question

A company that sets its goals and strategies based on what its current equipment can manufacture, what its engineering can design, and what the company itself can do best has a(n)_____orientation.

answer

production

question

Life is good® no longer encloses its apparel in individual poly bags when shipping to customers because the management feels it harms the environment. This is an example of a _____ orientation.

answer

societal marketing

question

A market-oriented firm:

answer

defines its mission in terms of the benefits its customers seek.

question

For an exchange to take place

answer

there must be at least two parties involved

question

A sales-oriented firm

answer

extensively uses personal selling and advertising.

question

Which of the following strategies is most closely associated with a societal marketing orientation?

answer

Using clean energy sources

question

All of the following are marketing management philosophies EXCEPT:

answer

profitability orientation

question

Which of the following is a drawback of the production-orientation philosophy?

answer

It overlooks the importance of market research.

question

Which of the following is a difference between a market-oriented firm and a sales-oriented firm?

answer

Unlike a market-oriented firm, a sales-oriented firm targets its products at the average customer.

question

Varion Air offers its customers a complimentary (free) air ticket on the purchase of three business class tickets. Varion Air's strategy best represents the ____ element of its marketing mix.

answer

promotion

question

In the Boston Consulting Group portfolio matrix, a _____ is in a low-growth market, but the product has a dominant market share; it is an SBU that generates more money than it needs to maintain its market share.

answer

cash cow

question

Which of the following examples illustrates a niche strategy?

answer

Relish, a confectionery store, sells its products only in one city.

question

Beta Inc. manufactures electronic gadgets. The market researchers at Beta have discovered that a new competitor is gaining more customers by selling its products at lower prices. In the context of SWOT analysis, the marketers at Beta Inc. are most likely to consider this situation as a(n)_____.

answer

threat

question

The distribution strategy in the marketing mix is concerned with:

answer

transporting raw materials or finished products.

question

Issues such as product lines, promotional communications, and pricing are all laid out in the _____.

answer

marketing plan

question

In the context of the Boston Consulting Group portfolio matrix, a _____ has low growth potential and a small market share.

answer

dog

question

Which of the following is a distinct feature of a product/service differentiation competitive advantage?

answer

Establishing a brand name

question

The notion of competitive advantage means that:

answer

a successful firm will stake out a position unique in some manner from its rivals.

question

Which of the following is an example of a market segment?

answer

A group of individuals who are diabetic

question

Cuisine Royale, a restaurant chain, has introduced many Asian and Mexican dishes in the menu. This was done because the top management had recognized that the number of their customers from minority groups was increasing. This scenario illustrates how _____ factors influence marketing decisions.

answer

demographic

question

An example of demographic information would be:

answer

the location in which an individual stays.

question

Individuals born between 1965 and 1978 form a group called

answer

Generation X.

question

Which of the following statements is true of baby boomers?

answer

They are postponing retirement to pay debts

question

Companies can effectively market to teens by:

answer

using interactive contests and voting challenges.

question

Hydralicious, a juice outlet, had to stop its business as health inspectors found that the storage facilities at the outlet were not hygienic as per standards set by the government. A _____ factor affected Hydralicious in this scenario.

answer

legal

question

Stephen can file a complaint against an electronics retailer for incessantly sending him e-mails promoting their company's products under the _____.

answer

CAN-SPAM Act

question

Which of the following statements is true about population trends in the United States?

answer

Rural areas posted their first-ever net loss of population in 2012.

question

Which of the following statements is true about Asian Americans?

answer

They are the fastest growing population among minority groups.

question

Millenials:

answer

are now more in number than baby boomers.

question

A company is most likely doomed to failure in a foreign country if it _____.

answer

does not understand the country's culture

question

Aztic Inc., a manufacturer of sports goods, plans to expand its operations to a new country. As part of this expansion, it determines whether the population of the country is primarily rural or urban. In this case, Aztic Inc. is assessing the _____ of the country.

answer

demographic makeup

question

A small U.S. print studio uses Facebook and Pinterest to promote its stationery and other products. The regular posts and reviews from customers have attracted the attention of several companies worldwide who like to customize their office stationaries and supplies. This is an effect of _____.

answer

using social media to expand beyond local markets

question

D'Costas, an authentic Mexican restaurant, has many restaurants all over the world. The taste and authenticity of the food served is the same irrespective of the restaurant one visits. Based on this information, D'Costas follows the strategy of _____.

answer

global marketing standardization

question

Fashion Spell, an apparel store, has a page on Facebook through which it interacts with its customers. It encourages customers to post comments about the store and give feedback. It also holds a lucky draw competition every week and the winner receives a gift voucher from Fashion Spell. Given this information, Fashion Spell uses _____ to increase its customer base.

answer

social media marketing

question

Currency markets operate under a system in which the prices of different currencies move up or down based on the demand for and supply of each currency. This is the system of _____.

answer

floating exchange rates

question

_____ is a fast-growing way to conduct global business in which all or part of the payment for goods or services is in the form of other goods and services.

answer

countertrade

question

_____ is the sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter.

answer

dumping

question

Khokho's Coffee House is the first to introduce flavored coffee in the global market. It sells coffee in several different flavors, such as blueberry, cinnamon, and cranberry, based on the popular flavors in each country. Based on this information, Khokho's Coffee House uses _____ to market its products.

answer

product invention

question

Maria likes visiting different restaurants and trying out a variety of cuisines. She writes her experiences on a Web page, titled Maria's Experiences, which can be read by people all around the world. She also reviews restaurants, and members of her Web page are entitled to post their comments and suggestions. Based on this information, Maria's Experiences is an example of a(n) _____.

answer

blog

question

Which of the following is most likely an example of routine response behavior?

answer

The purchase of groceries

question

Sam's car was badly damaged after it accidentally caught fire. When he finds out that it cannot be repaired, he realizes that he has to buy a new car. Which stage of the consumer decision-making process does this represent?

answer

Need recognition

question

_____ is the most complex type of consumer buying decision and is associated with high involvement on the part of the consumer.

answer

Extensive decision making

question

Which of the following is an effect of social influences on consumer buying decisions?

answer

Consumers seek out the opinions of others for decision making.

question

By sending postpurchase letters and giving guarantees on products, marketing managers can help reduce _____.

answer

cognitive dissonance

question

During an external information search, a consumer is most likely to enlarge his search and consider more alternative brands when:

answer

the perceived risk of the product or service to be purchased increases.

question

_____ is a process whereby a consumer notices certain stimuli and ignores others.

answer

Selective exposure

question

_____ is the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and is transmitted from one generation to the next.

answer

culture

question

How are consumers influenced by reference groups?

answer

Consumers use the same criteria as their reference groups to make their own consumer decisions.

question

Which of the following is referred to as a unit of input affecting one or more of the five senses, namely, sight, smell, taste, touch, and hearing?

answer

Stimulus

question

The segment of the business market that seeks to achieve goals other than the standard business goals of profit, market share, and return on investment consists of _____.

answer

institutions

question

In the context of the types of business products,consumable items that do not become part of a final product are known as _____.

answer

supplies

question

Which of the following scenarios illustrates business marketing?

answer

Jenny, the manager of Ikon Inc., purchases a set of printers for her office.

question

In a buying center, gatekeepers are the people who:

answer

regulate the flow of information.

question

A product is defined as a business product rather than a consumer product on the basis of its _____.

answer

intended use

question

A decline in the availability of bicycle handle bars will decrease Huffy Bicycle Company's production of bicycles. This decreased production in turn will reduce Huffy's demand for bicycle seats. This scenario illustrates_____ demand.

answer

joint

question

Rachel, a university student, purchases a watch as a gift for her mother. In this scenario, the watch is an example of a(n) _____ product.

answer

consumer

question

In a buying center, the person who has the formal or informal power to choose or approve the selection of a supplier or brand is known as the _____.

answer

decider

question

Leo buys 500 sheets of paper from a vendor for his printing firm. He is satisfied with the product, and he orders the same quantity from the same vendor every week. This is most likely an example of a _____.

answer

straight rebuy

question

TomSauce, a brand of tomato sauce, advertises that the tomatoes it uses are processed within 24 hours of being picked to ensure product freshness. In this scenario, the fresh tomatoes are examples of _____.

answer

raw materials

question

Nalpas Inc., an apparel company, manufactures clothes for men, women, and children. It further divides its core customers on the basis of demographic variables such as income, ethnic background, and family life cycle. These divisions are known as _____.

answer

market segments

question

_____ segmentation refers to segmenting markets by region of a country or the world, market size, market density, or climate.

answer

Geographic

question

Which of the following is true of satisficers?

answer

They place orders with the first supplier that fulfills their requirements.

question

Apart from long-term company profits, the major aim of customer relationship management (CRM) is to:

answer

optimize customer satisfaction

question

In a concentrated targeting strategy, a firm:

answer

selects one segment of a market for targeting its marketing efforts.

question

The purpose of market segmentation is to:

answer

enable a marketer to tailor marketing mixes to meet the needs of one or more specific segments.

question

Which of the following is a disadvantage associated with an undifferentiated targeting strategy?

answer

It often results in product offerings that are unimaginative and sterile.

question

_____ are business customers who consider numerous suppliers, solicit bids, and study all proposals carefully before selecting one.

answer

Optimizers

question

A multisegment targeting strategy differs from a concentrated targeting strategy in that it:

answer

faces a high potential cost from cannibalization of product

question

_____ is a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds.

answer

Perceptual mapping

question

The first step in the marketing research process is to:

answer

recognize a marketing problem or opportunity

question

_____ data is defined as data that has been previously collected for any purpose other than the one at hand.

answer

Secondary

question

_____ is the process of planning, collecting, and analyzing data relevant to a marketing decision. The results of this analysis are then communicated to management.

answer

Marketing research

question

Information collected for the first time for the purpose of solving a particular problem under investigation is called _____ data.

answer

primary

question

The research design specifies:

answer

the research questions to be answered

question

Which of the following is an advantage of primary data?

answer

It answers specific research questions that secondary data cannot answer.

question

Which of the following is a criticism of online panels?

answer

They lead to biased and misleading results as members receive incentives to join the panel.

question

What is a moderator's major role in online focus groups?

answer

To type in questions online for all respondents to see

question

All of the following are examples of secondary data EXCEPT:

answer

a first-time physical count of the number of cars passing through an intersection to determine the need for a traffic signal.

question

Which role of marketing research helps address "what if" questions?

answer

predictive

Business 221 Midterms – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards