Mk test 1

By 2019, how much buying power is predicted to reside in the African American community?

$1.4 trillion

Place the steps in the model of business and organizational buying in the proper order, with the first step at the top.

1. defining the problem 2. the decision making process 3. managing the buyer seller relationship

arrange the three types of buying situations in order from the highest to the lowest in terms of the amount of time required, with the buying situation requiring the most time at the top.

1. new task buying 2. modified rebuy 3. straight rebuy

About what percentage of the United States' gross domestic product is spent by government units?

30

Approximately how many service firms are there in the United States?

6 million

Susan is a first-time home buyer. She wants to keep her monthly mortgage payments as low as possible. Which of the following would work in her favor?

A low interest rate

Which of these statements regarding population trends is accurate?

About 80% of U.S. residents live in urban areas.

When considering starting a new business, which of the following can be a financial strength?

Access to capital

Which of the following are general categories of segmenting dimensions in consumer markets?

Behavioral Geographic Demographic

Which of the following are reasons it can be difficult to understand consumer behavior?

Behaviors vary depending on product. Behaviors vary by situation. Behaviors vary from person to person.

The__________ Act set up the Consumer Protection Commission.

Blank 1: Consumer Blank 2: Product Blank 3: Safety

The activities in a firm that try to identify customer needs and focus the flow of goods or services in the firm in order to meet those needs is called ______.

Blank 1: marketing

The four basic market situations include monopoly, pure competition, monopolistic competition, and _______.

Blank 1: oligopoly

Which of the following are potential concerns about international opportunities?

Cultural differences can create problems. Laws can be different in other countries. Some countries have instability because of political or social issues.

To protect themselves from the risk of disruption in deliveries because of problems at a single supplier, many buying organizations will do which of the following?

Develop relationship-specific adaptations Use more than one supplier

Which of the following are marketing processes used by combiners?

Developing a marketing mix that appeals fairly well to customers across multiple submarkets Grouping similar customers across multiple submarkets into a single target market

What are the specific steps in the marketing management process?

Directing implementation of marketing activities Controlling marketing plans Planning marketing activities

Which of the following refers to the ability of a company to reduce the per unit cost of a product by producing greater quantities of the product?

Economies of scale

True or false: Generic markets focus primarily on product type.

F

True or false: The United States makes up nearly 50% of the total world population.

F

True or false: All legal contracts apply to long-term relationships

False

True or false: In the United States, there are few manufacturers compared to final consumers, but in other countries, the opposite is true.

False

True or false: Marketing managers find breakthrough opportunities or competitive advantage by using their strengths to take on competitors with similar strengths. True false question.

False

True or false: Teenagers spend almost $100 billion a year on goods and services.

False

What three states contain more than half of all Hispanics living in the United States?

Florida California Texas

The people born between 1965 to 1977 are referred to as ______.

Generation X

The people born from 1978 to 1994, who are sometimes called Millennials, are referred to as ______. Multiple choice question.

Generation Y

Which of the following tends to lead to a lower overall cost for suppliers and their customer firms?

Having a close working relationship

Which of the following are benefits of having an understanding of marketing?

Helping you to be more effective in your job Giving you ideas about how to sell your ideas in a new job Seeing how marketing relates to a variety of human activities

Which two of the following statements about international markets are true?

It is often difficult to gain a full understanding of the market environment variables. It can be challenging to anticipate potential business risks.

What is the primary disadvantage of the production-oriented marketing approach?

It leads to missed opportunities by ignoring customers.

Which of these companies is being affected by literacy?

Kimball's Kroutons added pictures of ingredients to its packaging being sold in Ethiopia for consumers who could not read a list of ingredients.

______ is a change in a person's thought process caused by prior experience.

Learning

Which five of the following are key dimensions of most buyer-seller relationships?

Legal bonds Cooperation Information sharing Operational linkages Relationship-specific adaptations

Which of the following statements are true about the usefulness of studying marketing?

Marketing concepts can help "sell" yourself to a potential employer. Marketing offers many interesting jobs.

Which of the following are the moral standards for marketing activities?

Marketing ethics

Which one of the following statements describing marketing is correct?

Marketing involves more than just selling or advertising.

Which of the following is not a type of separation that marketing can help overcome?

Separation in innovation

Which of the following are types of separation that marketing helps overcome?

Separation in time Spatial separation Separation of ownership

The ______function concerns locating a product and judging its suitability.

buying

Segmenters often ______ their marketing mixes for each target market.

fine-tune

Compared to other buying groups, Asian Americans are _____ likely to shop online.

more

in the U.S. marketplace, vigorous competition is expected to ______ careful consumers.

protect

The Center for Science in the Public Interest is a _________ interest group that provides an additional check on a market-driven economy.

public

A market ______ is a group of customers with similar needs who will have a similar response to a marketing mix.

segment

Marketing managers

should seek attractive opportunities.

The ______ function of marketing refers to the movement of products from location to location.

transporting

True or false: For some goods and services, the cost of marketing accounts for about half of what the consumer pays for them.

true

Users Influences Buyers Deciders Gatekeepers

- People who will work with the product such as a line worker People who will work with the product such as a line worker Influences matches - People who help write specifications or supply information for evaluating alternatives People who help write specifications or supply information for evaluating alternatives - People who have the responsibility for working with suppliers and arranging the terms of the sale People who have the responsibility for working with suppliers and arranging the terms of the sale - People in the organization who have the power to select or approve the supplier People in the organization who have the power to select or approve the supplier Gatekeepers matches People who control the flow of information within the organization People who control the flow of information within the organization

Which of the following might be considered benefits to a person going on a vacation to Hawaii?

A nice swimming pool A complementary drink in the hotel lobby Free transportation to and from the airport

What is true for firms considering international opportunities?

Advances in transportation make it cheaper to ship around the world.

Which of the following statements about marketing functions are true?

All the universal functions of marketing must be performed well or the macro-marketing system will be harmed. The universal functions may be shared across multiple organizations.

Marketing helps overcome which of the following discrepancies?

Assortment Quantity

Nonpersonal communication of a product that is paid for by an identified sponsor is known as______ .

Blank 1: advertising, advertisement, advertisment , advertizing, or advertisements

A company is attempting to achieve market _____when it works to increase sales by selling its current products in new markets.

Blank 1: development

The _____environment changes more rapidly than the cultural and social environment.

Blank 1: economic

Industrial products are at the ___ (sensitive or insensitive?) end of the continuum of environmental sensitivity, while consumer products that are targeted toward a specific cultural variable are at the_____ (sensitive or insensitive?) end of the continuum of environmental sensitivity.

Blank 1: insensitive Blank 2: sensitive

Samson Inc. faced tough competition in the U.S. motorcraft market. What steps might the company take to improve the bottom line?

Expand overseas Cut costs

True or false: All marketing managers today have made it to the final stage in the marketing evolution --- the marketing company era.

F

True or false: The determining dimension helps marketers to understand the "core benefits" required by consumers in a product-market.

False

Which of the following statements about family members and consumer behavior is true?

Family members influence many aspects of consumer behavior.

Which of the following are the result of advances in e-commerce, transportation, and communications?

Firms can more easily reach international customers. Small firms can operate internationally at little expense.

Which of the following are examples of marketing strengths that might be enjoyed by the Coca Cola Company?

Good relationships with retailers Experienced sales force Recognizable branding

Which of the following are examples of company needs that might be considered when making a buying decision?

Growth Survival

Ethnic groups in the United States are experiencing which of the following?

Growth in buying power Growth in population

The largest ethnic group in the United States is ______.

Hispanics

What is the best way to describe a targeted market segment?

Homogeneous

Kara needs more toothpaste and knows she can buy some at the grocery store, the discount store, or the health and beauty store. Which stage of consumer problem solving is Kara using?

Identify alternatives

Which two of the following describe a marketing program?

It includes more than one marketing strategy. It implements several marketing strategies at once.

Which of the following are true about personal selling?

It involves spoken communication. It can occur over the telephone.

Which of the following is not true about marketing?

It should take control of production, accounting, and finance in order to be more effective.

______ refers to the social process that is concerned with matching supply and demand and meeting the needs of society by doing so.

Macro-marketing

Since most firms find attractive opportunities for their products fairly close to existing markets, what opportunity do marketing strategies typically pursue first?

Market penetration

Which of the following statements about the marketing functions from a micro viewpoint is true?

Marketing functions can be shared among firms in various ways.

Which of these companies is using outsourcing?

Michael's company could produce casters but chooses to purchase them from Caster Corp. to save money.

What type of segmenting dimensions involves whether a customer can be considered part of a product-market?

Qualifying

Cultural differences that may complicate the segmenting process include which of the following?

Race Religion Customs

How common are monopoly situations in market-directed economies?

Relatively rare

Which three of the following statements are true about a market-directed macro-marketing system?

The universal functions of marketing enhance its effectiveness. It overcomes discrepancies and separation between producers and consumers. It efficiently and effectively connects heterogeneous supply with heterogeneous demand.

Which of the following statements are true about U.S. service firms in comparison with manufacturers?

There are many more service firms than manufacturers. Service firms are more spread out geographically than manufacturers.

In a market-directed economy, which of the following describes the role of the price of goods and services?

To act as a rough measure of value

Which of the following are part of the role of a macro-marketing system?

To get products to consumers at the right time, place, and price To match heterogeneous supply and heterogeneous demand To help ensure that the society's objectives are met

Which of the following is the intended goal of focusing on a specific target market?

To offer superior value to the target market

Which of the following is a basic function of an economic system?

To produce goods and services from the limited resources available to a society

Match the marketing function (on the left) with the examples from the apple market (on the right). Transporting Market information function Selling function Standardization and grading Buying function

Trucks move apples from farm to market. Market research determines which apples are preferred by customers. Signs in stores tell customers about how each apple tastes. Apples are divided between those that look good and are sent to stores and bruised apples which are used to make pies and apple sauce. Consumers look through different types of apples at the grocery store.

True or false: It is more difficult to evaluate opportunities in international markets due to the wide range of environmental variables.

True

Since broad product-markets can have many submarkets, target marketers have ______.

a choice among many possible target markets

Predictive analytics help marketing managers determine _____.

a customer's future needs

A marketing plan is

a document that describes a marketing strategy and various steps and elements involved in carrying out the strategy.

Psychographics analyze a person's day-to-day patterns of living expressed in terms of AIOs, which stands for ______.

activities, interests, and opinions

When organizational buyers need to find a supplier or a product to meet a new need, they will often turn first to ______.

an Internet search

When an organizational buyer's interests differ from those of the company, there is a risk of ______.

an ethical conflict

To share in routine government purchases, a company must be on the _______supplier list and agree to a price that will remain the same for a set period of time.

approved

Discrepancies of ______ occurs because producers want to focus on making a narrow range of goods and services, whereas consumers prefer more variety.

assortment

A company has ______ when the target market prefers the company's marketing mix over a competitor's mix.

competitive advantage

A ______ provides a supplier's terms of sale that are designed to meet a buyer's purchase specifications.

competitive bid

In competitive analysis, marketing managers attempt to identify those firms whose products and marketing mix are the most similar, these firms are known as ______.

competitive rivals

When a marketing mix has an element that sets it apart from those of the competition, it is said to have

differentiation.

The Chicago South Loop Hotel wants to address customers' concern abut parking costs by offering free parking. This is an example of a determining .

dimension

The broad possibilities available in the market strategy planning process include market development, market penetration, product development, and

diversification.

The system by which a society is organized to produce goods and services and distribute them to the members of the society is called a(n) ______ system.

economic

Customers in other countries are interested in products that a firm offers. This can improve a company's

economies of scale.

What are a company's three potential paths for growth based on the customer equity approach?

enhancing customer value retaining current customers acquiring new customers

A company's customer ____is what the company can expect to earn from its current and potential customers during a particular period.

equity

Marketing unhealthy snack foods to kids is considered a(n) ______ issue that may arise during the segmenting process.

ethical

A television ad portraying an inanimate doll dancing on its own, leading children to expect the doll to be able to dance, could be a(n) ______.

ethical issue

Inaccurate customer beliefs that arise from a marketer's efforts raise questions about the marketer's

ethics

Attitudes and beliefs can lead people to look forward to a result known as a(n) ______.

expectation

True or false: It is usually safer for marketers to try to satisfy many customers fairly well.

false

The ability to meet economic needs most largely depends on ______.

family income

Match the type of need on the left with its specific example on the right. Physiological need Psychological need Desire for... Freedom from...

food nurturing status fear

The general behavioral principles that marketing managers can use to better understand a specific target market are called _____.

frameworks

When items are purchased ______ by a government unit, suppliers typically must be on an approved supplier list.

frequently

Infant formula and diapers provide _____ benefits and satisfy a customer need.

functional

The persons in a firm who control its flow of information are examples of ______.

gatekeepers

What type of market is one in which potential customers have similar, but not identical, needs and are offered various and diverse ways to satisfy those needs?

generic

A complete product-market definition includes product type, customer needs, customer types, and ______.

geographic area

Fairness and ____ are core ethical values.

honesty

Customer value _______ when customers perceive more benefits or lower costs.

increases

Eli Lilly, a pharmaceutical company, is replacing the laptops of its entire sale force. The role of the company's technology support personnel, who are asked to provide input on the purchase, is that of a(n) ______.

influencer

The engineering or R&D personnel who help write specifications or supply information for evaluating alternatives are examples of ______.

influencers

The Foreign Corrupt Practices Act was amended in 1988 to allow small grease payments when _____.

it is customary in a local culture

Firms that are in a cooperative relationship should consider their problems to be a(n) ______.

joint responsibility

The adoption process and the decision process are similar, but in the adoption process _____ is more clear.

learning

In a weak economy, consumers feel ______.

less likely to spend money insecure in their jobs

In Parul's condominium community, it is illegal to sell magazines door-to-door. This is an example of a _____ law. Multiple choice question.

local

Economic buyers are consumers who ______.

logically compare choices want the greatest satisfaction for time and money

In pure competition, customers see the different available products as close substitutes. Many marketing managers compete by ______.

lowering prices and sacrificing profits

In order to avoid the appearance of favoritism, most government buyers use a mandatory bidding procedure that usually requires that they accept the ______ suitable bid.

lowest

In a(n) _______ -directed economy, the macro economy is the result of the multitude of individual decisions made by consumers and producers.

market

Explicitly stating that a firm will market to business customers rather than unaffiliated consumers is an important aspect of a manager's ______ since this clearly establishes the markets in which the firm will compete.

market definition

Many companies find attractive opportunities close to markets they already know. They are focused on market

penetration

When Marcus meets with Lily and talks to her about the advantages of the service offered by his company, he is engaging in

personal selling.

A major grocery store chain offers free apples at interstate rest areas during Labor Day weekend to drivers who are traveling. This is an example of how a firm might satisfy ______ needs of consumers.

physiological

A product needs to get to the customer when and where they need it. This is considered to represent the function of the 4 Ps.

place

How customers think about brands in a market, also known as ______, affects how marketing managers adjust the marketing mix.

positioning

Effective marketing should start with ______.

potential customer needs

To be most effective, marketing should ______. (Check all that apply.)

provide direction for production and finance interpret customer's needs

Most retail and wholesale buyers see themselves as____ for their target customers.

purchasing agents

The written (or electronic) descriptions provided by organizational buyers for what their firms want to buy are called _____

purchasing specifications

Economy _____ of means that as a company produces larger numbers of a particular product, the cost of each unit of the product goes down.

scale

As a marketer, it is usually safer to try to satisfy the needs of a ______.

small group of customers very well.

There is a larger percentage of African Americans in the _____ states than in the ____ states

southern; northern

Green Electric Bike company uses three different suppliers for the batteries it uses in its electric bikes. This helps Green Electric Bike _____.

spread their risk

At Barb's Bakery, the flour and sugar are always ordered through BakeNow Group and the baking pans are purchased through Pan-Pan Plus. These purchases are examples of a _____.

straight rebuy

What managerial process involves cultivating and keeping a relationship that matches an organization's resources with its market opportunities?

strategic management planning

Adding an additional step to the marketing segmentation process for international markets aids in identifying regional or national ______ that are fairly similar.

submarkets

Steve is a buying manager at Publix Supermarkets in Miami, Florida, and wants to be sure that the shelves of the stores reflect the diversity of their local customers. This is because he sees himself as a purchasing agent for his ______.

target market

Extensive problem solving would likely be used to purchase a product ______.

that is completely new

In a market-directed economy, the macro-level decisions of the economic system are ______.

the sum of individual decisions by producers and consumers

An ideal product-market description should include ______ customer dimensions plus one product type description.

three

One characteristic of the buying behavior of singles and young couples is that they are more likely to ______.

try new products and brands

Marketing requires that ______.

two or more parties be willing to engage in an exchange

In terms of buying influences, production-line workers and the supervisors who implement a purchased product are examples of ______.

users

Delta Engineering is reviewing proposals from possible new suppliers for its manufacturing process. The company is using ______ to lower its total costs.

vendor analysis

To alleviate the complexity of a purchase decision, many firms use _______, which evaluates suppliers according to various types of performance.

vendor analysis

When a seller engages in personal selling, the seller uses ______ to tell a potential customer about a product or service.

verbal communication

Traditionally, marketers in the U.S. have considered the as the primary purchasing agent for the family.

wife

Which of the following is an example of change in the economic environment that can affect a company's marketing strategy?

The collapse of the U.S. housing market in 2008.

Which of the following statements is true about the fairness and effectiveness of a macro-marketing system?

The system should be evaluated against a society's objectives.

Which of the following customers are examples of government units?

United States Marine Corps Denver Public Schools New York City Fire Department

A S.W.O.T. analysis helps a company figure out which four of the following?

Weaknesses Threats Opportunities Strengths

Which of these customers is experiencing dissonance?

When Sara arrived home and tried on the dress, she wasn't sure it was right for the wedding she was going to.

Jones Company sells its motors in the United States. Now, it has the opportunity to sell in CHina. This means the cost per motor will _____.

decrease, decline, or lower

Macro-economic factors that influence consumer spending, including rates of inflation and economic growth, are part of the ______ environment.

economic

The engineering or R&D personnel who help write specifications or supply information for evaluating alternatives are examples of ______. Multiple choice question.

influencers

It is important for companies to remember that selecting a target market and developing a marketing mix are _______ activities and must be done _______.

interrelated; together

Buyers for the U.S. government are spending our tax money, and they are under a lot of pressure to spend it carefully. Consequently, their purchasing ______.

is subject to public review often utilizes competitive bids requires writing detailed specifications

A buyer who has a long-term commitment with a supplier may find that he has (more/less) flexibility in purchasing.

less

The most significant factor in determining whether to segment or combine markets is ______.

profit

In the United States, it is expected that government buyers need to be efficient in purchasing, as a result, their purchases are usually subject to ______.

public review

At a garage sale, Roland bought a pair of used sneakers that he thought he could wear while fishing. The next day he bought another pair of running shoes at a local Runner's World store. These examples show how a(n) _______ influences buying behavior.

purchase situation

Fill in the blanks to complete the sentence. A company's buying specialists, are generally referred to as______ managers.

purchasing or purchase

The purchasing agent at Essential Engineering Corp. developed a detailed list of what the manufacturing department needed to complete the work order. The agent used this list to buy the necessary products. This list is an example of ______. Multiple choice question.

purchasing specifications

Which of the following accurately describes macro-marketing?

It is a social process.

______ codes group together firms that have the same types of businesses.

North American Industry Classification System

True or false: Almost every society has some social class structure.

T

True or false: The technology associated with driverless cars may allow older adults to live on their own and slow the demand for nursing home care.

T

Which of the following are true with respect to target marketing? (

Target marketing fulfills the selected group's needs better than mass marketing. Target marketing can mean big profits and big markets.

Which of the following are ethical issues that may arise when selecting segmenting dimensions?

Targeting the disadvantaged with expensive goods Marketing infant formula to less-developed countries Marketing unhealthy foods to kids

A person's views towards things that reflect a like or dislike are called ______.

attitudes

A company typically bases a buyer persona on _____.

customer research

In most markets, competition fosters ______.

innovation

Organizational buying processes include a straight rebuy, a modified rebuy and a _______buy.

new task

A person who influences others is known as a(n) ______.

opinion leader

A successful marketing strategy pairs

opportunities with a company's resources and goals.

In a ______, the government decides the details of what is produced by whom and where goods will be distributed.

command economy

The first step in competitor analysis is to identify potential ______.

competitors

Trina's Bakery had 600 customers last year and this year, 400 of those customers still patronize the bakery. What is the retention rate at Trina's Bakery?

66

The individuals in a company who choose or approve a supplier are examples of ______.

deciders

Which of the following refers to everyone who influences or makes a firm's purchase decisions?

A buying center

Management officials at Grace's Granola Corp. were found guilty of using low-cost artificial ingredients while claiming to use completely natural ingredients. This was considered a criminal offense. What type of legal action could a judge impose on these managers?

A jail sentence

Which of the following statements regarding marketing managers and potential competitors is true?

A marketing manager should research and seek information about competitors.

A regional population ______ typically creates stronger competition among firms in the area.

decline

The _______ era describes a stage when a single department in a firm takes over the firm's marketing activities in an effort to improve marketing activities.

Blank 1: marketing Blank 2: department

A(n) statement provides an exact picture of the firm's product offerings, target market, and differentiation strategy.

Blank 1: positioning or position

Discrepancies of refers to the fact that it is economical for producers to sell in large amounts, but individual consumers use products in relatively small amounts.

Blank 1: quantity or quantities

Business-to-business markets, with very large customers, can treat customer firms individually as " ____ of one."

Blank 1: segments or segment

The _______ era was characterized by families or other small groups that might sell or trade to local distributors any extra goods that they might produce.

Blank 1: simple Blank 2: trade

At an ice skating rink, Dawn noticed that everyone was warming up with hot chocolate. She went to buy one for herself. This is an example of how ____ can affect buying behavior.

Blank 1: surroundings

Customer refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it.

Blank 1: value or values

Which of the following helps companies create marketing strategies that are difficult to replicate and have long-term profit potential?

Breakthrough opportunities

For which of the following would an organization most likely engage in new-task buying?

Building a new sports facility

Which of the following is a trend in organizational buying?

Buying firms are reducing the number of suppliers they work with.

Which of the following are ways in which industrial markets are concentrated?

By economic development In specific geographic areas By company size

Marketing helps address what kinds of discrepancies between consumers and producers?

Consumers want a broad assortment, whereas producers want a narrow assortment. Consumers want to buy in small quantities, whereas producers want to make and sell in large quantities.

______ relationships are those in which buyers and sellers work jointly to meet mutual and individual objectives.

Cooperative

Which of the following are activities of government in a market-directed economy?

Creating regulations to govern trade Enforcing contracts Ensuring that producers deliver the level of quality they promise

When a company begins working in a brand new market or with new products, it is engaged in

diversification.

Which of the following statements about the Four Ps is true?

Each of the Four Ps contributes to a whole marketing strategy.

Which of the following statements about information sharing between suppliers and customers are true?

Electronic sharing systems can be set up through the Internet. Information sharing can help suppliers and customers improve planning. Firms should not share information that they think might be misused by the other party.

New-task buying often involves which of the following? (Check all that apply.)

Evaluating sources of supply Setting product specifications Establishing an order routine

True or false: Management-oriented micro-marketing skills are only important to those who want to manage a major corporation.

False

Which of the following groups are considered "digital natives"?

Generation Z

Garrett knows what the company plans to do for its marketing efforts and now needs to find a way to put those plans into operation. What phase of the marketing plan is Garrett working on?

Implementation

Social media does which of the following?

Increases the influence of opinion leaders

The North American ______Classification System uses codes that group together businesses that are similar to each other.

Industry

Place is concerned with which of the following in the marketing mix?

Product storage Channel type

_____ is the creation and adoption of new ideas, goods, and services.

Innovation

Product is concerned with which of the following in the marketing mix?

Installation Service Branding

Which of the following is a market specialist whose role in the exchange process is to focus on trade?

Intermediary

The marketing department at Henri's company is taking the next two weeks to measure and analyze their current marketing performance. The company will use the results of this analysis to adjust any areas and improve their current effectiveness. What is Henri's company engaging in?

Marketing analytics

Darren's company uses predictive analytics and finds that most tennis players replace the strings in their racquet every six months. They make sure to keep string in stock so customers will find it on the shelf when they shop. What was the purpose of the predictive analysis in this situation?

Needs awareness

Which of the following are true with respect to exchange in marketing?

Marketing involves a willingness of at least two parties to engage in exchange. Sellers offer to exchange something that meets a need.

which of the following documents describes a firm's basic purpose?

Mission statement

Which competitive market situation describes one organization having total control over a product-market?

Monopoly

Identify the shifts that occur in spending when children arrive in a young family.

More spending on credit Focus on education and medical spending Less saving of income

Which of the following are part of the "marketing mix"?

Product Promotion

Which type of purchase requires the most information on the part of the buyer?

New-task buying

Which of the following are true statements about the marketing concept and nonprofit organizations?

Nonprofit organizations should have an agreed-upon measure of long-run success. Nonprofits face competition for the resources and support they need.

Choose the statements about differentiation that are true.

Offering a lower price than the competition—while being similar on the other three Ps—would be a source of differentiation. Differentiation can only occur if one or more of the four Ps is done better than the competition. True differentiation occurs when customers see the firm's offering as being better with regard to all four Ps.

Which of the Four P's is focused on all the decisions needed to get the right product to the target market via retail stores or online stores?

Place

Andrea moved to a new apartment in the city and chose a nearby nail salon for a manicure. She ended up disappointed with the quality of the manicure and disliked the salon's ambiance, so she decided never to go to that salon again. What led to Andrea's decision?

Post-purchase regret

Step 1: Defining the problem Step 2: Buying process Step 3: Managing the buyer-seller relationship

Problem recognition describing the need specifying the product Problem recognition describing the need specifying the product Establish buying process gather information solicit proposals/bids select the supplier Establish buying process gather information solicit proposals/bids select the supplier Structure the relationship monitor supplier performance Structure the relationship monitor supplier performance

Why is effective marketing difficult in an advanced economy?

Producers and consumers are commonly separated from each other in several ways.

Denny's adds two new meals to its menus. This is an example of which marketing mix area

Product

Which of the following statements about mass selling is true?

Publicity is one form of mass selling. Mass selling can involve media that includes magazines and the Internet. Advertising is one form of mass selling.

Which of the following are tactics that marketing managers should use if they know that a buyer of their products often starts with an Internet search and they want to reach that buyer? (Check all that apply.)

Purchase sponsored links (ads) Modify their websites to appear higher in search results

Which two of the following describe a market-directed macro-marketing system?

Relies on the universal marketing functions Overcomes discrepancies of assortment and quantity

What are three components of the promotion element?

Sales promotion Mass selling Personal selling

The market segmentation process consists of which of the following?

Segmenting broad product markets into select target markets Naming broad product markets

For which of the following reasons would a company want a fresh start in another country?

Slow sales growth Thin profit margins Tough competition

What three things are measured when considering a company's triple bottom line?

Social outcomes Environmental impact Economic results

Brett works at a manufacturing facility that produces metal file cabinets. These cabinets receive a coating of powdered paint and when the paint is running low, the computerized system connected to the paint room automatically reorders more paint. What type of buying process does this demonstrate?

Straight rebuy

Companies that have computer systems that automatically purchase a product when it is running low are using which buying process?

Straight rebuy

Most of a company's small or recurring purchases are which of the following?

Straight rebuys

What are the two parts of a marketing strategy?

Target market Marketing mix

Which type of marketing focuses the marketing mix on appealing to a particular group?

Target marketing

Identify how having teenagers in a family impacts consumer spending habits.

Teenagers have education needs. Teenagers eat more.

Spectacular Salad is a small company that sells ready-to-eat salads. Its first marketing campaign promised that spectacular salads were "more delicious than candy" and that consumers would want to eat them all the time. Most consumers did not find truth in these claims. Which of the following best explains Spectacular Salad's mistake?

The company made the mistake of overpromising.

Which of the following reflect how a company adopting a production orientation would operate?

The company sells whatever product offering it is able to produce. Customer service is required only to handle and reduce customer complaints. Advertising emphasizes product features.

Which of the following statements are true with respect to marketing and nonprofit organizations?

The marketing objective for a nonprofit organization may be to increase membership. Government agencies can be customers of nonprofit organizations. The clients of a nonprofit organization may be consumers or business firms.

Which of the following statements about the marketing strategy planning process are true?

The marketing strategy process starts broadly and then narrows down. A marketing strategy begins with an evaluation of customers, competitors, and company.

Which of the following refers to the fact that there may be a conflict between what is beneficial to specific companies and society as a whole?

The micro-macro dilemma

Which of the following statements about marketing strategy are true?

The needs of the target market should drive decisions on the marketing mix. Strategies include identifying both a target market and a marketing mix.

Criticisms of marketing include ______.

The quality of the product is unsafe and poor. Marketers over-promise service., Marketing exploits the poor.

Which of the following statements are true about the U.S. industrial market?

The rate of growth in U.S. manufacturing output is less than in other countries with cheaper labor. U.S. manufacturing output is higher than at any other time in the nation's history.

Which of the following factors do marketing managers consider when evaluating the industry attractiveness dimension of a product-market plan?

The types and amount of competition in the industry Market size and rate of growth The potential environmental impact of the plan

Which two of the following factors are part of the competitive environment for a fast food chain?

The types of restaurants in the market The number of restaurants in the market

Which of the following are true about the specific qualitative and quantitative screening criteria marketing managers develop?

These criteria are useful in figuring out the markets in which a firm wants to compete. The firm's objectives and available resources help determine the appropriate criteria to use.

Which of the following is true of smaller firms?

They can be at a disadvantage because the cost of producing smaller units is higher. They can have the advantage of flexibility.

With regard to the target market, which of the following must marketing-oriented managers do?

They must focus on specific target markets.

True or false: A buyer who has a long-term commitment with a supplier may find he or she has less flexibility in purchasing.

True

True or false: People within the same cultural grouping tend to be more similar in outlook and behavior.

True

True or false: The first step in effective market segmentation should be to name a broad product-market of interest to the firm. True false question.

True

Which of the following makes international marketing attractive?

Unfavorable trends at home Favorable trends in other countries

Conrad's company wants to understand the reason customers are choosing their competitors products over their products. Which type of question does Conrad need to answer?

Why

Cooperation Information sharing Operational linkages Legal bonds Relationship-specific adaptations

Working jointly to reach shared goals The exchange of proprietary data A direct connection between the buyer's and seller's internal operations The formal, contractual relationship between the buyer and seller Customization of procedures to improve the relationship between the buyer and seller

The purpose of ______ is to match supply and demand among the producers and consumers of society as a whole.

a macro-marketing system

When a customer organization reviews some details of the buying situation, it is engaging in ______.

a modified rebuy

Buyers in B2B markets may request that suppliers provide a competitive ______, which states the supplier's terms of sale to meet the buyer's purchase specifications.

bid

The relevant market that a firm has for finding opportunities should be _____ the firm's present product-market.

bigger than

The two goals of a marketing exchange are to ______.

build an ongoing relationship with the customer. determine future production needs.

Universal Studios needs to purchase a fuel contract for all its company vehicles. John works in the department that oversees the auto fleet and has been assigned to speak with potential suppliers and complete the purchase. His role is that of a(n) ______.

buyer

Purchasing managers who work with the suppliers that sell to a company are examples of ______.

buyers

A(n) ______ center of an organization includes everyone involved in deciding on or influencing a purchase.

buying

In order to gain control over its purchasing activities, Best Buy makes almost all of its purchasing from a single location. This is an example of how purchasing can be ______.

centralized

While some customers have facilities all over the country, if the customer uses ______ buying, a salesperson's job might involve relatively little travel.

centralized

Social media has lessened the influence that communications from marketing professionals have on

consumers, buyers, purchasers, or customers

Businesses and individual managers are subject to both ____ and ____ laws.

criminal civil

In international marketing, ______ differences such as language and customs can complicate segmentation efforts.

cultural

The various ways in which people live, including their motivations and behaviors, are part of the ______ environment.

cultural and social

When a company is working to achieve market penetration, it is attempting to increase sales of its ______ products in its ______ markets.

current; present

The number of purchases a person could make from a firm during the course of their relationship is called the Multiple choice question.

customer lifetime value.

When a company decides to reposition a product, it is doing so in response to _____.

customers who do not view the product in the desired way

Fredrick Masterson, the vice president of operations for Bloomington Marketing, must approve all advertising purchase orders. His role is that of a(n) ______.

decider

As noted in the text, when the Chicago South Loop Hotel offered free parking to encourage customers to choose its hotel over others, it was relying on a ______ dimension to attract customers.

determining

Margaret Thompson, the receptionist for a medical practice, must authorize the specific sales representatives who may talk to the doctor. Margaret's role is that of a(n) ______.

gatekeeper

In a command economy, the production and distribution of goods and services is planned and set by ______. Multiple choice question.

government officials

Which of the following are potential benefits to using the segmenter approach?

greater sales higher profits reduced competition

The legal environment of the United States assumes that competition between numerous small businesses ______ the economy.

helps

Not everyone turns an opportunity into a successful strategy. You need to have a logical process to avoid _________or __________ marketing situations.

hit miss

Artificial intelligence refers to ______.

machines that operate like humans

To identify and understand different subgroups in the target market, marketing managers rely on

market segmentation.

In the ______ era of marketing, all the operations of a firm are guided by marketing concepts.

marketing company

In the ______ era of marketing, all the operations of a firm are guided by marketing concepts. Multiple choice question.

marketing company

The ______ is based on the idea that everything a company does should be based on satisfying the company's customers while still making a profit.

marketing concept

Firms need a hierarchy of objectives, moving from company objectives to ______.

marketing objectives

____marketers, such as Target, aim at large, clearly defined markets.

mass

Southwest Airlines is considering changing its baggage-handling machines. The goal is to improve the current situation without starting over from scratch. This buying situation is called a ______.

modified rebuy

The market for breakfast cereals includes many brands and marketing mixes that some customers see as different despite their similarities in terms of ingredients and branding. The breakfast cereal market can be described as ______.

monopolistic competition

When segmenting an international market, a company should focus on ____ dimensions than a domestic market.

more

The U.S. is becoming a _______ society, which brings opportunities and challenges for marketers.

multicultural

The situation in which several people are involved in deciding on a purchase is called ______ buying influence.

multiple

An important requirement of the marketing strategy planning process is ______.

narrowing down the list of opportunities to those most likely to succeed.

gross domestic product is a widely used measure of _____.

national income

China's resistance to foreign firms is an example of ______.

nationalism

The correct order and steps in the consumer decision process are _____.

need awareness, problem solving, purchase decision, and experience after the purchase

The basic forces that motivate people to do something are called ______, while those that are "learned" during a person's life are called _____.

needs; wants

When a buyer and seller cannot determine all the details of a transaction in advance, they can turn to ______ contract buying, which allows purchasing arrangements to be modified as needed.

negotiated

A(n) ______ starts with a user who becomes aware of a need and begins researching solutions. Multiple choice question.

new-task buying

A company's ______ help guide present decisions and create a path to follow for future development.

objectives

A company's ______ help guide present decisions and create a path to follow for future development. Multiple choice question.

objectives

Of the 19 million Asian Americans living in the United States, nearly _____ live in California.

one-third

Josh went on the company's website to see if the product specs had changed for the replacement part he needed to order. His ability to access what he needs is an example of ______ information sharing.

open

A "good" market segment should be _____ in that the segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables.

operational

The practice of arranging for another company to produce goods and services that a company would otherwise produce itself is called _____.

outsourcing

A weakness of positioning analysis is that it can ______.

overlook customer-related dimensions like needs and attitudes

Regional economic groupings such as the North American Free Trade Agreement are likely to promote similar ______ environments among member countries.

political

Risks involved in international opportunities include lack of knowledge of a country's culture, learning foreign regulations, and _____ unrest.

political or social

When targeted customers ______, the company is said to have a competitive advantage.

prefer a company's marketing mix over that of a competitor

To clear out some slow-selling pink sofas, Furniture Warehouse offered $100 discounts. The furniture store made this decision based on the _______ component of the marketing mix.

price

_______ in the marketplace is a rough measure of how society values certain goods and services.

price or cost

Once consumers identify a need, they often engage next in a ______ process that focuses on how to best meet that need.

problem-solving

Positioning analysis is a ______-oriented approach.

product

Match the marketing decision with its "four P" area. Physical good Channels of distribution Personal selling Markups

product place promotion price

A firm engaged in ______ is offering its current markets a new product or an improved version of a current product.

product development

The ______ era is a time when companies focus on the production of a few specific products perhaps in response to a lack of these products in the existing markets.

production

The term "______" refers specifically to manufacturing goods or performing services.

production

Some businesses avoid using new technology because they don't understand it, while other companies immediately use every new technology without assessing its value. Both of these approaches can steer a company into a ______ way of thinking.

production-oriented

The process of using a customer database to refine marketing efforts is known as customer _____ management.

relationship

A(n)_____ is a request that is submitted by a person who needs to purchase something.

requisition

To comply with centralized controls on who can make purchases, a person who needs to purchase something usually completes a(n) ______.

requisition

Which of the following is an example of marketing metrics?

revenue

After analyzing environmental trends and the firm's resources and objectives, marketing managers should develop ______ to narrow down the number of strategic choices.

screening criteria

After a computer clusters groups of people together, marketers look for ______.

segmenting dimensions that apply to everyone in the cluster

Connor is interested in buying a new car. During a recent road trip, he notices billboards that have car advertisements, but ignores all other billboard ads. He is using a process known as ______.

selective exposure

In the United States, people over the age of 65 (regardless of the year they were born) are called ______.

senior citizens

The Johnson Family restaurant, which specializes in Cajun cooking, wants to open a restaurant in another state. According to the continuum of environmental sensitivity, this type of product is considered environmentally ______.

sensitive.

Michael needs the benefits of an online storage system, but does not know how online storage works nor who offers that kind of service. This is an example of a ______.

separation of information

Developing a _______ can help a manager identify and define the markets in which the firm wants to compete.

set of specific qualitative and quantitative criteria

Which of the following is not a role that government and governing agencies perform in a market-directed economy?

setting output levels for producers

Once families have children, their spending ______.

shifts to focus on education and medical care

Selecting one homogeneous market segment as the firm's target market is called the ________ target market approach.

single

In terms of the number of employees, the majority of manufacturing facilities in the United States are _____.

small

The macro view of marketing sees marketing as a(n) ______ process.

social

The growing use of online ______ by buyers has the effect of weakening the influence that communication from marketers has on buyers' attitudes and choices.

social networks

Consumers use rational decision-making processes ______.

some of the time

The use of scientific advancements to help convert resources into goods and services is also known as ______.

technology

An hour before a dinner with a big client, Jesse remembers he doesn't own a tie. He races to the nearest department store and quickly purchases one. In this case, Jesse's purchase was largely influenced by ______.

time

The level of confidence consumers have in a brand is known as _____.

trust

Population growth in the United States has slowed down and income is leveling off, making this a(n) ______market for high end jewelry companies. (favorable/unfavorable)

unfavorable

The processes of buying, selling, shipping, storing, financing, and risk-taking are components within the ______ functions of marketing.

universal

The Knight Foundation provides college scholarships for high school graduates. The purchasing manager is buying a new printer for the foundation's administrative office. In terms of buying influences, the administrative assistant in the office who prints documents everyday would be classified as a(n) ______.

user