BAMK360

Marney bought a dress from a retail store. Which type of transaction was Marney participating in?

B2C

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered ________ marketing.

B2C

________ is distinguished from the other generational cohorts in that the group's oldest members are now collecting Social Security.

Baby boomers

By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay and Etsy cater to ________ marketing.

C2C

Successful first movers create a market or a product category. They often benefit from being readily recognizable to consumers and

establishing an early market share lead

Academic researchers often jump at the opportunity to conduct a research study, curious to learn more and address unanswered questions for the sake of general knowledge. Businesspeople tend to be more cautious before embarking on a marketing research study, recognizing that research is often

expensive and time-consuming

When entering a foreign market, the least risky strategy is

exporting

The diffusion of innovation theory is useful to marketers in helping them

predict which types of customers will buy their product immediately or later

When Brandon decided he needed a new car, he immediately called his old college roommate, who owns a BMW dealership, to ask questions about options and financing. Brandon was searching for information from

external source

When consumers associate a brand with a certain level of quality and familiar attributes, allowing consumers to make quick decisions, the brand

facilities purchasing

When mountain climbers purchase clothing for scaling Mount Everest, their purchases are primarily addressing ________ needs.

functional

A key to successful marketing is determining how to meet the correct balance of ________ needs that best appeals to the firm's target markets.

functional and psychological

Suppose that Walgreens (a major drug store chain) wants to introduce its own brand of cough medicine that is similar in contents and packaging to a national brand, but at a lower cost. What kind of brand would Walgreens be introducing?

private label

Changes in tariffs and quotas are

government actions that reduce competition from international firms.

Along the service-product continuum, which of the following would be considered the most product dominant?

grocery store

After need recognition, a business develops ________ that suppliers might use to develop their proposals.

product specifications

When considering global marketing opportunities in Bangladesh, Tom asked the question, "How will we get it there?" Tom is concerned about ________ capabilities in Bangladesh.

infrastructure

At many universities, education faculty members were among the first to ask for course management systems that would allow them to keep track of their students' grades and progress more efficiently. These faculty members were ________ in the buying center.

initiators

Whenever Andrew considers upgrading his personal computer system, he consults with Jeremy, a knowledgeable friend who always has the newest technology. For Andrew, Jeremy is a(n) ________ in the diffusion of innovation curve.

innovator

Predatory pricing

is illegal in the US under the Sherman Antitrust Act and FTCA

After need recognition and product specification, many firms using the B2B buying process

issue a request for proposals from invited suppliers

A ________ gap reflects the difference between customers' expectations and the firm's perception of those customer expectations.

knowledge

Bob and George live in the United States. Bob recently asked for George's cell phone number, but George said he didn't own a cell phone. George would probably be considered a(n) ________ in the diffusion of innovation process.

laggard

Whether they like them or not, most U.S. automobile customers are familiar with and have an opinion about American-made cars. This familiarity makes it easier for consumers to

make purchase decisions

Firms spend millions of dollars annually to build brand equity, recognizing that brand equity contributes to

profitibility

Upscale men's and women's clothing stores like Nordstrom, Neiman Marcus, or Saks Fifth Avenue are more likely to appeal to consumers' ________ needs.

psychological

Generational cohorts are groups of people of the same generation who have similar ________ because they have shared experiences and are in the same stage of life.

purchase behaviors

A ________ limits the quantity of imported merchandise, thus minimizing competition faced by domestic products.

quota

All of the following are benefits of new product development to a firm except

reducing costs of production

Medical services and assisted living care are examples of

services an aging population will increase the demand for

André was afraid his new condominium would look shabby to his future in-laws, so he had it painted just before their visit. André was addressing his ________ risk.

social

Typically, B2B buyers ask potential suppliers to

submit formal proposals

A consumer's external social environment includes

the customer's family, reference groups, and culture.

GDP is defined as

the market value of goods and services produced in a country in a year.

represents all brands, regardless of awareness

universal set

Generation Y

varies in age, biggest cohort

Introducing newly developed products or services to a market segment the company is not currently serving is called

Diversification

The difference between a firm's immediate marketing environment and its macroenvironment is that the macroenvironment

Is external

A ________ growth strategy employs the existing marketing offering to reach new market segments.

Market development

Adrienne decides to add new sales representatives and increase advertising to increase sales in her existing market for her current line of security systems. Adrienne is pursuing a ________ growth strategy.

Market penetration

Marketers who design and offer new products and services to their existing customers are pursuing a ________ growth strategy.

Market penetration

internal search

memories and knowledge

Because it was able to deliver merchandise overnight, in the required quantities and at a lower delivered cost than its competitors, Joe's Sports Shack was given exclusive rights to sell clothing with school logos for the school district. Joe's demonstrates ________ excellence.

Operational

The buying decision is likely to be most complex and take longest to complete in a(n) ________ B2B buying situation.

new buy

In the diffusion of innovation process, innovators enjoy taking risks and are regarded as highly knowledgeable. Marketers want to identify innovators because

other consumers defer to their judgment, creating the opportunity for word-of-mouth referrals.

Which of the following is least likely to provide a sustainable competitive advantage?

Patented technology

In the consumer decision process, we decide how much time and effort to expend searching for information based partly on ________ associated with the product or service being considered.

percieved risk

Which element of the marketing mix deals with supply chain management?

Place

________ represents all the activities necessary to get the product to the right customer when that customer wants it.

Place

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?

Planning

After conducting STP analysis for her custom auto parts store and developing strategies for each of the four Ps, Monique now has to make ________ decisions.

Resource allocation

Cultural nuances, subcultures, and consumers' different views of their roles in different countries can make ________ complicated.

STP

During the ________ era, firms had excess production capacity and used personal selling and advertising to generate customers.

Sales-oriented

Which of the following specifically prohibits monopolies?

Sherman Antitrust Act

During the ________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

Value-based marketing

The idea that a good product will sell itself is associated with the ________ era of marketing.

Value-based marketing

Though Asian Americans comprise only about 5.6 percent of the U.S. population, they represent

a large proportaion of the minorities in the Midwest

Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about wine, she will likely use the price of the wines as

an indicator of quality

Marketers in the United States are paying increasing attention to ethnic groups because

approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.

In most cases, countries use tariffs to reduce foreign competition, but tariffs are also used

as a response to percieved unfair trade practices

Paula is about to open a new hardware store. She is making decisions regarding lighting, colors, and layout of merchandise. Paula knows these ________ factors will influence consumers' purchase decisions.

atmospheric

One person makes decision

autocratic

may have multiple participants, but one person makes decision

autocratic

Raycom Construction needs heavy-duty equipment to install a new pipeline in northern Alaska. After a vendor is chosen, Reginald will handle the paperwork and send out the purchase order. Reginald plays the role of ________ in the buying center.

buyer

In most large organizations, several people are responsible for making a purchase decision. This group is called the

buying center

5 c's of pricing

competition, costs, company objectives, customers, channel members

the decision process will involve reaching agreement among all members of the buying center.

consensus

The four Ps make up the marketing mix, which is the ________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

controllable

Marketing research includes all of the following except

creating data

In a modified rebuy situation, ________ are likely to have an advantage in getting the order.

current vendors

a "no haggle: pricing policy is a type of _______ pricing strategy

customer-oriented

A generational cohort is a group of people

who are of the same generation

Political consultants have been using marketing research for decades to help their candidates understand

who makes up the voting public and how to reach them

Price advertisements should never

decieve customers to the point of no harm

Sales of electric components manufactured by Rick's company depend on sales of new cars, in other words, ________ demand.

derived

Marketers often use principles and theories from sociology and psychology to better understand consumers' actions and to

develop basic strategies for dealign with their behavior

greatest risk in entering a new market

direct investments

Core aspect of marketing

Marketing mix: 4 P's

Which ethnic group in the United States tends to earn more, have more schooling, and be more likely to be professionally employed or own a business?

Asian American

involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

Marketing positioning

Consumers consider universal, retrieval, and evoked sets during which stage of the consumer decision process?

Evaluation of alternatives

Which generation's members are also known as Millennials?

Gen Y

The first "latchkey" children belong to which generational cohort?

Gen Z

Which of the following groups has never lived without easy access to the Internet and other digital technologies?

Generation Z

Population estimates show that by the year 2050, nearly 30 percent of the population in the United States will come from which group?

Hispanics

________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products.

Market segmentation

The prevailing marketing strategy of the ________ era was to find customers for inventories that went unsold.

Market-oriented

Customer is king

Marketing era

"Any color as long as it's black"

Production oriented

The shift of population from the Rust Belt in the North to the Sun Belt in the South and Southwest will likely

Reduce regional cultural differences

Demographics

age, income, gender, race

retrieval set

all brands that the customer knows of

evoked set

all brands the cosumer would consider

In developing marketing strategies, why is price often the most challenging of the four Ps to manage?

because it is least understood element of the marketing mix

a test of the product conducted by key customers

bets testing

Marketers are more likely to find higher concentrations of foreign-born Americans and recent immigrants in

coastal resort area

The three components of an attitude are

cognitive, affective, behavioral

B2B buying decisions are often made by

committees

The value of a brand is often calculated by assessing the

earning potential of the brand over the next 12 months

Using technology and ________ are two ways a delivery gap can be reduced in size.

empowering employees