Principles of Marketing chaps 6-11 questions

Organizational buyers include manufacturers, wholesalers, retailers, and government agencies that
buy goods and services for their own use or for resale
Industrial firm
in some way reprocesses a product or service it buys before selling it again to the next buyer
Derived demand refers to
the demand for industrial products and services that is driven by the demand for consumer products and services
An industrial buying practice in which two organizations agree to purchase each other’s products and services is referred to as
reciprocity
Which global perspective on world trade views exports and imports as complementary economic flows?
the trade feedback effect
The difference between the monetary value of a nation’s exports and imports is called its
balance of trade
The practice of shielding one or more sectors of a country’s economy from foreign competition through the use of tariffs or quotas is referred to as
protectionism
Global companies conduct continuing environmental scans of the five of environmental forces. Three of these, __________, affect global marketing practices in strikingly different ways than in domestic markets
cultural (social), economic, and political-regulatory
The belief that aspects of one’s culture are superior to another’s is referred to as
cultural ethnocentricity
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) __________; (3) joint venture; and (4) direct investment
licensing
“Should McDonald’s consider selling Chinese food?” is an example of __________Research
Applied
The fifth step of the marketing research approach is to
take marketing actions
Research that provides ideas about a vague problem is referred to as
exploratory research
In marketing research, the term sampling refers to
selecting representative elements from a population and treating their answers as typical of all those in whom they are interested
Facts and figures that have already been recorded before the project at hand are referred to as
secondary data
A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a
market-product grid
When a new product or a new retail chain steals customers and sales from older existing ones of an organization, this is referred to as
cannibalization
The place a product occupies in consumers’ minds on important attributes relative to competitive products is referred to as
product positioning
Head-to-head positioning requires a product to
compete with competitors on similar product attributes in the same market
Differentiation positioning requires a product to
seek a less-competitive, smaller market niche in which to locate a brand
A __________ is defined as an item consumed in one or a few uses
non-durable good
Variations of a product (shape, configuration) within a product class are referred to as a
Product form
A product mix refers to
all of the different product lines offered by an organization
A product can be classified as “new” if it __________ from existing products
is functionally different
During the first stage of the new-product process, two important activities take place. They are
environmental scanning and open innovation
The product life cycle refers to __________.
a concept that describes the stages a product goes through in the marketplace—introduction, growth, maturity, and decline
The marketing objective for a product in the __________ stage of the product life cycle is to create consumer awareness and stimulate trial
Introduction
The desire for a product class rather than for a specific brand is called __________ demand
Primary
Xerox pioneered the first portable fax machine. In 1980, the price was $12,700. Xerox used a(n) __________ pricing strategy to help recover its research and development costs
Skimming
In which stage of the product life cycle do marginal competitors begin to leave the market?
maturity