ALL HW and EXAMS Chapters 1-4 Intro to business

A firm gathers ________ data by conducting surveys, interviewing customers, or mailing out questionnaires. A) primary B) secondary C) non-referenced D) unbiased

A)Primary

The group of American consumers born after 1994 is often called.... A)the baby dust B)the leading edge C)Generation Y D)tweens E)Generation X

C)Generation Y

Which of the following questions can help us avoid a decision that would injure our self-esteem?

How will it make me feel about myself?

IMF

International Monetary Fund : helps to promote economic cooperation. It maintains an orderly system of world trade and exchange rates.

__ is buying products from another country. A) Importing B) Outsourcing C) Retailing D) Exporting

A) Importing

Pequeno Pesos Restaurants, Inc. is a chain of restaurants featuring authentic, affordable Mexican cuisine around the United States. The company is looking to expand its reach and to improve its menu. Which of the following is an example of secondary data the owners of Mucho Tacos might find useful? A) Information published by the U.S. Bureau of the Census that identifies which regions of the United States are experiencing the most rapid growth in Mexican-American population B) Telephone survey by the marketing department of Pequeno Pesos asking for opinions about the quality of the food at the restaurants C) Focus group of teenagers who like Mexican food who are asked about their reactions to new food dishes the restaurant may offer D) E-mail responses the chain receives to a series of customer satisfaction questions posted on its website

A) Information published by the U.S. Bureau of the Census that identifies which regions of the United States are experiencing the most rapid growth in Mexican-American population

A firm's marketing mix consists of 4 major components, which are generally referred to as the four A) Ps. B) keys to success. C) intangibles of marketing. D) persuaders.

A) Ps.

Which of the following sociocultural forces can have a significant impact on global business operations? A) Religion B) Universal sales standards C) Single-phase marketing D) Global marketing

A) Religion

A sociological challenge that must be overcome in order to be successful in the global market is A) a lack of cultural understanding. B) an overly anxious desire to please at all cost. C) inequality of global natural resources. D) wealth management.

A) a lack of cultural understanding.

Erin, an American citizen, says that her laptop was made in Japan. Erin purchased a(n) A) imported item. B) exported item. C) protected good. D) generic good.

A) imported item.

Marketers define a ________ as any physical good, service, or idea that satisfies a want or need. A) product B) copyright C) prototype D) concept

A) product

A ________ tariff is designed to raise the price of imported products so that domestic goods are more competitively priced. A) protective B) restrictive C) progressive D) revenue

A) protective

The factor that determines whether a product is classified as a consumer product or an industrial product is A) the end use of the product. B) the decision-making process used to purchase the good or service. C) who the buyer represents. D) whether the good is new or used.

A) the end use of the product.

The last step in developing a positioning strategy is to... A)evaluate responses and modify as needed B)identify segmentation variables C)analyze the competitors positions in the marketplace D)describe a product with a competitive advantage E)finalize the marketing mix

A)evaluate responses and modify as needed

Your firm has decided to tailor its products and services to meet local market demands. A good approach to use would be .... segmentation. A)geographic B)psychographic C)usage D)positioning E)social class

A)geographic

A viable target market should... A)have needs that can adequately be served by the marketer B)not be reachable by other organizations C)have the same needs as similar-sized groups D)be the most profitable possible target market E)be the largest possible market

A)have needs that can adequately be served by the marketer

Which of the following is NOT an example of a demographic segmentation variable? A)lifestyle B)income C)ethnic group D)gender E)age

A)lifestyle

Which of the following best explains why marketers do not consider social class segments as strictly as they once did? A)many consumers buy according to the social class image they wish to portray rather than according to where they actually fall in the social class framework B)Due to the Great Recession, members of the upper class have become members of the middle class, and members of the middle class have become members of the lower class C)Data related to social class are more complicated and difficult to obtain and analyze than they once were D)Social class in the United State is more related to education and family history than to wealth

A)many consumers buy according to the social class image they wish to portray rather than according to where they actually fall in the social class framework

When the size and purchasing power of a target segment can be determined, the segment is.... A)measurable B)accessible C)substantial D)differentiable E)profitable

A)measurable

Age, gender, place of residence, and income are all examples of ...... A)segmentation variables B)positioning strategies C)psychographics D)market fragment strategies E)targeting strategies

A)segmentation variables

Luna, a marketing manager for a retailer of lighting products, will likely be involved in which of the following? A) setting a price for the light fixtures her firm produces B) deciding the best way to hire new employees to produce the lights C) developing ideas for new ways to produce the lights D) determining the best way to finance the purchase of new production equipment

A)setting a price for the light fixtures her firm produces

Loyalty programs such as Marriott Rewards and American Airlines Advantage are examples of segmentation by.... A)usage rate B)occassion C)geodemography D)psychographics E)geotargeting

A)usage rate

________ is the selling of products to another country. A) In-trading B) Exporting C) Importing D) Dumping

B) Exporting

Which generation was referred to as "busters" and was thought of as slackers who are cynical about marketing? A)Generation Y B) Generation X C)Baby Boomers D)Millennials E)Generation Z

B) Generation X

Which of the following represents a technique used to obtain primary data? A) gaining access to an unpublished government report from the Federal Trade Commission (FTC) B) conducting personal interviews with potential customers C) establishing a database to store and cross-index articles from leading academics and researchers D) reviewing the best-selling trade books and textbooks that present marketing principles

B) conducting personal interviews with potential customers

Laura is typical of many U.S. businesspeople. She feels the U.S. culture defines the model for the rest of the world, and that the "American way" of doing things is the best. Laura is guilty of A) ethnic plagiarism. B) ethnocentricity. C) culture shock. D) counter culture.

B) ethnocentricity.

Firms that have adopted ________ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time. A) nonprofit marketing B) customer relationship management C) management by objectives D) the marketing mix

B)Customer Relationship Management

In the past, companies have designed intricate products that markets did not perceive any need for. They have aired promotional campaigns that have offended audiences. They have priced products out of reach of the target market. Marketing experts defend the importance of __, the process of gathering all sorts of information about customers and products in order to make informed decisions about the product, price, place, and promotion. A) target marketing B) marketing research C) market segmentation D) global trekking

B)Marketing Research

________ consists of all the techniques sellers use to persuade consumers to buy their goods and services. A) Advertising B) Promotion C) Pre-selling D) Closing

B)Promotion

________ consists of information that has already been researched by others and is published in journals or books, or has been made available online. A) Primary data B) Secondary data C) Pre-coded information D) Technical data

B)Secondary Data

...... segmentation variables classify consumers on the basis of how they act toward, feel about, or use a product. A)demographic B)behavioral C)geodemographic D)socioeconomic E)psychographic

B)behavioral

Once a ..... is defined, the next step in positioning is for marketers to finalize the marketing mix. A)segmentation variable B)competitive advantage C)indirect competitor D)direct competitor E)concentrated target

B)competitive advantage

Which of the following is considered a step in the marketing research process? A) designing a product to meet the need based on research B) defining the question and determining the present situation C) planning for product modifications and test advertising D) setting the price for a product

B)defining the question and determining the present situation

Before selecting a targeting strategy, marketers should.... A)select media for an advertising campaign B)develop segment profiles C)compare target marketers D)implement a positioning strategy

B)develop segment profiles

A ________ group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues. A) concept B) focus C) peer D) consumer interest

B)focus

.... means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition. A)concentrated targeting B)positioning C)befit segmentation D)mass customization E)customization

B)positioning

What are the steps, in order, of the target marketing process? A)segmentation, positioning, and targeting B)segmentation, targeting, and positioning C)targeting, segmentation, and positioning D)targeting, positioning, and segmentation

B)segmentation, targeting, and positioning

Which of the listed choices is NOT a positioning task? A)identifying a set of possible competitive advantages B)surveying frequent uses of the product C)analyzing competitors' positions D)finalizing the marketing mix E)evaluating responses to the marketing mix

B)surveying frequent uses of the product

A widely used technique commonly used for collecting primary data is A) collecting relevant articles in trade journals. B) benchmarking. C) conducting a survey. D) reviewing government reports.

C)Conducting a Survey

The group of American consumers born between 1965 and 1978 are called... A)Baby Boomers B)Echo Boomers C)Generation X D)Generation Y E)Generation Z

C)Generation X

The two basic types of tariffs are A) goods and services. B) general and limited. C) comparative and absolute. D) revenue and protective.

C) comparative and absolute

The two major types of markets are the A) primary market and the secondary market. B) B2B market and the C2C market. C) consumer market and the B2B market. D) target market and the niche market.

C) consumer market and the B2B market.

The motivation behind trade protectionism is A) to limit accelerated growth of GDP that would cause inflation to escalate. B) to facilitate the belief that it will keep one's nation disease free. C) to increase the positive economic consequences of one's trade position. D) solely for the protection of nuclear attack.

C) to increase the positive economic consequences of one's trade position.

The first step in developing a positioning strategy is to.... A)set the marketing communications budget B)identify segmentation variables C)analyze the competitors' positions in the marketplace D)describe a product with a competitive advantage E)create target markets

C)analyze the competitors' positions in the marketplace

Baby Boomers..... A)were born between 1965 and 1978 B)are currently in their 30s and 40s C)are important to marketers because of the size and wealth of the segment D)are 75 or older E)are the parents of Generation X and Generation Y

C)are important to marketers because of the size and wealth of the segment

African Americans, Hispanic Americans, and Asian Americans are all examples of ..... segments. A)life cycle B)psychographic C)ethnic group D)social class E)geocoding

C)ethnic group

Because family needs and expenditures change over time, marketers may segment consumers by.... A)age B)generation C)family life cycle stage D)social class E)psychographics

C)family life cycle stage

Using the strategy of... marketers give badges to reward consumers who have progressed through an application or activity. A)micro targeting B)concentrating targeting C)gamification D)perceptual mapping E)brand anthropomorphism

C)gamification

Saturn is "a different kind of company, different kind of a car", the Hummer is "like nothing else." These statements indicate a firm's..... A)product portfolio B)target markets C)positioning D)brand anthropomorphism E)segmentation

C)positioning

The elements of the marketing mix must match the... A)competitive advantage B)perceptual map C)selected segment D)indirect competition E)direct competition

C)selected segment

Zappos, the online shoe and clothing marketer promises free shipping and free returns on any of its products, no questions asked. This is an example of how Zappos has a strong competitive advantage through.... A)image B)people C)services D)product features E)cost

C)services

Which of the following is the process of evaluating and selecting the most viable market segment to enter? A)segmentation B)differentiation C)targeting D)market mixing E)positioning

C)targeting

During tax season, you're likely to see more TurboTax ads on Google pages, even if you aren't searching for tax software. This is an example of ..... segmentation. A)geodemographic B)psychographic C)usage occasion D)demographic E)geotargeting

C)usage occasion

Henderson HVAC Pros is a heating and cooling company in Kansas City, Kansas. Henderson allows its employees paid time off to volunteer for nonprofit organizations. Which of the following statements best explains this company's action?

Companies find it less costly to permit employees to volunteer for food pantries and other nonprofit organizations in their area of operation, rather than make large philanthropic contributions.

Why does it make sense to trade with other nations? A) After producing all the product and service its people want and need, a nation can sell the excess products to the world. B) Some nations have lots of natural resources and technological know-how. They have an ethical obligation to offer the rest to other nations. C) Other nations need foreign currency. D) A nation will produce what it can produce most efficiently and effectively and buy from other nations what they can produce most efficiently and effectively.

D) A nation will produce what it can produce most efficiently and effectively and buy from other nations what they can produce most efficiently and effectively.

Which of the following is the best example of cognitive dissonance? A) Phillip has been shopping for a new flat screen, but has not yet made a purchase because he is having trouble deciding which brand to buy. B) Lorelai decided to eat at a restaurant she previously avoided after learning several celebrities endorse the restaurant. C) Braylon is torn between going to the movies with friends or staying home and studying for an exam tomorrow. D) Drake just bought an expensive tablet and is already worried that he could have found a better deal if he had shopped more carefully.

D) Drake just bought an expensive tablet and is already worried that he could have found a better deal if he had shopped more carefully.

One advantage of free trade is A) jobs are shifted to low-wage global markets. B) service jobs are moved overseas. C) advanced production operations are built in low-wage countries. D) innovation for new products occurs which keeps firms competitively challenged.

D) innovation for new products occurs which keeps firms competitively challenged.

The benefits of protective tariffs are A) they increase the revenues of the government that has implemented them. B) they decrease the cost of the product to the consumer (end user). C) they help develop friendlier trade relations with loyal trading partners. Both parties are protected. D) they protect domestic jobs by encouraging cost-sensitive consumers to purchase domestic products.

D) they protect domestic jobs by encouraging cost-sensitive consumers to purchase domestic products.

Exploring ________ data first helps marketers minimize marketing research costs. A) focus group B) personal interview C) primary D) secondary

D)Secondary

Which of the following best describes the market segment referred to as the bottom of the pyramid? A)a national segment of lower income consumers B)a national segment of non-native language speakers C)a national segment of individuals with a high-school only education D)a global segment of consumers who earn less than $2 per day E)a global segment of children in lower income families

D)a global segment of consumers who earn less than $2 per day

Using a .... targeting strategy, a company develops one or more products for each of several customer groups with different product needs. A)fragmented B)homogeneous C)custom D)differentiated E)mass customization

D)differentiated

A product's position is based on important attributes as perceived by.... A)suppliers B)competitors C)channel members D)target consumers E)resellers

D)target consumers

The group of American consumers born after 1994 is often called.... A)Millennials B)Genration Y C)Generation X D)busters E)Generation Z

E)Generation Z

Many people only entertain in their homes during November and December when their homes are decorated for the holidays. The increase in ads for prepared trays of food to be served at these functions is directly related to ...... segmentation. A)socioeconomic B)geodemographic C)geographic D)demographic E)usage occasion

E)usage occasion

A U.S. senator has just told you that for a generous contribution to her reelection fund, she would ignore your company's apparent violation of several antipollution laws. Which of the following "ethics check questions" would you consider first?

Is it legal?

Which of the following is a reason why a business should be managed ethically?

It's the right thing to do.

Which of the following is an unresolved ethical issue that surrounds global trade?

Labor standards

Given the ethical lapses that are prevalent today in our businesses, which of the following can be done to restore trust in the free-market system and leaders in general?

New laws making accounting records transparent may help restore trust.

Enrico is a CPA for a large company. Recently, he noticed that the company's accounting records significantly overstated the amount of inventory on hand. This led to an overstatement of the assets the company holds. Initially, he brought it to the attention of his supervisor, but when nothing was done to correct the mistake in a timely manner, he decided the best course of action was to report it to the appropriate government official. Although his actions took him outside the company, Enrico was counting on current law, under the ____________, to protect him against company retaliation

Sarbanes-Oxley Act

Which of the following would be a unique focus of an integrity-based ethics code?

Shared accountability among employees

World Bank

The International Bank for Reconstruction and Development

Many businesses have developed internal procedures to enforce their ethical policies. Which of the following is an example of an outside group urging ethical behavior in businesses?

Union officials

WTO

World Trade Organization :

When Blake Mycoskie started TOMS, he took the concept of _________ to a new level. With its well-known "one for one" shoe giving program, TOMS social causes are directly related to the firm's expertise of selling shoes.

corporate social initiative

Several outside groups monitor the Metro Chemical Corporation to see how well the firm enforces their ethical and social responsibility policies. Who of the following would not be likely to be among the "watchdog" groups?

an anti-government radical with intentions of overthrowing the establishment

With respect to business ethics, it can be said that "it takes two to tango". This indicates that:

an individual's behavior is influenced by the behavior of others.

In an effort to help employees resist the pressure to make an unethical decision, the Johnston Petroleum Company has communicated their code of ethics statement to outsiders. Suppliers, subcontractors, distributors, and customers have been told of the firm's core values. This approach is consistent with:

an integrity based ethics code

The faculty and administration staff at your local community college are trained to ask about your career preferences, instead of suggesting courses that may not benefit your future goals. Even though it would be tempting to advise students to take extra courses just to increase the college's enrollment, employees know that it is more important to serve each student well, even if it means suggesting courses and/or degrees offered at other institutions. This approach is consistent with

an integrity-based ethics code.

An important point to be made in the discussion of corporate ethics is:

appearance of wrong doing can be harmful

Ethical behavior covers a ________ range of conduct than does legal behavior.

broader

Creating competition between employees within the corporation

can encourage employees to deceive customers.

An ethical dilemma describes a situation where you must:

choose between equally unsatisfactory alternatives.

A(n) ________-based ethics code emphasizes the prevention of unlawful behavior by penalizing wrongdoers.

compliance

Colin is a recent hire at Bender's Book Stop. On his first day in his new job, his store manager handed him a small booklet consisting of company rules. He was asked to read it and sign and submit the last page, before starting his work. Among other things, the rules explicitly discussed punishments for grievous behavior and firing if the firm could prove that the employee was stealing product from the store. This booklet represented the ___________ of the store.

compliance-based ethics

Corporate social responsibility describes the firm's

concern for the welfare of society.

After developing a code of ethics, it should be communicated to

everyone with whom the business has dealings.

The Irish Plastering Corporation recently instituted a corporate ethics code. The president of the company, Seamus McHale, realized that ethical relationships are based on

fairness and honesty.

The green movement

has created jobs.

Purposefully understating your firm's income to avoid paying higher taxes is an example of

illegal behavior.

When it comes to social responsibility, some people feel that before you can do good, you must do well. This reflects a firm's responsibility to their:

investors

Which of the following reflects the desire of a manager to achieve a "win-win" relationship in dealing with others?

is it balanced?

Many Americans define ethical behavior according to the situation in which they find themselves. This way of thinking suggests that there may be situations where ________ to cheat, steal, or lie.

it might be okay

When a firm undertakes corporate social initiatives it is

making donations that are directly related to a company's competency.

When the actions of management appear indifferent or insensitive to ethical concerns, the likely results would include:

mistrust between workers and management

Business relationships often present ethical dilemmas that are

not easily resolved.

Ethical problems and issues of social responsibility are

not unique to the United States.

As a recent college graduate, Jonah started working for an export trading company. His job has already taken him around the globe, including Asia on several occasions. He was amazed to see the difference in working conditions in the developing nations he visited, as opposed to similar operations in the United States. The expectations of workers were not the same. Jonah's experience is an example of

social responsibility differences between similar firms, but in different countries.

A firm's carbon footprint is

the amount of carbon it releases in its effort to do business.

Social Responsibility

the duty of a business to contribute to the well-being of a community.

Determining what is involved for a firm to be socially responsible

varies even among those who are interested in corporate responsibility.