BCOR 350 Exam 1-Marketing – Flashcards
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What is marketing?
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Marketing is a process of creating customer value.
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In the final step of the five-step marketing model, companies __________.
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reap the rewards of creating customer value
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The basic concept underlying marketing is that of __________.
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customer needs
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__________ is the act of obtaining a desired object from someone by offering something in return.
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exchange
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A brand's __________ involves the set of benefits or values it promises to deliver to consumers.
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value proposition
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The __________ concept holds that consumers will favor products that are available and affordable.
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production
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Customer relationship building blocks consist of __________.
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customer value and satisfaction
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Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it __________.
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does not attempt to maximize customer satisfaction
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Which is the fastest-growing digital marketing platform?
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Mobile marketing
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__________ marketing is perhaps the fastest-growing digital marketing platform.
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mobile
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the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
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marketing
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__________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.
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product concept
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demands are
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backed by buying power
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describe product concept
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The idea that consumers will favor products that offer the most quality, performance, and features
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what is the 4th step in the marketing process
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Build profitable relationships and create customer delight
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shaped by culture and an individual's personality
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wants
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__________ is the value of the entire stream of purchases a customer makes over a lifetime of patronage.
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customer lifetime value
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what is the marketing concept
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A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
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what is marketing management
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The art and science of choosing target markets and building profitable relationships with them
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marketing is best described as the
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process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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refers to a state of felt deprivation
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needs
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what is customer equity
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The total combined values of all of the company's customers
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__________ is the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
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selling concept
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__________ is the overall process of building and maintaining profitable customer relationships.
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Customer relationship management
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due to ___, marketers are increasingly emphasizing value
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the changing economic environment
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the societal marketing concept is best described as
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the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
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Which term refers to the mistake of paying more attention to the specific products that a company offers than to the benefits and experiences produced by those products?
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marketing myopia
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__________ are some combination of products, services, information, or experiences offered to a market.
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market offerings
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Which of the following is the set of all actual and potential buyers of a product or service?
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market
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customer-perceived value is the __
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customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
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__________ is the extent to which a product's perceived performance matches a buyer's expectations.
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customer satisfaction
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production concept is
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the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
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To create and capture customer value, companies must engage the first step of the marketing process, which is __________.
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understand the marketplace and customer needs and wants
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Marketing was once understood in the sense of making a sale. Today, marketing is understood in the new sense of __________.
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satisfying customer needs
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The key element of successful marketing today is to __________.
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create value
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What is the final step in the marketing process?
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Capture value from customers.
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Engaging customers and managing profitable customer relationships is the simplest definition of ________.
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marketing
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You are thirsty and decide to have an iced tea. Your thirst is a ________ and your choice of iced tea is a ________.
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need; want
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Which of the following correctly identifies the five core customer and marketplace concepts?
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(1) Needs, wants, and demands; (2) Market offerings; (3) Value and satisfaction; (4) Exchanges and relationships; and (5) Markets
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The primary goal of consistently delivering superior value is to ________.
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build profitable customer relationships
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In marketing terms, what is a market?
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The set of actual and potential buyers of a product or service
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Market offerings include ________.
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products, services, and experiences
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The actual and potential buyers in a market share which of the following characteristics?
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They share a particular need and/or want.
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The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities?
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Segmenting and targeting
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What is the purpose of a value proposition?
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To differentiate and position a market offering in the marketplace
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Which marketing orientation states that consumers will favor products that offer the most in quality, performance, and innovative features?
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The product concept
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Which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation?
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The marketing concept
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Companies such asIBM, Walmart, and Google now look beyond economic gain and, in their marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy?
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The societal marketing concept
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What are the 4 Ps of marketing?
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Product, price, place, promotion
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What is the key to building lasting customer relationships?
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Creating superior customer value and satisfaction
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__________ is the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.
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Customer-perceived value
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Which of the following is an accurate statement about building customer relationships in the modern marketing era?
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Building relationships through consumer-generated content is expensive and takes time.
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The total combined lifetime value of a company's current and potential customers is called __________.
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customer equity
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For which customer relationship group should a company make continuous relationship investments to delight, engage, retain, and grow them?
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True friends
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In today's global environment, everything and everyone are digitally connected to everything and everyone else. The term used to describe this is __________.
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the Internet of Things
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How has the Great Recession of 2008-2009 affected marketers in terms of consumer attitudes?
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Consumers are showing an enthusiasm for frugality.
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Vince's Video has suffered in the current economy because fewer people have the money for videos and because more people use online streaming sites such as YouTube and Hulu. The videos that Vince's Video does sell are often outpriced by versions coming from China or Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has NOT affected Vince's Video?
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Not-for-profit marketing
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The first step in strategic planning involves __________.
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defining the company's mission
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A company's mission statement should be focused on __________.
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customers
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The major activity in strategic planning is the analyses of a business __________.
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portfolio
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Within the growth-share matrix, "cash cows" are __________.
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low-growth, high-share businesses or products
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Each department can be thought of as a link in the company's __________.
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value chain
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__________ plays a key role in the company's strategic planning.
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marketing
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__________ involves evaluating each market segments attractiveness and selecting one or more segments to enter.
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Market targeting
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__________ refers to activities that communicate the merits of the product and persuade target customers to buy it.
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promotion
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In SWOT analyses, the favourable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as __________.
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opportunities
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The most common form of marketing organization is __________.
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functional organization
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The growth-share matrix defines four types of SBUs: Cash cows are __________.
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low-growth, high-share businesses or products
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__________ refers to dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
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Market segmentation
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__________ achieves company growth by starting up or acquiring businesses outside the company's current products and markets.
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diversification
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________ achieves company growth by identifying and developing new market segments for current company products.
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market development
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Which term refers to the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships?
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market strategy
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The growth-share matrix defines four types of SBUs: Dogs are __________.
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low-growth, low-share businesses and products
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The growth-share matrix defines four types of SBUs: __________ are low-share business units in high-growth markets.
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Question marks
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__________ involves measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that the objectives are achieved.
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marketing control
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________ achieves company growth by offering modified or new products to current market segments.
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Product development
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marketing return on investment is___
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the net return from a marketing investment divided by the costs of the marketing investment
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Which of the following is a statement of the organization's purpose - what it wants to accomplish in the larger environment?
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Mission statement
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market penetration achieves company growth by_
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increasing sales of current products to current market segments without changing the product
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__________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
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strategic planning
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The growth-share matrix defines four types of SBUs: __________ are high-growth, high-share businesses or products.
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stars
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A SWOT analysis is best described as__
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an overall evaluation of the company's strengths, weaknesses, opportunities, and threats
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a value chain is best defined as__
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the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
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__________ refers to turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
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Marketing implementation
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What is the name for the process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers?
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positioning
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which of the following describes a value delivery network
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Consists of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system
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what is the marketing mix?
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The set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market
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What does a company do to start the strategic planning process?
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Define its overall purpose and mission.
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Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be __________.
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market oriented
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After defining its mission, the next step in strategic planning is to __________.
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set company objectives and goals
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What is the overall focus of strategic planning?
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To create a game plan for long-run survival and growth in consideration of changing marketing opportunities
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In portfolio analysis, a company must identify __________, which are key businesses that make up the company.
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strategic business units
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What are the two measurements used in the BCG matrix to classify strategic business units?
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Relative market share; market growth rate
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The BCG matrix classifies products which have a high market share in a low growth market as __________.
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cash cows
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According to the growth-share matrix, __________ are high-share, high-growth products. When the market growth slows these products become __________.
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stars; cash cows
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Strategically, a company may phase out or sell an SBU. This is known as __________.
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divesting
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To grow sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this represent?
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Market penetration
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When Under Armour expanded its current products into global markets, it was pursuing which growth strategy?
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Market development
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When a firm starts up or buys a business outside of its current product line and markets, it is pursuing which growth strategy?
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Diversification
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One key role marketing plays in a company's strategic planning is to __________.
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provide a guiding philosophy
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To improve the performance of the __________, many companies today are partnering with other members of the supply chain-suppliers, distributors, and customers
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customer value delivery network
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In which way does increasing customer satisfaction disrupt the internal value chain?
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It can increase production costs, increase inventories, and disrupt production schedules.
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What is the overall goal of marketing strategy?
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To create customer value and build profitable relationships
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In determining which customers to serve, a company engages in which two marketing activities?
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Segmentation and targeting
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Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar, profitably focus on buyers with modest means. This is an example of __________.
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market targeting
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What does a market segment consist of?
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A group of consumers who respond to the marketing effort in the same way
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Effective positioning is based on __________.
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differentiation
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The four Ps of the marketing mix have been redefined in buyer's terms as the four As. Product design influences __________, price affects __________, place affects __________, and promotion influences __________.
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acceptability; affordability; accessibility; awareness
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What are the main components of a marketing plan?
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An executive summary, situation analysis, objectives, marketing strategy, action programs, budgets and controls, and threats and opportunities
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Which of the following is not one of the five marketing management functions?
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Customer service
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The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT analysis, the rising demand for organic produce would be a(n) __________ for Green Acres Farms, and the fact that they grow only organic vegetables is a(n) __________.
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opportunity; strength
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Which of the following is a true statement regarding managing and measuring marketing return on investment (ROI)?
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Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI.
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__________ are distribution channel firms that help the company find customers or make sales for them.
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resellers
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The microenvironment consists of all of the following except __________.
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demographics
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The "echo boomers" is another name for __________.
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millennials
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The __________ environment consists of economic factors that affect consumer purchasing power and spending patterns.
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economic
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Shortages of certain raw materials is a major trend related to the __________ environment.
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natural
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The __________ environment is the most dramatic force shaping the destiny of the markets and marketing.
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technological
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Business legislation has been enacted for a number of reasons which include all of the following except __________.
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developing a code of ethics
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The __________ environment consists of institutions and other forces that affect a society's basic values.
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cultural
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A(n) __________ stance by companies toward the marketing environment is preferred over a reactive stance.
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proactive
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Many companies view the marketing environment as a(n) __________ element to which they must react and adapt.
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uncontrollable
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baby boomers are the ___
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78 million people born during the years following World War II and lasting until 1964
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political environments consist of the __
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laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society
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a public is __
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any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives
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The __________ empowers the FTC to establish limits on quantity discounts, forbid some brokerage allowances, and prohibit promotional allowances except when made available on proportionately equal terms.
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Robinson-Patman Act
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Generation X is the __
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49 million people born between 1965 and 1976
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The cultural environment is the __
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institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors
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The __________ environment consists of forces that create new technologies that lead to new product and market opportunities.
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technological
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which of the following describes demography?
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The study of human population in terms of size, density, location, age, gender, race, occupation, and other statistics
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Which term refers to the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers?
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marketing environment
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__________ is the development of strategies and practices that create a world economy that the planet can support indefinitely.
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environmental sustainability
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Which of the following is the name for the firm that helps a company to promote, sell, and distribute its goods to final buyers?
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marketing intermediary
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the economic environment primarily consists of __
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factors that affect purchasing power and spending patterns
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The __________ forbids the manufacture or sale of adulterated or fraudulently labeled foods and drugs.
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federal food and drug act
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describe generation Y
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The 83 million people born between 1977 and 2000
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what is the microenvironment
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The actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
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Which term refers to the larger societal forces that affect the demographic, economic, natural, technological, political, and cultural forces?
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macroenvironment
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Smart marketing managers take a(n) ________ approach rather than a reactive approach to the marketing environment.
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proactive
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the Sherman Antitrust Act
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prohibits monopolies and activities (price-fixing, predatory pricing) that restrain trade or competition in interstate commerce
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Which term refers to the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities?
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Natural environment
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What is the purpose of the Wheeler-Lea Act?
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Makes deceptive, misleading, and unfair practices illegal regardless of injury to competition
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Which of the following correctly lists actors in a company's microenvironment?
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Competitors, marketing intermediaries, suppliers, publics
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The __________ consists of larger societal forces that affect how a company engages and serves its customers.
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macroenvironment
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Which of the following correctly lists marketing intermediaries?
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Resellers, physical distribution firms, marketing services agencies, and financial intermediaries
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The most important actors in the company's microenvironment are __________.
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customers
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Demography studies statistics that include __________.
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age, gender, race, and occupation
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According to the text, what is the single most important demographic trend in the United States today?
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The changing age structure of the population
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Which generational age group is now forming brand relationships and represent tomorrow's markets?
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Gen Z
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Which of the following statements regarding generational marketing is correct?
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Marketers need to form more precise age-specific segments within each generational group.
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Which of the following statements regarding the current demographic environment is correct?
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The U.S. population is rapidly getting older.
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Fathers were once ignored or portrayed as dolts in advertising, however today's advertisers are showing more caring and capable dads. This reflects which demographic trend?
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Changing dynamics in the American family
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Ford offers a wide variety of cars that range from around $14,000 to more than $54,000. This reflects which economic factor?
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Income distribution
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Geographically, many Americans have been moving to small cities located beyond congested metropolitan areas, such as Minot, North Dakota; Boone, North Carolina; Traverse City, Michigan; and Concord, New Hampshire. These small cities are called __________.
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micropolitan areas
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Many companies are going beyond government regulation and are developing strategies and practices that create a world economy that the planet can support indefinitely. This represents __________.
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environmental sustainability
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Which of the following is an important trend in the natural environment that marketers should be aware of?
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Products that require scarce resources will face large cost increases
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One new technology marketers are adopting is radio frequency identification (RFID). What does this technology do?
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Tracks products and customers at various points in the distribution channel
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Which of the following is true of environmental sustainability?
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Companies are learning that engaging in sustainable practices is good for business.
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Which of the following is true regarding the technological environment?
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Companies must keep up with changes in technology or risk being left behind.
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One important reason that business legislation is enacted is to __________.
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protect consumers from unfair business practices
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Which of the following statements is true regarding public policy and government regulation?
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Legislation affecting business around the world has increased steadily over the years.
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P&G launched their "Tide Loads of Hope" program, which provides mobile laundromats to families in disaster-stricken areas. P&G washes, dries, and folds clothes for these families free of charge. This is an example of __________.
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cause-related marketing
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In the United States, patriotism has been increasing for the past 20 years. Marketers have responded with increased use of the "Made in America" appeal and patriotic themes. This reflects which aspect of culture?
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People's views toward society
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A sizable and growing market of consumers are seeking products such as natural, organic, and nutritional foods, fuel-efficient cars, and alternative medicines. This trend is attributed to which cultural value?
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People's views toward nature
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Being proactive toward the marketing environment means that a __________.
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company develops strategies to change the environment
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A firm can be proactive by __________.
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pressing lawsuits to keep competitors in line
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Companies who passively accept the marketing environment __________.
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view it as uncontrollable and do not attempt to change it
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Which of the following statements discussing big data is not true?
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Marketers can access and easily sift through the data once it is available.
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MIS interacts with information users in several ways which include all of the following except __________.
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providing concise information
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MIS begins and ends with information users. Which of the following statements is not an advantage of MIS?
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MIS may provide information to external partners, such as suppliers, resellers, or marketing services agencies.
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__________ is the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace.
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Competitive marketing intelligence
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What is the first step in marketing research process?
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Define the problem.
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The objective of __________ research is to gather preliminary information that will help define the problem and suggest hypotheses.
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exploratory
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Many companies manage detailed information about individual customers by using all of the following methods except __________.
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collecting and storing huge amounts of data
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Companies can allow key customers and value-network members to access account, product, and other data through __________.
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extranets
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Small businesses and not-for-profit organizations can obtain good marketing insights through __________.
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observation research
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The marketing research industry is considering several options for responding to intrusion and privacy issues, which includes all of the following except __________.
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sharing information widely
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Implementing the research plan is the ________ step in the marketing research process.
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3rd
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Marketing research is best defined as
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the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
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experimental research involves
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gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses
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which best describes secondary data
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Information that already exists somewhere having been collected for another purpose
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how is primary data defined
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Information collected for the specific purpose at hand
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__________ involves gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
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survey research
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Which term refers to the fresh understandings of customers and the marketplace derived from marketing information?
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customer insights
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descriptive research is...
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used to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers
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Developing the research plan for collecting information is the __________ step in the marketing research process.
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2nd
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__________ is used to test hypotheses about cause-and-effect relationships.
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Causal research
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________ is the management of detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
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Customer relationship management
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________ is the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies.
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big data
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Which term refers to the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment?
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Competitive marketing intelligence
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in a cluster sample,
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the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview
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describe internal data bases
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Electronic collections of customer and marketing information obtained from data sources within the company network
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describe marketing information systems
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People and processes dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights
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________ is the collection of primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities.
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Online marketing research
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In a __________ sample, the population is divided into mutually exclusive groups and random samples are drawn from each group.
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stratified random
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__________ is used to gather preliminary information that will help define problems and suggest hypotheses.
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Exploratory research
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describe observational research
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Involves gathering primary data by observing relevant people, actions, and situations
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Using marketing information to gain customer insights is of little value unless __________.
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it is used to make better marketing decisions
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Which of the following statements about big data is correct?
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One result of big data is that marketing managers are often overloaded with information.
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Which of the following statements about information and customer insights is correct?
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Information to gain customer insights comes from a wide variety of sources.
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Much of Pinterest's success is due to how they used marketing information to __________.
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identify a unique customer insight
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Which of the following best describes a marketing information system (MIS)?
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People and procedures that are used to manage information to generate and validate actionable customer and market insights
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Which of the following statements about marketing information systems (MIS) is correct?
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A good MIS must balance what users would like to have against what they really need and what is feasible to offer.
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To develop needed information, marketing information systems utilize __________.
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internal databases, marketing intelligence, and marketing research
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Which of the following is an advantage to using internal databases for information?
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They can be accessed quickly and cheaply.
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Competitive marketing intelligence uses __________ data sources.
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publicly available
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Which of the following statement regarding competitive marketing intelligence is correct?
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The goal of competitive marketing intelligence is to improve strategic decision making.
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Defining the problem and research objectives is the __________ step in the marketing research process.
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1st
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After defining the problem and objectives, what is the next step in the marketing research process?
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Develop the research plan.
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What are the three types of research objectives?
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Exploratory, descriptive, and causal
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Sending observers to watch and interact with consumers in their natural environment is known as __________.
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ethnographic research
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Survey research is the approach best suited for gathering __________.
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descriptive research
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You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in a(n) __________.
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focus group interview
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Which of the following statements about online research is correct?
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Online surveys generally have higher response rates than those conducted by mail or phone.
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What are the two main research instruments used by marketing researchers in primary data collection?
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Questionnaires and mechanical devices
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A(n) __________ is defined as any contact between a customer and a company.
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touch point
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To learn more about the relationships and patterns contained in the vast amounts of data they collect, marketers use __________.
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marketing analytics
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Companies setup __________ which allow key customers and value-network members to access product, account, and other data anytime they need to.
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extranets
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Which of the following statements regarding the use of marketing information, customer relationship management (CRM), and analytics is correct?
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There are risks involved in using big data analytics and CRM.
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Which one of the following statements about marketing research in small businesses and nonprofit organizations is correct?
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The research methods of small businesses and nonprofits are less complex and less costly, but they still must be conducted carefully.
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Which of the following statements regarding conducting marketing research in a foreign country is correct?
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Reaching respondents in other parts of the world is more difficult than it is in the United States.
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Some retailers use mannequins with cameras hidden in one eye to record customer demographics and shopping behavior in order to serve them better. This raises ethical concerns in terms of __________.
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intrusions on consumer privacy
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Compared to the mainstream buying public, Hispanic consumers tend to be deeply __________ oriented, making this a special characteristic and behavior.
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family
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According to the stimulus-response model of buyer behavior, marketing and other stimuli enter the consumer's __________ and produce certain responses.
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black box
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Consumer purchases are influenced strongly by certain characteristics which include all of the following except __________.
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cognitive
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Consumer motivation, perception, and learning are related to the __________ factors influencing consumer behavior.
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psychological
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__________ behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands.
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Dissonance-reducing buying
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When does the habitual buying behavior occur?
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Under conditions of low-consumer involvement and little significant brand difference
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In the product adoption process, __________.
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there are five stages
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Marketers try to bring their new products to the attention of potential __________.
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early adopters
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In the __________ stage of the adoption process, the consumer considers whether trying the new product makes sense.
answer
evaluation
question
marketing stimuli are
answer
such things as product, price, place, and promotion
question
Information search is the stage of the buyer decision process in which the __________.
answer
consumer is motivated to search for more information
question
__________ are such things as product, price, place, and promotion, and are considered part of the environment that influences the buyer's black box.
answer
Marketing stimuli
question
Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands is known as ________.
answer
complex buying behavior
question
The __________ stage is when the buyer makes a decision about which brand to purchase.
answer
purchase decision
question
Which of the following is a descriptive thought that a person holds about something?
answer
belief
question
what happens in the evaluation stage of the adoption process?
answer
The consumer considers whether trying the new product makes sense.
question
culture is
answer
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
question
In the adoption process, __________ is when the consumer becomes aware of the new product, but lacks information about it.
answer
awareness
question
buying attitudes and preferences are
answer
part of the buyer's responses
question
in the trial stage of the adoption process, the consumer __
answer
tries the new product on a small scale to improve his or her estimate of its value
question
describe learning
answer
Changes in an individual's behavior arising from experience
question
perception is best defined as
answer
the process by which people select, organize, and interpret information to form a meaningful picture of the world
question
describe complex buying behavior
answer
Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands
question
In the __________ stage of the adoption process, the consumer seeks information about the new product.
answer
interest
question
Need recognition is the stage of the buyer decision process in which the consumer __________.
answer
recognizes a problem
question
A __________ is a relatively permanent and ordered division in a society whose members share similar values, interests, and behaviors.
answer
social class
question
describe the purchase decision stage
answer
The buyer makes a decision about which brand to purchase.
question
what is an opinion leader
answer
A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
question
Which term refers to a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea?
answer
Attitudes
question
Alternative evaluation is the stage of the buyer decision process in which the __________.
answer
consumer uses information to evaluate alternative brands in the choice set
question
describe a belief
answer
A descriptive thought that a person holds about something
question
a subculture is
answer
a group of people with shared value systems based on common life experiences and situations
question
__________ is the stage of the buyer decision process in which the consumer is motivated to search for more information.
answer
information search
question
Which term refers to two or more people who interact to accomplish individual or mutual goals?
answer
group
question
Which of the following correctly defines the consumer market?
answer
Individuals and households that buy goods and services for personal consumption
question
Which of the following statements is correct regarding consumer buying decisions?
answer
Consumers are often unaware of what influences their purchases.
question
According to the simple model of buyer behavior, what is in a buyer's black box?
answer
The buyer's characteristics and the buyer's decision process
question
What are the three cultural factors that influence consumer buyer behavior?
answer
Culture, subculture, and social class
question
According to the text, what is the most basic cause of a person's wants and behaviors?
answer
culture
question
Which of the following statements regarding American subcultural groups is correct?
answer
Asian Americans are the most affluent U.S. demographic segment.
question
Which of the following correctly identifies the social factors that influence consumer buyer behavior?
answer
Small groups, social networks, family, and social roles and status
question
What are the four general characteristics that influence consumer purchases?
answer
Cultural characteristics, social characteristics, personal characteristics, and psychological characteristics
question
A purse company's ads feature the cast of a popular reality show. Product sales increase significantly among the fans. From the fans' viewpoint, the cast is a(n) __________.
answer
reference group
question
Which of the following is a personal factor that influences a consumer's buying behavior?
answer
occupation
question
Which of the following statements is correct regarding the influence of personal factors on buyer behavior?
answer
Consumers tend to buy brands whose personality matches their own.
question
What are the four major psychological factors that influence consumer buyer behavior?
answer
Motivation, perception, learning, and beliefs and attitudes
question
When consumers engage in __________ buying behavior they go through a learning process, so it is most important that marketers understand information gathering and evaluation behavior.
answer
complex
question
Dissonance-reducing buying behavior would result from which of the following conditions?
answer
High involvement and few differences between brands
question
Which of the following statements regarding habitual buying behavior is correct?
answer
In these types of purchases marketers often use price and sales promotion as incentives for purchas
question
What is the correct order of the five stages in the buyer decision process?
answer
Need recognition, information search, evaluation of alternatives, the purchase decision, and postpurchase behavior
question
What tends to be the most effective source of information when consumers make a buying decision?
answer
Personal sources
question
Two things can come between the intention to make a purchase and the actual purchase: the first is the attitudes of others and the second is __________.
answer
unexpected situational factors
question
What determines if a buyer is satisfied or dissatisfied with a purchase?
answer
The relationship between consumer expectations and perceived product performance
question
Which of the following statements regarding the buyer decision process is correct?
answer
Consumers may, in some situations, skip steps in the buyer decision process.
question
__________ is the first stage in the new product adoption process.
answer
Awareness
question
What is the correct order of the five stages of the new product adoption process?
answer
Awareness, interest, evaluation, trial, adoption
question
People can be classified into adopter categories. Which two categories are the first to adopt a new product idea?
answer
Innovators and early adopters
question
Which adopter category consists of opinion leaders who adopt new ideas early but carefully?
answer
Early adopters
question
Which of the five characteristics identified in the text has an inverse relationship with an innovation's rate of adoption? As this characteristic increases, the rate of adoption is slower.
answer
Complexity