BUS 346 Final
If the fixed costs of manufacturing a new cell phone are $10,000, the sales price is $60, and variable cost per unit is $20, the break-even point is
250 units
__________ refers to a potential customer's ability to recall that the brand name is a particular type of retailer, product, or service.
Brand awareness
Which of these is not one of the BRIC countries?
Bulgaria
When Val sees the RFP issued by one of his customers, he is concerned that the company has changed its specifications since it placed a previous order with him. His company's products do not meet the new specifications. In this situation, being the current vendor
D will probably not be an advantage in getting the new order.
__________ attributes are product or service features that are important to buyers and that are used to differentiate among choices.
Determinant
Which of the BRIC countries has one of the youngest populations in the world and is increasingly adopting global attitudes?
India
How might a technology company like Apple ensure that it behaves in a socially responsible way toward its customers?
It can protect the privacy of personal information collected on its website
__________ pricing tactics lower the price of a product below the store's cost.
Loss leader
__________ fairness refers to the perceived fairness of the process with which a firm handles customer complaints.
Procedural
__________ involves the planning, direction, and control of personal selling activities, including recruitment, selection, training, motivation, compensation, and evaluation of members of the sales force.
Sales management
Ford Motor Company decided to sell the Fiesta around the globe. Which of the following would be an example of globalization of the Fiesta?
The same product design and features in all countries, with variations in the promotional campaigns country by country
What is the problem associated with service quality standards such as "be nice" or "do what the customers want"?
They are not specific
What is a microblog?
a blog service that supports only short posts
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, __________ should engage in brainstorming and evaluating alternatives.
all parties relevant to the decision
To determine the market potential for its particular product or service, a firm should use
as many metrics as it can obtain
When Leanne gave her presentation to the BigDeal buying center team, she focused on answering Beverly's questions, since she is the decision maker. What type of buying center does BigDeal employ?
autocratic
The goals of IMC need to
be explicit and measurable
The point at which the number of units sold generates enough revenue to equal the total costs of running an operation is known as the
break-even point
Gwen recognizes that one of her roles as a company sales rep is to be the firm's frontline emissary. As such, she strives to
build long-term relationships with customers
How does your text describe how social media firms help marketers connect with their customers?
by helping build connections between customers and firms
Which of the following is not one of Hofstede's cultural dimensions?
certainty assurance
Elena is the CEO of a small manufacturing firm. She is concerned with meeting the investment objectives of the firm's shareholders and sees no value in corporate social responsibility. Elena's attitude is
consistent with the views of other critics of corporate social responsibility
Denny is considering the question, "Did our actions have a negative impact on any stakeholder group?" Denny is addressing marketing ethical issues in the __________ phase of the strategic marketing planning process.
control
Every year, General Mills issues a report discussing how the firm has performed against its own standards of ethical conduct. This report is part of General Mills' __________ phase of its strategic marketing planning process.
control
When integrating ethics into a marketing strategy, a key task is to ensure all potential ethical issues have been addressed and that all employees of the firm have acted ethically. This action would take place during which stage of the strategic marketing planning process?
control phase
__________ are a measure that indicates what percentage of potential customers act as the marketer hopes, either by clicking, buying, or donating.
conversion rates
A __________ can be used to create positive word of mouth, help customers form a community, and develop long-term relationships between customers and the company.
corporate blog
Cory is working on a global marketing assessment team looking out well into the future to help determine the most attractive market areas around the world. He is evaluating market sizes and growth rates. Based on population growth rates in different regions, he should consider that
countries with high purchasing power today may not continue to show the same growth in the future
After exchanging greetings and getting to know the customer a bit in an initial sales call, the first goal of a sales presentation is to
create interest
In the movie Field of Dreams, one of the memorable phrases is, "If you build it, he will come." The AIDA model would suggest that after marketers "build" a product or service and create awareness among consumers, they need to
create interest among consumers, persuading them to investigate further
Marketers can take advantage of the variable nature of services by
customizing services to meet customers' needs
If you ever watched a television commercial and at the end of the message wondered what was being promoted, you may had trouble __________ the IMC message.
decoding
Sales of electric components manufactured by Rick's company depend on sales of new cars. Rick's company faces __________ demand.
derived
Bhakti was recently promoted to a sales management position. She had been an effective representative, but her strengths and educational background were in management. She was about to begin her first salesperson recruitment campaign. The most important thing Bhakti can do to ensure that she recruits the right people is to
determine exactly what the salesperson will be doing and what traits and abilities job candidates will need to succeed
Brands can be extremely valuable domestically, but challenging internationally. Companies can help overcome language difficulties in using brands by
developing brand names that have no preexisting meaning in any known language
NCD Company wants to expand into the Mexican market. It has the financial resources, wants to control business operations, and had considerable success marketing to Hispanics in the United States. NCD will likely use __________ to expand into the Mexican market.
direct investment
While waiting in line to make a purchase at Best Buy, Joanie sees signs reminding her to visit the company's website for online specials and to sign up on her smartphone for the Best Buy Loyalty Rewards Program. Other signs remind her that Best Buy will match competitors' prices on any item they sell. This is an example of which of the 4E framework objectives?
educate
Gene's Complete Cameras offers its customers an interactive website to help them choose the best camera for their lifestyle. But the site's most-used feature is its user blog in which customers—both satisfied and unsatisfied—talk about products they have purchased and the service received at Gene's. The user blog best describes which of the 4E frameworks for the store's customers?
engage
Marketers particularly want their brands and products to be in consumers' __________ sets.
evoked
Unlike a firm's mission statement or employee handbook, a firm's organizational culture often
exists as a set of unspoken guidelines
Mary wants to sell her products in Europe, since they are doing well in the United States. She does not have a lot of capital and is risk-averse, so she most likely would choose to begin with
exporting her products
When entering into a franchise agreement, what term is used to refer to the firm that is granted the right to operate a business using the franchise name and business concept?
franchise
Even the best marketing communication can be wasted if the sender does not first
gain the attention of the consumer
As marketing manager for a newly created software company, Katrina is deciding whether or not to hire a company sales force. To make this decision, Katrina needs to consider whether or not
having a sales force is worth more than it costs
Which of the following is the most logical example of complementary products?
hot dogs and hot dog buns
Garrett has just purchased a beer distributorship. He wants to increase the visibility of his firm in local markets, but he knows there are a number of regulations and socially accepted practices associated with promoting alcoholic beverages. According to the framework for ethical decision making, the first thing Garrett should do is to
identify issues that need to be addressed
Lamar is assessing the long-term effectiveness of his firm's IMC efforts. He will probably analyze the firm's success in
increasing market share, sales, and customer loyalty
At many universities, education faculty members were among the first to ask for personal computers. These faculty members were __________ in the buying center.
initiators
Rob was complaining to another member of the lawn crew, "I don't know how they expect me to do an adequate job. The mower doesn't work right, the trimmers are so dull they don't cut anything, and the rest of the equipment is so old we can't get parts." Rob's company lacks the __________ workers need to be able to do a good job.
instrumental support
Ryan believes he is responsible for his actions, and he will conduct extensive searches before making a purchase. Michael's favorite phrase, when confronted by the need to make a decision, is "Whatever." In marketing terms, Ryan is said to have a(n) __________ and Michael, a(n) __________.
internal locus of control; external locus of control
Carlos owns a chain of retail electronic stores. He is evaluating how he allocates his firm's IMC budget. He receives offers from a variety of advertising media, spends money on his firm's public relations efforts, and is considering electronic media alternatives. Carl must recognize that each IMC alternative
is part of the whole
Jackson manages an upscale French restaurant in the Washington, DC, area. His restaurant offers a few specials each evening in addition to its regular menu. Jackson has trained his servers to report comments and requests for items that have previously been offered only as specials. Jackson uses this information to reduce the __________ gap in services marketing.
knowledge
Studies have found that customers are typically ready to make a purchase decision well before salespeople attempt to close the sale. Salespeople can learn when to close the sale by
listening to customers and paying attention to their body language
The execution style of an advertising message must
match the medium and the objectives
Instagram is an example of which type of social media site?
media sharing
Marketers rely on three types of social media: social networking sites, thought-sharing sites, and
media-sharing sites
A(n) __________ situation in B2B marketing is similar to limited decision making in the B2C process.
modified rebuy
If a firm in a purely competitive market can differentiate its product or service, it becomes part of a(n) _______ market.
monopolistic competition
In a market with _______ there are many firms providing differentiated products.
monopolistic competition
In which buying situation is the buyer most likely to proceed through all six steps in the buying process?
new buy
Jenny was feeling frustrated. "What's taking them so long to make a decision? It's been weeks since I first met with them, and they all seem interested in the product. I've also jumped through all their paperwork hoops." Jenny is likely selling to a firm in which kind of buying situation?
new buy
When using the objective-and-task method of IMC budgeting for multiple products and services, how often must the process be repeated?
once, for each individual product and service
Every year before he puts his boat in the water, James has his mechanic put a new battery in the boat. James is most likely concerned with __________ risk.
performance
Barak is considering buying a hybrid car, but he's not sure that he believes the gas mileage estimates. Barak is concerned about
performance risk
Campbell's soup Company ran a series of radio ads tied to local weather forecasts. Before an impending storm, the ads said "Time to stock up on Campbell's soup." During the storm, the ads said, "Stay home and stay warm with Campbell's soup." The first ad was __________ advertising, whereas the second ad was __________ advertising.
persuasive; reminder
Marketers that include ethical statements in the firm's mission or vision statements are introducing ethics at which stage of the strategic marketing planning process?
planning phase
Barry customizes Harley-Davidson motorcycles. No two cycles are alike. He notices that very few customers even ask the price of his motorcycles before they decide to purchase them. Demand for his motorcycles is probably
price inelastic
Because there are only a few firms in markets with oligopolistic competition,
price wars may occur
Which of the following details is(are) included in the order specification stage of the B2B buying process?
prices and delivery dates
Service providers often encounter rude and unreasonable consumers. Services marketing managers can reduce the delivery gap, even for these customers, by
providing support and incentives for their employees
Upscale men's and women's clothing stores, like Nordstrom, Neiman Marcus, or Saks Fifth Avenue, are more likely to appeal to consumers' __________ needs.
psychological
A firm that places an emphasis on developing and maintaining positive relationships with the media is focusing on a(n) ________ strategy.
public relations
Kyle is preparing for an important sales presentation. He knows that customers are more likely to ___________ during his presentation than during other stages of the selling process.
raise objections
Rock-Bend Company is considering buying out a competing firm and closing most of the competitor's factories. The firm has identified the various stakeholders and their issues and gathered the available data. Everyone with an interest in the issue has engaged in brainstorming and evaluating alternatives. Management reviewed and refined the alternatives, and then chose a course of action. If the managers are not confident about the decision, they should
reexamine their alternatives
Many Hollywood movie stars were among the first to buy electric and hybrid vehicles. These stars often become __________, influencing other consumers' behavior.
reference groups
Each year in December, Anheuser-Busch runs television ads featuring the Clydesdale horses pulling a stagecoach with an Anheuser-Busch logo. The message is low-key, wishing everyone well during the holiday season. This is an example of _________ advertising.
reminder
The process through which organizations invite alternative vendors or suppliers to bid on supplying their required components or specifications is formally referred to as
request for proposals
What type of B2B organization is a retail store such as T.J.Maxx?
reseller
Unlike manufacturers, __________ buy products from other businesses but do not significantly alter the form of the products they buy before selling them.
resellers
When Magda decided to buy a new computer, she considered all the brands she could recall seeing advertised. This represents Magda's __________ set.
retrieval
From a marketing perspective, what role is played by professional bloggers?
reviewing and giving product recommendations
When Barbara realized she didn't have all of the technical information she needed to answer the customer's questions, she made a call to her office. Who would be most likely to provide appropriate assistance?
sales support personnel
Frieda has just received a major order from Northrop Corporation for her firm's hydraulic lift equipment. After reviewing the order information, Frieda will
send an acknowledgment that the order has been received
The first step in the process of creating a social media campaign is to
set goals
"Black Friday," as the day after Thanksgiving has come to be known in the United States, is a day marked by many special deals in most retail stores, including deep-discounted products available in limited quantities, called "doorbusters," which are designed to get shoppers into the store. But one danger of running out of the doorbuster deals is that a shopper may become angry or discouraged at failing to get the special item and decide not to do any more shopping. This is an example of the impact of __________ on the consumer decision process.
setting high expectations
Regina just bought a gourmet bagel store. She is working with a freelance graphic artist who is designing her logo and print advertisements. Regina is spending days looking over the various designs and color options. She needs to remember that the creative aspect of advertising design
should not overshadow the message
A process called _______ enables customers to scan a product in a store and instantly compare the prices online to see whether a better deal is available.
showrooming
André was afraid his new condominium would look shabby to his future in-laws, so he had it painted just before their visit. André was addressing his __________ risk.
social
When developing an advertising message, the message should focus on
solving problems for consumers
Training service providers to know exactly what a "good job" entails is setting service
standards
Gerald's Tire Service provides each employee with a clean, sharp-looking uniform. It also instructs employees to put all tools back where they belong and keep the work area clean and uncluttered. Gerald's Tire Service emphasizes __________ in the five service quality dimensions.
tangibles
Monique was looking for a venue for her wedding reception. When she visited one potential location, she noticed that the landscaping was not complete, and there was stained carpet in the lobby. Which of the service quality building blocks caused Monique to select an alternative venue?
tangibles
Unlike product, promotion, or place, price is the only part of the marketing mix
that generates revenue
When auditing expenses claimed by the university president, the auditors found extravagant spending on $1,000 per night hotels, banquets, and gourmet restaurants. The president was fired, alumni donations declined, and staff members—who were disturbed by the extravagance while staff salaries were frozen—quit their jobs. This example illustrates
that the impact of unethical actions can affect the organization in unanticipated ways
Before approaching a potentially major B2B customer, a salesperson will usually
try to find out everything possible about the firm and its needs
Labor, materials, and energy are typically __________ costs.
variable
Bank of America uses a complex polling system coupled with a customer response measurement system to assess consumers' responses to new products and services. Bank of America is using a(n) __________ program to improve service quality and service offerings.
voice-of-customer
B2B partners often connect to each other on the Internet through special __________ designed to facilitate information exchanges and transactions.
web portals
Brandon is in the process of qualifying leads he received from corporate headquarters. Brandon will assess
whether or not it is worthwhile to pursue these potential customers
A __________ is a type of reseller, a business that buys from other businesses but does not significantly alter the form of the products it buys.
wholesaler