MKT 301 – Flashcard

Unlock all answers in this set

Unlock answers
question
How do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?
answer
using promotion
question
___________ is one of the elements of the four Ps that embodies all activities essential to get the product to the right customer when and where that customer whats it.
answer
place
question
which of the following are components of the price paid by the buyer?
answer
Time, Money, Energy
question
Match the marketing mix component with its corresponding value function
answer
Product - creating value; price - capturing value; place - delivering value proposition; promotion - communicating value
question
which of the following are core aspects of marketing
answer
marketing entails an exchange; marketing helps create value
question
_________ reflects the relationship of benefits to costs, or "what you get for what you give"
answer
value
question
___________ is the part of marketing mix that aims at creating value by providing features and benefits that meet consumers' need
answer
product
question
T/F: In the marketing mix, place attempts to deliver value by making the product or service available when and where the consumer needs or wants it.
answer
True
question
of the 4 Ps, ____________ is whatever the buyer gives up in exchange for the product - for example, money, time, or energy
answer
price
question
in the 4 Ps of marketing, the task of the price is to ____________ value for the market mix
answer
capture
question
in what chronological sequence did marketing evolve beginning from oldest to most recent from top to bottom?
answer
1 (oldest) production-oriented era; 2. sales-oriented era, 3. market-oriented era; 4. (recent) value-based marketing era
question
which of the following are associated with marketing, as defined by the American Marketing Association?
answer
1. institutions that facilitate the exchange of offerings that have value for customers; 2 processes used to create value for clients; 3. activities that communicate offerings that have value for society at large
question
In a ___________ orientation, lifetime profitability is more important than the amount of money made during each transaction.
answer
relational
question
which of the following are characteristics marketers seek out in potential customers?
answer
individuals and/or business who have an ability to buy the products or services; individuals and/or business who have an interest in the company's products
question
which statement about the marketplace is true?
answer
the marketplace refers to the world of trade; the marketplace can be divided into categories that are important to an organization for specific reasons
question
when a customer gives up money in order to receive something else of value, it is called
answer
an exchange
question
A ___________ is any INTANGIBLE offering that involves a performance, or an effort by the provider, that cannot be physically possessed
answer
service
question
getting cash from an ATM is considered a ___________ transaction
answer
service
question
____________ is the part of the marketing mix that communicates the value of the product to the customer in many ways, such as advertising, social media, and public relations
answer
promotion
question
T/F: when marketers seek out customers, their primary concern is to seek out potential customers who have both an interest in the product and an ability to buy it
answer
True
question
in the marketing mix, place is expected to ____________ value for the customers
answer
deliver
question
which of the following would be examples of where consumer-to-consumer marketing might occur?
answer
making a purchase from Craigslist.com; buying an item from a neighbor's yardsale
question
within the marketing mix when a company offers many alternatives, the ___________ element of the 4Ps creates value by satisfying customer needs
answer
product
question
select all that could apply if a car manufacturer wanted to segment its marketplace:
answer
divide consumers into groups based on their incomes; identify customer needs for different types of cars (sport, suvs, etc)
question
which of the following are related to marketing in the production-oriented era?
answer
manufacturers were concerned with product innovation, not with satisfying the needs of the individual; retailers were considered places to hold inventory until it was sold
question
the text outlines the role that each of the 4 Ps plays in adding value for customers and firms. Product, the first of the 4 Ps, is responsible for ____________ value
answer
creating
question
a core aspect of marketing, borrowed from economics, includes a ____________, which is a transaction in which things of value are traded by buyers and sellers.
answer
exchange
question
marketing success begins with a strong understanding of
answer
the desires and requirements of the marketplace consumer
question
firms marketing directly to each other are referred to as business-to-__________ marketing
answer
business
question
marketing channel management seeks to create a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time. It is also known as _____ channel management
answer
supply
question
Which of the following is one of the core practices among value-oriented marketers?
answer
constantly measuring the benefits that customers receive against the costs of offerings
question
The ____ addresses how a product will be designed, how much it should cost, how it will be promoted, and how it will get to consumers.
answer
marketing plan
question
When an optical center provides eye exams and new contact lenses as its offering, it is an example of which the following combinations?
answer
Goods and services
question
A group that sponsors bike helmet poster contests for children to promote bicycle safety is providing which of the following marketing offerings? Promotions
answer
Ideas
question
The trade of things of value between the buyer and the seller so that each is better off as a result is referred to in marketing as
answer
an exchange.
question
Which of the following is not one of the core aspects of marketing?
answer
Marketing helps consumers learn about new products and services.
question
Which of the marketing-mix variables represents all the activities necessary to get the right product to the right customer when the customer wants it?
answer
Place
question
Which of the following best describes a relational orientation?
answer
Firms focus on the lifetime profitability of the customer relationship, not how much money is made during each transaction.
question
A firm that creates value by developing a variety of offerings, including goods, services, and ideas, is doing so through which of the following element of the four Ps?
answer
Product
question
Through the promotion element of the marketing mix, marketers attempt to _______ value.
answer
communicate
question
The goal of a marketing exchange is that the parties to the transaction be
answer
satisfied.
question
Redbox uses the _____ element of the marketing mix to make movie rentals available for customers when and where they need them.
answer
place
question
When an electronics company sells its global positioning systems to a car manufacturer, it is engaged in _____ marketing. C2C
answer
B2B
question
The _____ era embraced the belief that a good product would sell itself.
answer
production-oriented
question
Which marketing-mix element deals specifically with retailing and marketing channel management?
answer
Place
question
Internet auction sites like eBay facilitate _______ marketing.
answer
C2C
question
Which of the marketing-mix elements corresponds to what the buyer gives up in the marketing exchange?
answer
Price
question
Which of the following marketing-mix variables is involved in the capture of value in the marketing exchange?
answer
Price
question
Understanding consumers' _____ is fundamental to marketing success.
answer
needs and wants
question
Rather than being just a random activity, good marketing requires _____ in determining appropriate actions to produce sound decisions.
answer
thoughtful planning
question
A national hotel chain engages in conversations with its customers through Facebook and even allows them to book their hotel reservations through its Facebook page. This is an example of marketing using
answer
social media.
question
The _____ consists of the product, price, place, and promotion of an offering.
answer
marketing mix
question
Recently, it has become important for value-oriented marketers to _____ with customers.
answer
move toward a relational perspective from a transactional orientation
question
A service is different from a good in that the benefit is
answer
intangible.
question
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers is known as
answer
customer relationship management.
question
According to your text, which of the following can be said regarding the use of social media in today's global economy?
answer
A big obstacle to the growth of social media is that only around 40 percent of the world's population has access to the Internet.
question
Which marketing era is characterized by an abundance of products allowing the buyer to make purchasing decisions on the basis of factors such as quality, convenience, and price?
answer
market-oriented era
question
Crest toothpaste targets different consumer _____ by offering different types of toothpaste for smokers than it does for children based on their differing needs and wants.
answer
segments
question
When marketers communicate the value proposition, it involves the _____ element of the marketing mix.
answer
promotion
question
In the DDPerks loyalty program, customers earn points for each purchase and are awarded free coffee each time they earn 200 points. Loyalty programs are part of a(n)
answer
CRM program.
question
Dunkin' Donuts makes sure that its locations are convenient for its customers—close to where they live and work. Which of the four Ps does this represent?
answer
Place
question
Dunkin' Donuts offers coffee and donuts that are "familiar with a twist"—popular items that are available all the time, and seasonal specials like pumpkin spice coffee and heart-shaped donuts. This "familiar with a twist" approach is an example of which of the four Ps? Place
answer
Product
question
Dunkin' Donuts offers some localized programs; for example, offering free coffee to all customers if a local sports team wins an important game. This is an example of which of the four Ps?
answer
Promotion
question
Dunkin' Donuts uses 100% Arabica beans in its coffee and tests the quality of the coffee beans before using them. The companies who provide coffee beans to Dunkin' Donuts are part of its
answer
supply chain.
question
Which of the following statements regarding the development and implementation of a social media marketing campaign is true?
answer
The images and messages used in a social media marketing campaign need to be updated almost constantly.
question
What is the first step involved in developing and implementing a social media marketing campaign?
answer
Identify a strategy and goals.
question
Showrooming is associated with apps designed to fulfill which primary motivation?
answer
Shop
question
Which of the following is not one of the seven primary motivations for using a mobile app?
answer
Advising
question
Facebook would be categorized as which type of social media?
answer
Social networking site
question
Which of the following is a professional site that is designed to allow users to share information about their professional lives with others, post résumés, network with other professionals, and search for jobs?
answer
LinkedIn
question
Twitter is a type of
answer
microblog.
question
Through its Facebook page, a major restaurant chain is offering its customers a Groupon coupon for 50 percent off the purchase of a meal. In doing so, the restaurant is focusing on which aspect of the 4E framework?
answer
Exciting
question
To get customers excited about a social-media-related offer, the offer must be
answer
relevant and aimed at a target audience.
question
Which of the following accurately depicts the activities included in the 4E framework for social media?
answer
Excite, educate, experience, engage
question
Calvin's company recently launched a campaign to promote a new product. It is Calvin's job to monitor customer feedback from various social media sources to see whether or not the new product is garnering favorable reviews. The technique for measuring this type of data is called ______ analysis.
answer
sentiment
question
Facebook's Ad Manager offers various metrics and reports, such as number of clicks on ads, audience demographics, and ad performance for specific time periods. This information would be used in which step of developing a social media campaign?
answer
Monitor and change.
question
How does a microblog differ from a traditional blog?
answer
A microblog is smaller in size—short sentences or short videos—whereas a traditional blog is typically longer.
question
Which of the following is not a way of generating revenue from apps?
answer
Premium apps
question
Content that is distributed through online and mobile technologies to facilitate interpersonal interactions is referred to as
answer
social media.
question
Which of the following types of blogs are written by people who review and give recommendations on products and servcies?
answer
professional
question
A person who has loaded the Weather Channel app on his or her smartphone to get up-to-the-minute weather information is attempting to fulfill which primary motivation for using a mobile app?
answer
Discovery
question
Which of the seven primary motivations for mobile app usage is the most popular?
answer
"Me time"
question
When a game or app prompts users to make small "micropurchases" to enhance the app or game, it is referred to as a(n)
answer
in-app purchase.
question
Being able to download a chapter of a new book before buying it, or listening to a few seconds of a song before purchasing it are examples of which aspect of the 4E framework?
answer
Experience the product
question
If successful, marketers utilizing the first three Es of the 4E framework will have achieved the goal of _____ the customer.
answer
engaging
question
Which of the following accurately depicts the three-stage social media engagement process?
answer
Listen, analyze, do
question
A person who wishes to fulfill the need for "me time" would most likely download which of the following apps?
answer
Netflix
question
If a company wants to determine where people have come from to get to its website, it would use which metric?
answer
Keyword analysis
question
Marketers analyze comments posted by consumers on sites such as Facebook and Twitter to assess the favorableness or unfavorableness of a company and its products in a process known as
answer
sentiment analysis.
question
Which facet of the 4E framework is best addressed by thought-sharing sites?
answer
Educate
question
While shopping online for gardening supplies, Lana visits a website she had heard advertised on HGTV. Although she was not familiar with this particular firm, upon entering its website, Lana was able to learn about the company's value proposition as well as the benefits of their products. As a result, she decided to try out one of the company's most popular products. Which aspect of the 4E framework does this represent?
answer
Educate the customer
question
The percentage of times a visitor leaves a site almost immediately, such as after viewing only one page, is referred to as the _____ rate.
answer
bounce
question
In terms of the 4E framework, a company that utilizes a media-sharing site such as YouTube does so to help consumers
answer
experience the company's goods or services.
question
Which of the following is not a metric used by social media marketers to analyze data collected from social media?
answer
Cookie tracking
question
Spirit analyzes customers' posts in the "Hate Thousand Miles" campaign, categorizing posts according to the airline and issue being discussed. This is an example of
answer
sentiment analysis.
question
The "Hate Thousand Miles" campaign seeks consumers' attention through the unusual approach of acknowledging and embracing the hate some people feel for Spirit and other airlines. This unique tactic is an example of which stage of the 4E framework for social media?
answer
Excitement
question
The "Hate Thousand Miles" campaign invites consumers to sign up for the Spirit frequent flyer program and earn 8,000 miles in return for sharing what they hate about air travel. These activities are part of which stage of the 4E framework for social media?
answer
Engagement
question
Suppose that Spirit also invited passengers to share photos of air-travel nightmares on Instagram. What category of social media sites does Instagram fit into?
answer
Media-sharing
question
Spirit Airlines has a Twitter feed called Spirit Autopilot, managed by "robot" software to save money (compared to hiring someone to monitor the feed). Twitter is an example of a(n)
answer
microblog.
question
The statement that "everything that we need for our survival and well-being depends either directly or indirectly on our natural environment" is the principle behind
answer
sustainability.
question
The most basic corporate social responsibility to employees is to
answer
ensure a safe working environment.
question
_______ advertising is a representation, omission, act, or practice in an advertisement that is likely to mislead consumers acting reasonably under the circumstances.
answer
Deceptive
question
Applying sound ethical principles in marketing situations
answer
must be a continuous and dynamic proces
question
Which of the following is an accurate statement about corporate social responsibility?
answer
A firm's employees must engage in ethical practices in order to be socially responsible.
question
Which of the following represents the primary ethical dilemma for marketing managers of publicly held firms?
answer
Balancing shareholder interests with the needs of society
question
After a firm has carefully considered all relevant alternatives to address an ethically difficult situation, the next step would be to _____ to bring about the best solution.
answer
choose a course of action
question
In using the ethical decision-making framework, a firm should consider the impact of its actions on its employees, suppliers, and customers—otherwise known as the firm's
answer
stakeholders.
question
A firm whose employees act in an ethical manner, and which is concerned with only its closest stakeholders is considered to be
answer
ethical but socially irresponsible.
question
________ refers to the moral or ethical dilemmas that might arise in a business setting.
answer
Business ethics
question
In the _____ phase of the strategic marketing planning process, the tone of decision-making questions are centered on the notion of "should we?"
answer
implementation
question
Which of the following questions relates to the Golden Rule Test of an ethical decision-making metric?
answer
Would I like to be on the receiving end of this action?
question
In which phase of the strategic marketing planning process does the firm decide what level of commitment to its ethical policies and standards it is willing to declare publicly?
answer
Planning
question
Which of the following groups falls into the "marketplace" category of key CSR stakeholders?
answer
Partners and competitors
question
Which of the following is not a question that might be used on an ethical decision-making metric?
answer
Would I be able to profit in some way from this action?
question
Vashon, a manager at a marketing research firm, is trying to determine if his firm was acting ethically when it conducted its latest study. In doing so, he is evaluating whether or not the research respondents were told the real purpose of the study before proceeding. This involves which step of the ethical decision-making framework?
answer
Identifying issues
question
With regard to the ethical decision-making metric, which of the following questions best represents the transparency test?
answer
Could I give a clear explanation for the action I'm contemplating that would satisfy a fair moral judge?
question
What phase of the strategic marketing planning process would you find marketers including ethical statements in the firm's mission or vision statements?
answer
Planning
question
Which of the following is the best example of corporate social responsibility affecting the marketplace?
answer
An industry leader adopts environmentally friendly production practices and other companies in the industry follow suit.
question
Firms that take voluntary actions to address the ethical, social, and environmental impacts of its business operations are involved in
answer
corporate social responsibility
question
The objective of the last step of the ethical decision-making framework is to weigh various alternatives and choose the most appropriate action to take. What action should be taken if the marketer is not confident about that decision?
answer
Reexamine other alternatives.
question
Josie feels pressure to increase sales, so she decides to purposely mark up the price on a new shipment of sweaters and then immediately put them on sale. Even though she is deceiving the customer, Josie justifies her decision by knowing that management will be pleased with the increase in revenue. However, Josie's decision may have serious consequences for the company in the long term. What does your text suggest as a way to avoid the consequences that can result from such behavior?
answer
Making sure the short-term goals of each employee are aligned with the long-term goals of the firm
question
When firms are applying an ethical framework for making decisions in a questionable situation, the first step is to
answer
identify issues
question
Which of the following represents the best approach for a firm to take regarding ethics and social responsibility?
answer
The firm should implement programs that are socially responsible and employees should act in an ethically responsible manner.
question
A firm makes generous donations to charities, but its employees are always being scrutinized for engaging in questionable sales practices. This firm would be considered
answer
unethical but socially responsible.
question
What tool would a marketing executive use to ensure that he or she has applied all relevant decision-making criteria to assess his or her confidence in having come to a decision that respects the rights and dignity of all stakeholders?
answer
An ethical decision-making metric
question
In the _____ phase of marketing strategy, marketers must determine whether they truly have acted in an ethical and socially responsible manner.
answer
control
question
When Pepsi reduced the saturated fat content in its Frito-Lay Ruffles potato chips to join forces with the America on the Move (AOM) program, which stakeholder category was this combined effort targeting?
answer
Customers
question
As noted in your text, which of the following ranks as the top unethical behavior by employees as reported by chief marketing officers?
answer
Participating in misleading or deceptive sales tactics
question
Which of the following is an accurate statement about the relationship between consumers/investors and companies engaging in corporate social responsibility?
answer
Consumers increasingly want to purchase products and services from companies that act in socially responsible ways.
question
Having a strong set of values, like a commitment to nature and natural processes, is important in the process of creating a strong _______.
answer
ethical climate
question
Icebreaker's partners fall into which category of CSR stakeholders?
answer
Marketplace
question
The Narrow and Deep philosophy would integrate ethics into Icebreaker's marketing strategy in the _____ phase.
answer
planning
question
Icebreaker's many initiatives to protect the environment fall into which CSR stakeholders' category?
answer
Society
question
Which of the following is Icebreaker requiring in its contracts with suppliers to ensure the rights of employees?
answer
Provide three meals a day, Clean air in the plant, Enforce a minimum age, Maintain healthy conditions
question
Newman's Own Organics is considered a socially responsible company because it ________.
answer
donates to charity
question
Social responsibility is an integral part of the firm's _________.
answer
mission
question
The ethical foundation of Newman's Own Organics _________ business opportunities.
answer
creates
question
Deciding to sell fair-trade coffee was based on concerns over ______.
answer
farmer wages
question
After World War II, the birthrate in the United States rose sharply, resulting in a generational cohort known as
answer
Baby Boomers.
question
When McDonald's opened its fast-food restaurants in European locations, it had to modify its product offering primarily due to differences in
answer
country culture.
question
An important economic factor that refers to the persistent increase in the prices of goods and services is called
answer
inflation.
question
When a firm evaluates how other companies react to the firm's marketing activities, it is attempting to understand which aspect of the immediate environment?
answer
Its competitors
question
Which of the following frameworks for analysis is comprised of a company's capabilities, competitors, and corporate partners?
answer
Immediate environment
question
Ford Motor Company engages in partnerships with its suppliers, component part makers, unions, transport companies, and dealerships—collectively known as its
answer
corporate partners
question
Which of the following groups of people are referred to as Digital Natives?
answer
Gen Z
question
_______ consumers in the United States have increasing influences on mainstream U.S. culture, and the buying power of this group is projected to reach $1.3 trillion in 2015.
answer
Hispanic
question
The cost of borrowing money is measured by
answer
interest rates
question
Which of the following is not an example listed in your text of legislation that has been passed to protect consumers?
answer
Retailers must honor price-match guarantees from other stores.
question
Broadly defined, _____ is (are) the shared meanings, beliefs, morals, values, and customs of a group of people.
answer
culture
question
_____, also known as Millennials, constitutes more than 60 million members in the United States alone and were born between 1977 and 2000.
answer
Generation Y
question
Which of the following is the most likely result of inflation?
answer
Consumers will switch to less expensive options for necessities.
question
Culture, demographics, social issues, technological advances, economic situations, and the political/regulatory environment are all factors that make up which of the following frameworks of analysis?
answer
Macroenvironmental factors
question
The social trend of _____ is causing consumers to question whether or not firms are truly operating with consideration for the environment or simply changing marketing efforts in order to appear that they are
answer
greener consumers
question
_____ involves a strategic effort by firms to supply customers with environmentally friendly, sustainable merchandise and s
answer
Green marketing
question
Advertising guidelines stating that companies cannot link unhealthy foods with cartoon and celebrity figures are geared toward which social trend?
answer
Health and wellness concerns
question
The first generation of "latchkey" children, known as _____, includes those born between 1965 and 1976.
answer
Gen Xers
question
In the immediate environment, what is the first factor that affects the consumer?
answer
The company itself
question
Which ethnic group represents the fastest-growing minority population and tends to earn more, have more schooling, and be more likely to be professionally employed or own a business?
answer
Asian Americans
question
Consumers who have similar purchase behaviors because they have shared experiences and are in the same stage of life are known as a _____ cohort.
answer
generational
question
Which of the following best describes the current income distribution in the United States?
answer
Income between the highest-income and lower-income groups has grown more polarized.
question
Which of the following is not a demographic listed in your text that would typically be used to identify consumer markets?
answer
Religion
question
The primary strength of PepsiCo is the manufacture, distribution, and promotion of carbonated beverages. These describe which factor of a PepsiCo consumer's immediate environment?
answer
Company capabilities
question
Your text describes the macroenvironmental factors that operate in the external environment by which acronym?
answer
CDSTEP
question
Which of the following laws was passed to prohibit monopolies and other activities that would restrain trade or competition, as well as make fair trade within a free market a national goal?
answer
1890 Sherman Antitrust Act
question
The ability of marketers to use mobile applications, Facebook, and Twitter to more effectively target and reach their customers is an example of which macroenvironmental factor?
answer
Technological advances
question
Which of the following entities is at the center of the marketing environment?
answer
Consumers
question
In New England, soft-drink beverages are called soda while in many other parts of the country they are called pop. This is an example of the effects of
answer
regional culture.
question
Firms that disingenuously market products as environmentally friendly with the goal of gaining public approval and sales, rather than actually improving the environment, are guilty of
answer
greenwashing.
question
The video mentions that Adidas works closely with BASF to develop new technologies like Boost. For Adidas, this relationship with BASF is an example of which aspect of the marketing environment?
answer
Corporate partners
question
Adidas has identified two different customer groups for its shoes with Boost technology: an older group concerned with performance, and a younger group interested in style. Which aspect of the marketing environment does the split between these two groups represent?
answer
Demographic
question
Manufacturing of Adidas shoes takes place in factories around the world. Major fluctuations in the value of the U.S. dollar compared to other currencies could affect Adidas's manufacturing costs. Which aspect of the marketing environment does this issue represent?
answer
Economic
question
The acceptance of running as a leisure activity for women varies widely from one country to another, affecting sales of Adidas shoes to women. Which aspect of the marketing environment does this represent?
answer
Culture
question
Americans are increasingly concerned about health and wellness, creating an opportunity for Adidas to present the Boost shoe line as a way to make running for health more enjoyable. This is an example of which aspect of the marketing environment?
answer
Social
question
In producing and marketing environmentally friendly products, Seventh Generation is practicing _______.
answer
green marketing
question
Seventh Generation has to advertise and promote its products. If the company spends more resources on advertising and promotion than on actually engaging in sound environmental practices, it would be guilty of _______.
answer
greenwashing
question
Seventh Generation wants to research the demographic characteristics of its target market. To do this, the company would study all of the following except
answer
inflation.
question
The green movement represents which factor in the marketing environment?
answer
Social trends
question
If Seventh Generation were analyzing the consumers' immediate environment, which of the following would it study and research?
answer
Competitors
question
Marketers that set unrealistically high consumer expectations of a product through advertising or other types of promotion may generate higher initial sales, but it will eventually lead to _____ if the product fails to achieve these expectations.
answer
postpurchase dissatisfaction
question
Kerry was in the grocery store and saw a display for a new organic yogurt. She had not planned to buy it but decided on the spot to buy one and try it. Kerry's purchase represents
answer
impulse buying.
question
The fact that a family would spend a lot more time researching the market before buying a new car than it would in the decision to purchase an inexpensive kitchen appliance, like a coffeemaker, can best be explained by which of the following concepts?
answer
Perceived benefits versus perceived costs of search
question
When a manufacturer offers a money-back guarantee on the purchase of its products to show that the products will perform as expected, it is most likely attempting to alleviate which risk?
answer
Financial
question
What are the three components that make up a person's attitude?
answer
Cognitive, affective, behaviora
question
When consumers are engaged in the consumer decision process, the specific brands or stores they can readily recall in a product category are referred to as their _____ set.
answer
retrieval
question
When Catherine was considering different brands of jeans to buy, she could think of only three she would actually consider purchasing. These three brands make up her _____ set.
answer
evoked
question
Sometimes called buyer's remorse, _______ is the internal conflict that arises from an inconsistency between two beliefs, or between beliefs and behavior.
answer
postpurchase cognitive dissonance
question
The discrepancy between a consumer's actual state and desired state is associated with which of the following steps in the consumer decision process?
answer
Need recognition
question
According to Maslow's hierarchy of needs, which of the following needs do people seek to meet first before meeting any other need?
answer
Physiological
question
Which of the following pertains to the performance of a product or service?
answer
Functional needs
question
The vast majority of products and services are likely to satisfy
answer
both functional and psychological need
question
According to the consumer decision process, after consumers recognize the need for a product, they then engage in
answer
an information search.
question
Sandy thinks the east side of her city is a great area to own a home and raise a family. John thinks the east side has a lot of crime, poor schools, and would be a poor choice of location to own a home and raise a family. Sandy and John have different _____ regarding the east side of the city.
answer
perceptions
question
_____ pertain(s) to the personal gratification consumers associate with the product or service.
answer
Psychological needs
question
A purchase decision that typically involves (at most) a moderate amount of effort and time is called
answer
limited problem solving.
question
Alternative evaluation often occurs while the consumer is engaged in which of the following steps of the consumer decision process?
answer
Information search
question
External agencies and government bodies publish safety ratings for cars to help consumers alleviate _____ risk.
answer
physiological
question
_____ involves the buyer considering his own personal knowledge about a product based on past experience.
answer
An internal search for information
question
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?
answer
The level of involvement
question
Nathan was shopping for a new pair of athletic shoes. Although it would have been nice to take the shoes home immediately after purchasing them, he was willing to trade off immediate availability because he found that he could purchase the shoes online for a 50 percent discount. This is an example of using a
answer
compensatory decision rule.
question
Whenever Meredith buys toothpaste, she always automatically reaches for the same brand and puts it in her shopping cart with no thought or effort. Meredith is engaged in
answer
habitual decision making
question
Of the five types of risk associated with purchase decisions, which one involves the perceived danger inherent in a poorly performing product or service?
answer
Performance
question
When she was looking for a new car, Francesca was considering both American and foreign-made vehicles, but her father and boyfriend both encouraged her to buy American-made brands. Which of the following social factors explains this type of influence?
answer
Reference groups
question
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 most closely corresponds to this aspect of the decision process?
answer
External search for information
question
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
answer
evaluative criteria.
question
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.
answer
conversion rate
question
Roberta works out at a health club, goes to yoga classes, and reads magazines about women's health to satisfy her inner desires. Which of Maslow's needs is Roberta fulfilling?
answer
Esteem
question
Angela considered all sporting-goods stores to be roughly equivalent in most ways; however, she considered REI stores to have an exceptional level of customer service. Customer service, therefore, would be considered a _____ for her in evaluating sporting goods stores.
answer
determinant attribute
question
The salient or important attributes about a particular product that a consumer bases his or her product evaluation on are called
answer
evaluative criteria.
question
Which of the following statements regarding the B2B buying process is true?
answer
In the B2B buying process, the search for information and evaluation of alternatives is more formal and structured.
question
Which of the following is not one of the six buying center roles?
answer
Advisor
question
With its estimated outlay of over $500 billion for fiscal year 2014, the Pentagon represents which type of B2B organization?
answer
Government
question
The individual who controls the flow of information or access to important decision makers serves as the _____ in the buying center.
answer
gatekeeper
question
In this stage of the business-to-business buying process, firms are likely to narrow their selection to a few suppliers, often those with which they have existing relationships, and discuss key terms of the sale.
answer
Proposal analysis, vendor negotiation, selection
question
In a _____ situation, the buying center is likely to proceed through all six steps in the buying process and involve many people in the buying decision.
answer
new buy
question
In a(n) _____ buying center, one person is authorized to make a decision, but input from others is gathered before doing so.
answer
consultative
question
The business-to-business buying process is initiated by which of the following steps?
answer
Need recognition
question
In a(n) _____ buying center, there may be many participants, but one person makes the decision alone.
answer
autocratic
question
Most B2B buying situations can be categorized into three types: new buys, straight rebuys, and
answer
modified rebuys.
question
The university will purchase new computers during the summer to update its 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 used for previous purchases. This is an example of which of the following types of buying situation?
answer
Modified rebuy
question
Which of the following social media tools is mainly used for professional networking in the B2B marketplace?
answer
LinkedIn
question
Autocratic buying centers are characterized by
answer
a single decision maker.
question
In terms of business markets, organizations like hospitals that provide goods and services to people in their care are classified as
answer
institutions.
question
The purchase of capital equipment by a company, which would likely be quite an involved process, is an example of a _____ situation.
answer
new buy
question
A firm's _____ reflects the set of values, traditions, and customs that guide its employees' behavior.
answer
organizational culture
question
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.
answer
influencer
question
_____ reflects the link between consumers' demand for a company's product and the company's purchase of necessary inputs to manufacture or assemble that particular product.
answer
Derived demand
question
Used by many smaller companies to help streamline procurement or distribution processes, _____ is an Internet site whose purpose is to be a major starting point for users when they connect to the web.
answer
a web portal
question
John is involved in the buying center of a large organization. He ultimately will determine whether to buy, what to buy, how to buy, or where to buy. What role does John play in this situation?
answer
Decider
question
When FedEx Office replenishes its supply of copy paper, it most likely involves a _____ situation.
answer
straight rebuy
question
The acronym RFP, when used by those involved in business-to-business buying, stands for
answer
request for proposals.
question
Which of the following is an example of a reseller?
answer
Wholesaler
question
Although social media are used to build relationships in B2B contexts, the majority of B2B marketers use _____ for their marketing efforts.
answer
white papers
question
In the B2B buying process, _____ can provide tremendous cost savings for firms because they eliminate periodic negotiations and routine paperwork, and offer the means to form a supply chain that can respond quickly to the buyer's needs.
answer
web portals
question
In B2B markets, _____ are firms that buy and reprocess products and services before selling them again to the next buyer.
answer
manufacturers
question
Although she wasn't told this when hired, at her new job Dana noticed that the employees eat lunch at their desks while continuing to work and that on Fridays most everyone dresses casually. These behaviors are most likely part of the
answer
organizational culture.
question
In _____ buying centers, all members of the team must reach a collective agreement that they can support a particular purchase.
answer
consensus
question
In _____, the buyer is often the only member of the buying center involved in the process.
answer
straight rebuys
question
What is the final stage in the business-to-business buying process?
answer
Vendor performance assessment
question
If consumers are using health care services at a higher rate than in the past, health care providers will need to purchase more inputs, ranging from X-ray machines to bandages. This represents ________.
answer
derived demand
question
GE Healthcare knows that different participants fill different roles in B2B purchase decisions. Which of the following is not one of these roles?
answer
Wholesaler
question
Stakeholders who fill different roles in the B2B buying process are collectively known as the _______.
answer
buying center
question
If all the stakeholders at the hospital reached a collective agreement that they would support purchasing a GE X-ray machine, they would be a(n) _________ buying center.
answer
consensus
question
By tailoring different value propositions to different decision makers at the hospital, GE Healthcare's sales representatives are filling which buying-center role?
answer
Influencer
question
A hospital is which element in the B2B marketplace?
answer
Institution
question
Hope Springs needs tablet computers that are fast, include 24/7 tech support, and include a generous volume discount. These criteria would be collected during which stage of the B2B buying process?
answer
Product specification
question
Hope Springs purchases many products from suppliers in the course of doing business, including empty water bottles. The number of bottles Hope Springs will need each month depends on the number of bottles purchased by customers. This is an example of __________.
answer
derived demand
question
The ___________ includes members of Hope Springs's upper management team, Brian (the purchasing manager), and members of the accounts payable department.
answer
buying center
question
If Brian were tasked with purchasing an additional 500 tablets for Hope Springs but he was asked to change the requirements for making the purchase, this would be called a(n) __________ situation.
answer
modified rebuy
question
_________ control the flow of information and/or access to the members of the buying center at Hope Springs.
answer
Gatekeepers
question
In pricing products in parts of Europe, including Belgium, Italy, Spain, Greece, and France, U.S. companies need to be aware that sales (i.e., temporary promotional discounts)
answer
are allowed only twice per year.
question
The global entry strategy whereby goods are produced in one country and sold in another is known as
answer
exporting.
question
As noted in your text, the complexity of a global distribution channel is determined by
answer
how many firms a seller needs to deal with to get its merchandise to the customer.
question
Which BRIC country is one of the world's fastest-growing markets and is home to one of the youngest populations in the world?
answer
India
question
_____ involves a binding contractual agreement between two businesses whereby the marketing operations are tightly controlled and often standardized.
answer
Franchising
question
Firms prefer to manufacture in a country that has _____ because it signals a greater opportunity to export products to more markets.
answer
a trade surplus
question
Because the United States imports more goods than it exports, it operates under a(n)
answer
trade deficit.
question
According to your text, which of the following is not one of the fundamental changes that have resulted in global markets?
answer
Increased use of tariffs and embargoes by countries
question
The United States wants to limit the amount of a product that can be imported into the country for a period of time by setting a maximum import quantity. To do so, the United States should institute
answer
a quota.
question
In most cases, _______ are intended to make imported goods more expensive and thus less competitive with domestic products, which in turn protects domestic industries from foreign competition.
answer
tariffs
question
Although they do not directly invest in one another, independent firms entering into collaborative partnerships to expand globally are called
answer
strategic alliances.
question
A(n) _____ forms when a firm entering a new market pools its resources with those of a local firm to form a new company in which ownership, control, and profits are shared.
answer
joint venture
question
BMW, the German company that manufactures automobiles, motorcycles, and other products, owns and operates a manufacturing plant in Spartanburg, South Carolina, in the United States. This is an example of which global entry strategy?
answer
Direct investment
question
Which of the following is the major trade agreement between the United States, Canada, and Mexico?
answer
NAFTA
question
The most widely used metric used to gauge the size and market potential of an economy is ______, which is defined as the market value of the goods and services produced by a country in a year.
answer
gross domestic product
question
The Economist's Big Mac Index, which suggests that exchange rates should adjust to equalize the cost of a basket of goods and services wherever it is bought around the world, is an example of which of the following metrics?
answer
Purchasing power parity
question
In the process of ______, companies initially develop products for niche or underdeveloped markets, and then expand them into their original or home markets.
answer
reverse innovation
question
The measure of how much one currency is worth in relation to another is referred to as
answer
the exchange rate
question
Which of the following accurately represents the countries that make up what is known as the BRIC countries?
answer
Brazil, Russia, India, China
question
In terms of market size and population growth rate, which of the following is a trend that is occurring in the world market that impacts the marketing of goods and services?
answer
Marketing to more rural populations is more costly than reaching urban areas.
question
_____ includes both the market value of the goods and services produced by a country in a particular year plus the net income earned from investments abroad.
answer
Gross national income
question
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?
answer
Exporting
question
The processes by which goods, services, capital, people, information, and ideas flow across national borders are referred to as
answer
globalization.
question
Which global entry strategy has the highest degree of risk?
answer
Direct investment
question
Which of Hofstede's cultural dimensions relates to a willingness to accept social inequality as natural?
answer
Power distance
question
The fact that Mercedes-Benz is known by three Chinese names in Asia—peng zee in Cantonese for Hong Kong, peng chi in Mandarin for Taiwan, and ben chi in Mandarin for mainland China—illustrates the importance of developing different _____ for global markets.
answer
communication strategies
question
Anita is conducting a country market assessment and is focusing on four key elements: distribution channels, transportation systems, communication systems, and commerce. In doing so, Anita is evaluating which component of the market assessment?
answer
Infrastructure
question
Although China represents one of the largest markets for soup in the world, Campbell's Soup Company had to invest considerable time and effort in making changes to its existing products to sell them in China primarily due to
answer
cultural differences.
question
The global product strategy a firm chooses depends on
answer
the needs of its target market.
question
If a firm wants to conduct a country market analysis, it must look at major economic factors using well-established metrics. Which of the following is not a major economic factor that the firm would consider?
answer
Trade agreements
question
The deep-rooted and pervasive beliefs and stereotypes held by Chinese car buyers toward different brands illustrate the importance of assessing ________ factors when entering foreign markets.
answer
sociocultural
question
The Chinese government limited auto sales in large cities such as Beijing and Shanghai because their roads could not handle more traffic. In a market assessment, this would indicate a problem with those cities' ___________.
answer
infrastructure
question
In assessing the market in the smaller, outlying cities, what would you recommend the automakers analyze?
answer
Real income, Sociocultural factors, Population growth rate, Market size
question
The Chinese government limited sales of cars in larger cities. In other words, it implemented a(n) ______
answer
quota
question
Which of the following has had a negative impact on the success of BMW in the Chinese luxury car market?
answer
Attitudes and stereotypes
question
Audi originally entered a joint venture with Chinese automaker Yiqi. Which of the following is not an advantage of a joint venture?
answer
Potential disagreements between the partners.
question
If you were consulting with an automaker who was thinking of entering the Chinese automobile market, what would you recommend it consider before deciding on its global marketing strategy?
answer
Understand language differences and literacy rates, Cultural nuances can be subtle but must be understood, Consider subcultures within the larger culture, Simplify distribution channels wherever possible.
question
The publishing conglomerate Conde Nast is able to purchase mailing lists of people who have bridal interests, knowing that its Modern Bride magazine customers are somewhat distinct from those who subscribe to GQ. In terms of evaluating segment attractiveness, this is a way of ensuring the segment is
answer
identifiable.
question
PRIZM and ESRI's Tapestry are two of the most widely used tools for _______ segmentation.
answer
geodemographic
question
For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to a firm's offering, corresponding to which of the following criteria for evaluating segment attractiveness?
answer
Responsive
question
When an organization selects a single, primary target market and focuses all its energies on providing a product to fit that market's needs it is using a(n) _____ targeting strategy.
answer
concentrated
question
_____ segmentation, the most common means to define segments, involves defining groups based on characteristics such as age, gender, income, and education.
answer
Demographic
question
The positioning strategy can help communicate a brand's _____, representing the unique value provided to customers.
answer
value proposition
question
Lands' End allows customers buying shirts to choose from a variety of fabrics and types of collar and sleeve based on the customer's specific measurements, capitalizing on new technologies to mass customize its products and services. This is an example of
answer
micromarketing.
question
______ segmentation delves into how consumers actually describe themselves.
answer
Psychographic
question
When a firm evaluates its overall mission, including its strengths, weaknesses, opportunities, and threats, it is engaged in which step of the segmentation, targeting, and positioning process?
answer
Establishing overall strategy or objectives
question
A manufacturer of T-shirts concentrates all its efforts on cost containment by offering the product in only one size but in a variety of colors, using a one-size-fits-all approach. This involves a _____ targeting strategy.
answer
mass marketing
question
Which step in the STP process develops descriptions of the different segments? (This helps firms better understand the customer profiles in each segment?)
answer
Select segmentation method
question
When everyone might be considered a potential user of its product, a firm likely uses a(n) _____ targeting strategy.
answer
undifferentiated
question
What is the first step marketers use to derive a perceptual map?
answer
Determine consumers' perceptions and evaluations of the product or service in relation to competitors'
question
Small text files used by websites to track potential customers' visits to a website and provide details on how the customer has searched the site are called
answer
cookies.
question
Jack describes himself as having a strong need to belong to a group, which motivates him to seek out activities that involve others. Marketers would use this type of information when developing _____ segments.
answer
psychographic
question
Behavioral segmentation based on when a product or service is purchased or consumed is called _____ segmentation.
answer
occasion
question
For the ______ criteria to be met when evaluating segment attractiveness, the consumer must know the product or service exists, understand what it can do for him or her, and recognize how to buy it.
answer
reachable
question
Lawn-care-products manufacturer Scotts has developed easy-to-follow, annual lawn care programs to help homeowners develop thick, green lawns that will combat weeds, insects, and diseases. The specific steps that must be used and their timing vary based on climate. What type of segmentation should Scotts use as the basis to design these programs?
answer
Geographic
question
The _____ indicates where a particular market segment's ideal product lies on the perceptual map.
answer
ideal point
question
Market growth, market competitiveness, and market access are all important factors in analyzing if a segmentation strategy is
answer
profitable.
question
Which of the following positioning approaches was the focus of Volvo's objective to augment its safety image with better driving performance and excitement?
answer
Positioning based on product attributes
question
During which step of the STP process do marketers ask whether the segment is identifiable, substantial, reachable, responsive, and profitable?
answer
Evaluate segment attractiveness
question
Mr. Dennison knows each and every child who comes in to his Kumon reading center and prides himself on knowing how he can personally address each of their reading challenges. What type of market coverage strategy is Mr. Dennison employing in his business?
answer
Micromarketing
question
Which of the following best describes the notion of market positioning?
answer
The place the product occupies in consumers' minds relative to competing products
question
_____ is a tool used to visually display how consumers perceive the position of products or brands in the market on different dimensions relative to competitors.
answer
A perceptual map
question
Large firms with multiple offerings in a particular product category engage in _____ targeting strategies to obtain a bigger share of the market, increase the overall market for the product categories they sell, and diversify their businesses.
answer
differentiated
question
The overriding desires that drive how people live their lives are called
answer
self-values.
question
Which segmentation method is most closely related to providing value by satisfying customers' needs and wants?
answer
Benefit
question
General Motors targets several different market segments and designs separate automobile makes and models for each. This is an example of
answer
differentiated marketing.
question
The Nike swoosh is an example of which of the following positioning tools to create a position for the brand that distinguishes it from its competitors?
answer
Positioning based on symbolism
question
McDonald's organizes its marketing team to align with its ________.
answer
customer segments
question
In order to obtain the best results from its segmentation efforts, McDonald's focuses on _______.
answer
collecting information
question
McDonald's develops position profiles based on which of the following methods?
answer
Salient attributes
question
By appealing to the different needs/wants of various ethnic groups, McDonald's is using ______ segmentation.
answer
demographic
question
When evaluating the attractiveness of various segments, McDonald's should consider _________.
answer
profitability
question
The video mentions how Thermos considers "how you see yourself" when segmenting its market. In psychographic terms "how you see yourself" is called ______.
answer
self-concept
question
Thermos develops different mugs and containers for different segments. Thermos is using a(n) _____ targeting strategy.
answer
differentiated
question
In identifying market segments, Thermos combines geography, demographics, and lifestyle measures. This mixture of segmentation schemes is called ________.
answer
geodemographics
question
In communicating the unique customer benefits of its various products to its target segments, Thermos is defining its ________, which is an important element of its overall _______ strategy.
answer
value proposition; positioning
question
Which element of segment attractiveness is Thermos addressing by increasing the availability of its products on retailers' shelves by working with retailers so that they understand Thermos's segmentation strategy?
answer
Reachable
question
The Cook and Carry, targeted to Epicureans, is cordless and easily portable. This is an example of ________.
answer
benefit segmentation
question
The number of participants who discontinue use of a service, divided by the average number of total participants, yields a measurement called
answer
churn.
question
Marketing researchers should collect information on consumers only for the purpose of
answer
producing unbiased, factual information.
question
One of the most valuable sources firms have at their disposal is a rich cache of customer information and purchase history from their day-to-day operations, which is a type of
answer
internal secondary data.
question
Nielsen purchases scanner data from retail transactions to compile, analyze, and resell to consumer packaged-goods firms so they can assess what is happening in the marketplace. Scanner data is an example of
answer
syndicated external data.
question
If Fisher-Price wanted to conduct research to determine the colors that best attract babies to its toys and engage them in interactive play, it would most likely use _____ research.
answer
observation
question
Which of the following forms of qualitative research is both time consuming and relatively expensive to administer?
answer
In-depth interviews
question
Which of the following is not a disadvantage of using secondary research data?
answer
The process is costly and time-consuming.
question
Which of the following steps in the marketing research process involves identifying the type of data needed and determining the method necessary to collect it?
answer
Designing the research
question
Data gathered from trade journals, the Census Bureau, and specialized research firms is considered to be _____ data.
answer
secondary
question
What new technique claims the ability to read consumers' minds, using wireless electroencephalogram (EEG) scanners that measure the involuntary brainwaves that occur when they view a product, advertisement, or brand images?
answer
Neuromarketing
question
_____ involves a type of quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on other variables.
answer
Experimental research
question
Which of the following is the most popular type of quantitative primary collection method?
answer
Survey research
question
A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas is known as
answer
marketing research.
question
What is the first step in the marketing research process?
answer
Defining the objectives and research needs
question
Physical traits such as facial characteristics, iris scans, or fingerprints are referred to as _____ data, and this information is routinely collected by websites such as Facebook.
answer
biometric
question
Using an unstructured method of inquiry, _____ involve a trained moderator guiding the conversation of a small group of individuals in an intensive discussion about a particular topic.
answer
focus group interviews
question
Home Depot, a large home-improvement retailer, used research to learn that 25 percent of the time customers bought a drill, they also bought a set of drill bits. Patterns and relationships like this are discovered through a technique called
answer
data mining.
question
The key difference between scanner and panel research is that scanner research typically focuses on a particular _____, while panel research typically focuses on a particular _____.
answer
product; person or household
question
Qualitative research includes all of the following except
answer
scanner data.
question
One of the primary purposes of the analyzing data and developing insights step of the marketing research process is to turn data into
answer
information
question
Which of the following agencies serves as a watchdog over the data mining of consumer information?
answer
Electronic Privacy Information Center
question
_____ is the third step in the marketing research process, and it begins only after the research design has been established.
answer
Collecting the data
question
A survey asks respondents to answer the question "What are the most important features you would look for in choosing a new automobile, and why?" What type of question is this?
answer
Unstructured question
question
If a firm uses social media sites like Facebook, Twitter, and online blogs to collect consumer comments about companies and their products, it is engaged in a process known as
answer
sentiment mining.
question
When General Motors purchases information about quality and customer satisfaction research from J. D. Power and Associates, it is acquiring a form of
answer
syndicated external data.
question
Which organization provides the three guidelines that marketers should use for conducting marketing research?
answer
American Marketing Association
question
______ is the use of a variety of statistical analysis tools in marketing research to uncover previously unknown patterns in data or relationships among variables.
answer
Data mining
question
Information that has been collected prior to the start of the research project is called _____ data.
answer
secondary
question
Although it is often an inexpensive source, _____ are sometimes not adequate to meet the needs of the researcher since they were acquired for some purpose other than the research question at hand.
answer
external secondary data
question
A survey question for which a discrete set of response alternatives or specific answers is provided for respondents is a type of _______ question.
answer
structured
question
When a firm like Dunkin' Donuts conducts marketing research, what should its first step be?
answer
Identify research objectives
question
Dunkin' Donuts started by asking consumers questions about their wants and needs in sandwiches. If Dunkin' Donuts wanted responses to a specific set of structured questions from a large number of consumers, which of these data collection techniques would be the best choice?
answer
Survey
question
Suppose that Dunkin' Donuts solicited a group of customers to provide feedback on its products over time; for example, completing a survey every six months over a period of years. What marketing research technique would this represent?
answer
Panel data
question
Suppose that Dunkin' Donuts began to offer bakery sandwiches at eight of its locations, charging different prices at each one to investigate which pricing scheme would be the most profitable. What marketing research technique would this represent?
answer
Experiment
question
Suppose that three years after introducing its bakery sandwiches, Dunkin' Donuts decides to analyze its historical sales information to see which sandwich varieties have been the most successful. What kind of data would such a project use?
answer
Internal secondary data
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New