Mkt 310 Wk 5 Midterm Exam

MKT 310 WK 5 Midterm Exam

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1) Using intuition, continuing what was done before, and copying a successful competitor's strategy are examples of ________.

A) retail strategies based on nonsystematic research

B) creative problem solving

C) the marketing concept applied to retailing

D) executive judgment

2) An example of nonsystematic research in retailing, relating to the effect of a price rise on projected sales, is ________.

A) evaluating sales of sweaters at different price levels in prior years

B) developing an educated "guess" as to demand for sweaters based on current weather conditions

C) interviewing consumers to determine their probability of purchasing sweaters at different prices

D) experimentation with different price levels in matched-pairs of stores

3) The information needs of retail managers are anticipated, collected, organized, and stored on a continuous basis in ________.

A) a retail information system

B) observation

C) an experiment

D) retail research

4) Which of these is not a benefit of the use of a retail information system?

A) Opportunities can be foreseen.

B) The initial time and labor investment is low.

C) Crises can be avoided.

D) The elements of a retail strategy can be coordinated.

5) The procedure to gather, integrate, apply, and store information related to specific subject areas is referred to as ________.

A) data warehousing

B) data mining

C) data-base management

D) a retail information system

6) A major benefit to data warehousing is its ________.

A) ability for data access and retrieval at multiple locations

B) low cost

C) continuously being updated

D) ease of use

7) An application of data mining is ________.

A) pilferage control

B) sales forecasting

C) micromarketing

D) mass marketing

8) The use of micromarketing...