MKRT Final

When three buyers purchase the products of three producers, nine transactions are required. If one intermediary serves both producers and buyers, the number of possible transactions is

6

PepsiCo has recognized the significant increase in population diversity within the U.S. soft-drink market. Which one of the following best illustrates the company's integration of this knowledge into its marketing strategy?

Ads featuring Hispanic actors and Tejano music

____ provide businesses with copywriters, artists, production coordinators, media experts, researchers, and other highly skilled specialists.

Advertising agencies

_______________ are online marketplaces where buyers and sellers from around the world can exchange information, goods, services, ideas, and payments.

B2B e-commerce sites

You are an experienced and very successful sales rep for a major consumer products company. You are having lunch with a group of newly hired sales reps who just got their assigned sales territories. This is a very ambitious group of new hires, which is evidenced by the fact that they offered to buy you lunch if you would let them pick your brain about successful sales tactics. Which of the following personal selling success tips will you share with the new hires?

Be thorough in your preapproach by doing your homework on your prospects

When Hunter Ceiling Fans buys electrical wire for use in producing its ceiling fans, Hunter is part of what type of market for electrical wire?

Business

What is a primary difference between business and consumer buyers?

Business buyers generally make larger orders than consumer buyers

____ are formalized rules and standards that describe what a company expects of its employees in terms of ethical behavior.

Codes of conduct

Cranson Paint Manufacturing Company buys the chemicals it needs for producing its products from a chemical producer, Roth Chemicals. In this instance, the chemicals are being distributed to Cranson through which of the following types of channels?

Direct distribution

Once a company makes a long-term commitment to a foreign market that has a promising political and economic environment, which of the following options then emerges as a possibility?

Direct ownership

Which type of retailer generally accepts lower margins than traditional retailers in exchange for higher sales volume?

Discount stores

What is the main problem with using a market test as a forecasting tool?

Expensive

Jordan and Cindy are searching for an apartment. They will most likely engage in which one of the following forms of decision making?

Extended decision making

You work in the marketing department of shoe firm Weasley Inc. Over the past month you have been working with management to revise the company's mission statement and set specific marketing goals for the upcoming year. Today you are meeting with your marketing team and discussing the next step in the strategic planning process. What is this next step?

Formulating corporate and business-unit strategies

Levi Strauss markets its denim jeans in many countries and develops its marketing strategy as if the world were a single market. This approach to selling a standardized product in all countries represents which type of international marketing?

Globalization of markets

In Singapore, the price of imported Scotch is $30 per glass as opposed to Scotch from Singapore, which is $3. Which of the following do you think accounts for the difference in price?

Import tariff

Which of the following products is most likely to have its market segment based on age?

Legos

Stephanie is planning to open an upscale dress boutique. She is evaluating ease of movement to and from sites, vehicular traffic, types of stores in the area, and transportation networks. Which strategic retailing issue is she concerned with at the time?

Location

Verizon implements a program of texting its current customers to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?

Market

Which of the following is a strategy of increasing sales of current products in new markets?

Market development

In a franchise agreement, which of the following is a franchisee not responsible for?

National advertising campaign

Walmart is currently expanding its stores into Canada and Mexico. This expansion is being facilitated by the

North American Free Trade Agreement

Which of the following survey methods has the potential to offer quick response at a lower cost than traditional mail and telephone surveys?

Online surveys

______ is(are) an essential consideration for business customers because it influences operating costs and costs of goods sold.

Price

Sterling is a corn farmer. He sells his corn to stores such as Kroger. What type of competitive structure does Jerry most likely operate in?

Pure competition

Panera wants to collect data about employee satisfaction within its organization. It decides to survey a sample of 500 employees by having a computer program automatically pick which employees will be in the sample. If it uses the payroll database as the list of names to choose from, which type of sampling method is Panera using?

Random sampling

​Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?

Satisfaction for both the buyer and seller

The U.S. Army recruits soldiers based on the slogan, "Army Strong," implying that people can reach their full personal potential in the U.S. Army. This is an appeal to what need according to Maslow's hierarchy of needs?

Self-actualization

If all the gas stations in a city collaborated to determine what gas prices should be charged, they would be violating the

Sherman Antitrust Act

Carlos Suarez has been hired as sales manager at a new firm and is trying to come up with a sales force compensation method. He would like to have selling expenses relate directly to sales resources, an aggressive sales force, and minimization of non-selling tasks. What compensation method(s) would best fulfill his requirements?

Straight commission

Dell Electronics is very interested in taking advantage of business opportunities in India but does not have access to India's market. Dell has the patent on a low-cost, quality computer system that could assist small businesses in India. Sony Computer, Dell's competitor, is experienced in India's small business market but does not have a computer comparable to Dell's. If Dell and Sony work together to utilize these strengths to seize this opportunity in India, what type of business structure would they likely use?

Strategic alliance

Cindy goes to Walmart and buys some clothing, a DVD, and all the groceries she needs for her family. What type of retailer is this particular Walmart?

Superstore

Which of the following regulatory groups is a system of nongovernmental, independent, local regulatory agencies supported by local businesses?

The Better Business Bureau

Which of the following would be considered an institutional buyer?

The United Way

Which of the following agreements provides a forum for tariff negotiations, reducing trade restrictions, resolution of international trade problems, and ground rules for international trade?

The World Trade Organization

Which of the following is an example of a behavioristic segmentation variable?

Usage rate

Which of the following are personal informal exchanges of communication that customers share with one another about products, brands, and companies?

Word-of-mouth communication

The Dyson Company, manufacturer of high-priced vacuum cleaners, has developed a promotional program with both push and pull policies. Dyson only sells its products through retailers who carry high-end household electronics items. For the push policy, Dyson will most likely use ____________; for the pull policy, Dyson will use ___________.

a bonus to the retailer for every Dyson vacuum sold; personal selling done by the retailer's employees

Most business buying decisions are made by

a firm's buying center

A business partnership between a domestic firm and a foreign firm is known as

a joint venture

​SUP ATX is the largest stand-up paddle board maker based in Austin, Texas, that markets their products directly to consumers via their website. SUP ATX mission is to spread the sport of stand up paddle surfing from oceans to lakes and rivers around the world. Stand up paddle surfing or boarding is a relatively new sport but is growing due to the relatively low price of the boards, ease in transportation and storage of the boards as well as the sport providing a fun way to exercise and allow users to enjoy the outdoors. Which of the following would be the "best" target market for SUP ATX paddle board products?

active adults aged 24 to 40 who enjoy outdoor recreational activities

The ____ is the difference in value between a nation's exports and its imports.

balance of trade

For the Christmas season, a major toy retailer decided to donate to Angel Tree, an organization that provides gifts to the families of those who are incarcerated. The retailer claimed that it would donate 10% of the proceeds of all toys sold in the month of December to the Angel Tree organization. This is an example of

cause-related marketing

​Long-term relationships with profitable customers is the key objective of

customer relationship management

Julia was reviewing her bank statement for last month. She had paid her rent, her car payment, electric and phone bills, and made three trips to the grocery. Julia had also bought tickets to an Ariana Grande concert and new clothes to wear to the concert. The money spent on Julia's rent, car, electric, and phone bills was likely from her ____ , while the money spent on the concert tickets and new clothes was from her _____.

disposable income; discretionary income

Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in

environmental scanning

If Papa John's wants to determine the impact of different coupon offers on pizza unit sales, it needs to conduct

experimental research

When more information is needed about a problem and a tentative hypothesis needs to be made more specific, marketers usually conduct ____ research.

exploratory

Laurel Dudley and seven other people were paid to get together and discuss a new product idea proposed by Johnson & Johnson. Researchers observed the interaction of the group. During the discussion, Laurel was annoyed that Seth, another participant, seemed to "hog" the discussion and didn't give others a chance to speak. This is an example of a problem when using

focus-group interviews

Consumerism is

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

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

hypothesis

​The Church of the Latter Day Saints has used advertising for many years, airing a commercial TV spot that shows parents actively playing games with their children. The Church is using marketing to promote its

ideas

Marketing planning and ______ are closely linked in successful companies.

implementation

The purchase of products from a foreign source is called

importing

The amount of money received through wages, rents, investments, pensions, and subsidies is called

income

King Mechanic is a very profitable automobile repair shop. The company is well known for its great service and involvement in the community, but it fails to properly dispose of its used oil as outlined in environmental regulations. King Mechanic is failing in its ____ responsibilities.

legal

Pepsi executives realized that more consumers are concerned with health. It has since expanded into the bottled water and bottled juice markets. This is an example of a firm identifying and capitalizing on a

market opportunity

​The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

market share

A marketing manager for a small laptop manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ____ that influence(s) the firm's strategy.

marketing environment

Soft drink sales are declining as more consumers are concerned about their health. This represents a change in the __________. As a result, soft drink companies have begun releasing smaller sized soft drinks and soft drinks with less sugar.

marketing environment

The ____________ section of the marketing plan states what the company wants to accomplish through marketing activities, using a(n) ___________ of where the firm stands in the market.

marketing objectives; SWOT analysis

A valid study

measures what it is supposed to

LARC Salon is part of the hair and personal care service industry. In what type of competitive environment is LARC Salon most likely operating?

monopolistic competition

If Procter & Gamble, the maker of Dawn dishwashing liquid, wants to know what percentage of customers examine product labels before making a product selection in the grocery store, it can best gain this information through

observation

Designing research procedures that produce reliable marketing data means that

others using the same procedure will get almost identical data

McDonald's supports and funds Ronald McDonald houses for the families of terminally ill children to stay in to be near their loved ones. McDonald's action demonstrates the fulfillment of ____ responsibility.

philanthropic

The International Company needs information about trends in housing starts and remodeling around the country. Since it will be difficult to collect _______ from the numerous locations, it decides to use _____ data from the U.S. Department of Commerce reports to get this information.

primary; secondary

The two basic types of sampling that marketing researchers use are

probability and nonprobability

​A marketing plan

provides a framework for implementing and controlling marketing activities

The supply chain begins with______________ and ends with_________________.

raw materials; customers

Pointing out any deficiencies and the possible reasons for them should be done in the ____ step of the marketing research process.

reporting research findings

​The marketing concept focuses on

satisfying customers' needs in a way that helps to achieve organizational objectives

The objective of sampling in marketing research is to

select representative units from a total population

Honeybees are disappearing at an alarming rate, and since they pollinate about a third of all the foods we eat, it is an important concern. That's why Ben & Jerry's launched a microsite to increase the awareness of the issue. In addition, it launched a "Twitcause" campaign on Twitter, raising $7,000 in two days. This example illustrates the positive consequences of

social responsibility

People for the Ethical Treatment of Animals (PETA) has demonstrated against the sale of coats made of animal furs. PETA's efforts to change shoppers' attitudes represent a ____ force for fur retailers.

sociocultural

A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its

stakeholders

​Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are

stars

The buildup approach measure of sales potential

starts with forecasts about demand for a specific product within a relatively small area

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a​

strategic business unit

​Distribution, price, promotion, and product are all elements of

the marketing mix

​Marketing activities are

used by all sizes of organizations including for-profit, nonprofit, and government agencies

​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

​Kashi Heart to Heart cereal is aimed at people concerned about their heart health. These people represent the Kashi

​target market

The stage of the personal selling process in which the salesperson attempts to make a favorable impression, gather information about the customer's needs and objectives, and build a rapport with the prospective customers is called

approach

The focus of personal selling is shifting from selling a specific product to

building long-term relationships with customers

A major benefit of using event sponsorship is that it

can provide large amounts of free media coverage

Puma maintains a good deal of control over how its products are promoted, displayed, and sold. Because of this control, Puma would be appropriately described as the channel

captain

Candy and Sarah own and operate a small restaurant. On a weekly basis, they go to their local Sam's Wholesale Club to purchase the food items and cleaning supplies they need for their business. With the exception of the volume they purchase and the items' intended use, this grocery shopping trip is identical to a weekly trip by their families to a grocery store. Sam's is serving as a ____ wholesaler for these entrepreneurs.

cash-and-carry

When Yoplait Yogurt gives a portion of its profits to breast cancer research, it is using

cause-related marketing

Soft drink companies advertise that their products beat the competition in national "taste tests," and they refer to the rival brands by name. This type of advertising is best described as

comparative

Rolls-Royce targets a very exclusive high-income market. Toyota, on the other hand, targets economy markets (Yaris), the environmentally-conscious market (Prius), and the higher-income market (Lexus). Rolls-Royce has adopted a ___________ targeting strategy. Toyota has adopted a ______________ targeting strategy.

concentrated; differentiated

In shopping for a new laptop computer for her master's degree program, Joelle has narrowed the alternatives to four brands. She is considering Dell, Toshiba, Sony, and Hewlett-Packard. These four brands make up Jocelyn's

consideration set

Heinz uses various techniques such as coupons, free samples, and consumer contests to encourage consumers to try its products. All of these marketing activities are considered

consumer sales promotion methods

Children often achieve ____ by observing parents and older siblings in purchase situations and then through their own purchase experiences.

consumer socialization

Product placement in television shows is becoming increasingly important due to

consumers' greater ability to screen advertisements

Firestone is a manufacturer and marketer of tires for new passenger cars. In recent years, the company's business has declined because of the overall decrease in consumer demand for new cars. In this case, the demand for Firestone's tire products is said to be ____ since it depends on the demand for new cars.

derived

Miss Moo produces a line of milk products that are lactose-free. The milk comes in pint, quart, and half-gallon cartons, as well as 18-ounce glass bottles. Miss Moo sells its pint cartons to school systems, its quart and half-gallon cartons to grocery stores, and its glass bottles to vending machine operators. Miss Moo appears to use a(n) _____ strategy in marketing its product to a target market that is likely to be _______.

differentiated; homogeneous

ThrowBackGames offers free downloadable versions of its computer games for a very short time. These efforts have a primary promotional objective of

encouraging product trial

Most European countries use a common currency, the

euro

The major levels of intensity at which a company can choose to distribute its products are ____ distribution.

exclusive, selective, and intensive

When a company has its sales forecasts prepared by management consultants, economists, or college professors, it is using a(n)

expert forecasting survey

Evan has just been hired as a product manager for a major technology firm. Currently, he is making purchases for his new apartment and upcoming job. His purchase of _____ would most likely be done through extended decision making, while his purchase of ____ would be made through limited decision-making behavior.

flat screen TV; bath towels

TONI&GUY is a global hairdressing and education business headquartered in England. It has recently opened salons in Mongolia, adding to its numerous salons worldwide. TONI&GUY allows foreign businesspeople to use its name, logo, methods of operation, advertising, and products. In exchange, TONI&GUY receives a financial commitment and an agreement to conduct business in accordance with its standard of operations. TONI&GUY is engaging in

franchising

All of the following are marketer-dominated sources of information except

friends

Brad Glickman of WP International, a major marketer of word-processing software, calls the secretary of Raine Dorchette, director of purchasing for MMK, Inc. He sets up an appointment to discuss an upcoming purchase of software. The secretary plays the role of ____ in this purchase decision.

gatekeeper

A common form of tactile communication in U.S. business activities is

handshaking

Most markets for products are made up of individuals or groups with diverse needs for products and are called ____ markets.

heterogeneous

Marketers use a variety of characteristics to segment markets they are interested in pursuing. When segmenting consumer markets, demographic variables are normally used. All of the following are demographic characteristics used by marketers to segment markets except

hometown

When products are introduced into one nation from another, acceptance is far more likely

if there are similarities between the two cultures

During the evaluation of alternatives stage of the consumer buying decision process, framing most likely influences the decision process of ____ buyers.

inexperienced

New store formats and advances in _______________ are making the retail environment highly dynamic and competitive.

information technology

A major determining factor in deciding which type of decision-making process should be used depends on the individual's intensity of interest in a product and the importance of the product for that person. This is known as an individual's

level of involvement

Jack spends most of his free time participating in extreme sports and traveling to exotic locations with a group of close friends who share his interests and opinions about most things. This is a description of Jack's

lifestyle

The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is

lifestyle

The objective of inventory management is to minimize inventory costs while

maintaining an adequate supply of goods to satisfy customers

An independent businessperson who is paid a commission to sell complementary products of different producers in an assigned territory without actually taking title of the merchandise is a(n)

manufacturers' agent

General Electric calculates that the total number of light bulbs sold to consumers in the next year by all light bulb producers is 1 billion, given anticipated marketing efforts by the firms involved. This figure represents the industry's

market potential

A list of the exact magazines, newspapers, and television stations in which an advertisement will appear, along with the dates and times, is a(n)

media plan

Sadie won a hot-air balloon ride and dinner for two for being the top revenue-producing mortgage loan officer at her company for the month of October. This contest exemplifies a company's efforts at

motivating salespeople

Apple makes its computers available through its own stores, its website, and some major retailers. This is an example

multichannel distribution

Anything that reduces the accuracy and clarity of communication is called

noise

Eliminating a wholesaler from a marketing channel will

not eliminate the functions performed by that wholesaler

A shopping center that contains stores owned by manufacturers who make a special effort not to conflict with traditional retailers is a(n)

outlet shopping center

Matthew McKinney, director of marketing for Greenwald Industrial Products, complains to his advertising director that the continuing slump in orders has apparently been perpetuated by the firm's failure to have the necessary advertising expenditures. Based on this information, Greenwald is most likely using the ____ approach to determine its advertising expenditures.

percent-of-sales

The unification of Europe through the European Union (EU)

permits virtually free trade among the member nations of the EU

Monsanto just came out with a new genetically modified seed that it believes will increase crop yields. The seed has been modified to withstand drought, and it kills insects that frequently feed on it. This is important especially because insects have begun developing a tolerance for many of Monsanto's genetically modified seeds already out on the market. Because these seeds are new to the market, Monsanto wants to engage in a major integrated marketing communications campaign. It knows that it will have to convince farmers about the advantages of its new seeds and invites some of its major customers to its laboratory to see how the seeds are created. The scientists inform the farmers during the visit about how the seeds will increase their crop yields. This is most likely an example of

personal selling

Paid personal communication that seeks to inform customers and persuade them to purchase products in an exchange situation is

personal selling

Seo-yeon is beginning to wonder if she has made the right decision about purchasing a new HP laptop after she sees a friend with a new Dell. Seo-yeon's doubt whether she made the right decision occurs during the ___________ of the buying decision process.

postpurchase evaluation phase

An evaluation performed before an advertising campaign begins is a

pretest

Pedro's company has launched a new product line, and he is put in charge of sales. He decides his first step will be to find potential customers in the company's sales records. Pedro is

prospecting

Marc works for F1 where his responsibilities include maintaining favorable relationships between the organization and its stakeholders. Marc is most likelyemployed in

public relations

The Sharper Image likes to use nonpersonal communication in news story form such as press releases for its new and improved products. This is an example of

publicity

If China, in an attempt to bolster the sales of its own auto manufacturers, decided to limit the number of automobiles that could be brought in from other countries, China would be using a(n)

quota

Atticus is reading a magazine ad for a new cologne. In the ad, he sees little more than a photo of a man riding horseback on a beach, and the name of the new cologne, Rugged. In this situation, Atticus is a ___, one who ___.

receiver; decodes

Dial Soap's advertising slogan "Aren't you glad you use Dial? Don't you wish everybody did?" exemplifies the use of ____ advertising.

reinforcement

Facing competition from Walmart as a low-cost retailer, Target has updated its _____ to be a mass merchandiser of inexpensive yet chic goods. To accomplish this, it has entered into design partnerships to offer low-cost goods made by famous designers.

retail positioning

After direct marketing, the next slightly longer marketing channel adds a(n)

retailer

The cost of ____ is usually substantially lower than the cost of ____.

retaining existing customers; acquiring new customers

Consumers tend to remember information inputs that support their feelings and beliefs and forget inputs that do not. This is known as selective

retention

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

risk

Samantha is going to the store to buy milk and cereal. She will most likely use ____ in her consumer decision-making process.

routinized response behavior

When McDonald's uses the Monopoly game in which customers receive game pieces with each visit and try to assemble a set of properties to win prizes, McDonald's is utilizing

sales promotion

The three major categories of influences on the consumer buying decision process are

situational influences, social influences, and psychological influences

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

sole sourcing

Retailers play a major role in creating all of the following except

spatial utility

The United States Army purchases uniforms from a single supplier. For the last 25 years, the trousers purchased from this supplier have not changed and have been bought every six months, in seven different sizes. This example is called a

straight rebuy

On a break between classes, Linda checks her smartphone and enters her contact information on the Publishers Clearing House site. She doubts that she will win $10 million, but she never passes up a chance to participate in a

sweepstakes

Arnold and Erin are discussing the media plan for the opening of their new bar/laundromat called Soap and Suds. He tells her that while he agrees that ____ has tremendous impact, he does not feel that the upfront costs for such a campaign are in the modest budget that presently exists.

television

During his presentation to Mrs. Lynch about a high-end gourmet oven, Fred asks, "Would you prefer black or stainless steel?" This is an example of a

trial close

Stanley works at a large electronics firm. He needs a new type of software and sends in a purchasing request. The request gets approved. Greg works as a purchasing agent and is in charge of selecting the suppliers and negotiating the terms of purchase. However, before he does so he consults with Marcus, an engineer who works in IT and is highly familiar with the latest software. In this case, Stanley is the ___________, Greg is the _______________, and Marcus is the _____________.

user; buyer; influencer