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MG 101 Exam Questions and Answers All Correct

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MG 101 Exam Questions and Answers All Correct Research you do when you are unaware of the problem, our sales are declining and we don't know why - Answer- exploratory Research you do when you are aware of a problem, what kind of people are buying our product and what kinds of people are buyi...

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  • November 6, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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MG 101 Exam Questions and
Answers All Correct
Research you do when you are unaware of the problem, our sales are declining and we
don't know why - Answer- exploratory

Research you do when you are aware of a problem, what kind of people are buying our
product and what kinds of people are buying the competitor's - Answer- descriptive

Research you do when the problem is clearly defined, what if we keep our stores open
for another two hours in the evening - Answer- causal

3 tenets of experimenting - Answer- random sampling random assignment control over
all other variables

(Cost of Contacting All Prospects)/(# of Customers Obtained) - Answer- Cost of
customer

Grouping customers - Answer- Segmentation

LTV Equation - Answer- (Margin/(1-retention rate+interest rate)-acquisition costs

Figuring out how to go after a specific customer segment - Answer- Targeting

Types of segmentation - Answer- Geographic demographic psychographic behavioral

Type of segmentation based on values, personality, or lifestyle - Answer- psychographic

Type of segmentation based on occasions or a consistent set of activities, think holidays
- Answer- behavioral

Plots two traits of a product on two axes to figure out which companies a customer
thinks of based on the strength of their perceptions of the traits, the greater the distance
between two companies on the map, the less people are likely to associate them -
Answer- perceptual map

Rough way of calculating market demand for a product by figuring out the market size
and then surveying people from it to figure out how likely they are to buy the product
irrespective of price - Answer- Chain ratio method

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