MAR 3023 Exam 2 Study Tool

Place the steps of the B2B buying process in order by placing the FIRST step at the top of the list and the LAST step at the bottom of the list.

1. Need recognition 2 Product specification 3 RFP process 4 Proposal analysis and supplier selection 5 Order specification 6 Vendor/performance assessment using metrics

Direct investment requires a firm to maintain ______ ownership of its facilities, offices, and plants in a foreign country.

100%

Infrastructure includes basic facilities, services, and installations needed for a community or society to function, including all EXCEPT which of the following?

A culture that accepts innovation

Which of the following are factors that have contributed to Brazil's economic growth in the 21st century?

An increase in the literate population Social programs that have expanded the middle class

When a firm enters into a joint venture agreement with a local firm, the two investors will then share which of the following?

Any profit gained Control of business operations Ownership of the firm

When Hertz Rent a Car decides to expand its fleet, several companies as well as consumers will be involved. Financial services will be provided by banks, and the actual fleet of cars will come from auto manufacturers. Hertz will rent the cars to consumers. In this scenario, which of the following are involved in B2B marketing?

Banks, financing Hertz's car purchases Auto manufacturers, selling cars to Hertz

Which of the following is an example of a visible artifact of culture?

Ceremonies

Which of the following is NOT a step in the formal business-to-business buying process?

Commercialization

Which of the following are roles within a buying center?

Decider Initiator User

High buyer involvement is likely to lead to what kind of problem solving?

Extended problem solving

True or false: The consumer decision process starts with need recognition and ends with the purchase itself.

False

Why is global segmentation, targeting, and positioning (STP) more complicated than domestic STP?

Firms struggle to understand the cultural nuances of other countries. Foreign consumers view products and their roles as consumers differently.

What is a major economic factor a firm conducting an economic analysis of a country market must take into account?

General economic environment

______ is defined as the basic facilities, services, and installations needed for a community or society to function, such as water and power lines, and public institutions.

Infrastructure

Which of the following are roles within a buying center?

Initiator Decider User

In which situation did an alternative evaluation option occur within the search process?

Kevin searches for a new car on the Internet before visiting the "The Mile of Cars" store

Which factor does NOT directly influence how the consumer makes a purchase decision?

Macroeconomic factors

Burt's Bees buys raw materials in order to provide its finished earth-friendly products, such as perfumes, lip balms, and hair products. Which of the following business markets best describes Burt's Bees?

Manufacturer or producer

______ refers to a set of unspoken guidelines that employees share in various work situations.

Organizational culture

The fourth stage of the B2B buying process has a number of mini steps within itself. Which of the following is NOT one of the steps within the fourth stage?

Product specification

Which factors usually influence the consumer decision process the same way each time? (Select all that apply.)

Psychological and Social

______ are the entire category of marketing intermediaries that move the product further downstream in the channel without significantly altering the form.

Resellers

What are common characteristics of shopping online?

Search costs are lower. Transactions are quick and efficient. There is greater sensory distance.

What are common characteristics of shopping in brick-and-mortar stores?

Sensory experiences Reduced perceived risk of purchase

Which of the following criteria are necessary to assess a country's market?

Sociocultural analysis Economic analysis Infrastructural analysis

Terence recognizes that in order to fulfill customers' expectations for his florist business, he needs a customized delivery van. This illustrates the requirements for which stage in the B2B process?

Stage 1: Need recognition

The majority of B2B buying situations can be described as which three of the following?

Straight rebuys New buys Modified rebuys

Which of the following is a market entry strategy in which independent companies form a partnership to collaborate in the foreign market but do not necessarily invest in each other?

Strategic alliance

Why would a firm record the number of abandoned virtual carts on its website?

To assess the conversion rate

What is the purpose of a white paper?

To provide product information in an easy-to-read informational context

When firms develop a marketing mix as part of their global marketing strategy, what is their primary goal?

To sustain a competitive advantage over time

True or False: Brazil is currently in the top ten of the world's largest economies.

True

True or false: A global marketing mix is more complicated than a domestic marketing mix.

True

True or false: Consumers often evaluate alternatives while still engaged in the search process.

True

True or false: Situational factors sometimes override psychological and social issues.

True

True or false: The government is usually one of the largest spenders in the B2B market.

True

Using metrics to evaluate a supplier of raw materials to a manufacturer is part of which stage of the B2B buying process?

Vendor performance assessment

When does the consumer decision process begin?

When consumers realize they have an unfulfilled need and want to reach their desired state.

Limited problem solving is most likely to occur under which condition?

When the consumer has a purchase decision that calls for, at most, moderate effort and time

A software development firm has built a program that can help businesses more efficiently target advertisements toward those who are most likely to buy. The sales team wants to introduce the product to potential clients but doesn't want to overwhelm them with a pushy sales pitch or overly technical language. To do this, they should create which of the following?

White paper

Which two of the following are franchises?

a McDonald's restaurant a Holiday Inn motel

_______-to-_______ marketing refers to the process of buying and selling goods or services for use in producing other goods and services, for consumption by the buying organization, and/or for resale by wholesalers and retailers.

business; business

The final step in the consumer decision-making process includes three possible outcomes: a satisfied customer, customer loyalty, or ______.

cognitive dissonance

All of the following are involved in business-to-business (B2B) marketing EXCEPT:

consumers

B2B marketing involves the process of buying and selling goods or services to be used in the production of other goods and services, for ______ by the buying organization, and/or for ______ by wholesalers and retailers.

consumption; resale

A firm's organizational _______ demonstrates the values, traditions, and customs that moderate its employees' behavior.

culture

Global marketing strategies includes two elements: identification of the target markets and ______.

developing and implementing the marketing mix

A joint venture is formed when a firm ______ a new market and ______ its resources with those of a local firm to form a new, shared company.

enters; pools

The _______ rate is the measure of how much one country's currency is worth in relation to another country's currency.

exchange

Consumers often use ______ problem solving for risky purchase decisions.

extended

Jamie needed to buy a car. She started by visiting the Consumer Reports website to look at their reviews of cars, asked her friends for advice, and visited the websites of all the major car manufacturers. Next, she went to several car dealerships to test-drive cars. Finally, she chose the model she wanted, after which she went back to the Internet to look for the best price. Jamie engaged in ______ problem solving to select a car.

extended

Typically, consumers exhibit two types of behavior when buying based on the type of product or service they are purchasing. They commonly engage in ______ problem solving when buying a car or washing machine and in ______ problem solving when buying shampoo or a box of noodles.

extended; limited

A franchise is a contractual agreement between ______.

firms or a firm and individual

A strategic alliance is a type of _____ for a firm to expand into the foreign market.

global entry strategy

In the United States, the market has evolved from a regional marketplace to international markets, a process known as

globalization

As a fairly complex decision-making product and a category that is new to most buyers, a hybrid car would most likely be a(n) ______ purchase for the average buyer.

high-involvement

Hospitals, universities and religious organizations could be considered _______ to which a B2B vendor would sell products.

institutions

Resellers can be thought of as ______.

intermediaries

Consumers may have different levels of ______, which is known as the consumer's degree of interest in a product or service.

involvement

Jim considers the purchase of a six-pack of beer rather indifferently, as he will drink any brand that is fairly inexpensive. His low degree of interest in beer classifies him as a low________ beer buyer.

involvement

An exchange rate quantifies how much a currency ______.

is worth in relation to another

In most country markets, the central government tends to be the ______ purchaser of goods and services.

largest

Exporting is an entry strategy that requires the ______ financial risk and allows a(n) ______ return to the firm.

least; limited

When entering their first foreign markets, firms typically take a(n) ______ approach.

less risky

Wayne has bought over 15 laptop computers for himself and his family. To buy a new one he does no searching online or in any stores but goes straight to the HP website and orders a slightly newer version of the last one he bought. For him, the laptop is a(n) ______ problem-solving experience.

limited

Gerry has already bought a hybrid car for his wife and is going back to the same dealer for a second hybrid car. He spends far less time reviewing the ads and has developed several heuristics for purchase from the process he went through the first time. With this purchase, he is considered a(n) ______-involvement consumer for the hybrid car.

low

Some firms buy raw materials, components, and parts that allow them to make their own goods. These firms are known as _______ or producers.

manufacturers

Globalization refers primarily to the evolution of ______.

markets

When adopting strategies for entering a new market, many firms follow a(n) approach that may morph and become ______ over time.

more risky

A(n) ______ is a basic need that drives the consumer to solve the problem and satisfy the need such as purchasing a pain reliever when she has a headache.

motive

The drive or need that pushes the consumer to satisfy his unmet needs, such as having no laundry detergent to do the wash or running out of printer paper, is a(n) ______.

motive

The three B2B buying situations are ________ buys, ________ rebuys, and straight rebuys.

new; modified

In the fifth stage of the B2B buying process, ______ specification, the firm places its order with its preferred supplier(s).

order

When a firm places its orders with its preferred supplier(s), it engages in ______.

order specification

The social influences that affect a consumer's behavior do NOT include _______.

perceptions

The final step in the consumer decision-making process, and a very important element in retaining and building a loyal customer base, is ________ behavior.

postpurchase

The components of a country market assessment include all of the following EXCEPT:

pricing and product decisions

When preparing a proposal to meet a potential client's needs, vendors often review the company's ______ to get a better sense of what the company is looking for.

product specifications

In the fourth stage of the B2B buying process, _____, vendor negotiation, and selection all occur.

proposal analysis

Consumer decision making about products and services is influenced by the configuration of all of the following; market mix, social influences, ______ factors, and sociological factors.

psychological

In a special situation where the consumer is purchasing a gift or a product to be shared with others, a situational factor is altering the outcome. This is a ______ situation that may change the buyer's normal consumption pattern.

purchase

When Bill buys a box of candy to take to his boss's house for dinner, he buys an expensive gold box of Godiva chocolates instead of his own favorite of Peanut Butter Cups. The factor influencing his choice is a ______ situation.

purchase

Need _______ is the first stage in the consumer decision process.

recognition

In he third stage of the B2B buying process, the firm will invite alternative suppliers to bid on supplying the firm's required components. This stage is known as the ______ for ______ process.

request; proposals

A local clinic (institution) in need of more Purell antibacterial soap might purchase from Target, which is a ______ of soap, whereas a local high school (institution) in need of more textbooks might buy some from McGraw-Hill, which is a ______.

retailer; manufacturer

After consumers complete the need recognition stage in the consumer decision process, they begin the ______ stage.

search for information

The search for information is the ______ step in the consumer decision process.

second

Exporting happens when a firm produces a product in its domestic plants and then ______.

sells it in a foreign country

Direct investment exposes a firm to ______ risk.

significant

Factors that influence consumer behavior and are a part of the external ______ environment, include consumers' family, friends, reference groups, and culture in which they operate.

social

After a company recognizes a need, it develops product ______ that potential suppliers can use to develop their proposals to supply the product.

specifications

Ben normally buys a newspaper and cup of coffee on his way to work in the morning. Today, though, his dog ran away, and he did not have time to stop by the convenience store for his regular purchases. A(n) ______ situational factor altered his regular behavior.

temporal

One of the most difficult of situational factors with which to deal is the ______ state. The marketer often is unaware of the preceding or antecedent events that customer experienced.

temporal

Some details used to evaluate the general economic environment include ______.

the GDP the trade deficit or surplus

Retailers measure ______ to see how well they are doing at turning potential buyers into actual buyers.

the conversion rate

The final stage of the B2B buying process is also known as _______ performance assessment using metrics.

vendor

The consumer decision process is best defined as ______.

the steps consumers experience when making a purchase

The assumptions a group of people have regarding the world and the people in it are an example of the ______ of a culture.

underlying values

In the first stage of the B2B buying process, the buying organization recognizes, through either internal or external sources, that it has a(n) ______ need.

unfulfilled