Deck 11: Marketing Processes and Consumer Behavior

Question 1

The members of a target market share some common traits that affect their purchasing decisions.

Answer 1

True

Question 2

Utility is the benefit of a product compared to its costs.

Answer 2

False

Question 3

Brand loyalty refers to a pattern of regular consumer purchasing based on satisfaction with a product.

Answer 3

True

Question 4

Data mining is the collection and storage of electronic data.

Question 5

Substitute products are dissimilar from those of competitors,but they can fulfill the same need.

Question 6

Marketing managers are responsible for planning and implementing all the activities that result in the transfer of goods and services to its customers.

Question 7

Geographic variables describe populations by identifying traits,such as age,income,gender,ethnic background,marital status,race,religion,and social class.

Question 8

A company's external environment is everything inside an organization's boundaries that might affect it.

Question 9

Relationship marketing focuses on single transactions of products,services,or ideas.

Question 10

The process of fixing,adapting,and communicating the nature of the product itself is called market segmentation.

Question 11

Product differentiation is selecting the best price at which to sell a product.

Question 12

Marketing begins with a product,a good,service,or idea.

Question 13

The marketing mix element of place refers to distribution.

Question 14

Inflation and interest rates are major factors affecting the economic environment.

Question 15

The sales price,the buyer's time,and the emotional costs of making a purchase decision are all components of a product's cost.

Question 16

Members of a market segment must share some common traits that affect their purchasing decisions.

Question 17

Products used by companies to produce other products are called consumer goods.

Question 18

Positioning is the process of dividing the market into segments that have common buying objectives.

Question 19

Value is the relationship between inputs and outputs.

Question 20

To understand consumer behavior,marketers draw heavily on such fields as psychology and sociology.

Question 21

Convenience goods are purchased and consumed rapidly,regularly,and with a minimum expenditure of time.

Question 22

The formula for value is benefits divided by costs.

Question 23

Among industrial products,expense items are any materials and services that are consumed within a year by firms producing other goods and supplying other services.

Question 24

Marketing internationally means mounting a strategy to support global business operations.

Question 25

The reseller market consists of intermediaries,wholesalers and retailers,that buy and resell finished goods.

Question 26

When a wholesaler develops a brand name and has the manufacturer place the name on the product,the resulting product name is a licensed brand.

Question 27

National brands are produced by,widely distributed by,and carry the name of the manufacturer.

Question 28

The value package refers to the marketing of a product as a bundle of value-adding attributes,including reasonable cost.

Question 29

A typical product passes through a product life cycle in four to six years.

Question 30

Product features are the qualities,tangible and intangible,that a company builds into its products.

Question 31

Many of today's small businesses were yesterday's largest firms.

Question 32

Marketing consists primarily of advertising a product or service.

Question 33

The products that a company makes available for sale are its product mix.

Question 34

Rational motives involve nonobjective factors and include sociability,imitation of others,and aesthetics.

Question 35

A private brand is a brand name for whose name the seller has purchased the right from an institution or individual.

Question 36

Buzz marketing relies on television advertising to increase brand awareness.

Question 37

Marketing concepts can be extended to the promotion of ideas.

Question 38

Brand awareness is the extent to which a brand name comes to mind when a consumer considers a particular product category.

Question 39

The institutional market includes businesses that buy goods to be converted into other products or that are used up during production.

Question 40

Conveyors,surgical instruments,and bulldozers are examples of industrial goods.

Question 41

The consumer buying process begins with information seeking,searching for stores,styles,prices,and the opinions of others.

Question 42

Consumer-seller relationships are often impersonal and fleeting,based on one-time interactions.

Question 43

A custom-made wedding gown is classified as a shopping good.

Question 44

The demand for organic foods has decreased in recent years.

Question 45

A description,such as single,aged 20-34,earning $30,000 a year,is an example of a psychographic variable.

Question 46

Hard disk drives and flat screen monitors are examples of benefits.

Question 47

The expensive,sometimes fierce struggle for brand recognition is perhaps nowhere more evident than in branding battles among dot-com firms.

Question 48

A company may have multiple product mixes but only one product line.

Question 49

Sears' Kenmore Appliances is an example of a national brand.

Question 50

Because of the great convenience that it provides,a car is classified as a convenience good.

Question 51

Decisions about warehousing and inventory control are distribution functions.

Question 52

Reliable processing and a feeling of security,for example,might be benefits associated with a computer.

Question 53

Brand competition exists among products that seem different but fulfill the same need.

Question 54

Economic conditions greatly influence marketing plans for product offerings.

Question 55

Sears' Craftsman Tools is an example of a private brand.

Question 56

The four P's of the marketing mix are product,pricing,putting,and promotion.

Question 57

Because of lack of space and customer demand,about 1 out of 10 new products will fail.

Question 58

Although the early stages of the PLC often show financial gains,decreased sales for successful products continue to reduce profits until the decline stage.

Question 59

The B2B market includes industrial,reseller,and government/institutional markets.

Question 60

New products make existing products obsolete,and many products change our values and lifestyles.

Question 61

When watching your favorite sitcom,you note a particular brand of beer is being held by your favorite actor.This is an example of product placement.

Question 62

A decision based on emotional motives considers cost,quality,and usefulness.

Question 63

B2B sellers rarely have long-term relationships with buyers.

Question 64

Distribution strategy creates a competitive disadvantage for small businesses.

Question 65

The process of creating,communicating,and delivering value to customers and for marketing customer relationships in ways that benefits the organization and its stakeholders is called ________.

A) financial planning
B) controlling
C) operations management
D) marketing

Question 66

Target marketing requires dividing a market into categories of customer types or "segments".Some firms market products to more than one segment.

Question 67

According to the text,Europeans are generally attracted to commercials that show weapons and violence.

Question 68

Cultural influences on buying behavior include an individual's motivations,perceptions,ability to learn,and attitudes.

Question 69

Small business pricing errors usually result from a failure to estimate operating expenses accurately.

Question 70

________ compares a product's benefits with its costs.

A) Utility
B) Marketing
C) Value
D) Exchange

Question 71

Psychographics cannot be changed by marketing efforts.

Question 72

It is estimated that it takes eight new product ideas to generate one product that finally reaches the market.

Question 73

Products can never be sold abroad without some change to the marketing mix.

Question 74

The reseller market includes farmers,manufacturers,and some retailers.

Question 75

Packaging can serve as an in-store advertisement that makes the product attractive,displays the brand name,and identifies features and benefits.

Question 76

According to the text,cigarette advertising is unacceptable in Asian and European markets.

Question 77

Benefits add value by providing features that increase the customer's satisfaction.

Question 78

Effective marketing does not just involve knowledge of culture abroad,but also requires a general sensitivity to social trends and language.

Question 79

Time utility is created by a sales agreement that stipulates where products will be delivered to customers.

Question 80

________ is the ability of a product to satisfy a human want or need.

A) Utility
B) Exchange
C) Value
D) Differentiation