Bus 100 Ch 11

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  1. The purchasing of products by producers, resellers, governmental units, and institutions
    Business buying behavior
  2. The decisions and actions of people involved in buying and using products
    Buying behavior
  3. The purchasing of products for personal or household use, not for business purposes
    Consumer buying behavior
  4. A combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer’s relationship with a company
    Customer lifetime value
  5. Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
    Customer relationship management (CRM)
  6. Disposable income less savings and expenditures on food, clothing, and housing
    Discretionary income
  7. Personal income less all additional personal taxes
    Disposable income
  8. Utility created by converting production inputs into finished products
    Form utility
  9. A group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products
  10. A group of individuals or organizations within a market that shares one or more common characteristics
    Market segment
  11. The process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market
    Market segmentation
  12. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
  13. A business philosophy that a firm should provide goods and services that satisfy customers’ needs through a coordinated set of activities that allows the firm to achieve its objectives
    Marketing concept
  14. A system for managing marketing information that is gathered continually from internal and external sources
    Marketing information system
  15. A combination of product, price, distribution, and promotion developed to satisfy a particular target market
    Marketing mix
  16. A written document that specifies an organization’s resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group
    Marketing plan
  17. The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem
    Marketing research
  18. A plan that will enable an organization to make the best use of its resources and advantages to meet its objectives
    Marketing strategy
  19. The income an individual receives from all sources less the Social Security taxes the individual must pay
    Personal income
  20. Utility created by making a product available at a location where customers wish to purchase it
    Place utility
  21. Utility created by transferring title (or ownership) of a product to a buyer
    Possession utility
  22. Establishing long-term, mutually satisfying buyer-seller relationships
    Relationship marketing
  23. An estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort
    Sales forecast
  24. A group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group
    Target market
  25. Utility created by making a product available when customers wish to purchase it
    Time utility
  26. Directing a single marketing mix at the entire market for a particular product
    Undifferentiated approach
  27. The ability of a good or service to satisfy a human need
  28. Customer lifetime value is a combination of purchase frequency, average value of purchases, and brand-switching patterns over the span of the customer's relationship with the company.

    True OR False
  29. Relationship marketing refers to "marketing decisions and activities focused on achieving short-term satisfaction at the check-out register."

    True OR False
  30. When marketing is limited to taking orders and distributing finished goods, it has a strong production orientation.

    True OR False
  31. In implementing the marketing concept, the first step is to provide a product or service that will satisfy customers.

    True OR False
  32. A single market mix is the focus of differentiated market segmentation.

    True OR False
  33. Internal data sources include economic conditions.

    True OR False
  34. Income, gender, and ethnic origin are ways to segment markets.

    True OR False
  35. The product ingredient of the marketing mix is concerned with both base prices and discounts.

    True OR False
  36. Economic forces have little affect on customer's willingness to buy.

    True OR False
  37. Marketing plans are affected by competitive forces in the external environment.

    True OR False
  38. Technology, particularly the Internet, has had little effect on how a firm markets its products.

    True OR False
  39. Changes in the environment can have a major impact on new marketing strategies but usually not on existing ones.

    True OR False
  40. "Our plant has excess capacity. Let's make more blue buggy whips. We can sell them to people with cars if we use enough advertising and high-pressure personal selling." This is an example of:

    a. sales orientation.
    b. research orientation.
    c. marketing orientation.
    d. industrial orientation.
    e. production orientation.
  41. Consumer markets consist of:

    a. intermediaries such as wholesalers and retailers who buy finished products and sell them at a profit.
    b. governmental units that buy goods and services to maintain internal operations and to provide their consumers with certain services.
    c. purchasers and household members who intend to consume or benefit from the purchased products but do not intend to make a profit on the products.
    d. churches, private schools and hospitals, civic clubs, charitable organizations, and foundations.
    e. individuals and business organizations that intend to make a profit by buying certain products to use for manufacturing other products.
  42. When a company designs a single marketing mix and directs it at an entire market for a particular product:

    a. it is assuming that customers' needs vary greatly.
    b. it is using an undifferentiated approach.
    c. we can assume that the product is needed by many different people for many different reasons and many different uses.
    d. it is using the market segmentation approach.
    e. we would expect the product to be available in a wide range of colors and styles, with many optional accessories, leading to a number of prices.
  43. A marketing mix is a particular combination of:

    a. product attributes that are useful to the target market.
    b. advertising, pricing, and product considerations.
    c. target markets that together form the firm's marketing mix.
    d. product, pricing, and distribution solutions that are designed to meet the needs of the target market.
    e. product, pricing, distribution, and promotion that is created to reach a particular target market.
  44. The pricing ingredient of the marketing mix is concerned with:

    a. the number of places the product can be purchased by the consumer.
    b. how widely the product is available around the selling area.
    c. where the consumer can buy the product.
    d. the number and location of middlemen necessary to speed the product to the consumer.
    e. discounts and rebates.
  45. The most unlikely thing for distribution decision makers to be concerned with is:

    a. product storage.
    b. product transportation.
    c. how widely the product is to be made available.
    d. product shipping.
    e. product discounts.
  46. Influences in a society and its culture that result in changes in attitudes, beliefs, norms, customs, and lifestyles are called:

    a. economic forces.
    b. legal forces.
    c. sociocultural forces.
    d. competitive forces.
    e. technological forces.
  47. A consumer engages in routine response behavior for:

    a. frequently purchased, low-cost items.
    b. unfamiliar, expensive items.
    c. purchases made occasionally.
    d. a new family car to replace the currently owned eight-year-old station wagon.
    e. a situation in which more information is needed about an unknown product in a well-known product category.
  48. Defining the problem is the first step in the marketing research process.

    True OR False
  49. When Ford Motor Company focuses its advertising for Mustang cars on a specific age group, it is targeting a market.

    True OR False
  50. The marketing mix is comprised of product, price, distribution, and promotion.

    True OR False
  51. The promotional ingredient is developed to make potential customers aware of product information.

    True OR False
  52. Sales receipt transferring ownership of a pair of shoes creates possession utility.

    True OR False
  53. Intranets are a powerful communication medium that links customers and companies around the world.

    True OR False
  54. Managing customer relationships require companies to be sensitive to customer's requirements and desires.

    True OR False
  55. When Dr. Pepper ships its soft drinks from bottlers to the local convenience store, it is giving the drinks place utility.

    True OR False
  56. Standardizing and risk taking are marketing functions.

    True OR False
  57. The goals of institutional markets are to make a profit, to gain market share, and to give investors a return on investment.

    True OR False
  58. Discretionary income is personal income less disposable income.

    True OR False
  59. A marketing plan specifies an organization's resources, objectives, strategy, and implementation and control efforts to be used in marketing a specified product or product group.

    True OR False
  60. Typically, marketing plans cover a time span of two to five years.

    True OR False
  61. Consumers routinely follow a pattern of behavior for all types of purchases.

    True OR False
  62. In the consumer's buying decision process, the consumer first acknowledges that a product is needed.

    True OR False
  63. Purchasing power is determined by government regulations.

    True OR False
  64. The three kinds of utility directly created by marketing are:

    a. manufacturing, time, and form utility.
    b. place, form, and possession utility.
    c. place, time, and possession utility.
    d. form, time, and possession utility.
    e. form, time, and marketing utility.
  65. The marketing concept:

    a. satisfies customer's needs while allowing the firm to achieve its objectives.
    b. communicates with potential customers to assess their product needs.
    c. develops goods or services to satisfy customers' needs.
    d. continues to seek ways to provide satisfaction.
    e. All of the above are activities of the marketing concept
  66. A group of individuals or organizations for whom a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group is:

    a. the marketing mix.
    b. the total market approach.
    c. a target market.
    d. the undifferentiated approach.
    e. a market segmentation approach.
  67. The market segmentation approach might lead sellers of baby food, dog food, and cat food to aim their ads at:

    a. men and women over thirty.
    b. people who read The Wall Street Journal.
    c. infants, dogs, and cats.
    d. parents with babies or pet owners .
    e. Baptists under twenty-five.
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Bus 100 Ch 11
2010-04-15 16:36:32
Bus Ch

Business 100 Chapter 11
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