MKT300 Exam 1

The most important actors in the company's microenvironment are

Customers

Which of the following is true regarding the technological environment?

Companies must keep up with the changes in technology or risk behind left heind.

Being proactive toward the marketing environment means that

Company develops strategies to change the environment

Which of the following correctly lists actors in company's microenvironment

Competitors, marketing intermediaries, suppliers, publics

When consumers engage in _________ buying behavior they go through a learning process, so it is most important that marketers understand information gathering and evaluation behavior.

Complex

Which of the five characteristics identified in the text has an inverse relationship with an innovation's rate of adoption? As this characteristic increases, the rate of adoption slower

Complexity

Which of the following statement is correct regarding consumers buying decisions?

Consumers are often unaware of what influences t their purchases

Which of the following statements are correct regarding consumer buying decisions?

Consumers are often unaware of what influences their purchases

Which of the following statements regarding the buyer decision is correct?

Consumers may, in some situations, skip steps in the buyer decision process

Which of the following statements is correct regarding the influence of personal factors on buyer behavior?

Consumers tend to buy brands whose personality matches their own.

What are the four general characteristics that influence consumer purchases?

Cultural, social, personal, and psychological

According to the text, what is the most basic cause of a person's wants and behaviors?

Culture

What are the three cultural factors that influence consumer buyer behavior?

Culture, subculture, and social class

One important reason that business legislation is enacted is to

Protect consumers from unfair business practices

Which of the following is a business to business market transaction?

A grocery store buying cereal from Kellogg's

For Super Bowl Sunday a pizzeria is simply increases their order of supplies from their existing suppliers. Which type of buying situation does this represent?

A modified rebuy

In which type of buying situation will a buyer usually go through all eight stages of the business buying process?

A new task buying situation

Demographic studies statistics that include

Age, gender, race, and occupation

Which of the following statements regarding American subcultural groups is correct?

Asian Americans are the most affluent U.S. demographic segment

Is the first stage in the new product adoption process

Awareness

What is the correct order of the five stages of the new product adoption process?

Awareness, interest, evaluation, trial, and adoption

The _______ consists of all the people who are involved in an organizational buying decision

Buying center

One problem with business-to-business e-procurement is that it

Can erode long-standing customer-supplier relationships

P&G launched their "Tide Loads of Hope program which provides mobile laundromats to families in disaster-stricken areas. P&G washes, dries, and folds clothes for these families free of charge. This an example of

Cause-related marketing

Fathers were once ignored or portrayed as dolts in advertising, however today's advertisers are showing more caring and capable dads. This reflects which demographic trend?

Changing dynamics in the American family

Which of the following is true of environmental sustainability?

Companies are learning that engaging in sustainable practices is good for business.

Unlike marketers in the consumer market, business to business markets

Deal with far fewer but far larger buyers

Business-to-business marketers will somtimes promote their goods directly to consumers. This is because business demand is

Derived

According to the text, one result of technology is that the new space for engaging busines customers is

Digital and social media

Which of the following is an important trend in the natural environment that marketers should be aware?

Product that require scarce resource will face large cost increases

In the United States, patriotism has been increasing for the past 20 years. Marketers have responded with increased use of the "Made in America" appeal and patriotic themes. This reflects which aspect of culture?

People's views toward society

What tends to be the most effective source of information when consumes make a buying decision

Personal sources

Which adopter category consists of opinion leaders who adopt new ideas early but carefully?

Early adopters

Which of the following statements is correct regarding major influences on business buyer behavior?

Emotion plays an important role in business buying decisions.

Many companies are going beyond government reputation and are developing strategies and practices that create a world economy that the planet can support indefinitely. This represents

Environmental sustainability

The first stage of the business buying decision process is problem recognition. What is the second stage?

General need description

Which generation age group is now brand relationships and represent tomorrow's markets?

Generation Z

A firm can be proactive by

Pressing lawsuits to keep competitots in line

Product value analysis is an approach to cost reduction that is used at which stage of the buying decision process?

Product specification?

Dissonance-reducing buying behavior would result from which of the following conditions?

High involvement and few differences between brands

Which of the following statements regarding habitual buying behavior is correct?

In these types of purchases marketers often use price and sales promotion as incentives for purchase

Ford offers a wide variety of cars that range from $14,000 to more than $54,000. This reflects which economic factor?

Income distribution

Age, personality, buying style, and job position are _________ factors that can influence the business buying decision process

Individual

Which of the following correctly defines the consumer market?

Individuals and households that buy goods and services for personal consumption

A University is buying a new overhead projectors for its classrooms. The University's information technology department has been asked to provide specifications and recommendations for this purchase. The IT department is playing which role in the University's buying center?

Influencer

People can be classified into adopter categories. Which two categories are the first to adopt a new product idea?

Innovators and early adopters

The _________ consists of larger societal forces that affect how a company engages and serves its customers

Macroenvironment

Business to business marketing involves buying and selling goods or services by which of the following?

Manufacturers, producers, retailers, wholesalers

Which of th efollowing statements regarding the business market is correct?

Many sets of business purchases are made for onset of consumer purhcases.

Which of the following statements regarding generational marketing is correct?

Marketers need to form more precise age-specific segments within each generational group

Geographically, many Americans have been moving to small cities located beyond congested metropolitan areas, such as Minot, North Dakota, Boona, North Carolina; Traverse City, Michigan, and Concord, New Hampshire. These small cities are called _________

Micropolitan areas

What are the four major psychological factors that influence consumer buyer behavior?

Motivation, perception, learning, and beliefs and attitudes

Items such as technical specifications, quantity, delivery time, return policies, and warranties are included in which stage of the decision process?

Order-routine specification

Which of the following correctly defines the institutional market?

Organizations that provide goods and services to people in their care

A sizable and growing market of consumers are selling products such as natural, organic, and nutritional foods, fuel-efficient cars, and alternative medicines. This trend is attributed to which cultural vlue?

People's views toward nature

Which stage of the business buying decision process occurs between supplier search and supplier selection?

Proposal solicitation

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

Reference group

Which of the following correctly lists marketing intermediaries?

Resellers, physical distribution firms, marketing services agencies, and financial intermediaries

One form of e-procurement is __________ in which companies put their purchasing requests online and invite bids.

Reverse auctions

Which of the following correctly identifies the social factors that influence consumer buyer behavior?

Small groups, social networks, family, and social roles and status

In the B-to-B market, one strategy is to offer a complete solution to a buyer's problems. This is called

Systems selling

Which of the following statements regarding the U.S. government market is correct?

The U.S. government is the largest buyer of goods and services in the world

Which of the following statements regarding the current demographic environment is correct?

The U.S. population is rapidly getting older.

According to the simple model of buyer behavior, what is in a buyer's black box?

The buyer's characteristics and the buyer's decision process

What are the two major components of a B-to-B marketer's buying activity?

The buying center and the buying decision process

According to the text, what is the single most important demographic trend in the United States today?

The changing age structure of the population

The U.S. government normally awards contracts to

The lowest bidder

What determines if a buyer is satisfied or dissatisfied with a purchase?

The relationship between consumer expectations buying decisions?

One new technology markets are adopting is radio frequency identification (RFID). What does this technology do?

Tracks products and customers at various points in the distribution channel

Two things can come between the intention to make a purchase and the actual purchase: the first is the attitudes of others and the second is

Unexpected situation factors

Companies who passively accept the marketing environment

View it as uncontrollable and do not attempt to change it

17) What does a market segment consist of?

a) A group of consumers who respond to the marketing effort in the same way

2) The four Ps of the marketing mix have been redefined in buyer's terms as the four As. Product design influences __________, price affects__________, place affects __________, and promotion influences __________.

a) Acceptability; affordability; accessibility; awareness

25) What are the main components of a marketing plan?

a) An executive summary, situation analysis, objectives, marketing strategy, action programs, budgets and controls, and threats and opportunities

3) The BCG matrix classifies products which have a high market share in a low growth market as __________.

a) Cash cows

23) Which of the following is not one of the five marketing management functions?

a) Customer service

6) To improve the performance of the ____________, many companies today are partnering with other members of the supply chain ---- suppliers, distributors, and customers.

a) Customer value delivery network

11) What does a company do to start the strategic planning process?

a) Define its overall purpose and mission

12) Effective positioning is based on ________

a) Differentiation

21) When a firm starts up or buys a business outside of a current product line and markets, it is pursuing which growth strategy?

a) Diversification

24) Strategically, a company may phase out or sell an SBU. This is known as ________

a) Divesting

1) In which way does increasing customer satisfaction disrupt the internal value chain?

a) It can increase production costs, increase inventories, and disrupt production schedules.

18) When Under Armor expanded its current production to global markets, it was pursuing which growth strategy?

a) Market development

14) Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be _________

a) Market oriented

16) To grow sales, Under Armor increased its spending advertising by 35 percent to increase sales in its current markets. Which growth strategy does this represent?

a) Market penetration

7) Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar, profitably focus on buyers with modest means. This is an example of ______

a) Market targeting

15) Which of the following is a true statement regarding managing and measuring marketing return on investment (ROI)?

a) Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI.

10) The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT analysis, the rising demand for organic produce would be a(n) _________ for Green Acres Farms, and the fact that they grow only organic vegetables is a(n) _________

a) Opportunity; strength

13) One key role marketing plays in a company's strategic planning is to _________

a) Provide a guiding philosophy

9) What are the two measurements used in the BCG matrix to classify strategic business units?

a) Relative market share; market growth rate

8) In determining which customers to serve, a company engages in which two marketing activities?

a) Segmentation and targeting

19) After defining its mission, the next step in strategic planning is to _________

a) Set company objectives and goals

5) According to the growth-share matrix, __________ are high-share, high-growth products. When the market growth slows these products become __________.

a) Stars; cash cows

20) In portfolio analysis, a company must identify _________, which are key business that make up the company.

a) Strategic business units

4) What is the overall focus of strategic planning?

a) To create a game plan for long-run survival and growth in consideration of changing marketing opportunities

22) What is the overall goal of marketing strategy?

a) To create customer value and build profitable relationships

Which of the following statements about the use of digital and social media for B to B marketing is correct?

it allows businesses to target individuals within a business who affect buying decisions.

Which of the following statements is true regarding public policy and government regulation?

legislation affecting busines around the world has increased steadily over the years.

What is the correct order of the five stages in the buyer decision process?

need recognition, information search, evaluation of alternatives, the purchase decision, and post purchase behavior

Which of the following is a personal factor that influences a consumer's buying behavior?

occupation