MKTG 350 quiz questions

With access to the Internet nearly universal in the United States, many potential market segments have become more

reachable

When a pharmaceutical company develops a new medication, it typically applies for a patent in order to prevent competitors from developing copycat products for several years. Pharmaceutical companies apply for patents to establish

a sustainable competitive advantage

Wanda is the director of human resources for a small electronics firm. She has a strong personal interest in technology and is known throughout the firm as the one with the most knowledge about new kinds of communications technologies. If the firm decides to upgrade its network, Wanda will probably function in what role in the firm's buying center?

influencer

When Valeria gave her presentation to the Overlook buying center team, she focused on answering Daniella's questions, since Daniella is the decision maker. What type of buying center does Overlook employ?

alienated Daniella, the real decision maker

Global expansion often begins with

an order from another country

To become a more value-driven organization, Pequot College is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pequot College is becoming more value-driven through

building relationships with customers

Companies can find out a lot about customers using sentiment analysis on sites like Facebook and Twitter to

listening

Learn to Go sells its foreign language dictionaries to college students throughout the United States. Samuel Marcus, the owner, wants to start selling these products to international students abroad. Marcus wants to pursue a ________ growth strategy.

market development

To determine how attractive a particular market is using the BCG portfolio analysis, ________ is(are) established as the vertical axis.

market growth rate

Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning reflects Pepsi's

careful targeting and marketing mix

The first step in the STP process is to

clearly articulate the firm's vision or marketing strategy objectives.

A company that sells only herbal iced tea should use a(n) ________ targeting strategy.

concentrated

Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting strategies.

concentrated

One important measure of social media's effectiveness is the percentage of site visitors who take the action the site owner hoped for—making a purchase, subscribing to a service, or donating money, for example. This measure is called the site's

conversion rate

Most firms maintain customer complaint services online, in the store, or over the telephone. Firms attempt to respond quickly to complaints, hoping to

minimize negative word of mouth and rumors

Before going on his first business trip to China, Albert asked his Chinese American friend to advise him on customs and values common among the Chinese businesspeople he will likely encounter. Albert is trying to avoid ________ business blunders.

cultural

Walmart is known for its efficient logistical systems. Every time consumers buy something, that purchase is recorded and sent to company headquarters, where it is used to generate reorders to vendors. In addition, customers' billions of purchases are analyzed to uncover patterns of consumers' purchasing behavior. This is an example of

data mining

Which of the following apps would help consumers fulfill their "need to accomplish"?

myfitnesspal

Elena knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' ________ change(s) over time.

needs, wants, and ability to purchase

The ________ situation usually involves more members of a buying center and involves more time to complete than the other buying situations.

new buy

Maxim's Complete Cameras offers its customers an interactive website to help them choose the best camera for their lifestyle. But the site's most-used feature is its user blog in which customers—both satisfied and unsatisfied—talk about products they have purchased, and the service received at Andrew's. The user blog best describes which of the 4E frameworks for the store's customers?

engage

Gracie has naturally curly hair and has often been disappointed with the haircuts she has received. When she moved to a new town, she approached her new office mates and several strangers with curly hair and asked them where they had their hair cut. She chose to spend considerable effort finding a new hair stylist based on the ________ associated with her purchase decision

performance risk

After the previous sales representative in his territory infuriated an important customer, Sonja visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Sonja an order. Sonya was providing the important marketing function of

engaging customers and developing long-term relationships.

Sophie's spending decisions are heavily influenced by her family, her peers, and her religious education. These influences on her spending decisions are all ________ influences.

external social environment

A common view in today's business climate is that the only responsibility of a business is to its shareholders, so its only purpose is to make a profit.

false

Brazil is characterized by strong upper and lower classes, but the middle class has declined in recent years.

false

Marketing ethics is concerned with distinguishing between right and wrong actions and decisions that arise in a business setting, according to broad and well-established moral and ethical principles that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.

false

Roanoke Hardware was planning on raising the pay of its managers but not its frontline employees. To determine the potential ethical issues, it should first identify the issues involved so that it can gather facts related to those issues.

false

The BRIC countries are Bolivia, Russia, Italy, and China.

false

The purpose of conscious marketing is to make a product by selling products and services.

false

When analyzing the immediate environment and the macroenvironment, marketers must be careful to keep the firm at the center of all analyses.

false

Firms actively use social networks such as Facebook, Pinterest, and WhatsApp to communicate deals that are likely to engage consumers.

false (excite the customer)

Of the various methods for segmenting, or breaking down, the market, demographic segmentation is the one that delves into how consumers actually describe themselves.

false (psychographic)

Chen has hired a marketing research company to bring together a small group of soft drink consumers and get feedback on the three new advertising slogans his firm is considering. The marketing research firm might conduct a(n) ________ to provide the information Chen has requested.

focus group

What type of interview contains a small group of participants and a trained moderator that guides the conversation?

focus group

Helene manages an upscale women's clothing store. She wants more information about her customers' general feelings about upcoming fall fashions. Helene will most likely use ________ to gather this type of data.

focus group reviews

Which of the following groups has never lived without easy access to the Internet and other digital technologies?

gen z

Many American consumers are replacing older versions of washing machines and dishwashers with water- and energy-saving models and to invest in phosphate-free laundry detergent and mercury-free and rechargeable batteries. These consumers

green ...

Which element of the marketing mix deals with supply chain management?

place

As purchasing manager for Barcelette Manufacturing, Eduardo is required to submit a vendor performance analysis every three months. To meet this requirement, Eduardo will most likely

specify and weight performance factors and quantify results

Which of the following defines a value proposition?

the unique value that a product or service provides to customers

As it relates to marketing, the trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange

true

By paying close attention to customer needs and continuously monitoring the business environment in which it operates, a good marketer can identify potential opportunities.

true

Organizational culture may vary by geography.

true

Parties that work with the focal firm are its corporate partners.

true

The 1890 Sherman Antitrust Act prohibits monopolies and other activities that would restrain trade or competition and makes fair trade within a free market a national goal.

true

The greater the difference between a consumer's unsatisfied need and the desired state, the greater the need recognition will be.

true

To maximize potential, segments and target markets can and should be defined by more than just geography.

true

Which of the following is included in Hofstede's cultural dimensions?

uncertainty avoidance, masculinity, long term orientation, power distance

One of the UN Sustainable Development Goals is to

Efficient Utilization and Distribution of Food