Marketing Management Chapter 5

________ is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying and consolidating separate products and services from several suppliers.

Systems/solutions selling

Corning produces Gorilla Glass screens that are used in the production of laptops, tablets, and smartphones. Corning promotes its product to final consumers to increase business demand for digital devices made with the specialized, toughened glass. This illustrates ________.

Derived demand

Fred's faith in Asics, his favorite brand of running shoes, makes him consider other offerings introduced by Asics. Fred is not a risk-taker, and he tends to evaluate each new product carefully before adopting it. Fred is an opinion leader in his social networking community and best described as a(n) ________.

Early adopter

A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________.

Economic situation

Which of the following is considered a major influence on business buyer behavior?

Influences on business buyer behavior --> (#1) economic environment, organizational factors, interpersonal factors, and individual factors

Becca wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find a coat in her budget. In this case, Becca is most likely in the ________ stage of the buyer decision process.

Information search

________ are tradition-bound, suspicious of changes, and adopt an innovation only when it has become something of a tradition itself.

Lagging adopters

Which of the following is a psychographic characteristic of a consumer?

Lifestyle

A business buyer is considering a change in product specifications, terms, and possibly suppliers. This buying situation is referred to as a(n) ________.

Modifying rebuy

A baby boomer decides to purchase a BMW to impress others with her success. This illustrates the importance of understanding the role of ________ in the marketing process.

Motive

Which of the following is the first stage of the buyer decision process?

Need recognition

Which of the following is most likely the final stage of the business buying decision process?

Performance review

Which of the following is a personal factor that influences a consumer's buying behavior?

Personal factors --> occupation, age + lifecycle stage, economic situation, lifestyle, and personality + self-concept

Which of the following is a commercial source of product information?

Web-sites/social media that informs the buyer

________ involves enlisting or even creating opinion leaders to serve as brand ambassadors who spread the word about a company's products.

Buzz marketing

Harper Farms raises chickens. For years, it has used wooden coops for hauling its poultry to market. When the owner, Jane Harper, went to reuse some of her coops, she noticed many of them could not be sufficiently cleaned for reuse and needed to be replaced. Which stage of the business buying decision process was Harper in when she decided to replace her old coops?

Problem recognition

During which stage of the business buying decision process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned, standardized, or made less expensively?

Product specification

________ is a discomfort caused by postpurchase conflict.

Cognitive dissonance

________ is the degree to which the results of using an innovation can be observed or described to others.

Communicability

________ is the degree to which an innovation fits the values and experiences of potential consumers.

Compatibility

The McDonald's corporate brand name and golden arches can be classified as ________ that may potentially stimulate an individual's attention and decision about whether or not to dine at the restaurant.

Cues

Hallmark's classic "When you care enough to send the very best" slogan appeals to which need category in Maslow's hierarchy?

Social needs

According to Maslow's hierarchy of needs, which of the following is most likely an esteem need?

Esteem need --> self-esteem, recognition, status

In which of the following stages of the adoption process does a consumer consider whether trying a new product makes sense?

Evaluation

When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.

Generating person-to-person brand conversations

Bill thought he had received the best deal on his riding mower. Shortly after the purchase, Bill started to notice certain disadvantages of his new riding mower as he learned more about other riding mowers available in the same price range. Bill is in which of the following stages of the buyer decision process?

Post-purchase behavior

Alice is shopping for a new car, and she has narrowed her decision to a Honda Accord and a Toyota Camry. Both sedans have similar features and prices, but Alice decides to purchase the Honda based on her intuition. Which of the following situations would most likely cause Alice to experience postpurchase dissonance?

Postpurchase dissonance --> thinking about the losing benefits of the brands that were not purchased

GenX, a manufacturer of sport motorcycles, is seeking a new supplier of motorcycle headlamps and brake lights. After searching trade directories, GenX invites five different suppliers to make formal presentations about how their solutions can create greater value for GenX than competing solutions. GenX is currently in the ________ stage of the business buying decision process.

Proposal solicitation

A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.

Reference group

In a straight rebuy, a buyer ________.

Routinely orders something without any modifications

________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands.

Selective retention