Midterm

​Which of the following is essentially an uncontrollable factor in developing a marketing mix?

Government regulations

Which of the following is a characteristic of a marketing objective?

It is consistent with both business-unit and corporate strategy.

Which of the following is not an example of the implementation of the marketing concept?

McDonald's reduces the labor costs to produce its sausage-egg biscuits.

The primary psychological influences on consumer behavior are

a. perception, motives, learning, attitudes, personality, and lifestyles.

A consumer's buying decisions are affected in part by the people around him or her. Such people and the forces they exert on an individual buyer are called

a. social influences.

Consumerism is

a. the efforts of independent individuals, groups, and organizations to protect the rights of consumers.

The focal point of all marketing activities

are customers.

Cognitive, affective, and behavioral are the three major components of

attitudes

What must the government do when it wants to buy a standard product?

b. It sends out a detailed description of the product to qualified bidders.

Which one of the following statements about marketing information technology is true?

b. Marketing information systems typically include databases.

Micromarketing is

c. a market segmentation approach in which firms focus precise marketing efforts on very small geographic markets.

The role of an export agent is to

c. bring buyers and sellers from different countries together and collect a commission for arranging sales.

The practice of linking a firm's product marketing to a particular social cause on an ongoing or short-term basis is known as

c. cause-related marketing.

The four basic rights outlined in the consumer bill of rights include the right to safety, the right to be heard, the right to

c. inform, and the right to be chosen. (INCORRECT)

When a firm's products sell in foreign countries with little or no effort to obtain foreign sales, the firm is engaging in

c. limited exporting.

The term dumping refers to the sale of

c. products sold in foreign countries at unfairly low prices.

The group of people within a business who are involved in making business buying decisions is referred to as

c. the buying center.

Marketing research is best defined as

c. the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of market opportunities.

Companies that incorporate ethics and social responsibility into their strategic plans are likely to experience

e. improved marketing performance.

Although it may seem logical to target higher-income consumers, many marketers choose to target lower-income segments because

e. lower-income consumers represent a much larger population globally.

Individuals, groups, or organizations with one or more similar characteristics that cause them to have similar product needs are classified as

e. market segments.

The practice of contracting with an organization to perform some or all business functions in a country other than the country in which the product will be sold is known as

e. offshore outsourcing.

Participants in ____ frequently get to see pictures, products, advertising samples, and diagrams.

e. personal interview surveys

The two basic types of sampling that marketing researchers use are

e. probability and nonprobability.

Business markets are typically divided into four categories. These categories are

e. producer, reseller, government, and institutional.

Franchising offers all the following benefits for franchisers except

e. the franchisee's revenue stream is fairly consistent because franchisers pay fixed fees and royalties.

​An organization's business goals should be derived from its

mission statement

Characteristics of individuals, groups, or organizations that are used for dividing a total market into smaller homogeneous groups are called ____ variables.

segmentation

Any constituent who has a claim in some aspect of a company's products, operations, markets, industry, or outcomes is known as a(n)

stakeholder

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n)

market

Businesses that strive to determine what customers need or want and then develop products to satisfy those needs and wants are operating in a(n) ____ orientation.

market

​When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

market opportunity.

​The process of putting marketing strategies into action is called

marketing implementation

A firm wants to build a subsidiary in the Middle East. However, it is apprehensive because of protests in some Middle Eastern countries and the violence in Syria. It does not know if it should take the risk of expanding. Which type of barrier does this situation represent?

Political

Which of the following can be effective in increasing mail survey response rates and developing panels of respondents who are interviewed regularly?

Premiums

​Which of the following is not a component of a marketing plan?

Product

Which of the following can help sustain interest in a product that has been around for a long time?

Promotion

In which type of sampling design is the final choice of respondents left up to the interviewer?

Quota

Which of the following is an example of consumer misbehavior?

Shoplifting

​Which of the following statements is incorrect?

Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels.

Which of the following is true about the marketing environment?

The effects of marketing environment forces can be difficult to predict.

An informed guess or assumption about a certain problem or set of circumstances is known as

a. a hypothesis.

The gross domestic product is

a. a measure of the profit made by all firms in a nation. (INCORRECT)

The feasibility and degree of globalization is determined by the

a. degree of similarity among the various environmental and market conditions.

Strategic planning requires ________________ to facilitate the process of assessing opportunities or threats from competitors.

a. marketing research

Why would a company use the undifferentiated strategy?

b. The needs of individual consumers in the target market for a specific product are similar, so the organization can satisfy most customers with a single marketing mix.

In the past, personal selling has garnered a reputation as being too aggressive. You would like to test whether these perceptions have changed after the implementation of ethical principles for the personal selling industry. To start off your research, you would like to ask ten consumers in a group setting a set of questions about their views of personal selling. This is an example of

b. a focus group.

Purposeful actions to take advantage of or harm others during a transaction is best described as

b. consumer fraud.

In the process of conducting marketing research, marketers should allow for

b. continual evaluation of the data during the entire collection period.

The main focus of a marketing information system is on

b. data storage and retrieval.

Segmentation variables are usually grouped into four categories:

b. demographic, geographic, religion, and income. (INCORRECT)

The purpose of market segmentation is to

b. divide a total market to enable a marketer to develop a more precise marketing mix.

A marketer that targets customers based on marital status and the presence and age of children is using

b. family life cycle.

Most business purchases can be classified as belonging to one of three types:

b. modified rebuy, new-task, or straight rebuy.

Institutional markets are

b. organizations that seek nonbusiness goals.

Perception is a three-step process that involves

b. selecting, organizing, and interpreting information inputs.

Sometimes business partnerships are formed between traditional rivals competing for market share in the same product class. These partnerships are known as

b. strategic alliances.

​Marketers understand that the best marketing strategy in the world is doomed to fail if it is not properly implemented. With that in mind, an effective implementation strategy

begins with identifying the activities to be performed, and ends with assigning responsibility for each activity to one or more team members.

Budweiser, Heineken, Sam Adams, Corona, Guinness, and Miller are examples of __________ competitors in the beverage industry.

brand

Which of the following is the least flexible survey method?

c. Mail surveys

Who is likely to win in a reverse auction?

c. The lowest bidder

To find a target market, a firm can use one of these targeting strategies.

c. Undifferentiated strategy, the concentrated strategy, and the differentiated strategy

In a traditional organization, marketing decisions are likely to be

centralized at the top levels of the organization.

When organizing perceptual inputs, people tend to mentally fill in missing elements in a pattern or statement. This principle is called

closure

​A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

competitive advantage

The public is becoming more aware of how marketers' activities affect the welfare of consumers and society. As a result, more firms are working to​

create a responsible approach to developing long-term relationships with customers and society.

​Marketing is the process of

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

________________ promote ethical behavior by reducing opportunities for unethical behavior; employees know what is expected of them and what kind of punishment follows if rules are violated.

d. Codes of conduct

Demand for business products is characterized as derived. From what is the demand derived?

d. Demand for consumer products

Which of the following is often used to raise revenue for a country and/or to protect domestic products?

d. Import tariff

When markets are comprised of people with differing product needs, the marketing manager should use a(n) ____ strategy.

d. concentrated or differentiated targeting

Extended decision making is the type of consumer decision-making process that

d. is the most complex decision-making behavior, which comes into play when a purchase involves unfamiliar, expensive, or infrequently bought products.

Product specifications are best described as

d. necessary characteristics and level of quality.

The development of a person's self-concept is a function of

d. psychological and social factors.

Marketing ethics

d. refers to principles and standards that define acceptable conduct in marketing.

An organization that decides to buy all of a certain part from the same company is using

d. sole sourcing.

____________________ involves developing and performing marketing activities across national boundaries.

e. International marketing

If a marketing researcher is interested in observing group interaction during an informal, unstructured, and open-ended data collection process, he or she should use

e. a focus-group interview.

Selective exposure refers to

e. admitting only certain inputs into consciousness.

The ability to purchase a product is a function of

e. buying power.

Brand name, product characteristics, packaging, and labeling are some of the ______________ marketing mix variables to standardize for international markets.

easiest

​A marketing plan document usually begins with a(n)

executive summary.

The forces that other people exert on one's buying behavior are called social influences. These come from reference groups and opinion leaders, digital influences, social classes, culture and subcultures, roles, and

family

The degree to which a firm is able to "think globally, act locally" affects the success of the firm's _________________ strategy as it goes international.

globalization

​A physical product you can touch is a(n)

good

Demand for business products is also known as ____ demand.

industrial

​Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

opportunities

Many suppliers and their customers invest time and resources to build and maintain mutually beneficial relationships which are often called

partnerships

The results of many studies have been inconclusive regarding the association between buyer behavior and

personality

A business that contributes resources to the community to improve the quality of life is taking on a(n) ____ responsibility.

philanthropic

Marketing activities help to produce __________ without which a business cannot survive. The success of businesses tends to lead to job creation, a higher standard of living, and even money to go toward social causes. Therefore, marketing contributes to the ___________ of society.

profits; well-being

According to the marketing concept, an organization should try to

provide products that satisfy customers' needs and allow the organization to achieve its goals.

The most significant factor influencing a buyer's level of involvement is

risk

Product testing for reliability and quality helps to ensure a consumer's right to

safety

Technology is

the application of knowledge and tools to solve problems and perform tasks more efficiently.

​A market opportunity results from

the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.

During the search for products and evaluation of possible suppliers stage of the business buying decision process, marketers sometimes use ____ analysis to examine the quality, design, materials, and possibly item reduction in order to acquire the product in the most cost-effective way.

value

From the company's perspective, there is a trade-off between increasing _______ for the customer and maximizing ________ from the transaction.

value; profit

A trading company acts like a ______, taking on much of the responsibility of finding markets while facilitating all marketing aspects of a transaction.

wholesaler

​The marketing plan is

​a written document detailing activities to be performed to implement and control marketing actions.