BUSI 520 Exam 2

BUSI 520 Exam 2 Liberty University

  1. A given percentage increase in consumer demand can lead to a larger percentage increase in the demand for plant and equipment necessary to produce the additional output. Economists refer to this as ________.
  2. If you decided to go into the systems contracting business, which of the following categories would constitute your main area of expertise?
  3. The business buyer has to make the fewest decisions when involved in a ________.
  4. In reordering office supplies, the only stages that the buyer passes through are the product specification stage and the ________ stage.
  5. In which of the following is a person performing the role of an influencer?
  6. Which of the following methods is most likely to be used by buyers to review the performance of chosen suppliers?
  7. Jason Riggs’ company is considered to be an in-supplier for a lawn mower manufacturer. However, recently the lawn mower company has put out a memo to in- and out-suppliers indicating that it would like to change product specifications and delivery schedules. Which of the following buying situations is most likely to be in operation given this data?
  8. The partners in ________ systems are united in operational ways, but neither demonstrates structural commitment through legal means or adaptation.
  9. Business buyers may get new ideas at a trade show, see an ad, or receive a call from a sales representative who offers a better product or a lower price compared to the current in-supplier. These situations motivate the ________ stage.
  10. The demand for business goods is ultimately derived from the demand for ________.
  11. A Gucci bag sells for $120 in Italy and $240 in the United States due to the differences in the costs of distributing the product in the two countries. This phenomenon is called a(n) ________ problem.
  12. Indirect exports have two advantages for a firm: less investment and less ________.
  13. As people in developing countries often prefer to buy in smaller quantities, ________ is one of the most important functions of intermediaries in developing countries and helps perpetuate the long channels of distribution, which are a major obstacle to the expansion of retailing.
  14. After successfully exporting its products through export merchants, Boyes Inc. decides to take control of its exports. It sets up its own unit in the home country that takes care of all export-related activities. Boyes Inc. is most likely using ________.
  15. If a company adapts or changes both a product and the communications, the company engages in a process called ________.
  16. Your firm has decided to enter the international market with your product called “Trema,” a new pocket organizer that can also be used as a cell phone. While discussing marketing plans, your CMO decides that no changes will be necessary in either the marketing mix or the product for export. What form of marketing strategy is the CMO advocating?
  17. Regional economic integration is defined as the creation of trading agreements between ________.
  18. Zodiac Inc. is one of the leading producers of designer bags in its country. The company is considering shifting some of its production to India. Which of the following could have prompted this move?
  19. Jose and Erika have just divorced. Which of the following demographic segmentation subsegment formats might be used by marketers to reach Jose or Erika?
  20. In the ________ step of the market segmentation process, the marketer determines which demographics, lifestyles, and usage behaviors make each needs-based segment distinct and identifiable.
  21. If your assignment was to create a value proposition and product-price positioning strategy for each segment, based on the segment’s unique customer needs and characteristics, you would be in which of the following steps of the segmentation process?
  22. Urgency, specific application, and size of order are examples of ________ segmentation variables for business markets.
  23. If a marketer is seeking to segment a business market, which of the following variables is generally felt to be the most important?
  24. If a marketing manager segments the market into culture-, sports-, or outdoor-oriented groups, he or she is segmenting the market on the basis of ________.
  25. According to the VALS segmentation system, ________ are conservative, conventional, and traditional people with concrete beliefs. They prefer familiar, US-made products and are loyal to established brands.
  26. When a symphony orchestra targets people who have broad cultural interests, rather than only those who regularly attend concerts, the orchestra is targeting ________.
  27. Philip Morris bought Miller Brewing and launched low-calorie beer, at a time when consumers had the impression that low-calorie beer does not taste as good as normal beer. What did the company try to build when they conveyed the fact that the beer contained one third less calories and hence it is less filling?
  28. Singapore Airlines is well regarded in large part because of the excellence of its flight attendants. This is an example of ________ differentiation.
  29. Points-of-________ are product associations that are not necessarily unique to the brand but may in fact be shared with other brands.
  30. ________ refers to the products or sets of products with which a brand competes and which function as close substitutes.
  31. The typical approach to positioning is to inform consumers of a brand’s category membership before stating its point-of-________.
  32. The three criteria that determine whether a brand association can truly function as a point-of-difference include desirability, ________, and differentiability.
  33. The result of positioning is the successful creation of ________, which provides a cogent reason why the target market should buy the product.
  34. Industrial tools claiming to have durability, and antacids announcing their efficacy convey a brand’s category membership by ________.
  35. Apple’s iPod shuffle is an example of ________.
  36. Names that become synonymous with product categories like Kleenex, Kitty Litter, Jell-O, and Xerox, need to ensure their brand names remain ________ so they can retain their trademark rights and avoid becoming generic.
  37. When a firm uses an established brand to introduce a new product, it is called a brand ________.
  38. Brand ________ are devices that can be trademarked and serve to identify and differentiate the brand.
  39. ________ brands are positioned with respect to competitors’ brands so that more important (and more profitable) flagship brands can retain their desired positioning.
  40. A brand ________ can be defined as any information-bearing experience a customer or prospect has with the brand, its product category, or its market.
  41. The ________ determines the marketing program’s ability to affect the customer mindset and is a function of the quality of the program investment.
  42. With respect to the “six brand building blocks,” brand ________ describes the extrinsic properties of the product or service, including the ways in which the brand attempts to meet customers’ psychological or social needs.
  43. When a bank takes loan requests over the phone and hand-delivers the money to the customer, it becomes a ________ specialist.
  44. A marketing manager has decided to “leapfrog” the competition by moving into cutting-edge technologies. This indirect approach to attacking competition can be characterized as a(n) ________ attack.
  45. ________ is a distribution strategy that can be effectively used during the growth stage of the product life cycle.
  46. Aron, a company manufacturing snack food and soft drinks, replicates its product taste and packaging from Lay’s, a market leader in snack food industry. Later, it sells these imitated products on the black market. This is an example of ________.
  47. The ________ attack can be used when the challenger spots areas where the opponent is underperforming.
  48. Amani, a company that manufactures cloth for suits, strives to be equal to Armani in product design, brand name, and product packaging. This is an example of ________.
  49. When a firm looks for new users in groups that might use a product but do not already use the product, the firm is using the ________ strategy.
  50. For a market challenger, attacking ________ is a high risk but potentially high payoff strategy, which also allows it to distance itself from other challengers.
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