BUAD301 Exam 1 - Quiz Questions

Which of the following trends identified in an environmental scan is a regulatory trend?

Health consciousness will lead to more public and private smoke-free area laws.

The marketing mix consists of which four areas?

Product, Price, Place, Promotion

According to the American Marketing Association, what is the definition of marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Initially making a low offer in order to get a bargain on a second-hand item is an example of the ________.

anchoring effect

A modified rebuy would be most likely when a:

car producer is developing a sportier car that will require wider tires.

Suppose that you notice that the tread on your car tires is dangerously low and you decide that you need to purchase a new set of tires for your own safety. The list of brand names that you consider before making this purchase is known as your ________.

consideration set

More magazine is a publication designed to appeal to women aged 40 and over. Demand for such magazines is an example of how changing __________ characteristics impact the marketing environment. Correct!

demographic

Jane goes to buy a laptop. There are 53 available models in the world. Jane has heard of 12 of these models, of which she is considering buying 4 models. In this example, what is the number 12 referred to as?

evoked set

I am considering buying a new SUV like the Subaru Outback. Another SUV that would not likely compete head-to-head like the Porsche Cayenne, which is at a significantly higher price point, best represents which type of competition?

industry

If the consumer's drive is strong and a satisfying product is near at hand, the consumer is likely to buy it then. If not, the consumer may store the need in memory or undertake a(n) ________.

information search

Elizabeth Sands has decided to purchase a new electric blender and plans to call several friends for updated information about alternative brands. She is not concerned about where she buys it as long as she receives a very liberal return policy should anything go wrong. In making her decision, Elizabeth will engage in which of the following problem solving variations?

limited problem solving

A group of business organizations that have needs for printers for their R&D engineers and who have the ability and authority to purchase these printers is called a(n) _______.

market

College students have never been seen as a strong segment of the market for Home Depot. In effort to better meet the needs of this segment, Home Depot is advertising in the student newspaper website. Reaching this additional segment is best described as:

market development

Philadelphia-based Tasty Baking Company (TBC) has sold its TastyKake snacks since 1914 within Pennsylvania and adjoining states. Recently, it started distributing its products extensively within the southeastern United States. TBC has embarked on which of the following strategies?

market development strategy

According to Ansoff's matrix (Market Product Grid), attempting to grow sales of existing products in existing markets is known as _________.

market penetration

When Coca-Cola Co. sells about 42% of the U.S. volume in soft drinks, this is called Coca Cola's _________

market share

A software company has updated its logo. It now needs to order new letterhead and business cards. This purchase would be a _______

modified rebuy

Which of the following is an example of brand competition?

mountain dew vs. sprite

If a radio station holds an online contest in which you must log in to their website and submit personal details such as name, phone number, and email in order to participate, the radio station is

offering an exchange

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

place

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes used in the old-fashioned cookies the company produces and markets. This statement deals with which part of the marketing mix?

product

According the BCG growth-share matrix, which of the following would be most likely to possess a low market share and a high growth rate?

question mark/problem child

Malcolm buys overrun clothing from factories around the South. He sells the clothes to discount retailers. Malcolm is a __________.

reseller

An ad for Conesco's life insurance asks the question, "How do you plan on supporting your family after you pass away?" The ad shows a tombstone with a sign that offers the face of the stone as ad space. The ad is intended to appeal to which of the hierarchy of needs?

safety needs

When a manager seeks out additional job training so that he or she can grow professionally, this is an example of which need in Maslow's hierarchy of needs?

self actualization

Market offering that is essentially intangible is called _________

service

MySpace.com is a social network that is targeted primarily to people under the age of 25 years old. In 2005, when MySpace was the leading social network, News Corp, owner of The Wall Street Journal and Fox News, bought the firm for $580 million. Since then, its membership has declined precipitously due to changing consumer preferences. As a result, News Corp. sold MySpace to a group of investors for a paltry $38 million in mid-2011. This is an example of how __________ forces impact the marketing environment.

social

A farmhand would like to buy a scooter to commute to his job at a nearby ranch. He lives in a remote area where he does not come across ads for scooters. He doesn't know how to find a dealer, and doesn't have Internet access. Which of the following reasons explain why marketing fails to occur here?

there is no way for the buyer and seller to communicate with each other

Four factors are required for marketing to occur: (1) __________; (2) a desire and ability on their part to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange.

two or more parties (individuals or organizations) with unsatisfied needs

Which of the following is the first question that needs to be answered in the marketing planning process?

where are we now?