to a more successful customer visit and better outcomes.

Online market research offers several advantages, including reducing errors, cost, and time. By conducting research online, there is less room for human error in data entry or analysis. Additionally, online research eliminates the need for physical resources and travel expenses, making it a cost-effective option. Furthermore, online surveys and questionnaires can be distributed and completed quickly, allowing for faster data collection and analysis. Lastly, online market research can enhance the quality of open-ended question responses by providing a comfortable and anonymous environment for participants to express their opinions.

The feature of JIT (Just-in-Time) is that the delivery is frequent and absolutely reliable. This means that the delivery of goods or services occurs frequently, ensuring a steady supply of resources. Additionally, the delivery is reliable, meaning that it is consistent and trustworthy, minimizing disruptions in the production process. This feature is essential for JIT systems, as it allows for efficient inventory management and reduces waste by delivering only what is needed when it is needed.

Typical samples range in size from 400 to 1000. This means that the size of samples usually falls within this range. It is common to collect samples that are neither too small nor too large, as this range allows for a sufficient amount of data to be gathered without overwhelming the analysis process.

Culture, according to Webster's dictionary, can be defined as the sum total of the ways of living built up by a group of human beings and transmitted from one generation to another. It can also refer to a stage of civilization of a certain nation or period. Additionally, culture encompasses the behaviors and beliefs of a particular social, ethnic, or age group. Therefore, all of the given options are correct in describing culture according to Webster's dictionary.