UCF MAR Exam 2

________ -to- __________ marketing refers to the process of buying and selling goods or services to be used in producing other goods and services for consumption by the buying organization and/or for resale by wholesalers and retailers.

Business to Business (B to B)

True or False: Universal sets are a subset of retrieval sets and evoked sets.

False Reason: Retrieval sets and evoked sets are subsets of universal sets, not the other way around.

True or False: The consumer decision process starts with need recognition and ends with the purchase itself.

False Reason: The consumer decision process begins with need recognition and ends with postpurchase, a step that follows the purchase.

During the B2B buying process, a firm will typically invite alternative suppliers to bid on supplying the firm's required components for a product. This stage is called the ______ for proposal process.

RFP or request

Stages of the B2B buying process. in order 1-6

Stage 1: Need Recognition Stage 2: Product Specification Stage 3: RFP Process Stage 4: Proposal Analysis, Vendor Negotiation, and Selection Stage 5: Order Specification Stage 6: Vendor Performance Assessment using metrics

Terence realizes that in order to fulfill customers' expectations for his florist business, he must purchase a customized delivery van. This illustrates the requirements for which stage in the B2B process? Stage 1: Need recognition Stage 2: Product specification Stage 3: Order specification Stage 4: Performance assessment

Stage 1: Need recognition

True or False: A global marketing mix is more complicated than a domestic marketing mix.

True Reason: Cultural nuances, subculture, and roles of consumers in different countries can make a marketing mix more complicated.

True or False: The government is usually one of the largest spenders in the B2B market.

True Reason: In most countries, the central government is one of the largest purchasers of goods and services on the B2B market.

True or False: Situational factors sometimes override psychological and social issues.

True Reason: Sometimes situational factors override or at least influence the psychological and social factors that typically influence the consumer decision process.

True or False: Consumers often evaluate alternatives while still engaged in the search process.

True Reason: During the search process, a consumer will likely come across information on competing products or services to be considered.

When a firm enters into a joint venture agreement with a local firm, the two investors will then share which of the following? (Choose every correct answer.) a.) Ownership of the firm b.) Any profit gained c.) Control of business operations d.) Voting shares in each company's other divisions

a, b, c

What are factors that are currently NEGATIVELY affecting the Russian economy? (Choose every correct answer.) a.) Widespread corruption that creates ethical dilemmas for foreign companies that might otherwise want to operate in the country b.) An aging population and low birthrate that are leading to a shrinking population c.) A growing middle class that exhibits a strong preference for Russian-made goods and rejects products from Western countries d.) International sanctions on Russia in response to its interference in foreign democratic elections

a, b, d

Which of the following criteria are necessary to assess a country's market? (Choose every correct answer.) a.) Sociocultural analysis b.) Infrastructural analysis c.) Climatological analysis d.) Economic analysis

a, b, d

What are the two types of information search? (Choose every correct answer.) a.) External search b.) Functional search c.) Internal search d.) Risk search e.) Location search

a, c

Which of the following factors typically influence the consumer decision process the same way each time? (Check all that apply.) a.) Psychological b.) Temporal state c.) Social d.) Situational

a, c

Which of the following are roles within a buying center? (Choose every correct answer.) a.) Initiator b.) Vendor c.) Decider d.) User e.) Reseller

a, c, d

The majority of B2B buying situations can be described as which three of the following? (Choose every correct answer.) a.) New buys b.) B2C buys c.) Modified rebuys d.) Organizational buy e.) Straight rebuys

a, c, e

Which of the following is NOT a step in the formal business-to-business buying process? a.) Commercialization b.) Product specification c.) Need recognition d.) RFP process

a.) Commercialization

What is the process that causes an increased flow of goods, services, capital, people, information, and ideas across national borders? a.) Globalization b.) Economic analysis c.) Nationalization d.) Protectionism

a.) Globalization

Which of the following is defined as the basic facilities, services, and installations needed for a community or society to function? a.) Infrastructure b.) Global trade c.) GDP d.) Technological capabilities

a.) Infrastructure

In which situation did an alternative evaluation option occur within the search process? a.) Kevin searches for a new car on the Internet before visiting the "The Mile of Cars" store b.) Mike buys a ticket to the only theme park in the city. c.) Jesus gets a membership at the gym his friends use. d.) Frankie goes to a nearby gas station to purchase his regular energy drink.

a.) Kevin searches for a new car on the Internet before visiting the "The Mile of Cars" store

Burt's Bees buys raw materials in order to make its earth-friendly products, such as perfumes, lip balms, and hair products. Which of the following business markets best describes Burt's Bees? a.) Manufacturer or producer b.) Reseller c.) Institution d.) Consumer advocate

a.) Manufacturer or producer

________ refers to a set of unspoken guidelines that employees share in various work situations. a.) Organizational culture b.) Organizational structure c.) Organizational theory d.) Organizational climate

a.) Organizational culture Reason: b.) Organizational structure is a hierarchy concept where all levels work toward one goal. c.) Organizational theory is the study of organizations for the benefit of identifying common themes for problem solving. d.) Organizational climate refers to the properties of a work environment.

Once a firm recognizes a need, the firm will consider alternative solutions and develop a list of requirements to be given to potential vendors. What is the name for this process? a.) Product specification b.) Need recognition c.) Proposal analysis d.) Vendor negotiation

a.) Product specification

A software development firm has built a program that can help businesses more efficiently target advertisements toward those who are most likely to buy. The sales team wants to introduce the product to potential clients but doesn't want to overwhelm them with a pushy sales pitch or overly technical language. To do this, they should create which of the following? a.) White paper b.) Buying center c.) Request for proposal d.) Modified rebuy

a.) White paper

A country's infrastructure includes all of the following EXCEPT ______. a.) a culture that accepts innovation b.) schools and post offices c.) water and power lines d.) transportation systems

a.) a culture that accepts innovation

B2B marketing involves the process of buying and selling goods or services to be used in the production of other goods and services for ______ by the buying organization and/or ______ by wholesalers and retailers. a.) consumption; resale b.) resale; consumption c.) consumption; consumption d.) resale; resale

a.) consumption; resale

A franchise is a contractual agreement between ______. a.) firms or a firm and individual b.) a firm and the government c.) a firm and infrastructure d.) a firm and an outside country

a.) firms or a firm and individual

Exporting is an entry strategy that requires the _____ financial risk and allows a(n) _____ return to the firm. a.) least; limited b.) least; unlimited c.) most; limited d.) most; unlimited

a.) least; limited

When entering their first foreign markets, firms typically take a(n) ______ approach. a.) less risky b.) all-or-nothing c.) very risky d.) no-risk

a.) less risky

The components of a country market assessment include all of the following EXCEPT ______. a.) pricing and product decisions b.) sociocultural analysis c.) infrastructure and technology d.) government actions and laws

a.) pricing and product decisions

Consumer decision making about products and services is influenced by the configuration of the market mix, social influences, ______ factors, and sociological factors. a.) psychological b.) environmental c.) political d.) sustainable

a.) psychological

Direct investment exposes a firm to ______ risk. a.) significant b.) minimal c.) shared d.) very little

a.) significant

When Hertz decides to expand its fleet of rental cars, several companies, as well as consumers, will be involved. Financial services will be provided by banks, and the actual fleet of cars will come from auto manufacturers. Hertz will rent the cars to consumers. In this scenario, which of the following are involved in B2B transactions? (Check all that apply.) a.) Hertz, renting the cars to consumers b.) Banks, financing Hertz's car purchases c.) Auto manufacturers, selling cars to Hertz d.) Consumers renting the cars

b, c

Which two of the following are franchises? (Choose every correct answer.) a.) A Snickers candy bar b.) A McDonald's restaurant c.) A Holiday Inn motel d.) A local clothing store

b, c

Which of the following statements about the Russian economy are true? (Choose every correct answer.) a.) A reliance on oil revenue has made the Russian economy robust and unlikely to fail. b.) The country's prospects as a consumer market are overall promising. c.) A growing well-educated middle-class has a strong demand for products. d.) The economy has repeatedly risen and fallen since the fall of the Soviet Union.

b, c, d

Which of the following are some details used to evaluate the general economic environment? (Choose every correct answer.) a.) Transportation b.) The GDP c.) Uncertainty avoidance d.) The trade deficit or surplus

b, d

Jamie wants to buy a car. She reads car reviews online, asks her friends for advice, and visits the websites of all the major car manufacturers. Next, she goes to several car dealerships to test-drive cars. Jamie is engaging in which type of problem solving to select a car? a.) Habitual b.) Extended c.) Limited d.) Low-involvement

b.) Extended

What is a major economic factor that a firm conducting an economic analysis of a country market must take into account? a.) The number of market segments b.) General economic environment c.) Level of education d.) Existence of trade agreements

b.) General economic environment

Which of the following is a market entry strategy in which independent companies form a partnership to collaborate in the foreign market but do NOT invest in each other? a.) Franchising b.) Strategic alliance c.) Direct investment d.) Exporting e.) Licensing

b.) Strategic alliance

What is the purpose of a white paper? a.) To build rapport with other businesses by passing along funny anecdotes or experiences b.) To provide product information in an easy-to-read informational context c.) To identify a need and solicit proposals from suppliers to help fill it d.) To promote a product to other businesses using eye-catching phrases and endorsements

b.) To provide product information in an easy-to-read informational context

Using metrics to evaluate a supplier of raw materials to a manufacturer is part of which stage of the B2B buying process? a.) RFP process b.) Vendor performance assessment c.) Order specification stage d.) Need recognition

b.) Vendor performance assessment

All the following are involved in business-to-business (B2B) marketing EXCEPT ______. a.) retailers b.) consumers c.) wholesalers d.) manufacturers

b.) consumers

Consumers often use ______ problem solving for risky purchase decisions. a.) limited b.) extended c.) habitual d.) impulse

b.) extended

When adopting strategies for entering a new market, many firms follow a(n) approach that morphs and becomes ______ over time. a.) less profitable b.) more risky c.) more costly d.) less risky

b.) more risky

When a firm places its orders with its preferred supplier(s), it engages in ______. a.) supplier acceptance b.) order specification c.) supplier engagement d.) vendor negotiation

b.) order specification

All of the brands that Miguel can easily call to mind for laundry detergents, whether he would consider buying them or not, comprise his ______ set. a.) predetermined b.) retrieval c.) universal d.) evoked

b.) retrieval

When Akeelah is thinking about where she would like to eat lunch, she remembers five places close by where she has eaten before. Although she would not revisit some of them, these restaurants are part of Akeelah's ______ set. a.) evoked b.) retrieval c.) universal d.) evoked

b.) retrieval

The external ______ environment that influences consumer behavior includes consumers' family, reference groups, and culture. a.) cultural b.) social c.) situational d.) motivational

b.) social

Retailers use ______ to see how well they are doing at turning potential buyers into actual buyers. a.) the burn rate b.) the conversion rate c.) customer loyalty d.) customer satisfaction

b.) the conversion rate

A strategic alliance is a type of ______ firms use to expand into the foreign market. a.) foreign direct investment b.) global exporting strategy c.) global entry strategy d.) global licensing strategy

c

Why is global segmentation, targeting, and positioning (STP) more complicated than domestic STP? (Choose every correct answer.) a.) There is typically only one subculture in foreign markets. b.) Most countries do not have a distinct consumer culture. c.) Firms struggle to understand the cultural nuances of other countries. d.) Foreign consumers view products and their roles as consumers differently.

c, d

B2B buying process in order a.) RFP Process b.) Order Specification c.) Need Recognition d.) Product Specification e.) Proposal Analysis, Vendor negotiation, and Selection f.) Vendor performance assessment using metrics

c, d, a, e, b, f

Direct investment requires a firm to maintain ______ ownership of its facilities, offices, and plants in a foreign country. a.) between 0 percent and 50 percent b.) 50 percent c.) 100 percent d.) franchise

c.) 100 percent

__ is the shared meanings, beliefs, morals, values, and customs of a group of people. a.) Trade b.) Infrastructure c.) Culture d.) Branding

c.) Culture

Which factor does NOT directly influence how the consumer makes a purchase decision? a.) Psychological and individual influences b.) Situational factors c.) Macroeconomic factors d.) Social and group influences

c.) Macroeconomic factors

Once a firm recognizes a need, the firm will consider alternative solutions and develop a list of requirements to be given to potential vendors. What is the name for this process? a.) Vendor negotiation b.) Need recognition c.) Product specification d.) Proposal analysis

c.) Product specification

The fourth stage of the B2B buying process has a number of mini steps within itself. Which of the following is NOT one of the steps within the fourth stage? a.) Proposal analysis b.) Selection c.) Product specification d.) Vendor negotiation

c.) Product specification

______ are the entire category of marketing intermediaries that move the product further downstream in the channel without significantly altering the form. a.) Manufacturers b.) Retailers c.) Resellers d.) Wholesalers

c.) Resellers

Betty buys hand soap for her kitchen and bathrooms in order to prevent the spread of germs. She is motivated by a which of the following needs? a.) Functional b.) Financial c.) Safety d.) Emotional

c.) Safety Reason: Functional needs are a step in the consumer decision process, whereas safety needs influence the consumer decision process.

Why would a firm record the number of abandoned virtual carts on its website? a.) To evaluate customer loyalty b.) To assess the opt-in rate c.) To assess the conversion rate d.) To evaluate postpurchase cognitive dissonance

c.) To assess the conversion rate

Global marketing strategies includes two elements: identification of the target markets and ______. a.) evaluating all of the global economic environment b.) eliminating competition c.) developing a competitive marketing mix d.) financing the global expansion

c.) developing a competitive marketing mix

Resellers can be thought of as ______. a.) end customers b.) manufacturers c.) intermediaries d.) retailers

c.) intermediaries

Horace needs a new pair of running shoes. He first thinks about the last pair he bought, how comfortable they are, and how well they have held up. In this example, Horace is conducting a(n) ______ search for information. a.) functional b.) ethical c.) internal d.) external

c.) internal Reason: In an external search for information, the buyer seeks information outside his or her personal knowledge base.

Consumers may have different levels of ______, which is known as the consumer's degree of interest in a product or service. a.) impulse buying b.) differentiation c.) involvement d.) extended search e.) financing

c.) involvement

In most country markets, the central government tends to be the ______ purchaser of goods and services. a.) only b.) most-profitable c.) largest d.) cheapest

c.) largest

A(n) ______ is a basic need that drives consumers to solve a problem and satisfy a need, such as a headache that leads a person to purchase a pain reliever. a.) perception b.) behavior c.) motive d.) attitude

c.) motive

The motive that drives Conrad to buy a large bottle of Gatorade after running 3 miles and drink it quickly is a(n) ______ need. a.) esteem b.) self-actualization c.) physiological d.) love

c.) physiological

All of the brands that Miguel can easily call to mind for laundry detergents, whether he would consider buying them or not, comprise his ______ set. a.) predetermined b.) evoked c.) retrieval d.) universal

c.) retrieval Reason: An evoked set comprises the alternatives that the consumer would consider buying.

Exporting happens when a firm produces a product in its domestic plants and then ______. a.) reprocesses it in a foreign country b.) sells it in its own country c.) sells it in a foreign country d.) buys it from a foreign country

c.) sells it in a foreign country

In the first stage of the B2B buying process, the buying organization recognizes, through either internal or external sources, that it has a(n) ______ need. a.) redundant b.) satisfied c.) unfulfilled d.) expiring

c.) unfulfilled

The collection of all possible alternatives for a decision, even those the buyers would not consider and might not even be aware of, is referred to as the ______. a.) retrieval set b.) evoked set c.) universal set d.) evaluative criterion

c.) universal set Reason: The retrieval set consists of those brands that can be readily brought forth from memory. The evoked set consists of alternatives the buyer would actually consider.

A firm's organizational _________ demonstrates the values, traditions, and customs that moderate its employees' behavior.

culture

Which purchase would most likely be motivated by a safety need? a.) Food b.) A gym membership c.) Jewelry d.) A burglar alarm

d.) A burglar alarm

In addition to customer satisfaction and loyalty, which of the following is also one of the potential postpurchase outcomes? a.) Brand switching b.) Disposal c.) Need adjustment d.) Cognitive dissonance

d.) Cognitive dissonance

If you are motivated by physiological needs to make a purchase, which product would you buy? a.) Jewelry b.) A bicycle lock c.) A vacation d.) Food

d.) Food Reason: a: This purchase could be motivated by a love need or an esteem need. b: This purchase is motivated by a safety need. c: This purchase could be motivated by a love need or an esteem need.

Need recognition would be greatest in which situation? a.) Don is taking a four-week backpacking trip around Europe and wants a new jacket for the trip. b.) Janet is making a fruit salad and has no apples. c.) Claire has run out of Chanel No. 5, one of her favorite perfumes. d.) Pete returned home from work to find that his refrigerator is broken and that his refrigerated and frozen food must be thrown out.

d.) Pete returned home from work to find that his refrigerator is broken and that his refrigerated and frozen food must be thrown out.

When firms develop a marketing mix as part of their global marketing strategy, what is their primary goal? a.) To eliminate waste in the supply chain b.) To trigger a short-term surge in sales c.) To improve customer relations regardless of cost d.) To sustain a competitive advantage over time

d.) To sustain a competitive advantage over time

Culture exists on several levels. Which of the following levels are included? a.) Infrastructure, such as buildings and transportation b.) Business, or firms that sell goods and services c.) Geographical features, including topography and terrain d.) Underlying values, such as beliefs and thoughts

d.) Underlying values, such as beliefs and thoughts

Limited problem solving is most likely to occur under which condition? a.) When the item could result in substantial financial or functional risk b.) When a consumer is considering purchasing an expensive item for the first time c.) When the consumer has not purchased the item previously and asks friends for advice d.) When the consumer has a purchase decision that calls for, at most, moderate effort and time

d.) When the consumer has a purchase decision that calls for, at most, moderate effort and time

A joint venture is formed when a firm ______ a new market and ______ its resources with those of a local firm to form a new, shared company. a.) enters; imports b.) exits; exports c.) exits; pools d.) enters; pools

d.) enters; pools

Hospitals, universities, and religious organizations could be considered ______ to which a B2B vendor would sell products. a.) resellers b.) businesses c.) manufacturers d.) institutions

d.) institutions

An exchange rate quantifies how much a currency ______. a.) can buy b.) costs to make c.) is lost in the exchange process d.) is worth in relation to another

d.) is worth in relation to another

Wayne buys a new laptop every two years. At this point, rather than research different brands, he simply orders the latest version of the one he already has. For Wayne, the laptop is a(n) ______ problem-solving purchase experience. a.) creative b.) extended c.) complex d.) limited

d.) limited

The social influences that affect a consumer's behavior do NOT include _______. a.) reference groups b.) family c.) culture d.) perceptions

d.) perceptions

In the fourth stage of the B2B buying process, ______, vendor negotiation, and selection all occur. a.) demonstration of product b.) request for proposals c.) product specification d.) proposal analysis

d.) proposal analysis Reason: Product specification occurs at an earlier stage.

In the third stage of the B2B buying process, the firm will invite alternative suppliers to bid on supplying the firm's required components. This is known as the ______ process. a.) review for proposals b.) review for product specification c.) request for product specification d.) request for proposals

d.) request for proposals

The ______ is the second step in the consumer decision process. a.) purchase b.) recognition of a need c.) alternative evaluation d.) search for information

d.) search for information

Which stage in the consumer decision process comes immediately after need recognition? a.) Postpurchase b.) Secondary needs c.) Purchase d.) Evaluate alternatives e.) Search for information

e.) Search for information

Consumers may have different levels of ______, which is known as the consumer's degree of interest in a product or service. a.) financing b.) differentiation c.) impulse buying d.) extended search e.) involvement

e.) involvement

In the B2B buying process, a firm will always recognize a need before engaging in the second phase of the process, ______. a.) product development b.) proposal analysis c.) order specification d.) RFP process e.) product specification

e.) product specification

A local clinic (institution) in need of more Purell antibacterial soap might purchase it from Target, which is a ______ of soap, whereas a local high school (institution) in need of more textbooks might buy some from McGraw-Hill, which is a ______. a.) manufacturer; manufacturer b.) manufacturer; distributor c.) manufacturer; retailer d.) wholesaler; manufacturer e.) retailer; manufacturer

e.) retailer; manufacturer

They are two key types of information searches: internal and _______

external

In the twenty-first century, goods, services, capital, people, information, and ideas often flow across international borders in a process known as ________

globalization

Accessing information from one's own memory and knowledge is known as a(n) ______ information search.

internal

Randy is relatively indifferent when it comes to the purchase of a six-pack of beer because he will drink any brand that is fairly inexpensive. His low degree of interest in beer classifies him as a low-________ beer buyer

involvement

Some firms buy raw materials, components, and parts that allow them to make their own goods. These firms are known as _______ or producers.

manufacturers

The impetus that pushes consumers to satisfy their unmet needs, such as having no laundry detergent to do the wash, is a(n) ______.

motive

The three B2B buying situations are _______ buys, ________ rebuys, and straight rebuys.

new, modified

The final step in the consumer decision-making process, and a very important element in retaining and building a loyal customer base, is _________ behavior.

postpurchase

Need _______ is the first stage in the consumer decision process.

recognition

need ______ is the first stage in the consumer decision process.

recognition

The final stage of the B2B buying process is also known as ________ performance assessment using metrics.

vendor