marketing exam 2

Which of the following variables of service quality best represents the service provider's understanding of the customer's needs?

empathy

A publisher of children's picture books is a family business that has decided to export their products to foreign bookstores. The family members expect to be very involved in all the company's decisions. Which model of first-time exporting would best fit this family business?

An export-management company

Which of the following is a distinction between business (B2B) and consumer (B2C) markets?

Business markets are more complex.

You work for the purchasing department of an up-and-coming eco-friendly fashion manufacturer, and have been asked to ensure that you have ordered enough raw materials for the pieces in the fall collection. The fall collections will feature plant-based T-shirts embellished with fancy stitching. ​ Required: Which of the following combination of items should you order?

Buttons, thread, and bamboo

For more than 20 years, your company has been working closely with the U.S. military to design and build unmanned drones. Now that your products have become so well known, you feel it's time to capitalize on their popularity by selling to a different market category. What would be your best option?

Design a new model of drone for hobbyists.

Which of the following statements is true regarding the maturity stage of the product lifecycle?

During this stage, differences between competing products diminish.

Which of the following is an advantage of implementing a one-product, one-message approach to international marketing?

Enhanced recognition of the company's brand

Which of the following is most likely to be a logical starting point in identifying the marketing problem?

Evaluating the firm's target market and marketing mix elements

_____ is a contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements of a manufacturer.

Franchising

Which of the following is true of secondary data used in marketing research?

It requires less time and is less expensive to gather.

Janelle works in the purchasing department of an apparel manufacturing company and has the formal authority to select a supplier. Janelle is a(n):

buyer

A group of ceramic artists think that their artwork would be successful in another country. Nothing similar is available in the target country. They have a lot of marketing collateral from their successful efforts in the United States, but most of their home country business comes from word of mouth. Which global strategy is the best pathway for them to adopt?

Making a direct investment to collaborate with another art-connected business

Behavioral segmentation focuses on the demonstrated behavior of consumers. Looking at what consumers actually do, rather than their characteristics, brings us much closer to the actual purchase. Which of the following is NOT one of the approaches to behavioral segmentation?

Media habits

Marta's company wants to revamp its potato chips brand to compete with Lay's potato chips. She has been researching consumer preferences so that she can market her company's chips accordingly. What type of strategy is Marta using?

Product positioning strategy

Loyola works for a coffee shop that wants to differentiate itself from local competitors in order to boost its profits. Which of the following differentiation strategies would hurt the company rather than boost sales?

Sell the coffee cups in which the beverages are served

You're the chief sales and marketing officer for Western Health Products, a manufacturer of a wide range of medical products for home, medical office, and hospital use. Some of your customers have buyers who make their own purchasing decisions, whereas other customers have lengthy decision-making processes involving many people within the organization. Given the variations in your customers, what could you do to make your marketing and sales processes more efficient?

Set up separate sales/marketing divisions for commercial, reseller, and institutional buyers.

Which of the following is the reference book that can help marketers track down trade organizations that may have data pertinent to their company?

Thomson Gale's Encyclopedia of Associations

Many American fast food sellers have engaged in product adaptation, changing their menus to accommodate consumer tastes in countries like India and Japan. Other Western firms doing business abroad have engaged in promotion adaptation. Which of the following factors would most likely prompt a firm to use the latter strategy?

Varying literacy rates

This could make your career! You're a sales rep for a packaging supplier that produces bags, boxes, and other packaging for retailers, and you've got a meeting with the packaging buyer for Target. Which organizational factor do you most need to learn about in your meeting with this buyer so you can win this account?

Whether purchasing decisions are centralized or delegated to geographic units

When a product is used in the production of another good that is destined for resale, the product is considered as a(n):

business product

You thought winning the contract to supply floral arrangements for the exclusive, high-end Regal Hotel was going to be great for your business, but now it seems like it's more trouble than it's worth. You've been inundated with random phone calls, texts, and emails from the hotel manager, the maintenance manager, and seemingly every other employee containing all kinds of comments and complaints. What is the problem, and what is the best way to solve it?

You and the decision maker at Regal need to establish a formal evaluation and feedback process that works for both of you.

Iron ore and raw cotton are examples of:

business products

Walmart has struggled to find success in a few foreign countries. Experts say Walmart ignores social-cultural factors when attempting to expand to foreign locations. Perhaps Walmart should abandon their direct investment approach and instead ______, which will require a significant investment, but provide Walmart with a fully functioning organization in the foreign country.

acquire an existing company

Which of the following statements is true about the European Union (EU)?

adopted a common currency

Business markets differ from consumer markets in that, in business markets:

advertising plays a much smaller role when compared to the consumer market.

The first stage in the seven-stage model of an organizational buying process involves:

anticipating a problem, need, or opportunity and a general solution.

The _____ stage in brand loyalty leads consumers to refuse alternatives and search extensively for the desired merchandise.

brand insistence

Madeline always travels on Delta Airlines. Even though other airlines might have a more convenient flight schedule or a slightly lower cost, Madeline wants her miles! Delta, like almost all airlines, offers a "frequent flyer" program, where travelers accumulate miles for each flight in order to earn free flights or upgrades. In Delta's case, the SkyMiles program miles never expire and can take Madeline to more than 1,000 destinations. Delta sets the reward system to benefit those that return to Delta for each flight. By examining Skymiles data Delta can offer incentives, special fares, and inform participants of new destinations. Delta is using a ______ approach to segmentation.

brand loyalty

Which of the following is not one of the four considerations for conducting marketing research in global markets?

budgetary concerns

In your regular goods and services consumption activities, you purchase products from the wholesaler for resale and for use in your store's daily operations. You also purchase products that you will feature in the gift baskets you make. On the basis of this information, which of the following best describes the market component you are part of?

business

A new-product concept has to show that it has financial feasibility. How large is the market? Could the new product gain a reasonable marketing share? Can it be profitable at expected sales levels? These are just some of the questions that need to be addressed in the _________ stage of the new-product development.

business analysis

A new-product innovation that is consistent with the values and experiences of potential adopters and attracts new buyers at a relatively rapid rate is said to have high _____.

compatibility

Sam is a sales representative with Stepan, a global chemical supplier with manufacturing operations around the globe. Sam is based in the Midwest and Procter and Gamble is one of his accounts. Stepan is known as a quality producer of surfactants which are utilized by companies like Procter and Gamble to make their products work better. For example, Procter and Gamble utilizes surfactants in Tide detergent in order to get clothes cleaner and separate the "cleaning agent" from the water. Stepan produces their surfactant as one of their "finished products" but when added to Tide detergent, the surfactant from Stepan becomes a final product of Procter and Gamble. Which type of business product are Stepan's surfactants? ​

component parts and raw materials

After a new-product concept is identified, it needs to be assessed through focus groups and in-store polling. What is the consumer reaction to the concept? These activities are part of the _________ stage of the new-product development.

concept testing

Palmer Inc. recently changed its promotional strategies for marketing the products. The marketing team at Palmer has been asked to evaluate the target market and the marketing mix elements to find ways to improve the effectiveness of the marketing strategies. Since the firm already knows the purpose of its research, the next step in the marketing research process is to:

conduct exploratory research.

When the B2B market is segmented on the basis of product specifications issued by buyers, it is known as _____ segmentation.

customer based

Angela has recently opened Angela's Exquisite Accessories, a boutique that sells women's accessories. She has picked items that she thinks young women will enjoy, and is especially interested in upscale designer items for wealthier customers. Angela is using:

demographic segmentation.

A _____ marketing strategy focuses on producing several products and pricing, promoting, and distributing them with several marketing mixes designed to satisfy smaller segments.

differentiated

Jack is a research specialist who has spent six months conducting a detailed study of customer attitudes and expectations. In writing the final report, Jack should remember to:

direct his report toward the management and not other researchers.

Which of the following products would generally be considered as a staple?

dish washing soap

The process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources is known as _____.

exploratory research

An organization that provides first-time exporters with expertise in locating foreign buyers, handling paperwork, and conforming to local labeling and testing laws is called a(n):

export management company

Liberty Production is a small company that produces flags and other patriotic-themed items such as banners. Historically, they have focused on the United States market but recently recognized they could enhance sales by creating patriotic items for other countries. They would like to keep their expenses low as they expand internationally and have reached an agreement with a company that will purchase the merchandise and resell the items to international customers. Liberty Production will not have any control over marketing or distribution activities but they appreciate the simplicity of this business model. Liberty Production is most likely utilizing a(n) ________ to expand their global footprint.

export trading company

VB Group, a South African firm, is a leading supplier of African agricultural products to the world. It buys products from the domestic producers and resells them in international markets. The company maintains complete control over the marketing and distribution of the products in the foreign markets. VB Group is an example of a(n) _____.

export-trading company

Matiyos never worried about life insurance when he was young and single. However, when Matiyos and Jermesha got married, he started thinking about life insurance, but didn't purchase any. When they had their first child and bought a house, Matiyos thought it was time to buy life insurance so Jermesha could afford their house if something did happen to him. Matiyos' situation is typical when it comes to life insurance sales. Recognizing this, life insurance companies should use _______ as a segmentation variable.

family life cycle

You own a public relations firm in Sacramento, California. Several months ago, the campaign manager for one of California's senators hired your company to handle PR for the upcoming re-election campaign, and you've been working with the campaign team continuously ever since. This morning you received an email from the campaign manager, saying she'd like to schedule a meeting. In the context of the typical organizational buying process, what would you anticipate discussing in this meeting?

feedback on performance so far

Mitch is a marketing consultant and works with an attorney to provide insight about how potential jurors view his cases. Mitch typically assembles a small group of 8-12 individuals from the county and presents relevant information about the legal case. He then guides them in a discussion to learn about their opinions. The group sessions are typically recorded and last about 2 hours. What type of research method best characterizes this research?

focus group

Which of the following methods used for conducting primary research gathers information by encouraging the participants to engage in a discussion on a predetermined topic?

focus group

A successful German fitness center would like to expand to other areas of Europe such as France and Spain. The company has strong brand recognition in Germany and would like this to translate to new markets. The fitness center's best option for a market entry strategy is:

franchising

Special Confectioners, a major chocolate company, has recently started promoting its festive packs with the tag line, "making each moment special." By doing so, the management is trying to make its customers realize the everyday relevance of their festive packs. In doing so, the company is attempting to extend the product lifecycle by:

increasing frequency

​Paul is the quality-control specialist for a furniture manufacturer. His job is to develop specifications for every potential purchase of wood and fabric. Within the buying center, Paul plays the role of a(n):

influencer

Malik has an iPhone X and an Apple laptop. He is very happy with both of the Apple products he owns. More recently, Malik has considered an Apple Watch. Malik has been aware of the Apple Watch for years, but is just now gathering information about the Apple Watch and its capabilities. Malik is in the ______ stage of the new-product adoption process.

interest

Which of the following is a limitation of secondary data not found in primary data?

it may not be completely relevant to the specific needs of the marketer

The most common method of gathering psychographic information is through:

large-scale surveys asking consumers to agree or disagree with a collection of statements describing various activities, interests, and opinions.

In one of the more creative developments in global trade, Pepsi struck a deal with the Russian government in 1972 to trade their cola syrup for Stolichnaya vodka. Pepsi would send the syrup to Russia for local soft drink bottlers, while Pepsi would receive vodka to distribute in the United States. At the height of the Cold War, residents in then communist Russia could enjoy the same Pepsi as American consumers. Pepsi was able to grow sales through:

market development.

Coca Cola and Pepsi have been competitors in the soft drink business for over a century. While they have both introduced a wide variety of related items, the battle between their core products remains. These companies fight over shelf space in retail stores and access to fountain outlets in restaurants and convenience stores. While customers might have a preference, most are willing to drink either Coke or Pepsi depending on availability and price. Gaining shelf space or fountain outlets is an example of:

market penetration

Undifferentiated marketing is also called _____.

mass marketing

Many companies purchase from several vendors, and require bids from each before choosing one among them. A skilled marketer understands the client's ____________ like this, and considers these processes when formulating a marketing proposal.

organizational factors

When Microsoft introduced the latest edition of Age of Empires III, it provided a free download of one of the game scenarios. Addition of this link is most likely to influence which of the following characteristics of the product innovation?

possible trial use

A _____ brand refers to a brand name owned by a manufacturer or a producer.

private

McDonald's started with a simple concept in 1940 - fast service offering only hamburgers, cheeseburgers, potato chips, and drinks at the start. However, they menu soon expanded to include French fries and milkshakes. This process of menu expansion continues to today, with a broad range of sandwiches, drinks, salads, and breakfast items to serve their customers. There does not appear to be any end in sight to the menu items! This expansion is an example of:

product development

Apex Corp. has been manufacturing furniture for past several years. Now in order to grow its business, the company has decided to manufacture curtains and bed sheets. The strategy being used by the company to target new markets is referred to as a _____.

product diversification

Procter & Gamble has nearly 100 brands of consumer package goods. These are organized into many different groups, including Baby, Family & Feminine Care, Beauty, and Fabric & Home Care. Each of these groups has several products. All of the Procter & Gamble brands together are Procter & Gamble's:

product mix

Product positioning is about creating a mental image or perception of a brand, especially vis-à-vis competitive brands. How do you think of Ford and Chevrolet compared to Jaguar or Aston Martin? Or Walmart compared to Neiman Marcus? Or Rice Krispies compared to Shredded Wheat? These brands all have a certain space in your mind on different attributes. To help capture and illustrate this, marketers often use a:

product use or application.

Which of the following tasks least describes the role of a brand manager?

protecting the company trademark and brand

In recent years, consumers have become increasingly concerned about the use of pesticide and other chemicals in the agricultural industry. Some are worried that the increased use of chemicals has led to higher incidences of disease such as cancer. Consumers who share these opinions will often purchase products labeled "organic" and "natural." Marketers who are utilizing these words on product packaging or in their promotions are implementing _______ segmentation.

psychographic

Bass Pro Shops retail stores have to be experienced in person for the full effect. Bass Pro is much more than just a retail store, as they include massive aquariums and fabulous displays, all directed toward people with an interest in outdoor sporting activities. Bass Pro also offers their Outdoor Skills Workshops, where customers can refine their skill in activities such as fly fishing and archery. If you enjoy hunting, fishing, and boating, Bass Pro Shop is the place for you! Bass Pro Shop is using:

psychographic segmentation

Natural resources, farm produce, and lumber constitute _____.

raw materials

Marketers looking for information on lifestyle and buying behavior would access which type of secondary data?

research services

When firms in business markets are grouped based on their sales revenues, they are said to be segmented by:

sales revenues

​When Tom decided to buy a washing machine, he had very little knowledge of competing products in the market. He did research on the Internet, talked to his friends, and compared features of different models. Finally, he decided to buy an LG top load, semi-automatic washing machine. This is an example of buying a(n) _____.

shopping product

A small, U.S. electronics firm learned the dangers of ______ as a market entry strategy. The factory in China that was producing its goods had terrible working conditions.

subcontracting

The role of an influencer in a buying center is to:

supply information to guide the evaluation of alternatives.

The activities of the World Trade Organization thus far have focused on dispute resolution rather than reducing trade barriers as:

the differences between the developed and developing nations have created a major roadblock to its progress.

According to the Young & Rubicam's BrandAsset Valuator model, brand relevance is a dimension of brand personality that refers to:

the real and perceived appropriateness of a brand to a big consumer segment

The term _____ is used by marketers to refer to the visual components that contribute to the overall look of a brand.

trade dress

Social media has assumed a major role in the promotion of goods and services. Almost all television advertising today includes calls to "like us on Facebook" or "follow us on Twitter." While most U.S. citizens engage in some form of social media, some only do this occasionally while others are constantly on their computer or phone accessing social media. Just like with social media, consumer vary in their consumption of almost all products and services. Recognizing these differences can lead a firm to employ:

usage rate segmentation

Which of the following is the earliest method used for gathering marketing information?

written testimonials from purchasers of a firms products

You're the owner of Jackson Electricians, and you often write proposals to sell your services to construction companies and contractors. You've heard that Wyoming Commercial Builders fired the electrician firm it worked with on its last big project because the electricians made countless mistakes, resulting in numerous code violations and huge fines. You'd like to win the contract for all of the electrical work on Wyoming's next big project, so in this context, which factor should you emphasize in your proposal?

your company's ability to comply with regulatory codes