Marketing Midterm 2 (Chapters 4-7) Study Plan Questions

Compared to the mainstream buying public, Hispanic consumers tend to be deeply __________ oriented making this a special characteristic and behavior.

Family

One important consideration in using a differentiated targeting strategy is that ________.

It can increase cost

Which of the following statements about competitive marketing intelligence is correct?

The goal of competitive marketing intelligence is to improve strategic decision making

___________ is the first stage in the new product adoption process.

Awareness

Companies use ___________ to manage detailed information about individual customers.

CRM (customer relationship management)

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

Can erode long-standing customer-supplier relationships

Amazon and GEICO set themselves apart with their smooth-functioning direct delivery strategy referred to as ________ differentiation.

Channel

Which of the following statements regarding segmentation is correct?

Consumer and business marketers use many similar variables, but business marketers use additional variables to segment their markets

What is the first step in marketing research process?

Define the problem

Stimuli in the buyer's environment includes __________.

Economic, technological, social, and cultural forces

Business-to-business marketers are now using a wide range of digital and social media marketing approaches to _________.

Engage business customers and manage customer relationships

In B-to-B marketing, digital and social media play an important role in _________.

Engaging business buyers

The objective of ___________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

Exploratory

Companies can allow key customers and value-network members to access account, product, and other data through ___________.

Extranets

A company can differentiate itself from competitors using symbols such as​ McDonald's golden​ arches, Twitter's​ bird, and the Nike swoosh. Which type of differentiation is​ this?

Image differentiation

The Westin Stamford Hotel in Singapore failed when it once advertised itself as the​ world's tallest hotel. This difference was not worth establishing because it did not satisfy which of the following​ criteria?

Important

On the My M&Ms Web site, users can place custom orders for​ M&Ms. They can choose their own​ colors, put a personalized text message on the​ candies, and even upload a photo to be placed on each​ M&M. Which targeting strategy is​ M&M using​ here?

Individual marketing

Which value proposition is difficult to sustain in the long run?

More for less

The winning value proposition by discount stores such as Walmart and Best Buy can be categorized as _________.

The same for less

What are perceptual positioning maps used for?

To show consumer perceptions of different brands on important product dimensions

When does habitual buying behavior occur?

Under conditions of low-consumer involvement and little significant brand difference

In the product adoption process, ___________.

There are five stages

One advantage to using internal databases for information is that ________

They can be accessed quickly and cheaply

What is the purpose of differentiation?

To create superior customer value

Motives, perceptions, and preferences are _________ factors that can influence the business-buying decision process.

Individual

Which of the following correctly defines the consumer market?

Individuals and households that buy goods and services for personal consumption

When using digital marketing, B-to-B marketers are targeting __________ that affect buying decisions for ___________.

Individuals; businesses

____________ are members of the buying center who help define specifications and provide information for evaluating alternatives.

Influencers

Market _________ evaluates each market segment's attractiveness and selects one or more segments to serve.

Targeting

Which of the following is an example fo an institutional buyer?

Tenet Healthcare

Consumer purchases are influenced strongly by certain characteristics which include all of the following except __________.

Cognitive

__________ is the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace.

Competitive marketing intelligence

The rapidly expanding use of e-procurement in business-to-business deals provides several advantages; however, one of the disadvantages is __________.

It pits suppliers against one another

___________ is the stage of the business-buying decision process that occurs after a problem is recognized and a general need description is developed.

Product specification

___________ are the social factors that influence consumer buyer behavior.

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

_________ have rapidly become the new platforms for engaging business customers.

Social media and digital marketing

A business buying situation in which the buyer reorders something without any modification is known as a __________.

Straight rebuy

Institutional markets are __________.

Characterized by low budget, captive patrons

What is the nature of demand in business markets?

Changes in consumer demand will cause changes in business demand

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

A grocery store buying cereal from Kellogg's

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

A new task-buying situation

Every Monday a pizzeria places the same order with its suppliers for pepperoni. Which type of buying situation does this represent?

A straight rebuy

A colleague needs to collect descriptive data about her customer's attitudes. She has not done this type of research before. What research approach would you recommend to best suit this research project?

A survey

Hospital purchasing agents should prefer _________.

Food vendors with low prices and quality products

Which of the following correctly identifies the personal factors that influence consumer buyer behavior>

Age and lifecycle stage, lifestyle, economic situations, occupation, and personality and self-concept

The buying center of an organization consists of __________.

All individuals and units that play a role in the buying purchase decision process

Which of the following statements about marketing research in small businesses and non-profit organizations is correct?

Although the research methods used by small businesses and nonprofits are less complex and costly, they still must be conducted carefully

What is positioning?

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

The statement, "I only buy the best" and "The Japanese make the best cars in the world," represent __________.

Attitudes

_________ segmentation divides buyers into segments based on their knowledge, attitudes, users, or responses to a product.

Behavioral

Toothpastes claim they "whiten teeth," "fight bad breath," and "reduce plaque." Which base of segmentation is being used in this example?

Benefits sought

According to the stimulus response model of buyer behavior, marketing and other stimuli enter the consumer's __________ and produce certain responses.

Black box

Forces and events in the buyer's environment enter the buyer's black box, where they are turned into a set of buyer responses. These buyer responses include __________.

Brand choice, purchase location and timing, and brand engagement and relationship behavior

The main purpose of CRM is to __________.

Build stronger customer relationships

Which of the following statements regarding the business market is correct?

Business marketers normally deal with far fewer but far larger buyers than the consumer marketer does

How is the business-buying decision process different from the consumer-buyer decision process?

Business-to-business marketers keep customers by meeting current needs and by partnering with them to help solve their problems

Companies set up a _________, which allow key customers and value-network members to access product, account, and other data anytime they need to.

Extranets

A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your​ colleague?

Carefully consider the degree of competition and ease of entry into the segment

In response to concerns about intrusions of privacy, most large companies now appoint a __________ to safeguard the information of consumers who do business with the company.

Chief Privacy Officer (CPO)

Many companies manage detailed information about individual customers by using all of the following methods except ___________.

Collecting and storing huge amounts of data

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

Complex

Five characteristics are important in influencing an innovation's rate of adoption. As __________ increases, the rate of adoption is slower.

Complexity

Anythinglefthanded.com.uk only sells products designed for​ left-handed people. Which targeting strategy is it​ using?

Concentrated marketing

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​ __________.

Concentrated marketing

__________ is the first step in the marketing research process.

Defining the problem and research objectives

Which of the following statements about segmentation is true?

Different segments might require different marketing strategies or mixes

If men and women respond similarly to the same marketing mx, they do not constitute different segments. Gender would not be effective in this example because the segment is not ________.

Differentiable

___________ behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands.

Dissonance-reducing buying

You and seven other people are talking with a trained moderator about your feelings and thoughts regarding a potential new product. For doing this, you receive a small payment. You are participating in a(n) ________.

Focus group interview

Developing product specifications follows _________ in the business buying decision process.

General need description

Much of Pinterest's success is due to how it used marketing information to _________

Identify a unique customer insight

A university is buying notebook computers for its faculty. The university's Information Technology department has been asked to provide specifications and recommendations for this purchase. The IT department is playing which role in the university's buying center?

Influencer

The first group marketers try to bring their new products to that attention to are potential ___________.

Innovators

Which of the following correctly identifies the first two adopter groups that adopt a new product?

Innovators and early adopters

Which of the following statements regarding the institutional market is correct?

Institutional markets are characterized by low budgets and captive patrons

To develop needed information, marketing information systems utilize __________

Internal databases, marketing intelligence, and marketing research

According to the text, two major public policy and ethical issues in marketing research are __________.

Intrusions on consumer privacy and the misuse of research findings

Business markets have demand that __________.

Is inelastic

Which adopter group is skeptical and adopts a new product only after a majority of people have tried it?

Late mainstream

Variety-seeking behavior would result from which of the following conditions?

Low involvement and significant differences between brands

MIS begins and ends with information users. Which of the following statements is not an advantage of MIS?

MIS may provide information to external partners, such as suppliers, resellers, or marketing services agencies

The process of evaluating each market segment's attractiveness and selecting one or more market segments to enter is called __________.

Market targeting

Which of the following statements discussing big data is not true?

Marketers can access and easily sift through the data once it is available

Small businesses and not-for-profit organizations can obtain good marketing insights through __________.

Observation research

Which of the following statements about big data is correct?

One result of big data is that marketing managers are often overloaded and overwhelmed with information

Which of the following statements about online research is correct?

Online surveys generally have higher response rates than those conducted by mail or phone

Items such as technical specification, quantities, delivery times, return policies, and warranties are included in the __________.

Order-routine specification

___________ includes the final offer with the chosen supplier or suppliers and lists other required items.

Order-routine specification

To deliver real value to marketers, marketing information must ___________

Provide useful customer insights

MIS interacts with information users in several ways which include all of the following except ___________

Providing concise information

________ segmentation divides buyers into different segments based on lifestyle or personality characteristics.

Psychographic

When marketers target segments such as sports fans, do-it-yourselfers, commuters, and wine enthusiasts, which base of segmentation are they using?

Psychographic segmentation

Consumer motivation, perception, and learning are related to the _________ factors influencing consumer behavior.

Psychological

Competitive marketing intelligence uses _______ data sources

Publicly available

Which of the following would be good advice for someone that is conducting marketing research in a foreign country?

Reaching respondents in other parts of the world is more difficult than it is in the United States

To do e-procurement, companies can conduct __________, in which they put their purchasing requests online and invite suppliers to bid for the business.

Reverse auctions

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

Satisfaction is determined by the relationship between the consumer's expectations and the product's perceived performance

In the buyer decision process, after a consumer has recognized a need, he or she will next ___________.

Search for information

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 __________.

Segmentation

The marketing research industry is considering several options for responding to intrusion and privacy issues, which includes all of the following except ___________.

Sharing information widely

Some of the cultural factors that influence buyer behavior include _________.

Subculture and social class

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

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

According to the model of buyer behavior, what are the two parts of the buyer's black box?

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

The U.S. government normally awards contracts to _________.

The lowest bidder

Which of the following statements is not a difference between business markets and consumer markets?

The market is very small and limited

What is the overall purpose of customer insight teams?

To develop customer insights from which the company can create more value for customers

Any contact between a customer and a company is called a ___________.

Touch point

Using a(n) ________ marketing strategy, a firm might decide to ignore market segment differences.

Undifferentiated