Quiz 2 (ch4-6)

Question 1

A “market” consists of:

Answer 1

customers who are willing to exchange something of value.
a group of potential customers with similar needs.
sellers offering various ways of satisfying customer needs.

Question 2

A _____ is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.

Answer 2

product market

Question 3

A complete product-market definition includes a four-part description comprising of all of the following except

Answer 3

marketing mix.

Question 4

A generic market description should not include any:

Answer 4

product type terms.

Question 5

______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

Answer 5

Market segmentation

Question 6

The segmenting step of the segmentation process .

Answer 6

looks for similarities in needs.

Question 7

A _____ is a relatively homogeneous group of customers who will respond to a marketing mix in a similar way.

Answer 7

market segment

Question 8

Good” market segments are those which are:

Answer 8

heterogeneous between.
operational.
substantial.
homogeneous within.

Question 9

Which of the following is not one of the target marketing approaches for developing market-oriented strategies in a broad product-market?

Answer 9

Exclusive.

Question 10

When deciding how far to carry the segmenting process,

Answer 10

profit should be the balancing point.

Question 11

Ideally, product-markets should be described in terms of:

Answer 11

urgency to get needs satisfied and desire and willingness to compare and shop.
behavioral needs, attitudes, and how present and potential goods or services fit into customers consumption patterns.
geographic location and other demographic characteristics of potential customers.

Question 12

Which of the following statements is true?

Answer 12

Qualifying dimensions help identify which customers are in the product market.
Qualifying dimensions help identify the core benefits.
Determining dimensions help identify the customer’s purchase of a product or brand.

Question 13

In the seven-step approach to market segmentation

Answer 13

the first step is to name the broad product-market.
the qualifying needs are identified before the determining needs.
the size of each submarket is not considered until Step 7.

Question 14

_____ refers to how customers think about proposed or present brands in a market.

Answer 14

Positioning

Question 15

Differentiating the marketing mix is important because:

Answer 15

it can help the firm build a competitive advantage with a group of target customers.
it can clarify the position the firm wants to achieve with customers.
marketing mix decisions can be better blended to achieve desired objectives.

Question 16

_____ are concerned with making the best use of a consumer’s time and money—as the consumer judges it.

Answer 16

Economic needs

Question 17

Which of the following is not an economic need?

Answer 17

Hunger.

Question 18

____ is one of the psychological variables that affects a person’s buying behavior.

Answer 18

Perception

Question 19

Regarding consumer motivation, the text states that:

Answer 19

needs are the basic forces which motivate people to do something.
wants are learned needs.

Question 20

A____ is a strong stimulus that encourages action to reduce or satisfy a need.

Answer 20

drive

Question 21

Ranked from lowest level to highest level, the PSSP hierarchy of needs model includes:

Answer 21

physiological, safety, social, and personal needs.

Question 22

Motivation theory

Answer 22

suggests that most products must fill more than one need at a time.

Question 23

Which of the following is not a selective process used in gathering and interpreting Information from the world around us?

Answer 23

Selective attention.

Question 24

When consumers screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs, this is called:

Answer 24

Selective perception.

Question 25

Which of the following is not a major step in the learning process?

Answer 25

Dissonance.

Question 26

The AIO items used in life-style analysis include:

Answer 26

activities, interests, and opinions

Question 27

Consumer buying behavior is affected by:

Answer 27

opinion leaders.
social class.
physiological, safety, social, and personal needs.
reference groups

Question 28

With respect to culture and consumer behavior,

Answer 28

culture is the whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people.
culture may exert many subtle influences on other aspects of consumer behavior.
different cultural subgroups are likely to require different marketing mixes.

Question 29

A college student on her way to take an exam remembers that she doesn’t have a pencil with an eraser–which the instructor asked everyone to bring. The store where she stops doesn’t have regular pencils–but it does sell Scripto mechanical pencils priced at $2.95. That is what she buys. This case illustrates the effect of:

Answer 29

purchase situation.

Question 30

The consumer decision process begins with

Answer 30

need awareness.

Question 31

Which of the following observations concerning planning strategies for international markets is FALSE?

Answer 31

A marketing manager should know that understanding local cultural differences is of no real value.

Question 32

Which of the following is a business or organizational customer?

Answer 32

Producers of goods or services.
A retailer.
A wholesaler.
A government agency.

Question 33

Concerning consumer and business markets:

Answer 33

it is often easier to define customer needs in business markets.

Question 34

A “buying center”

Answer 34

may vary from purchase to purchase.

Question 35

Organizational buyers:

Answer 35

are problem solvers.

Question 36

Which of the following is NOT an organizational buying process?

Answer 36

Important task buy.

Question 37

Purchasing managers rely on Internet ______________ ______________ to quickly identify new supplies.

Answer 37

search engines

Question 38

All of the following are key dimensions of relationships in business markets EXCEPT:

Answer 38

non-specific adaptations.

Question 39

The U.S. government collects and publishes data by _____ codes – groups of firms in similar lines of business.

Answer 39

NAICS

Question 40

Which of the following statements about purchasing by small service firms is false?

Answer 40

Purchases by small service firms are usually handled by a person with full-time responsibility for purchasing.

Question 41

Regarding the market composed of manufacturers in the United States:

Answer 41

Manufacturers tend to be concentrated in specific areas.

Question 42

The government market:

Answer 42

Often has a buying process that includes purchase specifications and competitive bidding procedures.

Question 43

A specialist within a company who is responsible for all of the company’s major purchases is called all of the following EXCEPT:

Answer 43

salesperson