MKT 3013 Exam 1

Which statement illustrates an internal locus of control?

"Consequences are the result of my actions."

Which statement illustrates an external locus of control?

"No matter how hard I study, the test will be too hard."

Which of these is the best example of an unstructured question?

"Why did you choose the car you currently drive?"

Which of the following are examples of strengths that could be identified in a SWOT analysis?

-A reliable network of spokespeople -Strong brand recognition

Which of the following are benefits of online focus groups?

-Access to a broader range of consumers -Lower costs -No travel needed

What factors that affect a sales manager's performance are outside the manager's control?

-An economic downturn -Successful competition

Which of the following are considered ideas?

-An opinion -A philosophy

What components of attitude do marketing communications usually target?

-Behavioral -Affective -Cognitive

What are components of the visual sense?

-Brightness -Lighting -Setup of a retail space

Which of the following are examples of value cocreation?

-Buying a custom cake from the bakery -Ordering a pair of jeans with personalized embroidery -Getting a tattoo of a family member's name

Marketing research consists of which of the following?

-Collecting data -Analyzing data -Interpreting data

Which of the following are reasons marketers must adapt their global distribution strategies for developing countries?

-Consumers shop in small, family-owned retail outlets. -It is difficult to transport products to retailers in remote areas.

In recent years, firms have improved their ability to collect data from which of the following sources?

-Customer relationship management systems -Websites and social media platforms -Transactions

Which of the following are among the five stages in the marketing research process?

-Defining objectives -Collecting the data -Analyzing the data

What are the two key elements marketers consider when determining price?

-Determining how much customers are willing to pay so that they are satisfied with the purchase -Ensuring the seller achieves a reasonable profit

Which of the following are ways a firm or retailer can benefit from observation using embedded sensors such as Microsoft's Kinect technology?

-Develop smart signage that reacts to customers' movements -Optimize store layouts -Track customer purchasing behavior

If a car manufacturer wanted to segment its marketplace, it would do which of the following?

-Divide consumers into groups based on their incomes -Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) -Organize potential customers into groups based on their age

Firms achieve operational excellence through which of the following?

-Efficient operations -Good supply chain management -Strong relationships with suppliers

Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability?

-Environmentally friendly options -Social responsibility

Select all of the following that are quantitative research methods.

-Experiments -Scanner data -Survey

Which of the following are benefits of conducting surveys online (vs. offline)?

-Faster processing -Lower cost -Higher response rate

Primary data collection methods include which of the following?

-Focus groups -Surveys -In-depth interviews

Which statements about the marketplace are true?

-For most firms, the best strategy is to target specific segments of the market. -The marketplace refers to the world of trade. -The marketplace can be divided into categories that are important to an organization for specific reasons.

Why is global segmentation, targeting, and positioning (STP) more complicated than domestic STP?

-Foreign consumers view products and their roles as consumers differently. -Firms struggle to understand the cultural nuances of other countries.

Product promotions that set unrealistically high consumer expectations often lead to which of the following?

-High initial sales of the product -Long-term customer dissatisfaction

Select all of the following that are disadvantages of primary data collection.

-It takes more time -It costs more

A portfolio analysis involves which of the following?

-Management evaluates the firm's various products and businesses. -Management allocates its resources to products with the greatest potential to be profitable.

Which of the following are related to marketing in the production-oriented era?

-Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. -Retail stores were considered places to hold inventory until it was sold.

Which of the following are included in the four major growth strategies?

-Market penetration -Product development -Market development

Which of the following statements about the core aspects of marketing are true?

-Marketing involves satisfying customer needs. -Marketing requires product, price, place, and promotion decisions. -Marketing impacts various stakeholders.

Which of the following are types of qualitative research methods?

-Observation -Focus groups -In-depth interviews

When a firm enters into a joint venture agreement with a local firm, the two investors will then share which of the following?

-Ownership of the firm -Any profit gained -Control of business operations

Which of the following elements affect the consumer search process?

-Perceived benefits and costs -The locus of control -Actual or perceived risk

What are the three major phases of the marketing plan?

-Planning -Implementation -Control

Which of the following are elements of the marketing mix?

-Price -Product

What were the primary characteristics of the market-oriented era that followed World War II?

-Products were designed to focus on consumers' needs. -It was a buyer's market.

Some commonly used financial performance metrics include which of the following?

-Profits -Sales revenue

What are the advantages of secondary research?

-Reduces cost of data collection -Saves time in data collection because readily available

What are the three stages of memory?

-Retrieval -Encoding -Storage

STP includes which of the following?

-Segmentation -Positioning

Which of the following are the three potential global product strategies?

-Selling a product in the host country with minor adaptations from what is sold in the home country -Selling a completely new product in the host country -Selling the same product or service in both the home and host country

Firms become value driven by focusing on which of the following activities?

-Sharing information -Building relationships -Balancing customer benefits and costs

Which factors usually influence the consumer decision process the same way each time?

-Social -Psychological

Which of the following are factors that have contributed to Brazil's economic growth in the 21st century?

-Social programs that have expanded the middle class -An increase in the literate population

Which of the following criteria are necessary to assess a country's market?

-Sociocultural analysis -Economic analysis -Infrastructural analysis

What are the four components of a SWOT analysis?

-Strengths -Weaknesses -Opportunities -Threats

Which of the following is an example of an agency that sets the rules for currency exchange in a nation?

-The U.S. Federal Reserve -A central bank

Value-based marketers believe that consumers want which of the following when they purchase a product?

-Their needs to be met -Their wants to be met -A price that is a good value

What are the characteristics of structured questions?

-They include specific answers to choose from. -They are closed-ended.

Which of the following are benefits of in-depth interviews for market research?

-They provide historical context for the phenomenon of interest. -They communicate people's feelings about products and services at the individual level.

What are examples of good marketing campaigns?

-Those that consider their effect on society -Those that are thoughtfully planned -Those that are ethical

Which of the following are components of a SWOT analysis?

-Threats -Opportunities -Weaknesses

What are the main purposes of metrics during Step 5?

-To explain why things happened -To predict what will happen

What is the purpose of playing background music in stores?

-To increase consumers' positive feelings toward the store -To encourage consumers to stay in the store longer

What are reasons why strategic planning may not occur sequentially

-When a situation analysis necessitates that the mission statement be revised -When new logical alternatives arise -When the implementation plan cannot move forward because there are too few resources

Which of the following questions should be considered by managers before beginning a marketing research project?

-Will the top management be committed to this project?

Which events helped create a situation in which manufacturers produced more than customers could buy?

-World War II -The Great Depression

Which two of the following are franchises?

-a McDonald's restaurant -a Holiday Inn motel

The macro strategies for developing customer value include each of the following EXCEPT ______.

-marketing excellence

Which are supply chain partners?

-retailers -wholesalers -transporters

Which of the following have a direct impact on pricing in the global marketplace?

-tariffs and antidumping laws -national rules governing the competitive marketplace

Some details used to evaluate the general economic environment include ______.

-the trade deficit or surplus -the GDP

Which of the following are components of price?

-time -money -energy

The complex value chains inherent in global distribution networks include which of the following?

-wholesalers -transportation systems -importers and exporters

Place the steps of the consumer decision process in order, starting with the first step at the top.

1. Need recognition 2.Information search 3.Alternative evaluation 4.Purchase and consumption 5.Post purchase

Place the stages of the marketing research process in the correct order, with the FIRST step at the TOP.

1.Defining objectives and needs 2.Designing the research 3.Collecting the data 4.Analyzing the data and developing insights 5.Developing and implementing an action plan

Categorize the data collection techniques as qualitative or quantitative. 1. Survey 2. Focus Groups

1.Quantitative 2.Qualitative

Match the terms "data" and "information" to their respective definitions. 1. Data 2. Information

1.Raw numbers or facts with little value to marketers. 2.Organized, analyzed, and interpreted numbers or facts that offer value to marketers.

Approximately what percentage of marketers use social media?

97%

Which purchase would be most likely to be motivated by a safety need?

A burglar alarm

Which of the following characterizes the relationship between marketing and exchange?

A buyer and seller trade things of value, leaving each better off than before.

Infrastructure includes basic facilities, services, and installations needed for a community or society to function, including all EXCEPT which of the following?

A culture that accepts innovation

In any given country, who is usually responsible for regulating currency exchange?

A designated agency, such as the central bank

What service do online focus group firms offer?

A secure site on which companies can listen to and interact with focus groups

Which of the following best describes a focus group?

A small group of people put together for an intensive discussion

Why might a firm prefer to manufacture in a country that has a trade surplus?

A trade surplus offers the chance to export to more markets.

The buyer loves the sleek feel of the iPod and has it with him almost at all times.

Affective

A firm can begin to implement the marketing mix immediately after which step?

After it has finished segmentation, targeting, and positioning

Which statement is true regarding SBUs?

An SBU may have a different mission or objective from other divisions.

An environmental nonprofit organization's Instagram channel encourages citizens to reduce their greenhouse gas emissions. What type of product is it selling?

An idea

Which of the following best describes postpurchase cognitive dissonance?

An internal conflict

In what situation are you most likely to market yourself?

At a job interview

Where should demographic questions appear in a questionnaire?

At the end

The process by which businesses sell to consumers is known as ______ marketing.

B2C

When the consumer uses many evaluative criteria such as fuel economy, acceleration speed, and the availability of extra features, like satellite radio or GPS, to make a decision about purchasing a car, the consumer is doing what?

Basing the decision on important, salient features of the car

The buyer takes action and his own method for categorizing his downloads, storing them in the iPod, and accessing them.

Behavioral

What is NOT a characteristic of good marketing?

Benefiting the competition

Which of the following is NOT an example of a service?

Buying a new car

Like Timex, Rolex makes watches. How does Rolex add unique value to its products?

By conferring status

How can retailers influence consumers through their auditory senses?

By playing Christmas music during the holiday shopping season

When consumers market products to other individuals, it is known as ______ marketing.

C2C

________ architecture is the attempt to influence consumers through the design of the environments in which they make their purchasing decisions.

Choice

What attempts to influence purchase decisions through environmental design?

Choice architecture

The buyer knows he can download music, videos, and lectures from iTunes anywhere anytime.

Cognitive

Lamar is trying to decide which college to attend from four that accepted him. One is a small, prestigious school that costs three times as much as the other, larger universities. In the end, Lamar decides to take out student loans and attend the smaller school, believing its reputation will lead to a desirable job after graduation. Which type decision model is he employing?

Compensatory

Which type of decision rule involves a consumer trading off one product trait against another when evaluating alternatives?

Compensatory

Which of the following is a set of criteria that consumers use to quickly and efficiently select from among several alternatives?

Consumer decision rules

Which is an example of loyalty to a company in a consumer's daily life?

Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.

__ is the shared meanings, beliefs, morals, values, and customs of a group of people.

Culture

Which entity does NOT market to the other entity?

Customers to businesses

______ is a tool used by companies to explore data that helps to explain customer patterns in purchasing certain products (i.e., a tool that enables a home improvement retailer such as Lowe's to learn that 25 percent of the time its customers buy a garden hose, they also purchase a sprinkler).

Data mining

___________ uses various statistical analysis tools to discover previously unknown patterns in the data or relationships among variables.

Data mining

Which of the following types of businesses would be MOST affected by pricing laws that prohibit selling products below cost?

Discount retailers such as Walmart

Match each issue (on the left) concerning questionnaire design with its corresponding example (on the right). Avoid complex questions and those that may seem unfamiliar to respondents.

Do you believe that mechanical watches are better than quartz watches?

When was the consumer "king"?

During the market-oriented era

A market penetration strategy, as one of the possible growth options, may be achieved by which of the following?

Encouraging current customers to patronize the firm and the brand more often

What is a major benefit of selling the exact same product or service in both the home and host countries?

Establishing strong brand recognition

Taking a yoga class or a meditation class to maintain a satisfied outlook on life is appealing to which need in Maslow's hierarchy?

Esteem

A firm that is considering changing the colors used on its packaging wants to determine the effect of different color schemes on sales. To do so, the firm places three different packages in stores in three different markets. What type of research is this?

Experimental

__________ research systematically manipulates one or more variables to determine which variables have a causal effect on another variable.

Experimental

Which of the following is NOT a qualitative research method?

Experiments

Qualitative research relies on experiments and surveys.

False

True or false: A questionnaire is a research technique that attempts to analyze consumer sentiments based on their social media activity.

False

True or false: Businesses should avoid using social and mobile media technologies.

False

True or false: Online surveys are most beneficial to marketers who have large budgets and plenty of time to conduct their research.

False

True or false: The consumer decision process starts with need recognition and ends with the purchase itself.

False

True or false: The global population has only experienced negative population growth since the turn of the 20th century in both less developed nations and developed countries.

False

True or false: The purpose of a marketing strategy is to maximize short-term profits.

False

True or false: The statement, "Sometimes things just are not meant to work out," is an example of an internal locus of control.

False

True or false: Universal sets are a subset of retrieval sets and evoked sets.

False

Charley would like to buy a laptop. The Sony laptop he's considering costs 25% more than most others he has looked at. What type of risk is Charley experiencing?

Financial

What is a qualitative research technique where trained researchers ask questions to a few selected participants individually, record the answers, and then ask additional questions if needed for clarification?

Focus group

Which of the following is NOT a quantitative research method?

Focus groups

What is a major economic factor that a firm conducting an economic analysis of a country market must take into account?

General economic environment

What is the process that causes an increased flow of goods, services, capital, people, information, and ideas across national borders?

Globalization

______ refers to a strategy in which firms sell a standardized product around the world but develop different promotional campaigns for different countries.

Glocalization

Which of the following metrics measures a country's economic output?

Gross domestic product (GDP)

During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services?

Implement marketing mix

Which of the following factors is included in gross national income (GNI) but not gross domestic product (GDP)?

Income from foreign investments

Why is a strong supply chain important?

It helps get merchandise to customers when and where they want it.

Which of these is NOT an advantage of secondary data?

It is easy to customize.

Which of these is NOT an advantage of secondary research?

It is the best source of unbiased data

Which of the following buyers is worried about physiological risk?

Jiang, who wants a bicycle helmet that is proven to prevent brain damage in most cases.

Which scenario is an example of negative word of mouth?

Joe tells his friends that he received poor service.

In which situation did an alternative evaluation option occur within the search process?

Kevin searches for a new car on the Internet before visiting the "The Mile of Cars" store

After trying out several computers at a local store, Craig surprises himself by buying a brand he previously had not considered. This change in Craig's thought process about the brand is an example of which psychological factor in the consumer decision process?

Learning

________ refers to a change in a person's thought process or behavior that arises from experience.

Learning

Sometimes older people join Facebook as a way to keep in touch with younger family members. Which of Maslow's needs motivates their decision to join Facebook?

Love

Which factor does NOT directly influence how the consumer makes a purchase decision?

Macroeconomic factors

______ must be committed to the research project and be willing to abide by the results of the research.

Management

Which person is experiencing social risk?

Maria, who is concerned that her friends will think she has poor taste if she buys a tube of purple lipstick

When a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast, it is using which growth strategy?

Market development

Which of the following is the most helpful to a firm in ensuring that its merchandise will be readily and efficiently available in stores, so that consumers are not disappointed and the firm's profits do not suffer?

Marketing channel management

______ consists of a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas.

Marketing research

________ consist of information that has been acquired and stored in the brain, to be available and utilized when needed.

Memories

Match each issue (on the left) concerning questionnaire design with its corresponding example (on the right). Avoid leading questions, which steer respondents to a particular response, irrespective of their true beliefs.

Most patriotic people vote in every election. Did you vote in the last presidential election?

Which of the following are the most serious and potentially damaging consumer behaviors?

Negative word of mouth and spreading rumors

Which research method is typically the best for determining how customers might use a product?

Observation

Which company is most likely to be a value-driven firm?

One that has active and engaging social media channels

What is NOT an example of customer loyalty?

Only purchasing organic products

______ is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers.

Operational excellence

______ data is information collected from the same group of consumers repeatedly over time.

Panel

A kindergarten teacher wants to buy several electronic tablets for her classroom, but she is concerned that they will break with all of the children handling them. Which type of risk is the teacher experiencing?

Performance

Step 2 of a marketing plan involves which of the following?

Performing a situation analysis using SWOT

Bennie has been trying to convince his parents to buy him a used Chevy Corvette, a popular American sports car. But his parents are afraid owning a fast sports car will increase his risk of being injured in an auto accident. Bennie's parents are concerned about which type of risk?

Physiological

Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later she passes an ice cream shop. Which of the 4 Ps is most at play here?

Place

______ is one of the elements of the four Ps that embodies all activities needed to get the product to the right customer when and where he or she wants it.

Place

Johannes buys an expensive sports car that has a high monthly payment. Two weeks later, he gets laid off from his job and begins to regret buying the car. Johannes is experiencing which of the following?

Postpurchase cognitive dissonance

_________ data is research information collected to address specific research needs.

Primary

______ is the part of the marketing mix that seeks to create value by providing features and benefits that meet consumers' needs.

Product

______, which includes services, constitutes the first of the four Ps.

Product

A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy?

Product development

Which of the following is one of the macro strategies for developing customer value through effective branding and positioning?

Product excellence

In the second step of the marketing research process, what factor determines the type of data needed?

Project objectives

In the marketing mix, which element of the 4Ps communicates value to the consumer?

Promotion

______ is the part of the marketing mix that communicates the value of the product to the consumer.

Promotion

______ research, such as a focus group, attempts to begin to understand phenomena of interest with broad, open-ended questions.

Qualitative

In a focus group, what kind of data are usually gathered about consumer reactions?

Qualitative data

___________ research provides mathematical information needed to confirm insights, and managers can use it to pursue appropriate courses of action through many types of data collection.

Quantitative

Developing a questionnaire is considered "part art and part science." Which of the following is a good practice for questionnaire creation?

Questions should be designed to address a specific set of research questions.

Which of the following refers to the minimum or maximum quantity of a good that may be imported during a specified time period?

Quota

Which of the following is an accurate definition of the term data?

Raw numbers with no intrinsic meaning

With ______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service.

STP

What is the next stage in the consumer decision process after need recognition?

Search for information

_______ are pieces of information that have already been collected before the research project starts.

Secondary data

_______ are pieces of information that have already been collected before the research project starts. Multiple choice question. Customer surveys

Secondary data

Suppose you work in the marketing department of a company and your boss, the marketing manager, asks you to take on a marketing research project. "But I'm not giving you any money for data collection," your boss says. "You can just use secondary data; they can meet all our needs and we can get them for free." Which of the following is the best argument against your boss's decision not to give you any money for the research?

Secondary data may not be specific enough to meet the needs of the research

Which of Maslow's needs is the highest level of needs?

Self-actualization

What is the most common method of introducing a product or service outside of the home country?

Selling the same product or service in the home country and host country

Vic reluctantly goes to a sporting goods store with a friend and is surprised how the design, colors, smells, and textures of the store make him feel as if he is outdoors, near a lake. What caused Vic to feel this way?

Sensory situation

Determinant attributes and consumer decision rules are examples of which of the following?

Shortcuts consumers use to simplify purchase decisions

What does a trade deficit signal to economic analysts?

Strong competition from foreign producers

Researchers decide if a project is valuable by comparing the benefits of answering some of their questions with what?

The costs associated with the research

What would happen to the global economy if all marketing ceased?

The global economy would plummet.

How do in-depth interviews help marketers improve their approach to market research?

The interview results can be used to develop surveys for a broader sample of consumers.

What do "opportunities" represent in SWOT analysis?

The positive aspects of the external environment

Which statement about strategic planning is true?

The process can move back and forth between steps, depending on the situation.

Which of the following is true of services?

They cannot be separated from the producer.

Which of the following statements about metrics is true?

They provide marketers with a good picture of the economic health of a country despite different stages of economic development.

Why would a firm record the number of abandoned virtual carts on its website?

To assess the conversion rate

In sentiment mining, companies gather comments from consumers on social media for what purpose?

To find consumers' preferences for products

Which best describes the purpose of determinant attributes?

To help consumers differentiate competing brands or stores that seem similar

What is the purpose of evaluating performance during Step 5?

To identify and explain performance above and below expectations

When firms develop a marketing mix as part of their global marketing strategy, what is their primary goal?

To sustain a competitive advantage over time

If a laundry soap manufacturer decides to introduce a single-use package of detergent in a developing country when it only sells the detergent in bulk sizes in the home country, which global product strategy is the company using?

Totally new product or service

What global product strategy does a firm pursue if it offers a product in one country that uses ingredients not found in the products it sells in other countries?

Totally new product or service

True or False: Brazil is currently in the top ten of the world's largest economies.

True

True or false: A global marketing mix is more complicated than a domestic marketing mix.

True

True or false: A virtual community is an online network of people who communicate about specific topics.

True

True or false: In the marketing mix, place attempts to deliver value by making the product or service available when and where the consumer needs or wants it.

True

True or false: Situational factors sometimes override psychological and social issues.

True

True or false: The statement, "Life tends to unfold the way it should with or without my actions," is an example of external locus of control.

True

True or false: To do business in less developed nations, firms often adjust products or prices to make their offerings more affordable.

True

Culture exists on several levels. Which of the following levels are included?

Underlying values, such as beliefs and thoughts

How is information generally gathered in a survey?

Using a questionnaire

Which of the following is LEAST effective when building a sustainable competitive advantage?

Using only a single strategy

______ reflects the relationship of benefits to costs, or what you get for what you give.

Value

In general, what is the first sense to be triggered in a new setting?

Visual

Which of the following is the primary question a mission statement should answer?

What type of business are we?

When does the consumer decision process begin?

When consumers realize they have an unfulfilled need and want to reach a different, desired state

Limited problem solving is most likely to occur under which condition?

When the consumer has a purchase decision that calls for, at most, moderate effort and time

Match each issue (on the left) concerning questionnaire design with its corresponding example (on the right). Avoid sensitive questions unless they are absolutely necessary.

When was the last time you received bad news at the doctor's office?

Evaluating real income is:

a critical way in which global markets are assessed

A marketing plan includes all of the following EXCEPT ______.

a plan on how to pitch investors

General Electric sells a broad array of products for both businesses and consumers, from jet engines to light bulbs. GE's kitchen appliances would be considered ______.

a product line

The level of economic development, as well as differences in product and technical standards, help determine the need for and level of product ______ in a global product strategy.

adaptation

Elements in a global communication strategy usually need to be ______ to the local market to be effective.

adapted

Gross domestic product is defined as the total market value of ______ produced by a country in a year.

all goods and services

A successful marketing plan helps ensure that ______.

all parties involved in a transaction are satisfied

Gretta has never tried Pert shampoo but she doubts that a shampoo can be as effective as a two-in-one shampoo and conditioner that she uses daily. Her negative predisposition toward the brand is her ______.

attitude

Firms marketing directly to each other are participating in business-to- __________ marketing.

business

In addition to customer satisfaction and loyalty, which of the following is also one of the potential postpurchase outcomes?

cognitive dissonance

Consumer decision rules are either ______ or ______.

compensatory; noncompensatory

One challenge for companies is to provide products that meet customers' needs and wants while providing greater value than their

competitors

Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing.

consumer

Many businesspeople believe that marketing should focus on factors other than financial goals, such as ______.

corporate citizenry

One of the factors that affects a consumer's search process involves weighing the perceived benefits of a search against the perceived

cost

When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs.

creating value

The external ______ environment that influences consumer behavior includes consumers' family, reference groups, and culture.

cultural

Which of the following is a business philosophy that focuses on identifying and building loyalty among the firm's most valued customers?

customer relationship management

A market segment consists of ______ who respond similarly to a firm's marketing efforts.

customers

In a value-based, marketing-oriented firm, marketers share information about ______ and competitors, and then integrate and distribute it across the firm's various departments.

customers

Through the use of ______, a hardware retailer might learn that 30% of the time when its customers buy a table saw, they also purchase nails.

data mining

Firms find it necessary to use data mining techniques to extract valuable information from their _____________.

data warehouses

A marketing research project might involve analyzing ______ collected from grocery store scanners in order to produce ______ that can be used to better understand how well a promotion worked or how different customer segments differ in their shopping patterns.

data; information

The analyst prepares the results to present them to a firm's ______ as a final step in the marketing research process.

decision makers

In Step 1 of the planning phase, a firm ______.

defines the mission and/or vision of the business

A mission statement ______.

defines the scope of activities a firm plans to undertake

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.

deliver

Global marketing strategies includes two elements: identification of the target markets and ______.

developing and implementing the marketing mix

Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, is responsible for ______.

developing goods and services

The most common method of evaluating the economic health of a country is to use metrics that measure the country's ______.

economic output

In general, promotion can ______ a product's or service's value to consumers.

enhance

A joint venture is formed when a firm ______ a new market and ______ its resources with those of a local firm to form a new, shared company.

enters; pools

________ needs (from Maslow's hierarchy) allow people to satisfy their inner desires.

esteem

Step 5 of the marketing plan involves ______.

evaluating the results of the strategy and implementation program

Having completed an information search, a consumer's next step in decision making is ______.

evaluation of alternatives

Important attributes, or ______ criteria, consist of a set of salient, or important, attributes about a particular product. Examples of these attributes can be price, quality, location, time, ease of use, etc.

evaluative

Juan is familiar with several brands of mobile phones, but he plans to consider only two brands when he purchases his next phone. Those two brands are his ________ set.

evoked

Octavia is in the market for purchasing a new automobile, but she will only consider buying models made by American companies. The American car makers are part of Octavia's ______ set.

evoked

Observation can be described as ______ through personal viewing or by means of a video camera.

examining purchase and consumption behavior

A core aspect of marketing involves a(n) __________, which is a transaction in which things of value are traded by buyers and sellers.

exchange

Because research is ______, it is important to figure out beforehand exactly what problem needs to be solved.

expensive and time-consuming

A country with a trade surplus ______.

exports more goods than it imports

Consumers often use ______ problem solving for risky purchase decisions.

extended

An ______ search is when the buyer looks for information beyond personal knowledge to help make the buying decision, such as checking the Internet, asking a friend, or visiting a showroom.

external

They are two key types of information searches: internal and

external

Customer dissatisfaction is most likely to occur when a product ______.

fails to live up to high performance expectations

A franchise is a contractual agreement between ______.

firms or a firm and individual

A strategic alliance is a type of _____ for a firm to expand into the foreign market.

global entry strategy

In the twenty-first century, goods, services, capital, people and information, and ideas often flow across international borders, a process known as

globalization

Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch.

goods

Prices are often different in the global marketplace than they are in the home country because a firm's products may not ______.

have the same positioning as they do in the home country

Products include goods and services, as well as __________, which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can.

ideas

The major challenge in developing a global communication strategy is ______

identifying the elements of an advertising campaign that need to be adapted in the global marketplace

Customer relationship management (CRM) can help marketers compete by collecting data about their customers' needs and then ______.

identifying their best customers for targeted products, services, and promotions

A trade deficit means that a country ______.

imports more goods than it exports

Global distribution networks form complex value chains that ultimately ______ the final selling price of a product.

increase

Compared to quantitative research, qualitative research is more ______.

informal

Horace needs a new pair of running shoes. He first thinks about the last pair he bought, how comfortable they are, and how well they have held up. In this example, Horace is conducting a(n) ______ search for information.

internal

Secondary data can be found from both external and _________ data sources.

internal

The in-depth ________ is a qualitative research technique in which researchers ask questions in a one-on-one setting, record the answers, and then ask additional questions to clarify a particular issue.

interview

Consumers may have different levels of ______, which is known as the consumer's degree of interest in a product or service.

involvement

Randy considers the purchase of a six-pack of beer rather indifferently, as he will drink any brand that is fairly inexpensive. His low degree of interest in beer classifies him as a low-________ beer buyer.

involvement

A competitive advantage based on location ______.

is sustainable when real estate is difficult or expensive to obtain

A sustainable competitive advantage ______.

is when a firm does consistently better than its competitors and it is not easily copied

An exchange rate quantifies how much a currency ______.

is worth in relation to another

Market researchers use social media to ______.

learn about customers' likes and dislikes

_________ refers to a change in a person's thought process or behavior that arises from experience.

learning

When entering their first foreign markets, firms typically take a(n) ______ approach.

less risky

Hallmark sells Valentine's Day cards with romantic quotes, which are appealing to ______ needs.

love

During the sales-oriented era, ______.

manufacturers had the capacity to produce more than consumers were able to buy

A strategy that employs existing products or services to reach new market segments is called ______.

market development

When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ______.

market oriented

Firms consider pursuing various ______ as part of their overall growth strategies.

market segments

Wine connoisseurs, antique collectors, and video game enthusiasts are all examples of different ______.

market segments

Firms spend millions of dollars to develop brand names that have no preexisting meaning in any known language because ______.

marketers want to avoid potential embarrassment that language confusion can cause

A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.

marketing plan

A strategy developed by companies that specifies marketing activities for a specific period of time is known as a ______.

marketing plan

A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.

marketing strategy

A metric is a ______ that quantifies a trend, dynamic, or characteristic.

measuring system

_________ consist of information that has been acquired and stored in the brain, to be available and utilized when needed.

memories

Revenues, sales, and profits are commonly used ______ to assess performance.

metrics

When adopting strategies for entering a new market, many firms follow a(n) approach that may morph and become ______ over time.

more risky

A(n) ______ is a basic need that drives consumers to solve a problem and satisfy a need, such as a headache that leads a person to purchase a pain reliever.

motive

The impetus that pushes consumers to satisfy their unmet needs, such as having no laundry detergent to do the wash, is a(n) ______.

motive

The marketing strategy a firm chooses when entering a new foreign market depends on the ______ of the target consumers.

needs

A very real problem for marketers is ________ word of mouth from dissatisfied customers.

negative

Bill feels that he has been treated poorly and quite unfairly by the electronics store where he bought speakers. He is a customer who is very likely to spread ______ about the firm to his friends and family.

negative word of mouth

Gross national income consists of GDP plus ______, without including any payments made to those who do not live in a country but who contribute to the domestic economy.

net income earned from investments abroad

Product excellence ______.

occurs by having products with high perceived value and effective branding and positioning

A benefit of ______ marketing surveys is that researchers can develop a database quickly with many responses.

online

When firms use the Internet to monitor and solicit feedback from customers, they usually do so through the use of a(n) ______.

online community

Unstructured questions are _____ questions.

open-ended

In a SWOT analysis, ______ pertain to positive aspects of the external environment.

opportunities

Ratings of television programs by households for long-term measurement of their viewing habits is an example of ______ data.

panel

A market ______ growth strategy focuses on increasing sales of the firm's current products to its current target markets.

penetration

The social influences that affect a consumer's behavior do NOT include ______

perceptions

In Stage 5, the purpose of a(n) ________ evaluation is to figure out problem areas.

performance

The motive that drives Conrad to buy a large bottle of Gatorade after a 3-mile run and drink it quickly is a(n) ______ need.

physiological

Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to ______.

plan future products and services

By ____________ the entire process a while before starting the research project, researchers can avoid unnecessary changes as they move through the process.

planning

In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook.

portfolio

The final step in the consumer decision-making process, and a very important element in retaining and building a loyal customer base, is ________ behavior.

postpurchase

Marketers must determine the prices of products on the basis of ______.

potential buyers' beliefs about a product's value

The components of a country market assessment include all of the following EXCEPT:

pricing and product decisions

A major advantage of ______ research is that it can be tailored to fit the pertinent research questions.

primary

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using ______ excellence.

product

A ______ is a group of products that consumers perceive as similar in some way.

product line

It is the global ______ which offers marketing managers specifically three potential global product or service options from selling the same product to introducing an entirely new product.

product strategy

Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying needs of consumers.

production

A company's ______ create(s) value by satisfying customer needs.

products, services, or ideas

Marketers use ______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?

promotion

Consumer decision making about products and services is influenced by the configuration of all of the following; market mix, social influences, ______ factors, and sociological factors.

psychological

Countries with the highest ______ today may lose appeal in the future for many products and services because of stagnated growth.

purchasing power

Once a firm has gained insights from doing qualitative research, it is likely to engage in ______ research, which are structured responses that can statistically be tested.

quantitative

Need ________ is the first stage in the consumer decision process.

recognition

In a(n) ________ diversification, the current target market and/or marketing mix shares something in common with the new opportunity.

related

In a ______ orientation, lifetime profitability is more important than the amount of money made during each transaction.

relational

Marketers who have a ______ orientation want to build an enduring interaction with their customers.

relational

A benefit of online versus more traditional marketing surveys is that the ______ rate is higher.

response

The last phase of the marketing research process is presenting ______ to decision makers.

results

All of the brands that Mary can easily call to mind for laundry detergents, whether she would consider buying them or not, comprise her ______ set.

retrieval

When Alicia is thinking about where she would like to eat lunch, she remembers five places close by where she has eaten before. Although some of them she would not revisit, these restaurants are part of Amber's ______ set.

retrieval

Whenever you go into your local grocery store, your purchases are rung up using hardware that is a _________ system. The data from these purchases are likely to be acquired by leading marketing research firms.

scanner

The ______ is the second step in the consumer decision process.

search for information

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______.

segmentation

Exporting happens when a firm produces a product in its domestic plants and then ______.

sells it in a foreign country

A ______ is any intangible offering that involves a performance, or an effort by the provider, that cannot be physically possessed, inventoried, or otherwise held.

service

Direct investment exposes a firm to ______ risk.

significant

Sophie finds a fur coat at a consignment shop. While she really likes it, she is concerned that wearing it will make her the target of animal activists. This is an example of which type of risk?

social

Firms sometimes sponsor online communities, in part for marketing research purposes. Online communities are an example of ______.

social media

Many firms recognize that adopting a strong ______ orientation in business is a sound strategy. It shows the consumer marketplace that the firm will be around for the long run and can be trusted with consumers' business.

socially responsible

Marketers might be less interested in countries with the highest purchasing power because of ______ growth and saturated markets.

stagnated

A ______ is a division of the firm itself that can be managed and operated independently from other divisions.

strategic business unit (SBU)

In a SWOT analysis, ______ refer to the positive internal attributes of the firm.

strengths

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential ______. These refer to a firm's internal attributes as identified during a SWOT analysis.

strengths

A(n) ______ question is a closed-ended question with a specific set of possible answers, such as a yes/no question.

structured

Good ______ management creates a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system-wide costs and maximizing satisfaction of the value required by customers.

supply chain

A(n) ________ is a systematic method of collecting information from people through a questionnaire.

survey

One key to long-term financial performance is to establish a ______.

sustainable competitive advantage

If a media company wants information on consumers' television viewing habits, it can purchase reports compiled by commercial research firms such as Nielsen. This is an example of ______ data.

syndicated

Marketers can purchase ________ data, which are secondary data available for a fee from commercial research firms.

syndicated

The "T" in STP stands for

targeting

A(n) ______ is a tax levied on a good imported into a country.

tariff

Step 1 of the marketing plan is focused on ______.

the business mission and objectives

Social media sites can provide a firm with insights into a consumer's opinions about the firm and _______.

the consumer's opinions about the firm's competition

Retailers use ______ to see how well they are doing at turning potential buyers into actual buyers.

the conversion rate

Value-oriented marketers engage in an ongoing process of balancing ______.

the perceived benefit to customers and the price

In most situations, data collection should only begin after ______.

the research design process is finished

The consumer decision process is best defined as ______.

the steps consumers experience when making a purchase

One disadvantage of secondary data is that ______.

they may not be exactly what the research project requires

The collection of all possible alternatives for a decision, even those the buyer would not consider and might not even be aware of, is referred to as the ______.

universal set

A focus group interview is a(n) ______ method of inquiry where a trained moderator leads a conversation according to a predetermined outline of the topic of interest.

unstructured

In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking ______, which reflects the relationship of benefits to costs, or what you get for what you give.

value

________ cocreation occurs when a customer and a firm collaborate on a product or service.

value

When firms provide customers an opportunity to act as collaborators in creating the product or service, it is called ______.

value cocreation

A ________ ________ is an online network of people who talk about

virtual community

In a ______ market, investors are more likely to have a favorable view of firms with high levels social responsibility.

volatile

Firms that collect a large amount of customer information and purchase history store it in large computer files called data _________.

warehouses

Aging equipment that slows down production is an example of a(n) ______ for the firm.

weakness