BUAD301 CB & BB

Stage 3 of purchase decision process

Alternative Evaluation: assessing value

Which of the following is NOT a characteristic of business markets?

Business buyers usually face less complex buying decisions.

Stage 2 of purchase decision process

Information search: seeking value

most likely to be included in determining one's level of social class in the United States

Occupational Status Family income Educational attainment NOT GENDER

*The marketing mix consists of which four areas?

Product, price, place, and promotion

*According to Ansoff's matrix, Anu Beverages Inc. acquiring a chain of restaurants would be an example of ________.

Related diversification.

According to the American Marketing Association, what is the definition of marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

* A farmhand would like to buy a scooter to commute to his job at a nearby ranch. He lives in a remote area where he does not come across ads for scooters. He doesn't know how to find a dealer, and doesn't have Internet access. Which of the following reasons explain why marketing fails to occur here?

There is no way for the buyer and seller to communicate with each other.

*The American Red Cross created a series of advertisements to encourage people to donate blood. After viewing an ad, Amanda went to the local Red Cross office and donated a pint of her blood. Amanda returned home feeling happy that she had performed a good deed. Was this an exchange in a marketing sense?

Yes, because the donated blood was exchanged for a feeling of satisfaction.

the "think" part of an attitude

cognitive

* Suppose that you notice that the tread on your car tires is dangerously low and you decide that you need to purchase a new set of tires for your own safety. The list of brand names that you consider before making this purchase is known as your ________.

consideration set

The list of brand names that you consider before making a purchase is known as your _____

consideration set

* In the United States, there are two major political parties whose members disagree with each other on a variety of issues. Both Republicans and Democrats view one another as being part of a(n) ______ group.

dissociative

*Suppose that you decide to purchase a new car, and you intend to make your decision based on the following factors: miles/gallon within the city, automatic transmission, power windows, air conditioning and a price under $18,000. These characteristics represent your __________.

evaluative criteria

*Jane goes to buy a laptop. There are 53 available models in the world. Jane has heard of 12 of these models, of which she is considering buying 4 models. In this example, what is the number 12 referred to as?

evoked set

Pricing and sales are the only important aspects of marketing. True or false?

false

*When you walk through a supermarket and feel a sudden craving for potato chips and take a bag of chips off the shelf and place it in your shopping art, this is an example of _______.

impulse buying

*I am considering buying a new SUV like the Subaru Outback. Another SUV that would not likely compete head-to-head like the Porsche Cayenne, which is at a significantly higher price point, best represents which type of competition?

industry

*The Ford Escape uses hybrid fuel technology to deliver more power, convenience, prestige, and fuel economy with the latest in technology than non-hybrid cars. These criteria (in bold letters) would be first identified in which stage of the consumer purchase decision process for an automobile?

information search

A group of business organizations that have needs for printers for their R&D engineers and who have the ability and authority to purchase these printers is called a(n) _______.

market

*College students have never been seen as a strong segment of the market for Home Depot. In effort to better meet the needs of this segment, Home Depot is advertising in the student newspaper website. Reaching this additional segment is best described as:

market development

*Philadelphia-based Tasty Baking Company (TBC) has sold its TastyKake snacks since 1914 within Pennsylvania and adjoining states. Recently, it started distributing its products extensively within the southeastern United States. TBC has embarked on which of the following strategies?

market development strategy

According to Ansoff's matrix (Market Product Grid), attempting to grow sales of existing products in existing markets is known as _________.

market penetration

A software company has updated its logo. It now needs to order new letterhead and business cards. This purchase would be a _______

modified rebuy

In which buying situation is the buyer most likely to proceed through all steps in the buying process?

new buy

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

place

Which element of the marketing mix includes the distribution of products?

place

Stage 5 of purchase decision process

post purchase

*Bill thought he had received the best deal on his new car. Shortly after the purchase, Bill started to notice certain disadvantages of his new car as he learned more about other cars available. Bill is experiencing ________.

post purchase cognitive dissonance

*When Aurelia looked in her closet and said, "I don't have anything to wear to the party this weekend," she seems to be in which stage of the consumer purchase decision process?

problem recognition

Stage 1 of purchase decision process

problem recognition—perceiving a need

*The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes used in the old-fashioned cookies the company produces and markets. This statement deals with which part of the marketing mix?

product

*The introduction of a new range of premium burgers by McDonalds UK to attract a wider customer base is an example of _________.

product development

Firms that focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace are said to be exhibiting which type of orientation?

production

*Steve overheard one of his coworkers in a phone conversation say, "Thank you for taking my call so quickly. I'd like to order the 16-gigabyte iPad. I'll pick it up today at the Southdale Apple store. Can I use the easy pay plan?" The coworker was in which stage of the consumer purchase decision process?

purchase decision

Stage 4 of purchase decision process

purchase decision: buying value

A clear mission statement acts as an invisible hand that guides people in the firm. It is a statement of _____.

purpose

Malcolm buys overrun clothing from factories around the South. He sells the clothes to discount retailers. Malcolm is a ___

reseller

*When a manager seeks out additional job training so that he or she can grow professionally, this is an example of which need in Maslow's hierarchy of needs?

self-actualization

Market offering that is essentially intangible is called _________

service

*MySpace.com is a social network that is targeted primarily to people under the age of 25 years old. In 2005, when MySpace was the leading social network, News Corp, owner of The Wall Street Journal and Fox News, bought the firm for $580 million. Since then, its membership has declined precipitously due to changing consumer preferences. As a result, News Corp. sold MySpace to a group of investors for a paltry $38 million in mid-2011. This is an example of how __________ forces impact the marketing environment.

social

*Green River is an organization that operates as two distinctive businesses: one as a retailer, and one that wholesales an exclusive range of merchandise to department stores. Each business is called a _____.

strategic business unit (SBU)

The concept of the availability heuristic is illustrated when you __________

vow to never drive again because of the horrible accident you witnessed in front of your house.