MKT Midterm

Which type of business buying situation offers marketers the greatest opportunity but also the greatest​ challenge? Answer: B

.A. A modified rebuy B. A new task situation C. A request for proposal D. A buying center purchase E. A straight rebuy

Which of the following represent market​ offerings? Answer: D

A Value, satisfaction,​ sales, and profits B. ​Products, services,​ needs, and exchanges C. ​Needs, wants,​ products, and advertisements D. ​Products, services,​ information, and experiences E. ​Products, services,​ needs, and wants

Services are characterized by four key​ aspects: ______________________. Answer: D

A services are​ intangible, perishable,​ consistent, and inseparable. B. services are​ intangible, inexpensive, easy to​ find, and automated. C. services are​ inexpensive, easy to​ find, intangible, and variable. D. services are​ intangible, inseparable,​ variable, and perishable. E. services are​ intangible, variable,​ perishable, and inexpensive

Which of the following is an important trend in the natural environment of which marketers should be​ aware? Answer: B

A. A decrease in consumer concern towards the environment B. Shortages of raw materials C. Decreased government intervention D. Decreasing costs of nonrenewable resources E. Decreased pollution

Which of the following is the correct definition of a​ product? Answer: D

A. A product is a tangible good or a service that can be offered to a market for​ attention, acquisition,​ use, or consumption that does not satisfy a want or need. B. A product is anything that can be offered to a market for consumption that does not satisfy a want or need. C. A product is a tangible good that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need. D. A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need. .E. A product is a tangible good or a service that can be offered to a market for consumption that might satisfy a want or need.

What are the two ways a firm can obtain new​ products? Answer; D

A. Acquisitions and external research and development B. New product development and external research and development C. Mergers and acquisitions D. Acquisitions and new product development E. New product development and existing product modification

What is the first step in the new product development​ process? Answer: E

A. Building a prototype B. Setting the budget C. Screening new product ideas D. Consulting with​ R&D on the feasibility of the new product E. Generating new product ideas

What is the single most important demographic trend in the U.S.​ today? Answer: C

A. Changes in the American family B. A better educated population C. The changing age structure of the population D. Geographic population shifts E. Increasing diversity

What are the two broad classifications of​ products? Answer: B

A. Consumer products and business products B. Consumer products and industrial products C. Necessity products and luxury products D. Consumer products and household products E. Grocery products and luxury products

Which of the following is included in a broad definition of​ marketing? Answer: E

A. Creating customer​ value, building customer​ relationships, and having a strong selling orientation B. Satisfying​ customers, beating​ competitors, and maximizing profits C. ​Advertising, selling, and developing quality products D. ​Selling, advertising, and promoting E. Creating customer​ value, building customer​ relationships, and engaging customers

What are the four general characteristics that influence consumer​ purchases? Answer; D

A. Cultural​ characteristics, social​ characteristics, demographic​ characteristics, and brand loyalty B. Economic​ characteristics, technological​ characteristics, demographic​ characteristics, and political characteristics C. Cultural​ characteristics, technological​ characteristics, social​ characteristics, and personal characteristics D. Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics E. Technological​ characteristics, social​ characteristics, personal​ characteristics, and the buyer decision process

What are the four steps of the marketing research process in their correct​ sequence? Answer: C

A. Develop the research​ plan, define the problem and research​ objectives, implement the research​ plan, interpret and report the findings B. Collect the​ data, analyze the​ data, develop the research​ plan, interpret and report the findings C. Define the problem and research​ objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings D. Develop the research​ plan, set the research​ budget, collect the​ data, interpret and report the findings E. Set the research​ budget, collect the​ data, analyze the​ data, determine how to use the findings

What is market​ segmentation? Answer: A

A. Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes B. Arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers C. Marketing to a mass market of homogenous buyers D. Differentiating the​ firm's market offering to create superior customer value E. Evaluating each market​ segment's attractiveness and selecting one or more market segments to enter

In which step of the buying decision process is the final order with the chosen supplier​ developed? Answer; B

A. General need description B. ​Order-routine specification C. Supplier selection D. Product specification E. Proposal solicitation

What advice would you give a firm about how to respond to the changing marketing​ environment? Answer: E

A. If the current strategy is​ working, there is no need to respond to environmental changes. B. Accept the fact that things change and not much can be done about it. C. Do not do anything until competitors respond. D. Watch environmental changes but react only when absolutely necessary. E. Whenever​ possible, take a proactive approach to the environment.

Which of the following correctly defines the consumer​ market? Answer: A

A. Individuals and households that buy goods and services for personal consumption B. Individuals who spend more than​ $1,000 a year on purchases C. Any business that sells goods and services to other businesses D. Retailers who sell goods and services to consumers E. ​Manufacturers, retailers, and consumers

Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management? Answer; D

A. Introduction B. Decline C. Product development D. Maturity E. Growth

What are the four choices a company has for developing​ brands? Answer; D

A. Line​ extensions, line​ supplements, new​ lines, and new brands B. Line​ extensions, licensing, brand​ extensions, and new brands C. Single​ brands, multibrands, line​ extensions, and licensing D. Line​ extensions, brand​ extensions, multibrands, and new brands .E. Line​ extensions, brand​ extensions, new​ brands, and brand phase out

What do marketers use to analyze big​ data? Answer; D

A. Marketing metrics B. Marketing software C. Marketing research D. Marketing analytics E. Customer relationship management

Which of the following statements regarding the marketing of international products and services is​ correct? Answer: C

A. Markets and consumers all over the world are​ alike, so a company should always standardize international products. B. Markets and consumers around the world are now so similar that international product and services marketers no longer face special challenges when marketing in foreign countries. C. Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets. D. Advertising is one service industry that has not needed to globalize its operations. E. The trend toward growth of global service companies will not continue and will actually decline.

Which of the following are additional variables marketers use to segment business markets but not consumer​ markets? Answer: E

A. Operating​ characteristics, purchasing​ approaches, situational​ factors, and usage rate B. Operating​ characteristics, purchasing​ approaches, situational​ factors, and benefits sought C. Operating​ characteristics, purchasing​ approaches, situational​ factors, and region D. Operating​ characteristics, purchasing​ approaches, situational​ factors, and loyalty status E. Operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics

​________ is the process of dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. Answer: B

A. Positioning B. Market segmentation C. Marketing strategy D. Differentiation E. Market targeting

Which structural factor would make a market segment attractive to​ enter? Answer: E

A. Powerful buyers B. Powerful suppliers C. New entrants can easily come into the segment D. Many strong and aggressive competitors E. Very few actual or potential substitute products

What are the eight steps in the business buying decision process in the correct​ sequence? Answer: D

A. Problem​ recognition, general need​ description, product​ specification, supplier​ search, supplier​ selection, proposal​ solicitation, order-routine​ specification, and performance review B. Performance​ review, problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, and​ order-routine specification C. General need​ description, problem​ recognition, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review D. Problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review E. Problem​ recognition, general need​ description, product​ specification, supplier​ selection, supplier​ search, proposal​ solicitation, order-routine​ specification, and performance review

Which of the following statements regarding the changing marketing landscape is​ correct? Answer: A

A. The Great Recession caused consumers to rethink their buying priorities. .B. Companies can safely ignore the environmental movement. C. ​Today's post-recession era consumers buy​ more, use fewer​ coupons, use their credit cards​ more, and save less. D. Digital technology has had little impact on the way we live. E. Global competition affects only large companies.

Most standard portfolio analysis methods evaluate strategic business units​ (SBUs) on their performance in two important dimensions. What are these two​ dimensions? Answer: B

A. The attractiveness of the​ SBU's market or industry and the number of products the company produces B. The attractiveness of the​ SBU's market or industry and the strength of the​ SBU's position in that market or industry C. The type of market or industry in which the company competes and the strength of the​ SBU's position in that market or industry D. The number of SBUs the company identifies and the number of products it produces E. The number of products a company produces and the number of foreign countries in which the company competes

Which of the following statements regarding the business market is​ correct? Answer: C

A. The business market is not as large as the consumer market in terms of dollars spent and items purchased. B. The business market has more businesses than the consumer market. C. Many sets of business purchases are made for one set of consumer purchases. D. Demand in the business market is more elastic than demand in the consumer market. E. Business buying decisions are less complex than consumer buying decisions.

What determines whether the buyer is satisfied or dissatisfied with a​ purchase? Answer: C

A. The relationship between the​ consumer's expectations and how others evaluate the product B. The relationship between the price of the product and the​ product's perceived performance C. The relationship between the​ consumer's expectations and the​ product's perceived performance D. The relationship between the price of the product and the level of customer service provided E. The relationship between the​ consumer's expectations and where the product was purchased

Which marketing management orientation holds that a firm should have a customer focus to achieve sales and​ profits? Answer: C

A. The selling concept B. The production concept C. The marketing concept D. The product concept E. The societal marketing concept

Why do companies use customer relationship​ management? Answer: E

A. To avoid using big data B. To get to know their customers personally C. To find new customers D. To maximize sales and revenue E. To capture and use customer data

Which of the following is a reason for business​ legislation? Answer: C

A. To remove legal regulations from the free market economy B. To provide legal guidelines for businesses and marketers without actually enforcing them C. To protect consumers from unfair business practices D. To ensure that competition is unregulated E. To ensure that companies make profits

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments? Answer: B

A. Undifferentiated marketing B. Concentrated marketing C. Micromarketing D. Mass marketing E. Differentiated marketing

To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer? Answer: A

A. What customers will we​ serve? How can we serve these customers​ best? B. Who are our​ competitors? How can we beat our​ competitors? C. What customers will we​ serve? How can we maximize​ profits? D. How can we serve our customers​ best? How can we maximize​ profits? E. What markets should we​ enter? How do we maximize sales in those​ markets?

Which of the following statements regarding socially responsible product decisions is​ correct? Answer; E

A. When companies drop​ products, they do not have any legal obligations to​ suppliers, dealers, and customers. B. Manufacturers are not required to comply with laws regarding product quality and safety. C. Consumers who have been injured by a product with a defective design cannot sue manufacturers or dealers. D. Manufacturers are generally not concerned with product liability. E. The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.

What is a​ product's position? Answer: D

A. Where a product is located on store shelves B. The market share of a product C. How much consumers are willing to pay for a product D. The way a product is defined by consumers on important attributes E. How the company advertises a product

To deliver real value to​ marketers, marketing information must​ _________. Answer: E

A. be collected inexpensively B. have a positive impact on profits C. come from big data sources D. include information on competitors E. provide useful customer insights

Once management has decided on its product concept and marketing​ strategy, it can evaluate the business attractiveness of the​ proposal, which involves​ ___________. Answer: C

A. building and testing a prototype B. conducting concept testing C. conducting a business analysis D. conducting test marketing E. introducing the new product to the market

The first step of the marketing process is to​ ___________________. Answer; B

A. design a​ customer-driven marketing strategy B. understand the​ marketplace, which includes customer needs and wants. C. construct an integrated marketing program that delivers superior value D. capture value from customers to create profits and customer equity E. build profitable relationships

Evaluating each market​ segment's attractiveness and selecting one or more market segments to enter is called​ _____. Answer: B

A. differentiation B. market targeting C. mass marketing D. market segmentation E. positioning

The major product line decision involves the​ line's ______, or the number of items in the product line. Answer: A

A. length B. portfolio C. depth D. scope E. mix

The buyer decision process starts with​ __________. Answer: C

A. making a purchase B. getting information about a purchase C. recognizing a need D. evaluating purchase alternatives E. satisfaction with past purchases

The people and procedures dedicated to assessing information​ needs, developing the needed​ information, and helping decision makers use the information to generate and validate actionable customer and market insights comprise a​ ________. Answer; B

A. marketing analytic system B. marketing information system C. marketing consulting team D. marketing research department E. marketing technology system

A​ _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments. Answer: B

A. mission statement B. value proposition C. unique proposition D. positioning map E. value statement

According to the​ text, two major public policy and ethical issues in marketing research are​ ________. Answer: B

A. misuse of research findings and improper sampling procedures B. intrusions on consumer privacy and the misuse of research findings This is the correct answer.C. deceptive advertising and illegal pricing D. paying research respondents and intrusions on consumer privacy E. intrusions on consumer privacy and inaccurate data analysis

Digital marketing tools used in digital and social media marketing include​ ________. Answer: E

A. mobile​ apps, online​ video, and personal selling B. ​e-mail, telemarketing, and blogs C. social​ media, online​ video, and newspaper coupons D. social​ media, mobile​ apps, and television advertising E. social​ media, mobile​ apps, and blogs

During the introductory stage of the product​ lifecycle, ______________. Answer; B

A. sales fall and profits decline B. sales are slow and profits nonexistent .C. sales rise quickly and profits are high D. sales rise​ quickly, but profits are nonexistent E. profits rise quickly and there is rapid market acceptance of the product

A company rarely gets​ 100% of a​ customer's purchases for a product category. The share it does get of the​ customer's purchasing in its product categories is called​ ________. Answer: D

A. share of market B. customer defections C. customer lifetime value D. share of customer E. customer equity

For strategic planning​ purposes, marketing provides a guiding philosophy that suggests the​ company's strategy should revolve around creating customer value and building profitable relationships with important consumer groups. This philosophy is called​ _______. Answer: C

A. the value concept B. partner relationship management C. the marketing concept D. customer relationship management E. value chain management

To create successful new​ products, a company must​ _______. Answer: A

A. understand its​ consumers, markets, and​ competitors, and develop products that deliver superior value B. wait and see what new products its competitors offer C. avoid innovation and only improve​ existing, successful products D. cut costs to keep the price of new products low E. spend more on​ R&D than its competitors

What are the five marketing management functions used to manage the marketing​ process? Answer: A

A. ​Analysis, planning,​ implementation, organization, and control B. ​Segmenting, targeting,​ positioning, differentiation, and control C. Product​ development, pricing, customer​ service, promotion, and cost control D. ​Planning, segmenting,​ targeting, positioning, and implementing E. Writing an executive​ summary, conducting a situation​ analysis, planning, setting​ budgets, and outlining controls

What are the five stages of the consumer adoption process in the correct​ sequence? Answer: D

A. ​Awareness, interest,​ trial, evaluation, and adoption B. ​Awareness, trial,​ evaluation, interest, and adoption C. ​Awareness, trial,​ interest, evaluation, and adoption D. ​Awareness, interest,​ evaluation, trial, and adoption .E. ​Awareness, evaluation,​ interest, trial, and adoption

Which of the following correctly identifies the five important decisions marketers must make when developing individual products and​ services? Answer: D

A. ​Branding, pricing,​ advertising, distribution, and product support services B. Product​ attributes, pricing,​ advertising, distribution, and promotion C. Quality​ level, pricing,​ advertising, distribution, and promotion D. Product​ attributes, branding,​ packaging, labeling, and product support services E. Product​ attributes, branding, quality​ level, pricing, and distribution

Which of the following statements is true regarding the marketing of​ services? Answer: D

A. ​Customer-facing employees are not important in the marketing of services. B. ​Buyer-seller interaction during the service encounter has little impact on service quality. C. Service providers do not need to differentiate their offerings. D. For service​ providers, a solution to price competition is to develop a differentiated​ offer, delivery, and image. E. Service providers do need to use segmentation and target marketing.

What are the four major variables used to segment consumer​ markets? Answer: B

A. ​Ethnicity, region,​ gender, and income B. ​Geographic, demographic,​ psychographic, and behavioral C. ​Geographic, demographic,​ psychographic, and psychological D. ​Income, age,​ geography, and lifestyle E. ​Income, gender,​ age, and ethnicity

Which of the following correctly identifies the five core customer and marketplace​ concepts? Answer: E

A. ​Needs, wants, and​ demands; products;​ value; customers; and competitors B. ​Needs, wants,​ demands, market​ offerings, and markets C. ​Needs, wants, and​ demands; market​ offerings; value;​ satisfaction; and markets D. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; competitors; and profits E. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets

What are the five characteristics that are especially important in influencing an​ innovation's rate of​ adoption? Answer: C

A. ​Product, price,​ place, promotion, and relative advantage B. Relative​ advantage, complexity,​ compatibility, availability, and promotion C. Relative​ advantage, complexity,​ compatibility, divisibility, and communicability D. ​Price, features,​ complexity, relative​ advantage, and promotion E. ​Product, price,​ place, promotion, and packaging

Products and technologies eventually become​ outdated, but basic market needs can last forever. For this​ reason, company mission statements should be​ ______. Answer; E

A. ​business-oriented B. ​sales-oriented C. ​product-oriented D. ​profit-oriented E. ​market-oriented

The four major brand strategy decisions involve brand​ ________. Answer: E

A. ​equity, value, name​ selection, and positioning B. ​equity, identity, name​ selection, and logo selection C. ​equity, name​ selection, sponsorship, and development D. name​ selection, logo​ selection, sponsorship, and identity E. ​positioning, name​ selection, sponsorship, and development

Which of the following is true regarding international marketing​ research? Answer: B

Most countries have ample sources of secondary data available for marketing researchers. B. Translating questionnaires from one language to another is not an easy task. C. The use of international marketing research has decreased in recent years. D. Primary data cannot be collected when conducting international marketing research. E. Consumers in different countries are very alike in their attitudes toward marketing research.

What are the two keys to building lasting customer​ relationships?

Value and Satisfaction