Principles of marketing test 1

The Brandenburg family makes $3,500 per month. About $900 goes toward taxes and savings. They spend $2,600 on goods and services. Based upon the information in the text, about how much of their money goes toward marketing activities?

$1,300

How does a sustainable competitive advantage differ from a competitive advantage?

A sustainable competitive advantage is one that competitors cannot copy in the immediate future.

Procter & Gamble's Tide laundry detergent has a predominant share of the detergent market in the United States. It makes $4.5 billion in sales of this detergent brand. However, the detergent market has reached market saturation in the United States. With this information, what type of product is Tide based upon the Boston Consulting Group's market growth/market share matrix?

Cash Cow

Every year since 2010 Jersey Mike's has hosted an annual one-day-event where 100% of their sales are donated to a charity of the store owner's choice. In 2016, 180+ charities were supported nationwide by raising more than $4 million from the sales of the store's 1,500 locations. These events that Jersey Mike's funds every year are best described as which of the following?

Cause- related marketing

Marty works at an organization with a clear chain of command. The major decisions are relegated to top managers. Marty and his co-workers have strict performance standards. Managers at his organization monitor the work of employees to make sure they are staying on track. This is an example of a _____________- organization.

Centralized

After designing the research project, the next step for the marketing researcher is to .

Collect data

What is the major focus of marketing concept?

Customer Satisfaction

Louis is a student at Texas A&M who just secured a summer internship working for the marketing department of Southwest Airlines. He is assisting Marlene, one of the marketing managers, with a competitive assessment of the U.S. market. Marlene wants him to think outside of the box when assessing the competition. She tells him to think beyond direct competitors to any competitors that might be able to offer similar services as Southwest. Refer to Scenario 3.1. Which of the following represents a brand competitor to Southwest Airlines?

Delta AIrlines

Income that is available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter is known as _____________.

Discretionary income

Charles works as a marketer at Hewlett-Packard. He has just spent the last few weeks collecting information about environmental forces that will influence computer industry. The time has come to try and make sense of this data and gather insights which he hopes will improve the company's marketing strategy in relation to competitors. Which type of activity is Charles working on?

Environmental analysis

is the process of collecting information about forces in the marketing environment.

Environmental scanning

A marketing strategy is stating what is to be accomplished through marketing activities using clear language. It should be measurable.

False

Conducting a SWOT analysis comes immediately before the establishment of corporate and business-unit strategies.

False

Customers consciously calculate the value of a product in benefits and costs for most purchases.

False

Marketers have complete control over marketing mix variables.

False

The Foreign Corrupt Practices Act in the United States is a bribery law that is more encompassing than the U.K. Bribery Act.

False

The major source of cultural values is religion.

False

The marketing implementation section of the marketing plan outlines how the company will achieve its objectives.

False

Valerie works at a pharmaceutical firm that develops medicines for rare diseases. The company develops a new medication for a disease that very few people have. In fact, less than 100 people are said to have this disease in the entire country. As a result, the drug will be priced high, but the firm will work closely with insurance companies to get the medicine to the right people without sacrificing much revenue. Her friend Rick, who is taking business classes, tells her that this is too small to be a target market. Is Rick's statement true?

False

Which agency has the most influence over marketing activities?

Federal Trade Commission

__________________ is a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.

Green marketing

Louis is a student at Texas A&M who just secured a summer internship working for the marketing department of Southwest Airlines. He is assisting Marlene, one of the marketing managers, with a competitive assessment of the U.S. market. Marlene wants him to think outside of the box when assessing the competition. She tells him to think beyond direct competitors to any competitors that might be able to offer similar services as Southwest. Refer to Scenario 3.1. Which of the following represents a generic competitor to Southwest Airlines?

Greyhound bus system

Which of the following statements describes a benefit that marketing offers?

It enhances consumer awareness

Apple is known for its innovation. It conducts in-depth marketing research to determine what customers want. Its electronic devices are constantly upgraded so customers can purchase the newest models. The company creates buzz around its product offerings by discussing the product months before it is launched. This anticipation builds up until the product is launched, resulting in wide-scale sales that often result in stores selling out of the newest product. Refer to Scenario 1.2. From the information provided about Apple and its marketing strategies, Apple most likely embraces a _______________.

Market orientation

Denise works as a direct seller for Avon. She is determined to sell as many products to as many people as possible. Although she generally has a good relationship with customers, she has been known to be overly aggressive in trying to sell products. She often convinces consumers to purchase more expensive products even after they say they are not interested. As a result of Denise's high sales, she has become a top performer. Recently, however, Denise's sponsor has been informed of complaints that customers have levied against Denise accusing her of "badgering" them into buying products. The sponsor meets with Denise and tells her it is unacceptable to pressure consumers into purchasing items they do not want. Refer to Scenario 1.1. Denise's sponsor tells her that it is important for her to determine her customer's needs and then find the product that best meets those needs, regardless of price. She recommends that Denise adopt the ____________. In other words, Denise should move from a _____________, where she is focused on using her aggressive direct selling talents to maximize profits, toward embracing the more customer-centric ________________.

Marketing concept; sales orientation; market orientation

Which of the following statements about the marketing environment is false?

Marketing environmental forces are uncontrollable, so marketers do not plan for them.

a _____________ states what is to be accomplished through marketing activities.

Marketing objective

a __________ is a written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies.

Marketing plan

Google has written down the following: "to organize the world's information and make it universally accessible and useful." This is most likely a part of Google's ___________________.

Mission statement

Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing activities he needs to take to spread awareness of his company and attract consumers to his business. Refer to Scenario 2.5. Paul would like his sales for next month to reach $15,000. This is an example of a _______________.

Performance standard

Lobbying involves which type of force in the marketing environment? Please choose the best answer.

Political

Which of the following marketing mix variables has Walmart generally emphasized in its marketing activities?

Price

Many marketing managers attempt to influence and shape environmental forces. This is known as the _________ approach.

Proactive

Jessica's manager believes that Tres Tortillas can gain an advantage over competing Mexican restaurants in the area by capitalizing on the growing demand for salsa. He believes the firm's top secret salsa recipe could be the key to expanding into another market niche. The manager has proposed developing a line of its salsas in 16-oz jars to sell at its restaurant. This way its loyal customers could buy its salsa outright and serve it at home. Jessica has been tasked with the determining the feasibility of this strategy. Refer to Scenario 2.2. What type of competitive growth strategy is Jessica's manager discussing?

Product development

Jim manages a small factory that produces circuit boards. Jim operates from the belief that a good product creates demand. He focuses much of his energy on developing operational efficiencies and increasing output. The company's salesperson Darlene, however, views customer relationships and personal selling as being the highest priority. Between the two of them, the firm has become known for its quality products and excellent customer relationships. Refer to Scenario 1.4. What type of orientation has Jim adopted?

Production

Denise works as a direct seller for Avon. She is determined to sell as many products to as many people as possible. Although she generally has a good relationship with customers, she has been known to be overly aggressive in trying to sell products. She often convinces consumers to purchase more expensive products even after they say they are not interested. As a result of Denise's high sales, she has become a top performer. Recently, however, Denise's sponsor has been informed of complaints that customers have levied against Denise accusing her of "badgering" them into buying products. The sponsor meets with Denise and tells her it is unacceptable to pressure consumers into purchasing items they do not want. Which variable of the marketing mix does this issue involve?

Promotion

deepens the buyer's trust in the company, and as the customer's grows, this in turn, increases the firm's understanding of the customer's needs.

Relationship marketing

REI has a 100% satisfaction guarantee on its items. It allows customers to return products up to one year after purchase. This is an attempt by REI to reduce what type of cost?

Risk

Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who ride long distance. Refer to Scenario 2.6. What method of analysis is Margie using?

Sales analysis

Through the process of _____________, a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy.

Strategic planning

Why might a marketer want to engage in marketing cost analysis?

To allocate the firm's marketing resources better in the future

Marketers can influence the political process through political action committees that solicit donations from individuals and then contribute those funds to candidates running for political office.

True

The degree of centralization falls under organizing the market unit—a major part of managing marketing implementation.

True

Many marketers collecting information turn to LexisNexis. LexisNexis contains articles on a variety of topics as well as cases and news documents. LexisNexis would most likely be considered which of the following?

a database

Jessica is working on a SWOT analysis of a local Mexican restaurant Tres Tortillas in Flagstaff. She writes down that the organization has high customer loyalty, resources for expansion, and strong management. She also writes that the market for salsa products is strong, and more people are eating out. On the other hand, one major complaint leveled against the restaurant is that its prices are high, and other casual-dining restaurants with less expensive menu offerings are opening in the city. Still, Jessica believes the restaurant's talented and well-known chef provides it with an advantage other restaurants do not have. Refer to Scenario 2.1. Which of the following characteristics of the Mexican restaurant represents an opportunity?

a greater demand for salsa products

Which of the following statements is true about marketing?

all types of organizations need marketing

Which of the following is the final step in establishing an implementation timetable?

assigning responsibility for completing each activity to one or more employees, teams, or managers.

A lawsuit was filed against Naked Juice because of its claims that it is "natural." The lawsuit claimed that because it contained synthetic ingredients, it did not fit the definition of "natural" and was therefore misleading. Naked Juice agreed to drop the "natural" claim. According to critics, Naked Juice was violating consumers' right to _______________.

be informed

Which of the following allows marketers to sift through large amounts of information to gather unique insights that would not necessarily have been observable through other methods?

big data

Jessica continues to work on the marketing strategy for Tres Tortillas. Tres Tortillas was successful in selling 16 ounce jars of salsa in its restaurant. In fact, demand for the jars of salsa is so high that Jessica believes Tres Tortillas should try to expand and start selling in stores. She believes Tres Tortillas salsa has the potential for enormous growth, perhaps even more so than the actual restaurant. Refer to Scenario 2.3. Jessica's manager is skeptical. Such an investment would require a manufacturing facility, a larger marketing budget, and salespeople who would be able to get the salsa onto store shelves. However, Jessica maintains that Tres Tortilla's secret salsa recipe is a core competency. The market for salsa is also strong. She believes this provides Tres Tortillas with a chance to match its core competency to market opportunities, otherwise known as a(n) ___________________.

competitive advantage

The marketing environment includes ___________, economic, political, legal and regulatory, technological, and __________ forces.

competitive; sociocultural

involves organized efforts by individuals, groups, and organizations to protect consumers' rights.

consumerism

Soda companies are worried because sales have fallen flat. People today are more concerned about their sugar intake and want to be healthier. This reflects a change in _____.

cultural values

Libby is part of an online group of people who act as sounding boards for new ideas from one of her favorite companies. Libby does not interact much with the other people in her group, but she provides her own insights about proposed products. Libby is part of a(n) _________.

customer advisory board

Olivia works at Ginger, a woman's clothing store. Olivia noticed that while the store was popular with women of all ages, it was selling few of its jeans to women over 45. While they bought tops, shorts, and dresses, rarely any sales from this group of women included jeans. In contrast, Ginger's jeans were highly popular among those under 45. Olivia would like to conduct research to see why this is so. What type of research will Olivia likely conduct?

descriptive research

After locating and defining problems or issues, the next step in the marketing research process is to _____________.

design the research project

Jameson manages a well-known cell phone company. This company has been voted as having the best cell-phone service. Consumers appreciate the fact that they can call from almost anywhere in the world and the service still gets through. Jameson knows that the company's product far surpasses that of the competition. One thing has been bothering him, though. In order to put so many resources into ensuring the best service, Jameson has cut back on employees at the firm's customer call center. Recently, consumers have begun complaining about long wait times when they call in with a problem or concern. Although its cell phone service is still considered one of the best, customer satisfaction with the firm's customer service has plummeted. Jameson does not understand why consumers are getting so upset. He believes the exceptional cell phone service more than makes up for long waiting periods and other issues with its customer service. "After all," he says, "They can't have it all. If I invest more in customer service, that means less investment on ensuring the quality of our product offering." Refer to Scenario 1.3. Jameson has asked you, a marketing consultant, to give him advice. He cannot understand how a cell-phone company with the best product offering in the cell-phone service industry could get such low satisfaction ratings simply because the customer service is not up to par. You suggest that Jameson has a narrowly defined view of the company's product offering. You tell Jameson that successful marketers should define their products as what they ___________________.

do to satisfy customers

The ___________ of technology involves the constant change that challenges every aspect of our society.

dynamics

Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing activities he needs to take to spread awareness of his company and attract consumers to his business. Refer to Scenario 2.5. Paul is at the stage of his marketing plan where he needs to gather information about his firm's situation with respect to the market. A major part of this is his assessment of target markets. Which section is he about to write?

environmental analysis

It is a year later. Jessica's manager decided that the company would develop a salsa business. Jessica has been in a flurry of activity since then. Not only did the company have to invest in a building and equipment, but she has had to develop marketing strategies for the new salsa business. The marketing strategies are now complete and ready to be put into action. Jessica was placed in charge of marketing implementation. She has spent several months organizing the marketing unit, training employees, coordinating the marketing staff, and communicating the goals and objectives of the strategy. Refer to Scenario 2.4. What is next step Jessica should take to implement the marketing strategy?

establish timeable for implementation

Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who ride long distance. Refer to Scenario 2.6. At what stage of the strategic planning process is Margie?

evaluating marketing strategies

research allows marketers to make causal deductions about relationships.

experimental

Justin is part of a group of students who are working with a bakery to collect marketing research. The bakery wants to determine whether a new type of pastry would be successful. Justin's group decides to conduct a taste test and then have respondents fill out a survey about their thoughts. Questions would include whether they liked or disliked the pastry, what they liked or disliked about it, and whether they would purchase it at certain price points. Refer to Scenario 4.1. What type of research is Justin's team collecting?

exploratory research

A marketing information system uses tools and methods to measure and interpret the effectiveness of a firm's marketing activities.

false

Exploratory studies use relatively large sample sizes.

false

The marketing research process differs from country to country.

false

Which of the following statements is true about how our U.S. demographics are changing?

fertility rates are at their lowest

Procter & Gamble is thinking about developing a new brand of shampoo. Before it invests too many resources, however, it wants to gather consumer insights to determine what consumers are looking for in shampoo and whether its idea will be likely to catch on. It has brought together a group of 12 consumers. A moderator is present to direct discussion, but P&G is most interested in the unique insights it could collect through group interaction. This is known as a _________________, which is a part of _______________ research.

focus group; exploratory

Which of the following institutions would be most likely to market an idea as their main product?

greenpeace

Drake is performing a marketing research study on products that contain pomegranate as an ingredient. He believes this study will prove that consumers are attracted to pomegranates because of their exotic nature and reported connection to health benefits. Drake is developing a(n) .

hypothesis

The real value of marketing research is measured by_______________.

improved decision-making ability

Marketing research is the systematic design, collection, ______________, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.

interpretation

What is the significance of the 2010 Supreme Court decision, Citizens United v. Federal Election Commission?

it ruled that the government is not authorized to ban corporate spending in candidate election.

Which of the following is a disadvantage of being a first-mover in the market?

large outlays associated with creating a new product

Consumers are most likely to remain anonymous through which survey method?

mail surveys

_______________ uses tools and data to measure and interpret the effectiveness of a firm's marketing activities.

marketing analytics

When Panera Bread decided to eliminate artificial flavorings and preservatives from its products, it was most likely responding to which of the following?

marketing environment forces

Principles and standards that define acceptable conduct in marketing as determined by various stakeholders are known as ___________________.

marketing ethics

Jameson manages a well-known cell phone company. This company has been voted as having the best cell-phone service. Consumers appreciate the fact that they can call from almost anywhere in the world and the service still gets through. Jameson knows that the company's product far surpasses that of the competition. One thing has been bothering him, though. In order to put so many resources into ensuring the best service, Jameson has cut back on employees at the firm's customer call center. Recently, consumers have begun complaining about long wait times when they call in with a problem or concern. Although its cell phone service is still considered one of the best, customer satisfaction with the firm's customer service has plummeted. Jameson does not understand why consumers are getting so upset. He believes the exceptional cell phone service more than makes up for long waiting periods and other issues with its customer service. "After all," he says, "They can't have it all. If I invest more in customer service, that means less investment on ensuring the quality of our product offering." Refer to Scenario 1.3. On your advice, Jameson decides to invest more in customer service training and hiring. Satisfaction increases, but not to the level Jameson thinks it should be. He conducts a marketing research study and found that while most consumers like the product, many would like to see additional services available. However, what type of service customers want tends to vary by customer. Jameson has come to believe that customers just do not know how to assess value correctly. Jameson appears to believe that determining value is a (n) _______________ process, while in reality the process of assessing value is highly ______________.

objective; subjective

CVS wants to study how aging consumers shop. It sets up a mock store and invites older consumers to shop. The store is made to look exactly like a normal store because researchers want the consumers to feel as if they are really shopping. Researchers record what they see and use this to develop a report for CVS's marketing department. What type of data collection practice is being used here?

observation

Cecilia is watching people in a store to see how long customers tend to linger in front of certain items of interest. Cecilia is engaging in ______________ to collect _____________ data.

observation; primary

Louis is a student at Texas A&M who just secured a summer internship working for the marketing department of Southwest Airlines. He is assisting Marlene, one of the marketing managers, with a competitive assessment of the U.S. market. Marlene wants him to think outside of the box when assessing the competition. She tells him to think beyond direct competitors to any competitors that might be able to offer similar services as Southwest. Refer to Scenario 3.1. Because Southwest Airlines operates in a(n) _____________, if American Airlines lowers prices, Southwest will likely _______________.

oligopoly; do the same

Susan works for Procter & Gamble. She has been told that the company wants to test a new product idea on some of its consumers. The budget she is given is way more than she thinks she will need, so she does not feel that money will be an issue. Susan would like to get highly accurate data. She wants to encourage respondents to be as detailed as possible in their responses. Which survey method would work best for Susan?

personal interview surveys

Jim manages a small factory that produces circuit boards. Jim operates from the belief that a good product creates demand. He focuses much of his energy on developing operational efficiencies and increasing output. The company's salesperson Darlene, however, views customer relationships and personal selling as being the highest priority. Between the two of them, the firm has become known for its quality products and excellent customer relationships. Refer to Scenario 1.4. Recently, Darlene has found that they have begun to reach market saturation. She is having trouble finding new customers. One solution would be to increase the company's reach, perhaps by opening up locations in other areas. However, she knows this will be expensive. After noticing that many of their customers are planning on expanding and purchasing bigger facilities, Darlene feels that the best option is to increase the company's ________________.

product output

Apple is known for its innovation. It conducts in-depth marketing research to determine what customers want. Its electronic devices are constantly upgraded so customers can purchase the newest models. The company creates buzz around its product offerings by discussing new product months before they are launched. This anticipation builds up until the product is launched, resulting in wide-scale sales that often result in stores selling out of the newest product. Refer to Scenario 1.2. Apple's emphasis on marketing research is used to enhance the _______________ market orientation variable of the marketing mix, while its skills at creating buzz for its newest product offering months before its release is an example of the ________________ variable.

product; promotion

Justin is part of a group of students who are working with a bakery to collect marketing research. The bakery wants to determine whether a new type of pastry would be successful. Justin's group decides to conduct a taste test and then have respondents fill out a survey about their thoughts. Questions would include whether they liked or disliked the pastry, what they liked or disliked about it, and whether they would purchase it at certain price points. Refer to Scenario 4.1. Justin and his team were hoping to conduct their tests in a grocery store. However, they could not receive permission to do so. In the end, they set up a booth in the student union building and asked passers-by to participate. To be more representative, they tried to divide by age and race to ensure they got enough from both genders and from different ethnicities. For instance, they know that roughly 5 percent of the student population at the school is Hispanic. Since its goal is to get 200 responses, they set a goal to ask 10 Hispanic individuals to take the taste test. This is most likely an example of _______________.

quota sampling

During what period in the business cycle are firms first likely to cut their marketing budgets?

recession

International differences can have a profound impact on data gathering. The marketing researcher should therefore follow a two-pronged approach when conducting international marketing research projects. In the first phase, the marketer should focus on indirect data gathering. This _____ data would then be analyzed to gain a greater understanding of the particular marketing environment.

secondary

Internet privacy has become a major issue. In fact, in Europe there are privacy laws to limit how much information websites can collect from users without their permission. The United States does not have comparable laws to protect consumer privacy on the Internet. Collecting this information is beneficial for firms because then they can tailor marketing messages that better fit its users' needs. These better marketing campaigns can provide them with a competitive advantage. Acme Corporation uses cookies and other devices to collect information. Its privacy policy explicitly informs users that it collects information. However, most people do not read through the policy. Lately, some consumers have complained because they are worried that their information could be compromised. They question the security of the site. Acme wants to restore confidence and prove that it has controls in place. Refer to Scenario 3.2. Acme wants to hire a trusted third-party verification site that specializes in Internet security to view its site. This third party has strong privacy criteria. If Acme meets these criteria, they can display a special seal on its website. This seal will demonstrate to users that Acme's website meets high standards in Internet security. Acme thus will reassure consumers that their information is safe. What type of activity is Acme engaging in?

self- regulation

Which of the following is true about social responsibility?

social responsibility improves marketing performance

Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who ride long distance. Refer to Scenario 2.6. Margie believes this is the optimal time to seize upon this opportunity. Through the bike's patented design, her company has capabilities that fit the unique demands of this growing market. Margie wants to capitalize on this opportunity before these market trends have a chance to change. This period for Margie's firm is known as a ______.

strategic window

Which of the following products most closely resembles pure competition?

table salt

Internet privacy has become a major issue. In fact, in Europe there are privacy laws to limit how much information websites can collect from users without their permission. The United States does not have comparable laws to protect consumer privacy on the Internet. Collecting this information is beneficial for firms because then they can tailor marketing messages that better fit its users' needs. These better marketing campaigns can provide them with a competitive advantage. Acme Corporation uses cookies and other devices to collect information. Its privacy policy explicitly informs users that it collects information. However, most people do not read through the policy. Lately, some consumers have complained because they are worried that their information could be compromised. They question the security of the site. Acme wants to restore confidence and prove that it has controls in place. Refer to Scenario 3.2. What type of environmental force does this issue involve?

technological

A _______________ is a procedure with which managers try to foresee the effects of new products and processes on their firm's operations, on other business organizations, and on society in general.

technology assessment

Shannon is driving in downtown Santa Fe. She is not very familiar with the area and is running late for her appointment. She heads to a nearby paid parking lot and is told that it costs $10 to park. Shannon is irritated by the price. Although there are likely other paid parking lots that are less expensive, Shannon pays the price to park there. Different cost considerations impacted Shannon's decision, but clearly one stood out over all the others. Which cost exerted the most influence over Shannon's decision to park in the $10 parking lot?

the non-monetary cost of time.

Most of the largest marketing research firms derive a significant portion of their revenues from research conducted outside of the United States.

true

The challenge is not in collecting big data; it is how to use it effectively.

true

Jacob performed an experiment over and over again in his quest to understand buyer behavior. He always got similar results. Jacob went to his manager with his results and told her that this knowledge could help them improve the company's marketing strategy. However, the manager pointed out that Jacob's results do not prove an association between his outcomes and buyer behavior. In fact, the manager can think of a number of factors proven to be more effective in influencing buyer behavior. In this case, Jacob's results lacked _________.

validity

The savings in your savings account would fall under which of the following?

wealth