MKT exam 2

Digital influences, such as online review sites and social networks, allow shoppers to reduce their ___________________________________ by gaining information from others.

risk in trying an unknown product

Old Navy is currently expanding its stores into Canada and Mexico. This expansion is being facilitated by the

North American Free Trade Organization

____________ occurs when a consumer becomes aware that there is a difference between a desired state and an actual condition.

Problem recognization

At the heart of the ____________ are agreements that provide legal ground rules for international commerce and trade policy

WTO (world trade organization)

Coors may choose to segment its market based on heavy, moderate, and light drinkers of its alcoholic beverages. This is an example of market segmentation based on

behavioristic variables

According to your text, _______ are small technology-based firms operating in international markets almost immediately after their establishment and realizing as much as 70% of their sales outside the domestic home market.

born globals

The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is _________________

company sales potential

If Woody's Inc, a producer of home siding, decking, and other wood products, focused its marketing efforts to home construction companies only, it would be using a(n) _______________________ strategy. If it sold the same products to both construction companies and DIY retailers such as Home Depot, it would be using a(n) _______________________ strategy.

concentrated; differentiated

When shopping for detergent, Dylan looks at Arm & Hammer, Gain, Method, and Cheer and chooses the one that is on sale. These four brands make up his ___________ set.

consideration

Purposeful actions to take advantage of or harm others during a transaction is best described as ____________

consumer fraud

When a forecaster analyzes monthly sales figures for a three- to five-year period to ascertain whether sales fluctuate in a consistent, periodic manner, he or she is using

cycle analysis

Segmentation variables for consumer markets are usually grouped into four categories: _________, __________, _____________, and ______________

demographic, geographic, psychographic, and behavioristic

After a firm has identified an appropriate targeting strategy, the next step in the target market selection process is

determining which segmentation to use

As we discussed in class in chapter 5, Gap Inc, has several brands including Old Navy and Banana Republic. Gap Inc, uses a _________ strategy to market its products to consumers

differentiated

As Danielle walks to classes, she selects, organizes, and interprets the sensations she is receiving through her sense organs. Danielle is experiencing the process of

perception

List the levels of involvement in global marketing from the lowest to the highest:

domestic marketing, limited exporting, multinational marketing, regional marketing, globalized marketing.

The United States' former prohibition against importing cigars from Cuba for resale was an example of a(n)

embargo

A marketer that targets customers based on marital status and the presence and age of children is using

family life cycle

Repositioning a product can be executed by physically changing product, its price, or its distribution, or by changing its

features

Both Adidas and Brooks standardize many of their shoe models and colors worldwide, which is an example of

globalization

Most markets for products are made up of individuals or groups with diverse needs for products and are called ____________ markets

heterogenous

A(n) _________ is often used to raise revenue for a country and/or to protect domestic products

import tariff

Within the buying center, ________________________ are technical personnel who develop product specifications and evaluate alternatives, while ___________________________ actually choose the products.

influencer; deciders

St. Agatha's Orthodox Church brews fresh coffee for its attendees as part of its hospitality ministry every Sunday. St. Agatha's is a(n) _________________________ market for coffee.

institutional

____________ involves developing and performing marketing activities across national boundaries

international marketing

Stan spends most of his free time participating in extreme sports and traveling to exotic locations with a group of close friends who share his interests and opinions about most things. This is a description of Stan's

lifestyle

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n)

market

Phillips calculates that the total number of light bulbs sold to consumers in the next year by all light bulb producers is 1 billion, given anticipated marketing efforts by the firms involved. This figure represents the industry's

market potential

Publix is attempting to forecast sales for a new ice cream cake. To come up with an accurate forecast, Publix places the product in Atlanta supermarkets for a period of four months. In this instance, Publix is using a

market test

According to the KFC video we watched in Chapter 8, _________________________________ is not a reason why KFC succeeded in China:

marketing to children

____________ is focusing marketing efforts on very small geographic markets

micromarketing

A ________ is useful in positioning strategy because it is a representation of consumer perceptions across various dimensions

perceptual map

If White Mountain Group saw all table sugar customers as pretty much alike and thus offered only one marketing mix, it would be using the ________________________________ strategy.

undifferentiated

In the consumer buying process, a buyer will search his or her memory for information about products that might solve the problem they have identified in the __________

2nd step (internal search)

______________ & _____________ are the two ways governments make purchases

Bids & negotiated contracts

After purchasing a new Infiniti, Phil sees a Lexus pass by on the street and begins to wonder if he made the right choice. Phil is experiencing __________

Cognitive dissonance

___________________ refers to the idea that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures.

Cultural Relativism

Hereditary characteristics combined with personal experiences that together make an individual unique form one's

personality

AMD buys silicone, which is used in its chip-making process. AMD produces microchips for use within a wide variety of products for other firms, such as Motorola, LG, and Samsung. AMD is a buyer in a(n) ________________________________ market.

producer

After deciding to order replacement parts for aging machinery, the buyer for a construction company examines catalogs and trade publications looking for these parts. The buyer is at the _________ stage in the business buying decision process

product - supplier; search and evaluation

If India, in an attempt to bolster the sales of its own auto manufacturers, decided to limit the number of automobiles that could be brought in from other countries, India would be using a(n)

quota

Mei is on the marketing team for a Gulf Coast drywall company. Her team is working to determine whether Hurricane Harvey had an effect on the firm's erratic sales last year. Mei's team should use _____________________________________ to understand the situation.

random factor analysis

Advertisers often use _______________ to boost consumers' information retention and recall, which may facilitate the information search stage.

repetition

As we discussed in class in Chapter 11-4, many people point to the Oldsmobile "Not Your Father's Oldsmobile" campaign as the beginning of the end for Oldsmobile and a prime example what type of failed _________ strategy.

repositioning

Amos's Produce Stand buys produce from area farmers, marks the merchandise up to a price that includes some profit, and then sells the fruit and vegetables to the people in and around Plum Creek. Amos's would be classified as part of a ___________________________ market.

reseller

Consumers tend to remember information inputs that support their feelings and beliefs and forget inputs that do not. This is known as selective

retention

Ainsley is a prosecuting attorney for the city of Toronto. She is also vice president for the local parent/teacher organization and a coach for her daughter's soccer team. The actions and activities associated with each of these positions constitute Ainsley's

roles

While shopping at a local grocery store, Cameron sees a display of his favorite brand of energy drink. He buys some to take home for the weekend. This purchase process would be described as _________________

routinized response behavior

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

segmentation

People's needs to grow, develop, and achieve their full potential are referred to by Maslow as ____ needs.

self actualization