Business Thinking Final Exam Questions – Flashcards
Unlock all answers in this set
Unlock answersquestion
Which of the following statements about the distinction between consumer goods and B2B goods is the most accurate
answer
the same product can be classified as either a consumer good or an industrial good depending upon its end use
question
which of the following refers to the process of dividing the total market into several groups with similar characteristics
answer
market segmentation
question
Demographic segmentation example
answer
an automobile manufacturer offers different types of cars designed to appeal to different age groups and income levels
question
best benefit the development of niche marketing
answer
a manufacturing improvement enabling firms to more efficiently design and produce specialized products for small groups of consumer
question
contracting customers after a sale to reassure them that they made the right decision
answer
cognitive dissonance
question
consumer decisions regarding the products they buy are often influenced by their nationality, religion, or ethnic origin. Marketers realize that they consumer decision-making process is impacted by the consumers
answer
subcultures
question
Which of the following is consistent with relationship marketing
answer
working with buyers to determine their individuals needs
question
firms adopting a relationship marketing strategy view technology as
answer
increased opportunity to personalize marketing campaigns to meet customer needs
question
selling to everybody and listening to nobody might be the result of a firm that uses a ___ marketing strategy
answer
mass
question
firms that adopt a relationship strategy attempt to
answer
develop products that meet the specific requirements of individuals customers
question
A firm that uses ___ segmentation divides a market into groups based on life stage, race, or profession
answer
demographic
question
___ marketing involves developing a unique mix of goods and services for each individual customer
answer
one-to-one
question
which of the following refers to a marketing strategy in which the focus is on small but profitable market segments
answer
niche marketing
question
____ marketing is the marketing of products to groups of customers a firm decides it can serve profitably
answer
target
question
a firm that uses ___- segmentation divides a market into groups based on values, attitudes, or interests
answer
psychographic
question
a firm that uses ____ segmentation divides a market into groups based on age, income, or level of education
answer
demographic
question
a ___ marketing strategy develops products and promotions designed to please large groups of people
answer
mass
question
the goal of ____ is to keep individual customers over time by offering them new products that exactly meet their requirements
answer
relationship marketing
question
understanding consumers in marketing is considered so important that a whole area of marketing called _____ emerged
answer
consumer behavior
question
one factor that influences the consumer decision-making process is ____ which refers to the set of values, attitudes and ways of doing things passed from one generation to another in a given society
answer
culture
question
a consumer's decision-making process is influenced by his/her ____ consisting of those people who help shape the consumer's beliefs, attitudes, values, or behavior
answer
reference group
question
T Food markets one line of food products to consumers looking for meals that are very simple and quick to prepare. T also offered anything line of food targeted to people interested in low fat high nutrition food. T's strategy of dividing the market into groups that want similar things from the products they buys is an example of
answer
benefit segmentation
question
a firm that believes that they are positioned to profitably serve a specific group of consumers utilizes the strategy...
answer
target marketing
question
motivation of firms using a market segmentation
answer
with limited resources, firms can better satisfy the wants and needs of a smaller market
question
the best product development strategy for most firms is to
answer
constantly monitor consumer wants and needs and be willing to develop new products an adapt policies and services as those consumer needs begin to change
question
a store is known for a pleasant environment, friendly salespeople and an excellent service department. All of these elements are part of the ____ offered by the store
answer
total product offer
question
Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market
answer
product line
question
the combination of product lines offered by a manufacturer is called the firm's
answer
product mix
question
which of the following would be included in evaluating the total product offer of benefits that consumers consider when buying a good or service
answer
store atmosphere
question
the trend away from personal salespeople to self-service in many retail outlets has caused firms to
answer
place a greater promotional importance on packaging
question
attracting attention, describing contents, explaining benefits and identifying the uses of a product are all functions of
answer
packaging
question
the evaluation of packaging as a marketing function indicates that
answer
packaging carries more of the promotional burden of the product
question
which of the following statements about packaging is the most accurate
answer
changes in packaging can improve the product itself and open up large new markets
question
a _____ is a name, symbol, or design that identifies the goods or services of one seller or group ad distinguishes them front hose of competitors
answer
brand
question
A brand that has been given exclusive legal protections
answer
trademark
question
from the buyer's prospective, which o the following is a benefit of a product with a well known brand name
answer
quality assurance
question
which of the following is a benefit of a brand name for a seller
answer
increased repeat purchase
question
_____ is the stage of new product development that involves promoting a product to distributors and developing advertising and sales campaigns in order to generate and maintain consumer interest
answer
commercialization
question
the greatest source of ideas for new products is
answer
employee ideas
question
product screening is designed to
answer
reduce the number of new product ideas being worked on at any time
question
which of the following is a relevant criterion for the product screening process
answer
profit potential
question
"if you create a better mouse trap, the world will beat a path to your door" this statement ignores the need for which step in the new product development process
answer
commercialization
question
the ____ is a theoretical model that describes the sales and profit performance of a product class over time
answer
product life cycle
question
the product life cycle consists of __ stages
answer
4
question
the stages of the product life cycle
answer
introduction, growth, maturity, and decline
question
The four-stage theoretical model that describes the evolution of a product from birth to death is referred to as the
answer
product life cycle
question
according to the product life cycle, sales are expected to peak in the ___ stage
answer
maturity
question
according to the product life cycle, profits tend to
answer
peak before sales reach their highest level
question
the product life cycle helps marketers realize that
answer
different stages in the life cycle call for different marketing strategies
question
which of the following is a stage in the product life cycle
answer
decline
question
as a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires
answer
a different marketing strategy
question
the promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities such as trade shows event sponsorship and contest is known as
answer
sales promotion
question
effective sales promotion activities target
answer
employees dealers and customers
question
a ___ allows B2B buyers to see products on the internet 24 hours a day, 365 days a year without having to leave their office
answer
virtual trade show
question
Because this book is a small new publication some of the larger bookstores convenience stores and newsstands are not agreeing to distribute the magazine. tammy is very concerned by this trend, because she believes that her publication like most magazines needs ____ distributions in order to succeed
answer
intensive
question
D gives only a few preferred retailers in a given market area the right to market its product. D shoes uses
answer
selective distribution
question
producers who use an exclusive distribution strategy for their products can expect retailers who carry the products to do which of the following
answer
carry a large inventory of their products
question
sporters is a big company. when it opens its first store in a geographic area smaller sporting goods almost always experience a noticeable drop in sales. spotters can be classified as
answer
category killers
question
As a salesperson in the B2b market. Patty regularly calls on clients to stay informed of their needs or problems. her objective is to develop solutions to meet their needs and to learn about pricing and promotion that would be of interest to her clients. When patty works with her existing clients there is no need for the ____ step of the B2B selling process
answer
prospect and qualify
question
the activity that evaluates public attitudes, changes policies and procedures in response to the public's requests and executes a program of action and information to earn public understanding and acceptance is called
answer
public relations
question
_____ refers to any information about a product or an organization that is communicated to the public through the media and is not paid for or controlled by the sponsor
answer
publicity
question
compared to advertising, publicity offers the advantage of greater
answer
believability
question
a major responsibility of the public relations department is to
answer
maintain close ties with the media community leaders government officials and other stakeholders
question
today's public relations departments
answer
are more actively listening to customers and helping to solve their problems
question
a good public relations program recognizes that the
answer
firm must be willing to make changes in its policies and procedures
question
compared to other promotional tools, publicity
answer
offers the firm little control over the message
question
one way to see that publicity is handled well by the media is to
answer
establish a friendly relationship with media representatives
question
Bethany just finished making a sales presentation to a major prospect. In the next step of the selling process, bethany will likely be
answer
answering customer questions and dealing with objectives
question
a review of the personal selling process indicates that selling is
answer
a matter of establishing relationships
question
"you never get a second chance to make a good first impression" captures the importance of the ____ step in the selling process
answer
approach
question
the approach step of the selling process attempts to
answer
build credibility and establish rapport
question
the final step of the selling process involves
answer
follow up
question
the purpose of a ____ is to move the selling process toward an actual product purchase
answer
trial close
question
which of the following is required to build relationships with customers
answer
tracking customers purchases
question
when marketing to consumers in the global, its important for companies to remember that promoting products
answer
calls for attention to cultural differences and possible translation problems
question
evidence indicates that the best promotional strategy for fins operating globally is
answer
to uniquely design a strategy for each country
question
interactive promotion
answer
attempts to create a dialogue between buyers and sellers
question
the hispanic and asian population in the US are growing rapidly. To effectively each these groups marketers should
answer
develop custom-designed promotions for all viable market opportunities
question
____ refers to the face-to-face presentation and promotion of goods and services. This also includes searching for prospects and providing follow-up services
answer
personal selling
question
the average cost of a single sales call to a potential B2B buyer in the US is expensive and could cost about
answer
$400
question
people with an unmet need, the authority to buy, and the willingness to listen to a sales message represent a firm's
answer
prospects
question
in the seven step B2B selling process, the selection of potential customers is known as
answer
qualifying
question
after prospects have been identified and qualified, the next step in the selling process is ____. this step requires the salesperson to learn as much as possible about the potential customers' wants and needs
answer
the pre approach
question
according to expectancy theory, the amount of effort employees exert on a specific task depends on their
answer
expectation of the outcome
question
____ theory is based on the ida that managers can use both rewards and punishments to motivate employee behavior
answer
reinforcement
question
reprimand, pay reductions, and suspensions are all examples of
answer
negative reinforcement
question
According to ____ the amount of effort employees devote to a task depends on their expectations of the outcome
answer
expectancy theory
question
in order to use expectancy theory to improve worker motivation, the first thing managers should do is
answer
determine what rewards are valued by employees
question
maslow called the needs people have for the security at work and at home
answer
safety needs
question
in maslow's hierarchy of needs, the desire for love and acceptance would fall into the category of
answer
social needs
question
Maslow would classify the need for recognition from other sand for self respect as ___ needs
answer
esteem
question
Maslow was mainly concerned with explaining how
answer
human motivation was related to a hierarchy of needs
question
according to Maslow a higher order need
answer
becomes a source of motivation after lower order needs are satisfied
question
maslow classified the needs for basic items such as food, water, and shelter as
answer
physiological needs
question
according to mallow's hierarchy of needs, which of the following would be an issue that requires the fulfillment of a lower order need
answer
the need to locate your business in an area with a low crime rate
question
according to herzberg a sense of achievement earned recognition and interest in the work itself were all
answer
important motivators
question
** Herzberg's research found that the factor that ranked highest as a motivator was
answer
a sense of achievement
question
according to herzberg job related factors that motivated workers to work harder and more productively had one thing in common
answer
they were related to job content
question
herzberg's research identified several __ factors that did not necessarily motivate employees if they were increased, but could cause employees to become dissatisfied if they were missing or inadequate
answer
hygiene
question
herzberg found that factors that provided the highest level of motivation were mostly associated with
answer
job content
question
herzberg found that good pay
answer
was a hygiene factor rather than a motivator
question
according to expectancy theory, one element of an effective motivational strategy is to
answer
determine what types of rewards are valued by the nurses
question
a college graduate with a degree in Psychology, Diana is in no hurry to find a job. In fact, she has elected to continue her education until she decides on the type of career she would like to pursue. Although she really likes some aspects of marketing, social work and social causes also appeal to her. Having worked part-time in a small business during college, she also thinks that working in her own business, independent of the control of others may also be the way to go. diana is typical of what generation
answer
Y
question
if "fun and stimulation" are rated as important job criteria by millennial, which of the following might be a way to motivate this generation
answer
provide opportunity for innovation and job rotation
question
The generation born between 1981 and 1994 is known as generation
answer
Y
question
as a group, millennials tend to be
answer
adaptable, tolerant, and tech savvy
question
even across generations motivation is likely to
answer
come from the job itself
question
the workplace is now
answer
four generations deep
question
baby boomers as managers need to understand that
answer
gen X and gen Y employees will be motivated by flexibility in the workplace
question
when reflection upon the newer generation, each older generation says the same thing
answer
the newer generation breaks the rules
question
according to herzberg the difference between motivation and hygiene factors is
answer
overall, motivators related to greater job satisfaction, while hygiene factors made the work place a satisfying place to thrive
question
douglas mcGregory described two very different sets of managerial attitudes about employees which he called
answer
theory x and theory y
question
theory ___ managers see employees as having a general dislike for work and an unwillingness to accept responsibility
answer
X
question
theory ___ assumes that the average person like work, and has a relatively high degree of imagination and creativity
answer
Y
question
internet based training courses are sometimes also called
answer
distance learning
question
the first step in establishing training and development programs is to
answer
assess the needs of the organization and the skills of the employees
question
___ introduces new employees to the organization, their fellow workers their supervisors and to the policies practices and objectives of the form
answer
employee orientation
question
In a ___ an inexperienced worker learns by working alongside an experienced employee to master the skills and procedures of a craft
answer
apprenticeship program
question
a worker who successfully completes an apprenticeship program earns the title
answer
journeyman
question
___ is the easiest kind of training to implement, when the job requires simple tasks and/or repetitive
answer
on the job training
question
off the job training
answer
may include higher education
question
____ is the process of training and educating employees to become good managers and then developing their managerial skills over time
answer
management development
question
corporate managers who supervise coach and guide lower-level employees and serve as their organizational sponsors are called
answer
mentors
question
shadowing is another term used to refer to
answer
on the job training
question
computer and robotics training is sometimes performed in a nearby classroom type setting. we refer to near the job training as
answer
vestibule training
question
___ is a type of training that duplicates the exact combination of conditions that occur on the job
answer
job simulation
question
for many types of service organization such as hospitals banks and airlines the primary cost of operation is
answer
compensation of labor
