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Liberty University BUSI 520 Quiz 2

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BUSI  520  Liberty University Online     February 2020  

      Quiz 2

Question 1                   2 out of 2 points

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 ________.

Selected Answer:

Question 2             2 out of 2 points

If you decided to go into the systems contracting business, which of the following categories would constitute your main area of expertise?

Selected Answer:

Question 3             2 out of 2 points

The business buyer has to make the fewest decisions when involved in a ________.

Selected Answer:

Question 4                   0 out of 2 points

In reordering office supplies, the only stages that the buyer passes through are the product specification stage and the ________ stage.

Selected Answer:

Question 5                 2 out of 2 points

In which of the following is a person performing the role of an influencer?

Selected Answer:

Question 6              2 out of 2 points

Which of the following methods is most likely to be used by buyers to review the performance of chosen suppliers?

Selected Answer:

Question 7                       2 out of 2 points

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?

Selected Answer:

Question 8                 2 out of 2 points

The partners in ________ systems are united in operational ways, but neither demonstrates structural commitment through legal means or adaptation.

Selected Answer:

Question 9                2 out of 2 points

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.

Selected Answer:

Question 10                2 out of 2 points

The demand for business goods is ultimately derived from the demand for ________.

Selected Answer:

Question 11              2 out of 2 points

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.

Selected Answer:

 

 

 

 

 

 

Question 12                  2 out of 2 points

Indirect exports have two advantages for a firm: less investment and less ________.

Selected Answer:

Question 13             0 out of 2 points

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.

Selected Answer:

Question 14           2 out of 2 points

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 ________.

Selected Answer:

Question 15              2 out of 2 points

If a company adapts or changes both a product and the communications, the company engages in a process called ________.

Selected Answer:

Question 16            0 out of 2 points

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?

Selected Answer:

Question 17           0 out of 2 points

Regional economic integration is defined as the creation of trading agreements between ________.

Selected Answer:

Question 18          0 out of 2 points

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?

Selected Answer:

Question 19             2 out of 2 points

Jose and Erika have just divorced. Which of the following demographic segmentation subsegment formats might be used by marketers to reach Jose or Erika?

Selected Answer:

Question 20          0 out of 2 points

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.

Selected Answer:

Question 21        2 out of 2 points

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?

Selected Answer:

Question 22            0 out of 2 points

Urgency, specific application, and size of order are examples of ________ segmentation variables for business markets.

Selected Answer:

Question 23            0 out of 2 points

If a marketer is seeking to segment a business market, which of the following variables is generally felt to be the most important?

Selected Answer:

[None Given]

 

Question 24               2 out of 2 points

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 ________.

Selected Answer:

Question 25            2 out of 2 points

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.

Selected Answer:

Question 26                 0 out of 2 points

When a symphony orchestra targets people who have broad cultural interests, rather than only those who regularly attend concerts, the orchestra is targeting ________.

Selected Answer:

[None Given]

Question 27         2 out of 2 points

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?

Selected Answer:

Question 28           0 out of 2 points

Singapore Airlines is well regarded in large part because of the excellence of its flight attendants. This is an example of ________ differentiation.

Selected Answer:

Question 29          2 out of 2 points

Points-of-________ are product associations that are not necessarily unique to the brand but may in fact be shared with other brands.

Selected Answer:

Question 30           0 out of 2 points

________ refers to the products or sets of products with which a brand competes and which function as close substitutes.

Selected Answer:

Question 31           2 out of 2 points

The typical approach to positioning is to inform consumers of a brand's category membership before stating its point-of-________.

Selected Answer:

Question 32         2 out of 2 points

The three criteria that determine whether a brand association can truly function as a point-of-difference include desirability, ________, and differentiability.

Selected Answer:

Question 33           2 out of 2 points

The result of positioning is the successful creation of ________, which provides a cogent reason why the target market should buy the product.

Selected Answer:

Question 34           0 out of 2 points

Industrial tools claiming to have durability, and antacids announcing their efficacy convey a brand's category membership by ________.

Selected Answer:

[None Given]

Question 35            2 out of 2 points

Apple's iPod shuffle is an example of ________.

Selected Answer:

 

Question 36              2 out of 2 points

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.

Selected Answer:

Question 37

2 out of 2 points

When a firm uses an established brand to introduce a new product, it is called a brand ________.

Selected Answer:

Question 38            2 out of 2 points

Brand ________ are devices that can be trademarked and serve to identify and differentiate the brand.

Selected Answer:

Question 39         2 out of 2 points

________ brands are positioned with respect to competitors' brands so that more important (and more profitable) flagship brands can retain their desired positioning.

Selected Answer:

Question 40           2 out of 2 points

A brand ________ can be defined as any information-bearing experience a customer or prospect has with the brand, its product category, or its market.

Selected Answer:

Question 41          0 out of 2 points

The ________ determines the marketing program's ability to affect the customer mindset and is a function of the quality of the program investment.

Selected Answer:

[None Given]

Question 42             2 out of 2 points

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.

Selected Answer:

Question 43               2 out of 2 points

When a bank takes loan requests over the phone and hand-delivers the money to the customer, it becomes a ________ specialist.

Selected Answer:

Question 44             0 out of 2 points

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.

Selected Answer:

Question 45         0 out of 2 points

________ is a distribution strategy that can be effectively used during the growth stage of the product life cycle.

Selected Answer:

Question 46        0 out of 2 points

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 ________.

Selected Answer:

Question 47          2 out of 2 points

The ________ attack can be used when the challenger spots areas where the opponent is underperforming.

Selected Answer:

 

 

 

Question 48          2 out of 2 points

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 ________.

Selected Answer:

Question 49          0 out of 2 points

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.

Selected Answer:

Question 50          0 out of 2 points

For a market challenger, attacking ________ is a high risk but potentially high payoff strategy, which also allows it to distance itself from other challengers.

Selected Answer:

 

 

 

 

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[Solved] Liberty University BUSI 520 Quiz 2

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BUSI 520 Liberty University Online February 2020 Quiz 2 Question 1 2 out of 2 points 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 ________. Selected Answer: the acceleration effect Question 2 2 out of 2 points If you decided to go into the systems contracting business, which of the following categories would constitute your main area of expertise? Selected Answ...
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