BUS 346 Final

If the fixed costs of manufacturing a new cell phone are $10,000, the sales price is $60, and variable cost per unit is $20, the break-even point is

250 units

__________ refers to a potential customer's ability to recall that the brand name is a particular type of retailer, product, or service.

Brand awareness

Which of these is not one of the BRIC countries?

Bulgaria

When Val sees the RFP issued by one of his customers, he is concerned that the company has changed its specifications since it placed a previous order with him. His company's products do not meet the new specifications. In this situation, being the current vendor

D will probably not be an advantage in getting the new order.

__________ attributes are product or service features that are important to buyers and that are used to differentiate among choices.

Determinant

Which of the BRIC countries has one of the youngest populations in the world and is increasingly adopting global attitudes?

India

How might a technology company like Apple ensure that it behaves in a socially responsible way toward its customers?

It can protect the privacy of personal information collected on its website

__________ pricing tactics lower the price of a product below the store's cost.

Loss leader

__________ fairness refers to the perceived fairness of the process with which a firm handles customer complaints.

Procedural

__________ involves the planning, direction, and control of personal selling activities, including recruitment, selection, training, motivation, compensation, and evaluation of members of the sales force.

Sales management

Ford Motor Company decided to sell the Fiesta around the globe. Which of the following would be an example of globalization of the Fiesta?

The same product design and features in all countries, with variations in the promotional campaigns country by country

What is the problem associated with service quality standards such as "be nice" or "do what the customers want"?

They are not specific

What is a microblog?

a blog service that supports only short posts

After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, __________ should engage in brainstorming and evaluating alternatives.

all parties relevant to the decision

To determine the market potential for its particular product or service, a firm should use

as many metrics as it can obtain

When Leanne gave her presentation to the BigDeal buying center team, she focused on answering Beverly's questions, since she is the decision maker. What type of buying center does BigDeal employ?

autocratic

The goals of IMC need to

be explicit and measurable

The point at which the number of units sold generates enough revenue to equal the total costs of running an operation is known as the

break-even point

Gwen recognizes that one of her roles as a company sales rep is to be the firm's frontline emissary. As such, she strives to

build long-term relationships with customers

How does your text describe how social media firms help marketers connect with their customers?

by helping build connections between customers and firms

Which of the following is not one of Hofstede's cultural dimensions?

certainty assurance

Elena is the CEO of a small manufacturing firm. She is concerned with meeting the investment objectives of the firm's shareholders and sees no value in corporate social responsibility. Elena's attitude is

consistent with the views of other critics of corporate social responsibility

Denny is considering the question, "Did our actions have a negative impact on any stakeholder group?" Denny is addressing marketing ethical issues in the __________ phase of the strategic marketing planning process.

control

Every year, General Mills issues a report discussing how the firm has performed against its own standards of ethical conduct. This report is part of General Mills' __________ phase of its strategic marketing planning process.

control

When integrating ethics into a marketing strategy, a key task is to ensure all potential ethical issues have been addressed and that all employees of the firm have acted ethically. This action would take place during which stage of the strategic marketing planning process?

control phase

__________ are a measure that indicates what percentage of potential customers act as the marketer hopes, either by clicking, buying, or donating.

conversion rates

A __________ can be used to create positive word of mouth, help customers form a community, and develop long-term relationships between customers and the company.

corporate blog

Cory is working on a global marketing assessment team looking out well into the future to help determine the most attractive market areas around the world. He is evaluating market sizes and growth rates. Based on population growth rates in different regions, he should consider that

countries with high purchasing power today may not continue to show the same growth in the future

After exchanging greetings and getting to know the customer a bit in an initial sales call, the first goal of a sales presentation is to

create interest

In the movie Field of Dreams, one of the memorable phrases is, "If you build it, he will come." The AIDA model would suggest that after marketers "build" a product or service and create awareness among consumers, they need to

create interest among consumers, persuading them to investigate further

Marketers can take advantage of the variable nature of services by

customizing services to meet customers' needs

If you ever watched a television commercial and at the end of the message wondered what was being promoted, you may had trouble __________ the IMC message.

decoding

Sales of electric components manufactured by Rick's company depend on sales of new cars. Rick's company faces __________ demand.

derived

Bhakti was recently promoted to a sales management position. She had been an effective representative, but her strengths and educational background were in management. She was about to begin her first salesperson recruitment campaign. The most important thing Bhakti can do to ensure that she recruits the right people is to

determine exactly what the salesperson will be doing and what traits and abilities job candidates will need to succeed

Brands can be extremely valuable domestically, but challenging internationally. Companies can help overcome language difficulties in using brands by

developing brand names that have no preexisting meaning in any known language

NCD Company wants to expand into the Mexican market. It has the financial resources, wants to control business operations, and had considerable success marketing to Hispanics in the United States. NCD will likely use __________ to expand into the Mexican market.

direct investment

While waiting in line to make a purchase at Best Buy, Joanie sees signs reminding her to visit the company's website for online specials and to sign up on her smartphone for the Best Buy Loyalty Rewards Program. Other signs remind her that Best Buy will match competitors' prices on any item they sell. This is an example of which of the 4E framework objectives?

educate

Gene's Complete Cameras offers its customers an interactive website to help them choose the best camera for their lifestyle. But the site's most-used feature is its user blog in which customers—both satisfied and unsatisfied—talk about products they have purchased and the service received at Gene's. The user blog best describes which of the 4E frameworks for the store's customers?

engage

Marketers particularly want their brands and products to be in consumers' __________ sets.

evoked

Unlike a firm's mission statement or employee handbook, a firm's organizational culture often

exists as a set of unspoken guidelines

Mary wants to sell her products in Europe, since they are doing well in the United States. She does not have a lot of capital and is risk-averse, so she most likely would choose to begin with

exporting her products

When entering into a franchise agreement, what term is used to refer to the firm that is granted the right to operate a business using the franchise name and business concept?

franchise

Even the best marketing communication can be wasted if the sender does not first

gain the attention of the consumer

As marketing manager for a newly created software company, Katrina is deciding whether or not to hire a company sales force. To make this decision, Katrina needs to consider whether or not

having a sales force is worth more than it costs

Which of the following is the most logical example of complementary products?

hot dogs and hot dog buns

Garrett has just purchased a beer distributorship. He wants to increase the visibility of his firm in local markets, but he knows there are a number of regulations and socially accepted practices associated with promoting alcoholic beverages. According to the framework for ethical decision making, the first thing Garrett should do is to

identify issues that need to be addressed

Lamar is assessing the long-term effectiveness of his firm's IMC efforts. He will probably analyze the firm's success in

increasing market share, sales, and customer loyalty

At many universities, education faculty members were among the first to ask for personal computers. These faculty members were __________ in the buying center.

initiators

Rob was complaining to another member of the lawn crew, "I don't know how they expect me to do an adequate job. The mower doesn't work right, the trimmers are so dull they don't cut anything, and the rest of the equipment is so old we can't get parts." Rob's company lacks the __________ workers need to be able to do a good job.

instrumental support

Ryan believes he is responsible for his actions, and he will conduct extensive searches before making a purchase. Michael's favorite phrase, when confronted by the need to make a decision, is "Whatever." In marketing terms, Ryan is said to have a(n) __________ and Michael, a(n) __________.

internal locus of control; external locus of control

Carlos owns a chain of retail electronic stores. He is evaluating how he allocates his firm's IMC budget. He receives offers from a variety of advertising media, spends money on his firm's public relations efforts, and is considering electronic media alternatives. Carl must recognize that each IMC alternative

is part of the whole

Jackson manages an upscale French restaurant in the Washington, DC, area. His restaurant offers a few specials each evening in addition to its regular menu. Jackson has trained his servers to report comments and requests for items that have previously been offered only as specials. Jackson uses this information to reduce the __________ gap in services marketing.

knowledge

Studies have found that customers are typically ready to make a purchase decision well before salespeople attempt to close the sale. Salespeople can learn when to close the sale by

listening to customers and paying attention to their body language

The execution style of an advertising message must

match the medium and the objectives

Instagram is an example of which type of social media site?

media sharing

Marketers rely on three types of social media: social networking sites, thought-sharing sites, and

media-sharing sites

A(n) __________ situation in B2B marketing is similar to limited decision making in the B2C process.

modified rebuy

If a firm in a purely competitive market can differentiate its product or service, it becomes part of a(n) _______ market.

monopolistic competition

In a market with _______ there are many firms providing differentiated products.

monopolistic competition

In which buying situation is the buyer most likely to proceed through all six steps in the buying process?

new buy

Jenny was feeling frustrated. "What's taking them so long to make a decision? It's been weeks since I first met with them, and they all seem interested in the product. I've also jumped through all their paperwork hoops." Jenny is likely selling to a firm in which kind of buying situation?

new buy

When using the objective-and-task method of IMC budgeting for multiple products and services, how often must the process be repeated?

once, for each individual product and service

Every year before he puts his boat in the water, James has his mechanic put a new battery in the boat. James is most likely concerned with __________ risk.

performance

Barak is considering buying a hybrid car, but he's not sure that he believes the gas mileage estimates. Barak is concerned about

performance risk

Campbell's soup Company ran a series of radio ads tied to local weather forecasts. Before an impending storm, the ads said "Time to stock up on Campbell's soup." During the storm, the ads said, "Stay home and stay warm with Campbell's soup." The first ad was __________ advertising, whereas the second ad was __________ advertising.

persuasive; reminder

Marketers that include ethical statements in the firm's mission or vision statements are introducing ethics at which stage of the strategic marketing planning process?

planning phase

Barry customizes Harley-Davidson motorcycles. No two cycles are alike. He notices that very few customers even ask the price of his motorcycles before they decide to purchase them. Demand for his motorcycles is probably

price inelastic

Because there are only a few firms in markets with oligopolistic competition,

price wars may occur

Which of the following details is(are) included in the order specification stage of the B2B buying process?

prices and delivery dates

Service providers often encounter rude and unreasonable consumers. Services marketing managers can reduce the delivery gap, even for these customers, by

providing support and incentives for their employees

Upscale men's and women's clothing stores, like Nordstrom, Neiman Marcus, or Saks Fifth Avenue, are more likely to appeal to consumers' __________ needs.

psychological

A firm that places an emphasis on developing and maintaining positive relationships with the media is focusing on a(n) ________ strategy.

public relations

Kyle is preparing for an important sales presentation. He knows that customers are more likely to ___________ during his presentation than during other stages of the selling process.

raise objections

Rock-Bend Company is considering buying out a competing firm and closing most of the competitor's factories. The firm has identified the various stakeholders and their issues and gathered the available data. Everyone with an interest in the issue has engaged in brainstorming and evaluating alternatives. Management reviewed and refined the alternatives, and then chose a course of action. If the managers are not confident about the decision, they should

reexamine their alternatives

Many Hollywood movie stars were among the first to buy electric and hybrid vehicles. These stars often become __________, influencing other consumers' behavior.

reference groups

Each year in December, Anheuser-Busch runs television ads featuring the Clydesdale horses pulling a stagecoach with an Anheuser-Busch logo. The message is low-key, wishing everyone well during the holiday season. This is an example of _________ advertising.

reminder

The process through which organizations invite alternative vendors or suppliers to bid on supplying their required components or specifications is formally referred to as

request for proposals

What type of B2B organization is a retail store such as T.J.Maxx?

reseller

Unlike manufacturers, __________ buy products from other businesses but do not significantly alter the form of the products they buy before selling them.

resellers

When Magda decided to buy a new computer, she considered all the brands she could recall seeing advertised. This represents Magda's __________ set.

retrieval

From a marketing perspective, what role is played by professional bloggers?

reviewing and giving product recommendations

When Barbara realized she didn't have all of the technical information she needed to answer the customer's questions, she made a call to her office. Who would be most likely to provide appropriate assistance?

sales support personnel

Frieda has just received a major order from Northrop Corporation for her firm's hydraulic lift equipment. After reviewing the order information, Frieda will

send an acknowledgment that the order has been received

The first step in the process of creating a social media campaign is to

set goals

"Black Friday," as the day after Thanksgiving has come to be known in the United States, is a day marked by many special deals in most retail stores, including deep-discounted products available in limited quantities, called "doorbusters," which are designed to get shoppers into the store. But one danger of running out of the doorbuster deals is that a shopper may become angry or discouraged at failing to get the special item and decide not to do any more shopping. This is an example of the impact of __________ on the consumer decision process.

setting high expectations

Regina just bought a gourmet bagel store. She is working with a freelance graphic artist who is designing her logo and print advertisements. Regina is spending days looking over the various designs and color options. She needs to remember that the creative aspect of advertising design

should not overshadow the message

A process called _______ enables customers to scan a product in a store and instantly compare the prices online to see whether a better deal is available.

showrooming

André was afraid his new condominium would look shabby to his future in-laws, so he had it painted just before their visit. André was addressing his __________ risk.

social

When developing an advertising message, the message should focus on

solving problems for consumers

Training service providers to know exactly what a "good job" entails is setting service

standards

Gerald's Tire Service provides each employee with a clean, sharp-looking uniform. It also instructs employees to put all tools back where they belong and keep the work area clean and uncluttered. Gerald's Tire Service emphasizes __________ in the five service quality dimensions.

tangibles

Monique was looking for a venue for her wedding reception. When she visited one potential location, she noticed that the landscaping was not complete, and there was stained carpet in the lobby. Which of the service quality building blocks caused Monique to select an alternative venue?

tangibles

Unlike product, promotion, or place, price is the only part of the marketing mix

that generates revenue

When auditing expenses claimed by the university president, the auditors found extravagant spending on $1,000 per night hotels, banquets, and gourmet restaurants. The president was fired, alumni donations declined, and staff members—who were disturbed by the extravagance while staff salaries were frozen—quit their jobs. This example illustrates

that the impact of unethical actions can affect the organization in unanticipated ways

Before approaching a potentially major B2B customer, a salesperson will usually

try to find out everything possible about the firm and its needs

Labor, materials, and energy are typically __________ costs.

variable

Bank of America uses a complex polling system coupled with a customer response measurement system to assess consumers' responses to new products and services. Bank of America is using a(n) __________ program to improve service quality and service offerings.

voice-of-customer

B2B partners often connect to each other on the Internet through special __________ designed to facilitate information exchanges and transactions.

web portals

Brandon is in the process of qualifying leads he received from corporate headquarters. Brandon will assess

whether or not it is worthwhile to pursue these potential customers

A __________ is a type of reseller, a business that buys from other businesses but does not significantly alter the form of the products it buys.

wholesaler