MKT 300 Chapter Quiz 6-8

If a business product exceeds specifications, so much the better, the customer can then be assured obtaining a minimum level of acceptability

False

A role consists of set of actions and activities that a person in particular position are expected to perform

True

If a newly formed country wanted to increase its international trade and reduce worldwide tariffs, it would most likely try to become a part of

WTO (world trade org)

___________ are companies that were started with the knowledge and resources to compete in a global marketplace. They are usually small technology companies that quickly establish themselves in international markets. They reach a point where as much as ________ percent of their sales come from locations outside the United States.

born globals, 70

Which of the following products is most likely to be purchased on the basis of contract negotiation

custom made bull dozer

Demand for business products is characterized as derived. From what is the demand derived?

demand for consumer products

The fact that business customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs means that demand for business products is

derived

Which of the following products would probably require extended decision making before a purchase?

expensive products

Brand name, product characteristics, packaging, and media allocation are among the easiest marketing mix variables to standardize around the world.

false

For business products, the concept of inelasticity of demand applies equally to industry demand for the product and to demand for an individual supplier.

false

The World Trade Organization was an important outcome of the unification of Europe.

false

The five-stage business buying decision process is used primarily for routine, straight rebuy purchases.

false

There is strong research evidence that personality characteristics are major determinants of purchasing power.

false

​Income is the key factor in determining a person's social class.

false

If Tasmania levied a duty on all goods purchased from the United States and other countries outside its borders that were brought into Tasmania, its businesses and citizens would be paying a(n)

import tariff

Before the 1990s, most firms entered international markets

incrementally and slowly

When charitable organizations such as the American Cancer Society, Second Harvest Foodbank, and the Red Cross make purchases for goods and services to use in their daily operations, they would be considered to be _______ buyers.

institutional

Which of the following is most likely to engage in direct ownership activities internationally?

internationally integrated structures

Assignment of meaning to organized information inputs is called

interpretation

​Which one of the following is most likely to be a product for which both the purchasing decision and the brand decision are strongly influenced by reference groups?

jeans

When a consumer purchases products occasionally or needs information about an unfamiliar brand in a familiar product category, he or she will most likely engage in

limited decision making

​A disadvantage of reciprocity is that it can lead to

more competitive firms entering the industry

Firms that have operations or subsidiaries located in many countries are referred to as

multinational enterprises

When a business is making its initial purchase of an item to be used to perform a new job, it is known as a ____ purchase

new-task

5 stages of the consumer buying decision

problem recognition, info search, evaluation of alternatives, purchase, and post postpurchase evaluation

Pella Windows manufactures stock sizes as well as custom-sized windows in a variety of finishes and sells the windows through distributors across the globe. Pella Windows' manufacturing plants utilize just-in-time processes to receive delivery of raw materials such as aluminum and glass, and component parts such as weather stripping and window locks or fasteners. What category or type of business market best represents Pella Windows?

producer

Italy currently limits the number of Coach bags that can be imported during a one-year period, since Coach bags are made in New York, USA. This is an example of a(an

quota

​Retailers like Target and Kmart are considered to be members of which business market?

reseller

consumer buying decision are affected by 3 influences

situational, psychological, and social

A new task purchase is one in which the business makes an initial purchase of a new item

true

A social class is a closed aggregate of individuals with similar social ranking.

true

Domestic marketing involves marketing strategies aimed at markets within the home country.

true

Motives can affect the direction and intensity of behavior.

true

On-time delivery is crucial to a business customer, since a late delivery may hold up a production line or cause the firm to lose sales

true

​A subsidiary operating in a foreign country may have important tax, tariff, and other operating advantages over a licensing agreement or a joint venture.

true

​An attitude consists of one's evaluation feelings and behavioral tendencies toward an object or idea.

true

​Involvement level is one factor that affects a consumer's selection of a type of decision-making process.

true

__ buy products from manufacturers and then resell the products to other firms in the distribution system

wholesaler