Exam 2 Study Guide
Exam 2 Study Guide Mkt 3000
Popular in Marketing/non business
Popular in Marketing
This 8 page Study Guide was uploaded by Rebecca Lord on Friday October 16, 2015. The Study Guide belongs to Mkt 3000 at Bowling Green State University taught by Fei Weisstein in Fall 2015. Since its upload, it has received 111 views. For similar materials see Marketing/non business in Marketing at Bowling Green State University.
Reviews for Exam 2 Study Guide
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 10/16/15
Exam 2 Study Guide Ch 5 8 Ch5 Marketing is defined as individuals and organization using a global vision to effectively market goods and services across national boundaries a Consumer b Business c Global d Target Why would companies choose to go global a To earn additional profits b Leverage a unique or technological advantage c Utilize economies of scale d All of the above Walmart s slogan quotEveryday Low prices Service with a Smile motto and use of plastic bags failed in Germany and lost Walmart 1 billion This is an example of a factor a Political b Economic c Cultural d Technological Understanding the population density personal income age and whether it is an urban or rural area are all factors a Demographic b Economic c Competitive d Psychological Selling domestically produced products in other countries is called a Licensing b Contract manufacturing c Exporting d Joint venture Oreo tastes too sweet to the Chinese so they altered the taste and made fruity flavors This is an example of a One product one message b Product adaptation c Promotion adaptation d Product invention 7 10 Ch6 11 12 Pringles potato chips has developed flavors like Seaweed Prawn Cocktail Cinnamon Sweet Potato and Blueberry to cater to the various flavors and cuisines of different countries This is an example of a One product one message b Product adaptation c Promotion adaptation d Product invention MTV advertisers run unified Englishlanguage campaigns in all the countries the firm reaches This is an example of a One product one message b Product adaptation c Promotion adaptation d Product invention While bicycles are mainly pleasure vehicles in the US in some countries they are a families main mode of transportation The promotion strategies of the same product would be vastly different for different countries a One product one message b Product adaptation c Promotion adaptation d Product invention Considering the taxes and tariffs of another country falls into which part of the marketing mix a Price b Promotion c Place d Product Name the five steps in the consumer decisionmaking process PWN 5 The imbalance between your present status and preferred state is referred to as a Consumer behavior b Need recognition c Want d Stimulus 13 14 15 16 17 18 19 Ashley wants to see a movie She s not sure what movie to see so she visits the Rotten Tomatoes website to look at the reviews Ashley is participating in Need Recognition An internal information search An external information search d A Marketingcontrolled information search Joe is hungry and wants to get something to eat He sees a TV commercial about McDonalds burger and fries which prompts him to go eat at McDonalds Joe gets this information from a information source a Nonmarketing controlled b Marketing controlled c Evoked set d Internal The factors that contribute to the extent to which a consumer conducts an external information search are Level of perceived risk b Amount of interest c Level of confidence d All of the above The group of brands resulting from an information search from which a buyer can choose is the a Cutoff b Consumer Involvement c Evoked set d Postpurchase behavior The inner tension that a consumer feels after purchasing a product due to inconsistencies with their values and behavior can be described as a An evoked set b Cognitive dissonance c A stimulus d Information search Kate goes to the store and purchases Dove shampoo and conditioner because she has used it before and she likes it Kate is practicing a Routine response behavior b Limited Decision Making c Extensive Decision Making Rick needs to buy a new laptop He spends a lot of time looking at reviews between Macs and PCs comparing prices talking to various people about which they prefer Rick is practicing a Routine response behavior b Limited Decision Making c Extensive Decision Making a b c Q 20 21 22 Ch7 23 24 Alex usually buys Beneful dog food but after his vet told him that Beneful was unhealthy for dogs he needs to buy new food He spends some time looking at the different brands prices and ingredients in the food Alex is practicing a Routine response behavior b Limited Decision Making c Extensive Decision Making An organized pattern of knowledge that an individual holds as true about their world is an a Belief b Value c Attitude d Ethic A learned tendency to respond consistently toward a given object is an a Belief b Value c Attitude d Ethic Business products a Become part of another product b Are used to manufacture other products c Satisfy personal wants and needs d All of the above is a cooperative agreement between firms Relationship Marketing Business Marketing Strategic Alliance Original Equipment Managers OEMs ape9 There are 4 Types of Demand Derived Inelastic Joint Fluctuating Label each scenarios with the correct type of demand 25 26 27 Although the price of car paint increased it did not affect the number of automobiles sold because the paint is such a minor part of the whole process Olive Garden uses sauce pasta meatballs and spices to make spaghetti Due to a harsh winter the wheat crops were destroyed causing a decline of availability of wheat to make pasta As a result Olive Garden had to reduce the amount of sauce meatballs and spices it purchased as well Due to the heavy snowfall and freezing temperatures in the winter people bought more wool socks and scarves this caused a change in the demand from the wool manufacturers This is demand because firms buy the wool to be used in producing wool products for their customer 28 A heavy dutydiesel engine company has machines that need replaced every two years based on the timing of purchases If purchase level decreases 2 out of 20 of the machines will not be used and replaced If the purchase level returns to normal the company will have to replace the two worn machines plus the machines used in the current year 29 Name the 5 Aspects of Business Buying Behavior i ii iii iv v 30 Which is not an evaluative criteria for businesses a Quantity b Quality c Price d Service CH8 31 Which one is NOT a criteria for segmentation a Accessibility b Quantifiability c Measurability d Responsiveness e Substantiality 32 Personality motive lifestyle and geodemographic factors are part of which basis for segmenting consumer markets a Geographic b Demographic c Psychographic d Usage Rate 33 Determining the segment s size expected growth purchase frequency current brand usage brand loyalty and longterm sales and profit fall into which step in segmenting markets a Select market or product category for study b Design implement and maintain appropriate marketing mixes c Select segmentation descriptors d Profile and analyze segments 34 Defining the overall market or product category to be studied is which step in segmenting markets a Select market or product category for study b Design implement and maintain appropriate marketing mixes c Select segmentation descriptors d Profile and analyze segments Determine if each statement is undifferentiated concentrated or multisegment targeting 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Segments are too small or unchanging Uses only one marketing mix for the entire market Also called a niche market Cannibalization situation that occurs when the sales of new products cut into the sales of existing products can be a cost in this targeting strategy Saves on production and marketing Includes greater sales volume higher profits larger market share and economies of scale Allows smaller firms to compete with larger firms Ex Oshkosh B gosh a children s clothing manufacturer failed at selling women s casual and maternity wear so it expanded its products to include children s shoes eyewear and toys Ex Henry Ford s famous saying quotThey can have their car in any color they want as long as it s black Ex PampG offers 18 different laundry detergents all targeted toward a different group of people Concentrates on understanding the needs motives and satisfactions of that segment s members and on developing and maintaining a highly specialized marketing mix Unimaginative product offerings Onetoone marketing is NOT a Direct and personal marketing that meets customers needs b A marketing strategy that fits everyone s needs c Companies earning and reinforcing their customer loyalty d Utilizing technology to better track customers The place that a product or brand occupies in a consumer s mind is referred to as a Position b Perceptual mapping c Product differentiation d Onetoone marketing Kentucky Fried Chicken offers a unique blend of 11 herbs and spices and a variety of options like the Double Down and Famous Bowl This is an example of a Positioning b Production Differentiation c Personalization d Cannibalization Answer Key 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 OgtUWDgtOUO A 1 Need Recognition 2 Information Search 3 Evaluation of Alternatives 4 Purchase 5 Post Purchase UOgtWOgtWOUWOW C Inelastic Demand because the price of the product paint used in production will not significantly affect demand for a final product automobiles Joint Demand because multiple items are used together in the final product and the demand for one product wheat affects all sauce herbs meatballs Derived demand because demand for business wool results from demand for consumer products wool socks and scarves Fluctuating demand because demand for business products is more volatile unstable than for consumer products i Buying centers ii Evaluative criteria iii Buying situations iv Business ethics v Customer service A B 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 C D A Concentrated Undifferentiated Concentrated Mulitsegmented Undifferentiated Mulitsegmented Concentrated Concentrated Undifferentiated Mulitsegmented Concentrated Undifferentiated B A B
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'