BUAD 301 Exam 1

value proposition

"We sell the safest, most durable vehicle in which you and your family can ride."

modified rebuy

A car producer is developing a sportier car that will require wider tires. This would be a...

there is no way for the buyer and seller to communicate with each other

A farmhand would like to buy a scooter to commute to his job at a nearby ranch. He lives in a remote area where he does not come across ads for scooters. He doesn't know how to find a dealer, and doesn't have Internet access. What explains why marketing fails to occur here?

market

A group of people or business organizations with a need for a product or service, as well ad the ability and authority to purchase such product or service.

strategic business unit

A product or group of products within an organization that have a distinct mission and specific target markets, control their own resources and have their own individual competitors is best known as a(n)...

modified rebuy

A software company has updated its logo. It now needs to order new letterhead and business cards. This purchase would be a...

question mark

According the BCG growth-share matrix, what possesses a low market share and a high growth rate?

market penetration

According to Ansoff's matrix (Market Product Grid), attempting to grow sales of existing products in existing markets is known as...

related diversification

According to Ansoff's matrix, Anu Beverages Inc. acquiring a chain of restaurants would be an example of...

safety needs

An ad for Conesco's life insurance asks the question, "How do you plan on supporting your family after you pass away?"The ad shows a tombstone with a sign that offers the face of the stone as ad space. The ad is intended to appeal to what need of the hierarchy of needs?

post-purchase cognitive dissonance

Bill thought he had received the best deal on his new car. Shortly after the purchase, Bill started to notice certain disadvantages of his new car as he learned more about other cars available. Bill is experiencing...

market development

College students have never been seen as a strong segment of the market for Home Depot. In effort to better meet the needs of this segment, Home Depot is advertising in the student newspaper website. Reaching this additional segment is best described as a(n)...

benchmarking

Comparing attributes of one brand as the industry standard against other brands is considered...

limited problem solving

Elizabeth Sands has decided to purchase a new electric blender and plans to call several friends for updated information about alternative brands. She is not concerned about where she buys it as long as she receives a very liberal return policy should anything go wrong. In making her decision, Elizabeth will engage in...

external search

Emily wants to purchase a new computer. She is unsure about what hardware and software she will need. As a result, she has begun asking for advice from friends and relatives. In addition, she has talked to several computer salespeople at Apple and Best Buy and has looked at some websites. Emily is engaging in a(n)...

production orientation

Firms that focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace are said to be exhibiting what type of orientation?

strategic business unit

Green River is an organization that operates as two distinctive businesses. One as a retailer, and one that wholesales an exclusive range of merchandise to department stores. Each business is called a(n)...

regulatory trend

Health consciousness will lead to more public and private smoke-free area laws.

offering an exchange

If a radio station holds an online contest in which you must log in to their website and submit personal details such as name, phone number, and email in order to participate, the radio station is...

availability heuristic

If you vowed never to drive again because of a horrible accident you witnessed in front of your house, the heuristic being demonstrated is the...

new buy

In what buying situation is the buyer most likely to proceed through all steps in the buying process?

anchoring effect

Initially making a low offer in order to get a bargain on a second-hand item is an example of the...

service

Intangible market offering.

place

Internet sites, physical stores, and kiosks are most closely associated with what element of the marketing mix?

evoked set

Jane goes to buy a laptop. There are 53 available models in the world. Jane has heard of 12 of these models, of which she is considering buying 4 models. In this example, the number 12 is referred to as a(n)...

price

Jeff opened a sporting apparel store and has signed a lease on the property. He has also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, what aspect of the marketing mix does he still need to work on?

functional level

Marketing department, accounting department, human resources, fixed ops, etc.

technological force

Medication sensors have been developed that can dispense medicines by circulating within the arteries of the body and sensing when the medication is needed. The force improving / replacing existing products and companies is a(n)...

economic change

Microsoft, Intuit, and Yahoo are building new facilities in Quincy, WA, a town that previously had a population of 3,500. Along with these new neighbors, the residents of Quincy are also going to get more traffic lights, a strip mall, higher housing prices, and new jobs. The type of change occurring here that will impact the people and businesses of Quincy is a(n)...

demographic characteristic

More magazine is a publication designed to appeal to women aged 40 and over. The changing characteristic affecting demand for such magazines and impacting the marketing environment is a(n)...

brand competition

Mountain Dew vs. Sprite.

social force

MySpace.com is a social network that is targeted primarily to people under the age of 25 years old. In 2005, when MySpace was the leading social network, News Corp., owner of The Wall Street Journal and Fox News, bought the firm for $580 million. Since then, its membership has declined precipitously due to changing consumer preferences. As a result, News Corp. sold MySpace to a group of investors for a paltry $38 million in mid-2011. The force impacting the marketing environment is a(n)...

high-involvement purchase that involves extended problem solving

NetJets is a company that offers 1/16 or more ownership in a jet plane for a price beginning at $325,000. It gives purchasers privacy, convenience, and flexibility as well as saves them time since the plane is available within four hours unless it's booked by one of the other shareholders. This is most likely an example of a...

business buyers usually face less complex buying decisions

Not a characteristic of business markets.

profit

Not a part of the marketing mix.

there are more customers in business markets

Not accurate about business markets compared to consumer markets.

adding new attributes to the product

Pepsi-Cola made "freshness" an important product attribute when it stamped freshness dates on its cans. Prior to doing so, few consumers considered freshness an issue for soft drinks. Pepsi is trying to change consumers' attitudes toward its soft drinks by

marketing mix

Product, price, place, and promotion.

purchase decision

Steve overheard one of his coworkers in a phone conversation say, "Thank you for taking my call so quickly. I'd like to order the 64gb iPad. I'll pick it up today at the Christiana Apple store. Can I use the easy pay plan?" The coworker was in what stage of the consumer purchase decision process?

corporate level

Subaru Corporation

industry competition

Subaru Outback ($) vs. Porsche Cayenne ($$$).

business level

Subaru of America, SIA, STI, etc.

evaluative criteria

Suppose that you decide to purchase a new car, and you intend to make your decision based on the following factors: MPG city, automatic transmission, cloth seats, air conditioning and a price under $18,000. These characteristics represent your...

yes, as the donated blood was exchanged for a feeling of satisfaction

The American Red Cross created a series of advertisements to encourage people to donate blood. After viewing an ad, Amanda went to the local Red Cross office and donated a pint of her blood. Amanda returned home feeling happy that she had performed a good deed. Was this an exchange in a marketing sense?

dog

The Denard Corporation currently possesses a low share of its available market. Additionally, this company's portfolio reveals it has extremely low market growth. According to the BCG growth-share matrix, this business is most likely to be classed as a...

information search

The Ford Escape uses hybrid fuel technology to deliver more power, convenience, prestige, and fuel economy with the latest in technology than non-hybrid cars. These criteria would be first identified in what stage of the consumer purchase decision process for an automobile?

marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

product

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes used in the old-fashioned cookies the company produces and markets. This statement deals with what part of the marketing mix?

B2B purchasers of products make much more rational decisions than consumers about product purchases (in part due to a highly formalized process)

The process of marketing products in the Business-to-Business Markets ("B2B"), which focus on the buying and selling of products between business entities, is much different than marketing to consumer markets because

straight rebuys, modified rebuys, new task

Three types of buying situations in business buying.

industrial, reseller, government

Three types of organizational markets.

adding new attributes to the product

What attitude-change approach did Colgate marketers use to encourage consumers to purchase its product when it began to include the antibacterial agent Tricolsan in its product and advertising it heavily? This agent was not available in any other toothpaste before Colgate started adding it.

place

What element of the marketing mix includes the distribution of products?

gender

What is least likely to be included in determining one's level of social class in the United States?

where are we now?

What is the first question that needs to be answered in the marketing planning process?

problem recognition

When Aurelia looked in her closet and said, "I don't have anything to wear to the party this weekend," she seems to be in what stage of the consumer purchase decision process?

market share

When Coca-Cola Co. sells about 42% of the U.S. volume in soft drinks, this is called Coca Cola's...

market modification

When Gatorade introduced Gatorade A. M. as a morning beverage in place of coffee, what strategy was it using?

self-actualization

When a manager seeks out additional job training so that he or she can grow professionally, this is an example of what need in Maslow's hierarchy of needs?

selective exposure

When the only newspaper editorials you will read are those published in The New York Times this is an example of your...

impulse buying

When you walk through a supermarket and feel a sudden craving for potato chips and take a bag of chips off the shelf and place it in your shopping art, this is an example of...