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Q:
How can companies reduce the cost and delays involved in entering new international markets?
A) By selling items at a loss when determining international pricing
B) By redeveloping the product from scratch to better meet consumer needs in the new market
C) By avoiding the traditional U.S.-based marketing mix
D) By utilizing existing international distribution systems
E) By establishing new and unique promotions for the new market.
Q:
Newmark RV is performing an internal analysis. Which of the following would be considered a resource?
A) a patent for a special design feature
B) a method of production not used by competitors
C) strongly positive reviews from existing customers
D) membership in RVIA, the industry association
Q:
How can marketers best develop product promotion in a new, international market?
A) Centered on product usage
B) Centered on price and innovation
C) Centered on cultural values and local customs
D) Centered on using a "hard-sell" campaign
E) Centered on home country values and customs
Q:
Helen, the owner of Crazy Cupcakes, is conducting a SWOT analysis of her company. Which one of the following represents an opportunity for expansion?
A) There has been a trend toward personalized cupcakes for a variety of occasions.
B) The production process was found to be highly efficient and wastage was kept to a minimum.
C) In a taste test, Crazy Cupcakes products ranked higher than competitors in the taste and texture segments.
D) One of Crazy Cupcakes competitors has added cookies to its product line.
Q:
When attempting to market a domestic product in an international market, what typically has to happen?
A) The product must be priced higher because of currency exchange rates.
B) The product must have major redesign work done.
C) The home country distribution system must be retrained for the international market.
D) The product must have an existing close competitor in the intended market.
E) The advertising campaign must be consistent with those used in the home country.
Q:
Casey realizes that she has a personal characteristic that suggests she is not comfortable interacting with strangers. She interprets this as a(n) ________ if she is to get a job as a salesperson.
A) threat
B) strength
C) weakness
D) opportunity
Q:
Which of the following is an advantage of using viral marketing and social networking?
A) Marketers can reach a wider audience at a lower cost.
B) Consumers can post opinions and feedback about products.
C) New markets are easier to identify.
D) Companies have more control over what the public experiences.
E) Companies can respond to and eliminate negative reviews.
Q:
Casey majored in marketing and really enjoyed studying market research as a subject. Through research on the Internet and in the university library, she discovers that this industry appears to have significant positive trends in employment. She interprets this as a(n) ________.
A) weakness
B) threat
C) strength
D) opportunity
Q:
How do marketers best use viral marketing?
A) To increase use of social media networks
B) To identify needs in the international market
C) To promote public relations
D) To improve branding
E) To foster excitement for stimulating sales
Q:
Brutus' Fried Chicken patented the recipe for the spices used in the coating of the chicken. The patent protection lasts for 17 years. Brutus' Fried Chicken will view this patent protection as a(n) ________.
A) threat until the patent expires
B) opportunity during the time of the patent protection
C) weakness because the patent cannot be renewed
D) cost of doing business
Q:
What do organizations use to build relationships among users?
A) Institutional marketing
B) Web-driven revenue
C) Negotiations
D) Social networking media
E) Reseller relationships
Q:
A study of the external environment allows a manager to understand the ________ and ________ for the organization.
A) threats; weaknesses
B) strengths; weaknesses
C) strengths; opportunities
D) opportunities; threats
Q:
Before products reach consumers, what market, consisting of wholesalers and retailers, do products pass through?
A) Services markets
B) Industrial markets
C) Reseller markets
D) Government markets
E) Institutional markets
Q:
Computer peripherals provider Ascent plans to enter a new market in another country. Which one of the following represents a threat for Ascent?
A) Ascent's profit margin in the previous year was its lowest on record and it will require long-term planning to improve margins.
B) Ascent lacks the resources to enter the market on its own and has to find a partner in the new market.
C) Ascent will have to plan its entry carefully as the laws in the country do not favor foreign businesses.
D) Ascent needs to improve its service capabilities in the new country as this is an important source of revenue.
Q:
Who are the firms who provide goods and services that are used by the purchasing public?
A) Services markets
B) Industrial markets
C) Reseller markets
D) Government markets
E) Institutional markets
Q:
________ are positive trends in the external environment.
A) Strengths
B) Threats
C) Weaknesses
D) Opportunities
Q:
What are B2B buyer-seller situations often based on?
A) Frequent and enduring buyer-seller relationships
B) Incidental buyer-seller interactions
C) Buyers and sellers with limited training
D) Short-term buyer-seller relationships
E) Commercial buyer-seller networks
Q:
When an organization is analyzing its labor supply, it is studying its ________.
A) regulatory environment
B) internal environment
C) external environment
D) economic environment
Q:
Which of the following is the BEST example of a B2B market transaction?
A) A college student buys dorm furniture from an on-campus store.
B) A group of teenage girls buy new clothes for the upcoming school year.
C) A high-school coach borrows sports equipment from a neighboring school.
D) A dentist provides free toothbrushes to patients.
E) A chain of ice cream parlors regularly purchases napkins from the same supplier.
Q:
Patrick expects each person he hires for his online business to be involved in studying trends involving new technology, competitors, and customers. These employees are involved in ________.
A) external analysis
B) internal analysis
C) economic analysis
D) industry analysis
Q:
Explain each step in the consumer buying process.
Q:
Managers perform an external analysis so that they know about ________.
A) the firm's basic beliefs and ethical priorities
B) what the competition is doing
C) what vendors want
D) their organization's core competencies
Q:
Describe psychological, personal, social, and cultural influences on consumer behavior.
Q:
Defining the organizational mission forces managers to identify what ________.
A) its competitive advantage is
B) the organization is in business to do
C) its capabilities are
D) pending legislation will affect the organization
Q:
Consumers with less brand loyalty are usually satisfied with a product's performance over time.
Q:
In a short essay, explain strategic management and why it is important.
Q:
Personal influences on consumer behavior include lifestyle, personality, and economic status.
Q:
Strategic management is not important for non-profit organizations because their focus is on providing a needed service, not on making a profit.
Q:
Focus groups allow researchers to observe a group of participants gathered in one place while they explore issues associated with a product.
Q:
Strategic management helps coordinate the efforts of all department and functional areas of an organization.
Q:
Rational motives involve nonobjective factors and include sociability, imitation of others, and aesthetics.
Q:
A business model describes how a company is going to make money and what it is going to do with it.
Q:
If a buyer is unhappy with their purchase decision, what are they more likely to do than those who are happy with their purchase decision?
A) Use a different decision-making process
B) Continue to purchase the same product until a replacement is found
C) Tell others
D) Rely more on rational motives
E) Develop a more limited evoked set of purchase options
Q:
When making a purchase decision, decisions that include logical evaluation, cost, and quality are what type of decisions?
A) Evoked
B) Rational
C) Comparison
D) Consideration set
E) Emotional
Q:
A strategy defines how a company is going to make money.
Q:
Which of the following is greatly influenced by nonobjective factors such as sociability, imitation and aesthetics?
A) Emotional motives
B) Post-purchase evaluation
C) Rational motives
D) Evaluation of alternatives
E) Need recognition
Q:
Strategic management involves only the planning function.
Q:
How do consumers develop opinions and beliefs about a set of products they will consider buying?
A) Through evaluation of alternatives
B) Through emotional motives
C) Through need recognition
D) Through post-purchase evaluation
E) Through information seeking
Q:
The main reason strategic management is important is ________.
A) it allows an organization to anticipate economic recessions
B) it can make a difference in how well an organization performs
C) it reduces uncertainty
D) it simplifies the environment
Q:
The CEO and his top managers have asked themselves two important questions: a. do customers value what the company is providing; and b. can the company make money doing that? This group is developing a ________.
A) strategy
B) competitive advantage
C) business model
D) BCG matrix
Q:
Which of the following best defines the way of living that distinguishes one large group from another?
A) Consumer
B) Subculture
C) Social class
D) Culture
E) Demographic
Q:
A ________ describes the rationale of how a company is going to make money.
A) mission statement
B) business model
C) SWOT analysis
D) core competency
Q:
Family members and friends can have a strong impact on consumer choices when acting as
A) psychological influences.
B) personal influences.
C) social influences.
D) loyalty influences.
E) cultural influences.
Q:
Which consumer influence includes perceptions, ability to learn, and attitudes?
A) Psychological
B) Personal
C) Social
D) Loyalty
E) Cultural
Q:
The top managers of the corporation are meeting to discuss how they will compete in their chosen markets and how they will attract and satisfy customers. These managers are discussing ________.
A) the business model
B) strategy
C) their competitive advantage
D) core competencies
Q:
Accessing a website in search of magazine articles about a product before its purchase is an example of what part of the consumer buying process?
A) Social networking
B) Problem solving
C) Information seeking
D) Psychological influencing
E) Recognizing a need
Q:
The CEO is meeting with his top managers to determine how best to compete successfully in the company's market. This group is developing the company's ________.
A) strategy
B) competitive advantage
C) strengths and weaknesses
D) opportunities and threats
Q:
What is the term that describes what happens after the sale to ensure consumers buy the product again?
A) Postpurchase evaluation
B) Prepurchase evaluation
C) Rational motives
D) Emotional motives
E) Evoked set
Q:
Explain the term "first mover" and then list the advantages and disadvantages of being a first mover in the market.
Q:
Discuss how managers can formulate e-business strategies that contribute to the development of a sustainable competitive advantage in today's environment.
Q:
What is the name for the influences that include the "way of living" that distinguishes one large group from another?
A) Psychological
B) Personal
C) Social
D) Domestic
E) Cultural
Q:
Focusing on process development can lead to a successful cost leadership competitive strategy.
Q:
Which of the following is the LEAST important influence on consumer behavior?
A) Psychological factors
B) Personal factors
C) Social factors
D) Technological factors
E) Cultural factors
Q:
Innovation can help firms achieve a differentiation competitive strategy.
Q:
What type of behavior do consumers exhibit by regularly purchasing products because they are satisfied with the performance of the product?
A) Psychological influences
B) Need recognition
C) Brand loyalty
D) Emotional motives
E) Consumer activism
Q:
What is the study of the decision process by which customers come to purchase and consume products?
A) Marketing
B) Segmentation
C) Resource management
D) Consumer behavior
E) Acculturation
Q:
Basic scientific research requires the least resource commitment because there are no production costs involved.
Q:
Primary data is data already available from previous research.
Q:
Managers using the strategic management process always achieve positive outcomes.
Q:
What is a strategic disadvantage of being a first mover?
A) least opportunity to build customer loyalty
B) risk of competitors imitating innovations
C) no cost and learning benefit
D) no control over resources
Q:
Marketing research is the study of behavioral variables.
Q:
Which one of the following is an advantage of being a first mover?
A) certainty over the direction of technology and market
B) low development costs
C) no financial or strategic risks
D) opportunity to begin building customer relationships
Q:
What is the process where marketers can compare the response of similar people under different circumstances?
A) Observation
B) Surveying
C) Focus group studies
D) Experimentation
E) Questionnaires
Q:
What is the advantage of utilizing focus groups for research?
A) They easily generate comparison data with competitors' products.
B) They offer fact-based information on products.
C) They are more structured and are easier to analyze.
D) They allow for more in-depth discussion on complex issues.
E) They are less costly and time consuming.
Q:
An organization that initially brings a product innovation to the market is known as the ________.
A) first mover
B) free rider
C) cash cow
D) question mark
Q:
When gathering opinions about consumer decisions, what type of research tool could be utilized online, by telephone, or face-to-face?
A) Observation
B) Secondary research
C) Surveys
D) Focus groups
E) Experimentation
Q:
An important part of customer service is ________.
A) maintaining a friendly attitude
B) giving customers what they want
C) offering a toll-free number with representatives available 24/7.
D) keeping costs low by offshoring the customer service call center
Q:
Which type of market research involves watching consumers and recording their behavior using tools such as camera feeds and computer recordings?
A) Observation
B) Primary research
C) Surveys
D) Focus groups
E) Experimentation
Q:
A ________ firm uses both online and traditional stand-alone locations.
A) first mover
B) clicks-and-bricks
C) focuser
D) brick-and-mortar
Q:
When conducting market research, what type of data is used when existing data is unavailable or inadequate?
A) Secondary
B) Demographical
C) Global
D) Psychographic
E) Primary
Q:
An Internet-based knowledge management system that shortens customer response times would be an e-business technique that contributes to the competitive advantage of a ________.
A) cost leader
B) differentiator
C) focuser
D) brick
Q:
When is conducting market research generally most effective?
A) When entering international markets
B) When sales begin to drop
C) When competitors release newer, competitive products.
D) When developing new products or altering existing products
E) When a new product is ready to be released
Q:
How can a cost leader use e-business to reduce costs?
A) It could automate purchasing and payment systems so that customers have detailed status reports.
B) It could provide rapid online responses to service requests.
C) It could use Internet-based knowledge systems to shorten customer response times.
D) It could use Web-based inventory control systems that reduce storage costs.
Q:
What is the goal of market research?
A) To identify stakeholders and how to best meet their needs
B) To gain goodwill with consumers by utilizing public relations
C) To increase competitiveness by clarifying relationships that affect the marketing decisions
D) To conduct studies on customer responses to the marketing mix
E) To determine which research method will deliver the most effective results
Q:
________ is the ability to recognize major external changes, to quickly commit resources, and to recognize when a strategic decision is not working.
A) Strategic apprenticeship
B) Strategic flexibility
C) Strategic leadership
D) Strategic management
Q:
Which tool used for gaining decision-making information identifies what customers want and how to fulfill those wants?
A) Market segmentation
B) Market research
C) Promotion
D) Public relations
E) Integrated marketing strategy
Q:
How can an organization develop strategic flexibility?
A) It should commit resources only after thorough planning.
B) It should ignore mistakes.
C) It should depend on tried and tested perspectives from senior employees.
D) It should have multiple alternatives when making strategic decisions.
Q:
What are target markets? Explain the role that target markets play in market segmentation.
Q:
________ is the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.
A) Strategic leadership
B) Strategic management
C) Strategic competence
D) Strategic flexibility
Q:
Explain how marketers identify different market segments.