Marketing test 2

Individuals and business organizations that purchase products for the purpose of making a profit either by using the products to produce other products or by using them in their operations are classified as this market

Producer markets

Business markets are typically divided into 4 categories which are

Producer, re seller, government, and institutional

If Germany, 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, Germany would be using this

Quota

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

Re seller

Individuals and business organizations that buy finished goods and resell them to make a profit without changing the physical characteristics of the product are this kind of market

Re seller market

Digital media such as blogs allow marketers to interact with prospective customers in

Real time

The 3 purposes for which individuals or groups can use products in order for it be considered a business market are

Resale, direct use in producing other products, and use in general daily operations

To make intangible products more tangible or real marketers often do this

Use symbols/cues to help symbolize product benefits

More than this percentage of the world's purchasing power is outside the US

%70

A product is defined as this

A good, service, or an idea received in an exchange

Sam's Club has developed a website that allows employees to create a profile and connect with co-workers for the purpose of getting acquainted and building a work related network, this is an example of

A media sharing site (social network)

The Carson's are going on a vacation back to Texas. When they were there they loved Blue Bell cookies. Blue Bell is sold only in Texas. She plans to buy 2 boxes at the first store she visits after they arrive. Blue bell represents this

A specialty product

Ability to obtain digital info is referred to as this

Accessibility

The ability of a marketer to identify customers before they make a purchase is this

Addressibility

JCPenny's website encourages visitors to register in order to maximize their use of the site. By gathering info about a customer before a purchase is made they are practicing

Addressibility (consumers digital media behavior)

Many aspects of consumer buying decisions are affected by the individual's level of involvement. Level of involvement is

An individuals degree of interest in a product and the importance of the product for that person

Ryan is on his way to work when he realizes he has a flat tire. He goes into Sam's club and has a new tire installed. Ryan's purchase of a new tire in this situation is

An unsought good

Home depot has an iPhone icon that allows users to match colors in photographs with the store's selection of carpets, this is an

Application

This is the difference between a nation's exports and its imports

Balance of trade

This is a small technology-based firm operating in international markets almost immediately after their establishment and realizing as much as 70% of their sales outside the domestic home market

Born globals

When Hunter Ceiling Fans buys electrical wire for in use producing its ceiling fans, Hunter is part of what type of market for electrical wire

Business market

Products are classified as being business or consumer products according to this

Buyer's intended use of the product

Routinized response behavior is what a consumer does when

Buying frequently purchased, low-cost items that need little effort

This involves the use of digital networks to provide linkages between information providers and users

Connectivity

Purchasers who purchase products for personal or household use and not for business purposes are called

Consumer buying behavior

Energizer batteries would be classified as this type of product

Convenience product

This uses the internet, mobile, and interactive channels to develop communication and exchanges with customers

Digital marketing

Electronic media that function using digital codes

Digital media

When Starbucks decided to expand into the international markets of India etc. management realized that there would be significant differences in the standards of living, credit, buying power, and income distribution in those countries. Starbucks is currently examining these forces in its environmental analysis

Economic forces

The US prohibition against importing cigars from Cuba is an example of this

Embargo

Chloe and Max are searching for a health club to join. This purchase will likely be affected by

Enduring involvement

Justin is purchasing his third car in the past 5 years. He has been a car enthusiast ever since he was a young boy. Justin likes to spend his free time looking at car magazines, going to car shows, and watching NASCAR. Justin's interest in cars is referred to as

Enduring involvement

The forces that affect foreign markets may differ dramatically from those affecting domestic markets. This makes a this a critical part of a successful international marketing strategy

Environmental analysis

Government restrictions on the amount of a particular country's currency that can be bought or sold are known as this

Exchange controls

Which type of business market tends to have the most complex buying procedures

Government

A concept, philosophy or image

Idea

If Tasmania levied a duty on all goods purchased from the US and other countries outside its borders that were brought into Tasmania, its businesses and citizens would be paying this

Import tariff

Convenience products are

Inexpensive, purchased items for which buyers exert minimal effort. Type of good that's purchased often by a consumer w/o involving much exertion or consideration. Business that specializes in making a particular convenience product will typically need to focus on increasing production volume rather than on improving features to boost products

This allows customers to express their needs and wants directly to a company in response to its marketing communications

Interactivity

Extended decision making is the type of consumer decision-making process that

Is the most complex problem-solving behavior, into play when a purchase involves unfamiliar, expensive, and infrequently bought products

A specialty product

Items with unique characteristics that buyers are willing to expend considerable effort to obtain, extensive search, higher price points, and no ready substitutions

A major determining factor in deciding which type of decision-making process should be used depends on the individual's intensity of interest in a product and the importance of the product for that person. This is known as the individual's

Level of involvement

Cole's smart phone is two years old and he would like to have a new one. This time he wants to make sure that it has a longer battery charge and better geographic coverage since he is traveling three days a week for his new job. Cole is most likely to use this for his purchase

Limited decision making

The three most widely recognized types of consumer decision making are

Limited, extended, and routine

This buys products from manufacturers and then resells the products to other firms in the distribution system

Missionary salespeople

When the city of Chicago buys iPads for its restaurant inspectors to use during their visits, the purchase from Apple would be considered

New task purchase

In considering the viability of potential markets for Pepsi products, PepsiCo is advised to take this into account, which provides insight into market potential

Per capita gross domestic product

While shopping at a local grocery store, Taylor sees a display of his favorite brand of energy drink. He buys some to take home for the weekend. This purchase process would be described as

Routinized response behavior

MADD is a nonprofit that primarily markets this

Services

Products for which buyers are willing to spend much time comparing stores and brands for differences in prices, product features, and services are called this

Shopping products

Consumers are changing this and consumption behaviors to fit with emerging technologies and trends

Social media/digital marketing

The country with the highest GDP is

the United States