MKT Exam 3 - Smartbooks
Customers generally prefer talking to a salesperson when they need information over searching on the Internet.
false
In most large organizations, buying decisions are made exclusively by members of the purchasing or procurement department, with limited or no input from other employees.
false
Universal sets are a subset of retrieval sets and evoked sets.
false
Within a typical buying center, who is the person who controls information, access, or both to decision makers and influencers?
gatekeeper
Which is the largest generational cohort since the Baby Boomers?
gen Y
Which of the following is the generational cohort that consists of people born between 1965 and 1976?
gen x
What is a major economic factor that a firm conducting an economic analysis of a country market must take into account? Multiple choice question.
general economic environment
Consumers in a ________ cohort are a group of people in the same generation who tend to have similar buying behaviors.
generational
A strategic alliance is a type of ______ firms use to expand into the foreign market.
global entry strategy
In the twenty-first century, goods, services, capital, people, information, and ideas often flow across international borders in a process known as ________
globalization
What is the process that causes an increased flow of goods, services, capital, people, information, and ideas across national borders?
globalization
When a firm decides to standardize its products globally but use different promotional campaigns, this strategy is referred to as ______.
glocalization
Which term refers to a strategy in which firms sell a standardized product around the world but develop different promotional campaigns for different countries?
glocalization
Consumer desires for environmentally friendly products and services has led to ______ marketing.
green
When companies ensure that all packaging has certain symbols, such as the recycle symbol or symbols showing support for wind energy, this is a strategic effort by the company to show that they practice ______.
green marketing
Prices are often different in the global marketplace than they are in the home country because a firm's products may NOT Blank______.
have the same positioning as they do in the home country
Which income groups' purchasing power is growing relative to other income groups?
highest income groups
A trade deficit means that a country ______.
imports more goods than it exports
Which of the following factors is included in gross national income (GNI) but NOT gross domestic product (GDP)?
income from foreign investments
Global distribution networks form complex value chains that ultimately ______ the final selling price of a product.
increase
refers to an increase in the prices of goods and services and a decline in purchasing power.
inflation
There may be a person who acts as a(n) ______ in the buying center, often by providing specifications and recommendations for the product being purchased or the vendor being considered and communicating that to others in the buying center.
influencer
A doctor who recommends a procedure and determines which equipment and products will be required is participating in which buying role?
initiator
Within a typical buying center, the ______ is the person who FIRST suggests buying a particular product or service.
initiator
Direct investment requires a firm to maintain ______ ownership of its facilities, offices, and plants in a foreign country.
100 percent
What is Brazil's economic rank
8th in the world
Roughly 80% of population growth over the next two decades in the United States is projected to come from a combination of which of the following groups?
African Americans Latinx Asians
Which of the following are factors that have contributed to Brazil's economic growth in the 21st century?
An increase in the literate population Social programs that have expanded the middle class
Which of the following are components of attitude?
Behavioral Cognitive Affective
Which of the following are components of culture?
Beliefs Customs Morals
When were Millennials born?
Between 1977 and 2000
What are examples of government legislation designed to protect the consumer?
Children's Television Act Nutrition Labeling and Education Act Consumer Product Safety Act
Which of the following are reasons marketers must adapt their global distribution strategies for developing countries?
Consumers shop in small, family-owned retail outlets. It is difficult to transport products to retailers in remote areas.
Which of the following are factors that affect consumers' immediate environment?
Corporate partners Company capabilities Competitors
Which of the following services do the robots entering the marketplace provide?
Counting cash Filling orders Delivering goods via driverless cars
What tasks are firms increasingly using artificial intelligence (AI) to complete? (
Decision making Speech recognition Translations
Which people will the procurement department likely consult prior to finalizing a purchase to ensure that the purchase being made is suitable for the function it will have in the company?
Design team members Employees who will use the materials
Why is global segmentation, targeting, and positioning (STP) more complicated than domestic STP?
Firms struggle to understand the cultural nuances of other countries. Foreign consumers view products and their roles as consumers differently.
What are some components of a country's culture?
Food preferences Language differences
Changes in the value of the euro in relation to the dollar over time is an example of which of the following?
Foreign currency fluctuation
The total market value of all goods and services produced by a country in a year is known as the country's ______.
GDP - gross domestic product
What are Digital Natives also called?
Generation Z
Gretchen lives in the United States and is going on vacation to Australia. She wants to go when it makes the most economic sense for her. Which of the following would be the best time for Gretchen to go?
Gretchen should go when the U.S. dollar is strong and the Australian dollar is weak.
Product promotions that set unrealistically high consumer expectations often lead to which of the following?
High initial sales of the product Long-term customer dissatisfaction
What are possible reasons for the increase in wealthy families?
Increase in dual-income households Aging of the general population
Which of the following criteria are necessary to assess a country's market?
Infrastructural analysis Sociocultural analysis Economic analysis
From a marketing perspective, focusing on mobile devices accomplishes what?
It makes it more likely that a consumer will spend more at a retailer.
The political/legal environment consists of which of the following?
Laws and legislation Political parties
The majority of B2B buying situations can be described as which three of the following?
Modified rebuys Straight rebuys New buys
Which of the following have a direct impact on pricing in the global marketplace?
National rules governing the competitive marketplace Tariffs and antidumping laws
Which of the following are the most serious and potentially damaging consumer behaviors?
Negative word of mouth and spreading rumors
What are current trends in food marketing and distribution?
Opening grocery stores in food deserts Reducing food waste
Which of the following elements affect the consumer search process?
Perceived benefits versus perceived costs Actual or perceived risk The locus of control
Johannes buys an expensive sports car that has a high monthly payment. Two weeks later, he gets laid off from his job and begins to regret buying the car. Johannes is experiencing which of the following?
Postpurchase cognitive dissonance
The International Fairtrade Certification Mark is granted to products that do which of the following?
Promote sustainable farming Improve environmental standards for producers
Which of the following factors typically influence the consumer decision process the same way each time
Psychological Social
In the third stage of the B2B buying process, the firm will invite alternative suppliers to bid on supplying the firm's required components. This is known as the Blank______ process.
RFP - request for proposal
Which items could be included in the Internet of Things?
Refrigerators Washers and dryers Coffee machines
What are some characteristics of Generation X?
Represent 41 million Americans Born between 1965 and 1976 Considered latchkey children
To determine if an opportunity is attractive or unattractive for a firm, marketers can use an analysis of the external and internal environments such as through ______.
SWOT
What is the most common method of introducing a product or service outside of the home country?
Selling the same product or service in the home country and host country
Which of the following are typical in a new buy situation?
Several members of the buying center will be involved. The buying center will proceed through all six steps in the buying process.
Determinant attributes and consumer decision rules are examples of which of the following?
Shortcuts consumers use to simplify purchase decisions
Which of the following are current population trends that affect marketing strategy?
Stagnant or declining population in developed countries Rapid population growth in less developed countries
Which factor should marketers keep in mind about gender when promoting goods and services?
The status and earning power of women have increased in recent decades.
What must marketers understand about their competition?
Their likely response to marketing activities Their strengths Their weaknesses
Which of the following are reasons marketers are increasingly embracing gender neutrality?
There are shifts in status, attitudes, and behaviors that affect the way many firms need to design and promote their products and services. Gender roles are no longer as distinct as they once were.
Which of the following are true of Baby Boomers?
They will be the largest population of 50-plus consumers the United States has ever seen. They are born between 1946 and 1964.
Why would a firm record the number of abandoned virtual carts on its website?
To assess the conversion rate
Which best describes the purpose of determinant attributes?
To help consumers differentiate between competing brands or stores that seem similar
What is the purpose of a white paper?
To provide product information in an easy-to-read informational context
Which of the following are considered aspects of the physical environment?
Water Land Living organisms
When does the consumer decision process begin?
When consumers realize they have an unfulfilled need and want to reach a different, desired state
When does self-actualization occur?
When you feel completely satisfied with your life and how you live
A franchise is a contractual agreement between ______.
a firm or individual and another firm or individual
Why might a firm prefer to manufacture in a country that has a trade surplus?
a trade surplus offers the chance to export to more markets
The level of economic development, as well as differences in product and technical standards, help determine the need for and level of product ______ in a global product strategy.
adaptation
Gross domestic product is defined as the total market value of ______ produced by a country in a year.
all goods and services
Which legislation protects consumers from receiving sales phone calls?
amendment to the telemarketing sales rule
Which type of business would be the most likely to see food sales suffer as a result of inflation and rising costs and consumers' desire to save money?
an upscale steakhouse luxury cars
an ______ a person's enduring evaluation of personal feelings about an idea or abject, is learned, long lasting, and often develops over a long period of time.
attitude
A(n) ______ buying center is where one person makes the decisions alone.
autocratic
__________ marketing refers to the process of buying and selling goods or services to be used in producing other goods and services for consumption by the buying organization and/or for resale by wholesalers and retailers.
business 2 business
The person who handles the paperwork of the actual purchase and is responsible for making the purchase is the
buyer
Within a typical buying center, there will be someone who handles the paperwork for the actual purchase. This person is referred to as the ______.
buyer
You work as the inventory manager at a golf pro shop. The club pro has reviewed and approved a new golf club collection, and you proceed to complete the purchase by negotiating a price and finalizing paperwork with the manufacturer. In this scenario, you are in the role of ______.
buyer
_____ architecture is the attempt to influence consumers through the design of the environments in which they make their purchasing decisions.
choice
What attempts to influence purchase decisions through environmental design?
choice architecture
In addition to customer satisfaction and loyalty, which of the following is also one of the potential postpurchase outcomes?
cognitive dissonance
The most important immediate environmental factors that impact consumers are the ______.
company competitors corporate partners
Which type of decision rule involves a consumer trading off one product trait against another when evaluating alternatives?
compensatory
Consumer decision rules are either ______.
compensatory or noncompensatory
Which of these is NOT a macroenvironmental factor that directly influences a firm?
competition
In all marketing efforts, the ______ is at the center.
consumer
At the center of all analyses of the marketing environment are _______ and their specific behaviors and attitudes.
consumers
B2B marketing involves the process of buying and selling goods or services to be used in the production of other goods and services for ______ by the buying organization and/or ______ by wholesalers and retailers.
consumption; resale
Retailers use ______ to see how well they are doing at turning potential buyers into actual buyers.
conversion rate
A smartphone manufacturer collaborates with a company that makes lithium-ion batteries to ensure that their phones have the longest possible battery life. The battery maker is considered the smartphone company's Blank______ partner.
corporate
If a car company collaborated with a sheet metal supplier, the car company would be the supplier's
corporate partner
One of the factors that affects a consumer's search process involves weighing the perceived benefits of a search against the perceived ____________
cost
Organizational Blank______ refers to a set of unspoken guidelines that employees share in various work situations.
culture
macroenvironmental factors that directly influence a firm
culture technology demographics
Which role in the buying center the final determination as to which product is purchased from which supplier, if a product is purchased at all?
decider
An example of inflation would be when increasing prices cause the purchasing power of the dollar to ______. Multiple choice question.
decline
Data that indicates the characteristics of human populations and segments is collectively known as Blank______.
demographics
A food ________ refers to an area or neighborhood
desert
Global marketing strategies includes two elements: identification of the target markets and ______.
developing a competitive marketing mix
Which of the following types of businesses would be MOST affected by pricing laws that prohibit selling products below cost?
discount retailers such as walmart
The most common method of evaluating the economic health of a country is to use metrics that measure the country's ______.
economic output
Which of the following demographic factors help predict consumer buying patterns?
education income
A joint venture is formed when a firm ______ a new market and ______ its resources with those of a local firm to form a new, shared company.
enters; pools
What is a major benefit of selling the exact same product or service in both the home and host countries?
establishing strong brand recognition
In Maslow's hierarchy, ______ needs allow people to satisfy their inner desires.
esteem
Which of the following consist of a set of salient, or important, attributes about a particular product?
evaluative criteria
Octavia is in the market for purchasing a new automobile, but she will only consider buying models made by American companies. The American car makers are part of Octavia's ______ set.
evoked
julio is familiar with several brands of mobile phones, but he plans to consider only two brands when he purchases his next phone. Those two brands are his
evoked
A company must be able to evaluate an attractive opportunity in relation to its ______ competencies.
existing
A country with a trade surplus ______.
exports more goods than it imports
Hospitals, universities, and religious organizations are Blank______ to which a B2B vendor would sell products.
institutions
Resellers can be thought of as ______.
intermediaries
Accessing information from one's own memory and knowledge is known as a(n)___________ information search.
internal
Consumers may have different levels of ______, which is known as the consumer's degree of interest in a product or service.
involvement
An exchange rate quantifies how much a currency ______.
is worth in relation to another
In most country markets, the central government tends to be the ______ purchaser of goods and services. Multiple choice question.
largest
refers to a change in a person's thought process or behavior that arises from experience.
learning
Exporting is an entry strategy that requires the _____ financial risk and allows a(n) _____ return to the firm.
least;limited
When entering their first foreign markets, firms typically take a(n) ______ approach.
less risk
Which factor does NOT directly influence how the consumer makes a purchase decision?
macroeconomic factors
Which word best describes the social, political, economic, and technological factors with which marketers interact?
macroenvironment
Which generation consists mostly of the children of Baby Boomers?
millennials
Which cohort varies the most in age, ranging from teenagers to adults who have their own families?
millinneals
A ________ rebuy is when the buyer has purchased a similar product in the past but has decided to change some specifications, such as the desired price, quality level, customer service level, or options.
modified
You place an order with your usual office supply vendor, except this time you upgrade the quality of the printer paper you are ordering. This is referred to as a ______.
modified rebuy
When adopting strategies for entering a new market, many firms follow a(n) approach that morphs and becomes ______ over time.
more risky
The impetus that pushes consumers to satisfy their unmet needs, such as having no laundry detergent to do the wash, is a(n) ______.
motive
Terence realizes that in order to fulfill customers' expectations for his florist business, he must purchase a customized delivery van. This illustrates the requirements for which stage in the B2B process?
need recognition
Place the steps of the consumer decision process in order,
need recognition info search alt evaluation purchase and consumption post purchase
Place the steps of the B2B buying process in order
need recognition product specification RFP process proposal analysis and supplier selection order specification vendor/performance assessment using metrics
Gross national income consists of GDP plus ______, without including any payments made to those who do not live in the country but who contribute to the domestic economy.
net income earned from investments abroad
By the year 2055, which group is expected to remain an ethnic minority in the United States?
no single group
Democratic, autocratic, consultative, and consensus are different types of ______.
organizational buying culture
When a firm enters into a joint venture agreement with a local firm, the two investors will then share which of the following?
ownership control profit
A kindergarten teacher wants to buy several electronic tablets for her classroom, but she is concerned that they will break with all of the children handling them. Which type of risk is the teacher primarily concerned with?
performance
The final step in the consumer decision-making process, and a very important element in retaining and building a loyal customer base, is behavior.
postpurchase
The components of a country market assessment include all of the following EXCEPT ______.
pricing and product decisions
Once a firm recognizes a need, the firm will consider alternative solutions and develop a list of requirements to be given to potential vendors. What is the name for this process?
product specification
The fourth stage of the B2B buying process has a number of mini steps within itself. Which of the following is NOT one of the steps within the fourth stage?
product specification
Marketing managers can choose between three possible global ______, which range from selling the same product to introducing an entirely new product.
product strategies
In the fourth stage of the B2B buying process, ______, vendor negotiation, and selection all occur.
proposal analysis
Consumer decision making about products and services is influenced by the configuration of the market mix, social influences, ______ factors, and sociological factors.
psychological
Countries with the highest ______ today may lose their appeal in the future for many products and services because of stagnated growth.
purchasing power
______ culture is exemplified by the ways people within a particular geographic area have different food preferences from people in other areas of the same country.
regional
Fill in the blank question. During the B2B buying process, a firm will typically invite alternative suppliers to bid on supplying the firm's required components for a product. This stage is called the for _______ proposal process.
request
______ are the entire category of marketing intermediaries that move the product further downstream in the channel without significantly altering the form.
resellers
A local clinic (institution) in need of more Purell antibacterial soap might purchase it from Target, which is a ______ of soap, whereas a local high school (institution) in need of more textbooks might buy some from McGraw-Hill, which is a ______.
retailer; manufacturer
All of the brands that Miguel can easily call to mind for laundry detergents, whether he would consider buying them or not, comprise his ______ set.
retrieval
The ______ is the second step in the consumer decision process.
search for information
Which of Maslow's needs is the highest level of needs?
self-actualization
Which of the following are the three potential global product strategies?
sell a new product sell the same product sell a similar product
Direct investment exposes a firm to ______ risk.
significant
In the future, marketers might become less interested in the countries with the highest purchasing power today because of ______ growth and saturated markets.
stagnated
When you purchase the exact same office supplies you purchased in the previous quarter, you are making a Blank______.
straight rebuy
Which of the following is a market entry strategy in which independent companies form a partnership to collaborate in the foreign market but do NOT invest in each other?
strategic alliance
What does a trade deficit signal to economic analysts?
strong competition from foreign producers
Consumers who hesitate to purchase goods because they worry about the potentially low wages paid to workers in the fast fashion industry are expressing ______ concerns.
sustainability
Which of the following are some details used to evaluate the general economic environment?
the GDP trade deficit or surplus
infrastructure
the basic facilities, services, and installations needed for a community or society to function?
Which of the following factors will most significantly influence the price of a product on the global marketplace?
the local pricing structures of individual markets
exchange rate
the measure of how much one currency is worth in relation to another?
There is increasing concern that ______ will be depleted through actions such as deforestation.
the physical environment
A company may choose to launch the same advertising campaign globally. This particular campaign may be launched with identical pictures and messages but in different languages. Advertisers might try to bridge the cultural gap by appealing to ______ across countries.
the same target market
When developing marketing plans, what should a firm consider about their competition?
their likely reaction
The Internet of __________ occurs when there are numerous "smart devices" that work together to help both consumers and companies consume more efficiently
things
When firms develop a marketing mix as part of their global marketing strategy, what is their primary goal?
to sustain a competitive advantage over time
If a laundry soap manufacturer decides to introduce in a developing country a detergent that requires far less water than the detergent it sells in its home country, which global product strategy is the company using?
totally new product or service
The complex value chains inherent in global distribution networks include which of the following?
transportation systems wholesales importers and exporters
Consumers often evaluate alternatives while still engaged in the search process.
true
In the first stage of the B2B buying process, the buying organization recognizes, through either internal or external sources, that it has a(n) ______ need.
unfulfilled
The collection of all possible alternatives for a decision, even those the buyers would not consider and might not even be aware of, is referred to as the ______.
universal set
Using metrics to evaluate a supplier of raw materials to a manufacturer is part of which stage of the B2B buying process?
vendor performance assessment
A country's infrastructure includes all of the following
water and power lines schools and post offices transportation systems
A software development firm has built a program that can help businesses more efficiently target advertisements toward those who are most likely to buy. The sales team wants to introduce the product to potential clients but doesn't want to overwhelm them with a pushy sales pitch or overly technical language. To do this, they should create which of the following?
white paper
