MKT 301 Test 2

a business partnership between a domestic firm and a foreign firm is known as a joint venture an international partnership a multinational enterprise licensing exporting

a joint venture

Jennifer is interested in joining kappa lambda iota sorority. she begins to shop at sarahs, a local store where the kappas buy their clothes. she also asks her family for a new car because all the sorority members have new cars. in these instances, Jennifer is influenced by personality a reference group a consideration set a knowledge base a role conflict

a reference group

an alliance between Honda and ford would most likely be classified as a strategic alliance a joint venture direct ownership contract manufacturing illegal

a strategic alliance

churches, charitable organizations, and private colleges are considered _______ buyers. corporate government institutional producer nonprofit

institutional

the promark company manufactures and sells only one type of ballpoint pen at just one price. all its advertising is the same and is directed at the mass market. what type of targeting strategy is the promark company using? undifferentiated differentiated segmented concentrated heterogeneous

undifferentiated

nick Arnolds auto towing service would best be described as a(n) _______ product. convenience unsought specialty durable shopping

unsought

a distributor of plumbing supplies purchases a desktop computer to aid in inventory control. this computer is an example of which type of business product? raw material installations accessory equipment component part process material

accessory equipment

in contrast to routinized response behavior, extended problem solving requires careful deliberation before making a choice more information about products more time considerable thought all of the above

all of the above

miller brewing does not consider teenagers to be apart of the beer market because they lack the ______ the buy beer. money desire interest authority willingness

authority

the part of a brand that can be spoken, including letters, numbers, and words, is the brand brand mark brand name trade name trademark

brand name

a(n) ________ market consists of individuals or groups that purchase products for resale, use in production, or use in daily operations. producer government institutional business reseller

business

variables such as geographic location, type of organization, customer size, and type of product usage are used to segment _____ markets. consumer business government international most target

business

when hunter ceiling fans buys electrical wire for use in producing its ceiling fans, hunter is part of what type of market for electrical wire? resale wholesale customer consumer business

business

which of the following is always used to determine the classification of a good? buyers intent for using the product amount of shopping required by the buyer to obtain the product price of the product specific product features industry competitors

buyers intent for using the product

_________ occurs when two or more brands are placed on a single product brand extension brand licensing line family branding co-branding cohort branding

co-branding

a targeting strategy in which an organization targets a single marketing segment using one marketing mix is called a(n) _______ targeting strategy. selective focused differentiated concentrated undifferentiated

concentrated

which of the following products would probably require extended problem solving for a purchase? products purchased frequently products to be purchased in the future products that are purchased routinely considerable thought all of the above

considerable thought

markets fall into one of two categories. these categories are consumer and business consumer and customer organizational and business homogeneous and heterogeneous segments and mass markets

consumer and business

mcdonalds uses segmentation strategy for its fast-food meals based on market characteristics such as age, gender, or income. which of the following segmentation variables is mcdonalds using? demographic geographic psychographic product-related education

demographic

which method of business buying is most likely to be used when the products being purchased are standardized based on certain characteristics homogeneous selection inspection description sampling negotiation

description

differences in standards of living, credit, buying power, and income distribution are all examples of ________ forces that must be considered in international marketing efforts. economic regulatory sociocultural technological legal

economic

the value, measured in either marketing or financial terms, associated with a brand's strength in a market is referred to as brand loyalty value share equity association

equity

which type of business market tends to have the most complex buying procedures? reseller institutional retailer government producer

government

when a business routinely purchases the same product with similar terms of sale the purchase is called a new-task repetitive purchase straight rebuy modified rebuy standard order

straight rebuy

government restrictions on the amount of particular country's currency that can be bought or sold are known as embargoes quotas exchange controls import controls balance of trade controls

exchange controls

a publication such as consumer reports may be initially used during a(n) product recognition evaluation of alternatives internal information search external information search purchase decision

external information search

which of the following is often used to raise revenue for a country and/or to protect domestic products? quota warning label embargo import tariff exchange control

import tariff

marketers often provides consumers with experience with their products, including free samples and trial offers to facilitate consumer patronage motives attitude perception distortion learning

learning

in contrast to extended problem solving, routinized response behavior requires careful deliberation before making a choice less information about products more time considerable thought more money

less information about products

a major determining factor in deciding which type of problem-solving process should be used depends on the individuals degree of interest in a product and the importance of the product for that person. this is known as an individuals motivational structure routinized response behavior level of involvement cognitive dissonance evaluative criteria

level of involvement

the psychographic variable that includes numerous characteristics related to people's activities, interest, and opinion is motive social class personality stage in family life cycle lifestyle

lifestyle

multiple packaging is likely to decrease serving size the same as family packaging likely to increase demand the most effective type of packaging for decreasing demand the most expensive type of packaging

likely to increase demand

walmart is currently expanding its stores into Canada and mexico. this expansion is being facilitated by the European union north American free trade agreement common market of the southern cone international retail alliance association latin American free trade association

north American free trade agreement

if Germany, in an attempt to bolster the sales of its own auto manufacturers, decided to limit the number of automobiles that could be brought in from other countries, Germany would be using a(n) embargo boycott exchange control import tariff quota

quota

abbotts office supplies buys furniture and filing cabinets from craine furniture. craine buys paper, pens, and folders from abbotts. the two firms are engaged in cross-selling tying agreements producer marketing reciprocity competitive bidding

reciprocity

the processs of dividing a total market into market groups because people within each group have relatively similar product needs is called segmentation diversification target marketing concentration customization

segmentation

Volkswagen motors purchases upholstery for the interiors of its vehicles from various suppliers. this upholstery must have a set of characteristics that is expressed by Volkswagen. this set is called descriptions product features criterion purchase requests specifications

specifications

within the information search step of the consumer buying decision process, what two primary aspects exist? consideration sets and evoked sets personal information and nonpersonal information selective retention and selective distortion internal search and external search company-produced information and internal information

internal search and external search

the four major stages of a product life cycle include prosperity, recession, depression, and recovery specialty, convenience, shopping, and unsought goods decline, stabilization, exposure, and growth introduction, growth, maturity, and decline awareness, interest, trial, and adoption

introduction, growth, maturity, and decline

the common market of the southern cone (MERCOSUR) includes countries from Africa asia central America south America the pacific islands

the pacific islands

Consumers who do not own dogs are not likely to be in the market for dog food because the lack the authority to purchase the dog food they do not posses the buying power for purchasing dog food their ability to purchase the dog food is questionable they do not have the need or desire for dog food they are willing to use their buying power

they do not have the need or desire for dog foo

which of the following best illustrates how a firm can use a symbol to make and intangible product more tangible? mcdonalds arches Mercedes benz emblem nike swoosh travelers insurance umbrella arrows on Wrigley gum packages

travelers insurance umbrella

labeling is important for three specific reasons, including promotional, and legal reasons. what is the third reason? marketing branding strategy informational packaging

informational

brand ________ is a customer's favorable attitude toward a specific brand and, depending on its strength, represents the likelihood of consistent purchase of this brand loyalty equity awareness personality quality

loyalty

during the introduction stage of a successful product, profits are usuall at their hights point negative and decreasing negative and increasing positive and increasing declining

negative and increasing

when Julia goes to the first class of her operations management course, she finds out that in addition to the textbook she already purchased, she also needs a copy of the book the goal. at which stage of the consumer buying decision process is Julia? purchase evaluation of alternatives problem recognition information search prepurchase evaluation

problem recognition

convenience products are relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort frequently purchased items for which buyers are willing to exert considerable effort frequently purchased items that are found in certain retail outlets items that are expensive but are easy to purchase items that require some purchase planning and for which the buyer often will not accept substitutes

relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort

a friend of yours starts his own business. he would like to expand his client base to include the government, but he believes his small business would be ignored. based on your knowledge from the text, you tell him that he's absolutely right, the government doesn't deal with small businesses although the government will deal with small businesses, he will never make a profit off a government contract that any government, federal, state, or local, would laugh at his size business the government rarely considers new suppliers when making purchasing decisions the government buys products from all sizes of businesses, but there is some red tape

the government buys products from all sizes of businesses, but there is some red tape

which of the following is not a characteristic of a consumer market? it consists of purchasers who intend to consume or benefit from the purchased products they do not buy products for the main purpose of making a profit they are sometimes referred to as B2C markets their purchasing decisions are always made by one individual each of us belongs to numerous markets of this type

they are sometimes referred to as B2C markets

reseller markets consist mainly of consumers retailers wholesalers and retailers manufacturers industrial users

wholesalers and retailers