Question 1

The discrepancy between a consumer\'s actual state and desired state is associated with which of the following steps in the consumer decision process?

Accepted Answer

Need recognition

Question 2

Which of the following relates to the performance of a product?

Accepted Answer

Functional needs

Question 3

----- relate to the personal gratification consumers associate with the product or service.

Accepted Answer

Psychological needs

Question 4

The vast majority of products and services are likely to satisfy:

Accepted Answer

both functional and psychological needs.

Question 5

According to the consumer decision process, after consumers recognize the need for the product, they engage in:

Accepted Answer

information search.

Question 6

----- involves the buyer considering personal knowledge about a product based on past experience.

Accepted Answer

Internal search for information

Question 7

When John was considering buying a new car, he sought out unbiased information and ratings about different makes and models in Consumer Reports magazine as well as from Edmunds.com. Which of the following corresponds most closely to this aspect of the decision process?

Accepted Answer

External search for information

Question 8

The average family would spend far more time researching a home purchase than the purchase of an inexpensive doll house. This difference is best explained by the:

Accepted Answer

perceived benefits versus perceived costs of search

Question 9

A purchase decision can be delayed or discouraged altogether due to a number of different forms of:

Accepted Answer

perceived risk

Question 10

After recognizing a need and searching for possible options, the consumer must sift through the choices available and:

Accepted Answer

evaluate the alternatives

Question 11

Alternative evaluation often occurs while the consumer is engaged in the process of:

Accepted Answer

information search

Question 12

When consumers are engaged in the consumer decision process, the specific brands or stores they can readily recall in a product category are called the:

Accepted Answer

retrieval set

Question 13

When Catherine was considering different brands of jeans to buy, she could only think of three she would actually consider purchasing. These three brands make up her:

Accepted Answer

evoked set

Question 14

Ethan considered three important attributes when deciding where he would do his banking: the convenience of the location, hours of operation, and interest rates for CDs. In this situation, these three attributes are called:

Accepted Answer

evaluative criteria

Question 15

Angela considered all outdoor clothing stores to be roughly equivalent in most ways, however, she felt that L.L. Bean had an exceptional level of customer service. Customer service therefore, would be considered a ______ for her in evaluating outdoor clothing stores

Accepted Answer

determinant attribute

Question 16

Nathan wanted to be able to pick up a pair of new athletic shoes immediately when he purchased them, however, he was willing to trade off immediate availability because he could purchase the shoes at a 50% discount online. This is an example of using a:

Accepted Answer

compensatory decision rule

Question 17

Because not all purchase intentions result in an actual purchase, marketers calculate the ______ to measure how effectively a decision to purchase a specific product results in a completed purchase.

Accepted Answer

conversion rate

Question 18

Marketers that set unrealistically high consumer expectations may generate higher initial sales, but this practice often leads to:

Accepted Answer

postpurchase dissatisfaction

Question 19

Francesca considered both American and foreign made vehicles when looking for a new car, but her father and boyfriend both encouraged her to buy an American-made brand. Which of the following social factors explains this type of influence?

Accepted Answer

Reference groups

Question 20

According to the Elaboration Likelihood Model, which of the following variables determines whether limited or extended problem solving will operate in a particular purchase decision?

Accepted Answer

The level of involvement

Question 21

----- are firms that buy and reprocess products and services before selling them again to the next buyer.

Accepted Answer

Manufacturers

Question 22

---- are marketing intermediaries that resell manufactured products without significantly altering their form.

Accepted Answer

Resellers

Question 23

In terms of business markets, organizations like hospitals that provide goods and services to people in their care are classified as:

Accepted Answer

institutions

Question 24

In most countries, which of the following is one of the largest purchasers of goods and services?

Accepted Answer

The central government

Question 25

The business-to-business buying process is initiated by which of the following steps?

Accepted Answer

Need recognition

Question 26

After recognizing a need, an organization would consider alternative solutions and move to the second stage of the business-to-business buying process, which is:

Accepted Answer

product specification

Question 27

The acronym RFP, when used by those involved in business-to-business buying, stands for:

Accepted Answer

Request For Proposals

Question 28

In which stage of the business-to-business buying process are firms are likely to narrow their selection to a few suppliers, often those with whom they have existing relationships, and discuss key terms of the sale?

Accepted Answer

Proposal analysis and supplier selection

Question 29

After making a purchase, consumers might deal with postpurchase cognitive dissonance, whereas business buyers:

Accepted Answer

conduct a vendor analysis

Question 30

John is involved in the buying center of a trucking company, evaluating maintenance equipment; his job is to make the final choice of equipment to buy. What role does he play in this situation?

Accepted Answer

Decider

Question 31

The individual who controls the flow of information or access to important decision makers fills the role of ______ in the buying center.

Accepted Answer

gatekeeper

Question 32

Pharmaceutical companies have been criticized for direct-to-consumer television ads promoting the use of their brands of medication for specific medical conditions. With respect to buying centers, the pharmaceutical company plays the role of ______ in this situation.

Accepted Answer

influencer

Question 33

In a firm with a(n) ______ buying center, one person makes the decision alone.

Accepted Answer

autocratic

Question 34

In a(n) ______ buying center, one person makes the decision but solicits input from others before doing so.

Accepted Answer

consultative

Question 35

In ______ buying centers, all members of the team must reach a collective agreement that they can support a particular purchase.

Accepted Answer

consensus

Question 36

Business purchases where the majority rules are considered to be ______ buying centers.

Accepted Answer

democratic

Question 37

Although social media is used to build relationships in B2B contexts, the majority of B2B marketers use ______ for their marketing efforts.

Accepted Answer

white papers

Question 38

The purchase of expensive capital equipment by a company, which would likely be quite an involved process, is an example of a ______ situation

Accepted Answer

new buy

Question 39

Greenleaf University will purchase new computers during the summer to update the computer labs. Although the new computers will be more advanced in terms of their technology, the purchase itself will involve some of the same considerations as those for previous purchases. This is an example of which of the following types of buying situations?

Accepted Answer

Modified rebuy

Question 40

When FedEx replenishes its supply of copy paper each month, it most likely involves a ______ situation.

Accepted Answer

straight rebuy

Question 41

Originally focused on relocating manufacturing to lower-cost production countries, the ______ has now grown to include medical services, financial advice, and technological support.

Accepted Answer

globalization of production

Question 42

The purpose of the ______ is to lower trade barriers, such as high tariffs on imported goods.

Accepted Answer

General Agreement on Tariffs and Trade

Question 43

The ______ is the only international organization that deals with the global rules of trade among nations.

Accepted Answer

World Trade Organization

Question 44

The primary objective of the ______ is to promote international monetary cooperation among organizations engaged in international trade.

Accepted Answer

International Monetary Fund

Question 45

Dedicated to fighting poverty, the ______ was conceived to improve the living standards of people in the developing world.

Accepted Answer

World Bank Group

Question 46

Because the United States imports more goods than it exports, it is said to have:

Accepted Answer

a trade deficit

Question 47

Firms prefer to manufacture in a country that has ______ because it signals a greater opportunity to export products to more markets.

Accepted Answer

a trade surplus

Question 48

_____ is the most widely used metric to gauge the size and market potential of an economy.

Accepted Answer

Gross domestic product

Question 49

_____ includes both the market value of the goods and services produced by country in a particular year plus the net income earned from investments abroad.

Accepted Answer

Gross national income

Question 50

The Economist\'s Big Mac Index, which suggests that exchange rates should adjust to equalize the cost of a basket of goods and services using McDonald\'s Big Mac as the market basket, is an example of which of the following metrics?

Accepted Answer

Purchasing power parity

Question 51

______ is a composite metric of three indicators of the quality of life in different countries: life expectancy at birth, educational attainment, and whether the average incomes are sufficient to meet the basic needs of life in that country.

Accepted Answer

The human development index

Question 52

In terms of market size and population growth rate, which of the following is a current trend that impacts the marketing of goods and services?

Accepted Answer

Marketing to more rural populations is more costly than reaching urban areas.

Question 53

When conducting a country market assessment, marketers evaluate transportation and communication systems; in other words, a thorough assessment of a country\'s ______ is required.

Accepted Answer

infrastructure

Question 54

If a small business wants to take the least risky strategy to enter its first foreign market, it would choose which of the following global entry strategies?

Accepted Answer

Exporting

Question 55

______ involves a binding contractual agreement between two businesses whereby the marketing operations are tightly controlled and often standardized.

Accepted Answer

Franchising

Question 56

Although they do not directly invest in one another, independent firms entering into collaborative partnerships to expand globally are called:

Accepted Answer

strategic alliances

Question 57

A(n) ______ forms when a firm entering a new market pulls its resources with those of a local firm to form a new company in which ownership, control, and profits are shared.

Accepted Answer

joint venture

Question 58

Ford entered the automotive market in India dominated by Suzuki and Hyundai by using which of the following product strategies?

Accepted Answer

Selling a similar product to that sold the home country with minor adaptations.

Question 59

Although China represents one of the largest markets for soup in the world, the Campbell Soup Company had to invest considerable time and effort in making changes to its existing products to sell them in that country primarily due to:

Accepted Answer

cultural differences

Question 60

The fact that Mercedes-Benz is known by three Chinese names in Asiaâpeng zee in Cantonese for Hong Kong, peng chi in Mandarin for Taiwan, and ben chi in Mandarin for mainland Chinaâillustrates the importance of developing different ______ for global markets.

Accepted Answer

communication strategies

Question 61

When Coca-Cola evaluated its overall mission, including a SWOT analysis, it was performing which step of the segmentation, targeting, and positioning process?

Accepted Answer

Establish overall strategy or objectives

Question 62

A group of individuals or organizations that share similarities resulting in relatively similar product needs is called a:

Accepted Answer

market segment

Question 63

Lawn care products manufacturer Scotts has developed easy-to-follow annual lawn care programs to help homeowners combat weeds, insects, and diseases. The specific steps and their timing vary based on climate. What type of segmentation does Scotts use as the basis to design these programs?

Accepted Answer

Geographic

Question 64

______ segmentation, the most common means to define segments, involves defining groups based on characteristics such as age, gender, income, and education.

Accepted Answer

Demographic

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