MKT Review

Mining companies, farms, financial services, and fisheries are all examples of

industrial firms

A market-product grid refers to

a framework used to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.

Firms selling consumer products or services often try to reach thousands or millions of individuals or households. Firms selling to organizations

a restricted to far fewer buyers

All of the following are sources of primary data EXCEPT: a. government publications. b. observational data. c. experiments. d. social media. e. panels.

a. government publications

Market segmentation refers to

aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.

Kellogg's has several cereals targeted at different types of users. This is an example of multiple products aimed at multiple markets. Manufacturing these different cereals is clearly more expensive than producing only one but seems worthwhile if it adds to the manufacturer's sales revenues and profits, doesn't reduce quality or increase price, and

better serves the customer

Organizational buyers include manufacturers, wholesalers, retailers, and government agencies that

buy goods and services for their own use or for resale

For high-involvement purchases, consumers typically do all the following except a. spend considerable time evaluating criteria for the consideration set. b. participate in word-of-mouth communication c. evaluate a single product attribute, such as price d. consider many brands e. use both internal and external sources in the information search

c. evaluate a single product attribute, such as price

Consumer behavior includes the actions a person takes in purchasing services and using products and services, including a. the physical efforts spent on these actions b. the financial limitations one must overcome to accomplish these actions c. the mental and social processes that come before and after these actions d. the emotional processes that occur during these actions e. the cognitive and attitudinal process that must be learned to complete these actions

c. the mental and social processes that come before and after these actions

When Ann Taylor, a well-known retailer of sophisticated women's clothing, started losing sales to its own LOFT outlets that feature moderately priced casual clothes, Ann Taylor was dealing with the marketing phenomenon known as __________.

cannibalism

In setting research objectives, marketers have to be clear on the purpose of research they are about to do that leads to marketing actions. The three main types of marketing research include descriptive research, exploratory research, and __________ research.

casual

All the following are five situational influences can have an impact on a consumer's purchase decision process except

consumer socialization

The facts and figures related to the problem are referred to as __________.

data

The first step of the marketing research approach is to __________.

define the problem

The demand for industrial products and services that is driven by demand for consumer products and services is referred to as

derived demand

Specifying constraints, identifying data needed for marketing actions, and determining how to collect data, would all take place during which step of the five-step marketing research approach?

develop the research plan

An example of a public source of information consulted during an external search would include a. advertising b. relatives c. salespeople d. friends e. product-rating organizations

e. product-rating organizations

Sociocultural influences that affect the consumer purchase decision process include all the following except a. personal influence b. reference groups c. family influences d. culture and subcultural e. values, beliefs, and attitudes

e. values, beliefs, and attitudes

Important market characteristics in organizational buying behavior include which of the following?

fewer customers with larger orders

The purpose of market segmentation is to respond more effectively to the wants of groups of potential buyers in order to

increase sales and profit

Once a consumer has completed the alternative evaluation stage of the consumer purchase decision process, two choices remain, which are

from whom to buy and when to buy

The annual Sporting News Baseball Yearbook had exactly the same stories but with 17 different covers to appeal to baseball fans in 17 different regions of the U.S. What is the basis of its market segmentation strategy?

geographic

When University of Texas, Dallas buys new laptops for its faculty, it is operating as a(n)

government unit

The North American Industry Classification System (NAICS) system designates industries with a numerical code in a defined structure. A six-digit coding system is used. The third digit designates a(n)

industry subsector

Casey's girlfriend will celebrate her birthday next week, so he needs to buy her a gift. He remembers the brand of watch she wears and considers if she would like a new one by the same maker. This is an example of what part of the consumer purchase decision process?

internal search

What are the two most common constraints in marketing problem solving?

limitations on time and money

The phrase "relatively homogeneous collections of prospective buyers" is most descriptive of

market segments

Nike employs a __________ strategy at its website, nikeid.com, which allows customers design a sneaker to their own personal specifications.

mass consumption

Two important disadvantages of secondary data are __________ and __________.

not up-to-date; not specific enough for the project

There are five stages in the consumer purchase decision process. The fifth stage is _______.

opportunity identification

Kristi goes shopping with a friend and notices her friend's new duct tape wallet. She thinks of her own worn wallet and realizes she needs a new one. In which stage of the consumer decision process was Kristi when she had this realization?

problem recognition

There are five stages in the consumer purchase decision process. The first stage is _______.

problem recognition

Apple's iPhone has a feature known as Siri that lets you use your voice to send messages, make calls, set reminders, and ask questions. This feature sets the smartphone apart from its competitors and thus provides

product differentiation

Which of the following characterizes organizational buyer-seller relationships?

purchases are made after lengthy or complex negotiations

Wholesalers and retailers that buy physical products and resell them without any reprocessing are referred to as

reseller firms

Research objectives are __________.

specific and measurable

The fifth step of the marketing research approach is to __________.

take marketing action

Business marketing refers to

the marketing of goods and services to companies, government, and non-profit organization for use in the creation of their goods and services that they can produce and market to others.

The process of segmenting a market and selecting specific segments as targets is the link between the various buyers' or market needs and

the organizations marketing program

Marketing research refers to

the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.