MGT 241 Ball State Ch 8 Quiz
Bootstrap - ANS-____________ marketing strategies are unconventional, low-cost, creative
marketing strategies designed to give small companies an edge over their larger, richer, more
powerful rivals.
the customer - ANS-What is the primary focus of a smallcompany's marketingplan?
4 - ANS-The average company in the US spends _____ percent of its sales on marketing
efforts.
By 2020, Baby Boomers' spending will increase dramatically, driving the U.S. economy forward -
ANS-Which of the following statements about the U.S. population and its characteristics is
false?
Individualized (one-to-one) - ANS-__________ marketing involves gathering data on individual
customers and developing a marketing program designed to appeal to their particularneeds,
tastes, and preferences.
Demographics - ANS-The study of important population characteristics, such as age, income,
education, race, and others is called
Primary - ANS-Which type of market research is data that an entrepreneur collects himself or
herself; for example, from a survey of potential customers, and then analyzes?
Secondary - ANS-Which type of market research relies on data that has already been compiled
and is available, often at a reasonable cost or even free?
Data mining - ANS-Effective marketing requires access to important information about a
company's customers.________ is a process in which computer software that uses statistical
analysis, databasetechnology, and artificial intelligence finds hiddenpatterns, trends, and
connections in data so that business owners can make better marketing decisions.
survey of existing customers' views about a new product line that an entrepreneur is considering
selling. - ANS-Which of the following market research tools is an example of primary research?
Publicity - ANS-Any commercial news covered by the media that boosts sales but for which a
small company does not pay is called:
mission statement + entrepreneur's personal passion + customer demographics = ideal cause -
ANS-The "formula" for a business to identify the right cause to support is:
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