Liberty University BUSI 330 Midterm Exam complete solutions correct answers A+ work
Which of the following products mentioned in Chapter 1 of the textbook failed in the marketplace?
Which of the following statements describes an environmental force?
Organizations such as American Airlines, U.S. Bank, and the Red Cross provide customers with products that are typically called a(n)
Shortly after World War II, Sam Jackson developed an idea for a biodegradable lubricant that was superior to anything currently on the market. He was excited about his new idea and persuaded a number of his friends to help produce samples… This is an example of marketing behavior that would occur during the era of U.S. business history.
The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is .
The value to consumers that comes from having the offering available when they need it constitutes utility.
All of the following are true about marketing except:
Many companies subscribe to being “green” because they feel that consumers value this. Yet, in many of these same firms, office computers are left on 24 hours a day and office paper is not recycled. This example indicates it is not always easy for firms to act in accordance with the
A farmhand would like to buy a moped scooter to commute to his job at a nearby ranch. He doesn’t know how to find a dealer though, and doesn’t have Internet access. Which of the following reasons explain why marketing fails to occur here?
3M’s place strategy in its marketing program made it convenient for to buy Post-it Flag Highlighters and Post-it Flag Pens.
Insisting upon a market orientation within one’s firm first occurred during which era in U.S. business history?
According to Figure 2-3c above, which of the following states has the highest number of monthly website visits?
Step 3 in the planning phase of the strategic marketing process consists of
“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.
Despite being slow to exploit its digital camera technology, Kodak eventually did (moved successfully from a question mark to a star) and became the market leader by 2005. The product was then considered to be a cash cow. However, with the arrival of smartphones such as Apple’s iPhone in 2007, sales fell dramatically by 2012 and the Kodak’s digital camera SBU approached being a in its portfolio.
Specialized functions such as marketing and finance are generally referred to as
Men’s Wearhouse caters to the man who doesn’t necessarily enjoy shopping… The MW targets the budget-conscious consumer with suit prices ranging from $250 to $500. Earnings rose 23% recently, indicating that the location of its stores and the pricing strategy both are part of MW’s
One of the strengths inherent in the use of BCG business portfolio analysis is that it
The marketing strategy to sell current products to new markets is referred to as
The second phase of the strategic marketing process is the
The name Netflix was chosen specifically because
The primary purpose of a marketing metric is to
Moral idealism refers to
There are three concepts of social responsibility, each relating to particular constituencies. According to Figure 3-A above, “C” represents responsibility.
All of the following statements about a person’s moral philosophy are true EXCEPT:
The form of competition in which many sellers compete with their products on a substitutable basis within a price range is called.
Multicultural marketing refers to combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different
In marketing, the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings are referred to as
A firm conducting an environmental scan of the marketplace might uncover key like the growth of social networks or the increasing economic impact of Asia
Economic espionage refers to
The Lanham Act (1946)
Income used to buy luxury items such as a Cunard cruise is referred to as
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?
Febreeze is an odor-controlling spray that is manufactured by Procter & Gamble. When Febreeze was introduced, a few people in a chat room stated that the product was harmful to house pets. Though untrue, unfortunately the rumor spread. If P&G had not been convinced it would be a very successful product, it would have dropped Febreeze from its P&G product line as a result of
In most cases, which problem solving variation would be used for blenders, lunch, and professional ball game tickets?
Advertising explains that the drug Plavix works by preventing plague buildup in arteries that can cause heart attack and stroke. This is an example of
VALS groups of consumers motivated by are those who are guided by knowledge and principle
Vals creates profiles of people based on their primary motivation and resources. In the VALS framework above, “B” refers to
Selective exposure is most likely to occur during which stage of the consumer purchase decision process?
Which of the following statements about the family life cycle is most accurate?
VALS groups of consumers motivated by are those who look for products and services that demonstrate success to their peers or to a peer group they aspire to
When Kia Motors offers a 10-year, 100,000-mile warranty for the Kia Soul automobile, its strategy is to reduce consumers’ and encourage purchases
The process by which an individual selects, organized, interprets information to create a meaningful picture of the world is referred to as
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
The sales department’s identification of an improvement made to a competitor’s product would occur during which stage of the organizational buying decision process?
Another name for an e-marketplace is a(n)
Large multi-store chain retailers such as Sears, Safeway, and Target use a highly formalized buying center referred to as a(n)
Purchases of sodium fluoride by Procter & Gamble for use in the manufacture of Crest toothpaste would be an example of demand
When JCPMedia buys paper, it considers suppliers’ forest management and other sustainability practices. For JCPMedia, these are important
A buy class situation affects buying center tendencies in different ways. If there are two or three people involved, the problem definition has only minor modifications, and the buying objective is the low-priced supplier, the buy class situation is a
An IT engineer specifies the type of plug-in to be used on the company’s new websites. The engineer also chooses the supplier who receives the contract to provide the software. In the buying center, this person is the
For routine orders, the decider is usually
Most large multistore chain resellers use that are highly formalized and known as buying committees to arrive at buying decisions.
Which of the following is a service business within the industrial market?
In a buying center, affect the buying decision, usually by helping define the specifications for what is bought
Exporting refers to a global market-entry strategy
When CNS decided to enter the global market for its Breathe Right strips, there were many contributing factors for doing so. However, according to Kevin McKenna, vice president for international at CNS, the real key to successfully enter a specific global market is
The world’s largest manufacturer of peppermint candy canes was in Albany, Georgia, until it could no longer afford to buy the sugar needed for its operation. It moved its manufacturing business to Mexico where there are no restrictions (as existed in the United States) on the amount of sugar that can be brought into the nation. The movement of this U.S. business to Mexico was caused by a(n) established by the U.S. government.
The three types of companies that populate and compete in the global marketplace are (1) international firms; (2) multinational firms; and (3) firms.
For the marketer, a thorough involves an understanding of and an appreciation for the values, customs, symbols, and language of other societies.
Global companies have five strategies for matching products and their promotion efforts to global markets. According to Figure 6-4 above, “D” refers to which type of strategy?
KFC in Japan altered the sweetness of its coleslaw to appeal to Japanese tastes. This is an example of which type of global marketing product/promotion strategy?
Global companies have five strategies for matching products and their promotion efforts to global markets. According to Figure 6-4 above, “C” refers to which type of strategy?
Disney employed a(n) marketing strategy for its Disneyland Paris, particularly when it came to the eateries in the park. These restaurants featured recipes that were revised for local tastes, alcoholic beverages (not permitted in previous parks), and increased outdoor seating.
Four trends in the past decade have significantly influenced the landscape of global marketing. One of them is
Figure above 6-5 outlines the distribution channels through which a product manufactured in one country must travel to reach its destination in another country. Channels of distribution in global marketing are often long and complex. “A” represents the and “B” identifies the
A fixed alternative question requires respondents to select one or more response option from the set of predetermined choices. Another name for this kind of question is a(n)
Analyzing data and presenting the results of this analysis would take place during which step of the five-sept marketing research approach?
Marketing research refers to
Red Carpet Baby!, a children’s accessory and toy store, is considering expanding the size of the store. The manager queries its marketing database to understand how a change in square footage might impact sales. She is performing a(n)
According to Figure 7-1 above, what does “D” represent in the marketing research process?
Surveys, testing of marketing campaigns, sneak previews, and tracking studies are all examples of market research techniques. Collectively, they are used in the movie industry to
Two key elements in deciding how to collect marketing data are and
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as
Surveys that enable the interviewer to be flexible in asking probing questions or getting reactions to visual materials would be conducted using
Effective decision makers rely on criteria or standards used in evaluating proposed solutions to a problem, which are known as
A survey of buyers’ intentions forecast involves
All of the following are criterion used for selecting target market segments except:
Which of the following is not a reason to segment a market?
Which of the following is a criterion used for selecting a target market?
All of the following would be a logical way to group the products Wendy’s sells at its restaurants except:
Product features and usage rate are both variables used to employ segmentation.
Doris Lewis owns Lewis Edibles, Inc., a company that makes Tongue Tinglin’ B.B.Q. Sauce. She wants to target local people who like the special blend of flavors found … In developing a marketing strategy to sell the sauce, Lewis decided to join Goodness Grows in North Carolina, a specialty food association that advertises local products and distributes them to local supermarkets and gourmet shops. Lewis has just
Segmentation based on some observable actions or attitudes by prospective customers, such as what benefits they seek, as well as where, how frequently, and why they buy, is referred to as
Figure 8-6 above shows the market-product grid for a Wendy’s restaurant next to a large urban university campus. Assume a large market (shown by a “3”) is three times the size of a small market (shown by a “1”). Similarly, assume a medium market (shown by a “2”) is twice the size of a small market. The meal occasion (product grouping that comprises the largest product grouping is
A rehabilitation center wants to target women in their 20s who have received some permanent disability as the result of a skiing accident. In terms of the criteria used for selecting a target segment, this market would
College dorm residents frequently want to keep and prepare their own food and snacks to save money or have a late night snack. However, their dorm rooms are often woefully short of space. MicroFridge understands this and markets a combination microwave, refrigerator, and freezer targeted to these students. MicroFridge is using which basis of segmentation?
According to the Apple market-product grid above, Apple would most likely get the least market synergies from
Leona hates carrying a camera with her on vacations. If she only knew of the existence of the 1/2” thick Logitech pocket digital camera that easily fits in any pocket! For Leona, the Logitech camera is a(n)
The type of business products known as support products includes installations, industrial services, supplies, and
Figure 9-5 above represents the seven stages of the new-product development process. Stage 6 is the stage.
How could a firm use a test market in its new-product process?
Test marketing involves offering a product for sale
Commercialization refers to
Equipment-based services do not have the marketing concern of inconsistency because has been removed from the delivery of the service
The seven stages an organization goes through to identify business opportunities and convert them into salable products or services is referred to as the
How a person establishes expectations for a service not yet experienced is influenced by word of mouth communications, personal needs, past experiences, and
Marissa Mayer oversees virtually every new design or feature on Google’s home page, from the color of the google tool bar to the exact words on a Google page. Her job title was
At the time of its introduction, which of the following products was the best example of a continuous innovation?
One tool available for services when dealing with capacity management is to use to charge different prices during different times of the day or the week to balance supply and demand.
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