BUSI 520 Exam 1

BUSI 520 Exam 1 Liberty University

1. The ________ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization’s products.
2. If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a ________ channel.
3. What are the four broad components of holistic marketing?
4. The value of an offering is described as the ________.
5. In Walt Disney’s Magic Kingdom, customers can visit a fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing a(n) ________.
6. As a major steel manufacturer, SteelMakers Inc. focuses on having the most efficient manufacturing processes in place. The company believes that its competitive edge lies in its ability to offer the best prices. They also maintain an excellent distribution network that ensures wide availability of their products. SteelMakers has a ________ orientation.
7. The ________ concept holds that consumers will favor offerings with the best quality, performance, or innovative features.
8. Companies address needs by putting forth a ________, a set of benefits that they offer to customers to satisfy their needs.
9. ________ marketing aims to build mutually satisfying long-term collaboration with key constituents, such as customers, employees, suppliers, distributors, and other marketing partners, in order to earn and retain their business.
10. Which of the following reflects the “people” component of the marketing mix?
11. Through its cutting-edge point-of-sale inventory management technology and highly efficient shipping practices, Walmart is able to keep its inventory expenditure extremely low and to pass these savings on to consumers in the form of low prices. Walmart’s strategy is best described as ________.
12. Which of the following is an example of growth by diversification?
13. McDonald’s has often teamed up with Disney to offer products related to current Disney films as part of its meals for children. The best description of this form of alliance would be a ________.
14. A(n) ________ is when a company might seek new businesses to purchase that have no relationship to its current technology, products, or markets.
15. Another way to describe a supply chain, where companies partner with specific suppliers and distributors to ensure a smooth functioning of the system, is to call it a ________.
16. Which of the following can be considered a primary activity in the value chain process?
17. What is the second phase of the value creation and delivery sequence?
18. The last step in the value creation and delivery sequence is ________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product.
19. Which of the following is the second largest contributor to global warming, accounting for roughly a fifth of carbon emissions?
20. Which of the following is true about the technology trends that marketers should monitor?
21. The ________ method of determining area market potential calls for identifying all the potential buyers in each market and estimating their potential purchases.
22. Novamalt Inc., a manufacturer of health drinks, plans to introduce its new range of health drinks for women into the market. It involves a specialized marketing research firm to forecast the sales of this product. The research firm analyzes past buying behavior of customers and uses time-series analysis for making the sales forecasts. Which of the following information bases is being used by the research firm in this scenario?
23. Jeanine would like to own a Mercedes but is unable to afford one at this time. Jeanine is part of the ________ market for this product.
24. Companies can prepare as many as ________ different types of demand estimates.
25. Suppose an individual buyer purchases three pairs of shoes each year at $50 each pair and that there are 50 million such consumers in the economy. Compute the total market potential for shoes.
26. When the government of any country restricts the sale of a particular commodity to certain groups — for example, restricting sales of alcohol to individuals of age 21 and over — the eligible consumers who have income, interest, access, and qualification constitute the ________ market.
27. A ________ scorecard records how well the company is doing year after year based on measures such as the average perception of the company’s product quality relative to its chief competitor.
28. According to the concept of ________, a series of increasingly more specific “why” questions can reveal consumer motivation and consumers’ deeper, more abstract goals.
29. ________ measure the interest or emotions aroused by exposure to a specific ad or picture.
30. A ________ has been defined as a coordinated collection of data, systems, tools, and techniques with supporting software and hardware by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action.
31. The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place?
32. When American Airlines decided to review new ideas aimed at first-class passengers on very long flights, like an ultra high-speed Wi-Fi service and 124 channels of high-definition satellite cable TV, their first step in the marketing research process was to ________.
33. An item in a questionnaire states that “most politicians cannot be trusted.” Respondents are required to provide their answers by choosing any one of the following options: 1) Strongly disagree, 2) Disagree, 3) Neither agree nor disagree, 4) Agree, 5) Strongly agree. This is an example of a ________.
34. Which of the following is considered to be the last step in the marketing research process?
35. A Forrester study of 10,000 consumers of Amazon.com’s electronics and home and garden products found that ________ percent found negative reviews helpful.
36. ________ marketing is based on the premise that marketers can no longer use “interruption marketing” via mass media campaigns.
37. Rachel and Josh are on vacation in Hawaii. When they arrived at the hotel, they were offered chilled juice. Their check-in formalities were handled by the staff. When they entered their room, they saw that chocolates had been placed on the pillows and a flower arrangement on the table. These are examples of customer ________.
38. ________ focuses on the analysis of individual data on prospects and customers to develop marketing strategies to acquire and retain customers and drive customer behavior.
39. Field Grocery wants to learn the strengths and weaknesses in customer service at all the Field Grocery stores. Which of the following methods can it use for this?
40. When two brands of the same basic product deliver their respective promised quality, they are delivering ________.
41. Customer relationship management enables companies to provide excellent real-time customer service through the effective use of ________.
42. The 80-20 rule reflects the idea that ________.
43. With respect to consumer decision making, the ________ set is the set of strong contenders from which one will be chosen as a supplier of a good or service.
44. Brand personality analysts identified the popular music channel MTV as daring, spirited, and highly imaginative. As per Jennifer Aaker’s research, which of the following brand personality traits best suits MTV?
45. A consumer who uses Google to find comparative reports on new automobiles, is most likely using which of the following information sources for assistance?
46. ________ theory teaches marketers that they can build demand for a product by associating it with strong drives, using motivating cues, and providing positive reinforcement.
47. Richard Petty and John Cacioppo’s ________ model, an influential model of attitude formation and change, describes how consumers make evaluations in both low- and high-involvement circumstances.
48. The level of engagement and active processing undertaken by the consumer in responding to a marketing stimulus is called ________.
49. When Gary was a high school student, he enjoyed rock music and regularly purchased hip clothing sported by his favorite rock band. However, five years later, when Gary became an accountant, his preference shifted toward formal clothing. Which of the following personal characteristics is likely to have had the most influence on Gary’s preferences during his high school days?
50. The associative network memory model views long-term memory as ________.