BUSI 330 Midterm

BUSI 330 Midterm Answers

  1. Which of the following conditions are necessary for marketing to occur?
  2. In a marketing context, a market refers to
  3. The trade of things of value between buyer and seller so that each is better off after the trade is referred to as __________.
  4. Which of the following products mentioned in Chapter 1 of the textbook failed in the marketplace?
  5. The marketing manager’s controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem are referred to as the __________.
  6. An organization that focuses its efforts on: (1) continuously collecting information about customers’ needs; (2) sharing this information across departments; and (3) using it to create customer value is said to have a
  7. The value to consumers that comes from making an item easy to purchase through the provision of credit cards and financial arrangements constitutes _________ utility.
  8. Which of the following statements about marketing departments is most accurate?
  9. To serve both buyers and sellers, marketing seeks to discover and __________ the needs and wants of prospective customers.
  10. Which of the following was LEAST challenging as a pre‑launch issue for 3M as it introduced the Post‑it® Flag Highlighter?
  11. A student would like to buy cross‑over SUV from a local dealer, but she thinks the payments will be too high. Marketing does not occur in this situation because
  12. The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is __________.
  13. A business model
  14. Quadrant “A” in Figure 2‑5 above represents the marketing strategy of __________.
  15. “HowAboutWe is the fastest, easiest, most fun way to go on awesome dates” is the __________ for the online dating service that focuses on setting up actual activities as dates for its users.
  16. The BCG has given specific names and descriptions to the four resulting quadrants in its growth‑share matrix based on the amount of cash they generate for or require from the organization. “Dogs” are located in which quadrant of the BCG growth‑share matrix?
  17. Statements of an accomplishment of a task to be achieved, often by a specific time are referred to as __________.
  18. If Dr. Pepper plans to grow its proportion of the flavors segment of carbonated soft drink industry to 45%, it has set a(n) __________ goal.
  19. In the Boston Consulting Group (BCG) model for analysis of a firm’s strategic business units, or SBUs, the horizontal axis reflects __________.
  20. A key role of the marketing department is to “look outward.” This is accomplished by
  21. Successful organizations must be visionary, which includes the ability to
  22. Recently, many organizations have added __________ to their mission statements.
  23. Customers’ perceptions are of vital important to an organization. Customer __________ can be measured with surveys or by the number of customer complaints an organization receives.
  24. A mission statement includes all of the following elements EXCEPT:
  25. One way a company can benefit from implementing a market penetration strategy would be to
  26. Social responsibility refers to
  27. The Securities and Exchange Commission (SEC) works hard to prevent unscrupulous companies from “cooking” their books to paint investors and regulators a better financial picture than they really have. Yet, in the end, it is up to investors to research the companies in which they want to invest because __________ is the norm when investing in the stock market.
  28. The Better Business Bureau
  29. Olay’s promotions for its Total Effects cleansing cloths, which fight signs of aging, are targeted toward
  30. Small businesses make up the majority of the competitive landscape for most businesses. There are approximately __________ small businesses in the United States.
  31. In a recent issue of AARP The Magazine, a print ad for State Farm Insurance annuities advises readers that “The company has helped you enjoy your time with the kids and it can now help you enjoy your time without them.” The ad is most likely targeted toward which generational cohort?
  32. Generation Y is sometimes referred to as
  33. Cloud computing, such as Apple’s iCloud, enables businesses and consumers to share one’s data or use a firm’s software application like Microsoft Office directly from that firm’s or a third party’s server over the Internet rather than having that data file or program reside on a personal computer. This is an example of a change in the __________ marketing environment.
  34. The Lanham Act (1946)
  35. Publishers were surprised by the dramatic success of the book Fifty Shades of Grey and believe that it will likely generate a fresh cycle of female‑targeted romances packaged for the mainstream reader. This is an example of a(n) __________ force impacting the marketing environment.
  36. The Consumer Bill of Rights refers to a law that
  37. By 2015, which racial or ethnic group will have the greatest economic impact in the U.S. in terms of its buying power?
  38. The set of values, ideas, and attitudes that are learned and shared among the members of a group is referred to as __________.
  39. Figure 4‑5 above depicts the ___________.
  40. Many automobile dealerships employ a non‑negotiable or “no haggle” price strategy to sell their cars. A customer who wants to buy a new or used car would pay the posted price. These dealers probably adopted this pricing policy because
  41. Which of the following statements about the family life cycle is most accurate?
  42. The energizing force that stimulates behavior to satisfy a need is referred to as a(n)
  43. Scanning your memory for previous experiences with products or brands is called
  44. If McNeil Consumer Healthcare uses the same brand name for different products such as Tylenol Cold & Flu and Tylenol P.M. based on behavioral theory, this strategy is an example of
  45. Five influences can have an impact on a consumer’s purchase decision process, which are purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states. These are referred to as
  46. Consumers spend little time and effort evaluating alternatives in the purchase of table salt and milk. The consumer purchase decision process for such staples involves __________, which is virtually a habit and typifies low‑involvement decision‑
  47. Which of the following statements about how women buy cars today is most accurate?
  48. An example of a public source of information consulted during an external search would include
  49. A person’s consistent behaviors or responses to recurring situations is referred to as
  50. Needs involving personal fulfillment are called __________.
  51. Five situational influences have an impact on a consumer’s purchase decision process. They are: purchase task, __________, physical surroundings, temporal effects, and antecedent states.
  52. How might a marketing manager for a manufacturer of turboprop engines, used in private jet planes, use the NAICS to help her with marketing planning?
  53. Based on Figure 5‑1 above, what is the MOST LIKELY industry sector represented by NAICS code 51?
  54. A firm that reprocesses a product or service it buys before selling the product again to the next buyer is referred to as a(n)
  55. A straight rebuy is a(n) __________ while a modified rebuy is a(n) __________.
  56. Reverse auctions
  57. A buying center refers to
  58. Which of the following is a service business within the industrial market?
  59. A business market is also referred to as
  60. During late summer and early fall, there is a large demand for containers located in Asia that are used to ship consumer products from Asia to the United States in time for the holiday selling season. The demand for these containers is referred to as __________ demand.
  61. Trek uses several organizational buying criteria to evaluate potential suppliers. These include all of the following EXCEPT:
  62. Marketers need to understand their firms’ buying centers. A series of questions can be used to facilitate this process. Which of the following questions would be the LEAST USEFUL when trying to understand the operations of a buying center?
  63. Organizational buyers refer to
  64. Dell established its company primarily with direct telephone‑and Internet‑based sales. In terms of Dell’s global expansion strategy, which of the following statements is most accurate?
  65. Which of the following statements concerning currency exchange rates is most accurate?
  66. Tariffs refer to
  67. The political and regulatory climate for marketing in a country or region of the world means not only identifying the current environment but also determining how
  68. In terms of the global marketplace, there are three primary types of companies: __________, multinational firms, and transnational firms.
  69. To ensure the Breathe Right brand continues to meet growth expectations, CNS uses a three‑stage approach to penetrate and develop new markets: (1) explore/test the concept; (2) establish the product; and (3) __________.
  70. Cultural symbols refer to
  71. Figure 6‑5 above outlines the distribution channels through which a product manufactured in one country must travel to reach its destination in another country. Which letter in the figure (“A,” “B,” “C,” “D,” or “E”) would identify intermediaries used to move the product from one country to another?
  72. The study of similarities and differences among consumers in two or more nations or societies is referred to as __________.
  73. McDonald’s sells its popular Maharaja Mac that consists of two all‑chicken patties, special sauce, lettuce, cheese, pickles, and onions on a sesame‑seed bun in __________.
  74. Tiffany & Company knows that Japanese are superstitious about the number 4. As a result, Tiffany sells its fine glassware and china in sets of five, not four, in Japan. Tiffany has used its knowledge of __________ to avoid connecting its products with the number 4.
  75. Once a company has decided to enter the global marketplace, it must select a means of market entry. Four general options exist: (1) exporting; (2) licensing; (3) joint venture; and (4) __________.
  76. One test of whether marketing research should be done is if
  77. What type of marketing uses high‑tech brain scanning instruments to record the brain’s responses to various marketing stimuli (package designs, brand logos, fragrances, TV ads, and so on) via the five senses (sight, sound, smell, touch, and taste)?
  78. The Internet sites for The Wall Street Journal, CNBC, and Fox Business News
  79. The approaches that can be used to collect data to solve all or part of a marketing research problem are referred to as
  80. A disadvantage of the mall intercept interview method is
  81. All of the following are examples of marketing outcome data EXCEPT:
  82. According to research conducted by Canadian cultural anthropologists, Canadians place a high importance on personal relationships. This leads them to be extremely reluctant to buy through an impersonal medium like a telephone. For an insurance company that was hoping to sell insurance through telemarketers, this research would be an example of
  83. According to Figure 7‑1 above, “obtain primary data” occurs during which step of the five‑step marketing research approach?
  84. The U.S. Census Bureau publishes the __________, which is conducted every five years and contains detailed information on the number and sales of U.S. establishments that produce goods or resources.
  85. A collection of databases that store, organize, and manage data sources is called a __________.
  86. Brand guru Martin Lindstrom believes that traditional marketing research is wasted because
  87. The second step of the marketing research approach is to __________.
  88. In the Fisher‑Price photo above, a researcher watches a young child play with his toys. This is an example of
  89. Model E is a new type of car manufacturer that relies on the Internet to build new car designs from prototypes to marketable vehicles much faster than ever before. “Think of Model E as the Dell of the auto industry. We design just a few products that consumers truly want, leveraging best‑in‑class components and micro‑factory approaches for rapid design, launch, and direct delivery,” said William Santana Li, president and CEO of Model E. Model E manufactures each car when a customer chooses from a limited number of options and orders. Model E relies on
  90. Time magazine publishes over 100 different U.S. editions with common editorial content (the same national and international stories). However, each edition is targeted at unique geographic segments with its own set of advertisements. Time is using which of the following segmentation strategies?
  91. Building open and honest relationships with communication is an example of Zappos’ __________.
  92. To create a market‑product grid for bed pillows, the most effective way to segment the market would be using
  93. ChoiceShirts is an online company that makes made‑to‑order T‑ Its online customers can order their shirts using any downloaded photo inserted into 600 templates or even design a shirt from scratch. This is an example of
  94. Four general categories used to segment consumer markets are geographic segmentation, demographic segmentation, __________, and behavioral segmentation.
  95. The first step in segmenting and targeting markets that links customer needs to marketing actions is to
  96. Which of the following is a criterion used for selecting a target market?
  97. Best Foods Company is considering expanding beyond the regional market segments now served by its Hellmann’s mayonnaise. One criterion management wants to use to evaluate potential new geographic market segments is whether new equipment must be bought to serve each new segment. This is an example of which criterion used to select target market segments?
  98. In analyzing patronage of fast‑food restaurants, people who most likely will never visit one are referred to as
  99. A market‑product grid is a framework to relate
  100. Determining the size of specific markets within a market‑product grid is helpful in determining which target market segments to select and
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