BCOR 350 Quizzes (exam 1) – Flashcards
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1. 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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2. 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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3. 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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4. 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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5. 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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6. 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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7. 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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8. 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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9. Strategically, a company may phase out or sell an SBU. This is known as __________.
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- Divesting
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10. 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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11. 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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12. 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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13. One key role marketing plays in a company's strategic planning is to __________.
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-providing a guiding philosophy
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14. 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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15. 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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16. What is the overall goal of marketing strategy?
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- To create customer value and build profitable relationships
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17. 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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18. 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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19. What does a market segment consist of?
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-group of consumers who respond to the marketing effort in the same way
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20. Effective positioning is based on __________.
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-differentiation
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21. 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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22. 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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23. Which of the following is not one of the five marketing management functions?
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- customer service
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24. 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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25. 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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1. 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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2. 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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3. 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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4. The most important actors in the company's microenvironment are __________.
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-customers
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5. Demography studies statistics that include __________.
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-age, gender, race, and occupation
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6. 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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7. Which generational age group is now forming brand relationships and represent tomorrow's markets?
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-Gen Z
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8. 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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9. Which of the following statements regarding the current demographic environment is correct?
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-U.S. population is rapidly getting older
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10. 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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11. 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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12. 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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13. 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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14. 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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15. 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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16. 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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17. 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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18. One important reason that business legislation is enacted is to __________. 23. Being proactive toward the marketing environment means that a __________. -company develops strategies to change the environment
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-protect consumers from unfair business practices
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19. 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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20. 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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21. 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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22. 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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24. A firm can be proactive by __________.
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-pressing lawsuits to keep competitors in line
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25. 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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1. Using marketing information to gain customer insights is of little value unless __________. A.marketers gather as much information as possible B.it is obtained as cheaply as possible C.it increases company profits D.it comes exclusively from big data E.it is used to make better marketing decisions
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E
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2. Which of the following statements about big data is correct? A.Analyzing big data is a very easy task. B.Analyzing big data will always lead to useful customer insights. C.Big data actually refers to very small data sets. D.One result of big data is that marketing managers are often overloaded with information E.Big data is very important because marketers today need more information to make good decisions.
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D
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3. Which of the following statements about information and customer insights is correct? A.Information to gain customer insights comes from a wide variety of sources. B.Customer insights are relatively easy to obtain. C.Customer insights have little impact on building customer relationships. D.Customer insights are useful but do not give companies a competitive advantage. E.To gain useful customer insights, more data is better data.
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A
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4. Much of Pinterest's success is due to how they used marketing information to __________. A.understand that their site was not useful to businesses B.Identify a unique customer insight C.send targeted email to key customers D.change the name of their website E.increase their profits
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B
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5. Which of the following best describes a marketing information system (MIS)? A.People and procedures that are used to manage information to generate and validate actionable customer and market insights B.Data obtained from the Internet that is used to gain customer insights C.The company databases which store information D.The hardware, software, and networks that are used in collecting and analyzing data E.The marketing team that makes decisions based on customer insights
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A
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6. Which of the following statements about marketing information systems (MIS) is correct? A.An MIS is focused on internal data and ignores the marketing environment. B.A good MIS gives managers all the information they ask for. C.An MIS begins and ends with information collectors. D.Marketing information systems provide information only to a company's internal users. E.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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E
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7. To develop needed information, marketing information systems utilize __________. A.marketing managers, information users, and internal databases B.Internal databases, marketing intelligence, and marketing research C.marketing intelligence, marketing research, and the marketing environment D.internal databases, marketing research, and marketing managers E.internal databases, big data, and market research
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B
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8. Which of the following is an advantage to using internal databases for information? A.Internal information sources are easy to manage. B.Internal information is accurate and complete. C.The information stored in internal databases is always current. D.Internal information is in a form that is useful for making marketing decisions. E.They can be accessed quickly and cheaply.
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E
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9. Competitive marketing intelligence uses __________ data sources. A.expensive B.competitor's internal C.private D.publicly available E.internal
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D
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10. Which of the following statement regarding competitive marketing intelligence is correct? A.Marketing intermediaries are not a good source of competitive marketing intelligenc B.The goal of competitive marketing intelligence is to improve strategic decision making. C.Companies should not be concerned about competitor's accessing publicly available information about them. D.Monitoring a competitor's website is unethical. E.Marketing intelligence information is not available from the U.S. government.
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B
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11. Defining the problem and research objectives is the __________ step in the marketing research process. A.third B.first C.second D.fourth E.fifth
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B
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12. After defining the problem and objectives, what is the next step in the marketing research process? A.Develop the research plan. B.Implement the plan. C.Analyze the dat D.Collect the dat E.Report the findings.
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A
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13. What are the three types of research objectives? A.Exploratory, causal, and experimental B.Causal, experimental, and hypothetical C.Exploratory, descriptive, and causal D.Exploratory, formal, and casual E.Exploratory, descriptive, and definitive
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C
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14. Sending observers to watch and interact with consumers in their natural environment is known as __________. A.survey research B.ethnographic research C.a focus group D.on-site research E. experimental research
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B
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15. Survey research is the approach best suited for gathering __________. A.causal research B.experimental research C.ethnographic research D.exploratory research E.descriptive research
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E
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16. 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) __________. A.focus group interview B.individual interview C.immersion group D.ethnographic study E.experiment
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A
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17. Which of the following statements about online research is correct? A.Online research is only feasible for large companies. B.Online surveys generally have higher response rates than those conducted by mail or phone. C.The Internet is especially well suited to qualitative research. D.Experiments cannot be conducted online. E.It is more expensive to conduct online research than using mail, phone, or personal interviews.
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B
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18. What are the two main research instruments used by marketing researchers in primary data collection? A.Questionnaires and the Internet B.The telephone and the Internet C.Questionnaires and mechanical devices D.Questionnaires and panels E.Questionnaires and surveys
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C
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19. A(n) __________ is defined as any contact between a customer and a company. A.touch point B.sales call C.satisfaction survey D.service call E.purchase
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A
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20. To learn more about the relationships and patterns contained in the vast amounts of data they collect, marketers use __________. A.big insights B.big data analytics C.customer relationship management D.marketing analytics E.touch points
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D
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21. Companies setup __________ which allow key customers and value-network members to access product, account, and other data anytime they need to. A.wireless networks B.intranets C.websites D.data warehouses E.extranets
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E
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22. Which of the following statements regarding the use of marketing information, customer relationship management (CRM), and analytics is correct? A.Marketing information is of great value even if it is not used for decision making. B.Social media information cannot be analyzed using marketing analytics. C.Marketing analytics is not used in customer relationship management. D.Technology alone can build profitable customer relationships. E.There are risks involved in using big data analytics and CRM.
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E
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23. Which one of the following statements about marketing research in small businesses and nonprofit organizations is correct? A.Small companies and nonprofits do not need marketing information. B.Surveys are the only research approach that can be effectively used by small businesses and nonprofits. C.The research methods of small businesses and nonprofits are less complex and less costly, but they still must be conducted carefully. D.Good research requires large sample sizes which are not feasible for small businesses and nonprofits. E.Only large companies can afford to conduct marketing research.
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C
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24. Which of the following statements regarding conducting marketing research in a foreign country is correct? A.Good secondary data is easy to find in most foreign markets. B.Language translation will be easy. C.Reaching respondents in other parts of the world is more difficult than it is in the United States. D.Consumers in foreign markets generally enjoy participating in marketing research. E.Globalization has slowed down, so international research is no longer necessary.
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C
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25. 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 __________. A.deceptive advertising B.intrusions on consumer privacy C.the misuse of research findings D.improper sampling procedures E.customer harassment
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B
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Which of the following correctly defines the consumer​ market? A.Consumers and the businesses who sell to them B.Consumers who spend more than​ $5,000 yearly on goods and services C.Manufacturers, resellers, and consumers D.Consumers and the resellers who consumers buy their products from E.Individuals and households that buy goods and services for personal consumption
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E
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Which of the following statements is correct regarding consumer buying​ decisions? A.Consumers are often unaware of what influences their purchases. B.The consumer buying decision process is of little interest to marketers. C.The easiest part of studying buying decisions is determining the whys behind consumer buying behavior. D.A​ buyer's characteristics such as age and income have little influence on buying decisions. E.Marketers are interested in what and where consumers​ buy, but not how much they buy.
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A
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According to the simple model of buyer​ behavior, what is in a​ buyer's black​ box? A.Cultural forces B.The​ buyer's response C.The​ buyer's characteristics and the​ buyer's decision process D.Postpurchase behavior E.The four Ps
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C
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What are the three cultural factors that influence consumer buyer​ behavior? A.Culture, subculture, and lifestyle B.Culture, family, and lifestyle C.Culture, social​ class, and lifestyle D.Culture, subculture, and family E.Culture, subculture, and social class
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E
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According to the​ text, what is the most basic cause of a​ person's wants and​ behaviors? A.Income B.Culture C.Personality D.Lifestyle E.Occupation
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B
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Which of the following statements regarding American subcultural groups is​ correct? A.Hispanic culture is homogenous and does not have subcultures within it. B.Hispanics are generally not family oriented. C.African American consumers are price​ conscious, so they are less motivated by quality and selection. D.Asian Americans are the most affluent U.S. demographic segment. E.Brands are of little importance to African American consumers.
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D
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Which of the following correctly identifies the social factors that influence consumer buyer​ behavior? A.Small groups​, social​ networks, ​family, and social roles and status B.Small groups​, ​family, social​ class, and lifestyle C.Family, social​ networks, social​ class, and subculture D.Small​ groups, social​ networks, social​ class, and subculture E.Small groups​, social​ networks, ​family, and social class
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A
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What are the four general characteristics that influence consumer​ purchases? A.Economic​ characteristics, technological​ characteristics, demographic​ characteristics, and political characteristics B.Cultural​ characteristics, technological​ characteristics, social​ characteristics, and personal characteristics C.Technological​ characteristics, social​ characteristics, personal​ characteristics, and the buyer decision process D.Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics E.Cultural​ characteristics, social​ characteristics, demographic​ characteristics, and the buyer decision process
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D
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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) __________. A.subculture B.social network C.opinion leader D.reference group E.membership group
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D
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Which of the following is a personal factor that influences a​ consumer's buying​ behavior? A.Occupation B.Learning C.Family D.Social class E.Motivation
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A
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Which of the following statements is correct regarding the influence of personal factors on buyer​ behavior? A.Marketers have found that it is not useful to define target markets in terms of​ life-cycle stage. B.Consumers tend to buy brands whose personality matches their own. C.A​ person's occupation does not affect the goods they purchase. D.The concept of lifestyle is too complex to be of use to marketers. E.The PRIZM segmentation system primarily classifies households based on their interest in social networks.
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B
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What are the four major psychological factors that influence consumer buyer​ behavior? A.Motivation, learning,​ personality, and​ self-concept B.Perception, learning, beliefs and​ attitudes, and personality C.Motivation, perception,​ learning, and personality D.Motivation, perception,​ learning, and beliefs and attitudes E.Perception, learning,​ lifestyle, and social roles
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D
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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. A.complex B.variety-seeking C.dissonance-reducing D.low involvement E.habitual
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A
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​Dissonance-reducing buying behavior would result from which of the following​ conditions? A.High involvement and few differences between brands B.Any buying situation with significant differences between brands C.Low involvement and few differences between brands D.High involvement and significant differences between brands E.Low involvement and significant differences between brands
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A
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Which of the following statements regarding habitual buying behavior is​ correct? A.In these types of purchases buyers see significant differences between brands. B.In these types of purchases buyers are highly committed to one brand. C.In these types of purchases buyers carefully weigh their choices. D.In these types of purchases marketers often use price and sales promotion as incentives for purchas E.In these types of purchases buyers search extensively for information.
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D
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What is the correct order of the five stages in the buyer decision​ process? A.Need recognition​, information search​, evaluation of alternatives​, the purchase decision​, and postpurchase behavior B.Information​ search, need recognition​, evaluation of alternatives​, the purchase decision​, and postpurchase behavior C.Need recognition​, the purchase​ decision, information search​, evaluation of alternatives​, and postpurchase behavior D.Evaluation of​ alternatives, information​ search, need​ recognition, the purchase​ decision, and postpurchase behavior E.Information search​, evaluation of alternatives​, need​ recognition, the purchase decision​, and postpurchase behavior
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A
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What tends to be the most effective source of information when consumers make a buying​ decision? A.Advertisements B.Salespeople C.Mass media D.The Internet E.Personal sources
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E
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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​ __________. A.permission from others B.lack of information C.unexpected situational factors D.poor​ decision-making skills E.too many choices
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C
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What determines if a buyer is satisfied or dissatisfied with a​ purchase? A.How others feel about the purchase B.The amount of information gathered in the decision process C.The relationship between consumer expectations and perceived product performance D.Whether or not they experience cognitive dissonance E.The number of alternatives considered in the purchase decision
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C
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Which of the following statements regarding the buyer decision process is​ correct? A.Consumers go through all stages of the buyer decision process for every purchase situation. B.Consumers tend to take the same amount of time going through the stages of the buyer decision process. C.Consumers​ may, in some​ situations, skip steps in the buyer decision process. D.The buyer decision process consists of four stages. E.The nature of the product has no effect on the buyer decision process.
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C
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​__________ is the first stage in the new product adoption process. A.Awareness B.Interest C.Adoption D.Evaluation E.Trial
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A
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What is the correct order of the five stages of the new product adoption​ process? A.Interest, awareness,​ evaluation, trial, adoption B.Awareness, interest,​ trial, evaluation, adoption C.Awareness, interest,​ evaluation, trial, adoption D.Awareness, evaluation,​ interest, trial, adoption E.Awareness, interest,​ trial, adoption, evaluation
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C
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People can be classified into adopter categories. Which two categories are the first to adopt a new product​ idea? A.Early adopters and the early mainstream B.Innovators and the early mainstream C.Innovators and early adopters D.Early adopters and lagging adopters E.Early mainstream and the late mainstream
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C
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Which adopter category consists of opinion leaders who adopt new ideas early but​ carefully? A.Early adopters B.Late mainstream C.Innovators D.Lagging adopters E.Early mainstream
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A
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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. A.Divisibility B.Relative advantage C.Compatibility D.Complexity E.Communicability
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D
