MKT 291 Exam 1: a Buying Committee, the Vals System, the Cognitive Dissonance
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The 4 Ps of the marketing mix include product, price, place, and
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promotion
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Market segments are homogeneous in two ways: prospective buyers have common needs and they
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will respond similarly to marketing action.
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When Amanda was planning her wedding, she asked for the name of the florist her best friend had used the previous year. However, when she called for an appointment, no one answered the phone even though she called during business hours. Marketing did not occur because
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there was no way for the parties to communicate.
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Which of the following is the most important reason that tobacco companies should not consider preteens to be in the market for their products?
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Preteens to not have the ability to buy because of legal restrictions.
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MegaJoule Storage Inc. created a(n) ___________ that states that it \"offers grid level energy storage systems that significantly reduce utility costs for commercial and industrial electricity users. It does so by shaving peak electricity demand and shifting consumption of electricity from the grid to lower-cost off-peak periods.\"
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customer value proposition
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Material makes beautiful hardwood backs for the iPhone, which adds to the smartphone's __________ utility.
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form
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The marketing concept is the idea that an organization should strive to satisfy the needs of consumers
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while also trying to achieve the organization's goals.
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The concept of __________ links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
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relationship marketing
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When a pharmaceutical company purchases a new fleet of Toyota Priuses for its sales staff, each of whom travels many miles daily on client visits, the company is considered a(n)
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organizational buyer.
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Beer sales have been flat recently, so Budweiser has been interested in entering the premixed cocktail segment by providing a product that would appeal to those who don't enjoy traditional beer. It recently launched Bud Light Lime-A-Rita, a margarita-flavored beer-based cocktail, sold in cans and bottles and best served over ice. This is an example of
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diversification.
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The marketing program includes developing the marketing mix and
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its budget.
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Southwest Airlines' __________ is to be dedicated \"to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit.\"
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mission
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The last phase of the strategic marketing process is known as
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evaluation.
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The Census Bureau and the U.S. Department of Commerce are examples of
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government agencies.
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An important __________ for Medtronic's Champion pacemaker is its long, nine-year life, which cannot be matched by competitors.
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point of difference
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The outdoor brand The North Face intends to capture some of its competitors' business in Europe in the next few years, even amid the stagnant economic conditions there. The firm cites the active lifestyles there and the relatively low cost of entry for its backpacking and hiking sports gear, which attracts those planning a low-budget \"staycation.\" The North Face most likely has a __________ goal.
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market share
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Comparing the results of the marketing program with the goals in the written plans to identify and act on deviations occurs during the
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evaluation phase.
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For profit organizations pursue several different types of goals such as profit, sales, market share, quality, customer satisfaction, employee welfare, and social responsibility. Which of these statements is most accurate?
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If profits are acceptable, a company may elect to maintain or increase its sales even though profits may not be maximized.
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The __________ phase of the strategic marketing process usually results in a __________ that sets the direction for the marketing activities of an organization.
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planning; marketing plan
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What is a unique strength relative to competitors, often based on quality, time, cost, or innovation referred to as?
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competitive advantage
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The market-product focus and goal setting part of the planning phase of the strategic marketing process includes which of the following?
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positioning the product
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A visionary organization first examines its organizational foundation and its organizational direction to determine its organizational
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strategies.
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In today's organizations, who has oversight over the corporate level?
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board of directors
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__________ often triggers a business model change, as it has for American newspapers and book retailers.
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Technology innovation
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Brick-and-mortar retailers are noticing a change in how many consumers shop. Sometimes they visit a store and scan an item on their smartphones, only to find the same product at a less expensive online retailer like Amazon.com. This turns the store into nothing more than a showroom for products. A SWOT analysis of Best Buy's marketing environment should consider this change in consumer shopping behavior a(n) __________.
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threat
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In BCG's business portfolio analysis, __________ generate more revenue than they can use, allowing an organization to cover its overhead and invest in other SBUs.
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cash cows
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Oprah.com recently launched Oprah's Book Club 2.0, hoping to get back to the amazing success of her previous book club. While the ideas for the plan may have been sound, new users complain that the feel of the experience online is certainly not Web 2.0, which requires a highly dynamic environment, often involving crowdsourcing, or user-generated content. Instead, Oprah remains the central, controlling figure of the club. Most likely, a problem occurred during
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the implementation phase.
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A __________ with active hyperlinks is useful when a chief marketing officer (CMO) wants to see daily what the effect of a new TV advertising campaign is on a product's sales.
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marketing dashboard
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Brick-and-mortar retailers are noticing a change in how many consumers shop. Sometimes they visit a store and scan an item on their smartphones, only to find the same product at a less expensive online retailer like Amazon.com. This turns the store into nothing more than a showroom for products. A SWOT analysis of Best Buy's marketing environment should consider this change in consumer shopping behavior a(n) __________.
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weakness
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Writing ads and setting prices are examples of which of the following?
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marketing tactics
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What are the moral principles and values that govern the actions and decisions of an individual or group called?
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ethics
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Distribution is important in __________, but because the products from various providers are nearly identical, other elements of the marketing mix have little impact.
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pure competition
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When performing __________, an organization should consider not only those trends that directly impact it, but also those that affect its suppliers and customers.
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environmental scanning
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Which of the following can be broken into three categories: profit, societal, and stakeholder responsibility?
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social responsibility
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When you begin your first full-time job, you have a monthly income of $3,500. Your federal and state taxes are $1,000. You pay $600 in rent, have a $300 car payment, and spend $300 on food and $200 on clothes. The remaining $1,100 would be considered your
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discretionary income.
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A General Electric employee was fired after he reported allegations of Foreign Corrupt Practices Act violations in Iraq to his supervisor and GE Energy's ombudsperson. This can be the unfortunate outcome when one becomes a
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whistle-blower.
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Members of Generation Y are most likely to influence the marketing mix decisions regarding which of these products?
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tablet devices
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Which of the following most directly impacted the legal concept of caveat emptor in the United States?
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the Consumer Bill of Rights
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Current cultural values commonly held in the United States are
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personal control, continuous change, and competition.
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Any activity that uses some form of electronic communication in inventory, exchange, advertisement, distribution, and payment of goods and services is referred to as
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electronic commerce.
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__________ often assist companies and the employees with ethical issues by formally addressing contributions to government officials and political parties, customer and supplier relations, conflicts of interest, and accurate recordkeeping.
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Codes of ethics
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Which groups does a firm exhibiting stakeholder responsibility primarily serve?
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consumers, employees, and suppliers
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In an inflationary economy, which of the following is true?
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Both the costs to produce and buy products are increasing.
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Which of the following is an example of green marketing?
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Xerox designed equipment that can be refurbished or recycled.
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The practice of __________ occurs when an organization conducts business in a way that protects the natural environment while making economic progress.
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sustainable development
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The first major federal legislation passed to encourage competition in the United States was the
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Sherman Antitrust Act
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When a businessperson makes a decision based on his or her fundamental ethical duty to \"do no harm,\" that person is practicing
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moral idealism.
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Innovations are allowing consumers to utilize gesture, touch, and voice to control computers and other devices. This is an example of a(n) __________ force that could impact many industries.
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technological
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When a businessperson makes a decision based on his or her fundamental ethical duty to \"do no harm,\" that person is practicing
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moral idealism.
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From 2007 to 2010, a Chinese national who was employed by Dow Chemical as a research scientist delivered stolen trade secrets pertaining to organic fertilizers to individuals in Germany and China for the purpose of developing competing products. The employee was subject to confidentiality, as detailed in an agreement that he had signed addressing his obligations for handling confidential information and trade secrets. This is an example of
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economic espionage.
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Not only do businesses benefit from the protections of __________, consumers do as well; they allow consumers to correctly identify the products they want to purchase.
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trademarks
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As a situational influence, antecedent states include
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the mood of the shopper.
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Which of the following statements about word of mouth is most accurate?
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The power of word of mouth has been amplified by the Internet.
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Devin had just been laid off from her job and was watching TV at about 2:00 P.M. when she saw an advertisement for a local trade college. It sounded like just what she needed to get back on her feet, so she went right to the phone to contact the school. Devin's information search was shortened by a perfectly timed advertisement, which is a __________.
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marketer-dominated source
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Kia Motor's 10-year, 100,000-mile warranty is most effective at
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decreasing perceived risk.
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The market leader for a(n) __________ product must make special efforts to avoid stock-out situations so that buyers don't substitute a competing brand.
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low-involvement
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The study of consumer __________ helps marketers understand why people choose one brand over another and how they make these choices.
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behavior
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The prevalence of working parents and single-parent households has resulted in
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preteens and teenagers increasingly being the information gatherers, influencers, decision makers, and purchasers of family products.
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If a consumer is happy with the firm, but natural, hold she gets from her latest purchase of hair spray, this would be considered which variable of the behavioral learning process?
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reinforcement
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The VALS system is a(n) __________ measure of consumers.
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psychographic
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Which of the following is a psychological influence on the consumer behavior decision process?
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motivation
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To dispel mothers' concerns about ingredients in its mayonnaise, Hellmann's successfully communicated the product's high Omega 3 content, which is known to be essential to human health. This is an example of using which attitude change strategy?
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changing beliefs about the extent to which a brand has certain attributes
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Selective __________ is defined as paying attention to messages that are consistent with one's attitudes and beliefs and ignoring messages that are inconsistent.
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exposure
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Cognitive dissonance is most likely to occur in which stage of the purchase decision process?
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postpurchase behavior
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Using the same brand name for different products is an application of which concept from behavioral learning theory?
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stimulus generalization
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Satisfaction or dissatisfaction affects consumer communications; while the satisfied buyer typically tells about three other people about her experience, the dissatisfied buyer
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is likely to complain to about nine people.
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A consumer will use one of three general problem-solving variations, extended, limited, or routine, based on level of involvement and
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product knowledge.
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Last autumn, Will was raking leaves. After making several large piles, he went into the garage and discovered that he had no more large garbage bags. He couldn't finish the job without them. Will has just begun the
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purchase decision process.
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Tyler co-owns a coin-operated laundry downtown with his two brothers, but he does most of the day-to-day management. Which of the following would most likely be a straight rebuy for Tyler?
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reordering single-use detergent packets for his vending machine
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Which of the following is most characteristic of an organizational buyer in the buying process?
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is technically qualified and professional
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Lowe's and Home Depot no longer purchase lumber from companies that harvest timber from the world's endangered forests because they have which buying objective?
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environmental sustainability
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Organizational buyers include all buyers in a nation EXCEPT:
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ultimate consumers.
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Farming and real estate businesses are examples of
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industrial markets.
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Which of the following is a commonly used organizational buying criterion?
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past performance on previous contracts
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Over __________ of U.S. business school graduates take jobs in firms that engage in business marketing.
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50%
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A buying committee differs from the typical buying center in that the former is
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highly formalized.
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One way that marketing mix characteristics differ for organizational buying compared to consumer buying is that for organization buying
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advertising is often technical in nature.
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Which type of e-marketplace is described as a neutral third party?
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independent e-marketplaces
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One challenge associated with selling to organizations is that
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there are often far fewer buyers.
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Although not strictly illegal, the U.S. Justice Department frowns on reciprocity because it
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restricts the normal operation of the free market.
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Best Buy, a consumer electronics chain, is an example of which type of organizational buyer?
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reseller
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During the postpurchase behavior stage of the organizational buying process, which of the following is most likely to occur?
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A supplier's performance is formally evaluated.
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The Perth Mint in Australia provides silver blanks to the U.S. Mint, which then creates products for consumers like the collectable American Eagle Silver Bullion Coins. The demand for Perth's silver blanks is called __________ demand.
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derived
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An advantage of the North American Industry Classification System (NAICS) is that
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it can be used to monitor growth in various sectors and identify marketing opportunities.
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Purchasing and engineering personnel would visit potential suppliers to assess their quality control at which stage in the organizational buying process?
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alternative evaluation
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Jack, in inside sales, has an office right across the hall from the administrative pool. When he heard they were purchasing a new paper shredder, he said, \"I know I don't get much of a say, but please look for one that is quieter. When you use it, my furniture actually vibrates. That thing drives me crazy!\" Here, Jack performs what function in the buying center?
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influencer
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Reverse auctions
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result in a downward pressure on bid prices.
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Which of the following is a reason that online buying is so prominent in organizational markets?
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Technology can substantially reduce buyer order processing costs.
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