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MKT 301

How do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?
using promotion
___________ 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.
place
which of the following are components of the price paid by the buyer?
Time, Money, Energy
Match the marketing mix component with its corresponding value function
Product – creating value; price – capturing value; place – delivering value proposition; promotion – communicating value
which of the following are core aspects of marketing
marketing entails an exchange; marketing helps create value
_________ reflects the relationship of benefits to costs, or “what you get for what you give”
value
___________ is the part of marketing mix that aims at creating value by providing features and benefits that meet consumers’ need
product
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.
True
of the 4 Ps, ____________ is whatever the buyer gives up in exchange for the product – for example, money, time, or energy
price
in the 4 Ps of marketing, the task of the price is to ____________ value for the market mix
capture
in what chronological sequence did marketing evolve beginning from oldest to most recent from top to bottom?
1 (oldest) production-oriented era; 2. sales-oriented era, 3. market-oriented era; 4. (recent) value-based marketing era
which of the following are associated with marketing, as defined by the American Marketing Association?
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
In a ___________ orientation, lifetime profitability is more important than the amount of money made during each transaction.
relational
which of the following are characteristics marketers seek out in potential customers?
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
which statement about the marketplace is true?
the marketplace refers to the world of trade; the marketplace can be divided into categories that are important to an organization for specific reasons
when a customer gives up money in order to receive something else of value, it is called
an exchange
A ___________ is any INTANGIBLE offering that involves a performance, or an effort by the provider, that cannot be physically possessed
service
getting cash from an ATM is considered a ___________ transaction
service
____________ 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
promotion
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
True
in the marketing mix, place is expected to ____________ value for the customers
deliver
which of the following would be examples of where consumer-to-consumer marketing might occur?
making a purchase from Craigslist.com; buying an item from a neighbor’s yardsale
within the marketing mix when a company offers many alternatives, the ___________ element of the 4Ps creates value by satisfying customer needs
product
select all that could apply if a car manufacturer wanted to segment its marketplace:
divide consumers into groups based on their incomes; identify customer needs for different types of cars (sport, suvs, etc)
which of the following are related to marketing in the production-oriented era?
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
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
creating
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.
exchange
marketing success begins with a strong understanding of
the desires and requirements of the marketplace consumer
firms marketing directly to each other are referred to as business-to-__________ marketing
business
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
supply
Which of the following is one of the core practices among value-oriented marketers?
constantly measuring the benefits that customers receive against the costs of offerings
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.
marketing plan
When an optical center provides eye exams and new contact lenses as its offering, it is an example of which the following combinations?
Goods and services
A group that sponsors bike helmet poster contests for children to promote bicycle safety is providing which of the following marketing offerings?
Promotions
Ideas
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
an exchange.
Which of the following is not one of the core aspects of marketing?
Marketing helps consumers learn about new products and services.
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?
Place
Which of the following best describes a relational orientation?
Firms focus on the lifetime profitability of the customer relationship, not how much money is made during each transaction.
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?
Product
Through the promotion element of the marketing mix, marketers attempt to _______ value.
communicate
The goal of a marketing exchange is that the parties to the transaction be
satisfied.
Redbox uses the _____ element of the marketing mix to make movie rentals available for customers when and where they need them.
place
When an electronics company sells its global positioning systems to a car manufacturer, it is engaged in _____ marketing.
C2C
B2B
The _____ era embraced the belief that a good product would sell itself.
production-oriented
Which marketing-mix element deals specifically with retailing and marketing channel management?
Place
Internet auction sites like eBay facilitate _______ marketing.
C2C
Which of the marketing-mix elements corresponds to what the buyer gives up in the marketing exchange?
Price
Which of the following marketing-mix variables is involved in the capture of value in the marketing exchange?
Price
Understanding consumers’ _____ is fundamental to marketing success.
needs and wants
Rather than being just a random activity, good marketing requires _____ in determining appropriate actions to produce sound decisions.
thoughtful planning
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
social media.
The _____ consists of the product, price, place, and promotion of an offering.
marketing mix
Recently, it has become important for value-oriented marketers to _____ with customers.
move toward a relational perspective from a transactional orientation
A service is different from a good in that the benefit is
intangible.
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
customer relationship management.
According to your text, which of the following can be said regarding the use of social media in today’s global economy?
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.
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?
market-oriented era
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.
segments
When marketers communicate the value proposition, it involves the _____ element of the marketing mix.
promotion
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)
CRM program.
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?
Place
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
Product
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?
Promotion
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
supply chain.
Which of the following statements regarding the development and implementation of a social media marketing campaign is true?
The images and messages used in a social media marketing campaign need to be updated almost constantly.
What is the first step involved in developing and implementing a social media marketing campaign?
Identify a strategy and goals.
Showrooming is associated with apps designed to fulfill which primary motivation?
Shop
Which of the following is not one of the seven primary motivations for using a mobile app?
Advising
Facebook would be categorized as which type of social media?
Social networking site
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?
LinkedIn
Twitter is a type of
microblog.
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?
Exciting
To get customers excited about a social-media-related offer, the offer must be
relevant and aimed at a target audience.
Which of the following accurately depicts the activities included in the 4E framework for social media?
Excite, educate, experience, engage
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.
sentiment
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?
Monitor and change.
How does a microblog differ from a traditional blog?
A microblog is smaller in size—short sentences or short videos—whereas a traditional blog is typically longer.
Which of the following is not a way of generating revenue from apps?
Premium apps
Content that is distributed through online and mobile technologies to facilitate interpersonal interactions is referred to as
social media.
Which of the following types of blogs are written by people who review and give recommendations on products and servcies?
professional
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?
Discovery
Which of the seven primary motivations for mobile app usage is the most popular?
“Me time”
When a game or app prompts users to make small “micropurchases” to enhance the app or game, it is referred to as a(n)
in-app purchase.
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?
Experience the product
If successful, marketers utilizing the first three Es of the 4E framework will have achieved the goal of _____ the customer.
engaging
Which of the following accurately depicts the three-stage social media engagement process?
Listen, analyze, do
A person who wishes to fulfill the need for “me time” would most likely download which of the following apps?
Netflix
If a company wants to determine where people have come from to get to its website, it would use which metric?
Keyword analysis
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
sentiment analysis.
Which facet of the 4E framework is best addressed by thought-sharing sites?
Educate
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?
Educate the customer
The percentage of times a visitor leaves a site almost immediately, such as after viewing only one page, is referred to as the _____ rate.
bounce
In terms of the 4E framework, a company that utilizes a media-sharing site such as YouTube does so to help consumers
experience the company’s goods or services.
Which of the following is not a metric used by social media marketers to analyze data collected from social media?
Cookie tracking
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
sentiment analysis.
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?
Excitement
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?
Engagement
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?
Media-sharing
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)
microblog.
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
sustainability.
The most basic corporate social responsibility to employees is to
ensure a safe working environment.
_______ advertising is a representation, omission, act, or practice in an advertisement that is likely to mislead consumers acting reasonably under the circumstances.
Deceptive
Applying sound ethical principles in marketing situations
must be a continuous and dynamic proces
Which of the following is an accurate statement about corporate social responsibility?
A firm’s employees must engage in ethical practices in order to be socially responsible.
Which of the following represents the primary ethical dilemma for marketing managers of publicly held firms?
Balancing shareholder interests with the needs of society
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.
choose a course of action
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
stakeholders.
A firm whose employees act in an ethical manner, and which is concerned with only its closest stakeholders is considered to be
ethical but socially irresponsible.
________ refers to the moral or ethical dilemmas that might arise in a business setting.
Business ethics
In the _____ phase of the strategic marketing planning process, the tone of decision-making questions are centered on the notion of “should we?”
implementation
Which of the following questions relates to the Golden Rule Test of an ethical decision-making metric?
Would I like to be on the receiving end of this action?
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?
Planning
Which of the following groups falls into the “marketplace” category of key CSR stakeholders?
Partners and competitors
Which of the following is not a question that might be used on an ethical decision-making metric?
Would I be able to profit in some way from this action?
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?
Identifying issues
With regard to the ethical decision-making metric, which of the following questions best represents the transparency test?
Could I give a clear explanation for the action I’m contemplating that would satisfy a fair moral judge?
What phase of the strategic marketing planning process would you find marketers including ethical statements in the firm’s mission or vision statements?
Planning
Which of the following is the best example of corporate social responsibility affecting the marketplace?
An industry leader adopts environmentally friendly production practices and other companies in the industry follow suit.
Firms that take voluntary actions to address the ethical, social, and environmental impacts of its business operations are involved in
corporate social responsibility
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?
Reexamine other alternatives.
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?
Making sure the short-term goals of each employee are aligned with the long-term goals of the firm
When firms are applying an ethical framework for making decisions in a questionable situation, the first step is to
identify issues
Which of the following represents the best approach for a firm to take regarding ethics and social responsibility?
The firm should implement programs that are socially responsible and employees should act in an ethically responsible manner.
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
unethical but socially responsible.
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?
An ethical decision-making metric
In the _____ phase of marketing strategy, marketers must determine whether they truly have acted in an ethical and socially responsible manner.
control
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?
Customers
As noted in your text, which of the following ranks as the top unethical behavior by employees as reported by chief marketing officers?
Participating in misleading or deceptive sales tactics
Which of the following is an accurate statement about the relationship between consumers/investors and companies engaging in corporate social responsibility?
Consumers increasingly want to purchase products and services from companies that act in socially responsible ways.
Having a strong set of values, like a commitment to nature and natural processes, is important in the process of creating a strong _______.
ethical climate
Icebreaker’s partners fall into which category of CSR stakeholders?
Marketplace
The Narrow and Deep philosophy would integrate ethics into Icebreaker’s marketing strategy in the _____ phase.
planning
Icebreaker’s many initiatives to protect the environment fall into which CSR stakeholders’ category?
Society
Which of the following is Icebreaker requiring in its contracts with suppliers to ensure the rights of employees?
Provide three meals a day, Clean air in the plant,
Enforce a minimum age,
Maintain healthy conditions
Newman’s Own Organics is considered a socially responsible company because it ________.
donates to charity
Social responsibility is an integral part of the firm’s _________.
mission
The ethical foundation of Newman’s Own Organics _________ business opportunities.
creates
Deciding to sell fair-trade coffee was based on concerns over ______.
farmer wages
After World War II, the birthrate in the United States rose sharply, resulting in a generational cohort known as
Baby Boomers.
When McDonald’s opened its fast-food restaurants in European locations, it had to modify its product offering primarily due to differences in
country culture.
An important economic factor that refers to the persistent increase in the prices of goods and services is called
inflation.
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?
Its competitors
Which of the following frameworks for analysis is comprised of a company’s capabilities, competitors, and corporate partners?
Immediate environment
Ford Motor Company engages in partnerships with its suppliers, component part makers, unions, transport companies, and dealerships—collectively known as its
corporate partners
Which of the following groups of people are referred to as Digital Natives?
Gen Z
_______ 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.
Hispanic
The cost of borrowing money is measured by
interest rates
Which of the following is not an example listed in your text of legislation that has been passed to protect consumers?
Retailers must honor price-match guarantees from other stores.
Broadly defined, _____ is (are) the shared meanings, beliefs, morals, values, and customs of a group of people.
culture
_____, also known as Millennials, constitutes more than 60 million members in the United States alone and were born between 1977 and 2000.
Generation Y
Which of the following is the most likely result of inflation?
Consumers will switch to less expensive options for necessities.
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?
Macroenvironmental factors
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
greener consumers
_____ involves a strategic effort by firms to supply customers with environmentally friendly, sustainable merchandise and s
Green marketing
Advertising guidelines stating that companies cannot link unhealthy foods with cartoon and celebrity figures are geared toward which social trend?
Health and wellness concerns
The first generation of “latchkey” children, known as _____, includes those born between 1965 and 1976.
Gen Xers
In the immediate environment, what is the first factor that affects the consumer?
The company itself
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?
Asian Americans
Consumers who have similar purchase behaviors because they have shared experiences and are in the same stage of life are known as a _____ cohort.
generational
Which of the following best describes the current income distribution in the United States?
Income between the highest-income and lower-income groups has grown more polarized.
Which of the following is not a demographic listed in your text that would typically be used to identify consumer markets?
Religion
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?
Company capabilities
Your text describes the macroenvironmental factors that operate in the external environment by which acronym?
CDSTEP
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?
1890 Sherman Antitrust Act
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?
Technological advances
Which of the following entities is at the center of the marketing environment?
Consumers
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
regional culture.
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
greenwashing.
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?
Corporate partners
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?
Demographic
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?
Economic
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?
Culture
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?
Social
In producing and marketing environmentally friendly products, Seventh Generation is practicing _______.
green marketing
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 _______.
greenwashing
Seventh Generation wants to research the demographic characteristics of its target market. To do this, the company would study all of the following except
inflation.
The green movement represents which factor in the marketing environment?
Social trends
If Seventh Generation were analyzing the consumers’ immediate environment, which of the following would it study and research?
Competitors
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.
postpurchase dissatisfaction
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
impulse buying.
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?
Perceived benefits versus perceived costs of search
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?
Financial
What are the three components that make up a person’s attitude?
Cognitive, affective, behaviora
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.
retrieval
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.
evoked
Sometimes called buyer’s remorse, _______ is the internal conflict that arises from an inconsistency between two beliefs, or between beliefs and behavior.
postpurchase cognitive dissonance
The discrepancy between a consumer’s actual state and desired state is associated with which of the following steps in the consumer decision process?
Need recognition
According to Maslow’s hierarchy of needs, which of the following needs do people seek to meet first before meeting any other need?
Physiological
Which of the following pertains to the performance of a product or service?
Functional needs
The vast majority of products and services are likely to satisfy
both functional and psychological need
According to the consumer decision process, after consumers recognize the need for a product, they then engage in
an information search.
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.
perceptions
_____ pertain(s) to the personal gratification consumers associate with the product or service.
Psychological needs
A purchase decision that typically involves (at most) a moderate amount of effort and time is called
limited problem solving.
Alternative evaluation often occurs while the consumer is engaged in which of the following steps of the consumer decision process?
Information search
External agencies and government bodies publish safety ratings for cars to help consumers alleviate _____ risk.
physiological
_____ involves the buyer considering his own personal knowledge about a product based on past experience.
An internal search for information
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?
The level of involvement
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
compensatory decision rule.
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
habitual decision making
Of the five types of risk associated with purchase decisions, which one involves the perceived danger inherent in a poorly performing product or service?
Performance
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?
Reference groups
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?
External search for information
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
evaluative criteria.
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.
conversion rate
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?
Esteem
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.
determinant attribute
The salient or important attributes about a particular product that a consumer bases his or her product evaluation on are called
evaluative criteria.
Which of the following statements regarding the B2B buying process is true?
In the B2B buying process, the search for information and evaluation of alternatives is more formal and structured.
Which of the following is not one of the six buying center roles?
Advisor
With its estimated outlay of over $500 billion for fiscal year 2014, the Pentagon represents which type of B2B organization?
Government
The individual who controls the flow of information or access to important decision makers serves as the _____ in the buying center.
gatekeeper
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.
Proposal analysis, vendor negotiation, selection
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.
new buy
In a(n) _____ buying center, one person is authorized to make a decision, but input from others is gathered before doing so.
consultative
The business-to-business buying process is initiated by which of the following steps?
Need recognition
In a(n) _____ buying center, there may be many participants, but one person makes the decision alone.
autocratic
Most B2B buying situations can be categorized into three types: new buys, straight rebuys, and
modified rebuys.
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?
Modified rebuy
Which of the following social media tools is mainly used for professional networking in the B2B marketplace?
LinkedIn
Autocratic buying centers are characterized by
a single decision maker.
In terms of business markets, organizations like hospitals that provide goods and services to people in their care are classified as
institutions.
The purchase of capital equipment by a company, which would likely be quite an involved process, is an example of a _____ situation.
new buy
A firm’s _____ reflects the set of values, traditions, and customs that guide its employees’ behavior.
organizational culture
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.
influencer
_____ 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.
Derived demand
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.
a web portal
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?
Decider
When FedEx Office replenishes its supply of copy paper, it most likely involves a _____ situation.
straight rebuy
The acronym RFP, when used by those involved in business-to-business buying, stands for
request for proposals.
Which of the following is an example of a reseller?
Wholesaler
Although social media are used to build relationships in B2B contexts, the majority of B2B marketers use _____ for their marketing efforts.
white papers
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.
web portals
In B2B markets, _____ are firms that buy and reprocess products and services before selling them again to the next buyer.
manufacturers
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
organizational culture.
In _____ buying centers, all members of the team must reach a collective agreement that they can support a particular purchase.
consensus
In _____, the buyer is often the only member of the buying center involved in the process.
straight rebuys
What is the final stage in the business-to-business buying process?
Vendor performance assessment
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 ________.
derived demand
GE Healthcare knows that different participants fill different roles in B2B purchase decisions. Which of the following is not one of these roles?
Wholesaler
Stakeholders who fill different roles in the B2B buying process are collectively known as the _______.
buying center
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.
consensus
By tailoring different value propositions to different decision makers at the hospital, GE Healthcare’s sales representatives are filling which buying-center role?
Influencer
A hospital is which element in the B2B marketplace?
Institution
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?
Product specification
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 __________.
derived demand
The ___________ includes members of Hope Springs’s upper management team, Brian (the purchasing manager), and members of the accounts payable department.
buying center
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.
modified rebuy
_________ control the flow of information and/or access to the members of the buying center at Hope Springs.
Gatekeepers
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)
are allowed only twice per year.
The global entry strategy whereby goods are produced in one country and sold in another is known as
exporting.
As noted in your text, the complexity of a global distribution channel is determined by
how many firms a seller needs to deal with to get its merchandise to the customer.
Which BRIC country is one of the world’s fastest-growing markets and is home to one of the youngest populations in the world?
India
_____ involves a binding contractual agreement between two businesses whereby the marketing operations are tightly controlled and often standardized.
Franchising
Firms prefer to manufacture in a country that has _____ because it signals a greater opportunity to export products to more markets.
a trade surplus
Because the United States imports more goods than it exports, it operates under a(n)
trade deficit.
According to your text, which of the following is not one of the fundamental changes that have resulted in global markets?
Increased use of tariffs and embargoes by countries
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
a quota.
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.
tariffs
Although they do not directly invest in one another, independent firms entering into collaborative partnerships to expand globally are called
strategic alliances.
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.
joint venture
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?
Direct investment
Which of the following is the major trade agreement between the United States, Canada, and Mexico?
NAFTA
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.
gross domestic product
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?
Purchasing power parity
In the process of ______, companies initially develop products for niche or underdeveloped markets, and then expand them into their original or home markets.
reverse innovation
The measure of how much one currency is worth in relation to another is referred to as
the exchange rate
Which of the following accurately represents the countries that make up what is known as the BRIC countries?
Brazil, Russia, India, China
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?
Marketing to more rural populations is more costly than reaching urban areas.
_____ 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.
Gross national income
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?
Exporting
The processes by which goods, services, capital, people, information, and ideas flow across national borders are referred to as
globalization.
Which global entry strategy has the highest degree of risk?
Direct investment
Which of Hofstede’s cultural dimensions relates to a willingness to accept social inequality as natural?
Power distance
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.
communication strategies
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?
Infrastructure
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
cultural differences.
The global product strategy a firm chooses depends on
the needs of its target market.
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?
Trade agreements
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.
sociocultural
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’ ___________.
infrastructure
In assessing the market in the smaller, outlying cities, what would you recommend the automakers analyze?
Real income, Sociocultural factors,
Population growth rate,
Market size
The Chinese government limited sales of cars in larger cities. In other words, it implemented a(n) ______
quota
Which of the following has had a negative impact on the success of BMW in the Chinese luxury car market?
Attitudes and stereotypes
Audi originally entered a joint venture with Chinese automaker Yiqi. Which of the following is not an advantage of a joint venture?
Potential disagreements between the partners.
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?
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.
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
identifiable.
PRIZM and ESRI’s Tapestry are two of the most widely used tools for _______ segmentation.
geodemographic
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?
Responsive
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.
concentrated
_____ segmentation, the most common means to define segments, involves defining groups based on characteristics such as age, gender, income, and education.
Demographic
The positioning strategy can help communicate a brand’s _____, representing the unique value provided to customers.
value proposition
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
micromarketing.
______ segmentation delves into how consumers actually describe themselves.
Psychographic
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?
Establishing overall strategy or objectives
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.
mass marketing
Which step in the STP process develops descriptions of the different segments? (This helps firms better understand the customer profiles in each segment?)
Select segmentation method
When everyone might be considered a potential user of its product, a firm likely uses a(n) _____ targeting strategy.
undifferentiated
What is the first step marketers use to derive a perceptual map?
Determine consumers’ perceptions and evaluations of the product or service in relation to competitors’
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
cookies.
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.
psychographic
Behavioral segmentation based on when a product or service is purchased or consumed is called _____ segmentation.
occasion
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.
reachable
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?
Geographic
The _____ indicates where a particular market segment’s ideal product lies on the perceptual map.
ideal point
Market growth, market competitiveness, and market access are all important factors in analyzing if a segmentation strategy is
profitable.
Which of the following positioning approaches was the focus of Volvo’s objective to augment its safety image with better driving performance and excitement?
Positioning based on product attributes
During which step of the STP process do marketers ask whether the segment is identifiable, substantial, reachable, responsive, and profitable?
Evaluate segment attractiveness
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?
Micromarketing
Which of the following best describes the notion of market positioning?
The place the product occupies in consumers’ minds relative to competing products
_____ 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.
A perceptual map
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.
differentiated
The overriding desires that drive how people live their lives are called
self-values.
Which segmentation method is most closely related to providing value by satisfying customers’ needs and wants?
Benefit
General Motors targets several different market segments and designs separate automobile makes and models for each. This is an example of
differentiated marketing.
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?
Positioning based on symbolism
McDonald’s organizes its marketing team to align with its ________.
customer segments
In order to obtain the best results from its segmentation efforts, McDonald’s focuses on _______.
collecting information
McDonald’s develops position profiles based on which of the following methods?
Salient attributes
By appealing to the different needs/wants of various ethnic groups, McDonald’s is using ______ segmentation.
demographic
When evaluating the attractiveness of various segments, McDonald’s should consider _________.
profitability
The video mentions how Thermos considers “how you see yourself” when segmenting its market. In psychographic terms “how you see yourself” is called ______.
self-concept
Thermos develops different mugs and containers for different segments. Thermos is using a(n) _____ targeting strategy.
differentiated
In identifying market segments, Thermos combines geography, demographics, and lifestyle measures. This mixture of segmentation schemes is called ________.
geodemographics
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.
value proposition; positioning
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?
Reachable
The Cook and Carry, targeted to Epicureans, is cordless and easily portable. This is an example of ________.
benefit segmentation
The number of participants who discontinue use of a service, divided by the average number of total participants, yields a measurement called
churn.
Marketing researchers should collect information on consumers only for the purpose of
producing unbiased, factual information.
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
internal secondary data.
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
syndicated external data.
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.
observation
Which of the following forms of qualitative research is both time consuming and relatively expensive to administer?
In-depth interviews
Which of the following is not a disadvantage of using secondary research data?
The process is costly and time-consuming.
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?
Designing the research
Data gathered from trade journals, the Census Bureau, and specialized research firms is considered to be _____ data.
secondary
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?
Neuromarketing
_____ involves a type of quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on other variables.
Experimental research
Which of the following is the most popular type of quantitative primary collection method?
Survey research
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
marketing research.
What is the first step in the marketing research process?
Defining the objectives and research needs
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.
biometric
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.
focus group interviews
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
data mining.
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 _____.
product; person or household
Qualitative research includes all of the following except
scanner data.
One of the primary purposes of the analyzing data and developing insights step of the marketing research process is to turn data into
information
Which of the following agencies serves as a watchdog over the data mining of consumer information?
Electronic Privacy Information Center
_____ is the third step in the marketing research process, and it begins only after the research design has been established.
Collecting the data
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?
Unstructured 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
sentiment mining.
When General Motors purchases information about quality and customer satisfaction research from J. D. Power and Associates, it is acquiring a form of
syndicated external data.
Which organization provides the three guidelines that marketers should use for conducting marketing research?
American Marketing Association
______ is the use of a variety of statistical analysis tools in marketing research to uncover previously unknown patterns in data or relationships among variables.
Data mining
Information that has been collected prior to the start of the research project is called _____ data.
secondary
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.
external secondary data
A survey question for which a discrete set of response alternatives or specific answers is provided for respondents is a type of _______ question.
structured
When a firm like Dunkin’ Donuts conducts marketing research, what should its first step be?
Identify research objectives
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?
Survey
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?
Panel data
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?
Experiment
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?
Internal secondary data

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