exam 4 intro to business

A technology company is conducting market research to determine what customers think about its new product line. Which statement is the best example of how this company can use primary data to gauge customer opinions and interest in its products?

It can conduct an online survey about its products.

Which statement is true of the exchange relationship between businesses?

It is a voluntary relationship.

Chandi & Lana, a clothing retail company, wants to collect secondary data on the buying behavior of teenage customers in its new geographic market. Which action will Chandi & Lana most likely take in order to obtain this data?

It will use data compiled by databases created by marketing research firms within the new geographic market.

Which activity is one of the major intellectual property problems?

sharing someone else's software

Bikram, a graphic designer, decides that it is time to replace his old desktop computer with a new laptop computer. Before going to buy a new laptop, he does online research to determine which brand will work best for graphic design projects, as well as gaming, which is his hobby. After he compares several types of laptops, considering price, product features, quality, style, and service, he finally goes to the store to purchase his new laptop. In this scenario, the laptop is a(n) ________blank product.

shopping

The ________blank forces of the marketing environment refer to the public's opinions and attitudes toward issues such as living standards, ethics, the environment, lifestyles, and quality of life.

social

A hotel chain wants to expand their use of mobile marketing. What is one mobile marketing use they could implement?

Enable guests to book reservations or services through an app.

Which scenario is the best example of how a photo-sharing site can be used to promote a company's brand?

Jo-Ann Fabrics creates a Pinterest board featuring pictures from users that show how products purchased from the company can be used in creative ways.

Which statement is true of digital media?

New businesses are evolving that would not exist without digital media.

Maisie is a marketer for a home decorations company, and she has decided to use Pinterest in their marketing strategy. What should Maisie do to make Pinterest an effective marketing tool for their company?

Post images that convey a certain emotion that represents the brand.

Niran is a fitness enthusiastic whois looking for opportunities to showcase his talents in hopes of is transitioning into being an amateur entrepreneur. What might Niran consider doing?

Post videos on digital media sites.

Minah owns a local salon. Some of her former clients have started blogs, making negative comments about her salon. What would be an effective way for Minah to respond to this negative feedback?

She should start her own blog to answer consumer concerns and defend her company's reputation.

Which statement is true of privacy in the context of internet marketing?

Shopping on the internet allows businesses to track consumers on a personal level.

Which statement regarding the packaging and labeling of products is TRUE?

The content of labeling, often required by law, may include ingredients or content, nutrition facts, and care instructions.

Which statement is true of Wikipedia?

To stop vandalism, Wikipedia had to make some topics off-limits and editable only by a small group of experts.

What is a difference between digital media and conventional marketing techniques?

Unlike conventional marketing techniques, digital media help marketers utilize new resources in seeking out and communicating with customers.

While customer satisfaction is the main goal of the marketing concept, it is also important that a business achieve its own objectives. Which is an example of a business objective achieved by the marketing concept?

achieving a certain percentage of market share

In the context of the characteristics of digital marketing, control is defined as

a customer's ability to regulate the information they view as well as the rate and exposure to that information.

An insurance company customizes its marketing strategies to meet the needs of different customer groups. For its soon-to-be-retired customers, it advertises insurance products as a means to a financially secure and comfortable retirement. For customers aged 25 to 50 years, it promotes the same products as a means to a bright academic future for their children. Which market segment approach is best illustrated in this scenario?

a multisegment approach

Business products such as computers, calculators, and hand tools are examples of

accessory equipment.

An online electronics store installs cookies on users' computers that allow the store to identify a customer when he or she returns to the company's website. Which characteristic of digital marketing does this represent?

addressability

Alec is traveling for work. Since he is in a different city and unaware of his surroundings, he is not sure where he should go to eat. To combat this issue, Alec downloads a software program on his phone that shows him the closest restaurants in town, while also giving him discount coupons. This software program is called

an app.

An online jewelry online store must consider some of the same things as traditional marketers when selling its products. What is something this store must do to market its products?

anticipate consumer needs and preferences

In the context of mobile marketing, ________blank are released by businesses to help consumers access more information about their company or to provide incentives.

apps

Edie books an appointment at a hair salon to get a haircut, color, and a blow dry. When it is time for her appointment, she shows up at the salon and receives these services from a stylist. This scenario illustrates that services

are usually distributed through direct marketing channels.

A beverage company produces a variety of sodas and sparkling water drinks. This company uses intensive distribution because

availability is important to its customers.

A gourmet food company has developed its marketing strategy according to three market segments. It has different pricing and packaging strategies for consumers who buy regularly, for those who consume mainly on certain festive occasions, and for those who buy its products rarely and are willing to spend large amounts. Which basis for market segmentation is the gourmet food company primarily using in this scenario?

behavioristic characteristics

More than half of all ________blank products are sold through producer-to-consumer marketing channels.

business

The external forces comprising the marketing environment

can change quickly and dramatically and, therefore require creativity and consumer focus on the part of marketers.

When a company gears up for full-scale production, distribution, and promotion of a new product, it is in the ________blank step of the product development process

commercialization

An auto manufacturer is analyzing the purchasing power, inflation rate, per capita income, and level of disposable income in the country of Bolivia. Based on this analysis, the company will decide whether to market its products there. Which external force in the marketing environment is the auto manufacturer focusing on in this scenario?

competitive and economic forces

A health food company produces yogurt combined with added ingredients, such as nuts, fruit, and chocolate chips. The company encourages its customers to share their ideas for new yogurtflavors and items to mix into the product on its website. Then, it allows users to vote on which flavor combination they like best in order to determine the combinations the company will produce. Which digital marketing characteristic does this scenario best describe?

connectivity

Elayne is a big fan of a local coffee shop. She shows her admiration for the company by clicking on the "Like" icon on the company's Facebook page. Which type of marketing is depicted in this scenario?

consumer-generated marketing

A company wants to monitor the number of customers who sign up for its e-mail newsletter. What Google Analytics metric would accomplish this task?

conversions

An online store that sells fashion accessories stores an identifying string of text on users' computers when they visit its website. This allows the company to track how often a user visits the site, what he or she looks at while there, and in what sequence. It also allows website visitors to customize their shopping carts and what they see when they log onto the website. The information the company's website is storing is called a(n)

cookie.

The practice of phishing involves con artists

counterfeiting a well-known website and sending out e-mails directing internet users to it.

Eloni, a marketing manager, wants to find out what kind of products customers like and how they feel about his company. To gather input from customers, he tries to engage them through online contests on social networking sites. These contests ask customers to come up with new taglines for the company or suggest product improvements. In this scenario, Eloni is engaging in

crowdsourcing.

Sarai has her own online stationery business, creating greeting cards, thank-you cards, and invitations. When she makes several new designs, she posts them on her website and asks all customers who visit the site to vote on the ones they like best. She also posts a blank card template and invites her customers to create their own designs. Based on customer feedback and designs, she decides which cards to produce and sell. This scenario best describes

crowdsourcing.

Anh recently moved to the United States from Vietnam. She moved to an urban area and in her first week there, Anh found a Vietnamese market where she can buy all her groceries to continue enjoying foods that she has been eating her entire life. Which social variable of buying behavior does this scenario best illustrate?

culture

In the context of the characteristics of digital marketing, interactivity is defined as the ability of

customers to express their needs and wants directly to a firm in response to its marketing communications.

A company that produces hair care products, recognizes that different groups of people have different hair textures and thus need different products. As a result, it has separate lines of shampoo, conditioner, and hair styling products for its African American, Caucasian, and Hispanic customers. In this scenario, which variable is the company using to segment markets?

demographic

If a consumer purchases a mobile phone from an online store, it is an example of ________blank marketing.

digital

Face-to-face sales presentations to consumers that often take place in the consumer's home is the nonstore retailing form known as

direct selling.

A company is determining the best way to get its products to its customers. The management is comparing the transporting, warehousing, and materials handling aspects of selling its products in retail stores, company-owned stores, and franchise outlets. This company is primarily focusing on which aspect of the marketing mix?

distribution

A business that uses the internet to carry out its goals is engaged in

e-business.

What pricing strategy is being used if a retailer sells T-shirts for $9.99 instead of $10.00?

even/odd pricing

Kylie and Aelem are getting married in two months. They pay the company, Weddings by Shayne, to coordinate and plan their wedding. In the context of marketing, this scenario best illustrates a(n)

exchange.

The Appliance Warehouse realizes that many of its customers purchase several appliances at one time and may not have immediate cash to pay for the purchase. Therefore, The Appliance Warehouse offers credit services where customers can pay for their purchase over time. It entices customers to shop at its store by offering "no money down" or "interest-free" options. This relates to the ________blank function of marketing.

financing

The focus of a company that uses a market orientation is to

gather information about customer needs.

A product with no brand name that often comes in plain simple packages is referred to as a(n)

generic product.

A large technology company creates a new division to focus exclusively on a new type of computer technology. They call the brand for this new divisionRobotech, and they create a distinctive design of a robot to put on all the products. If they want to keep any other companies from using this brand name or brand mark, they should

get a trademark and register it with the U.S. Patent and Trademark Office

A manufacturer of bed sheets labels and categorizes the sheets before distributing them to its retail outlets. The labels are based on the durability and softness of the sheets. The label "Good" is for sheets that have a thread count of 200-300 and are made of upland cotton. The "Better" label is for sheets that have a thread count of 300-500 and are made of Supima cotton. The "Best" label is for sheets with a thread count of 500-800 and are made of Egyptian cotton. Which function of marketing is best illustrated in this scenario?

grading

A manufacturer of electronics for environmentally conscious buyers has recently launched an online crowdsourcing campaign that invites consumers to come up with any one product idea that is feasible and has good market potential. Which step of the product development process is indicated in this scenario?

idea development

Koa designs and produces handmade jewelry, which she sells on her website. She encourages customers to contact her with questions or comments on her jewelry. She even allows customers to request changes to some of her jewelry, so they can customize pieces to fit their individual styles. Which characteristic of digital marketing does this scenario best describe?

interactivity

Wholesalers and retailers are

intermediary organizations.

In the context of evolution of the marketing concept, top executives, marketing managers, nonmarketing managers, and customers all become mutually dependent and cooperate in developing and carrying out a ________blank orientation.

market

A beverage company is facing stiff competition from other companies in the industry. As a result, it has increased its marketing expenditure by a significant amount in order to revitalize sales. In the context of the life cycle of a product, this company is most likely to be in the ________blank stage.

maturity

To develop communication and exchanges with customers, digital marketing uses all digital media, including

mobile and interactive channels.

Enok Entertainment is a popular video game manufacturer. It has recently launched a special line of adventure video games, based on a popular movie character, exclusively for its young customers between the ages of 7 and 12. In this scenario, which market segmentation approach would Tanner Entertainment most likely use?

niche marketing

Which item is an example of supplies that make production, management, and other operations possible?

paper

Google Wallet and Apple Pay are mobile apps that allow consumers to

pay for purchases.

An audio technology company is releasing a range of headphones, earphones, and acoustic devices for music enthusiasts in a new market. To enter the market and gain market share rapidly, the company slashes the prices of its products and markets its products aggressively. In this scenario, which pricing strategy is the company using?

penetration pricing

Which element of the promotion mix is the most flexible because it gives marketers the best opportunity to communicate specific information that might prompt a consumer to make a purchase?

personal selling

In the context of psychological variables of buying behavior, ________blank refers to the organization of an individual's distinguishing character traits, attitudes, or habits.

personality

Dane hosts a radio talk show. Every morning, he records his show and posts the audio file on the internet. His users can subscribe to have these recordings automatically delivered to their smartphones or computers daily. This helps him reach a larger audience of people who can listen to his radio show throughout the day, wherever they are. Which form of digital media does this scenario best describe?

podcasts

Although the seller usually establishes the ________blank, it may be negotiated between the buyer and the seller.

price

An automobile company has developed a new car model with the best fuel efficiency on the market, innovative navigation technology that takes traffic and road conditions into account, extensive safety features, and luxurious style to attract more customers. Since this car offers so many features that customers are willing to pay for, the company decides to charge the highest possible price that buyers who want the product will pay. The pricing strategy used in this scenario is

price skimming.

Brands owned and controlled by a wholesaler or retailer are referred to as

private distributor brands.

A cleaning company is in the process of developing a new product, and they just completed the business analysis step. Which step should they perform next?

product development

In the context of product relationships, a ________blank is a group of closely related products that are treated as a unit because of a similar marketing strategy.

product line

Advertising, personal selling, publicity, and sales promotion are collectively known as the

promotion mix.

Before releasing a new alcoholic coffee product, Extreme Coffee offers free samples to customers at several liquor stores and bars across the country. Customers enjoy these samples so much that once the product is released, they request it from their favorite liquor stores and bars. This scenario best illustrates the use of a ________blank strategy.

pull

Cosmetics by Clara has its own store that carries its own makeup brand, as well as makeup from international companies. It has strategically priced its makeup lower than the pricing of the makeup from the international companies. The store places its own makeup toward the front of the store, so customers see it first and think about the lower pricing as they look at the international companies' products throughout the rest of the store. This scenario best describes the pricing strategy known as

reference pricing.

In the context of a market orientation, it is more efficient and less expensive for an organization to

retain existing customers.

A company that produces and distributes organic vegetables for grocery stores wants to market its vegetables in such a way that children will want to buy them. To accomplish this, the company creates an advertising campaign that features children dressed up in vegetable costumes attending a Halloween party and eating vegetables and dips as a snack. The company also packages cut up vegetables in grab-and-go containers in fun shapes and colorful designs to attract children's attention in the grocery store. Which marketing function does this scenario most closely describe?

selling

When Ilona's favorite band posts its upcoming tour schedule, Ilona notices that the closest venue is five hours away from her. She buys a ticket anyway and books a hotel room for the night of the concert. In this scenario, the concert ticket is a(n) ________blank product.

specialty

Which variable is used as a basis for geographic segmentation of markets?

subcultural values

Which process involves connecting and integrating all members of the distribution system in order to create long-term partnerships among channel members?

supply chain management

Alina is responsible for coordinating processes that ensure her company's products move smoothly through purchasing, operations, and logistics. Alina is in charge of

supply chain management.

A perfume company has recently introduced a new perfume. It is priced quite high as the company wants to position the perfume as one of high quality. Even though it is expensive, the perfume is in high demand by consumers who are loyal to this brand. In this case, which pricing strategy is the company using?

symbolic/prestige pricing

Fantasia's Fashion Incorporated is an apparel company that manufactures and sells clothes and accessories for girls aged 9 to 12 years. In this case, girls aged 9 to 12 years are Fantasia's Fashion Incorporated's

target market.

Jemez Foods is developing a new line of fruit-flavored salsas. It hires a firm to give away samples of salsa to customers and gather feedback on their perceptions of the product. Three different products will be given away in three specific markets: peach salsa in Georgia, cherry salsa in Michigan, and orange salsa in Florida. Which step of the product development process does this scenario best describe?

test marketing

Which organization sets rules for online marketing to help maintain the credibility of the internet as an advertising medium?

the U.S. Federal Trade Commission

What should a business view as the ultimate measure of work performance to successfully implement the marketing concept?

the customer's perception of value

Ken oversees distribution for his company, and he's considering eliminating the wholesaler from its distribution process. If Ken eliminates the wholesaler,

the functions of the wholesaler will have to be passed on to another entity.

A food delivery company knows that people increasingly have less time to grocery shop and prepare meals. To help them in this regard, the company created a website where its customers can order a complete, nutritious meal and have it delivered to their homes at a time that is convenient for them. By creating this new model of food delivery, the company is satisfying its customers' needs and also achieving its own goal of making a profit. This exemplifies

the marketing concept.

In the evolution of the marketing concept, those who adopted the sales orientation perspective believed that

the most important marketing activities were personal selling and advertising.

A soap company tries to appeal to everyone and assumes that all buyers have similar needs and wants when it comes to their bath soaps. Because everyone is a potential consumer of its product, which approach might this company take to marketing?

the total-market approach

In the context of publicity as an element of the promotion mix, ________blank describes the concept of getting internet users to share ads and promotions to others.

viral marketing

Jiang is performing market research to learn about his company's customers. He combines sight, sound, and animation to conduct online testing of concepts. Jiang is using

virtual testing.