test 3(chapter 5&6&7&8)

Which target marketing strategy views the market as one big market with no individual segments and thus uses a single marketing mix?

Undifferentiated

Having a global vision means that management recognizes and reacts to international marketing opportunities, uses effective marketing strategies, and is aware of threats from foreign competitors in all markets.

True

Stickiness is a measure of a Web site's effectiveness

true

Due to political differences with Cuba, the government of the U.S.A. prohibits the importation of their cigars. This is an example of a boycott.

True

The U.S. government is

the world's largest customer

An external information search is especially important when

there are high costs associated with making an incorrect decision

Business marketers usually have far fewer customers than consumer marketers.

true

Business-to-Business marketers have found that they can use tools such as LinkedIn and YouTube to boost brand awareness

true

Cabot Cheese in Vermont uses mass marketing. Marketers would call the strategy an undifferentiated targeting strategy

true

If Toyota continually purchased the same number of brakes from BIG BRAKE Inc. on a regular basis, it would be participating in a straight rebuy

true

Marketers will have a lot of difficulty creating an appropriate marketing mix if consumer behavior is not well understood.

true

Opinion leaders are often the first to try new products and services

true

P & G markets several different brands of laundry detergent, such as Tide, Era, Gain, and Dreft, each targeting a different market segment. This is an example of multisegment targeting strategy

true

Products that are used to manufacture other products, become part of another product, or aid the normal operations of an organization are called business products

true

Small firms often adopt a concentrated marketing strategy to compete effectively with larger firms.

true

A keiretsu is a(n)

type of strategic alliance commonly found in Japan.

List the four criteria that are necessary to define a market?

1) Composed of people or organizations. 2) The people or organizations have needs and wants that can be satisfied by particular product categories. 3) The people or organizations have the ability to purchase the sought products. 4) The people or organizations are willing to exchange resources for desired products

Legal structures are designed to either encourage or limit trade

1) TARIFF. A tax levied on the goods entering a country. 2) QUOTA. A limit on the amount of a specific product that can enter a country. 3) BOYCOTT. The exclusion of all products from certain countries or companies. 4) EXCHANGE CONTROL. A law compelling a company earning foreign exchange from its exports to sell it to a control agency, usually a central bank. 5) MARKET GROUPING. Occurs when several countries agree to work together to form a common trade area that enhances trade opportunities. 6) TRADE AGREEMENT. An agreement to stimulate international trade.

Define each level of Maslow's hierarchy of needs. For each of the five levels, briefly describe a marketing message that would appeal to that need level.

5/5 Define each level of Maslow's hierarchy of needs. For each of the five levels, briefly describe a marketing message that would appeal to that need level. (5pts) Your answer Self actualization needs- a message that makes you want to be your best self. Esteem needs-a message that describes something that will boost your self esteem. social needs-a message that makes you feel accepted by peers or feel loved by someone. safety needs- a message that encourages you to check for cancer or reassure you of your safety. psychological needs- a message describing you need to satisfy your needs of hunger and thirst

An exclusion of all products from certain countries or companies by a government or group is called a(n):

Boycott

A common set of values that determines what is socially acceptable. Marketers refer to these values collectively as a country's

Culture

You are the CEO and owner of a company that manufactures cutting boards, bowls, and other kitchen items. You are considering selling and marketing these items globally. List the five important external environmental factors that should be examined for each country you are considering for this global venture.

Culture Natural resources Economic and technological development Political structure and actions Demographic makeup

A business thinking of expanding into global markets needs to examine all of the following external environments EXCEPT:

Its marketing mix

Which method of entering the global marketplace would be MOST risky?

Direct investment

Which method of entering the global marketplace would be LEAST risky?

Exporting

The U.S. government limits the amount of sugarcane that is imported into the country. This is an example of a tariff.

False

The Uruguay Round of trade negotiations dramatically increased trade barriers worldwide.

False

How can marketers reduce consumers' cognitive dissonance?

Offer guarantees

____ are trade alliances in which several countries agree to work together to form a common trade area that enhances trade opportunities among those countries. Examples include NAFTA and EU

Market groupings

All of the following are countries included in the Central America Free Trade Agreement EXCEPT:

Mexico

Which of the following is the best explanation why Cannon does not does not list prices or lease terms of thier photocopiers on their corporate business website?

Negotiating on price is a common practice in business marketing.

List the four major categories of customers (companies) in business marketing. Give one example of companies or organizations in each category

Producers-OEMS re-sellers-retailers government-state institutions -hospitals

____ segmentation is based on personality, motives, and lifestyles.

Psychographic

A(n) _____ is a limitation of an amount of a specific product that can enter a country.

Quota

What does the 80/20 principle propose?

Roughly 20 percent of a firm's customers purchase 80 percent of the sales volume of the product.

What is a cooperative agreement between business firms called?

Strategic alliance

A tax applied to goods entering a country is called a(n)

Tarriff

The same environmental factors that operate in the domestic market also exist internationally. These factors (culture, economic, political structure and actions, demographic makeup, and natural resources) should be examined regardless of the country.

True

The _____ is the most ambitious global trade agreement ever negotiated; the agreement has reduced tariffs by one-third worldwide.

Uruguay Round

All of the following are examples of marketing-controlled information sources EXCEPT

a review of laser printers in Consumer Reports.

Business marketing does NOT include goods and services that

are used for personal consumption

A group of brands resulting from an information search, from which a buyer can choose is referred to as the buyer's:

evoked set

Kate just purchased a trip to Ireland as a present to her husband Tim for his 50th birthday. Kate is anxious about the trip, afraid Bill will not like her choice of location and worried she spent too much money. Kate is experiencing:

cognitive dissonance

The processes consumers use when making purchase decisions are called

consumer behaviors

_______ is the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and is transmitted from one generation to the next.

culture

As the demand for VCR players has fallen, so has the demand for blank VHS tapes because the demand for VHS tapes is an example of a(n) _____ demand.

derived demand

The first step in creating the global marketing mix is to

develop a thorough understanding of the global target market

In Miami, several radio stations broadcast in Spanish and play Latin music for the Hispanic people living in South Florida. The radio stations are using _____ segmentation.

ethnic

When a consumer is purchasing an unfamiliar, expensive product or an infrequently bought item, he or she practices:

extensive decision making

Rodney saw a television commercial for a Honda Accord and wants to take one for a test-drive. The commercial is an example of a(n) _____ stimulus.

external

A market segmentation study done by the University of Farmington classified downhill skiers in terms of their gender, age, and income levels. The study used psychographic segmentation variables.

false

Matel developed a line of toys for infants in India. Babies make up the market for these products.

false

OEM stands for operationally efficient marketing

false

The role of gatekeeper cannot be filled by a secretary

false

Toni would like to try a good Italian restaurant for dinner tonight, so she asks a couple of coworkers for suggestions. She is using an internal information search.

false

A series of stages determined by a combination of age, marital status, and the presence or absence of children is known as the

family life cycle

A manufacturer of blankets knows heavy 100 percent wool blankets sell better in the New England area where the winters are harsh and that lighter-weight blankets sell better in the Southeast market where mild winters require fewer and lighter covers for the bed. Segmenting the market according to climate is an example of _____ segmentation.

geographic

With a(n) _____, a firm produces standardized products to be sold the same way all over the world.

global marketing standardization approach

Which of the following is the BEST example of an internal stimulus that would create need recognition?

headache

A product is defined as a business product rather than a consumer good on the basis of its:

intended use

What key characteristic distinguishes business products from consumer products.

intended use

A decline in the availability of bicycle handle bars will decrease Huffy Bicycle Company's production of bicycles. Decreased production in turn reduces Huffy's demand for bicycle seats. This is because the products in this situation have _____ demand.

joint demand

Marketing managers will often use in-store promotions to stimulate sales of:

low involvement products

A _____ is a group of people or organizations that has wants and needs that can be satisfied by particular product categories, has the ability to purchase these products, and is willing to exchange resources for the products.

market

_____ is the process of dividing a market into meaningful groups that are relatively similar and identifiable

market segmentation

A(n) _____ is a company that is heavily engaged in global trade and moves its resources, goods, services, and skills across national boundaries.

multinational corporation

Apple, Inc. has partnerships with wireless carriers in Japan, Spain, and a handful of other European countries. Apple works with suppliers and retailers worldwide. This means that Apple is a:

multinational corporation

One segment of a market is called a

niche

According to the text, another commonly used name for producers is

original equipment manufacturers

Basketball is played nearly everywhere in the world. The National Basketball Association (NBA) finals reached more than 600 million televisions in 195 countries. From this information, you should be able to infer that the NBA is:

practicing global marketing

Changing consumers' perceptions of a brand in relation to competing brands is known as:

repositioning

Businesses that buy finished goods and sell them for a profit are called

resellers

On any given day, a person may be subjected to over 2,500 advertising messages but may only be aware of 11 to 20 of them. This is called:

selective exposure

A(n) _____ is a group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms.

social class

Which of the following are NOT demand characteristics of business markets?

stable demand

Which of the following is any unit of input affecting one or more of the five senses: sight, smell, taste, touch, and hearing?

stimulus

An example of ________ ___________ would be if I said, "I really enjoy Glade brand air fresheners much more than Febreze. They just smell better."

stimulus discrimination

This is term to describe a group of people or organizations for which an organization designs and maintains a marketing mix that is intended to meet the needs of that group.

target market

NAICS data are helpful for analyzing, segmenting, and targeting markets. The system was developed by

the North American Free Trade Agreement partners

The 80/20 principle implies that the majority of all demand is due to a minority of the customers.

true

The business market consists of four broad segments: producers, resellers, government, and institutions.

true

The government sector (federal, state, and local) is a major segment of the business market.

true

The majority of Americans today define themselves as middle class, regardless of their actual income or educational attainment

true

Thomas thinks the purchase of a tattoo will be a socially risky decision because he thinks that people will judge him unfairly. However, Hailey does not perceive getting a tattoo as particularly risky behavior. As far as social risk is concerned, getting a tattoo will be a higher-involvement activity for Thomas than for Hailey.

true

The most defining element of a culture is its

values