mktg exam study guide

When a product experiences an increase in the number of competitors, it is usually in the _____ stage of the product life cycle; however, when that competition becomes intense, it is in the ____ stage.

growth;maturity

Cognitive, affective, and behavioral are the three major components of a. self-concept. b. motives. c. lifestyles. d. consumer socialization. e. attitudes.

attitudes

When charitable organizations such as the American Cancer Society, Second Harvest Foodbank, and the Red Cross make purchases for goods and services to use in their daily operations, they would be considered to be _______ buyers.

institutional

Chrysler is producing a new seven-passenger van with all-wheel drive. Which of the following would be the best variables for segmenting the market for this new model?

geographic location and family life cycle

_________ involves developing and performing marketing activities across national boundaries

international marketing

Although Sergei's grandfather still prefers using a landline, he just bought his first cell phone. Sergei's grandfather is most likely oriented toward the past and is a member of the ____group

laggards

The consumer decision process model represents

the steps that consumers go through before, during, and after making purchase

Which of the following is true about business purchases?

Business purchases involve more professional purchasing effort than consumer purchases.

Suhail is shopping for a new suit to wear to an important interview. He really wants to impress his prospective employer and is shopping at many stores to find the right outfit. Suhail is using which type of consumer decision- making process?

Extended decision making

Maddy Magoo is a children's hair salon chain that caters to children of all ethnicities headquartered in South Africa. It has recently opened salons in the united kingdom, adding to its numerous salons in its home country. Maddy Magoo allows foreign business people to use its name, logo, methods of operation, advertising, and products. In exchange, Maddy Magoo receives a financial commitment and an agreement to conduct business in accordance with its standard of operations. Maddy Magoo is engaging in ____

Franchising

Old Navy is currently expanding its stores into Canada and Mexico. This expansion is being facilitated by the

North American Free Trade Agreement (NAFTA)

The Foreign Corrupt Practices Act of 1977 makes it illegal for U.S. firms to

attempt to make large payments or bribes to influence policy decisions of foreign governments

The ______ is the difference in value between a nation's exports and its imports

balance of trade

Problem recognition occurs when a consumer a) searches for information to resolve a problem. b) becomes aware that there is a difference between a desired state and an actual condition. c) recognizes a need. d) evaluates her or his purchase. e) is exposed to a television advertisement.

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

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

buying bottled water

The problem with using an undifferentiated strategy to market a "universal car" is that

car buyers have heterogeneous needs.

After purchasing a new Lexus, Phil sees an Infinity pass by on the street and begins to wonder if he made the right choice. Phil is experiencing

cognitive dissonance

If you are shopping for s laptop or tablet to use for taking notes, research, and studying you belong to

consumer market

Charmin toilet paper would be classified as which type of product?

convenience

Animal Crackers is a home-based business that sells high-quality children's clothing at premium prices using in home parties. These in home parties typically cater to families with small children and middle to upper-middle-class income. Animal Crackers is using _____ variables to segment its market

demographic

Your firm manufactures motorcycles for the consumer market. You purchase raw materials to build the motorcycles from a variety of suppliers in the U.S. and abroad. The volume of your raw materials purchases is a function of the customer demand for your firm's motorcycles. Which of the following best describes the type of demand your firm has for these raw materials?

derived demand

Gotham Home Decor sells expensive custom-made draperies, bedding, and accessories through sales representatives who are also interior designers. It also has another, slightly less expensive line that it sells through stores such as Nordstrom's and Saks Fifth Avenue. Gotham Home Decor is most likely using a(n) ____ targeting strategy.

differentiated

The purpose of market segmentation is to

enable a marketer to tailor marketing mixes to meet the needs of one or more specific segments

A group of brands that a consumer views as alternatives for possible purchase is called a(n)

evoked set

The extent of Jaime's participation in global business is selling the batteries it manufactures to companies in Spain. In this case Jaime is an

exporter

All of the following are marketer-dominated sources of information except a. salespeople. b. advertising. c. friends. d. packaging. e. displays.

friends

Systems such as PRIZM provide companies with lifestyle and demographic information about neighborhoods throughout the United States. This information is used to aid a) behavioristic segmentation. b) geodemographic segmentation. c) market density analysis. d) demographic segmentation. e) geographic segmentation.

geodemographic segmentation

Children often achieve ______ by observing parents and older siblings in purchase situations and then through their own purchase experiences. a) consumer socialization b) personality c) role identification d) social class e) attitude formation

consumer socialization

A culture can be divided into subcultures according to a. personality characteristics of individuals in that culture. b. motives that members of that cultural group have for their behavior. c. geographic regions or human characteristics, such as age or ethnic background. d. income levels. e. information to which consumers allow themselves to be exposed.

geographic regions or human characteristics, such as age or ethnic background.

A ______ is a tangible physical entity

good

Marketers use a variety of characteristics to segment markets they are interested in pursuing. When segmenting consumer markets, demographic variables are normally used. All of the following are demographic characteristics used by marketers to segment markets except: a. Age b. Social class c. Family size d. Hometown e. Marital

hometown

Which of the following is often used to raise revenue for a country and/or to protect domestic products? a. Quota b. Warning label c. Embargo d. Import tariff e. Exchange control

import tariff

You recently raised your prices on the products you sell to your business customers. To your surprise, these customers did not change the amount of units they purchase from you. It was as if the price increase did not matter to these customers. Which of the following types of business demand most accurately describes this situation?

inelastic demand

Depending on the length of time it takes them to adopt a new product, people can be divided into five major adopter categories: early adopters, early majority, late majority, laggards, and a) late adopters. b) nonadopters. c) innovators. d) middle adopters. e) middle majority.

innovators

The producers of Gillette razor blades use a marketing strategy that includes large advertising expenditures and more price flexibility for the various types of blades offered. Based on this example, razor blades are in the ___________ stage of the product life cycle.

maturity

Nike manufactures athletic shoes, shorts, shirts, and a variety of other athletic products. These products make up Nike's product

mix

Aderholt Distribution Company has purchased 15 forklifts over the past two years. As it plans to place its next order for another five machines, management wonders if additional features may be needed in order to handle changes in the product lines it carries. For Aderholt, these new forklifts represent a ____ purchase.

modified rebuy

During the introduction stage of a successful product, profits are usually a) at their highest point. b) negative and decreasing. c) negative and increasing. d) positive and increasing. e) declining.

negative and increasing

In the diffusion of innovation process, innovators enjoy taking risks and are regarded as highly knowledgeable. Marketers want to identify innovators because a. they are easily influenced by reminder advertising. b. they prefer products from established market leaders. c. they encourage competitors to enter the market. d. other consumers defer to their judgment, creating the opportunity for word-of-mouth referrals. e. they are especially price conscious.

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

Business markets are typically divided into four categories. These categories are a. retailers, wholesalers, services, and nonprofit firms. b. producer, manufacturer, reseller, and government. c. producer, reseller, government, and institutional. d. manufacturer, wholesaler, retailer, and services. e. reseller, retailer, government, and institutional.

producer, reseller, government, and institutional

If India, in an attempt to bolster the sales of its own auto manufacturers, decided to limit the number of automobiles that could be brought in from other countries, India would be using a(n)

quota

Quality Tools, Inc., purchases air hammers, wrenches, and other hardware items from a variety of manufacturers and sells them to hardware stores at a price that includes a profit for Quality Tools, Inc. The company would be part of what type of business market?

reseller

Shortly after moving into their new home, Elizabeth and Philip Jennings purchase to install smoke detectors and an alarm system . the Jennings are concerned about fulfilling their needs for

safety

Forever 21 clothing stores sell primarily what type of products? a. Specialty b. Unsought c. Convenience d. Shopping e. Nondurable

shopping

Samantha needed to buy an airline ticket to visit her parents. She went to several websites to compare rates and chose a flight on Spirit Airlines because, for a similar price to other airlines, it had a better reputation for service. For Samantha, this flight is an example of which type of product?

shopping

A consumer's buying decisions are affected in part by the people around him or her. Such people and the forces they exert on an individual buyer are called

social influences

A product item is best described as a a) component of a marketing mix. b) particular brand. c) specific characteristic of a product. d) specific version of a product. e) unit of measure for the product.

specific version of a product

Kia Motors purchases upholstery for the interiors of its vehicles from various suppliers. This upholstery must have a set of characteristics that is expressed by Kia Motors. This set is called a. specifications. b. product features. c. descriptions. d. purchase requests. e. criterion.

specifications

The group of people within a business who are involved in making business buying decisions is referred to as a. the new-task team. b. negotiators. c. purchasing agents. d. deciders. e. the buying center.

the buying center

When we speak of the number of product lines that a company offers, we are referring to the ____________ of the company's product mix.

width