Mrkt 444 test 1

Peter Drucker, the father of modern management, believed that marketing _____________.
is the whole business as seen from the customer’s point of view
_____ is the set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
_____ is a central tenet of marketing in which a person gives up something of value to them for something else they desireto have.
Exchange
From a customer’s perspective, what is defined as a ratio of the bundle of benefits a customer receives froman offering compared to the costs incurred by the customer in acquiring that bundle of benefits?
Value
The AMA’s definition of marketing reflects the view toward marketing activities as focused on ______.
creating and delivering offerings that have value
Which of the following are the two core marketing concepts?
Value and exchange
The Internet has made it easy for customers to get details about products online, post their opinions, and read other people’s opinions. From a marketer’s point of view, this has caused _____.
a shift in information power from marketers to consumers
Marketing (Big M) is also known as _____.
strategic marketing
In the context of change drivers impacting the future of marketing, marketing (little m) is also known as _____.
tactical marketing
Strategic marketing refers to _____.
a long-term, firm-level commitment to investing in marketing
_____ refers to approaches that drive the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before.
Market creations
For successful Marketing (Big M), customer orientation must be understood by _____.
everyone in organization
For successful Marketing (Big M), all internal organizational practices should be aligned around _____.
The customer
Microsoft’s revolution of the information field and Disney’s creation of the modern theme park industry are the classic examples of _____.
Market creation
After a recent 141-day strike, the union members in California went back to work at area grocery stores. The union negotiated raises, better health care benefits, and a one-tier pay scale. The union may best be described as a(n) _____.
Stakeholder
Companies that promote sustainability practices like Starbucks, which has a stringent recycling program, or General Electric, which makes environmentally sensitive products, are practicing _____.
green marketing
Bryan gets reduced fees for his daughter’s piano lessons by maintaining her teacher’s website. Bryan is practicing the central tenet of marketing called _____.
exchange
Today customers have limitless access to facts about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in information power from marketer to customer
Today companies have no choice but to be more open about their businesses and products because they can’t stop chat rooms or bloggers or customer reviews. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in information power from marketer to customer
The Girl Scouts introduced a cookie finder app in 2013. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in generational values and preferences
Bazooka brand of candy revamped its package inserts by changing from comic strips to quizzes and brainteasers that direct kids to digital content. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in generational values and preferences
Appropriate and effective marketing metrics must be designed to identify, track, evaluate, and provide key benchmarks for improvement. In the context of change drivers affecting the future of marketing, this reflects the _____.
shift to justifying the relevance and payback of the marketing investment
Fernandez Brothers Inc., provides accounting services to small businesses. Before and after tax season, the partners meet with each client company. It sends a monthly newsletter to update clients with tax changes. The firm’s business practices mainly focus on keeping profitable current customers rather than gaining new customers. Fernandez Brothers has adopted a _____ approach.
relationship orientation
The Clean-O company makes a cleanser for the hospital and nursing home market that is guaranteed to kill 99 percent of Staphylococcus germs, a major concern for medical facilities. Unlike other companies, Clean-O is not interested in pursuing the consumer market. In this case, Clean-O has adopted a _____.
differentiation orientation
Mammoth Foods, a major agricultural corporation, recently purchased MJS Organic Foods Co. MJS was established six years ago and has become a major supplier to restaurants in the northeastern United States. The organic herbs, vegetables, and fruit market is expected to have a double-digit growth rate over the next decade. Under the Boston Consulting Group (BCG) Growth-Share Matrix, MJS would most likely be classified as a _____ .
star
Lately the demand for building materials has dropped due to the slowdown in new housing construction. Wood-O Corp. is thinking of closing its fine wood division that produces mahogany and cherry lumber for building cabinets and other applications. Under the Boston Consulting Group Growth-Share Matrix, the fine wood division would most likely be classified as a _____.
dog
Mega-Big Corp. has a small strategic business unit (SBU) that produces a component vital to the manufacturers of automobiles and has been extremely profitable for 18 years. The SBU acts as a key source of income for the firm. In the context of the BCG matrix, Mega-Big Corp. is most likely considered a _____.
cash cow
Mega-Big Corp. is interested in buying Soft works, a medical software firm. Soft works is highly regarded by medical practices for ease of use. Two software engineers started the company, but they have made risky financial and poor management decisions. Mega Corp. believes that with proper management the software firm will become an industry leader. In the context of the BCG matrix, Soft works is most likely considered a _____.
problem child
Zenith Homebuilders used to purchase many building lots and erect spec homes (i.e., it gambled that the demand for new houses would be so high that they would sell easily). Since the real estate slowdown, it builds homes only when owners are under contract. In this case, the company is most likely pursuing a generic business strategy of _____.
Retrentchment
Victor Inc., a producer of headphones used with cell phones and MP3 players, uses contract manufacturing overseas. The firm is concerned that tariffs may be increased. Under which component of situation analysis will an examination of this issue be found?
political, legal, ethical
Roberta’s company, New Home Builders Corp., specializes in designing one-storey homes that have wide hallways and walk-in showers that could accommodate the need to use a wheelchair or walker, and other amenities that allow couples to remain in their homes as they age. The company’s strong value proposition has allowed it to maintain steady market share in a weak housing market. In the context of SWOT analysis, a discussion of this relative advantage would be included under _____.
stregnths
Open Sesame is a chain of Thai restaurants located in the western United States. The marketing manager has discovered that there is a growing demand for Spanish food. In the context of SWOT analysis, this information would be included under _____.
threats
The marketing manager at Little Red Architects, a firm that specializes in the design of school buildings, discovered a glitch in the software that the firm uses and that some of its most recent projects will come in over budget. In the context of SWOT analysis, a discussion of this would be included under _____.
weakness
Time Express, a well-established North American delivery service, wants to expand service into Central and South America. According toIgor Ansoff’s Product-Market Matrix, this is classified as the _____ strategy.
market development
Biz Solutions has 12 call centers worldwide handling customer service issues for a variety of companies. The firm is considering the purchase of a software firm that serves the oil and gas industry. According to Igor Ansoff’s Product-Market Matrix, this is an example of the _____ strategy.
Market diversification
Bliss Massage Therapy Center maintains a database of over 700 clients and sends each one a special discount offer in the month of his or her birthday. Managers hope that as existing customers use the discount, they will see an overall growth in sales. According to Igor Ansoff’s Product-Market Matrix, this is an example of the _____ strategy.
Market penetration
Inga, marketing manager at Sunshine, a professional preschool center, thinks the firm should start an after-school program to retain its current clients. This makes sense as she wants to extend the trusting relationship already established with parents and children. According to Igor Ansoff’s Product-Market Matrix, this is an example of the _____ strategy.
Product development
Jamal’s boss wants him to travel to Canada to do some research on good locations for their retail stores, which they are planning to open in Montreal and Ottawa.” The firm operates 278 stores in the United States. According to Igor Ansoff’s Product-Market Matrix, the extension into a new geographic region is an example of the _____ strategy.
market development
Mary’s firm has delayed making a decision on acquiring a new product line because her marketing team members took more than three months to analyze numbers. Which of the following tips for successful marketing planning experience did the firm fail to use?
Utilize input, but don’t become paralyzed by information and analysis.
Tyler’s event planning company hired a new marketing assistant who focuses only on long-term organizational goals and objectives ignoring the functional or operational level aspects of planning. For having a successful marketing planning experience, in which concept should the new assistant be trained?
Stay strategic, but also stay on top of the tactical.
Samantha has worked for MJS Marketing for five years and expected a promotion next month. However, the new product launch that she organized did not go as smoothly as expected. In this case, Samantha’s boss should most likely be reminded of which guideline for having a successful marketing planning experience?
Give yourself and your people room to fail and try again.
In the context of situation analysis, which of the following is a category for analysis in the internal environment?
Firm resources
Which of the following can impact the competitive nature of an industry through their ability to raise prices or affect the quality of inbound goods and services?
Suppliers
Which of the following competitive forces is NOT addressed directly by Michael Porter?
Relative power of other stakeholders
Automobile manufacturers must comply with regulations set by the National Transportation and Safety Board. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?
Political, legal, and ethical
Today many retailers create apps that customers can download to their smartphones or tablets to be up-to-date on the company’s offerings. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?
Technological factors
According to the 2010 U.S. Census, Asian Americans are the high-income, fast-growing racial group in America. In the context of situation analysis, under which of the following macro-level external environmental factors will this be included?Sociocultural/demographic factors
Sociocultural/demographic factors
Which of the following is NOT a key resource studied during internal analysis that involves taking a look at all aspects of a firm’s functional/operational-level resources and capabilities?
Political capabilities
A SWOT analysis of a firm is least likely to _____.
suggest solutions to problems
Which of the following is the best place in a SWOT analysis to list competitive trends?
external threats
The best place in a SWOT analysis to identify problems with hurricanes, earthquakes, major snowfalls, and other natural phenomena is _____.
external threats
The best place in a SWOT analysis to list the availability of credit for a firm seeking to expand through new construction of real estate is _____.
external opportunities
The best place in a SWOT analysis to list a highly competent workforce is _____.
internal strengths
The best place in a SWOT analysis for an airline to identify the possibility of acquiring a competitor is _____.
external opportunties
The best place in a SWOT analysis for a wristwatch manufacturer to identify the presence of substitute products is _____.
external threats
Goals and objectives should be set _____.
after completion of market research, situation analysis, and competitor analysis
Malala, the marketing manager of an automobile dealership, is crafting a SWOT analysis. In this case, she should include the downturn in the U.S. economy and tightening of the credit markets under _____.
threats
Maria, the marketing manager of an automobile dealership, is crafting a SWOT analysis. In this case, she should list competitors that have gone bankrupt under _____.
opportunities
A _____ articulates an organization’s reason for existence and defines the unique purpose that sets it apart from competitors and identifies the scope of the company’s operations, products, and markets.
mission statement
Which of the following is considered an objective?
To increase revenue by 15 to 20% in each of the next five years
Which of the following is most likely to be considered a goal rather than an objective?
To be the leader in one’s field
_____ is defined as the ratio of bundled benefits received to the cost incurred by a customer to receive those benefits.
value
A _____ is some type of utility that a company and its products provide its customers.
benefit
A continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical data to marketing decision makers is known as _____.
a market information system
A shoe manufacturing company is interested in selling its products in a new country. Before entering the marketplace, the company wishes to gather information about how the country’s citizens’ set priorities and make buying decisions. For this purpose, the company is most likely to analyze the country’s _____.
economic conditions
Jan Smith, the marketing manager of Big Wheel Autos, has noticed that in many European countries more of the population is moving into urban centers. This has resulted in an increased demand for subcompact cars that can maneuver through these congested streets rather than full-size automobiles. In the context of external information sources, this is an example of how _____ can influence marketing management decisions.
geographic changes
The marketing manager for Dream Weaver Textiles reads in a trade magazine that the Federal Trade Commission is in the process of revising content labeling requirements for textiles that claim to be natural. In the context of external forces affecting marketing decisions, this represents the _____.
Political/legal environment
Since there are so many other companies that operate in the food service industry, the marketing manager of Gourmet Dining pays detailed attention to what other restaurants that offer similar meals, prices, and services are doing. In the context of external forces affecting marketing decisions, the marketing manager’s focus is on _____.
Comeptition
The marketing manager for Brand A Razors, a strong national brand, believes he knows how customers will react to a new product offering, but he conducts market research merely to provide justification for this new product. This research cannot be considered as a good market research because it _____.
is not impartial and objective
Apex Jerseys, a manufacturer of sports apparel and sports equipment, has experienced a sharp drop in sales over the last quarter. The marketing manager asks the marketing research department to investigate this alarming development. The first step taken by the researchers in their investigation should be to _____.
Formulate a specific research problem
A restaurant’s marketing manager is interested in finding out if reducing the price of food items will lead to increased sales. For this purpose, the manager should conduct _____ research.
casual
Sheena, marketing manager for Yaard-Vark Lawn Tractors, is interested in the relationship between the prices of lawn tractors and the level of sales. To test whether increasing prices will lead to a change in sales and how much of a change, she should use _____ research.
casual
Brand X diapers, a national brand, has been declining in absolute level of sales for the last four consecutive months. The product manager asks the market research department to do a study to determine why sales have declined. The most appropriate research type would be _____.
exploratory research
The sole proprietor of Sam’s Swings is interested in gaining a better understanding of his current customers in terms of certain demographic and lifestyle characteristics so he may better serve their needs. For this purpose, he should most appropriately conduct _____ research.
descriptive
Brand Electronics’ marketing manager would like to know about the typical consumer who purchases handheld computers. He begins by searching online and in databases for this information, but soon discovers that a product is too new for the sources to be of help. In this instance he will need _____ data to solve his research problem.
primary
Burger Bistro recently experienced a decline in hamburger sales after salmonella was discovered during a health inspection at one of the restaurants. The marketing manager was interested in how other restaurants had dealt with similar situations. Which of the following types of data would be the most appropriate way to find answers related to this marketing problem?
secondary
The marketing managers of Brand Z Shoes have clearly defined their research problem as “If we increase our promotions expenditures, by what percentage will it increase sales?” They have also decided that they need primary data to answer this question. To collect these data, they should most appropriately use _____ research.
Quantitative
Vegan Videos has decided to conduct exploratory research to clarify its marketing-related research problem. The company needs to collect primary data using qualitative research, but it has less time to collect these data from 20 customers with only one researcher. In this case, Vegan Videos should most likely use a(n) _____ to collect the data to meet its deadline.
focus groups
The marketing manager for Joe’s Shoe-Mart has decided to conduct descriptive research using primary data. Based on some preliminary research of trade journals and interviews with customers, she knows what questions to ask. However, the customers she wants information from are spread out over many stores in several states. The best technique for her to collect these data would be _____.
surveys
The marketing manager of Low Cost Retailer wants to conduct descriptive research to gather information on what customers purchase, when they purchase, and how often they purchase certain products. For this purpose, the marketing manager should use _____.
behavioral data
The manager of Gina’s Groceries wanted to see how customers would react to some new displays. To collect this information she posted employees where they could see the display and had them record how long customers looked at it, whether they picked up the item, and if they took the item with them. In this case, she is using _____ for her market research.
observational data
Dan is creating a survey for his company. The question he is currently working on asks his business-to-business customers to describe the ideal purchasing transaction. In the context of information content, Dan is utilizing a(n) _____ question.
open-ended
While writing a customer satisfaction survey, the marketing director for Brand X Bank created a set of questions that customers would answer by circling a number between 1 and 7. The number 1 meant that the customers were very dissatisfied by that aspect of the experience, whereas 7 meant that they were very satisfied. The director is using _____ questions to collect this information.
close-ended
The marketing manager of a firm has hired a market research team. Together, the manager and the researchers decide that they need data from current customers and noncustomers who fit a specific demographic and lifestyle profile. In the context of research design activities, the selection of these individuals as targets for data collection represents the _____.
sampling plan
The marketing director of Bank Y decides to conduct a survey of 5,000 current customers to gather information to answer the research problem of what the bank can do to improve its services and customer satisfaction. She starts with a database of 50,000 current customers and randomly picks a name on the list to start. She then selects every tenth person as she goes down the list to receive a survey. She is using a _____ sampling method to select the participants for the study.
probability
The manager of Big Brand Clothing wants to determine what items consumers are looking for this Christmas so that he can plan his orders. He decides to collect data for the purpose by stationing employees outside the store on a particular Saturday with a list of questions to ask willing shoppers to answer as they pass by. In this case, the manager is using a _____sampling method to select respondents.
non-probability
The CEO of Big Wheel Automotive is concerned about declining sales. He has identified his research problem as the fact that his competitors are drawing away his business. He purchases access to J. D. Power’s automobile rankings to learn about possible reasons for the shift in consumer purchasing. In this case, the CEO is using _____ to collect secondary data for his research problem.
market research organizations
A marketing manager is considering a new advertising campaign for Guzzle Beverages. She purchases six months of scanner data for Cruncheez Snack Foods, a company that recently ran a similar campaign. She wants to use this information to determine the campaign’s effectiveness before implementing it for Guzzle. In this case, the marketing manager is using _____ to collect the needed information for research.
secondary data
The account manager of a market research firm is conducting secondary research on consumer preferences in energy drinks for his clients. His client’s drink is 100% organic, but all of the secondary data he has found contains only beverages that contain a majority of artificial ingredients. This scenario illustrates the fact that secondary data _____.
will not fit the research problem exactly
The owner of Joe’s Pool Hall found some secondary data online that measured consumer reactions to certain amenities in bars and nightclubs. However, he is concerned about how these data were collected and whom it was collected from. This represents the concerns associated with the _____ of secondary data.
validity
The marketing management team of Brand Z Toys is looking at the possibility of opening a new plant in one of several developing countries. Before they decide on which country they want to build in, they want to conduct some preliminary research including local population demographics and lifestyle characteristics. However, they have discovered that the governments in several of these countries do not have a department that collects these data and no independent research firm has measured any of these areas. This shows the difficulty with secondary data _____ in global markets.
acessability
When examining some secondary data from Uzbekistan, the marketing manager of RS Chemicals notices that the income figures seem high even after conversion to U.S. dollars. He later learns that the government agency that collects this information records total household income rather than per capita income as in most other countries. This shows the difficulty with secondary data _____ in global markets.
comparability
The recent controversy over the age of Chinese Olympic gymnasts because of differing ages on their passports and in government files exemplifies the difficulty with secondary data _____ in global markets.
depandability
The marketing management team of Superior Foods Inc. hired a research firm to collect preference data from consumers in several former Soviet Bloc countries. However, the researchers struggled to get these data, especially from older citizens who were afraid that the information would be used against them, as it had been when they were under a Communist government. Which of the following problems associated with collecting primary data in global markets does this scenario exemplify?
unwillingness to respond
To ensure the primary data they collected about consumer reactions to their product were accurate, the makers of Classic Toiletries hired a single research firm to visit certain cities in various countries. In the past, the company had used mail and telephone surveys by local companies in each country to gather data, but it was concerned about whom these companies were surveying and if they actually fit the demographic and lifestyle profiles of Classic’s target market. Classic hired a new research firm to overcome the problem of _____ that can occur when collecting primary data in global markets.
unreliable sampling procedures
A manufacturer of food products is looking at entering several new markets in developing countries. Before it does this, the company wants to collect data on item and flavor preferences in these markets. It sends out a survey that has been accurately translated into the local language, but it still receives inconsistent results. In talking with a consulting firm, the manufacturer is informed that several of these countries have extremely high illiteracy rates and the survey answers may be only random guesses by the respondents. Which of the following problems associated with collecting primary data in global markets does this scenario exemplify?
Insufficient comprehension
A good market research _____.
impartial
Reasons for conducting exploratory research include _____.
Claryfing the research problem
Which of the following is true of in-depth interviews?
They are used for exploratory research.
Which of the following statements is true of secondary data?
Secondary data will not fit the research problem exactly.
Which of the following is an advantage of secondary data?
Secondary data are a fast way to get information.
An advantage of secondary data over primary data is that they _____.
are less expensive
A disadvantage of online focus groups is that _____.
Participants can become distracted and environmental factors can affect their concentration
Health+ Nutritional Supplements is conducting an online focus group to learn more about the nutritional habits of senior citizens and the underlying causes of these behaviors. They are having problems because many of the members of their target market do not own computers. Which of the following disadvantages of online focus groups does this scenario illustrate?
limited access
The primary difference between domestic and international research is that, international market data are _____.
more difficult to understand than domestic data
Which of the following is true of collecting data for market research in global markets?
The quantity and quality of data found in the United States are not available in most of the world.
Which of the following is one of the three factors a company needs to consider when creating a market information system?
information needs
The marketing manager of Zenith Corp. is interested in ranking clients on the basis of their profitability, and accesses a database that tells him about the frequency and size of each client’s order along with the actual costs per order. This database is part of the _____ system.
customer relationship management
The sales manager at a company collects, analyzes, and stores data from the macro environment on a continuous basis. This illustrates the concept of _____.
marketing intelligence
The marketing manager for Ned’s Bar and Grill notices that his typical customer is a male college student. In the context of external information sources, he is using _____ to define his market.
demographics
Concerned by recent negative trends in economic indicators such as the consumer price index, gross domestic product, and inflation, the marketing manager of Kevin’s Kayaks recommends that the company should reduce its advertising spending. His recommendation is based on _____ data.
macroeconomic
Which of the following is an internal source of collecting information for making marketing decisions?
customer orders
_____ is defined as the methodical identification, collection, analysis, and distribution of data to discover and solve marketing problems or enhance good decision making.
Market research
Which of the following type of research is less structured and can employ methods such as surveys and interviews to collect the data?
qualitative
In the context of sampling plan, a comprehensive record of each individual in the population of interest is known as a _____.
Census
_____ sampling uses a specific set of procedures to identify individuals from the population to be included in the research.
probability
For managers, the key section of the market research report that presents a synopsis of the analysis and essential findings is the _____.
executive summary
In the market research process, once the data are collected, coded, and verified, the next step is to _____.
analyze the information
Judy works at Max Pizza shop. She is a single mom and makes only minimum wages. However, by utilizing the new financial terms available, she recently purchased a BMW; this is an example of a(n) _____.
aspirational purchase
Whole Foods Inc. is considered to be down-to-earth and wholesome by consumers. Which of the following brand personality traits are best represented by Whole Foods Inc.?
sincearity
Alma and Tarvares see an ad for a new Sony LCD flat-panel television. Alma sees the ad as a high-quality television worth the money while Tarvares sees the ad as an overpriced television that does not warrant a premium price. What makes them see the same ad so differently?
perception
Bella is exposed to around 2,500 messages daily. Since she cannot process, let alone retain, all those messages, she focuses on what is relevant and eliminates what is not. What psychological tool does she employ?
selective awareness
A company wants to create an association between two stimuli: marketing information and attitude. The company is using _____.
classical conditioning
When baby boomers hear music that connects them with positive memories and the product and brand that is being advertised, they reflect ______.
conditioned learning
Frito-Lay is using _____ when offering free in-store samples of Doritos for the express purpose of getting people to try the product, enjoy the product, and finally purchase a bag of Doritos.
operant conditioning
Marketing managers need to pay attention to culture because _____.
failing to understanding culture has a significant negative effect on product acceptance
In the United States, the obligation and commitment to family are often limited to an individual’s immediate family, including his or her parents, children, and siblings. Most Latin American cultures, on the other hand, have a more wide-ranging definition of family that includes extended family members such as cousins and grandparents and also are more inclusive with extended family members living together. This is an example of differences in _____.
cultural values
Maria identifies with a specific religious group, which is a smaller division of her culture. Maria’s religious group is an example of a(n) ______.
subculture
An individual watching an ad on the Major League Baseball World Series will act differently whether watching the show at home alone or at a party with friends due to differences in _____.
physical surrounding
John’s beliefs, attitudes, and behaviors are influenced by his friends. His friends can be identified as a(n) _____.
reference group
Jill is considered a(n) _____ when it comes to wine because she has information about many kinds of wines, places to shop, and other facets of the wine market.
market maven
_____ are the stages of the consumer decision-making process.
Problem recognition, search for information, evaluation of alternatives, product choice decision, post-purchase evaluation
Mia often has desires that reflect how she would like to feel or live in the present time and this is known as a(n) _____.
Preferred state
Before Gabriel bought a camera, he engaged in a thorough information search reviewing magazines, soliciting opinions from friends and families, conducting online searches, and testing out different cameras in the store. This is an example of a(n) _____.
extensive information search
When making product choices, Kristina chooses the products that her friend likes. This is an example of _____ affecting the actual choice decision.
social circumstances
_____ are all marketing activities that affect the consumer decision process.
Value proposition, distribution, and marketing communications
Internal forces such as _____ affect consumer choices.
Age and attitude
Graduating from college, getting married, and having a child all transform an individual’s buying habits and are referred to as the _____.
family life cycle
Which of the following is a psychological attribute that affects consumer choices?
perception
Companies are including on-premise day care centers as part of their benefit packages. In addition, private centers continue to see significant growth. In the context of lifestyle trends in the United States, which of the following does this exemplify?
women in the workforce
_____ is the force by which powerful unmet needs prompt someone to action.
motivation
Which of the following key elements of motivation is proposed by Herzberg’s two-factor theory?
motivators and hygiene factors
Managers gain important information such as the beliefs/values of customers by having them check off rating scales that evaluate a product’s performance on a list of attributes by using the _____.
multi attribute model
In marketing, _____ of a product is even more important than the realityof that product.
perception
Perception drives a person’s attitudes, beliefs, motivation, and, eventually, his or her _____.
behavior
_____ refers to a process utilized by people to help manage the flow of environmental stimuli.
perception
Which of the following are the three psychological tools the shape perception?
Selective awareness, selective distortion, selective retention
_____ refers to a tool that helps individuals focus on what is relevant and eliminate what is not.
selective awarness
_____ tends to reinforce existing attitudes and creates a real challenge for marketers trying to overcome negative beliefs and attitudes since people are less likely to be aware of or retain information to the contrary.
selective retention
Information can be misunderstood or made to fit existing beliefs, a process known as _____.
selective distortion
_____ is the process of placing in one’s memory only those stimuli that support existing beliefs and attitudes about a product or brand.
selective retention
_____ is any change in the content or organization of long-term memory or behavior.
learning
The two fundamental approaches to learning include _____.
conditioned and cognitive learning
Although conditioning requires little effort on the part of the learner, _____ is more active and involves mental processes that acquire information to work through problems and manage life situations.
cognitive learning
_____ is a set of unique personal qualities that produce distinctive responses across similar situations.
personality
Nonverbal communications can _____ what is spoken if not used correctly.
contradict
An emerging consumer trend in many industrialized countries is the willingness to trade _____.
time for money
_____ is a ranking of individuals into harmonized groups based on demographic characteristics such as age, education, income, and occupation.
social class
_____ fulfill an important role by classifying, explaining, and then bestowing information, most often to family and friends but occasionally to a broader audience.
opinion leaders
When a person is concerned with the outcome of a process, they will spend more time acquiring new information about product options and become more emotionally connected to the process and the decision by engaging in _____.
high-involvement learning
_____ include independent groups, personal associations, marketer-created information, and experiences.
external information sources
High-involvement, large purchases often lead to a level of doubt or anxiety known as _____.
post-purchase dissonance
Which of the following reflects a customer brand role?
Brands convey information about a product.
Which of the following reflects a company’s brand role?
Brands offer an effective and efficient methodology for categorizing products.
The owner of Santos Lawn Service is looking to buy a new lawn tractor, a major purchase and significant financial investment. The owner decides to purchase a Dixie Chopper because of its reputation for dependability and excellent customer service. He felt more secure and less anxious about choosing this product. Which of the following brand roles does this scenario exemplify?
Helping reassure the customer in the purchase decision
When customers see the logo of McDougal’s restaurant, they think of food served quickly in a clean, family-friendly environment. Which of the following brand roles does this exemplify?
Conveying information about a product
When a competitor used its logo in a disparaging way in an advertisement, Max Corp. sued. It won the suit on the basis that the competitor violated its trademark. Which of the following brand roles does this scenario exemplify?
Offering legal protection for a product
_____ brands enable manufacturers to leverage marketing resources by creating efficiencies in marketing communications and distribution.
national
Over the years Athena Footwear had developed a reputation as a manufacturer of moderately priced high-quality footwear. Recently it decided to introduce a low-price line of shoes; however, the new line suffered from poor performance and durability. Because of these problems, the sales of the new line were poor despite the aggressive branding strategy and the value of Athena Footwear’s brand dropped significantly. Which of the following limitations of branding does this example illustrate?
Failure to overcome poorly designed products
Because Sony has so many different product offerings in various types of electronics, management has found that it is helpful to use brands to keep track of products in each type. Thus, it has different brand names for its televisions, DVD players, and portable music players. Which of the following brand roles does this example illustrate?
Offering an effective and efficient methodology for categorizing products
An unknown company illicitly used the brand name of Kings, a well-known chocolate manufacturer, in order to increase sales of its products. However, since customers unknowingly purchased those chocolates and were dissatisfied with the quality, Kings experienced sharp decrease in sales. Which of the following limitations of branding does this example illustrate?
Failure to protect the brand
The owners of NK Medical Equipment have been developing the brand equity of their MRI and CAT scan equipment. Now, on the mention of NK’s machines, radiologists and hospital purchasing agents usually say that they have heard of NK’s offerings and are interested in learning more about them. This response signals a familiarity and potential commitment to the brand. In this case, which dimension of brand equity has been achieved by NKMedical Equipment?
Brand awareness
Gino always purchases clothing made by S&G Clothing. He tells others about how much he likes their clothes and the high levels of quality maintained by S&G. When a shirt he purchased turned out to be defective, instead of switching to another clothing company, he gave S&G a chance to fix the problem and still shops there. Which dimension of brand equity does Gino demonstrate?
Brand loyalty
Since Maytag’s appliances have earned a reputation as being reliable and durable, John decided to buy a new Maytag washing machine, and was willing to buy it, despite being expensive compared to other brands. Which dimension of brand equity does this example illustrate?
Perceived quality
James has been to Farm Fresh Ice Cream Shops several times. Being a loyal customer, he has developed certain emotional and psychological connections with the brand. For instance, he links the brand with higher levels of customer service. Which dimension of brand equity does this example illustrate?
brand association
KFC is very protective of its “Seven Herbs and Spices” recipe, which, in the view of the company, gives it a significant competitive advantage over other restaurants, and will use any legal resource available to protect its patented formula. Which dimension of brand equity does this example illustrate?
Brand assets
Even though a national brand pain reliever and a store brand pain reliever both contain the same amount of ibuprofen per capsule and are both gel coated, Joan chooses to purchase the national brand because she thinks it will work better based on the brand name alone. Which dimension of brand equity does this example illustrate?
Perceived Quality
Dan’s Pasta has developed a strong brand name in the dry pasta marketplace based on its texture and taste. Through its strong brand, Dan’s Pasta was able to introduce a successful line of sauces under the same brand name. Which of the following dimensions of brand equity does this example illustrate?
Perceived quality
Because of its reputation for excellent flavor and increasing energy, NRG Beverages is able to charge a price premium for its products. Which of the following dimensions of brand equity does this example illustrate?
Perceived quality
Fred bought a bicycle from a well-known brand without even considering the other equally good, unbranded bicycles. This shows the advantage that branded products have over unbranded ones in terms of _____.
perceived quality
When Maria purchases laundry detergent she is able to easily recall and process information about Tide, but not the other brands. Which benefit of brand equity for customers does this exemplify?
Brand connections
Z brand is the market leader in small appliances. Its brand is also the strongest in the category and customers identify with the brand. Because of the strength of its brand, other competitors are finding it difficult to successfully enter the marketplace. Which of the following benefits of brand equity for brand sponsors does this exemplify?
Brand connections
Courtney always prefers Coca-Cola products. She does not consider other beverages, even when they are cheaper than Coca-Cola. Which of the following benefits of brand equity for customers does this exemplify?
Brand loyalty
Which of the following is a benefit of brand loyalty to the brand sponsor?
Brand-loyal customers are forgiving, which enables companies to respond to a negative experience.
Intel makes a product most people never see; however, it spends a great deal of money building its brand and now people ask for “Intel Inside.” This is an example of linking the benefit of _____ to marketing strategy.
Brand loyalty
The marketing manager for DRNK Spirits has decided that all of the products his company produced would carry the same brand name of Nightlife. As a result, there is Nightlife Ale, Nightlife Lager, Nightlife Vodka, Nightlife Tequila, and Nightlife Whiskey. This is an example of _____.
Family branding
Lever Brothers, a worldwide leader in consumer products, follows a brand strategy in its personal care division with nine brands (AXE, Dove, Lifebuoy, Lux, Ponds, Rexona, Sunsilk, Signal, and Vaseline) that operate independently of one another. This is an example of _____.
Stand alone branding
International Delight coffee creamers frequently adds new flavors to its product offerings. This would be an example of a _____ extension.
natural
line
Dell used its brand to expand into new areas including printers and consumer electronics such as LCD and plasma televisions. Dell engaged in a _____ extension.
Category
Super-Mart decides to create its own brand of personal care products. It enters into an agreement with a large manufacturer of this type of product to supply Super-Mart with the products that will carry its newly formed brand’s name. This is an example of _____.
Store branding
RB Soaps, the market leader in body wash, sells its products around the country under the same brand. This is an example of _____.
National branding
Costco and American Express joined together to offer a Costco-American Express card that allows users to get rebates on their purchases at Costco while expanding the reach of American Express to Costco members. This is an example of _____.
co-branding
Pierre Cardin partnered with several other product manufacturers and attached its name to a wide assortment of products including clothing, housewares, and even cosmetics. Eventually, it’s brand image became diluted and lost its influence as a luxury manufacturer. Which of the following disadvantages of co-branding does this example illustrate?
Overexposure
Nickelodeon and Marriott partnered to create a kid-friendly chain of vacation-oriented hotels. Which of the following types of co-branding relationships does this exemplify?
Joint venture
Procter & Gamble co-branded its Tide detergent and Downy fabric softener to create Tide Simple Pleasures and Downy Simple Pleasures in the U.S. market. In England, the company co-branded its Bold and Lenor detergents, creating a premium brand called Bold Infusions and Lenor Infusions. Which of the following types of co-branding relationships does this exemplify?
Combining two of a company’s own products
The Symbian operating system came about from the co-branding effort of Nokia, Ericsson, Sony, Panasonic, Siemens, and Samsung. They license Symbian to a number of wireless manufacturers including LG and Fujitsu. Which of the following types of co-branding relationships does this exemplify?
Bringing multiple companies together to form a new branded product
Dave’s Donuts decided to enter a co-branding relationship with Sid’s Sandwiches in which both companies would have sales operations in the same place. This was beneficial for both because it reduced unused capacity for both as Dave’s major usage was in the morning while Sid’s was from 11 a.m. until midnight. Which of the following types of co-branding relationships does this exemplify?
Retailers sharing the same retail location
Yum Brands brings together Taco Bell, Pizza Hut, and KFC under one roof in various locations. Which of the following types of co-branding relationships does this exemplify?
Retailers sharing the same retail location
The blue colored box that jewelry from Tiffany & Co. comes packaged in is widely recognized by consumers. Which of the following roles of packaging does this exemplify?
Aesthetics
Heinz revolutionized the industry when it introduced its inverted bottle because consumers had complained for years about how hard it was to get out that last bit of ketchup. The company spent three years designing the convenient container, which is equipped with a vacuum cap that stops crustiness from forming around the lid. Which of the following packaging objectives does this exemplify?
Usage promotion
Fine Tissues Inc. decided to change the color of its tissue box from redto blue because blue was thought to be visually pleasing to consumers at the time of purchase. The change in color represents the _____ aspect of packaging.
Aesthetic
Heinz recently changed the shape of its ketchup packages from a pouch to a tub because product testing revealed that the tubs created less mess for consumers. Which of the following package objectives does the change in shape exemplify?
Usage promotion
The marketing manager of a store brand pain reliever is designing the package for its new gel-coated capsules. Her main concerns are to design a package that prevents tampering with its contents and keeps children from accessing the product without adult assistance. On which of the following objectives of packaging is the marketing manager focusing?
Protection
Mrs. Butterworth’s syrup comes in a bottle shaped like a woman. The intent of this type of packaging is to transfer critical brand messages quickly through design cues since many competitor syrup brands come in teardrop-shaped bottles. The unique shape of the Mrs. Butterworth’s bottle fulfills which objective of packaging?
Communication
Procter & Gamble wanted Crest Vivid White Toothpaste to stand out from competitor brand toothpastes on store shelves so it created a standup package and used a graphics-heavy box. In the context of objectives of packaging, the company focuses on _____.
Communication
The marketing manager of Super Fresh Frozen Vegetables is working on the package for a new line of self-steaming microwaveable vegetables. He wants the package to show a physically fit individual happily eating the product in order to connect the product to the customer. In this case, on which objective of packaging is the marketing manager focusing?
Usage promotion
Hazardous materials such as cleaning products, pesticides, and many other items require 14 different pieces of information be included on the label. This is an example of the _____ requirements of labeling.
Legal
The Food and Drug Administration requires all processed-food companies to provide detailed nutritional information clearly identifying calories, fats, carbohydrates, and other information. This is an example of the_____ requirements of labeling.
Legal
The marketing manager of Tiny Tots Baby Food is redesigning the package for her product. She is trying to select a color that is visually appealing and is distinctive so that her brand is easy to identify. In the context of effective packaging, the marketing manager of Tiny Tots is focusing on _____.
Aesthetics
Veronica, the marketing manager of QRS Children’s Furniture, is designing a new label for her line of highchairs. The two key aspects of the label that she is working on are the assembly instructions and the simple usage instructions. These are examples of the _____ requirements of labeling.
Consumer
Robitussin redesigned its packaging to provide specific product use information to help buyers make a purchase decision and to inform them about proper product usage. The package lists four key pieces of information: the product’s formulation, it’s possible side effects, the symptoms it treats, and the recommended age for usage. This is an example of meeting the _____ requirements of labeling.
Consumer
The manager of NRG Beverage Company is revamping the product’s label to carry a better product image. He is designing the _____ requirements of labeling.
marketing
The owner of NOP Detergents is working with an art designer on the label for a new line of naturally scented detergents. They are trying to come up with the best way to place the brand and logo along with the other required information on the label. They are working on the _____ requirements of labeling.
Marketing
The warranty on a bottle of store brand pain relievers says that consumers may return this product if they are dissatisfied with it for any reason. This is an example of a(n) _____ warranty.
General
The manufacturer of Fast Peddle Bikes offers a warranty that states that the gear-shifting mechanism for its product will work consistently and be free of mechanical defects for five years. This is an example of a(n) _____ warranty.
Specific
Mercedes-Benz offers a lifetime roadside assistance warranty on all of its vehicles and shows that Mercedes is committed to customer service. This is an example of the ability of a warranty to _____.
Convey a message to customers
Which of the following is true of brand identity?
It is a summary of unique qualities attributed to the brand.
Food product manufacturers are required to list the number of calories at the top of the nutrition panel. Posting calorie information is an example of meeting the _____ requirements of labeling.
legal
When a company can show that its product’s projected lifetime is high under certain operating conditions, it is using _____ as a product discriminator.
durability
When companies provide too few products in a product line, they run the risk of _____.
missing important market opportunities
The objective in the introduction phase of the product life cycle (PLC) is to _____.
build market awareness for the product leading to trial purchase
In the introduction phase of the product life cycle (PLC), it is important to _____.
inform and educate the target audience about the product’s features and benefits
The most dramatic increase in revenue is most likely to occur in the _____ phase of the product life cycle.
growth
In the growth phase of the product life cycle, marketing communications _____.
link the brand with key product features and highlight differentiation between competitors
During the maturity phase of the product life cycle, _____
sales grow, but at a rate lower than the growth stage
In the maturity phase of the product life cycle, the targeted consumers are _____.
majority adopters
During the maturity phase of the product life cycle,_____.
product reaches its maximum distribution
Which of the following characterizes the decline stage of the product life cycle?
Significant price pressures come from both competitors and more price-sensitive consumers.
In the B2B market, market testing is _____.
smaller in scope and involves fewer individuals and companies
In the _____ phase of the product life cycle (PLC), sales continue to increase but at a decreasing rate.
Maturity
Which of the following is an overall evaluation of a product and usually assesses the product’s probability of success?
Business case analysis
What refers to the fundamental need met by a product?
Essential benefit
In the context of product characteristics, companies translate the essential benefit into physical, tangible elements known as the _____.
Core product
Which of the following helps clarify the basic operationalization of a product such as the physical characteristics and features?
Alpha Testing
In the context of product classifications, tangibility refers to the _____.
Physical aspect of a product
Clothes, furniture, and major appliances such as refrigerators and dishwashers are examples of _____.
Shopping goods
_____ are unique purchases made based on a defining characteristic for the consumer, which might be a real or perceived product feature such as Apple iPhone’s easy user interface.
Specialty goods
A _____ is a group of products linked through usage, customer profile, price points, and distribution channels.
Product line
Combining all the products offered by a company is called the _____.
product mix
_____ is the percentage of time the product works without failure or stoppage.
Reliability
The product life cycle (PLC) defines the life of a product in four basic stages, which includes_____.
Introduction, growth, maturity, and decline
The essential marketing objective in the growth phase of the product life cycle (PLC) is to _____.
differentiate the product from those of new competitors
Products that are new-to-the-world create a fundamental change in the marketplace and are known as _____.
Disruptive innovations
American credit card companies would like to offer their services to people in a country in East Africa. However, they are finding it difficult to do so due to language barriers and infrastructure challenges. These issues are related to which of the following questions about market segmentation?
Can the segment be reached in order to deliver the value of the product, and subsequently can it be effectively and efficiently managed?
Advertisements with messages like “Orange juice—It’s not just for breakfast anymore!” or “Soup can be a delicious way to start a cold winter’s day” are using _____ segmentation.
usage
In the 1970s, Michelob beer changed its advertising messages frequently and saw sales plummet. Slogans like “Weekends were made for Michelob,” “Put a little weekend into your weekday,” and “Special times deserve a special beer” had consumers checking their calendars to find the right time to drink a Michelob. Michelob was suffering from the positioning error of _____.
confused positioning
HerboCare, a company that sells herbal soaps, has failed to increase its sales, as the consumers could not understand how soaps made by HerboCare were different or better than other herbal soaps available in the market. In this scenario, HerboCare is suffering from the positioning error of _____.
under positioning
Which of the following questions about market segmentation relates to creation and execution of different marketing strategies to the different submarkets identified?
Is the segment clearly differentiated on one or more important dimensions when communicating the value of the product?Is the segment clearly differentiated on one or more important dimensions when communicating the value of the product?
The concept of being able to get either secondary and/or primary data on a market being considered for segmentation relates to which of the following questions about marketing?
Is the segment readily identifiable and can it be measured?
When a supermarket chain sells winter coats, it sends them to stores at different times of the year. Which of the following approaches to geographic segmentation in the United States does this scenario exemplifies?
By climate
Which of the following statements is true of geographic segmentation?
In most instances, it is an insufficient criterion in and of itself.
Age is a commonly used method of segmentation. Age alone, however, may be dangerous because _____.
lumping older customers into one group is an approach that fails to consider the vast differences in other important variables
At one time, specialized companies catered to markets segmented by race. Today _____.
the segments have become targets of mainstream businesses that offer specialized products
Which of the following statements is true of income segmentation?
It is usually analyzed in incremental ranges.
Social class has declined as a method of segmentation as a result of _____.
readily available credit flattening the classes
_____ segmentation focuses on why people buy what they buy.
Benefits sought
Primary target markets differ from secondary and tertiary target markets by the _____.
expected level of ROI derived from the market
Firms that develop such close relationships with customers that they seem to deliver customized goods and services are engaged in _____ marketing.
one-to-one marketing
Which of the following statements is true of repositioning?
It involves understanding the marketing mix approach necessary to change present consumer perceptions of the product.
Which of the following is one of the basic principles behind segmentation?
The subgroups will be smaller and more homogeneous than the overall market.
Segmenting means _____.
dividing the market into meaningful smaller markets based upon common characteristics
Target marketing is the process by which _____.
a company evaluates market segments and decides which ones have the most potential for development
Positioning relies on the communication of one or more sources of value to customers in a way that the customer can easily make the connection between the _____.
customer’s needs and wants and what the product has to offer
Organizations communicate one or more sources of value to customers in a way that the customer can easily make the connection between his or her needs and wants and what the product has to offer. Execution of this approach is referred to as a firm’s _____.
positioning strategy
In marketing, differentiation is a concept that means _____.
communicating and delivering value in different ways to different customer groups
Marketers use geographic segmentation when _____.
there is evidence that consumers respond differently to marketing strategies and programs based on where they live
Demographic segmentation is best described as using characteristics of _____ to segment the market.
human populations
Sociologists look for defining events such as major economic upheaval, wars, and _____as triggers for generational change.
sociocultural revolution
Among the generations used for segmentation, one stands out as the largest and most affluent of all the generations. This generation is known as _____.
Baby boomer generation
Generation X is often referred to as the _____.
baby bust generation
An advergame is a video game that _____.
has been specifically designed to promote a brand
Katherine was born in 1970. Her parents met at the famous Woodstock music festival. She is most likely to be a member of which of the following generational group?
Generation X
_____ recognizes that there may be a number of consistent needs and wants demonstrated by consumers based on what type of job they have.
Occupational Segmentation
As a segmentation variable, occupation is very closely related to _____, although the two are not perfectly correlated.
Income
Everything else being equal, _____ might lead a firm to offer its products based on some anticipated future payoff from the consumer.
educational segmentation
A marketing manager using the database called PRIZM is interested in _____ segmentation.A marketing manager using the database called PRIZM is interested in _____ segmentation.
Geodemographic
A marketing manager using VALS is interested in _____.
psychographic segmentation
_____ is sometimes also referred to as segmentation by lifestyle or values.
psychographic segmentation
_____ divides customers into groups according to similarities in benefits sought or product usage patterns.
behavioral segmentation
Companies sometimes pick a one-market strategy. This marketing approach is called _____.
undifferentiated target marketing
Differentiated target marketing means _____.
developing different value offerings for different targeted markets
Concentrated target marketing is often used by _____.
start-up firms to enter a market as a focus player
Once market segments have been defined and analyzed and target markets have been selected for development, the firm must turn its attention to creating, communicating, delivering, and exchanging offerings that have value to the target markets. This process is known as _____.
positioning
The data generated from positioning analysis can be used to develop a useful visual tool called a _____, which displays paired attributes to compare consumer perceptions of each competitor’s delivery against those attributes.
Perceptual map
When a company tries to constantly develop the “next new thing”, it is trying to establish _____.
innovative leadership
When a company tries to make the product or service significantly easier to obtain than the competition, it is trying to achieve_____.
convenience leadership
In the context of positioning errors, when consumers have only a vague idea about the company and its products, and do not perceive any real differentiation, it is called _____.
under positioning
NovoTech Inc. is a popular manufacturer of PCs, and most of its revenue is generated by selling PCs to the consumers. However, the company is struggling to extend the brand into other lucrative product lines such as tablets and smartphones. In this scenario, NovoTech is suffering from the error of:
over positioning
Customer loyalty is defined as _____.
the degree to which an individual will resist switching from one offering to another
Customer satisfaction is defined as _____.
the level of liking an individual harbors for an offering
Which of the following major objectives of customer relationship management relates to increased individual customer margins, while offering the right products at the right time?
customer profitability
Which of the following phases of the process cycle for customer relationship management represents the actual implementation of the customer strategies and programs?
Customer interaction
Coca-Cola’s customers are its bottling plants. However, it sponsors many television ads to entice the end user to purchase the product. This is an example of stimulating _____.
Derived Demand
Johnson & Marshall, a growing producer of organic tea, decides to create a group that is made up of people from the purchasing department, senior management with financial knowledge, and engineers with design expertise. This group best represents a(n) _____.
Buying Center
Paul is the groundskeeper for a golf course. He not only mows the greens and fairways but is also an expert on the grass that is used and how to care for it. The golf pro and club manager consult with him about what new equipment the club needs to maintain the greens. Paul plays the role of a(n)_____ in the buying process.
User
When Anne, an architect, specifies which products, like plumbing fixtures, will be used in the building she has designed, she is playing the role of a(n) _____.
Decider
Mike is the production manager in a company that makes components for the automobile industry. He has been concerned about the age of the equipment and decides to do a study to evaluate the time and money lost due to equipment failure. He decides to bring his research to the monthly board meeting. In this scenario, Mike is playing the role of a(n) _____ in the buying process.
Intiator
Maryanne has noticed that one of the manufacturing teams has lost productivity over a six-month period. She puts together a document that describes the productivity loss and does a study to determine the cause. She finds that one of the key machines in the process breaks down often. Maryanne asks several machine manufacturers to come in to make proposals for new machines. Maryanne is playing the role of a(n)_____.
influencer
Initiator
Boris Jankowski is a salesperson for a manufacturer of equipment used in beer-making. He discovers that a regional microbrewery is going to expand into another state. It has created a buying center to purchase the needed equipment. Boris’s first job is to _____.
discover who is part of the buying center
A big industrial firm is interested in evaluating the potential purchase of a machine. In order to do this, managers should look at _____.
total costs over the life of the machine
Business-to-business demand is said to be relatively inelastic. This means that _____.
changes in demand are not significantly affected by the price
In the buying process the “user” is characterized as _____.
the actual consumer of the product
Gatekeepers are important in the B2B buying process because _____.
they limit the number of vendors in a given buying process
Deciders are an important group for the salesperson to be able to identify because _____.
they make the ultimate purchase decision
Gatekeepers are important to the buying process because they _____.
control access to key participants in the buying center
Once the company’s needs have been identified and product specifications havebeen outlined, the next step would involve _____.
identifying and determining potential suppliers
A request for proposal (RFP) _____.
is the starting point from which vendors put together their product solution
When a company solicits RFPs from suppliers with an open vendor search, the goal is to _____.
get several proposals to help with negotiations
_____ are a set of analyses and metricsgrouped together to assess the cost of ownership.
Financial Criteria
_____ represents the relationship between price and quality and it is a significant facet of the purchase decision.
Value Criteria
_____ is the vendor’s ability to meet contractual obligations including delivery times and service schedules.
Reliability
Which of the following statements is true about the purchase decision process?
Businesses buy not just a product; they also make a supplier choice.
Once a sale is made and the product delivered in the B2B market, the buyer _____.
evaluates the product and supplier in a post-purchase process
A characteristic of B2B companies is that they often make products that end up as _____ in a finished product.
components
Which of the following statements is true about business-to-business markets?
The demand for products is more inelastic and fluctuates with changes in consumer demand.
The nature of business-to-business markets requires _____.
a more personal relationship between the buyer and seller
One of the benefits of EDI is that _____.
customer grievances regarding late deliveries and defective products can be readdressed in atimelymanner
Business-to-business markets are characterized by having _____.
fewer but larger customers
The three main types of buying situations can be characterized as _____.
straight rebuy, modified rebuy, and new purchase
The North American Industrial Classification System codes _____.
offers a great starting point for researching a particular business market
The most fundamental criterion in vendor selection is _____.
reliability
A _____ is the synchronized movement of goods through the channel.
Supply chain
____ represents the relationship between price and quality and it is a significant facet of the purchase decision.
Value criteria