IBM 301 Midterm 1

5. The name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products is known as its A. trademark. B. patent. C. brand. D. logo. E. identifier.

Brand

4. What term is used to describe the increasingly interconnected nature of the world economy? A. globalization B. internationalization C. the marketing mix D. relationship marketing E. the worldwide web

Globalization

4. Which of the following is a risk of licensing in an international market? A. the licensor may create its own competition B. the licensor may misuse trademarks C. locally owned licensees don't know much about the local customers D. licensor doesn't know enough about the brand E. licensor has to pay the licensee money to enter the arrangement

A licensor mar create its own competition

3. If Consumer Reports publishes an issue that states that Uber offers the best overall service and price for all ride-share firms, this represents a ____________ for Uber. A. a core benefit. B. a value edge. C. marketing tactics. D. product control. a competitive advantage.

Competitive Advantage

1. The focus of the marketing concept era was on A. production B. customers C. sales D. competition E. technology

Customers

5. Compare the following statements and select the one that reflects your text's assertion as to why educated consumers are prime targets for marketing strategies. A. Educated consumers are more willing to spend money than uneducated consumers. B. Educated consumers are more likely to earn significantly more money throughout the course of their lifetime. C. Educated consumers typically have less free time and therefore spend money on products that save them time and make their lives easier. D. Educated consumers typically have more access to various forms of media and therefore are easier to target as a consumer group. E. Educated consumers know that in order to keep the economy moving, people must spend money.

Educated consumers are more likely to earn significantly more money throughout the course of their lifetime.

5. Typically the least risky option for entering international markets is A. exporting. B. joint venture. C. licensing. D. direct ownership. E. franchising.

Exporting

7. Analyze the following statements to determine what would happen if the value of the euro appreciates relative to the dollar. A. The spending power of both American and European consumers would increase. B. It would reduce the spending power of American consumers seeking to buy European products. C. It would reduce the spending power of European consumers seeking to buy American products. D. It would increase the spending power of American consumers seeking to buy European products. E. The price of goods and services for European products would become evenly matched with American products.

It would reduce the spending power of American consumers seeking to buy European products.

7. Joe's Pizza Parlor is a late-night pizza and sandwich shop located on a college campus. Joe recently conducted a SWOT analysis. Compare each of the following to determine which one is a weakness for Joe's Pizza Parlor. A. A graduate of the college, Joe is well liked in the community. B. Joe finds it hard to staff the late night shifts, which are his busiest times. C. Joe is concerned that the weak economy will lead to fewer students dining out. D. A new pizza shop has opened up down the street. E. Joe is worried about the push for healthier eating.

Joe finds it hard to staff the late night shifts, which are his busiest times.

2. Which marketing strategy would Ben and Jerry's Ice Cream be using if it decided to begin selling its ice cream in Mexico for the first time? A. market penetration B. product development C. diversification D. market development E. positioning

Market Development

The marketing strategy that emphasizes selling more of existing goods and services to existing customers is called A. product development. B. market development. C. market penetration. D. diversification. E. positioning

Market penetration

8. When the economy slows, fewer new cars are sold. Instead, an increasing number of consumers will instead spend money to repair and maintain their existing automobile. For a firm like Autozone, that sells repair parts to consumers, this trend represents a(an): A. strength B. weakness C. opportunity D. trend E. threat

Opportunity

6. The global network used to create and deliver products is referred to as A. the marketing chain. B. the production cycle. C. the supply chain. D. logistics. E. Marketing.

Supply Chain

3. Which of the following is not considered to be a demographic characteristic? A. education level B. gender C. ethnicity D. consumer confidence E. age

age

5. Mary's Bakery is trying to determine what price to charge for its cookies, so Mary places a low price on them and raises it each week, keeping track of how many she sells. Then she determines what her cost was for the cookies and determines which price was the most profitable. What form of research was Mary conducting? A. observation B. survey C. scanner-based D. an experiment E. a panel

an experiment

2. The mental conflict that people undergo when they acquire new information that contradicts their beliefs and assumptions is called A. new product letdown. B. cognitive dissonance. C. self-actualization. D. rational recognition. E. product awareness.

cognitive dissonance

6. What term refers to how the value of one country's currency changes in relation to the value of other currencies? A. currency fluctuation B. currency exchange C. currency expectation D. value exchange E. value fluctuation

currency fluctuation

8. When marketers for Walt Disney World in Florida attract French and British families by advertising the resort's new affordability for Europeans, what global marketing environment factor are they employing? A. currency fluctuation B. lowered trade barriers C. international economic cooperation D. income distribution levels E. cultural fit

currency fluctuation

3. Which one of the following is a disadvantage to using secondary data? A. high cost B. questions tend to be confusing C. data may not be current D. survey can confuse the individual E. there are no disadvantages - it is perfect for all situations

data may not be current

9. When firms make the strategic decision to expand their products globally, which entry mode provides the greatest potential of both risk and reward? A. exporting B. licensing C. joint venture D. direct investment E. carrier pigeon

direct investment

4. Marketers are particularly interested in targeting baby boomers because they typically possess which two things that marketing professionals seek? A. higher paying jobs and greater interest in leisure activities B. higher education levels and disposable income C. disposable income and free time D. higher paying jobs and higher education levels E. greater purchasing power and more consumer confidence

disposable income and free time

6. The people that an individual would not like to be like make up his or her A. exclusive reference group. B. membership reference group. C. dissociative reference group. D. isolation reference group. E. aspirational reference group.

exclusive reference group

1. Which type of research seeks to discover new insights that will help the firm better understand the problem or consumer thoughts, needs, and behavior? A. descriptive B. analytic C. exploratory D. causal E. predictive

exploratory

8. The consumer's level of involvement can lead to two types of buying decisions: __________ and __________. A. habitual; extended B. culturally influenced; autonomous C. economic; social D. physiological/safety; esteem/self-actualization E. extended problem solving; limited problem solving

extended problem solving; limited problem solving

2. The largest source of information that flows through an organization comes from A. predictive models. B. internal company data. C. competitive intelligence. D. external company data. E. gossip at the water cooler

internal company data

7. Among the factors affecting the consumer decision-making process is/are __________, the way consumers spend their time and money to live. A. external validation B. conspicuous consumption C. the demonstration effect D. lifestyle E. life standards

lifestyle

3. Daphne used to work in the city where she would take public transportation to work. However, she just took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to get to and from her job. For Daphne, these things represent A. a need. B. a want. C. a craving. D. a dilemma. E. a desire.

need

6. Bianca's discount home furnishings store is in a strip mall. She wants to know what other businesses in the strip mall her customers visit when they come to her store. To collect information for this objective, Bianca will most likely use A. door-to-door surveys. B. focus group interviews. C. observation. D. sales invoices. E. census data.

observation

6. As a marketing strategy, what is diversification? A. selling existing goods and services to new customers B. creating new goods and services for existing markets C. selling more of existing goods and services to existing customers D. selling new goods and services to existing customers E. offering new products that are unrelated to the existing products produced by a company

offering new products that are unrelated to the existing products produced by a company

4. Individuals who exert an unequal amount of influence on the decisions of others because they are considered knowledgeable about particular products are called A. marketing trailblazers. B. opinion leaders. C. product pushers. D. reference group leaders. E. company leaders.

opinion leaders

Which of the following accurately lists the levels in Maslow's hierarchy of needs, from the lowest level to the highest level? A. esteem, love/belonging, physiological, self-actualization, and safety B. physiological, safety, love/belonging, esteem, and self-actualization C. safety, physiological, esteem, self-actualization, and love/belonging D. self-actualization, esteem, love/belonging, safety, and physiological E. safety, esteem, self-actualization, physiological, and love/belonging

physiological, safety, love/belonging, esteem, and self-actualization

Which of the following often provide firms with higher profits and a steady stream of customer sales? A. new product purchases B. impulse buys C. ritual consumption D. intermittent buying patterns E. special occasion shopping

ritual consumption

5. The traditional marketing strategy of selling umbrellas when it is raining is an example of how __________ factors influence consumers' decisions. A. situational B. psychological C. shopping D. interpersonal E. economic

situational

2. While shopping for back-to-school clothes, Josie uses apps on her smartphone to comparison shop, and to obtain coupons and fashion advice. What external factor affecting the marketing environment does this represent? A. economic B. demographic C. legal D. sociocultural E. technological

technological

9. When marketers use Facebook to increase awareness and enhance relationships with donors, they are responding to which type of external force in the marketing environment? A. demographics B. economic C. sociocultural D. legal E. technological

technological

1. What was one of the key goals of the North American Free Trade Agreement?  A. the elimination of tariffs B. the establishment of trade embargoes C. the equalization of import/export fees D. the establishment of tariffs E. the allowance of agricultural exports

the elimination of tariffs

4. A good way for most U.S. companies to learn about consumer behavior in other regions of the world is to A. take advantage of the wealth of secondary data that are available. B. use local marketing research companies in other countries. C. conduct global marketing research in the United States. D. generalize from U.S. marketing research. E. visit the country and get to know its people.

use local marketing research companies in other countries.

2. What type of need is shaped by personality, culture, or buying situation? A. a craving B. a want C. a demand D. a necessity E. an emergency

want