BMKT 325 Exam 1

The Boston Consulting Group's matrix is based on what?

A philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy

What is a target market?

A specific group of customers on whom a company focuses its marketing efforts.

Target's Take Charge of Education program donates 1 percent of a customer's total purchase to the school of his or her choice. What social responsibility issue does this program address?

Community relations

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

Developing a marketing strategy

Which of the following products would probably require extended problem solving before a purchase?

Expensive products

Which of the following refers to a firm's specific development, pricing, promotion, and distribution of products that do not harm the environment?

Green marketing

Within the information search step of the consumer buying decision process, what two primary aspects exist?

Internal search and external search

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?

Problem recognition

_____ competitors are those that compete in the same product class, but their products have different features, benefits, and prices.

Product

A cereal company advertises that its newly launched product can lower cholesterol although the company cannot provide evidence to substantiate this claim. This situation involves an ethical issue related to which element of the marketing mix?

Promotion

After doing considerable shopping, Brandon has just decided what brand and type of athletic shoes to buy and where he's going to buy them. In what stage of the consumer buying decision process is Brandon?

Purchase

During which stage of the consumer buying decision process does a consumer decide from which seller he or she will buy the product?

Purchase

Which of the following consumer problem-solving processes will probably be used in purchasing toothpaste?

Routinized response behavior

Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?

Satisfaction for both the buyer and seller

Which of the following buying situations is most consistent with routinized response behavior?

Stephanie buying bottled water

What is consumerism?

The efforts of independent individuals, groups, and organizations to protect the rights of consumers.

Which of the following would represent a brand competitor for Volkswagen's Touareg Hybrid sport utility vehicle?

Toyota's Highlander Hybrid

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it what over many other retailers?

a competitive advantage

According to the text, a market is defined as _____.

a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products

Changing people's attitudes toward a firm and its marketing program is _____.

a long, expensive, and difficult task that may require extensive advertising campaigns

The marketing concept is _____.

a management philosophy

The marketing plan is _____.

a written document detailing activities to be performed to implement and control marketing actions

Selective exposure refers to what?

admitting only certain inputs into consciousness

An ethical issue is _____.

an identifiable problem, situation, or opportunity requiring an individual to choose from among several actions that must be evaluated as right or wrong

When PepsiCo takes the information collected through research and attempts to assess and interpret what it means for its soft-drink marketing efforts, PepsiCo is engaged in environmental _____.

analysis

Cognitive, affective, and behavioral are the three major components of what?

attitudes

All companies have a responsibility to _____ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.

be profitable

Problem recognition occurs when a consumer _____.

becomes aware that there is a difference between a desired state and an actual condition

If Ford Motor Company measured and evaluated the quality of its goods, services, and processes as compared with those of the best-performing companies in the automobile industry, it would be employing _____.

benchmarking

The definition of marketing implies that _____ should receive benefits from exchange relationships.

both customers and businesses

Companies that market products with similar features, benefits, and prices to the same customer group are known as _____ competitors.

brand

Routinized response behavior is what a consumer does when _____.

buying frequently purchased, low-cost items that need little effort

If Starbucks were to donate 5 percent of every coffee purchase to shelters for victims of domestic abuse for one month, this would be an example of _____.

cause-related marketing

The practice of linking a firm's product marketing to a particular social cause on an ongoing or short-term basis is known as what?

cause-related marketing

When marketers define their target market, they simultaneously establish a set of _____.

competitors

When shopping for detergent, Josh looks at Tide, Fresh Start, Surf, and All and chooses the one that is on sale. These four brands make up his _____ set.

consideration

A set of values, beliefs, goals, norms, and rituals shared by members of an organization is called what?

corporate culture

Marketing is the process of _____.

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

The marketing mix is built around the _____.

customer

L.L. Bean uses technology to help them identify specific customers, establish interactive dialogues with them to learn about their needs, and combine this information with their purchase histories to customize products to meet those needs. L.L. Bean is using what approach?

customer relationship management

When managers at Logistics Pro are developing their strategic plan, they use a market orientation as a guide to ensure that _____ is an integral part of the process.

customer satisfaction

What is the focal point of all marketing activities?

customers

What is the best approach for a company to take when monitoring its competitors?

developing a system for gathering ongoing information about competitors

Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in _____.

environmental scanning

SiriusXM Radio is concerned about how the increasing use of smart phones will affect the future sales of its satellite radio service. The company decides to gather information about the changing trends in music access and delivery to prepare for this trend. Sirius XM's process is called _____.

environmental scanning

To monitor changes in the marketing environment effectively, marketers must engage in what?

environmental scanning and analysis

A customer shopping for a desktop printer tells a salesperson that it is important for the printer to have several attributes. It must be able to make copies, it must be able to scan, and it must be compatible with both PCs and Macs. The buyer has expressed his or her _____.

evaluative criteria

A group of brands that a consumer views as alternatives for possible purchase is called what?

evoked set

In shopping for a new laptop computer for her master's degree program, Jocelyn has narrowed the alternatives to four brands. She is considering Dell, Toshiba, Sony, and Hewlett-Packard. These four brands make up Jocelyn's _____.

evoked set

Products that may do harm to the natural environment are inconsistent with what?

green marketing

Organizations should define themselves not according to the products they produce but according to what?

how they satisfy customers

Mothers Against Drunk Driving (MADD) is a group that works to change attitudes and laws about driving under the influence of alcohol. MADD primarily markets _____.

ideas

Marissa goes to Target to purchase school supplies for her two children. As she is approaching the check-out counter, she sees a vase she just has to have and buys it immediately. Marissa's purchase of the vase is an example of _____.

impulse buying

Starbucks provides training and support to its employees, including health care benefits. Through these _____ efforts Starbucks is better able to deliver quality products and service to its customers

internal marketing

Starbucks provides training and support to its employees, including health care benefits. Through these _____ efforts Starbucks is better able to deliver quality products and service to its customers.

internal marketing

Assignment of meaning to organized information inputs is called _____.

interpretation

Extended problem solving is the type of consumer problem-solving process that _____.

is the most complex problem-solving behavior, which comes into play when a purchase involves unfamiliar, expensive, or infrequently bought products

When a consumer purchases products occasionally or needs information about an unfamiliar brand in a familiar product category, he or she will most likely engage in what?

limited decision making

The three most widely recognized types of consumer problem solving are _____.

limited problem solving, extended problem solving, and routinized response behavior

The time lag between the performance of marketing activities and their results does what?

limits the marketing manager's ability to measure the effectiveness of marketing activities

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's _____.

market share

A change in the minimum drinking age in any given state illustrates a change in the _____ for Miller Brewing

marketing environment

A change in the minimum drinking age in any given state illustrates a change in the _____ for Miller Brewing.

marketing environment

The process of putting marketing strategies into action is called _____.

marketing implementation

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a _____.

marketing strategy

Marketing managers strive to develop a marketing mix that does what?

matches the needs of the target market

Buyers' actions are affected by one or more internal energizing forces geared toward satisfying needs, which are called what?

motives

What are three primary methods of collecting information for environmental scanning?

observation, secondary sources, and marketing research

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called what?

opportunities

After certain inputs have been selected to reach an individual's awareness, the next step in the perceptual process is perceptual _____.

organization

As Brianna walks to classes, she selects, organizes, and interprets the sensations she is receiving through her sense organs. Brianna is experiencing the process of _____.

perception

What are the primary psychological influences on consumer behavior?

perception, motives, learning, attitudes, personality, and lifestyles

A business that contributes resources to the community to improve the quality of life is taking on a _____ responsibility.

philanthropic

McDonald's supports and funds Ronald McDonald houses for the families of terminally-ill children to stay in to be near their loved ones. McDonald's action demonstrates the fulfillment of _____ responsibility.

philanthropic

Maslow's hierarchy of needs refers to the five levels of needs that humans seek to satisfy, from most to least important. These needs, in order from most to least important are _____.

physiological, safety, social, esteem, and self-actualization

The forces of the marketing environment include what?

political, legal and regulatory, sociocultural, technological, economic, and competitive

Claire is beginning to wonder if she has made the right decision about purchasing a new HP Laptop after she sees a friend with a new Dell. Claire's doubt whether she made the right decision occurs during the _____ of the buying decision process.

postpurchase evaluation phase

Pharmaceutical companies have at times been accused of acting unethically by taking advantage of customers in the area of _____.

pricing

Marketers who attempt to influence and change the various environmental forces have a ____ response to these forces.

proactive

The five major stages of the consumer buying decision process, in order, are _____.

problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation

Deciding to add gel insoles to its running shoes would be a change in the _____ element of the marketing mix for Nike.

product

What element of the marketing mix is used to increase awareness of a product or company?

promotion

During which stage of the business cycle is unemployment low and total income relatively high?

prosperity

According to the marketing concept, an organization should try to do what?

provide products that satisfy customers' needs and allow the organization to achieve its goals

Marketers who view political forces as being beyond their control are taking a _____ response toward these forces.

reactive

Consumer confidence and willingness to spend begins to increase during periods of _____, and marketers must remain very flexible to make the necessary adjustments.

recovery

Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as _____.

relationship marketing

Consumers tend to remember information inputs that support their feelings and beliefs and forget inputs that do not. This is known as selective _____.

retention

Perception is a three-step process that involves what?

selecting, organizing, and interpreting information inputs

What are the three basic forms that a product can take?

services, ideas, and goods

Honeybees are disappearing at an alarming rate and since they pollinate about a third of all foods we eat, it is an important concern. That's why Haagen-Dazs launched a microsite to increase the awareness of the issue. In addition, it launched a "Twitcause" campaign on Twitter, raising $7,000 in two days. This example illustrates the positive consequences of _____.

social responsibility

If Hefty Bags expresses concern that its products are having too great an impact on the pollution of ground water under landfills, this concern is directly related to the firm's _____.

social responsibility

Any constituent who has a claim in some aspect of a company's products, operations, markets, industry, or outcomes is known as what?

stakeholder

Companies that are considered to be good corporate citizens and consider the diverse perspectives of different groups affected by their operations are said to have a _____ orientation.

stakeholder

Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. What is this process called?

strategic planning

An analysis of _____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

strengths and weaknesses

StarKist Tuna has frequently extolled its dolphin-safe methods of catching tuna. This is an example of what?

sustainability marketing

Harley-Davidson's Harley Owner's Group (HOG) helps to foster strong relationships between riders and their motorcycles, giving it what over other motorcycle manufacturers?

sustainable competitive advantage

A commercial for the drink SunnyD explains how nutritious it is in comparison to other, more "sugary" drinks. While children under 12 are the most likely consumers of SunnyD, the commercial is aimed at mothers. These mothers represent SunnyD's what?

target market

Many aspects of consumer buying decisions are affected by the individual's level of involvement. What is "level of involvement?"

the importance and intensity of interest in a product in a particular situation

Distribution, price, promotion, and product are all elements of what?

the marketing mix

Companies that compete for the same limited financial resources of the same customers are known as _____ competitors.

total budget

In the consumer buying decision process, the information search stage _____.

yields a group of brands that a buyer views as possible alternatives