MARKETING FINAL
Personal selling
Personal presentation by the firm's sales force for the purpose of engaging customers, making sales, and building customer relationships. Includes sales presentations, trade shows, and incentive programs.
2 Strategic planning process
1) define company mission 2) set company objectives and goals 3) design business portfolio 4) plan marketing and other functional strategies
Which of the following best describes Sprouts competitive advantage? A. The company's psychographic segmentation B. The company's demographic segmentation C. Sprout's value proposition D. Sprout's overall customer value E. Sprout's product position
D
Amazon and GEICO set themselves apart with their smooth-functioning direct delivery strategy referred to as __________ differentiation. A. people B. product C. channel D. services E. image
C
Developing product specifications follows __________ in the business buyer decision process. A. performance review B. supplier search C. supplier selection D. proposal solicitation E. general need description
E
The decision to offer Satisfries to customers is most closely aligned with their understanding of the changes in which of the following environments? A. The technological environment B. The legal environment C. The cultural environment D. The global environment E. The political-social environment
C
Nielsen gathers consumer insights through a variety of ways, including consumer tracking and panels. Which type of research is Nielsen engaged in during these examples? A. Mail questionnaires B. Focus groups C. Telephone surveys D. Online marketing research E. Causal research
D
What is the first step in marketing research process? A. Develop a research plan. B. Interpret the findings. C. Report the findings. D. Define the problem. E. Implement the research plan.
D
Business legislation has been enacted for a number of reasons which include all of the following except __________. A. protecting interests of society B. developing a code of ethics C. protecting companies from each other D. protecting consumers from unfair business practices E. to make firms take responsibility for the social costs of their production or products
B
A brand's __________ involves the set of benefits or values it promises to deliver to consumers. A.marketing management B.market segmentation C.value proposition D.target marketing E.customer management
C
4 P's of Marketing
Product, place, promotion, price
To do e-procurement, companies can conduct __________, in which they put their purchasing requests online and invite suppliers to bid for the business. A. reverse auctions B. company buying site C. extranet link D. trading exchanges E. intranet link
A
__________ reverses the usual process of first designing a new product, determining its cost, and then asking, "Can we sell it for that?" A. Target costing B. Value-added pricing C. Good-value pricing D. Cost-based pricing E. Customer value-based pricing
A
Which type of message appeal does OXO utilize? A. Emotional B. Rational C. Irrational D. Moral E. Logical
B
When companies set their promotion budgets to match competitor's outlays, they are using the __________ method. A. push-and-pull B. objective-and-task C. affordable D. competitive-parity E. percentage-of-sales
D
The __________ environment consists of institutions and other forces that affect a society's basic values. A. social B. political C. economic D. natural E. cultural
E
Modified rebuy
buyer wants to modify product specifications, prices, terms, or suppliers. The "in" suppliers may become nervous and feel pressured to put their best foot forward to protect an account. "Out" suppliers may see the modified rebuy situation as an opportunity to make a better offer and gain new business.
Value-based pricing
customer-value based pricing - uses buyers' perceptions of value as the key to pricing. Price is considered along with all other marketing mix variables before the marketing program is set. good-value pricing - offering just the right combination of quality and good service at a fair price. value-added pricing - attaching value-added features and services to differentiate a company's offers and charging higher prices.
A company's mission statement should be focused on __________. A. customers B. objectives and goals C. sales D. investment E. profit
A
Prior to changing its product offerings and realigning its business units, managers at Konica/Minolta most likely first performed which of the following to determine those units that were profitable and those that should be phased out or realigned? A. Define the company mission. B. Set company goals. C. Set company objectives. D. Perform a portfolio analysis. E. Create specific marketing strategies.
D
In SWOT analyses, the favourable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as __________. A. weaknesses B. strengths C. threats D. targets E. opportunities
E
Buyer's black box
Environment is perceived by buyer. Buyer's black box is their characteristics and decision process. Buyer then responds to environment. The buyer's characteristics influence how he or she perceives and reacts to the stimuli. These characteristics include a variety of cultural, social, personal, and psychological factors. Second, the buyer's decision process itself affects his or her behavior. This decision process—from need recognition, information search, and alternative evaluation to the purchase decision and postpurchase behavior—begins long before the actual purchase decision and continues long after.
__________is a type of identity theft that uses deceptive emails and fraudulent online sites. A. Pop-unders B. Direct-response TV commercial C. Snapchat D. Phishing E. Spam
D
Disadvantages of direct marketing to sellers include __________. A. personalize products and services B. target small groups of customers C. speedy alternative to reach markets D. learn more about customers' tastes E. interaction with limited number of customers
E
Federal legislation on __________ states that sellers must set prices without talking to competitors. A. discriminatory pricing B. interstate commerce C. trade-restrain D. deceptive pricing E. price-fixing
E
Konica/Minolta focuses one of its business units on medical and healthcare groups. These groups make up one of Konica/Minolta's __________. A. marketing mix B. positioning C. market analysis D. differentiation E. market segment
E
Which of the following best describes Burger King's pricing strategy regarding its chicken nuggets during McDonald's Monopoly promotion? A. Break-even pricing B. Value-added pricing C. Cost-plus pricing D. Cost-based pricing E. Competition-based pricing
E
Which of the following best describes the type of product Plymouth Rock Assurance offers? A. Shopping product B. Specialty product C. Unsought product D. Capital items E. Convenience product
A
Which of the following forms of products are considered as services? A. Airline travel B. Apple iPhone C. Advice from a family doctor D. Starbucks coffee E. Toyota Camry
A
Eskimo Joe's food, logo products, and overall experience keeps customers loyal and coming back time and time again. Such customer loyalty increases __________________. A. Customer lifetime value B. Marketing myopia C. Partner relationship management D. Sustainable marketing E. Market offerings
A
Core customer value
Most basic level of customer value. Addresses the question: What is the buyer really buying? When designing products, marketers must first define the core, problem-solving benefits or services that consumers seek. A woman buying lipstick buys more than lip color. Charles Revson of Revlon saw this early: "In the factory, we make cosmetics; in the store, we sell hope."
1) Customer relationship management (CRM)
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. The key to building lasting customer relationships is to create superior customer value and satisfaction
Advantages of mobile marketing include all of the following except __________. A. mobile marketing provides on-the-go product information, price comparisons, advice, and reviews from other consumers B. the surge in mobile web traffic has made mobile marketing a must for most brands C. marketers use mobile marketing to engage customers anywhere, anytime during the buying and relationship-building process D. mobile marketing may risk irritating consumers E. companies use mobile marketing to stimulate immediate buying
D
The name Plymouth Rock Assurance identifies the company as the seller of its services and products, which is also known as which of the following? A. Product line B. Brand C. Package D. Logo E. Label
B
In addition to selling food, drink, and a variety of items that feature its popular logo, Eskimo Joe's offers its customers a valuable experience, known as its ______________. A.Marketing myopia B.Market offering C.Demands D.Needs E.Wants
B
generations/ cohorts
Baby boomers - 1946-1964, control 70% of nation's disposable income, make up 26% of population generation x - 1965-1976, family first, career second, skeptical and sensible millennials - 1977-2000, financially strapped, comfort with digital technology, frugal, practical, mobile, and impatient generation z - 2000 and after, represent tomorrow's markets, fluent in tech
he __________ environment consists of economic factors that affect consumer purchasing power and spending patterns. A. social B. political C. economic D. technological E. natural
C
__________ plays a key role in the company's strategic planning. A. Human Resources B. Accounting C. Marketing D. Operations E. Finance
C
The most common form of marketing organization is __________. A. product management organization B. customer management organization C. geographic organization D. functional organization E. product organization
D
1) marketing myopia
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products A manufacturer of quarter-inch drill bits may think that the customer needs a drill bit. But what the customer really needs is a quarter-inch hole.These sellers will have trouble if a new product comes along that serves the customer's need better or less expensively. The customer will have the same need but will want
1) Marketing
process by which companies engage customers, build strong customer relationships, and create customer value in order to capture customer value in return value creation + exchange
Reference groups
serve as direct (face-to-face interactions) or indirect points of comparison or reference in forming a person's attitudes or behavior. People often are influenced by reference groups to which they do not belong. Ex, aspirational groups are ones in which the individual wishes to belong. include word-of-mouth influence, opinion leaders, online social networks, family, and roles and status.
RFID
track products and customers at various points in the distribution channel ex, tracking pallets or having a disney wristband to scan
Selective distortion
describes the tendency of people to interpret information in a way that will support what they already believe.
3 Marketing Information System (MIS)
consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate customer and market insights
3 microenviornment
consists of the actors close to the company that affect its ability to engage and serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
3 macroenviornment
consists of the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces
Selective retention
consumers are likely to remember good points made about a brand they favor and forget good points made about competing brands.
SWOT analysis
evaluates the company's overall strengths (S), weaknesses (W), opportunities (O), and threats (T) The goal is to match the company's strengths to attractive opportunities in the environment while simultaneously overcoming weaknesses and eliminating threats
demographic environment
human populations in terms of size, density, location, age, gender, race, occupation, and other statistics - generational marketing, changing family structure, geographic shifts in population, education changes, increasing diversity
online social networks
online communities where people socialize or exchange information and opinions. Social networking communities range from blogs and message boards to social media sites and even communal shopping sites.
Which of the following is not considered one of the links in the service profit chain? A. Buyer-seller interaction B. Greater service value C. Satisfied and loyal customers D. Internal service quality E. Satisfied and productive service employees
A
Netflix recruits "Grammasters," influencers who have large Instagram followings. They travel around the world taking photos and creating videos. This is an example of using __________ as a personal communication channel. A. broadcast media B. buzz marketing C. display media D. print media E. online media
B
Sprout markets to preschool-aged children and their parents. Which type of segmentation is Sprout most likely using? A. Psychographic B. Demographic C. Behavioral D. Gender E. Usage
B
Small businesses and not-for-profit organizations can obtain good marketing insights through __________. A. big data B. MIS C. observation research D. causal research E. exploratory research
C
__________ are distribution channel firms that help the company find customers or make sales for them. A. Marketing services agencies B. Financial intermediaries C. Resellers D. Financial publics E. Physical distribution firms
C
Companies that make products that must be used along with a main product are using __________. A. product line pricing B. by-product pricing C. product bundle pricing D. captive-product pricing E. optional-product pricing
D
derived demand
derives from the demand for consumer goods.
NutriSystem includes Facebook, Twitter, blogs, and Instagram in its marketing strategy. This indicates that NutriSystem is involved in which type of marketing? A. Social media B. Direct-mail only C. E-tailer D. Online-only E. Search engines
A
According to the stimulus-response model of buyer behavior, marketing and other stimuli enter the consumer's __________ and produce certain responses. A. cultural shifts B. black box C. behavior D. curiosity E. subculture
B
Consumer motivation, perception, and learning are related to the __________ factors influencing consumer behavior. A. cultural B. personal C. social D. subcultural E. psychological
E
Types of marketing research
exploratory - to gather preliminary information that will help define the problem and suggest hypotheses. descriptive research - describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product. causal research - to test hypotheses about cause-and-effect relationships.
Blood donations to the Red Cross are considered __________ products. A. industrial B. unsought C. convenience D. specialty E. shopping
B
The "echo boomers" is another name for __________. A. Generation X B. marketer's dream C. baby boomers D. millennials E. Generation Z
D
demographic segmentation
Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
__________ is a measure of the brand's ability to capture consumer preference and loyalty. A. Brand management B. Brand value C. Brand equity D. Brand sponsorship E. Brand positioning
C
Why should companies use mobile marketing responsibly? A. Companies risk angering already ad-weary consumers. B. Mobile marketing may stimulate immediate buying. C. Mobile marketing may provide unwanted incentives when consumers are just going to make a choice. D. Mobile marketing engages customers anywhere, anytime during the buying and may affect the relationship-building process. E. Today's rich-media mobile ads can create substantial engagement and impact.
A
Branded community website
A website that presents brand content that engages consumers and creates customer community around a brand.
Eskimo Joe's is an important part of the community, including customers' lives and customer involvement, which indicates Eskimo Joe's is involved in _________________. A. Promotion B. Customer engagement marketing C. Exchange D. Marketing myopia E. Customer satisfaction
B
Hammerpress utilizes different pricing strategies than other printing companies, which sell printers to the home-printing market at a low price point and then sell the continual ink cartridge purchases at a high price point. Which type of pricing strategy is this? A. Market skimming pricing B. Captive product pricing C. Discount and allowance pricing D. Product bundle pricing E. Promotional pricing
B
If the product passes both the concept test and the product test, the next step is __________. A. business analysis B. test marketing C. product development D. idea screening E. concept development
B
Marketers should carefully consider public policy issues and regulations regarding all of the following except __________. A. product warranties. B. product development C. acquiring or dropping products D. patent protection E. product quality and safety
B
systems (solutions) selling
Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.
IMG World's products and services are geared toward colleges and students, the students of which may be considered young achievers. This designation can be best described as which influential factor of consumer buying behavior? A. Occupation B. Family role C. Age and life stages D. economic situation E. Social class
C
Prior to the merging of three distinct insurance company names into one new name, which of the following best describes the branding strategy used? A. Brand extension B. Brand engagement C. Mulitbrands D. Line extension E. Co-branding
C
Q1 In the final step of the five-step marketing model, companies __________. A.create customer value B. build strong customer relationships C. reap the rewards of creating customer value D. work to understand consumers E. capture customer value
C
The marketing research industry is considering several options for responding to intrusion and privacy issues, which includes all of the following except __________. A. "respondent bill of rights" initiatives B. providing value in exchange C. sharing information widely D. appointing a privacy officer E. "your opinion counts" initiatives
C
Through the years, Eaton has shifted from selling strictly components to solving its customers' problems with more tailored offerings. This is an example of _________. A. modified rebuy B. non-modified rebuy C. solutions selling D. new task E. straight rebuy
C
__________ includes the final order with the chosen supplier or suppliers and lists other required items. A. Product specification B. Supplier search C. Order-routine specification D. Vendor-managed inventory E. Performance review
C
A fast-food restaurant determines the cost of producing its chicken nuggets then adds a percentage to that cost to determine the price charged to consumers. This indicates that the restaurant is utilizing which of the following pricing strategies? A. Competition-based pricing B. Target return pricing C. Target costing D. Cost-plus pricing E. Break-even pricing
D
Compared to the mainstream buying public, Hispanic consumers tend to be deeply __________ oriented, making this a special characteristic and behavior. A. promotion B. brand C. income D. family E. quality
D
Candace Cabe likely had several different ideas for a convertible high-heel, but sifted through each idea until she found the one that was most marketable. Which step of the new development process did this most likely occur in? A. Test marketing B. Business-analysis stage C. Product development D. Concept testing E. Idea screening
E
Eaton sells only to businesses and focuses on the electrical, hydraulics, aerospace, and vehicle markets. When the economic crises hit in 2008, consumers began cutting back, and as a result, Eaton's customers needed to cut costs and scale back operations. This, in turn, impacted Eaton's sales, which is known as __________. A. buyer and seller dependencies B. problem recognition C. complex buying process D. a straight rebuy E. derived demand
E
New product development starts with __________. A. prototype development B. idea screening C. concept development D. concept testing E. idea generation
E
Priceline.com sells its services through __________. A. personal selling B. direct mail C. direct and digital marketing D. mass marketing E. direct marketing as a supplementary channel
E
Techniques that can be used by sellers for avoiding customers' perception of price gouging includes all of the following except __________. A. price increases should be supported by company communications telling customers why prices B. the company can shrink the product or substitute less-expensive ingredients instead of raising the price C. maintaining a sense of fairness surrounding any price increase D. the company should consider ways to meet higher costs or demand without raising prices E. rationing products to customers
E
The first group marketers try to bring their new products to the attention to are potential __________. A. early mainstream B. lagging adopters C. late mainstream D. early adopters E. innovators
E
Competitive Marketing Intelligence
Systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace. The goal of competitive marketing intelligence is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors' actions, and providing early warnings of opportunities and threats. Marketing intelligence techniques range from observing consumers firsthand to quizzing the company's own employees, benchmarking competitors' products, online social media. Much competitor intelligence can be collected from people inside the company—executives, engineers and scientists, purchasing agents, and the sales force. The company can also obtain important intelligence information from suppliers, resellers, and key customers. Intelligence seekers can also pour through any of thousands of online databases.
Marketing research
systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
_________ is the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace. A. Big data B. Competitive marketing intelligence C. Internal database D. USAA database E. Competitor database
B
The __________ concept holds that consumers will favor products that are available and affordable. A.product B.marketing C.production D.societal marketing E.selling
C
Within the growth-share matrix, "cash cows" are __________. A. high-growth, high-share businesses or products B. low-growth, low-share business units in high-growth markets C. low-growth, high-share businesses or products D. high-share businesses in slow-growth markets E. low-growth, low-share businesses and products in high-growth markets
C
__________ behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands. A. Complex buying B. Variety-seeking buying C. Dissonance-reducing buying D. Habitual buying E. Post-purchase
C
Nielsen is engaged in the collection and analysis of information about consumers, competitors, and developments in the marketplace. This systematic monitoring is known as __________. A. internal databases B. big data C. marketing information systems D. competitive marketing intelligence E. customer insight
D
MIS begins and ends with information users. Which of the following statements is not an advantage of MIS? A. MIS interacts with the information users to assess information needs. B. MIS interacts with the marketing environment to develop needed information. C. MIS helps users in making management decisions. D. MIS helps users to analyze and use the information to develop customer insights. E. MIS may provide information to external partners, such as suppliers, resellers, or marketing services agencies.
E
Which budget-setting method does OXO utilize? A. Affordable B. Percentage-of-competition C. Percentage-of-sales D. Objective-and-task E. Competitive parity
A
As marketers adopt richer but more fragmented media and promotion mixes to reach their diverse markets, they risk creating a communications hodgepodge for consumers. To prevent this, companies have adopted the concept of __________. A. personal selling B. integrated marketing communications (IM C. sales promotion D. advertising E. public relations
B
__________ involves evaluating each market segments attractiveness and selecting one or more segments to enter. A. Market segmentation B. Market targeting C. Market differentiation D. Market positioning E. Marketing mix
B
Distinctions between business and consumer markets
Business: far fewer but larger buyers, inelastic and more fluctuating demand, derived demand (derives demand from consumer good) more decision participants more professional purchasing effort more complex buying decisions
When Eaton's customers became aware that they needed solutions for power management, energy savings, green technologies, and LEED certification, they were in which phase of the business buying process? A. General need description B. Proposal solicitation C. Problem recognition D. Performance review E. Product specification
C
One of the challenges of social media marketing is that social media __________. A. are immediate and timely B. are targeted and personal C. facilitate engagement and social sharing D. are largely user controlled E. are interactive and complex
D
The key to Hammerpress's capability to meet its customers' needs and budget goals, while maintaining its profitability, lies in which of the following pricing tactics? A. International pricing B. Geographic pricing C. Psychological pricing D. Dynamic pricing E. Promotional pricing
D
The pricing method in which sellers combine several products and offer a reduced price is known as __________. A. product line pricing B. captive-product pricing C. by-product pricing D. product bundle pricing E. optional-product pricing
D
Under __________, the market consists of many buyers and sellers trading in a uniform commodity. A. a pure monopoly B. target competition C. monopolistic competition D. pure competition E. oligopolistic competition
D
Direct and digital marketing
Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships. Includes direct mail, email, online and social media, mobile marketing, etc
Augmented value
Product planners must build an augmented product around the core benefit and actual product by offering additional consumer services and benefits. The iPad is more than just a digital device. It provides consumers with a complete connectivity solution. Thus, when consumers buy an iPad, Apple and its resellers also might give buyers a warranty on parts and workmanship, quick repair services when needed, and web and mobile sites to use if they have problems or questions.
Fastest growing digital category
mobil
2 marketing mix
4 P's blended together to produce desired market response (Price, promotion, place, product)
2 Strategic planning
the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. strategic plan involves adapting the firm to take advantage of opportunities in its constantly changing environment defines overall mission and objectives
Factors influencing price
Customer value perceptions, costs, and competitor strategies. Internal factors: company's overall marketing strategy, objectives, marketing mix, organizational considerations. External factors: nature of the market and demand and other environmental factors.
Importance of price
Price is the only element in the marketing mix that produces revenue; all other elements represent costs. Price is also one of the most flexible marketing mix elements. Unlike product features and channel commitments, prices can be changed quickly.
Promotion Mix
The specific blend of promotion tools (advertising, PR, personal selling, sales promotion, and direct marketing) that the company uses to persuasively communicate customer value and build customer relationships.
Companies can allow key customers and value-network members to access account, product, and other data through __________. A. big data B. CRM C. intranets D. extranets E. MIS
D
Burger King's Satisfries are most likely marketed to which type of customer market? A. Consumer B. Government C. Retailer D. Business E. International
A
Burger King's offering of healthier French fries is most closely related to building relationships with which of the following microenvironment actors? A. The customers B. The company C. The suppliers D. The public E. The marketing intermediaries
A
Q2 The first step in strategic planning involves __________. A. developing a marketing plan B. designing a business portfolio C. developing functional plans D. defining the company's mission E. setting objectives and goals
D
Which is the fastest-growing digital marketing platform? A.Sustainable marketing B.Not-for-profit marketing C.Social media marketing D.Mobile marketing E.Social marketing
D
__________ refers to activities that communicate the merits of the product and persuade target customers to buy it. A. Segmentation B. Positioning C. Differentiation D. Promotion E. Targeting
D
Each department can be thought of as a link in the company's __________. A. market segmentation B. value chain C. delivery network D. marketing mix E. marketing management
B
Nielsen gathers data on millions of people to help marketers gain __________ to use to create strategic marketing decisions. A. internal databases B. customer insights C. big data D. marketing information systems E. competitive marketing intelligences
B
Q1 What is marketing? A. Marketing deals with telling and selling.Ma B. The aim of marketing is to make selling necessary. C. Marketing is only selling and advertising. D. Marketing deals primarily with TV commercials. E. Marketing is a process of creating customer value.
E
The owners of Eskimo Joe's understand the customers' needs and wants by sensing and responding to those needs, indicating that Eskimo Joe's assumes which philosophy? A. Production concept B. Selling concept C. Product concept D. Target marketing concept E. Marketing concept
E
Advertising
Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor. Includes broadcast, print, online, mobile, outdoor, and other forms.
Many companies view the marketing environment as a(n) __________ element to which they must react and adapt. A. demographic B. uncontrollable C. cultural D. economic E. controllable
B
One of the disadvantages of product and service standardization for international market is __________. A. less product design costs B. varying worldwide market C. less manufacturing costs D. consistent worldwide image E. less variety of products.
B
Prior to becoming Plymouth Rock Assurance, the company marketed three different insurance companies: High Point, Plymouth Rock, and Pallasades. Rebranding the three names into one, Plymouth Rock Assurance, was one part of the overall objective of constantly improving the quality of services and business products. This overall process is known as which of the following? A. Performance quality B. Total quality management C. Conformance quality D. Quality consistency E. Quality level
B
Techniques that can be used by sellers for avoiding customers' perception of price gouging includes all of the following except __________. A. adjust quality B. low-price fighter items C. increase prices D. reduce prices E. improve perceived value
B
Konica/Minolta hopes to create customer value through its mission, strategic goals and objectives, marketing mix, and other marketing tools. This collective effort is known as Konica/Minolta's __________. A. market differentiation B. market targeting C. marketing strategy D. market segmentation E. marketing mix
C
Candace Cabe created the Day to Night shoe based on an idea she had, and then asked a group of women to provide feedback regarding the idea. Which step of the new product process does this most likely represent? A. Marketing strategy development B. Test marketing C. Idea screening D. Concept testing E. Idea generation
D
Hammerpress must decide how to price the standard run-rate items it sells, such as business cards, wedding invitations, and posters. Which type of pricing strategy is this? A. Product bundle pricing B. Market skimming pricing C. Market penetration pricing D. Product line pricing E. Discount and allowance pricing
D
Some sellers use 00-cent endings on regularly priced items and 99-cent endings on discount merchandise. This is an example of pricing referred to as __________. A. segmented pricing B. geographical pricing C. promotional pricing D. psychological pricing E. dynamic pricing
D
Sprout has created a unique market offering by integrating its programs with both children and parents. This unique offering that creates superior customer value is known as __________. A. positioning B. undifferentiated marketing C. market segmentation D. differentiating E. market targeting
D
Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is considered __________. A. public relations B. sales promotion C. direct and digital marketing D. personal selling E. advertising
E
In its efforts to offer healthier options, Burger King hopes to attract mothers away from McDonald's and into Burger King. By providing the Satisfries, Burger King is reacting to which of the following environments? A. The legal environment B. The technological environment C. The political-social environment D. The global environment E. The competitive environment
E
A popular football player at a college who is able to influence the buying decisions of fans would best be described as a(n) __________. A. opinion leader influence B. membership group influence C. family role influence D. aspirational group influence E. word-of-mouth influence
A
Freedom from defects and consistency in delivering a targeted level of performance is an attribute of product's __________. A. conformance quality B. support services C. labeling D. branding E. packaging
A
Hospital purchasing agents should prefer __________. A. food vendors with low prices and quality products B. considerable documentation from suppliers C. open-bid purchasing D. a negotiated contract E. to give contracts to the lowest bidder
A
Shortages of certain raw materials is a major trend related to the __________ environment. A. natural B. political C. social D. technological E. economic
A
The goal of the competition-based pricing is __________. A. to increase value and lower prices to beat competition B. to increase customers' price perceptions C. to beat competitors' prices D. not to match or beat competitors' price E. to match competitors' prices
D
There are a number of influences on the buying organization and buying center that can impact how and what is purchased by a business. For Eaton's customers, the economic crises in 2008 would be classified as what type of influence? A. Individual B. Procedural C. Organizational D. Environmental E. Interpersonal
D
What does the Privacy Promise of the DMA members involve? A. The Direct Marketing Association deals with controlling all businesses practicing direct, database, and interactive marketing. B. The Privacy Promise requires that members remove the names of members who do not remove the names of consumers who do not wish to receive mail, phone, or email offers. C. The Privacy Promise requires that all DMA members follow privacy rules. D. All companies must honor consumer requests to opt out of receiving further solicitations. E. All companies must agree to notify customers when any personal information is rented, sold, or exchanged with others.
E
__________ uses buyers' perceptions of value as the key to pricing. A. Cost-based pricing B. High-low pricing C. Value-added pricing D. Good-value pricing E. Customer value-based pricing
E
In which type of competition do fast-food restaurants operate? A. Monopolistic competition B. Pure monopoly C. Oligopolistic competition D. Private unregulated monopoly E. Private regulated monopoly
A
Major factors for changing the face of today's marketing communications include all of the following except __________. A. marketers are going for mass marketing B. digital media have provided new communication tools C. marketing strategies are changing D. digital technology is causing remarkable changes E. consumers are changing
A
Which of the following was likely not a reason NutriSystem decided to use direct and digital media? A. Online advertising spending has decreased dramatically in the last decade. B. Consumers spend more time and money online than ever before. C. It is estimated that, by the year 2019, 29 percent of total U.S. ad spending will be mobile advertising. D. Consumers spend less time and money online than ever before. E. Last year, mobile ad spending grew by 66 percent.
D
Consumer purchases are influenced strongly by certain characteristics which include all of the following except __________. A. cognitive B. cultural C. psychological D. personal E. social
A
Infomercials are a form of marketing considered a part of __________. A. direct-response television marketing B. catalog marketing C. mobile marketing D. telemarketing E. real marketing
A
The branding strategy of launching a product or service as a national or store brand is considered a __________. A. brand sponsorship B. brand value C. co-branding D. brand positioning E. brand equity
A
The most basic determinant of a person's wants and behavior are embedded in a consumers __________. A. culture B. reference groups C. subculture D. personal characteristics E. social factors
A
The step in designing a customer value-driven marketing strategy in which a company divides a market into distinct groups of buyers is known as market __________. A. segmentation B. targeting C. positioning D. differentiation E. identifying
A
1 Value Proposition
A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. Homewood Suites by Hilton wants you to "Make yourself at home." Meanwhile, the Hyatt Regency brand declares that sometimes "It's good not to be home." Such value propositions differentiate one brand from another. They answer the customer's question: "Why should I buy your brand rather than a competitor's
Shopping product
A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style. Consumers spend much time and effort in gathering information and making comparisons. Examples include furniture, clothing, major appliances, and hotel services.
Institutional markets are __________. A. affected by organizational factors B. characterized by low budget, captive patrons C. subject to frequent shifts in procurement personnel D. characterized by considerable documentation E. carefully watched by outside publics
B
NutriSystem maintains a website that engages consumers and includes videos, blogs, activities, and other features that build closer customer relationships and generate engagement. This indicates that NutriSystem employs a(n) __________. A. marketing website B. viral marketing program C. brand community website D. online advertising website E. email marketing portal
C
Which of the following statements does NOT describe price? A. Price is the sum of all the values that customers give up to gain the benefits of having or using a product or service. B. Prices can be changed quickly. C. Price is the only element in the marketing mix that represents costs. D. Price remains one of the most important elements that determine a firm's market share and profitability. E. Price is one of the most flexible marketing mix elements.
C
A business buying situation in which the buyer reorders something without any modifications is known as a __________ A. buying center B. systems solution C. new task D. straight rebuy E. modified rebuy
D
Business markets have demand that __________. A. does not change for products B. does not change for services C. is elastic D. is inelastic E. is rigid at all times
D
__________ helps the seller to segment markets. A. Product design B. Packaging C. Product style D. Product quality E. Branding
E
__________ segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product. A. Psychographic B. Occasion C. Gender D. Demographic E. Behavioral
E
market penetration pricing
Setting a low price for a new product in order to attract a large number of buyers and a large market share.
captive product pricing
Setting a price for products that must be used along with a main product, such as blades for a razor and games for a video-game console.
major market segments
geographic, demographic, psychographic, and behavioral
segmentation targeting differentiation positioning
segmentation - dividing the market into distinct groups of buyers who have different needs, characteristics, or behaviors who might require separate marketing strategies or mixes. targeting - evaluating each market segment's attractiveness and selecting one or more segments to serve. differentiation - actually differentiating the market offering to create superior customer value. positioning - arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
As with many companies, NutriSystem's marketing strategy hopes to achieve a brand community. Which of the following would be an example of NutriSystem's brand community? A. Its customer interaction through social media, blogs, and website content. B. It offers free shipping to new customers. C. It uses social media to post product pictures. D. It uses online banner advertising. E. It utilizes mass email blasts.
A
What is the unique positioning of Sprout? A. The channel is marketed to both children and their parents and airs 24 hours a day. B. The channel is educational. C. The channel is marketed to tweens. D. The channel is entertaining. E. The channel is marketed to elderly persons.
A
When Sam Farber started OXO and launched never-before-seen products that were targeted at people with dexterity problems, in which stage of buyer-readiness was his target market? A. Awareness B. Conviction C. Liking D. Purchase E. Preference
A
Which element of the marketing communications mix does OXO most heavily utilize? A. Direct marketing B. Sales promotion C. Advertising D. Personal selling E. Public relations
A
Perceptual positioning maps
show consumer perceptions of their brands versus those of competing products on important buying dimensions. Ex, large luxury SUVs: The position of each circle on the map indicates the brand's perceived positioning on two dimensions: price and orientation (luxury versus performance). The size of each circle indicates the brand's relative market share.
Selective attention
the tendency for people to screen out most of the information to which they are exposed
Customer relationship building blocks consist of __________. A.the four Ps of marketing B.customer value and satisfaction C.price and promotion D.product and place E.social and product marketing
B
The objective of __________ research is to gather preliminary information that will help define the problem and suggest hypotheses. A. primary B. exploratory C. secondary D. descriptive E. causal
B
Many companies manage detailed information about individual customers by using all of the following methods except __________. A. customer relationship management B. marketing analytics C. collecting and storing huge amounts of data D. customer touch points E. big data analytics
C
1) marketing process
1) understand marketplace + customer wants/needs 2) design customer value-driven marketing strategy 3) construct an integrated marketing program that delivers superior value 4) engage, build relationships, and customer delight 5) capture value from customers to create profit
A marketer who wishes to gain insight into the demographics and attitudes of consumers who buy their product would likely ask Nielsen to perform which type of research? A. Descriptive research B. Primary data C. Causal research D. Secondary data E. Exploratory research
A
Burger King's target demographic for its Satisfries was most notably mothers of young children. Which of the following demographics was Burger King most likely targeting? A. Millennials B. Gen Zers C. Generation Z D. Baby boomers E. Generation X
A
Kevin Kern described Konica/Minolta's use of commercials, newspapers, social media, and other media to control the marketing message. Which marketing concept was he referring to? A. Marketing mix B. Product development C. Company objectives and goals D. Diversification E. Marketing strategy
A
The microenvironment consists of all of the following except __________. A. demographics B. competitors C. publics D. suppliers E. companies
A
Under the previous CEO, Konica/Minolta's management determined it was time to invest in __________ by offering new products to the technology market. A. product development B. market penetration C. market development D. partner relationship management E. diversification
A
Internal databases
Collections of consumer and market information obtained from data sources within the company's network. Accessed more quickly and cheaply than other information sources. Because internal information is often collected for other purposes, it may be incomplete or in the wrong form for making marketing decisions. Data also age quickly; keeping the database current requires a major effort. Finally, managing and mining the mountains of information that a large company produces require highly sophisticated equipment and techniques.
culture, subculture, social class
Culture - the most basic cause of a person's wants and behavior. Human behavior is largely learned. Growing up in a society, a child learns basic values, perceptions, wants, and behaviors from his or her family and other important institutions. Subculture - groups of people with shared value systems based on common life experiences and situations. Subcultures include nationalities, religions, racial groups, and geographic regions. social class - society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.
In the product adoption process, __________. A. consumers respond depending on their characteristics B. consumers are innovators C. consumers respond at different rates D. there are five stages E. consumers respond based on product characteristics
D
The basic concept underlying marketing is that of __________. A.customer demand B.customer wants C.customer experience D.customer relationship E.customer needs
E
market development
Identifying and developing new markets for current products
Stimuli
Marketing stimuli: 4 P's Environmental stimuli: social, cultural, economic, technological Stimuli is perceived by buyer and buyer reacts to it depending on their black box.
1) Customer lifetime value
The value of the entire stream of purchases a customer makes over a lifetime of patronage.
The specific data that Nielsen provides to its clients for a specific purpose that has not been completed before, is most likely which type of data? A. Exploratory B. Primary C. Causal D. Secondary E. Descriptive
B
When does the habitual buying behavior occur? A. When consumers are highly involved with an expensive, infrequent, or risky purchase B. Under conditions of low-consumer involvement and little significant brand difference C. When consumers recognize that there is a need D. When consumers recognize that there is a problem E. When there is low consumer involvement but significant perceived brand differences
B
Which of the following statements discussing big data is not true? A. Companies can gain timely customer information. B. Marketers can access and easily sift through the data once it is available. C. Big data provides a lot more information than the managers can digest. D. Companies that effectively tap the available glut of data can gain rich, customer insights. E. Data can be collected from blogs, tweets, and social media.
B
Which of the following statements does not apply to the description of prices? A. In recent decades price factors have gained increasing importance. B. Price remains one of the most important elements that determine a firm's market share. C. Pricing is the number-one problem facing many marketing executives. D. Historically, price has been the major factor affecting buyer choice. E. Price is the amount of money charged for a product or a service.
A
IMG World provides college students with new, relevant media, making which stage of the consumer buyer behavior process easier for the consumer? A. Postpurchase behavior B. Information search C. Need recognition D. Purchase decision E. Evaluation of alternatives
B
In __________pricing, the company sells a product or service at two or more prices, even though the difference in prices is not based on differences in costs. A. dynamic B. segmented C. promotional D. discount and allowance E. psychological
B
Market __________ evaluates each market segment's attractiveness and selects one or more segments to serve. A. relationships B. targeting C. differentiation D. segmentation E. positioning
B
NutriSystem uses direct-mail marketing for its products geared toward men. Which of the following is not an advantage of direct-mail marketing? A. It is flexible. B. It is less expensive than mass media. C. It is personalized. D. It permits high target-market selectivity. E. It allows easy measurement of results.
B
The major activity in strategic planning is the analyses of a business __________. A. unit B. portfolio C. experience D. goal or objective E. plan
B
The video indicated that a company in China was manufacturing the first batch of the shoes. This is indicative of which stage of the new product development process? A. Marketing strategy development B. Commercialization C. Idea screening D. Idea generation E. Concept testing
B
The video indicated that the shoes would be sold for $120 to $150 per pair. At which stage of the new product development process was this decision most likely made? A. Concept testing B. Marketing strategy development C. Test marketing D. Commercialization E. Product development
B
The winning value proposition by discount stores such as Walmart and Best Buy can be categorized as __________. A. more for more B. the same for less C. more for the same D. less for much less E. more for less
B
Through a company invites broad communities of people into the innovation process. A. acquisition B. crowdsourcing C. concept development D. idea screening E. concept testing
B
Using a(n) __________ marketing strategy, a firm might decide to ignore market segment differences. A. differentiated B. undifferentiated C. micromarketing D. individual E. local
B
__________ is the first stage of the product life cycle. A. Growth B. Product development C. Introduction D. Decline E. Maturity
B
Public relations
Building good relations with the company's various publics by obtaining favorable publicity; building up a good corporate image; and handling or heading off unfavorable rumors, stories, and events. Public relations includes press releases, sponsorships, events, and webpages.
A(n) __________ stance by companies toward the marketing environment is preferred over a reactive stance. A. passive B. active C. proactive D. controllable E. competitive
C
If Brady, the owner of Hammerpress, strategically discounts the price of all gift cards by 20% during the holidays and runs a campaign to encourage gift card purchases, he is implementing which type of pricing? A. Product bundle pricing B. Psychological C. Promotional D. Market penetration pricing E. Segmented
C
__________ is/are considered a consumer-controlled digital media. A. Viral marketing B. Brand community websites C. Blogs D. Contextual advertising E. Online videos
C
__________ means that the quality of services depends on who provides them as well as when, where, and how they are provided. A. Service perishability B. Service profitability C. Service variability D. Service intangibility E. Service inseparability
C
__________ development focuses on finding new ways to solve customer problems. A. Slow-but-sure product B. Sequential product C. Customer-centered new product D. Step-by-step product E. Team-based new product
C
__________ is the act of obtaining a desired object from someone by offering something in return. A.Want B.Need C.Exchange D.Demand E.Satisfaction
C
omni channel
Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.
A large ink jet printing company enters the letter press market and sells its printing services at a loss just to drive Hammerpress out of business. This is an example of _________. A. deceptive pricing B. price fixing C. price confusion D. predatory pricing E. price discrimination
D
In order to achieve depth of awareness of the OXO brand, which of the following media strategies does the company utilize? A. Non-personal: display B. Non-personal: online C. Non-personal: print D. Personal: social media E. Non-personal: broadcast
D
John Deere does very little promoting of its lawn mowers, garden tractors, and other residential consumer products to final consumers. Instead, John Deere's sales force works with Lowe's, The Home Depot, and other channel members. This is an example of using __________for promotion. A. direct and digital media B. advertising C. public relations D. a push strategy E. a pull strategy
D
Market skimming prices are preferred in all of the following conditions except __________. A. competitors should not be able to enter the market easily and undercut the high price B. the costs of producing a smaller volume cannot be so high that they cancel the advantage of charging more C. enough buyers must want the product at that price D. an initial low price is set by the companies E. the product's quality and image must support its higher price
D
Profits increase during the __________ stage of the product life cycle. A. introduction B. product development C. maturity D. growth E. decline
D
Sprout segmented the market by targeting parents of preschoolers who wished to have an educational and entertaining experience for and with their children. Which type of segmentation does this describe? A. Psychographic B. Income C. Usage rate D. Benefits sought E. Demographic
D
Students purchasing items with the college logo most likely represent consumers involved in which type of buying behavior? A. Complex B. Postpurchase dissonance C. Dissonance-reducing D. Habitual E. Variety-seeking
D
The first task for a communicator in preparing marketing communications is to __________. A. collect feedback B. select the media C. determine the communication objectives D. identify the target audience E. find highly credible sources to deliver messages
D
The __________ environment is the most dramatic force shaping the destiny of the markets and marketing. A. political B. natural C. social D. technological E. economic
D
To which category of the marketing communication mix do sales presentations, trade shows, and incentive programs belong? A. Sales promotion B. Public relations C. Advertising D. Personal selling E. Direct and digital
D
__________ are members of the buying center who help define specifications and provide information for evaluating alternatives. A. Gatekeepers B. Deciders C. Users D. Influencers E. Buyers
D
Focused marketing programs
Designed to engage customers and build customer relationships in more narrowly defined micromarkets.
psychographic segmentation
Dividing a market into different segments based on lifestyle or personality characteristics.
Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it __________. A.can increase satisfaction by lowering prices compared to its competitors B.attempts to gain customer satisfaction at all cost to ward off competition C.can increase satisfaction by increasing its services compared to its competitors D.attempts to maximize customer satisfaction E.does not attempt to maximize customer satisfaction
E
Instead of going after a small share of a large market, a firm goes after a large share of a smaller niche segment. This type of marketing strategy is known as __________. A. micromarketing B. segmented marketing C. differentiated marketing D. undifferentiated marketing E. concentrated marketing
E
MIS interacts with information users in several ways which include all of the following except __________. A. assessing information needs B. helping to conduct marketing research C. helping to develop customer insights D. providing marketing intelligence activities E. providing concise information
E
Market penetration prices are preferred in all of the following conditions except __________. A. the penetration price must maintain its low-price position B. the low price must help keep out the competition C. the market must be highly price sensitive so that a low price produces more market growth D. the production and distribution costs must decrease as sales volume increases E. enough buyers must want the product at a higher price
E
The hottest growth area for the retailer Home Depot in the U.S. market has been attributed to __________. A. direct-mail marketing B. face-to-face selling C. telemarketing D. catalog marketing E. online sales
E
The rapidly expanding use of e-procurement in business-to-business deals provides several advantages; however, one of the disadvantages is __________. A. it shaves transaction costs B. it eliminates paperwork C. it reduces time between order and delivery D. it helps finds better supply sources E. it pits suppliers against one another
E
The company's choice of its name, Plymouth Rock Assurance, and its motto, open double quoteMore Than Just Insurance,close double quote indicates the company is attempting to position itself in a particular manner. Which of the following would most likely be the intended position of the company? A. The nation's premier insurance company B. Increased brand sponsorship C. Increased product mix other than insurance D. Less expensive than its competitors E. Superior customer service through its products and services
E
What is predatory pricing? A. Setting prices without talking to competitors B. Sellers offering the same price terms to customers at a given level of trade C. A manufacturer requiring dealers to charge a specified retail price for its product D. Selling below cost to unload excess inventory E. Selling below cost with the intention of punishing a competitor
E
When Eaton worked with the University of Notre Dame on its new engineering building to improve its energy efficiency and earn LEED credits, Eaton engaged with a number of people at Notre Dame to finalize the partnership and solidify terms and conditions associated with the agreement. Which of the following people in the buying center would have affected Notre Dame's buying decision (for example, define specs and provide information on evaluating alternatives)? A. Buyers B. Gatekeepers C. Deciders D. Users E. Influencers
E
Which of the following best describes the highest price that a customer is willing to pay for a fast-food chain's products? A. Promotion of the product B. Government regulation of prices C. Cost of the product to the company D. The location of the fast-food restaurant E. Customer perception
E
Which of the following is true of a new product in the introduction stage, such as the Day to Night heels? A. Word of mouth increases. B. Product lines and extensions are created. C. Sales climb quickly. D. Promotion spending is relatively low. E. Profits are generally negative due to the high cost of R&D.
E
Which of the following statements is not a difference between business markets and consumer markets? A. Business demand is a derived demand. B. The buying process is more formalized. C. The buying decision involves more professionals. D. Buyers face more complex buying decisions. E. The market is very small and limited.
E
With regard to supply and demand, which of the following best represents the intentions of the fast-food company's slash on prices? A. Demand will remain the same. B. Demand will increase for competitors. C. Supply will increase for competitors. D. Supply will remain unchanged. E. Demand will increase for its products.
E
__________ segmentation divides buyers into different segments based on lifestyle or personality characteristics. A. Gender B. Benefit C. Behavioral D. Income E. Psychographic
E
1) Production Concept Product Concept Selling Concept Marketing concept Societal Marketing Concept
Production - consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency. Can lead to marketing myopia by losing sight of customer needs. Product - consumers will favor products that offer the most in quality, performance, and innovative features. Can lean to marketing myopia by focusing on only product improvement (don't build a better mousetrap, build a better mouse solution). Selling - consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort. Typically practiced with unsought goods—those that buyers don't normally think to buy (ex, life insurance). Dangerous because it focuses on what the company makes and not what the market wants. Marketing - achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Customer focus and value are the paths to sales and profits. Instead of a product-centered make-and-sell philosophy, the marketing concept is a customer-centered sense-and-respond. Outside-in. Societal Marketing - questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare. Holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer's and society's well-being. It calls for sustainable marketing. Shared value. Balance company profits, consumer wants, and society's interests
market skimming prices
Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales. (ex, iPhones newer to older models)
product line pricing
Setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices.
Sales promotion
Short-term incentives to encourage the purchase or sale of a product or a service. Includes discounts, coupons, displays, demonstrations, and events.
1) market segments/ target markets
The company must first decide whom it will serve. It does this by dividing the market into segments of customers (market segmentation) and selecting which segments it will go after (target marketing). The company wants to select only customers that it can serve well and profitably. For example, Nordstrom profitably targets affluent professionals; Dollar General profitably targets families with more modest means.
Product life cycle
The course that a product's sales and profits take over its lifetime. The PLC has five distinct stages: Product development - begins when the company finds and develops a new product idea. During product development, sales are zero, and the company's investment costs mount. Introduction - period of slow sales growth as the product is introduced in the market. Profits are nonexistent in this stage because of the heavy expenses of product introduction. Growth - period of rapid market acceptance and increasing profits. Maturity - period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profits level off or decline because of increased marketing outlays to defend the product against competition. Decline - period when sales fall off and profits drop
Traditional direct marketing
include face-to-face selling, direct-mail marketing, catalog marketing, telemarketing, direct-response television marketing, and kiosk marketing.
Cues
minor stimuli that determine when, where, and how the person responds. The camera buyer might spot several camera brands in a shop window, hear of a special sale price, or discuss cameras with a friend.
2 product/market expansion grid
page 47 market penetration - make more sales with current line in current market market development - identifying and developing new markets for current products product development - offering new or modified products to current market diversification - starting up or buying businesses outside of current products and markets
Roles in purchases decision process
users - members of the organization who will use the product or service. In many cases, users initiate the buying proposal and help define product specifications. Influencers - help define specifications and also provide information for evaluating alternatives. Technical personnel are particularly important influencers. Buyers - have formal authority to select the supplier and arrange terms of purchase. Buyers may help shape product specifications, but their major role is in selecting vendors and negotiating. In more complex purchases, buyers might include high-level officers participating in the negotiations. Deciders - have formal or informal power to select or approve the final suppliers. In routine buying, the buyers are often the deciders, or at least the approvers. Gatekeepers - control the flow of information to others. For example, purchasing agents often have authority to prevent salespersons from seeing users or deciders. Other gatekeepers include technical personnel and even personal secretaries.
