MKT 300 HW Answers
A country's _______ is the difference between the value of a country's exports and the value of its imports.
balance of trade
Using an existing brand to brand a new product in a different category is called ______.
brand extension
individual branding
A policy of naming each product differently
brand licensing
An agreement where a company permits another organization to use its brand on other products for a licensing fee
Online marketplaces where buyers and sellers can exchange information, goods, services, ideas, and payments are best described as _______.
B2B e-commerce sites
In the business buying decision process, what comes after problem recognition?
Developing product specifications
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
phase-out
No attempt is made to give the product new life
Which of these is not a consumer misbehavior?
Routinized response behavior
What is one of the biggest mistakes a marketer can make when it comes to digital marketing?
They treat it like they would traditional marketing.
Portable tools and office equipment would be categorized as _______.
accessory equipment
The decision to market a product is called _______.
commercialization
Which of the following are viewed as "in-the-know" by many product adopters?
early adopters
The stage of the product life cycle where profits peak is the _______.
growth stage
The NAICS is a system for classifying businesses _______.
in North America
evaluative criteria
is/are the features that a consumer considers in choosing among alternatives.
Which of the following are primary concerns when it comes to business customers making purchasing decisions? (Select three)
supplier relationships, product quality, price
immediate drop
Completely getting rid of the product
Which of the following involves marketers presenting a sample of potential buyers with a product idea described in words or in drawings, to determine their attitudes and initial buying intentions?
Concept testing
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 (e-marketing)
The use of bribes, which are illegal for U.S. companies, relate best to which of the following environmental forces?
Ethical and social responsibility forces
The ________ has adopted a common currency, works to remove trade restrictions, permits the free flow of goods and workers throughout member nations, and promotes human rights within member countries and around the world.
European Union (EU)
run-out
Exploiting any strengths left in the product by intensifying marketing efforts in core markets or eliminating some marketing expenditures
Which of the following is the market value of a nation's total output of goods and services in a specific period?
Gross domestic product (GDP)
Which characteristic of service tends to have variation in quality?
Heterogeneity
The World Trade Organization (WTO) aims to do which of the following? (Select three)
Mediate trade disputes, Serve as a forum for trade negotiations, Work to reduce global trade barriers
Which of the following is not one of the five opportunities for creating value generated by a global presence?
Minimizing the transfer of knowledge across locations
family branding
Names all of the firm's products with the same name
Which of the following is not an aspect of technological forces?
Paying people to influence policy decisions of foreign governments
gatekeeper
People who control the flow of information to all the other roles
influencer
People who help develop product specifications and evaluate alternatives
buyer
People who select suppliers and negotiate the purchase
Which of the following are major elements that underlie brand equity? (Select three)
Perceived brand quality, Brand name awareness, Brand loyalty
Which of the following is a way to display or graph, in two or more dimensions, the location of products, brands, or groups of products in customers' minds?
Perceptual map
Which of the following are brands that are initiated and owned by resellers?
Private distributor brands
What purpose would an individual in a business market have for purchasing a specific kind of product? (Select three)
Use in daily operations, resale, Direct use in producing other products
co-branding
Using two or more brands on one product
Which of the four promotional strategies involves gaining credibility from what other people say about a service?
Using word-of-mouth communication
Measuring the number of online ratings about the company or product on social media is which type of social media metric?
advocacy
A modification to a product that changes the taste, texture, sound, smell, or appearance is a(n) _______.
aesthetic modification
introduction stage
aggressive promotional spending to promote product awareness and trial
Inelastic demand means _______.
an increase or decrease in the price of a product will not significantly affect demand for the product
Component parts _______.
are either finished items ready for assembly or products that need very little processing before becoming part of some other product
Which psychological influence 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
Companies known as ______ were founded with the knowledge and resources to accelerate their participation and investment in the global marketplace.
born globals
The elements of a brand that cannot be spoken are called the ______.
brand mark
is increasingly a concern for online advertisers who are demanding more control over where their ads run.
brand safety
The collection of alternatives a consumer actually considers when making a decision is known as the _______.
consideration set
Behavior that violates generally accepted norms of a particular society is best described as _______.
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
_______ are goods and services consumers want to purchase frequently, immediately, and with minimal effort.
convenience products
A company considering culture when marketing a product in a foreign country would want to be sure that promotional messages _______, _______, and _______. (Select three)
convey the intended meaning, reflect the country's social values, are translated correctly
The ______ consist(s) of a product's fundamental utility or main benefit and usually address(es) a fundamental need of the consumer, whereas ______ provide added value or attributes that are in addition to the core product's utility or benefit.
core product and supplemental features
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
When a consumer has previous experience with a product or brand, it is likely the level of involvement would
decrease
To balance the supply and demand of perishable services, marketers may use
demand-based pricing
Using all digital media, including the internet and mobile and interactive channels, to develop communication and exchanges with customers is best described as ________.
digital marketing
Some people avoid buying specific products and brands, so they are not associated with specific groups. These groups would be classified as _______.
disassociative reference groups
Digital marketing can be viewed as a new ______ channel that helps businesses increase efficiency.
distribution
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
Which business buying decision factor would include political forces, economic factors, and technological changes?
environmental
The _______ is perhaps the most important determinant of consumer behavior because it helps them acquire the knowledge and skills to function as a consumer through a process called _______
family and consumer socialization
When a company uses similar packaging for all of its packaging, it is using
family packaging
______ involves developing marketing strategies as though the entire world (or its major regions) were a single entity.
globalization
Which of the following are tangible products that customers can see, hear, smell, taste, and/or touch?
goods
______________ products tend to be those that are visible to others (such as cars) and are more expensive, while ___________ products are much less expensive (such as paper towels) and have less associated social risk.
high involvement and low involvement
In the business analysis stage, _______.
ideas are evaluated by projecting cost, sales, and profitability
Which of the following deletion strategies is the best strategy when losses are too great to prolong the product's life?
immediate drop
Measuring the number of repeat sales is which type of social media metric?
impact
The second stage of the consumer decision-making process is ______.
information search
The first group to adopt new products are called _______.
innovators
Buyers of industrial equipment would most likely use _______ as their purchase method.
inspection
Hospitals, colleges and universities, and museums fall into the ______ category of business customers.
institutional market
Services can't be touched, consumed, or felt in the same way as goods. This is an example of
intangibility
During _______, the consumer conducts a mental review and asks questions like "Do I have experience with this product?"
internal search
__________ involves developing and performing marketing across national boundaries.
international marketing
MRO supplies are _______.
items that help production but do not become part of the final product
When the demand for one business product is related to the demand for another business product used in combination with the first item, _______ occurs.
joint demand
_______ is/are often a political necessity because of nationalism and government restrictions on foreign ownership.
joint ventures
Which of the following is closely related to packaging and is used to identify, promote, inform, and address legal requirements?
labeling
is/are the changes in a consumer's thought processes and behavior as a result of experience or information.
learning
Quality, the overall characteristics of a product that allow it to perform as expected, has two dimensions:
level and 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 closely related to one or more products in the existing product line but designed to meet different customer needs is called a
line extension
The stage of the product life cycle where sales revenue peaks is the _______.
maturity stage
Which of the following can strongly influence an individual's lifestyle? (Select three)
media preferences, Aspects of the consumer buying decision process, product needs
The driving force that causes a consumer to take action and satisfy a specific need is a _______.
motivation
During the fourth stage of the business buying decision process, the buying center chooses the product and supplier(s). With _______ , the firm chooses two or more firms to ensure a steady supply. Sometimes a firm chooses just one supplier or ________.
multiple sourcing and sole sourcing
Which of the following is often used for liquidating unsold, returned, or used merchandise?
online auctions
Any attempt to conduct dishonest activities online would be described as _______.
online fraud
Someone who influences the opinions of others is a(n) _______.
opinion leader
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
What is the development of the container that holds a product?
packaging
Which of the following categories is a situational factor?
physical surroundings
According to Maslow, the most basic needs are _______.
physiological needs
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
In which of the following stages of the consumer decision-making process does the consumer become aware of a gap between their existing situation and the desired or ideal situation?
problem recognition
Which category of business customers includes individuals and business organizations that purchase products to profit by using them to produce other products or using them in their operations?
producer market
A positioning strategy that highlights specific attributes or features to create the desired perception of the brand or consistency with the buyer's self-concept is a ________ positioning base.
product attribute or feature
Some companies now use online advertising campaigns and contests to help develop better goods, services, or ideas. This is most closely related to what variable of the marketing mix?
product considerations
What is the process of eliminating a product from the product mix when consumer preferences shift significantly, causing a product to decline?
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
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
A _______ is a company's assortment of product lines and individual product offerings.
product mix
A product modification intended to improve the dependability and durability of a product is a(n) _______.
quality modification
Unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, and corn, would be categorized as ______.
raw materials
Which of the following is an arrangement unique to business in which two businesses agree to buy from each other?
reciprocity
Retailers and wholesalers are part of the _______ category.
reseller market
After ideas have been generated, the next step in the product development process is
screening
The first two digits of a NAICS code designate the _______.
sector
When consumers notice certain stimuli in the environment, they use _______ to choose what information is processed.
selective exposure
is an individual's perception or view of themself.
self-concept
One of the most important benefits of e-marketing is the ability of marketers and customers to
share information
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
Particular items that offer unique characteristics that buyers are willing to go through a considerable amount of effort to obtain are called ______.
specialty products
In a _______, the business buyer reorders the same goods or services without looking for new information or investigating other suppliers.
straight rebuy purchase
A group of individuals whose characteristics, values, and behavioral patterns are similar within the group and different from those of people in the surrounding culture is known as a(n) _______, whereas ________ is the accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generations.
subculture and culture
Which positioning base positions the product based on personality or type of consumer?
target market
The group of people within an organization who make business buying decisions are best described as _______.
the buying center
The exclusive legal right to use a brand or part of a brand is ______.
trademark
Companies that lack the will and resources to develop international marketing strategies often sell products to a(n) _______, which then sells them internationally.
trading company
Products that are purchased to solve a sudden problem and a customer does not actively seek are _______.
unsought products
decline stage
use promotion to suggest new uses for product
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
The number of different product lines an organization offers is the company's _______.
width of product mix