Mkt 340 Exam 1

According to the model of buyer behavior, which of the following is one of the two primary parts of a "buyer's black box"?

Answer: Buyers decision process Choices: technological stimuli buyer's decision process buyer's spending habits social stimuli promotion stimuli

When consumers are highly involved with the purchase of an expensive product and they perceive significant differences among brands, they most likely will exhibit ________.

Answer: Complex buying behavior Choices: consumer capitalism complex buying behavior consumer ethnocentrism dissonance-reducing buying behavior variety-seeking buying behavior

The buyer decision process consists of five stages. Which of the following is NOT one of these stages?

Answer: Conspicuous consumption Choices: need recognition information search conspicuous consumption purchase decision postpurchase behavior

The ________ environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors

Answer: Cultural Choices: Social Cultural Political Physical Natural

Which of the following is one of the other stimuli present in a buyer's environment apart from a marketing stimuli?

Answer: Cultural Stimuli Choices: product stimuli cultural stimuli price stimuli place stimuli promotion stimuli

Companies that take a proactive stance toward the marketing environment are most likely to ________.

Answer: Develop strategies to change the environment in their favor Choices: develop strategies to change the environment in their favor passively accept the marketing environment resist organizational change discourage innovation consider technological advances more disruptive than beneficial

Effective positioning begins with ___

Answer: Differentiation Choices: Pricing -Diversification -Differentiation -Promotion -Segmentation

What is the most important consumer buying organization in society?

Answer: Family Choices: family social class membership group subculture reference group

Which of the following is true with regard to strategic planning?

Answer: Finding the game plan for long-run survival and growth is the focus of strategic planning Choices: At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. -A strategic plan deals with a company's short-term goals. -Finding the game plan for long-run survival and growth is the focus of strategic planning. -The strategic plan is a statement of an organization's purpose. -Strategic planning involves identifying segments of consumers with identical preferences.

Primary data consist of ______

Answer: Information collected for the specific purpose at hand Choices: data that does not age data obtained from the public domain information collected for the specific purpose at hand information that already exists somewhere, having been collected for another purpose information that is the least expensive and the easiest to obtain

Cameron loves to own and be up-to-date on the latest technological gadgets available in the market. Among his friends, he is always the first to own the latest electronic gadgets. He loves trying out new products before others. Cameron most likely belongs to the ________ adopter group.

Answer: Innovator Choice: Innovator surrogate consumer late mainstream early mainstream lagging

Wilma Roberts is conducting research to determine consumers' personal grooming habits. Because of the personal nature of the survey questions involved, Wilma wants to select the contact method that is most likely to encourage respondents to answer honestly and that will allow her to easily collect large amounts of data. Which of the following is best suited to meet Wilma's requirements?

Answer: Mail questionnaires Choices: mail questionnaires telephone interviews individual interviews focus group interviews immersion group discussions

A ___ is a set of actual and potential buyers of a product or service

Answer: Market Choices: Market Control Group Subsidiary Focus Group Audience

Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________.

Answer: Market Segment Choices: Market Segment -New Product -Marketing intermediary -Brand -Product Line

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.

Answer: Market Segments Choices: Market Segments -Marketing mixes -Value propositions -Market offerings -Marketing intermediaries

Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.

Answer: Marketing Choices: Marketing -Positioning -Outsourcing -Production -Logistics

The set of marketing tools a firm uses to implement its marketing strategy is called the ___

Answer: Marketing Mix Choices: Marketing Mix -Promotion Mix -Product Mix -Marketing Offering -Marketing Effort

Which of the following terms is used to describe the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers?

Answer: Marketing environment Choices: Marketing environment -Marketing orientation -Strategic Planning -Target Markets -Marketing Mix

Dan has been directed to study the actors close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.

Answer: Micro environment Choices: Micro environment -Macro environment -Technological environment -Demographic environment -Political environment

Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________.

Answer: Opportunity Choices: Opportunity -Weakness -Strength -Threat -Challenge

It is most accurate to say that when customers purchase products they act on ________ as they judge values and costs.

Answer: Perceived Value Choices: Perceived Value -Objective Value -Customer lifetime value -Company image -Society's interests

________ refers to the unique psychological characteristics that distinguish an individual or group.

Answer: Personality Choices: Groupthink Belief Perception Personality Self-awareness

Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the ________ concept

Answer: Product Choices: Product -Production -Selling -Marketing -Societal Marketing

Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased customer affordability. This reflects the ___ concept

Answer: Production Choices: Production -Product -Selling -Marketing -Societal Marketing

___ are low share business units in high-growth markets that require a lot of cash to hold their share

Answer: Question Mark Choices: Question Mark -Cash Cows -Stars -Dogs -Bears

A(n) ________ is a segment of the population selected for marketing research to represent the population as a whole.

Answer: Sample Choices: Primary group -dyad -Immersion group -Primary group -Sample -Triad

Keith, a clothing store owner, offers product suggestions to customers based on their current purchases. Which of the following is Keith targeting to increase?

Answer: Share of customer Choices: Share of customer -Shared value -Social responsibility -Customer-generated marketing -Customer Loyalty

________ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.

Answer: Social Classes Choices: Social classes Societal norms Reference groups Universal cultures Social networks

Which of the following statements is true of cultural factors that influence consumer behavior?

Answer: Social classes show distinct product and brand preferences in areas such as clothing and travel. Choices: Cultural influences on buying behavior are identical across countries. Social classes show distinct product and brand preferences in areas such as clothing and travel. Subcultures include nationalities and racial groups, but exclude religions. Subcultures are groups within which each individual has a unique and distinct value system. Hispanic Americans and African Americans are examples of racially-segregated groups and not subcultures.

Each culture contains smaller ________, or groups of people with shared value systems based on common life experiences and situations.

Answer: Subcultures Choices: cultural universals reference groups subcultures monocultures social networks

Selecting which segments of a population to serve is called_____

Answer: Target Marketing Choices: Market Segementation -Positioning -Customization -Target Marketing -Differentiation

With an expected increase in ethnic diversity within the American population, marketers are most likely to place a greater emphasis on ________.

Answer: Targeted advertising messages Choices: Targeted advertising messages -Geographic segmentation -Mass marketing -"do well by doing good" missions -Corporate giving

Which of the following is true of the baby boomers?

Answer: They control an estimated 80 percent of the United States' personal wealth. Choices: They tend to see themselves as far older than they actually are. -They represent a rapidly shrinking market for new housing and home remodeling. -They are long past their peak earning and spending years. -They control an estimated 80 percent of the United States' personal wealth. -They have utter fluency and comfort with digital technology.

According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.

Answer: Understand the marketplace and customer needs and wants Choices: Understand the marketplace and customer needs and wants -Determine how to deliver superior value to customer -Use customer relationship management to create full partnerships with key customers -Construct an integrated marketing program

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Answer: Value proposition Choices: Value proposition -customer lock-in -A cartel -Marketing mix -Market segmentation

________ are human needs that are shaped by culture and individual personality.

Answer: Wants Choices: Wants Values Necessities Demands Exchanges

Which of the following questions is an example of a closed- end question?

Answer: Would you like to try our new ice cream flavor? Choices: Why do you think some people are more comfortable taking risks than others? How can I improve my presentation skills? Why do you think a single vote makes a difference? Would you like to try our new ice cream flavor? What is the best way to prevent weeds in a garden?

Which of the following statements reflects the marketing concept?

Answer: considering customer focus and value as the paths to sales and profits Choices: focusing on making continuous product improvements -undertaking a large-scale selling and promotion effort -emphasizing an inside-out perspective -considering customer focus and value as the paths to sales and profits -focusing on a product-centered make-and-sell philosophy

Which of the following is an advantage of using an internal database?

Answer:Internal databases can be accessed more quickly and cheaply than other information sources. Choices: Data always remains current in internal databases. Highly sophisticated equipment and techniques are not required for maintaining internal databases. Internal databases can be accessed more quickly and cheaply than other information sources. Internal databases require less maintenance efforts. Information obtained from internal databases is almost always sufficient for making marketing decisions.

T/F Habitual buying behavior involves consumers searching extensively for information about brands and evaluating brand characteristics.

False

T/F Marketing researchers can conduct their own searches of secondary data sources by using mail questionnaires and interviewing individuals.

False

T/F "At Trader Joe's, our mission is to provide all our customers the best food and beverage values to be found anywhere, and the information to make informed buying decisions." This is a product-oriented business definition.

False

T/F The marketing mix consists of people, property, planning, and position

False

T/F The single most important demographic trend in the United States that marketers should understand is the changing family structure of the population.

False

T/F The technological environment is predominantly static

False

T/F A sample is a segment of the population selected for marketing research to represent the population as a whole.

True

T/F Two of the characteristics that are especially important in influencing an innovation's rate of adoption are relative advantage and compatibility.

True

T/F Market development involves company growth by identifying and developing new market segments for current company products.

True

T/F Marketing success requires building relationships with other company departments, suppliers, marketing intermediaries, competitors, various publics, and customers, which combine to make up the company's value delivery network.

True

T/F Open end questions are especially useful in exploratory research

True