MKT 250 Midterm
in ______ B2B buying situation, the buying decision is likely to be quite simple.
a straight rebuy
customer relationship management includes all of the following EXCEPT:
a transaction-orientated approach
when a major ethical issue arises, which of the following stakeholders are likely to be affected?
all of them (customers, investors, senior management, and community)
which of the following could be used in calculating the profitability of a segment?
all of these (fixed costs, segment size, segment adoption percentage, profit margin percentage)
related to market research efforts, consumers are more anxious than ever about:
all of these (how firms link and relate data, breaches of firms' computer systems and records, being contacted with unwanted messages, preserving their right to privacy)
globalization of production originally focused on relocating manufacturing, but with the growth of the knowledge economy it now includes:
all of these (medical services, financial advice, consulting, technological support)
marketers use marketing research to:
all of these (reduce uncertainty in operations and decision making, build crucial links between the firm and the environment, monitor the competition)
compared to telephone and mail surveys, internet-based surveys offer marketing researchers:
all of these (relatively high response rates, results that can be processed and received quickly, more honesty by respondents, relatively lower costs)
once a marketer has selected potential market segments for the product or service, he or she can evaluate each segment to determine if it is:
all of these (substantial, responsive, profitable, reachable)
while the B2C and B2B buying processes mirror each other, a significant difference between B2B and B2C marketing is:
all of these (the importance of the buying center, the importance of the culture of the purchasing firm, the formal structure of the buying process, the context of the buying situation)
the B2B equivalents of the Information Search and Alternative Evaluation steps of the B2C buying process:
are more formal and structured
the end of the B2B buying process does not end with the receipt of the purchased goods or services. most companies will:
assess performance of the selected vendor
jerry is designing an online survey questionnaire. when designing the questionnaire, jerry should:
avoid using double-barreled questions
when developing a marketing strategy, ethics should:
be considered throughout the process, using different questions at different stages.
marketing has evolved from early beginnings into a business function that creates value. which of the following is NOT one of the recognized eras in its evolution?
communications-oriented era
the Ethical Decision-Making Framework includes all of the following steps, EXCEPT:
consult appropriate regulatory officials
the ______ is the center of all marketing efforts
consumer
business-to-business marketing refers to selling goods or services to all of the following EXCEPT:
consumers
______ refer(s) to the actions of a firm to address a wide range of social, environmental and ethical interactions with its community. though somewhat controversial, these actions are significant in that the company undertakes them voluntarily, and the firm realizes that these actions can be profitable.
corporate social responsibility
_____ is the shared meanings, beliefs, morals, values, and customs of a group of people.
culture
the consumer decision process begins when:
customers recognize that they have an unsatisfied need
_____ uses a variety of statistical analysis tools to uncover previously unknown patterns in data or relationships among variables.
data mining
of the five steps to the strategic marketing planning process, which step usually comes first?
define the business mission
some employers are using research, brand images and value propositions to find out what they consider to be the "best and brightest" new employees. this practice is known as:
employment marketing
the practice of marketing has an impact on customers, the firm, the market, and society in general. all of the following are part of marketing EXCEPT:
ensuring that financial statements correctly reflect the value of the firm's objectives
by paying close attention to customer needs and continuously monitoring the _____, marketers can identify potential opportunities.
environment in which the firm operates.
organizational culture reflects the values, traditions, and customs that guide employee behavior. in the context of the buying center, there are a number of recognized cultures of critical importance to B2B marketers. which of the following is NOT one of these buying cultures?
ethical
instead of having to choose between making a profit or doing something good for society, companies can combine ______ and _____ to do both while building a solid corporate reputation.
ethics; corporate social responsibility
firms use economic analysis to help determine the relative attractiveness of various marketing opportunities. these analyses include all of the following except:
evaluating working capital
customers give up things they value - for example, money, info or time - to a firm in return for goods. this process is called:
exchange
Maslow's Hierarchy of Needs is a powerful tool for marketers to:
explain different kinds of motives consumers have and use
which of the following sequences correctly lists the least risky to the riskiest global entry strategy?
exporting, strategic alliance, direct investment
a firm's macro environment includes _____ factors, which the marketer cannot _____.
external; control
there are 4 overarching or macro strategies that focus on aspects of the marketing mix to create and deliver value. which of the following is NOT one of these overarching strategies?
financial excellence
Best Years Travel targeted consumers living in NYC who were over 50 years old. they were using _____ segmentation.
geodemographic
cash cow
having excess resources that can be spun off to other business units that need it
which of the following questions does marketing not consider?
how should products be manufactured?
the segmentation, targeting and positioning process is not always linear, but the final stage is to:
identify and develop a positioning strategy
the major challenge in developing a global communication strategy is:
identifying the elements that need to be adapted in the global marketplace
when marketers execute pricing, promotion, place and product strategies, they are in the _____ phase of marketing planning.
implementation
the global marketing mix (4 Ps):
includes all of the 4 Ps - product, price, place, and promotion
when marketers examine the economic situation, they should consider all of the following EXCEPT:
income of target customers
sylvia supervises a print shop. her operators complain about a piece of equipment that continually malfunctions. after she made a request to replace it, she was asked to serve on a committee to advise the CFO on the purchase. what role does she play in this buying center?
initiator
the consumer, the company and causes are considered CSR _______, while employee and financial well-being and awareness and support of issues are considered CSR _______.
inputs; outputs
once a customer recognizes a need, the consumer decision process continues with:
internal and external searches for information
once the data collection step of the marketing research process is completed, marketing researchers will typically:
interpret the data, turning it into usable information.
the Johnson & Johnson Credo, developed by Robert Wood Johnson, is often cited as an important document because:
it guided company executives in a difficult decision-making time with very specific advice.
which of the following is NOT true about conclusive research?
it includes observation, focus groups and projective techniques
marketers have been identified with many different types of unethical behavior. which of the following types of unethical behavior is LEAST likely to be observed in marketing environments?
kickbacks to corporate buyers from supply chain vendors
consumer purchases may be affected by the perceived or actual ______, which refers to the way consumers spend their time and money.
lifestyles
one reason Forever Green Lawn Service uses _____ segmentation is because finding new customers is costly.
loyalty
which of the following is not a type of reseller?
manufacturer
which of the following is one of the four major growth strategies marketers typically pursue?
market development
which of these is one of the "ethical norms" in the AMA's code of ethics?
marketers must do no harm
the 4 Ps comprise the _______, which is the controllable set of activities that the firm uses to respond to the wants of its target markets.
marketing mix
a document that analyzes the currents marketing situation, opportunities/threats for the firm, marketing objectives in terms of the 4 Ps, and pro forma financial statements is known as a:
marketing plan
when selecting a target market, a marketer should:
match the firm's competency with a market segment's attractiveness.
customers seek benefits and will consider trade-offs among them, while also considering costs. in value-based marketing, the marketer must:
meet as many needs as possible while keeping costs down.
measuring systems that quantify a trend, dynamic, or characteristic.
metrics
once segmentation and targeting have been completed, the marketer turns to _____, often using a perceptual map to display graphically the customers' perceptions of the product and of its competitors' products.
positioning
marketers are particularly interested in ______ behavior because it entails actual rather than potential customers.
post-purchase
the major advantage of _____ data is that it can be tailored to meet the specific marketing research needs.
primary
although competitors can copy or match the goods a firm offers, the firm can still develop a sustainable competitive advtg through _______ if its products have a high perceived value and effective branding.
product excellence
the goal of _______ is to inform, persuade or remind potential buyers about a good or service.
promotion
eduardo is concerned that the government may place limits on the quantity of his products that can be imported. what kind of government action is he worried about?
quotas
which of the following is NOT an important trend marketers must monitor in the macro environment?
red/blue marketing in election years
marketers would like to be in the consumer's ____ set for a purchase decision, but even more, they would like to be in the consumer's ____ set.
retrieval; evoked
scanner data, US census data, internal company data and internet background research are all examples of ______ data.
secondary
marketers like Benetton want their ads to appeal to one's _______, suggesting to consumers, "I'm like them, so I should buy their products"
self-concept
in addition to marketing goods, marketers also work with ______, which offer customers intangible benefits, are produced by people or machines, and cannot be separated from the producer.
services
a firm may choose from a number of segmentation methods. which of the following is NOT one of the choices?
sociological segmentation
marketers must consider the political and regulatory environment, which may have a profound impact on competition, promotion, product safety and the operation of the marketplace. key players include all of the following EXCEPT:
stock exchanges
SWOT is an acronym for:
strengths, weaknesses, opportunities, threats
firms with _____ tend to be more socially responsible.
strong ethical climates
the AMA guidelines for marketing research include all of the following EXCEPT:
supporting the duty of researchers to respect the customers' privacy
supply chain efficiency, a strong brand name, and customer satisfaction are likely to be a source of a:
sustainable competitive advantage
consumers' privacy concerns led to enactment of:
the Federal Trade Commission's Do Not Call Registry
diversification is one of the four major growth strategies. which of the following is NOT true about this strategy?
the firm introduces a new product to a current market segment.
which of the following is NOT a macro environmental factor?
the firm's competitors
paul bought a laptop for personal use, and another for use in his consulting business. how would you classify his purchases?
the first was a B2C purchase, and the second was B2B.
the term "perception" refers to:
the process by which individuals select, organize, and interpret information
it is critical for marketers to provide leadership in applying ethics and ethical principles because:
the profession has been singled out for past abuses, and the profession as a whole has a responsibility to raise its profile
scenarios are an excellent way to develop ethical decision making because:
there are usually no single correct answers, and the scenario approach offers different kinds of answers
marketers often use principles and theories from sociology and psychology to:
understand consumer actions and develop basic strategies for dealing with their behavior
when expanding globally, marketing provides the critical function of:
understanding customers
each segmentation method has advantages and disadvantages, giving the marketer a great deal of choice. for even great flexibility, marketers can:
use multiple segmentation methods
some firms like nike involve customers directly in the design of products and services to create additional value and strengthen the relationship between the customer and the firm. this is known as:
value co-creation
the idea of _______ requires firms to charge a price that captures the value customers perceive they are receiving, which can be difficult to determine.
value-based pricing
your firm has already completed your response to an RFP from a large manufacturer. your team's next step will be to:
wait for the manufacturer to analyze the proposal
one of the most important issues marketers must address before beginning a marketing research project is:
whether or not senior management is willing to abide by the results
______ refers to the process by which goods, services, capital, people, and ideas flow across national borders.
Globalization
_____ is the most common measure of market potential of an economy.
GDP
compared to other groups, members of the _____ generational cohort are more likely to marry and buy homes later, are more cynical, and shopping savvy.
Generation X
_______ describes the steps that consumers go through before, during, and after making purchases.
The consumer decision process model
the organization that assists developing countries with trade policy issues, acts as a forum for trade negotiations, settles trade disputes, and reviews national trade policies is the:
WTO
what do the Ethical Decision-Making Metrics I and II offer the marketer?
a framework for looking at multiple dimensions of an issue
peter could attend any of several universities- has good grades, has been recruited, etc. despite this, he decides to only consider local schools because his girlfriend is still in high school. for his college choice, peter is using a:
non-compensatory decision rule
direct investment:
offers a firm control over the foreign enterprise and the highest potential return
when customers are dissatisfied, they:
often want to complain to many people
a firm can choose from a variety of targeting strategies. which of the following is NOT a targeting strategy?
peripheral