Exam II (POM)

What are the eight steps in the business buying decision process?

1. Problem recognition 2. General need description 3. Product specification 4. Supplier search 5. Proposal solicitation 6. Supplier selection 7. Order-routine specification 8. Performance review

Is marketing research to test hypotheses about cause-and-effect relationships?

Casual research

What is the nature of demand in business markets?

Demand in business markets is derived demand

Is marketing research to gather preliminary information that will help define problems and suggest hypotheses?

Exploratory Research

Marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries?

Intermarket segmentation

What is the first step of the buyer decision process?

Need recognition

The business buying process can be a complex and complicated process with eight basic stages. Which is the first step in this process?

Problem recognition

Is a specific attribute that a company chooses about a brand and tout as "number one" in regards to that attribute?

Unique selling proposition

Is distinguishing a market offering from other offerings in order to create superior customer value?

differentiation

What is the correct sequence of the four steps of the marketing research process

Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings

Is dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation?

Demographic segmentation

Segmenting a market based on age and lifecycle-stage is a type of?

Demographic segmentation

Segmenting a market based on gender is a type of?

Demographic segmentation

Is marketing research to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers?

Descriptive Research

Is part of a companies decision on how it will create market offerings to deliver superior customer value?

Differentiation

Once market segments have been selected, The company must decide on?

Differentiation and positioning strategy

Is a characteristic important in influencing an innovation's rate of adaption and described by the degree to which the innovation may be tried on a limited faces?

Divisibility

Are tradition-bound, suspicious of changes,and adopt the innovation only when it has become something of a tradition itself?

Lagging adopters

Is tailoring brands and marketing to the needs and once of cities, neighborhoods, and even specific stores?

Local marketing

Dividing a market into distinct groups of buyers who have different needs characteristics or behaviors and who might require separate marketing strategies or mixes?

Market segmentation

Is evaluating each market segment's attractiveness and selecting one or more segments to enter?

Market targeting

Consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights engage marketing performance?

Marketing analytics

A ? consists of the people and procedures dedicated to accessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights

Marketing information system

A(n) ? is people and processes dedicating to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

Marketing information system

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization?

Marketing research

Is tailoring products and marketing programs to the needs and wants a specific individuals and local customers segments?

Micromarketing

The buyer decision process in the correct order

Need recognition Information search Evaluation of alternatives Purchase decision Post-purchase behavior

Gathering primary data by observing relevant people, actions, and situations?

Observational Research

Is dividing a market into segments according to the moments when buyers get the idea to buy, actually make their purchase, or use the purchased item?

Occasion segmentation

An example of a personal characteristic influencing a consumer's buying behavior

Occupation

Marketers of brands understand that they must figure out how to reach ? that can exert social influence on others.

Opinion leaders

Is arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers?

Positioning

The final step that consumers go through a distinct process and making a purchase

Post-purchase behavior

Software and analytical techniques that integrate, analyze, and apply the mountains of individual customer data to gain a 360° view of customers enable companies to?

Practice customer relationship management

Consist of information collected for the specific purpose at hand?

Primary Data

Companies need meaningful customer insights so they can

Produce superior value for their customers

Brands can be differentiated on features, performance, or style and design?

Product differentiation

Is defined by customers on important attributes? -The place the product occupies in customers' minds relative to competing products.

Product position

Goals of competitive marketing Intelligence?

Providing early warnings of opportunities Assessing and tracking competitors' actions Improving strategic decision making Providing early warning of threats

Is dividing a market into different segments based on social class, lifestyle, or personality characteristics?

Psychographics segmentation

Which need in Maslow's hierarchy is generally satisfied first?

Psychological needs

Refers to a prescribed number of people in each of several categories who are identified and interviewed by the researcher?

Quota Sample

A purse company's ads feature the members of a popular housewives reality show. Product sales increase significantly among fans. From fans' viewpoint, the housewives reality show is a?

Reference group

Social factors influencing customer buying behavior

Reference groups Online social networks Word of mouth Opinion leaders

Observation is best suited for exploratory research, surveys for description research, and experiments for casual research?

Research relationships

Are segments of the population selected for marketing research to represent the population as a whole?

Samples

What information must a researcher evaluate to make certain it is relevant, accurate, and impartial?

Secondary Information

Are information that already exist somewhere, having been collected for another purpose?

Secondary data

Every member of the population has a known an equal chance of selection?

Simple Random Sample

In a ? sample, the population is divided into mutually exclusive groups and random samples are drawn from each group

Stratified random

Is gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior?

Survey Research

According to the model of the buyer behavior, what is in a buyers "black box"?

The buyer's characteristics and decision process

Consist of many different people who play multiple roles in the buying process?

The buying center

Determines whether the buyer is satisfied or dissatisfied with a purchase?

The relationship between the consumer expectations in the products perceived performance

Determines if a buyer is satisfied or dissatisfied with a purchase?

The relationship between the consumers expectations and the product's perceived performance

Primary reason firms use competitive marketing intelligence?

To gain early insights into competitor moves in strategies, and to prepare quick responses

Marketing information is of no value until it is used for what purpose?

To make better marketing decisions

Refers to the practice of integrating ethnic themes and cross-cultural practices within a company's mainstream marketing?

Total market strategy

Customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies?

Touch points

Many sets of business purchases are made for one set of consumer purchases

True

One result a big data is that marketing managers are often overloaded and overwhelmed with information

True

Is a brand's for positioning or full max of benefits on which the brand is positioned?

Value proposition

Is the full mix of benefits on which a band is positioned?

Value proposition

Marketers need to understand and know the answers to several key questions when dealing with buying centers?

What major influences impact the buying center decision? In what decisions do they exercise influence into what degree? Who are the major buying center participants? What evaluation criteria does each decision participant use?

Dividing a market into smaller segments of buyers with distinct needs, characteristics, Or behaviors that might require separate marketing strategies or mixes?

market segmentation

5 Stages of the consumer adoption process

1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption

Which of the following is not true regarding international marketing research?

1. Translating questionnaires from one language into another is not an easy task. 2. Good secondary data is scarce. 3. The cost of international research is lower. 4. Obtaining primary data may be difficult. 5. Cultural differences from country to country cause additional problems. #3

A power tool company wants to give its customers access to internal, non-public information about how to best use its product in creative ways

A company extranet

Today's marketers see information not only as a tool for better decision-making, but also as

An important strategic asset and marketing tool

Is dividing a market into segments based on customer knowledge, attitudes, uses, or response to a product?

Behavioral segmentation

Like consumer markets, Business markets are segmented. Which describes the variables that marketers used to segment business markets?

Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics

In the broadest sense, A new product marketer must research ? when developing a new product and marketing program

Characteristics influencing the rate of adoption

The population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview?

Cluster

Outlines researchers responsibilities to respondents, including confidentiality, privacy, and avoidance of harassment?

Code of Standards and Ethics for Survey Research

Major factors influencing consumer buying behavior?

Commercial

Consumers obtain information from numerous sources. Which of the following involves dealer and manufacture websites, packaging, and displays?

Commercial sources

Refers to the degree to which an innovation fits the values and experiences of potential consumers?

Compatibility

Is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment?

Competitive Marketing Intelligence

Has an inverse relationship with an innovation's rate of adoption, meaning as this characteristic increases, the rate of adoption is slower?

Complexity

Is a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches?

Concentrated Marketing

Is likely to slow the adoption of a new technology?

Conceptual complexity

Individuals and households that buy goods and services for personal consumption?

Consumer market

Is the fresh understanding of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships?

Customer Insight

The real value of marketing information rests in the?

Customer insights it provides

A company's marketing information (MIS) system is valuable because?

Enables a company to use customer insights to improve relationships with customers

Is a form of observantal research that involves sending trained observers to watch an interact with consumers in their "natural environments"?

Ethnographic Research

To target the best market segments, The company first evaluates various factors related to market attractiveness. What are the factors?

Evaluation of each segment's growth characteristics, evaluation of each segment's structural attractiveness, evaluation of each segment's size characteristics, compatibility with company objectives and resources

Is gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses?

Experimental research

There are several types of adjectives market researchers might use in a marketing research project. Which of the following are the primary types of objectives?

Exploratory research Descriptive research Casual research

When you are paid to give a review on a product?

Focus group

Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price?

General need description

Major valuables used to segment customer market include?

Geographic Demographic Psychographic Behavioral

Dividing a market into different units such as nations, states, regions, counties, cities, or even neighborhoods?

Geographic segmentation

Steps of marketing research process

Implementing the research plan Developing the research plan Defining the research plan Interpreting and reporting the findings

Is tailoring products and marketing programs to the needs and preferences of particular customers?

Individual marketing

Marketers obtain needed marketing information from?

Internal data Marketing intelligence Marketing research

What are the three general sources from which marketers can obtain information

Internal data Marketing intelligence Marketing research

Refers to electronic collections of customer and marketing information obtained from data sources within the company network?

Internal database

Two major public policy and ethnical issues in marketing research are?

Intrusions on consumer privacy and misuse of research findings

In which targeting strategy does a firm go after the large share of one or a few smaller segments?

concentrated marketing

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