Intro to Bus. Test 3

Social networks have existed in one form or another for more than _______ years.

40

7-UP, Cherry 7-UP Antioxidant, and Diet 7-UP are products in Dr. Pepper Snapple Group's

7-UP product line.

Anna is active in recycling and tree-planting programs in her community and she refuses to buy products that have excessive packaging. This illustrates which of the following factors of buyer behavior?

Attitude

_____ are web-based journals in which writers can editorialize and interact with other Internet users.

Blogs

A light bulb used to provide light for workers on an assembly line would be classified as what type of product?

Business

What is not a popular service offered by social networking sites?

Buy groceries

Marketers' efforts to understand customers' needs and desires in order to determine what products to market relates to which of the following functions of marketing?

Buying

During which stage does the firm gear up for full-scale production, distribution, and promotions?

Commercialization

If a company is eliminating certain models of a product and cutting back on expenditures, the product is most likely in which life cycle stage?

Decline

A product's profits peak and start to decline during which of the life cycle stages?

Growth

Most new product ideas are rejected during which stage because they seem inappropriate for the organization?

Idea screening

Which of the following requires organizations to gather information about customer needs, share that information throughout the entire firm, and use that information to help build long-term relationships with customers?

Market orientation

Which of the following is not a common pricing objective?

Outsourcing

When a computer company initially charged a low price for a new computer and then raised the price after gaining a large market share, it was using which pricing strategy?

Penetration

Which of the following is a psychological variable of buyer behavior?

Personality

Which of the following can be changed quickly to stimulate demand or respond to competitors' actions?

Price

Which of the following is the most flexible variable in the marketing mix?

Price

__________ encourages consumers to make purchases based on emotion, rather than rational considerations about the price.

Psychological pricing

Which type of data is probably least expensive to collect?

Secondary data

Pharmaceutical companies sometimes use which of the following pricing strategies to price their over-the-counter drugs?

Symbolic/prestige pricing

Salt, sugar, and many agricultural products are sold using which of the following approaches?

Total-market

When an organization hauls canned goods from the manufacturer to grocery stores, it is involved with which marketing function?

Transporting

_____ are websites where users can add to or edit the content of posted articles.

Wikis

To implement the marketing concept, a company must do all of the following except.

adopt a sales orientation.

After the production orientation came the sales orientation of the mid-twentieth century. Supply exceeded demand for many products and ________ and _________ became the most important marketing activities.

advertising; selling

Private distributor brands

are owned and controlled by a wholesaler or retailer.

To effectively implement the marketing concept, an organization must

balance meeting its own objectives and satisfying customer needs.

Diet Coke is a

brand name.

If a company is studying the decision processes and actions of people who purchase and use products, the company is focusing on

buying behavior.

In the twenty-first century, ________ remains an essential element of any marketing strategy to develop and manage long-term customer relationships.

communication

A gallon of milk is an example of a

convenience product.

Magazines located next to the checkout counter at a grocery store would probably be classified as

convenience products.

The goal of the marketing concept is

customer satisfaction.

During the Industrial Revolution, new technologies fueled strong ________ for products and a production orientation held sway.

demand

If a company develops an advertising campaign that targets a segment of consumers with a certain income and education, the company is using the following segmentation variable:

demographic.

Among the marketing functions are

financing, market researching, buying, and selling.

When a computer manufacturer provides stores with credit to encourage them to carry their computers in stores, the manufacturer is involved in the marketing function of

financing.

When a worker in the deli department of a grocery store designates a steak with little or no fat as an "AA" and another steak with more fat as a "B," the worker is participating in the marketing function of

grading.

If a product is experiencing negative profits and the company is spending a great deal of money on advertising to make consumers aware of the product, the product is most likely in the following life cycle stage:

introduction.

Price is an important factor in the marketing mix for all of the following reasons except

it is the most visible element in the firm's marketing mix.

Kent has acquired a supply of canned fruits and vegetables. He does not yet have a buyer for them but he's using promotion and other activities to find a buyer. He is performing the marketing function of

marketing research.

When seeking out information on a new product, consumers tend to trust _________ over _________.

other consumers, corporations

When a company sets a low price for a new product to discourage competition from entering the market, it is using the

penetration pricing strategy.

Distribution is sometimes referred to as

place.

If a company's goal is to develop an image of having very high-quality luxury products, it should employ a

prestige pricing strategy.

The pricing policy that allows a company to cover a product's development costs most quickly is

price skimming.

A marketing research representative who interviews shoppers in a mall is collecting the following type of information:

primary data.

The marketing mix is a combination of

product, price, promotion, and distribution.

Media sharing sites tend to allow businesses to be more _______ than reactive because they do not permit companies to respond to or interact with customers.

promotional

If a company markets to a segment of people who have a certain lifestyle, the type of segmentation being used is

psychographic.

If a cosmetics company is selling eye shadow priced at $11.99 rather than $12, it is using

psychological pricing.

Industrial products such as lumber, cotton, and iron are classified as

raw materials.

When Bill Wilson became a father he became increasingly interested in health and began to look for household items that were safe for use around young children. His new perspective is related to his

reference groups.

Because buyers have limited ____________, they must allocate them in such a way as to obtain the products they most desire.

resources

When a pharmaceutical company devotes a large proportion of its overall budget to researching and developing a drug that has potential to be a blockbuster but whose efficacy and safety remains unproven, the company is engaging in

risk taking.

When High Tech Stereo Company wanted to alter its products, its managers began their research by analyzing sales figures. This is an example of

secondary data gathering.

The first major step of a marketing strategy is to

select a target market.

A marketing strategy consists of

selecting a target market and developing a marketing mix to satisfy it.

Products such as furniture, audio equipment, bicycles, and clothing are generally classified as

shopping products.

The marketing concept states that an organization

should try to satisfy customer needs while also achieving its own goals.

A _______ is a web-based meeting place for friends, family, co-workers and peers that lets users create a profile and connect with other users for the purposes that range from getting acquainted, to keeping in touch, to building a work related network.

social network

After analyzing its own resources and unique abilities, a company is now trying to determine what group of customers it can satisfy with a good or service. It is in the process of choosing a

target market.

If a nationwide sandwich shop company introduces a new sandwich in the Midwest to try out its marketing strategy before offering the product across the country, it is using

test marketing.

The financial value placed on an object involved in an exchange is

the price.

Marketing research is

used to guide marketing decisions.