MKT 230 Exam 2 Prep

The ____________________ is primarily responsible for regulating world trade, making sure nation-states adhere to the rules laid down in trade treaties signed by its member states, eliminating trade barriers, and facilitating the establishment of additional multinational agreements between its member states. a.European Union b.World Trade Organization c.World Bank d.International Monetary Fund e.United Nations Development Program

World Trade Organization

A product line is defined as Select one: a. products that an organization makes available to consumers. b. a group of closely related products that are considered a unit because of marketing, technical, or end-use considerations. c. products that can be designated as a unique offering among the organization's products. d. a specific group of products that are offered to the market. e. products that are sold by the same firm or a division of a firm.

a group of closely related products that are considered a unit because of marketing, technical, or end-use considerations.

Mattel has a contractual agreement to let Colgate use the Barbie name and image on kids' toothpaste and toothbrushes. Colgate pays Mattel a fee for the use of the Barbie name and image. This is an example of __________. Select one: a. brand equity b. co-branding c. mixed branding d. brand licensing e. brand personality

brand licensing

Ava, a purchasing agent for Trailsend Transport, is currently buying carpet from CarpetOne Inc. for use in an office area at Trailsend. While she is discussing the details of this carpet, the representative from CarpetOne tells her that she can see the actual product in one of their retail stores before finalizing the purchase. While in the retail store at CarpetOne, Ava not only approves the purchase for the office, but also decides she would like to purchase some of the same carpet for her home. The first carpet purchase is considered a ____ and the second carpet purchase is considered to be a ______. Select one: a. consumer product; business product b. business product; business product c. consumer product; consumer product d. personal purchase; business purchase e. business product; consumer product

business product; consumer product

The stage of the product life cycle when marketers consider eliminating products that are not contributing to profitability or the overall effectiveness of a product mix is the _________ stage. Select one: a. reorganization b. growth c. decline d. introduction e. maturity

decline

Mario and his friend have been talking about their love of Bose headphones and speakers. Mario's friend mentions a consumer report that he read the week before that stated Bose products had higher prices but lower quality than in previous years. Mario thought to himself that perhaps his friend had misread the report, because Bose had always been the best. This perceptual process is known as selective

distortion

Packaging deli meat in a resealable container provides what kind of benefits? Select one: a.communication benefits b.functional benefits c.perceptual benefits d.protection benefits e.all of the above

functional benefits

Alternative Evaluation

1. Suggests criteria for purchase 2. Yields brands that meet criteria 3. Develops value perception

Which of the following is the best example of a functional modification? Select one: a. Campbell;s puts more of a higher-grade chicken in its classic chicken noodle soup. b. A smoke alarm is modified to be more sensitive to smoke at farther distances. c. Friskies changes the ingredients in its cat food to a taste that is preferred by most cats. d. The manufacturer of the primer and sealer, Kilz, introduces an odorless variety. e. Motorola uses a battery that allows its cell phones to charge back up more quickly.

A smoke alarm is modified to be more sensitive to smoke at farther distances.

Consumer Behavior

A study of the processes involved in selecting, purchasing, using and disposing of products

external search

Buyers seek information from sources other than their memories, and the primary sources are personal sources, public sources, marketer-dominated sources

Dannon Yogurt represents what type of product for most consumers? Select one: a. Shopping b. Business c. Durable d. Convenience e. Specialty

Convenience

Compared to the foreign environment variables, which of the following uncontrollable variables is least likely to affect a domestic marketer? Select one: a.Political forces b.Competitive structure c.Economic climate d.Cultural forces e.Legal forces

D

The unconscious reference to one's own cultural values, experiences, and knowledge when encountering new and different cultures is known as Select one: a.self-space principle b.segregation principle c.integration criterion d.space command criterion e.self-reference criterion

E

High school seniors who are trying to decide which college to attend; and newlyweds looking to buy their first home exhibit the same behavior with respect to their level of involvement in their buying process. Which of the following best describes this common buying behavior?

Extended problem solving behavior

A product that requires no new behaviors to be learned by consumers is a discontinuous innovation. Select one: True False

False

Brand equity is a customer's favorable attitude toward a specific brand and, depending on strength, some likelihood of consistent purchase of the brand when needs for a product in this product category arise. Select one: True False

False

Jenny cares more about what the Apple product says about her than in how it functions. This situation involves the psychological influence of learning

False

When the value of imports outweighs the value of exports, there is a trade surplus. Select one: True False

False

When asked where Laser Tools, Inc., markets its products, company president and founder Roger Helms says that "the world is just one big market." He feels anyone not taking this stance is systematically passing up profitable business. Helms's strategy is best described as Select one: a.Infrequent foreign marketing b.Test marketing c.No direct foreign marketing d.International marketing e.Global marketing

Global marketing

In your market research into the buying behavior of a target market, you have confirmed that members of the group do in fact exhibit varying levels of involvement when buying certain products. For example, you confirmed the group has a __________ level of involvement when they are purchasing cars and clothing. When they are shopping for groceries, they exhibit a __________ level of involvement.

High; Low

Grant Turner makes an appointment to visit with a new dermatologist in town because of a recent bad sunburn. When he arrives at the dermatologist's office, Grant notices a foul odor in the air, worn floor coverings, cluttered rooms that have paint peeling from the walls, and poor lighting. However, the other patients in the waiting room were talking about how much they liked the doctor. While Grant viewed the dermatologist as competent, Grant decided not to visit him again even though the dermatologist recommended a follow-up. Which situational influences are most likely to have affected Grant's decision?

Physical surroundings

_____ is a controllable element in both domestic and international marketing environments. Select one: a.Economic climate b.Competition within the home country c.Price of products d.Political force e.Foreign policy

Price of products

internal search

Scanning one's memory for previous experiences with products or brands

Which of the following falls on the minus side of the U.S. balance of payments? Select one: a.Payments to the United States for insurance b.Payments of dividends and interest on investments abroad c.Return on capital invested abroad d.New foreign investments in the United States e.Spending by American tourists overseas

Spending by American tourists overseas

Which of the following is the most critical difference between domestic marketing and international marketing? Select one: a.The difference in marketing principles being followed b.The different concepts of marketing c.The difference in marketing theories being followed d.The environment in which marketing plans must be implemented e.The basic processes used to market products and services

The environment in which marketing plans must be implemented

Protectionism refers to countries' use of legal barriers, exchange barriers, and psychological barriers to restrict the entry of unwanted goods. Select one: True False

True

The four steps in the sequential process of building the brand equity pyramid include: (1) developing positive brand awareness; (2) establishing a brand's meaning in the minds of consumers; (3) eliciting the proper consumer responses to a brand's identity and meaning; and (4) creating a consumer-brand connection. Select one: True False

True

Morgan is interested in upgrading to a new sofa for her apartment. Morgan looks online to see what new models her favorite sofa brand has available and can get information on the style and color; however, she can't actually sit on the sofa to determine its comfort level. Morgan is able to evaluate the __________ modifications to the sofa, but not the __________ . Select one: a. quality; aesthetic b. functional; aesthetic c. functional; quality d. aesthetic; functional e. aesthetic; quality

aesthetic; functional

The three major types of reference groups are

aspirational, disassociative, and membership

The ____ is the difference in value between a nation's exports and its imports.Select one: a.net trade value b.export/import ratio c.gross domestic product d.balance of payments e.balance of trade

balance of trade

The phase of new-product development in which a small sample of potential buyers are presented with a product idea through a written or oral description in order to determine their attitudes and initial buying intentions regarding the product is called Select one: a. test marketing. b. idea analysis. c. screening. d. customer response testing. e. concept testing.

concept testing

After purchasing a product, postpurchase evaluation may result in cognitive dissonance. Cognitive dissonance is

doubts that occur because the buyer questions whether the decision to purchase the product was right.

A customer shopping for a fax machine tells a salesperson that it is important for the fax machine to have several attributes. It must use plain paper, be able to make copies, be compatible with all other fax machines, and not require a separate phone line. The buyer has express his or her

evaluative criteria

A run-out policy of product deletion Select one: a. is an immediate-drop decision. b. exploits any strengths left in the product. c. lets the product decline without changing the product strategy d. raises the price of the product continually to secure as much profit as possible before the product is priced out of the market. e. occurs when production cannot keep pace with demand because of material shortages.

exploits any strengths left in the product

All of the following are marketer-dominated sources of information except Select one: a. displays. b. advertising. c. salespeople. d. packaging. e. friends.

friends

When a product experiences an increase in the number of competitors, it is usually in the _______ stage of the product life cycle; however, when that competition becomes intense, it is in the __________ stage. Select one: a. growth; maturity b. growth; decline c. maturity; decline d. introduction; maturity e. introduction; growth

growth; maturity

MADD (Mothers Against Drunk Driving) is a nonprofit organization that primarily markets Select one: a. tangible products. b. features. c. services. d. goods. e. ideas.

ideas

informational search

internal and external

Problem Recognition

perceiving a difference between a person's ideal and actual situations big enough to trigger a decision

purchase decision process stages

problem recognition, information search, alternative evaluation, purchase decision, post purchase behavior

Coca-Cola has expanded to Diet Coke, Cherry Coke, and Caffeine-free Coke, to name a few. These are examples of Select one: a. product modifications. b. functional modifications. c. aesthetic modifications. d. product line extensions. e. product lining.

product line extensions.

Minerals, chemicals, timber, and agricultural products are considered Select one: a. MRO supplies. b. component parts. c. accessory materials. d. process materials. e. raw materials.

raw materials

Please identify the stage of the product-development process that applies to the follow example: Tide released a smaller, more basic version of its detergent in the Southeast to see how it would sell. Select one: a. test marketing b. commercialization c. business analysis d. idea analysis e. screening

test marketing

purchase decision process

the five stages a buyer passes through in making choices about which products and services to buy

A product in the introduction stage of the product life cycle should have which of the following marketing objectives? Select one: a. to maintain brand loyalty b. to gain awareness and stimulate trial c. to reveal a marketing niche d. to stress differentiation e. to gain as much distribution as possible

to gain awareness and stimulate trial

Jose went skiing one weekend with several of his friends. While at the slope, Jose injured his leg and needed to see a doctor. Jose is likely going to view solutions to his problem as Select one: a. convenience products. b. shopping products. c. unsought products. d. installations. e. specialty products.

unsought products

In the consumer buying decision process, the information search stage

yields a group of brands that a buyer views as possible alternatives