Agec 327

What are the four types of buying decision behavior?

1) Needing Recognition 2)Information Search 3)Evaluate Alternatives 4)Purchase decision/post purchase decision

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________.

A question mark is a product in a high growth market with a low market share.

Reseller Markets

Are when products are bought to be resold for profit.

What is an example of competitive marketing intelligence?

Calling surrounding companies, pamphlets, and using the chamber of commerce.

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

Capturing value from customers to create profit and customer equity

The population is divided into mutually exclusive groups and the researcher draws a sample

Cluster

Which of the following refers to a probability sample in which the population is divided into mutually exclusive groups (such as blocks), and the researcher draws a sample of the groups to interview?

Cluster sample

Core Beliefs

Comes from older generations that influence your thoughts Example: Marriage

When products or services are sold for personal use.

Consumer Markets

Primary Data

Data collected directly from a source.

Secondary Data

Data that has already been found and is cheap.

Having inconsistent thoughts, beliefs, or attitudes, which might clash with experience. Can create discomfort, especially in a post-purchase conflict.

Dissonance

Buying behavior with high involvement by buyers in comparison of alternatives with a low degree of perceived difference. For example purchase of a major appliance

Dissonance-Reducing Buying Behavior

A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. This is an example of ________.

Ethnographic research in marketing involves having observers go directly to consumers to watch and interact with them in their normal environment.

Which of the following is not a step in the strategic planning process?

Evaluating members of the company's value chain

If one uses mostly open-ended questions in a survey to encourage people to answer, what kind of research is being preformed?

Exploratory Research

When trying to attract families into shops what characteristics about families as consumers keep in mind?

Families look for lower prices, name brands, and family friendly environments.

3 subculture groups

Hispanic Americans- family oriented and brand loyal African American- Purchase typical american goods and switch brands Asian Americans- Purchase items from their native culture.

Which of the following is an example of an open-ended question?

How can you stop climate change?

What is Brand Personality and two examples?

Is the different traits a company has. Ford Built tough Nike "just do it"

How is ethnographic research conducted online and what is it called?

It is called netnography and its when you observe customers online.

Explain a Judgment Sample

It is when a researcher uses his judgement to find good prospects for the sample

Secondary Beliefs

Less rigid rules learned later on in life from friends/peers Example: believe that people should get married young

The latest trend in the United States involves rediscovering the benefits of home-cooked food and the use of organic ingredients. People are choosing to spend hours in the kitchen using only the freshest ingredients to cook healthy and nutritious meals. This change in ________ is one of the reasons for the increasing demand for organic ingredients.

Lifestyle

Maria Ramirez is conducting research to determine consumers' personal grooming habits. Because of the personal nature of many of the survey questions, Maria wants to select the contact method that is most likely to encourage respondents to answer honestly and that will allow her to easily collect large amounts of data. Which of the following is best suited to meet Maria's requirements?

Mail questionnaires

The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________.

Market development because it involves identifying and developing new market segments for current products, for example by researching demographics that are not currently targeted.

A process by which the market is divided into segments of customers who share common characteristics that predict needs, wants, demands or buying behavior.

Market segmentation

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.

Mission statement

Long term plan

Plan that takes a long time to complete

Difference between positioning and segmenting:

Positioning is about how the features of the product differ from the products of competitors. Segmenting is about how the features of the customers shape their needs, wants, demands and buying behavior.

How a customer acts after a product is purchased.

Post-Purchase behavior

Define the 4 P's

Product-What is being made to be sold Price-How much the good is being sold for Promotion-How the product is being advertised Place-Where the product is being sold/sdvertised

Shoez Inc., a manufacturer of shoes, has recently launched a brand of sturdy shoes ideal for hiking and other outdoor activities. Which of the following brand personalities could be best associated with the new brand?

Ruggedness

Explain why selective attention is not controllable by a marketer.

Selective attention is when consumers filter the information they see and throw out what information they want to. A marketer can't control what that consumer does with the information given.

According to Maslow's hierarchy of needs, which of the following is the LEAST pressing need?

Self-actualization needs

Annual Plan

Short term plan that is carried out

Every member of the population has a known and equal chance of selection

Simple random sample

Which of the following statements is true of cultural factors that influence consumer behavior?

Social classes are important cultural groupings that have members with similar values, interests and behaviors. This leads to distinct preferences for different products and brands.

________ are a type of Strategic Business Units that often require heavy investments to finance their rapid growth.

Stars

The population is divided into mutually exclusive groups and random samples are drawn from each group

Stratified random sample

The specific segment that a market offering is meant to be attractive to

Target Market

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.

Target marketing

The objective of causal research is to ___________.

Test hypothesis about cause-and-effect relationships

What insights might a firm gain by considering the four c's.

The 4 C's can help with gaining other information that can help with the 4 p's (communication, control, convenience, consumer value)

Which of the following is not one of the "Four P's" that make up the set of tools a firm uses to implement its marketing strategy

The Four Ps are: Product, price, promotion and place. They make up the marketing mix.

What types of strategy should a company use to manage cash cows?

The company should use the cash earned and put it into the stars to make them cash cows.

Each department in a company can be thought of as a link in the company's internal value chain.

True

What is the two fold aim of marketing?

Two fold aim is focusing on new customers and keeping current customers to sell the more of your product.

Which of the following is characteristic of online social networks?

User-controlled content

Business Markets

When products are sold to other businesses.

People change the goods and services they buy over time because of the two changing factors of _______.

age and life-cycle stage

________ consumers are the most affluent U.S. demographic segment and are expected to have an annual buying power approaching $1 billion by 2017.

asian americans

A consumer organization in Ohio has challenged the marketing decision of a local firm alleging it to be against the larger social interest. In this instance, the firm is challenged by a _________ public.

citizen-action

When consumers are highly involved with the purchase of an expensive product and they perceive significant differences among brands, they most likely will undertake ________.

complex buying behavior

The buyer decision process consists of five stages. Which of the following is NOT one of these stages?

conspicuous consumption

________ is the most educated generation to date.

gen X

Ruhan loves to try the new food products as soon as they are available in the market. Among his friends, he is always the first to visit a new restaurant in the city. He loves trying out new recipes before others. Ruhan most likely belongs to the _______ innovator adopter group.

innovator

Juan is conducting a research to determine consumers' personal grooming habits. Because of the personal nature of many of the survey questions, Juan wants to select the contact method that is most likely to encourage respondents to answer honestly and that will allow her to easily collect large amounts of data. Which of the following is best suited to meet Juan's requirements.

mail questionnaires

Marketing research plan

manage the problem, research objectives, find what information is needed, how the results will help management decision, and budget

A ___________ is some combination of products, services, information or experiences provided to customers to satisfy a need or want

market offering

The market researchers at HoneyCamp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents a(n) ________.

marketing information system (MIS)

Buffalo Inc., a firm that helps companies target and promote their products to the right markets. Buffalo Inc. is most likely a _________.

marketing services agency

Wholesome Soups, a maker organic soups, is starting a new marketing campaign emphasizing the ease of preparing and eating Wholesome soup. Print, Television, and Internet ads feature college students enjoying Wholesome Soups in between classes and during study breaks. Wholesome Soups' new marketing campaign is most likely aimed at which of the following?

millennials

Jeremey Trent owns a small cleaning company in Montana and has a very restrictive budget for the market research he currently needs to conduct. He requires a large sample size for his research in order to arrive at insightful conclusions. Additionally, he wants to have excellent control over his sample. Keeping in mind his restrictive budget and other specifications, which of the following methods of contact would you advise Jeremy to use?

online surveys

The ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

political

_______ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.

social Classes

The BCG growth-share matrix classifies four types of SBU's. They are:

stars; cash cows; questions marks; dogs

______ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.

strategic marketing planning

A country with a(n) _________ economy consumes most of its own agriculture and industrial outputs and offers few market opportunities.

subsistence

Your new employer has asked you, as a new marketing graduate, to develop a group of potential customers who might respond in a similar way to a given set of marketing efforts. You have been asked to develop a(n) _______.

target market

Many company and brand Web sites also serve as online brand communities, where customers can congregate and exchange brand-related interests and information.

true

Johanna tends to purchase various brands of cereals for breakfast. She has never been loyal to a specific brand: instead she does a lot of brand switching. Johanna exhibits _______.

variety-seeking buying behavior