C712 Unit 3 Quiz

psychographic

VALS is most likely to be used for _____ segmentation. - end-use application - purchase category - psychographic - geographic

False

Consumers are a homogeneous social group. a. True b. False

Safety Needs

1. Helene made sure that her company car was equipped with OnStar in case she ever has car trouble or gets lost while traveling between appointments. Which level of Maslow's hierarchy of needs is Helene addressing? - Social Needs - Safety Needs - Esteem Needs - Self Actualization Needs

Used to assess the degree to which a firm's products can match potential customers' product needs.

A market segment profile is a detailed description of a market segment based on a range of factors, characteristics, and measures. It is designed to provide the marketer with a good understanding of the consumers within the segment for comparison and strategy purposes. - Select the profiles that are true about market segment profiles. - Used to assess the degree to which a firm's products can match potential customers' product needs. - Can deal with demographic characteristics and geographic factors - Explains the differences among people and organizations in different market segments - Describes the differences among potential customers within a market segment

organizational factors

A skilled marketer understands the client's ____________ and realizes that many companies purchase from several vendors, so this pattern is taken into account when the marketer formulates a marketing proposal. - interpersonal influences - systems integrations - organizational factors - environmental factors

autonomic role

A(n) _____ refers to partners independently making equal numbers of decisions. - autonomic role - syncratic role - husband-dominant role - wife-dominant role

surveys

Alanis has to collect primary data for the floral company for which she works. The company, which is currently based in Miami, Florida, is seeking to expand to other cities within the state. Alanis is interested in gauging customer flower preferences, acceptable price points, competition in the market, and whether consumers would respond positively if the company decides to offer an online delivery service. Which of the following primary research methods would best capture the information Alanis wants to collect? - surveys - controlled experiments - observation

affective

An advertisement that creates warm feelings of goodwill toward the advertiser and his products is altering the _____ component of attitude. - tangible - behavioral - traditional - affective

syndicated service

An organization that regularly provides a standardized set of data to all customers is called a(n) _____. - syndicated service - limited-service research supplier - full-service research supplier - exploratory research supplier

environmental factors

An organization's purchasing decisions can be influenced by such ______________ as a tornado destroying a factory that produces supplies necessary for the organization's operations. - environmental factors - interpersonal influences - organizational factors - merchandisers and category advisors

ideal self

As a component of a person's self-concept, the _____ serves as a personal set of objectives a person has for himself or herself. - real self - self-image - actual self - ideal self

I want to gather data to show how my target market perceives himself and how he wants others to perceive him.

As a marketer, you have many different tools at your disposal to gather the information necessary to develop targeted marketing programs. One of those tools is psychographic segmentation. Select the types of information that can be gathered using psychographic variables. - I want to know how many children under the age of 18 live in the households of my target market. - I want to gather data to show how my target market perceives himself and how he wants others to perceive him. - I want to know how my target market spends their leisure time. - I want to use the U.S. Census Bureau website to gather my data. - I want to advise my client on choosing a location for a retail outlet, so I need to know those zip codes with concentrations of consumers with high resources.

- Will show your company the common factors that influence purchasing decisions in your target market. - Will help your company develop a marketing strategy that adjusts your message for your market. - Will help your company identify a target consumer market with similar preferences and needs.

As the marketer for a new electronics firm that produces a limited number of products, you recognize that consumers are not all cut from the same cloth—many variables exist in needs and preferences. But your company cannot change its products to suit each individual consumer preference. Select all the statements below that tell how market segmentation can help your company sell its goods. - Will show your company the common factors that influence purchasing decisions in your target market. - Will help your company develop a marketing strategy that adjusts your message for your market. - Will help your company identify product changes that will meet all consumer preferences and needs. - Will show your company how to market with a single approach that will be effective with all consumers. - Will help your company identify a target consumer market with similar preferences and needs.

Buying shampoo can be a high-involvement purchase decision.

Candace has been using the same shampoo brand for decades. When she finally dyes her hair, however, her hairdresser informs her that she will need to find a new shampoo that can help maintain her new color, prevent breakage, and condition her hair. Before going to the beauty supply store, Candace calls a few friends for recommendations and conducts web-based research on shampoos that address her specific needs. What can one infer about purchase decisions? - Every consumer approaches purchase decisions the same way. - Buying shampoo can be a high-involvement purchase decision. - Purchase decisions are always based on personal factors and preferences. - The same purchase decision requires the same level of involvement every time. - Product cost is the only factor that determines whether a consumer will engage in a low- or high-involvement purchase decision.

Routinized response behavior

Carlos is at the grocery store to pick up a few items for dinner. While he's in the store, he remembers that he's just run out of laundry detergent. He walks to the aisle where the laundry detergent is and picks up the brand he always buys - Tide liquid. What type of purchasing decision did Carlos make when selecting the Tide detergent? - routinized response behavior - limited problem solving - extended problem solving - family purchase behavior

demographic

Clairol offers a line of hair color called "Nice n Easy" which allows women to touch-up their hair and easily cover their gray hairs conveniently and easily at home. Based on research, Clairol knows that women aged 30 and above are most likely to need some type of color product to hide their gray hair and maintain a youthful appearance. What type of segmentation does Clairol use by targeting women over 30? - demographic - geographic - psychographic - benefit

self-actualization

Companies that run exotic adventure trips primarily target consumers' _____ needs. - safety - physiological - belongingness - self-actualization

b. The supply of print paper from the wholesaler is a business product because Darren uses it to provide a service that he sells. c. The colored construction paper from the wholesaler is a consumer product because Darren's family will use it for personal projects.

Darren King owns a small printing company and uses reams of print paper every month. When he goes to the wholesaler to pick up his normal paper supply, he also sees that the supplier is selling remnants of colored construction paper. Darren purchases the colored construction paper for his children to use for school projects and to make art. Select the two statements below that correctly describe Darren's purchases. a. The supply of print paper from the wholesaler is a consumer product because Darren is the ultimate consumer of the product. b. The supply of print paper from the wholesaler is a business product because Darren uses it to provide a service that he sells. c. The colored construction paper from the wholesaler is a consumer product because Darren's family will use it for personal projects. d. The supply of print paper from the wholesaler is a business product because Darren is a business owner. e. The colored construction paper from the wholesaler is a business product because it was purchased from a wholesaler.

You design a Facebook page for Decorators Inc. that sends a person who likes the page a coupon for 20% off a purchase.

Decorators Inc. has recognized a trend in the spending habits of young professionals in the 25-35 age group. About 80% of the members in this group rent a condominium or loft space, and they look for ways to furnish and decorate their homes on a budget. Moreover, they are extremely busy and don't have a lot of extra time. The majority of these consumers tend to purchase items that are modern, chic, and reflect the image that they are successful professionals in the business world.Decorators Inc. hired you to design a marketing campaign that will appeal to young professionals. You have studied the purchasing behaviors of young professionals and decided on the campaign design you are going to implement. Which marketing campaign would effectively appeal to young professionals? - You set up a telemarketing department to outreach to your target market and to inform them about Decorator's Inc. - You send out Decorators Inc. catalogs to all the high-rise buildings that cater to young professionals. - You design 20% off coupons that are given to each customer that makes a purchase to use on their next visit. - You set up in-store displays for the Decorators Inc. showroom floor with items that are modern and trendy. - You design a Facebook page for Decorators Inc. that sends a person who likes the page a coupon for 20% off a purchase.

low-fat, healthy chicken tenders with salad and fresh fruit

Delectable Foods develops foods for the modern family that are nutritious and go easily from refrigerator to table. Their market research studies have shown that the goal of the modern family after a long day of work or school is to sit down together to a tasty and healthy meal that doesn't take long to prepare. Delectable Foods has marketed their newest dinner line to appeal to the modern family when they're shopping for groceries. Duran is shopping at the supermarket for groceries after work. He remembers that he needs to pick up dinner for his family, and while trying to be conscious of their caloric intake, he wants to make sure he buys something that his small children will like. Which of Delectable Food's new dinner options would most likely catch Duran's attention? - grilled flounder with baked potatoes and a vegetable medley - low-fat glazed salmon with wild rice and vegetables - nutrition-packed tofu with balsamic quinoa and spinach - 15-bean soup with ham, cornbread, and salad - low-fat, healthy chicken tenders with salad and fresh fruit

compare the prices and features of all the available brands in his list.

Edward is looking to purchase a new laptop because he is not satisfied with the features of his old one. He gathers information from his coworkers about the new models available in the market with the desired features and lists down all the available options. The next step in Edward's decision-making process is to: - continue looking for more options available in the market. - identify the problem he is facing with his current computer. - purchase the product from a trusted dealer recommended by his family. - compare the prices and features of all the available brands in his list.

consumer

Eric bought a camera from Scott. He is planing to use this camera during his vacation in Switzerland. In this context, the camera is considered as a(n) _____ product. - capital - consumer - business - intangible

Extended problem solving

First-time drivers who are trying to decide which car to buy and how to select an insurance company, and newlyweds looking to buy their first home, both undergo the same problem-solving processes with respect to their level of involvement in their buying decisions. Which of the following best describes this common buying process? - impulse buying behavior - reasoned purchasing behavior - extended problem solving - routinized response behavior - limited problem solving

False

High-involvement purchases are purchases that pose little risk to the consumer. a. True b. False

The company could create a website that allows its consumers the option to order items online.

Hiram's company fills over-the-phone catalog requests taken by its customer service center located in India. During a recent customer survey of United States based consumers, the company became aware that many of its consumers had negative experiences when calling the customer service center with questions, concerns, or to place an order. The complaints have resulted because consumers have difficulty understanding customer service representatives because of language barriers. What is the best course of action for Hiram's company? - The company could create a website that allows its consumers the option to order items online. - The company could pay for billboards to try to attract a larger consumer base. - The company can tweet new items on Twitter when they become available or go on sale to encourage consumer purchases. - The company could hire a United States based marketing firm to revamp their image. - The company could provide training for staff at the customer service center so they can better anticipate consumer needs.

Jason and Nellie have finally selected and placed an order for the furnishings they want for their new house.

In which of the following scenarios is a syncratic decision-making pattern being followed? - Norah has bought frozen dinner for her family as she has a very important presentation to work on at home. - An old pensioner purchased medications for his wife from the pharmacy based on the doctor's prescription. - Malcolm has just purchased a new lawnmower before the start of autumn. - Jason and Nellie have finally selected and placed an order for the furnishings they want for their new house.

geographic

Job transfer and retirement that contribute to population migration patterns, are important variables that influence _____ segmentation. - apsychographic - purchase category - geographic - end-use application

formulating a hypothesis

Kate believes the reason the sales of one of her company's products has fallen is due to a price increase. She states sales from the previous year to the same customers as evidence of declining sales. Kate is: - developing a research design. - formulating a hypothesis. - identifying a symptom. - conducting exploratory research.

X The marketer must abide by ethical standards. The identified segments must match the company's marketing capabilities

Market segmentation is a tool for marketers to use, but its effectiveness depends on four basic requirements. Three of the requirements for effective market segmentation are as follows: (1) the segment must have measurable purchasing power and size; (2) marketers must be able to promote and serve the market; (3) the identified segment must be large enough to bring in a profit. Select the fourth requirement for effective market segmentation from the choices below. - The marketer must abide by ethical standards. - The identified segment must include an equal number of men and women. - The marketer must be proficient in the use of modern technology. - The identified segment must reflect the company's mission statement. - The identified segments must match the company's marketing capabilities.

True

Market segmentation is the process of dividing the total market into smaller, relatively homogeneous groups. a. True b. False

defining consumer groups based on variables including income, age, ethnicity, and occupation

Market-segmenting by demographics, also called socioeconomic segmentation, is the most common method of defining consumer groups. Select the best definition for market segmentation by demographics from the choices below. - defining consumer groups based on variables including income and residence in an urban area - defining consumer groups based on variables including brand loyalty, income, and gender - defining consumer groups based on variables including income and residence in a suburban area - defining consumer groups based on variables including income, age, ethnicity, and occupation

emphasize a product's unique advantages and differentiate it from competitors' options

Marketers applying a positioning strategy want to: - make their product look as much like the market leader as possible. - emphasize a product's unique advantages and differentiate it from competitors' options. - identify the different product attributes desired by different market segments. - target only the loyal users of the product.

Differentiated marketing, since it sells different products to different markets

Master Cookie Bakers sells customized cookies to restaurants and standardized cookies to individual buyers. The firm is using: - Undifferentiated marketing, since it only sells cookies - Differentiated marketing, since it sells different products to different markets - Concentrated marketing, since it concentrates only on restaurants and individuals - Micro-marketing, since cookies are small - Niche marketing, since cookie buyers are a single niche among buyers of baked goods

a first-time or unique purchase situation that requires considerable effort by decision makers.

New-task buying is: - a situation which requires buying from suppliers who are also customers. - a recurring purchase decision in which a customer repurchases a good or service that has performed satisfactorily. - a situation in which a purchaser is willing to reevaluate available options for repurchasing a good. - a first-time or unique purchase situation that requires considerable effort by decision makers.

geographic

North Face is a well-known brand affiliated with active lifestyles such as backpacking, snow skiing, and camping. The company's products are available in a wide number of retail outlets as well as their company-owned specialty stores. The mix of products sold in the retail outlets varies widely depending on the market location. For example, stores in Northern California stock technical products suitable for customers who are avid backpackers, hikers, and rock climbers while retailers in the Midwest states offer a greater selection of apparel. What type of segmentation is reflected by stores carrying the North Face brand? - geographic - age-related - ethnic-related - product-related

fixed-price contract

One of the contracts under which governments buy products is _____, in which a price is set before finalizing the contract. - implied in price contract - fixed-price contract - quasi-price contract - cost-reimbursement contract

secondary data

Penelope is using data collected and published by a trade association in her marketing research study. The data used by Penelope can be regarded as _____. - secondary data - primary data - experimental data - raw data

positioning

Placing a product at a certain point or location within a market in the minds of prospective buyers is known as _____. - positioning - social referencing - value engineering - optimizing

True

Psychographic segmentation can act as a supplement to segmentation by demographic or geographic variables. a. True b. False

False - Cluster sample is a probability sample in which researchers select a sample of subgroups (or clusters) from which they draw respondents; each cluster reflects the diversity of the whole population sampled. See "Marketing Research Methods."

Secondary data is information from previously published or compiled sources. a. True b. F

Cultural; Family

Seventeen-year-old Mai Ly has moved to the United States from Vietnam with her parents because her father's job transferred him to a different branch of his company. They have decided to buy their groceries from a local supermarket that caters to Asian cuisine due to their _________ influences. Mai Ly has recently passed her driver's license exam and has said that she would like to have her own car so that she doesn't have to share one with her parents. Her parents have agreed to purchase a car for her as long as she pays for her own gas and insurance. This decision is an example of a ________ influence. - family; cultural - social; family - cultural; family - cultural; social - social; cultural

product-related

Starbucks recently faced criticism for changing the way consumers could earn free food and beverage in its loyalty program. Originally, consumers could earn 1 star for each purchase - regardless of dollar value spent. However, the new program ties the star benefit to the dollar amount spent by a customer - rewarding those who spend more with more points. The Star program is frequently utilized by Starbucks to entice its members to return to the outlet. The company utilizes e-mail and in-app promotions to maintain an loyal following. What type of segmentation is Starbucks utilizing with its Star rewards program? - product-related - demographic - geographic - psychographic

psychographic

Sustainability has become an important value among individuals in the United States and some believe that man-made factors such as the increased use of diesel and gasoline in cars has led to global warming. Those worried about global warming and seeking ways to reduce their carbon footprint and have invested in products such as solar panels for their homes and electric or hybrid vehicles. What type of segmentation would be most appropriate for Toyota to utilize in marketing its Prius - a hybrid vehicle? - psychographic - demographic - geographic - benefit

develop a relevant profile for each segment

The company, Eco Nuts was featured on Shark Tank and has become one of the show's success stories due to the growing acceptance of their product as an alternative to traditional laundry detergent. The company typically targets women, aged 40 to 65 who have a total annual household income above $60,000 and are concerned about sustainability. What step in the market segmentation process have Eco Nuts utilized with this description? - develop a relevant profile for each segment - forecast market potential - forecast probable market share - select specific market segments

six; problem recognition; post-purchase evaluation

The consumer buying decision process involves _______ steps. The first step is ____________, and the last step is _____________. - five; evaluation of alternatives; post-purchase evaluation - five; information search; purchase - six; problem recognition; purchase - six; problem recognition; post-purchase evaluation - six; evaluation of alternatives; purchase

market segmentation

The division of the total market into smaller, homogenous groups is called _____. - customer aggregation - market capitalization - market segmentation - brand segmentation

obtaining feedback

The last step in the organizational buying process is _____. - determining the quantity of a needed service - acquiring proposals - obtaining feedback - searching for potential sources

requires a longer time frame because of complexity of the decisions.

The organizational buying process differs from the consumer purchase process as the organizational buying process: - involves few decision-makers in making purchase decisions. - is informal and less professional. - requires a longer time frame because of the complexity of the decisions. - generally involves the purchase of highly standardized products.

relatively complex buying process with greater number of decision makers in business markets.

The organizational buying process has more steps than the consumer buying process, which can be attributed to: - shorter durations of customer relationships formed in business markets. - less standardized products sold in consumer markets. - lack of interpersonal and environmental influences on consumer buying decisions. - relatively complex buying process with greater number of decision makers in business markets.

geographic

Title Nine is a specialty retailer targeting active women with a proprietary mix of apparel designed for active lifestyles and sports. The company began as a direct marketer - using only catalogs and its website to generate sales. However, over the years, Title Nine has opened retail outlets across the country. The company identifies strategic opportunities for new stores based upon the sales generated by current customers in the potential market area. For example, if Title Nine has a significant number of purchasers in the Boston area, they will further analyze the market and select a location for a retail outlet. What type of segmentation strategy is Title Nine utilizing when selecting a market for a new store location? - geographic - demographic - lifestyle - benefit

Segmentation

When firms identify the factors that affect consumers' purchase decisions and develop strategies and tactics to appeal to specific types or groups of customers, they are practicing market _________. - segmentation - differentiation - complexity - uniformity

Behavioral

Which of the following components of attitude essentially involves tendencies to act in a certain manner? - Informational - Affective - Behavioral - Cognitive

Software packages that assemble, store, manipulate, and display data by their location

Which of the following describes GISs? - Valuable tools for helping managers to position products by graphically illustrating consumers' perceptions of competing products - Consumer segmentation systems that crunch the numbers on hundreds of personal variables - Software packages that assemble, store, manipulate, and display data by their location - Segmentation systems that divide consumers into innovators, thinkers, achievers, strivers, makers, and survivors

Family characteristics

Which of the following is a primary determinant of social class? - Age - Marital status - Family characteristics - Attitude

Telephone interview

Which of the following is a quick and inexpensive method for obtaining a small quantity of relatively impersonal information? - Telephone interview - Delphi technique - Controlled experiment - Focus group

Researchers usually spend less time to locate and use secondary data.

Which of the following is an advantage of secondary data? - It is more expensive to gather secondary data than to it is to gather primary data. - Secondary data is more relevant because it has already been reviewed once. - Secondary data provide richer, more detailed information than primary data. - Researchers usually spend less time to locate and use secondary data.

A box of room fresheners bought by a resort

Which of the following is an example of business products? - A set of professional cookware bought for a chef's - personal kitchen - Movie tickets bought by an industrialist for his family - Fast foods sold to a group of students - A box of room fresheners bought by a resort

The marketers identify characteristics that both explain the similarities among customers within each segment and account for differences among segments.

Which of the following is most likely to take place during the first stage of the market segmentation process? - Market segmentation and market opportunity analysis are combined to produce a forecast of market potential within each segment. - The marketers analyze competitors' positions in targeted segments and a specific marketing strategy is designed to reach these segments. - Marketing strategy and tactics are designed to reinforce the firm's image, within its unique organizational capabilities. - The marketers identify characteristics that both explain the similarities among customers within each segment and account for differences among segments.

Products are relatively technical in nature.

Which of the following is true about business-to-business marketing? - The emphasis is on advertising. - Products are relatively technical in nature. - Decisions are made by individuals or household units. - The product passes through a number of intermediate links.

Individuals tend to act as opinion leaders for specific goods or services based on their knowledge of and interest in those products.

Which of the following is true about opinion leaders? - Individuals tend to act as opinion leaders for specific goods or services based on their knowledge of and interest in those products. - Opinion leaders are found only within those segments of the population that purchase products from the Internet. - Opinion leaders are consumers who purchase new products after innovators and early adopters. - They are likely to purchase products after taking a few opinions from other users.

Test marketing

Which of the following methods involves introducing a new product in a specific area and then measuring its degree of success? - Test marketing - Interpretative Research - Mall intercepts - Observation method

Psychographic segmentation

Which of the following segmentation approaches is most likely to help marketers quantify aspects of consumers' personalities and lifestyles to create goods and services for a target market? - Psychographic segmentation - Demographic segmentation - Geographic segmentation - Product-based segmentation

Government records

Which of the following sources is an example of external data? - Marketing cost reports - Sales force activity reports - Sales records - Government records

She makes purchases to satisfy the expectations of her family members who insist on buying Apple products.

Which of the following statements reflects Carla's interpersonal determinants concerning her purchase of an Apple computer? - She believes you get what you pay for when purchasing products. - She perceives that Apple offers the best customer service, though her family and friends do not share this opinion. - She makes purchases to satisfy the expectations of her family members who insist on buying Apple products. - She identifies with the brand and periodically purchases new Apple products.

Sales forecast

Which of the following terms refers to the estimate of a firm's revenue for a specified future period? - Operating margin - Sales forecast - Net gearing - Dividend yield

False

While cultural and family influences significantly affect consumer behavior, the influence of reference groups on consumer behavior tends to be minimal, especially for children. True False

You failed to evaluate different alternatives

You just moved into a new home and are in the market to purchase Internet services. Because you are in a hurry to set up your home office, you enter into a contract with the first provider whose commercial you see on television for your area, though you know there are at least three providers in the area. After the first month, you are unhappy with the service because your signal is continually low. Which of the following statements best describes what went wrong? - You were too overwhelmed by the various choices you had. - You waited too long to conduct the post-purchase evaluation. - You weren't fully aware of the problem before making a decision. - You spent too little time on your purchase decision because it was a low-involvement purchase. - You failed to evaluate different alternatives.

The 80/20 principle, which holds that 80 percent (more or less) of a product's revenue comes from 20 percent (more or less) of its customers.

While totaling your quarterly receipts for your business, The Breakfast Bar, you note that a sizable amount of your revenue comes from selling packaged coffee beans to several regular customers who come in for a daily cup of coffee to-go. Your plan for the next quarter is to promote your selection of fresh roasted beans with a buy one, get one half off incentive to encourage customers to purchase more and/or try something new. What segmentation sales principle are you employing to bolster sales for the next quarter? - The 80/20 principle, which holds that these percentages must be exact in order to be applicable to segmentation by usage rates. - The 80/20 principle, which holds that these percentages in revenue are subject to change over the lifetime of the product. - The 80/20 principle, which holds that 80 percent (more or less) of a product's revenue comes from 20 percent (more or less) of its customers. - The 80/20 principle, which holds that 80 percent (more or less) of a company's customers purchase the same product 20 percent (more or less) of the time.

telephone interviews

You are working for an advertising agency that has just contracted to conduct marketing research for a tea company in Portland, Oregon. The tea company has a small marketing budget but must be able to sample a large enough customer base in a fairly short time. Moreover, the company is looking to answer two very specific questions: 1) would you try a fruit-flavored coffee; and 2) would you add this product to your shopping list if you like it? The company needs a high response rate because the findings will inform whether the company adds a new product line to its menu of exotic offerings. Of the three options listed below, which of the following primary research strategies should your advertising agency use to collect data for the tea company? - personal interviews - telephone interviews - mail and fax surveys

data mining

You have been working for a popular hotel chain for the last several years and want to use some of the data you have pulled from the data warehouse to answer a series of questions you hope will help you better strategize for the company's upcoming marketing campaign. You are particularly interested in evaluating customer behavioral patterns when it comes to rewards programs and promotions. You need an efficient way to sort through decades of information on customer profiles. Which of the following strategies would you use to acquire the information you need? - exploratory research - ethnographic research - MIS - data mining - business intelligence

support of an independent third-party organization to gather quality feedback

You have entered a stage in the organizational buying process. The items below indicate which stage you have entered: At this stage in the buying process you will consider how a particular supplier's abilities have affected your company's needs. Because your company is so large, it uses standardized methods to judge whether a vendor has met or exceeded the company's expectations. Which of the following is an added benefit of the stage in the organizational buying process identified above? - support of an independent third-party organization to gather quality feedback - identification of good products, manufacturers, and suppliers to ensure cost efficiency - assessment of relationship factors, including communication and trust - hiring of an outside marketing specialist to help address the problem, need, and opportunity - translation of product characteristics into detailed specifications

support of an independent third-party organization to gather quality feedback

You have entered a stage in the organizational buying process. The items below indicate which stage you have entered: At this stage in the buying process, you will consider how a particular supplier's abilities have affected your company's needs. Because your company is so large, it uses standardized methods to judge whether a vendor has met or exceeded the company's expectations. Which of the following is an added benefit of the stage in the organizational buying process identified above? - support of an independent third-party organization to gather quality feedback - identification of good products, manufacturers, and suppliers to ensure cost-efficiency - assessment of relationship factors, including communication and trust - hiring of an outside marketing specialist to help address the problem, need, and opportunity - translation of product characteristics into detailed specifications

loss of customer loyalty

You work for a clothing manufacturing company that is known for its eco-friendly approach to product design. Moreover, your company is committed to employing U.S. based staff and helping to improve the local economies in the cities in which the manufacturers and shops are located; consumer loyalty to your brand has increased exponentially as a result of this commitment to local economies. Company investors decide to open up a subsidiary, a limited liability company, in France, to feel out the French market and to see if it makes sense for the company to expand its territory abroad. They also want to work with manufacturers abroad to lessen the cost of production while increasing profits. As a legal advisor to the company, you believe it's essential to review several factors before taking this approach. Furthermore, you want to ascertain if this idea has potential long-term drawbacks. Which of the following challenges should the company owners described above be especially mindful of when making their decision to open a French subsidiary? - loss of customer loyalty - lack of skilled workers the cost to set up a subsidiary abroad - language barriers and an inability to navigate local customs - international regulatory standards

managing and monitoring the sites

You work for a major giant in the snack production industry. In the past, your company has relied on one vendor for all of the raw materials that go into producing the company's internationally acclaimed snacks. Recently, however, your CEO decides to try the multiple sourcing approach as a way to save money during these tough economic times. Your CEO informs you that he thinks it would be cheaper to use products and services from other countries in order to save money, and he has reason to believe that the raw materials are of higher quality. As you evaluate multiple sourcing, you come up with a list of variables you think are important and want to bring to the CEO's attention. Which of the following points would you bring to the CEO of your company as a potential drawback of multiple sourcing? - costs associated with multiple sourcing - managing and monitoring the sites - evaluating the multiple sites - shortage of the raw materials - low-quality products

Amos has a dual role as a gatekeeper and influencer.

You work in the stock market. Stock markets allow businesses to raise additional funds for new projects, business expansions, and capital investment plans. Moreover, they enable the public trading and selling of market shares of a company. Major purchases of stock typically require input from various parts of the organization, including senior management and accounting. One of your colleagues, Amos, works in the IT department of one of the U.S. based tech firms for which you are trading. Amos is in charge of receiving information about new technologies from commercial sources, universities, and web-based sources, to name a few, and then working with other IT professionals to find solutions. Which of the following statements is true about the buying center described above? - Amos functions as a buyer within the business center. - Amos could potentially function as a user and a gatekeeper. - Amos has a dual role as a gatekeeper and influencer. - The stock market cannot operate internationally because there are too many changing political and economic trends. - Stock markets cannot function as buying centers because they do not exist within a physical location.

Consider marketing to a segment that meets the criteria for effective segmentation.

Your large retail store sells power tools and construction supplies and your customer base is made up primarily of general contractors, subcontractors and serious DIYers. But business has stagnated now that the housing market has seen a downturn. What can you do to boost your sales and keep your business solvent? - Concentrate on selling either a consumer product or a business product, not both. - Offer reduced prices to your customer base to build loyalty in that market segment. - Use market segmentation to find and advertise to local builders and home improvement contractors. - Concentrate on selling high-profit items that are already in your inventory. - Consider marketing to a segment that meets the criteria for effective segmentation.

Culture

_____ can be defined as the values, beliefs, preferences, and tastes handed down from one generation to the next. - Need satisfaction - Culture - Motivation - Knowledge

Modified rebuy

_____ is a situation in which a purchaser is willing to reevaluate available options for repurchasing a good or service. - Reciprocity - New-task buying - Straight rebuy - Modified rebuy

Exploratory research

_____ is the process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources. - Exploratory research - Limited-service research - Full-service research - Syndicated research

Data mining

_____ is the process of searching through customer information stored in a computer to detect patterns that guide marketing decision making. - Value engineering - Data mining - Social referencing - Business process reengineering