MKTG 350 Exam 2 questions

Coca-Cola offers a line of soft drinks that includes Coca-Cola, Diet Coke, Coca-Cola Zero, Sprite, and Fanta. These drinks best illustrate Coca-Cola's product mix

Depth

United Arab Emirates currently limits the number of Michael Kors bags that can be imported during a one-year period, since Michael Kors bags are made in New York, USA. This is an example of a(n)

Quota

Convenience products are

Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort

Sarah is going to the store to buy milk. She will most likely use __________ in her consumer decision-making process.

Routinized response behavior

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

Segmentation

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

The buying center

A product mix is best described as

The composite, or total, group of products that an organization makes available to customers

Franchising offers all the following benefits for franchisers except

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

Many aspects of consumer buying decisions are affected by the individual's level of involvement. Level of involvement is

The importance and intensity of interest in a product in a particular situation.

The consumer decision process model represents:

The steps that consumers go through before, during, and after making purchases.

Which of the following best describes someone who is an early adopter in terms of the major adopter categories?

They are skeptical of new products, but eventually adopt them because of economic necessity or social pressure.

The primary psychological influences on consumer behavior are

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

Product specifications are best described as

physical characteristics and level of quality.

Which of the following components of attitude includes an individual's feelings and emotions toward the object or idea?

Affective component

An attitude is

An individual's enduring evaluation of feelings about and behavioral tendencies toward an object or idea

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

Balance of trade

When Chaz realizes his liquor cabinet supply was devastated by last weekend's party, he first retrieves information from his memory about what types of liquor he and his friends like most and then asks the clerk at the liquor store what she would recommend. Chaz started with a(n) ___________ search and then progressed to a(n) __________ search.

internal; external

Which of the following is true about characteristics of business buying?

Business purchases involve more professional purchasing effort than consumer purchases.

Which of the following is NOT an example of a producer market member?

Buyers of finished products that intend to resell them for a profit

A targeting strategy in which an organization targets a single market segment using one marketing mix because they think that segment can offer the best potential for profit is called a(n) _________ strategy.

Concentrated

When shopping for detergent, Dylan looks at Arm & Hammer, Gain, Method, and Cheer and chooses the one that is on sale. These four brands make up his ____________ set.

Consideration set

Children often achieve _____________ by observing parents and older siblings to purchase situations and then through their own purchase experiences

Consumer socialization

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.

Decline

Comcast uses a segmentation strategy for its cable TV packages based on market characteristics such as age, gender, or income. Which of the following category of segmentation variables is Comcast using?

Demographic

Michelin is a manufacturer 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 Michelin's tire products is said to be _______ since it depends on the demand for new cars.

Derived

Volkswagen markets its Atlas SUV to large families, its CC to those wanting a sports coupe, and its Jetta to young singles. What targeting approach is Volkswagen using?

Differentiated

Which approach entails minimal risk, effort and cost?

Franchising

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

Friends

Systems such as Nielsen's Claritas (PRIZM) provide companies with lifestyle and demographic information about neighborhoods throughout the United States. This information is used to aid

Geodemographic segmentation

Chrysler is producing a new seven-passenger SUV with all-wheel drive. Which of the following would be the best variables for segmenting the market for this new model?

Geographic location and family life cycle

Aggressive pricing begins during the __________ stage of the product life cycle

Growth

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

If the two cultures are different

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

Import tariff

Madison goes to Kmart to purchase school supplies for her two children. As she is approaching the checkout counter, she sees a vase she just has to have and buys it immediately. Madison purchase of the vase is an example of

Impulse buying

______________________ involves developing and performing marketing activities across national boundaries.

International Marketing

The four major stages of a product life cycle include

Introduction, growth, maturity, decline

The Foreign Corrupt Practices Act of 1977 makes it illegal for U.S. firms to

Make payments to foreign government officials to assist in obtaining or retaining business.

The agreement between the United States, Canada and Mexico that merges these three countries into one marketplace is called

NAFTA

In the diffusion of innovation process, innovators enjoy taking risks and are regarded as highly knowledgable. Marketers want to identify innovators because

Other consumers defer to their judgment, creating the opportunity for word-of-mouth referrals.

Inelastic demand in business markets refers to a situation where

Price increases or decreases will NOT significantly change demand for a given product

Market researchers for a local restaurant determined that southern people consume 63% of the portion of grits sold in Columbia, SC. This is an example of __________ influence on consumer buying decision processes.

Situational

Mario is an avid collector of Major League Baseball memorabilia. He greatly desires to own the "special" bat that earned the slugger Sammy Sosa a seven-game suspension due to its illegal contents. This is an example of a(n) _________ product.

Specialty

The United States Air Force 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

Kira is interested in joining Alpha Gamma Delta's sorority. She begins to shop at Delphine's, a local store where the Alphas buy their clothes. She also asks her family for a new car because all the sorority members have new cars. In these instances, Kira is most influenced by

This scenario describes a reference group

When the needs of individual consumers in a target market for a specific product are similar and the organization can satisfy most customers with a single marketing mix, the best approach to use may be the ___________ strategy.

Undifferentiated

When the city of Columbia buys iPads for its restaurant inspectors to use during their visits, the purchase from Apple would be considered

a Government purchase

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.

In business markets, individuals or groups purchase products for one of three purposes. These purposes are

resale, direct use in producing other products, and use in general daily operations.