MKT 300 HW Answers

A country's _______ is the difference between the value of a country's exports and the value of its imports.

balance of trade

Using an existing brand to brand a new product in a different category is called ______.

brand extension

individual branding

A policy of naming each product differently

brand licensing

An agreement where a company permits another organization to use its brand on other products for a licensing fee

Online marketplaces where buyers and sellers can exchange information, goods, services, ideas, and payments are best described as _______.

B2B e-commerce sites

In the business buying decision process, what comes after problem recognition?

Developing product specifications

Which of the following identifies old technologies that can be exploited in new ways or develops new business models to give customers more than they've come to expect from current products in a specific market?

Disruptive innovation

phase-out

No attempt is made to give the product new life

Which of these is not a consumer misbehavior?

Routinized response behavior

What is one of the biggest mistakes a marketer can make when it comes to digital marketing?

They treat it like they would traditional marketing.

Portable tools and office equipment would be categorized as _______.

accessory equipment

The decision to market a product is called _______.

commercialization

Which of the following are viewed as "in-the-know" by many product adopters?

early adopters

The stage of the product life cycle where profits peak is the _______.

growth stage

The NAICS is a system for classifying businesses _______.

in North America

evaluative criteria

is/are the features that a consumer considers in choosing among alternatives.

Which of the following are primary concerns when it comes to business customers making purchasing decisions? (Select three)

supplier relationships, product quality, price

immediate drop

Completely getting rid of the product

Which of the following involves marketers presenting a sample of potential buyers with a product idea described in words or in drawings, to determine their attitudes and initial buying intentions?

Concept testing

Which of the following refers to the strategic process of distributing, promoting, and pricing products, and discovering the desires of customers using digital media and digital marketing?

Electronic marketing (e-marketing)

The use of bribes, which are illegal for U.S. companies, relate best to which of the following environmental forces?

Ethical and social responsibility forces

The ________ has adopted a common currency, works to remove trade restrictions, permits the free flow of goods and workers throughout member nations, and promotes human rights within member countries and around the world.

European Union (EU)

run-out

Exploiting any strengths left in the product by intensifying marketing efforts in core markets or eliminating some marketing expenditures

Which of the following is the market value of a nation's total output of goods and services in a specific period?

Gross domestic product (GDP)

Which characteristic of service tends to have variation in quality?

Heterogeneity

The World Trade Organization (WTO) aims to do which of the following? (Select three)

Mediate trade disputes, Serve as a forum for trade negotiations, Work to reduce global trade barriers

Which of the following is not one of the five opportunities for creating value generated by a global presence?

Minimizing the transfer of knowledge across locations

family branding

Names all of the firm's products with the same name

Which of the following is not an aspect of technological forces?

Paying people to influence policy decisions of foreign governments

gatekeeper

People who control the flow of information to all the other roles

influencer

People who help develop product specifications and evaluate alternatives

buyer

People who select suppliers and negotiate the purchase

Which of the following are major elements that underlie brand equity? (Select three)

Perceived brand quality, Brand name awareness, Brand loyalty

Which of the following is a way to display or graph, in two or more dimensions, the location of products, brands, or groups of products in customers' minds?

Perceptual map

Which of the following are brands that are initiated and owned by resellers?

Private distributor brands

What purpose would an individual in a business market have for purchasing a specific kind of product? (Select three)

Use in daily operations, resale, Direct use in producing other products

co-branding

Using two or more brands on one product

Which of the four promotional strategies involves gaining credibility from what other people say about a service?

Using word-of-mouth communication

Measuring the number of online ratings about the company or product on social media is which type of social media metric?

advocacy

A modification to a product that changes the taste, texture, sound, smell, or appearance is a(n) _______.

aesthetic modification

introduction stage

aggressive promotional spending to promote product awareness and trial

Inelastic demand means _______.

an increase or decrease in the price of a product will not significantly affect demand for the product

Component parts _______.

are either finished items ready for assembly or products that need very little processing before becoming part of some other product

Which psychological influence consists of three major components: cognitive, affective, and behavioral?

attitude

Buyers recognize the existence of a new product during which of the following stages of the product adoption process?

awareness

Companies known as ______ were founded with the knowledge and resources to accelerate their participation and investment in the global marketplace.

born globals

The elements of a brand that cannot be spoken are called the ______.

brand mark

is increasingly a concern for online advertisers who are demanding more control over where their ads run.

brand safety

The collection of alternatives a consumer actually considers when making a decision is known as the _______.

consideration set

Behavior that violates generally accepted norms of a particular society is best described as _______.

consumer misbehavior

Two trends have elevated the importance of consumer-generated information: (1) the growing tendency of consumers to publish their own thoughts, opinions, reviews, and product discussions; and (2)

consumers' tendencies to trust other consumers over corporations

_______ are goods and services consumers want to purchase frequently, immediately, and with minimal effort.

convenience products

A company considering culture when marketing a product in a foreign country would want to be sure that promotional messages _______, _______, and _______. (Select three)

convey the intended meaning, reflect the country's social values, are translated correctly

The ______ consist(s) of a product's fundamental utility or main benefit and usually address(es) a fundamental need of the consumer, whereas ______ provide added value or attributes that are in addition to the core product's utility or benefit.

core product and supplemental features

Delivery and installation, financing arrangements, customer training, warranties and guarantees, repairs, layaway plans, convenient hours of operation, adequate parking, and information through toll-free numbers and websites are examples of _______.

customer services

When a consumer has previous experience with a product or brand, it is likely the level of involvement would

decrease

To balance the supply and demand of perishable services, marketers may use

demand-based pricing

Using all digital media, including the internet and mobile and interactive channels, to develop communication and exchanges with customers is best described as ________.

digital marketing

Some people avoid buying specific products and brands, so they are not associated with specific groups. These groups would be classified as _______.

disassociative reference groups

Digital marketing can be viewed as a new ______ channel that helps businesses increase efficiency.

distribution

During the final stage of the consumer buying decision process, a person might experience cognitive dissonance, which is _______.

doubts in the buyer's mind about whether purchasing the product was the right decision

Which business buying decision factor would include political forces, economic factors, and technological changes?

environmental

The _______ is perhaps the most important determinant of consumer behavior because it helps them acquire the knowledge and skills to function as a consumer through a process called _______

family and consumer socialization

When a company uses similar packaging for all of its packaging, it is using

family packaging

______ involves developing marketing strategies as though the entire world (or its major regions) were a single entity.

globalization

Which of the following are tangible products that customers can see, hear, smell, taste, and/or touch?

goods

______________ products tend to be those that are visible to others (such as cars) and are more expensive, while ___________ products are much less expensive (such as paper towels) and have less associated social risk.

high involvement and low involvement

In the business analysis stage, _______.

ideas are evaluated by projecting cost, sales, and profitability

Which of the following deletion strategies is the best strategy when losses are too great to prolong the product's life?

immediate drop

Measuring the number of repeat sales is which type of social media metric?

impact

The second stage of the consumer decision-making process is ______.

information search

The first group to adopt new products are called _______.

innovators

Buyers of industrial equipment would most likely use _______ as their purchase method.

inspection

Hospitals, colleges and universities, and museums fall into the ______ category of business customers.

institutional market

Services can't be touched, consumed, or felt in the same way as goods. This is an example of

intangibility

During _______, the consumer conducts a mental review and asks questions like "Do I have experience with this product?"

internal search

__________ involves developing and performing marketing across national boundaries.

international marketing

MRO supplies are _______.

items that help production but do not become part of the final product

When the demand for one business product is related to the demand for another business product used in combination with the first item, _______ occurs.

joint demand

_______ is/are often a political necessity because of nationalism and government restrictions on foreign ownership.

joint ventures

Which of the following is closely related to packaging and is used to identify, promote, inform, and address legal requirements?

labeling

is/are the changes in a consumer's thought processes and behavior as a result of experience or information.

learning

Quality, the overall characteristics of a product that allow it to perform as expected, has two dimensions:

level and consistency

When buyers purchase products occasionally or from unfamiliar brands within a product category, they are most likely to use _______.

limited decision making

The development of a product closely related to one or more products in the existing product line but designed to meet different customer needs is called a

line extension

The stage of the product life cycle where sales revenue peaks is the _______.

maturity stage

Which of the following can strongly influence an individual's lifestyle? (Select three)

media preferences, Aspects of the consumer buying decision process, product needs

The driving force that causes a consumer to take action and satisfy a specific need is a _______.

motivation

During the fourth stage of the business buying decision process, the buying center chooses the product and supplier(s). With _______ , the firm chooses two or more firms to ensure a steady supply. Sometimes a firm chooses just one supplier or ________.

multiple sourcing and sole sourcing

Which of the following is often used for liquidating unsold, returned, or used merchandise?

online auctions

Any attempt to conduct dishonest activities online would be described as _______.

online fraud

Someone who influences the opinions of others is a(n) _______.

opinion leader

Which of the following is contracting of noncore operations or jobs from internal production within a business to an external entity that specializes in that operation?

outsourcing

What is the development of the container that holds a product?

packaging

Which of the following categories is a situational factor?

physical surroundings

According to Maslow, the most basic needs are _______.

physiological needs

The decisions and activities intended to create and maintain a certain concept of the firm's product, relative to competitive brands, in customers' minds are best described as

positioning

To estimate the purchase potential of business customers, a marketer must find a relationship between a variable available in industrial classification data, such as number of employees, and the size of _______.

potential customers' purchases

In which of the following stages of the consumer decision-making process does the consumer become aware of a gap between their existing situation and the desired or ideal situation?

problem recognition

Which category of business customers includes individuals and business organizations that purchase products to profit by using them to produce other products or using them in their operations?

producer market

A positioning strategy that highlights specific attributes or features to create the desired perception of the brand or consistency with the buyer's self-concept is a ________ positioning base.

product attribute or feature

Some companies now use online advertising campaigns and contests to help develop better goods, services, or ideas. This is most closely related to what variable of the marketing mix?

product considerations

What is the process of eliminating a product from the product mix when consumer preferences shift significantly, causing a product to decline?

product deletion

The process of creating and designing products so that customers perceive them as different from competing products is best described as _______.

product differentiation

Which of the following is responsible for a product, a product line, or several distinct products that make up an interrelated group within a multiproduct organization?

product manager

A _______ is a company's assortment of product lines and individual product offerings.

product mix

A product modification intended to improve the dependability and durability of a product is a(n) _______.

quality modification

Unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, and corn, would be categorized as ______.

raw materials

Which of the following is an arrangement unique to business in which two businesses agree to buy from each other?

reciprocity

Retailers and wholesalers are part of the _______ category.

reseller market

After ideas have been generated, the next step in the product development process is

screening

The first two digits of a NAICS code designate the _______.

sector

When consumers notice certain stimuli in the environment, they use _______ to choose what information is processed.

selective exposure

is an individual's perception or view of themself.

self-concept

One of the most important benefits of e-marketing is the ability of marketers and customers to

share information

Which of the following influences on the consumer buying decision process result from time, circumstances, and location?

situational

Which of the following is an open aggregate of people with similar social rank?

social class

Particular items that offer unique characteristics that buyers are willing to go through a considerable amount of effort to obtain are called ______.

specialty products

In a _______, the business buyer reorders the same goods or services without looking for new information or investigating other suppliers.

straight rebuy purchase

A group of individuals whose characteristics, values, and behavioral patterns are similar within the group and different from those of people in the surrounding culture is known as a(n) _______, whereas ________ is the accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generations.

subculture and culture

Which positioning base positions the product based on personality or type of consumer?

target market

The group of people within an organization who make business buying decisions are best described as _______.

the buying center

The exclusive legal right to use a brand or part of a brand is ______.

trademark

Companies that lack the will and resources to develop international marketing strategies often sell products to a(n) _______, which then sells them internationally.

trading company

Products that are purchased to solve a sudden problem and a customer does not actively seek are _______.

unsought products

decline stage

use promotion to suggest new uses for product

Which of the following is responsible for all aspects of developing a product: research and development, production and engineering, finance and accounting, and marketing?

venture team

The number of different product lines an organization offers is the company's _______.

width of product mix