MKT 300 Concept Check Exam 2 Review

In the case that a preferred brand is not available, which of the following consumer product types will a shopper be most likely to choose a substitute brand?

Convenience

Sales fall rapidly during which of the following?

Decline stage

Commodities and raw materials are typically purchased using which method of business buying?

Description

Which of the following is the market value of a nation's total output of goods and services for a given period in relation to its population?

Gross domestic product per capita

During which of the product life cycle stages do sales rise rapidly?

Growth

Which of the following represents the most people?

Asia-Pacific Economic Cooperation (APEC)

Which of the following consists of three major components: cognitive, affective, and behavioral?

Attitude

Buyers recognize the existence of a new product during which of the following stages of the product adoption process?

Awareness

Online marketplaces where buyers and sellers can exchange information, goods, services, ideas, and payments are best described as _______.

B2B e-commerce sites

Which of the following are viewed as "in the know" by many product adopters?

Early adopters

Which of the following refers to the strategic process of distributing, promoting, and pricing products, and discovering the desires of customers using digital media and digital marketing?

Electronic Marketing

The use of bribes, which are illegal for U.S. companies, relate best to which of the following?

Ethical and social responsibility forces

Which of the following has its own currency?

European Union (EU)

In which of the following stages of the consumer buying decision process does a person use evaluative criteria to assess a consideration set?

Evaluation of alternatives

Page visits, reach, and CPM (cost per thousand exposures) are all examples of what type of social media metric?

Exposure

The process through which a person acquires the knowledge and skills to function as a consumer is best related to which of the following social influences on the buying decision process?

Family Influence

ACME Corp. has decided that all of its products' packages should be similar. ACME is using which of the following?

Family Packaging

Which of the following alters a product's versatility, effectiveness, convenience, or safety?

Functional modification

Which of the following involves developing marketing strategies as though the entire world (or its major regions) were a single entity?

Globalization

Which of the following markets may have complex buying procedures due in part to their public accountability?

Government markets

Which of the following raises the price of foreign goods?

Import tariff

For most firms, the early stages of international development are often _______ and not fully _______.

Informal; planned

You are thinking about buying a tablet to help with your classes and for entertainment purposes. When you search your memory for information about products that might address these needs, you are engaging in which aspect of the consumer buying decision process?

Internal information search

Which of the following is NOT true about digital marketing as a new distribution channel?

It increases inefficiencies throughout the marketing channel.

Which of the following are often a political necessity because of nationalism and government restrictions on foreign ownership?

Joint ventures

Before creating a social media advertising campaign, Sarah embeds quantitative and qualitative metrics at the onset of her strategy that can allow almost real-time measurement and evaluation. What are these metrics called?

Key Performance Indicators (KPIs)

Which of the following is NOT a means of repositioning a product?

Maintaining the product's marketing mix

Which of the following is responsible for managing the marketing activities that serve a particular group of customers?

Market manager

Which of the following is characterized by intense competition?

Maturity

ACME Corp. has ordered widgets from Wiley Widgets several times before, but now it would like Wiley Widgets to offer a lower per-unit price in exchange for a larger order. ACME is using which of the following types of business purchases?

Modified rebuy purchase

Which of the following is NOT one of the ways that business transactions differ from consumer transactions?

Orders by businesses are frequently small and inexpensive.

Which of the following is contracting of noncore operations or jobs from internal production within a business to an external entity that specializes in that operation?

Outsourcing

Which of the following deletion strategies makes no attempt to give a declining product a new life?

Phase-out

Gorton's Seafood buys large amounts of fish to use in its frozen dinners and dinner components. Gorton's Seafood belongs in which of the following business markets?

Producer market

During which phase of the new product development process is a new product idea turned into a prototype or working model?

Product development

Which of the following is responsible for a product, a product line, or several distinct products that make up an interrelated group within a multiproduct organization?

Product manager

Which of the following is the total group of products that an organization makes available to customers?

Product mix

Which of the following does the North American Free Trade Agreement NOT do?

Raise tariffs on products imported from Canada and Mexico

Which of the following markets includes wholesalers or retailers?

Reseller markets

ACME Corp. is going through the new product development process and is selecting ideas with the greatest potential for development for further review. ACME is in which phase of the new product development process?

Screening

Purchasing agents at ACME Corp. are looking in company files and trade directories, contacting suppliers for information, soliciting proposals from known vendors, and examining various online and print publications. They are in which of the following stages of the buying decision process?

Searching for and evaluating potential products and suppliers

When you are using the internet to research a school project, and you ignore the banner ads on websites even though you see them flashing on the page, you are probably engaging in the process of _______.

Selectional exposure

When retailers go to great lengths to create physical settings that appeal to their target market and are conducive to making purchase decisions, they are attempting to shape which of the following influences on consumer buying behavior?

Situational

Which of the following influences on the consumer buying decision process result from time, circumstances, and location?

Situational

Which of the following is an open aggregate of people with similar social rank?

Social class

Which of the following is a website (or app) where users can create a profile and interact with other users, post information, and engage in other forms of web-based communication?

Social network

Which of the following organizational architecture elements is the most difficult to change, especially in the short term?

Structure

Which of the following is NOT a typical function of packaging?

To prevent efficient handling of the product

Which of the following is one of the biggest mistakes a marketer can make when engaging in digital marketing?

Treating it like a traditional marketing channel

Free samples can help move consumers into which of the following?

Trial

Which of the following are purchased when a sudden problem must be solved, products of which customers are unaware of until they see them in a store or online, and products that people do not plan on purchasing?

Unsought products

Which of the following is responsible for all aspects of developing a product: research and development, production and engineering, finance and accounting, and marketing?

Venture team

ACME Corp. has concentrated its human resources with international expertise into one unit which serves as the central point for all information flow related to international operations, it is most likely using _______.

an international divison structure

ACME Corp. is developing a software program that can run on mobile devices so that customers can interact with the firm, view product information, and see the status of an order. This is best described as a(n) _______.

app

Companies often use social media influencers popular with their target market to promote their products. In this case, the influencers represent a(n) _______.

aspirational reference group

The Double-A of American Airlines, the peacock of NBC, and the apple with a missing bite of Apple are examples of a _______.

brand mark

Behavior that violates generally accepted norms of a particular society is best described as _______.

consumer misbehavior

Copying computer software, video games, movies, or music without paying the producer for them is an example of _______.

consumer misbehavior

Two trends have elevated the importance of consumer-generated information: (1) The growing tendency of consumers to publish their own thoughts, opinions, reviews, and product discussions; and (2) _______.

consumers' tendencies to trust other consumers over corporations

Delivery and installation, financing arrangements, customer training, warranties and guarantees, repairs, layaway plans, convenient hours of operation, adequate parking, and information through toll-free numbers and websites are examples of _______.

customer services

ACME Corp. is using all digital media, including the internet and mobile and interactive channels, to develop communication and exchanges with customers. This is best described as _______.

digital marketing

High-involvement, unfamiliar, and expensive products such as cars are most likely to involve _______.

extended decision making

Most companies have entered the global marketplace _______ and _______.

gradually; incrementally

The Red Cross raises money to help people survive natural and manmade disasters. Red Cross can best be described as a(n) _______.

idea

A price increase or decrease does not significantly alter demand for a product with _______.

inelastic demand

Quality, the overall characteristics of a product that allow it to perform as expected, has two components: _______ and _______.

level; consistency

When buyers purchase products occasionally or from unfamiliar brands within a product category, they are most likely to use _______.

limited decision making

The development of a product that is closely related to one or more products in the existing product line, but designed specifically to meet somewhat different customer needs is best described as a(n) _______.

line extension

An internal energizing force that directs a person's activities toward satisfying needs or achieving goals is best described as _______.

motive

Any attempt to conduct dishonest activities online would be described as _______.

online fraud

One of the most significant privacy issues relates to marketers' use of _______.

personal information

The "bricks-and-clicks" model involves maintaining _______.

physical stores and an online shopping site

The decisions and activities intended to create and maintain a certain concept of the firm's product, relative to competitive brands, in customers' minds are best described as _______.

positioning

To estimate the purchase potential of business customers, a marketer must find a relationship between a variable available in industrial classification data, such as number of employees, and the size of _______.

potential customers' purchases

Huy Fong Foods is buying peppers and vinegar to make its iconic Sriracha sauce. For Huy Fong Foods, these are best described as _______.

process materials

When a product's packaging can be reused for an additional purpose, this is best described as _______.

secondary-use packaging

Kimberly-Clark is in the process of eliminating products from the product mix because it no longer satisfies a sufficient number of customers. This is best described as _______.

product deletion

The process of creating and designing products so that customers perceive them as different from competing products is best described as _______.

product differentiation

A _______ is a specific version of a product, while a _______ is a group of closely related products that are considered to be a group because of marketing, technical, or end-use considerations.

product item; product line

The internet is viewed as a _______ medium because users determine which material they are going to view.

pull

When a business buyer invites vendors to bid to supply a specified good or service in competition with each other, with the lowest bidder winning the right to sell to the buyer, this is best described as _______.

reverse auction

Online marketing efforts make the buying process far more efficient because it _______ and _______.

saves time; reduces costs

One of the most important benefits of e-marketing is the ability of marketers and customers to _______.

share information

The North American Industry Classification System (NAICS) is a(n) _______.

single industry classification system used by the United States, Canada, and Mexico to generate comparable statistics

John's lawnmower stopped working midway through mowing his front yard. His interest in researching replacement lawnmower brands is most likely to be _______.

situational involvement

The group of people within an organization who make business buying decisions are best described as _______.

the buying center

A product modification differs from a line extension in that _______.

the original product does not remain in the line

ACME Corp. managers lack the will and resources to develop international marketing strategies, but are happy when their company's products are purchased by a(n) _______, which then sells them internationally.

trading company

Examining quality, design, materials, and possibly item reduction or deletion to acquire the product in the most cost-effective way is best described as _______.

value analysis

When a company offers many product lines, it can be said to have a _______.

wide product mix

Which of the following is the strongest and most desired by marketers?

Brand insistence

Which of the following identifies old technologies that can be exploited in new ways or develops new business models to give customers more than they've come to expect from current products in a specific market?

Disruptive innovation

When a product's performance characteristics are at least equal to those of competitive brands and it is priced lower, which of the following is appropriate?

Head-to-head positioning

Which of the following is NOT one of the five opportunities for creating value generated by a global presence?

Minimize the transfer of knowledge across locations

Which of the following is used by retailers or wholesalers to develop more efficient promotion, generate higher gross margins, and change store image?

Private distributor brands

Which of the following product elements derives from customers' involvement with the product, which may convey additional value to many products (and brands) for buyers?

Symbolic or experiential benefits

Which of the following is NOT a way that consumers rationalize pirating software, video games, and movies online?

They worry about getting arrested

Logitech was founded with the knowledge and resources to accelerate its participation and investment in the global marketplace; it was able to export products soon after being established in market niches in which it competed with long-established firms. This is an example of a(n) _______.

born global

During the final stage of the consumer buying decision process, a person might experience cognitive dissonance, which is _______.

doubts in the buyer's mind about whether purchasing the product was the right decision

Because it imports more products than it exports, so that money is flowing out of the country, the United States has a(n) _______.

negative balance of trade