MH31-3.01 SEM 1 Study Guide

Which of the following is a requirement for good decision-making:

• A college degree
• At least three options
• money
• Data

Which of the following are common types of data used by marketers:

• Facts, predictions, estimates
• Predictions, estimates, quotes
• Quotes, facts, testimonials
• Quotes, testimonials, estimates

Which of the following is an example of a fact:

• The economy should get better during the next decade.
• Valentine’s Day is on February 14.
• It could cost up to 20 million dollars to launch a new product.
• Junior year will be harder than sophomore year.

Quinn is getting ready to start college. Though she knows that the figure could change over time, he guesses that her four years in school will cost her around $65,000. This is an example of a(n)

• quote.
• sales report.
• estimate.
• fact.

Which of the following is an example of a prediction:

• About half of the business’s customers are female.
• The business owes $200,000 in taxes.
• Sales will be up 4% next quarter.
• Sales were up 4% last quarter.

Which of the following is an example of data that marketers could gather from the company’s sales team:

• The latest market research studies
• The prices of raw materials
• What products competitors are currently offering
• How actual sales compare to sales goals

Which of the following pieces of data give a wealth of information about a customer:

• A trade journal
• A sales invoice
• An expense report
• A sales report

A piece of easily observable data about a competitor is its

• current promotional campaign.
• products in development.
• sales reports.
• future plans.

The best source for data about the goods and services a company needs to buy for its own operation is its

• vendors.
• sales team.
• customers.
• competitors.

Which of the following is an example of a trade journal:

• Newsweek
• People
• MOTOR Magazine
• USA Today