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Principles of Marketing is a three credit hour class. The rule of thumb for college level work says that (in addition to viewing the lectures) if you want to succeed in this class you should be spending _____ additional hours studying each week?

6-9.

According to your instructor, one of the things that makes the concept of value interesting to marketers is that:

Customers do not always perceive all of the costs r all of the benefits associated with a product.

In order to understand a customer's wants, a marketer must understand _____?

The cultural and social environment in which a customer makes purchasing decisions.

Sergio is the head designed for "Robertson House" a high-fashion clothing company. Each year, Sergio completely changes the colors of the clothes he designs so that it will be obvious to anyone who has fashion sense that last years colors are out of date. This "planned obsolescence" tends to affect consumers at the _____ stage of the consumer buying process.

Need recognition.

Reference groups are important to Marketers because?

They serve as information sources and influence perceptions.

_____ are business customers seek to achieve goals other than the standard business goals of profit or market share.

Institutions.

The way to find out what the deadlines are for the mini tests is to?

Go to the class website and look for the deadline information posted in the test description.

Which of the following statements about value is TRUE?

Two different customers might have different perceptions of the value of the same product.

A sales-oriented organization targets its products at?

Everybody.

Sandra is running an online bookstore. Her market research shows her that many people visit the site, look at several books, add one or more books to the shopping cart but never actually purchase anything. Based on what she learned about the consumer buying process, Sandra decided to offer free delivery. She felt that this would make it easier for the customer in the _____ stage of the consumer buying process.

Purchase stage.

Jin is shopping for clothes for school. He is very self confident and knows and trusts his classmates. Still, he would like to look nice on the first day. Jin is likely to use problem solving as he purchases a new shirt for school?

Limited.

Pearla is trying to decide which of two plasma television sets she should purchase. One is more expensive than the other, but it has better resolution. Sound quality is the same on both television sets. They both come with remote controls, but Perla rarely uses a remote control so it is not a factor in her decision. Pearla is using _____ to make the decision?

Multiple criteria.

What do we mean when speaking of an organization's stakeholders?

...

Which of the following is a condition necessary for exchange to occur?

A mean of communication and voluntary participation.

Which of the following typically a responsibility of the marketing function in an organization?

Listen to the market.

What do we mean when speak of an organization's stakeholders?

Any Individual or organization that is affected by what the company does and how well it performs.

Which of the following statements about understanding consumer needs is TRUE?

The benefit that an individual consumer receives from a product is in the mind of the consumer.

What did your instructor mean when he mentioned the concept of cognitive miserliness?

That peple do as little "thinking" as possible when making a decision.

Pearl is on her way to a party. She turns on her digital camera and notices that the batteries are almost dead. Pearl is likely to engage in _____ problem solving as she buys new batties?

Routine.

What is the difference between a relationship and an exchange?

Relationship marketing takes a longer-term perspective than exchange marketing.

The four P's are?

Product, price, promotion and distribution (place).

_____ refers ti the amount of time and effort a buyer invests in the search, evaluation and decision processes of consumer behavior.

Involvement.

What is the "pain threshold" for gadget buyers your textbook mentions?

Gadget buyers will try to figure out a confusing new product for about 20 minutes before giving up and returning it.

_____ is the basic unit of exchange?

A transaction.

According to your textbook, the value of customer satisfaction can be demonstrated by a study that showed reducing customer attrition by just 5-10% could increase annual profits by _____?

As much as 75%.

Companies adopting _____ focus on what it is that they can do best.

A production orientation.

Erik is going to buy a pair of running shoes. Which of the following factors would lead you to believe that buying running shoes is a HIGH involvement decision for Erik?

Erik really isn't into running but a friend told him that he needed to have the right kind of footwear or he be perceived as a loser by his friends.

Grocery stores frequently put new products in high visibility locations such as the end of an aisle or near the checkout lanes. This makes consumers who might be thinking about buying similar product aware of the new product. This tactic affects consumers who are in the _____ stage of the consumer buying process?

Information search.

Annabelle is in a hurry. She is on her way home from school and has to prepare for a job interview the next day. In addition, she has a term paper due in her "Philosophy of Pure Reasoning" class that is due the next day. When she is almost home, her roommate calls her on her cell phone and asks her to pick up some laundry detergent - it doesn't matter what kind - on her way home. Based on what you learned about eh consumer buying process, which strategy is Annabelle likely to use in identifying alternative laundry detergents?

Internal or memory based strategies because it is the least effortful approach.

Bruce has always wanted to own a Ferrari automobile. For him it will always be a dream because he will never be able to afford to buy one unless gets a better job and saves his money for several years. Is Bruce part of the potential market for Ferrari automobiles?

No because he does not have the money to buy a Ferrari.

A market-oriented organization targets its products at?

Specific groups of people.

Danielle is a very busy person. She works all day and goes to school at night. she is not always able to get the stores when they are open so she does much of her shopping on the internet. The internet offers her _____ utility?

Time.

What was your instructor talking about when he mentioned a "consideration set" during the lecture on the consumer buying process?

The subset of the alternatives identified during the search phase that the consumer evaluates before making a decision.

Tran has just completed a research project for his boss. He reviewed the political, legal, environmental and competitive factors that might have an impact on his company's ability to launch a new product. Which of the major marketing functions was Tran doing?

Listening to the market.

Which of the following statements best describes the consumer buying process discussed in class?

A consumer trying to satisfy a need through a purchase is actually solving a personal problem.

Jill has been sitting through Professor Robertson's class for almost an hour now. She didn't have time for breakfast because... well just because. It is now almost eleven o'clock and she realizes that she is very hungry. This is an example of _____ need recognition that the professor was talking about in class?

Internal.

Which of the following statements about the consumer buying process is TRUE?

The customer decides whether he/she is truly satisfied with the product after the decision has been made.

By definition, Marketing is an organizational function and a set of processes for creating, communicating, and delivering _____ and for managing customer relationships in ways that benefit the organization and its stakeholders?

Value of customers.

According to your instructor, the reason people experience buyers remorse after making a major purchase is because?

Once you have made a choice between two attractive alternatives, you experience a sense of loss over the alternative that you didn't choose.

According to your instructor, principles of marketing - understanding the needs of the customer and developing need-satisfying offerings - can help you in your life, not just in your business. For example, you could consider _____ as a marketing situation where you are the product.

Find a new job.

Which of the following is an example of a marketing-controlled source of information?

Product labels.

_____ is the benefits or value received by users of a product.

Utility.

Companies adopting _____ focus on what it is that they can do best.

A production orientation.

What is the market for a specific product?

All of the potential customers for the product.

Rafael is applying to graduate schools for admission to the MBA program. If he goes part time, it will take four years and cost several thousand dollars. Rafael believes that he needs the advanced degree to get a promotion at his job. Rafael is like to engage in _____ problem solving as he makes this decision?

Extended.

Which of the following people would most likely be a potential customer for a Ferrari luxury car?

A millionaire who already owns a Ferrari.

What is the difference between a need and a want as discussed in class?

A need is a perceived lack of something, a want is a culturally defined way to satisfy the need.

Many consumer product include a toll-free number on the package that you can call if you experience any problems with the product. In addition to assuring customers during the purchase stage, this customer service number helps consumer during the _____ stage f the consumer buying process?

Postpurchase behavior.

What is an attribute?

A quality or characteristic inherent in or ascribed to someone or something.

Marketers of _____ and _____ products have to use intrusive advertising in order to make consumers aware of them at the appropriate point in the consumer buying process?

New, unsought.

Grocery stores frequently out items such as candy bars or chewing gum next to the check-out lines. The reason is that simply seeing the candy display may make a consumer hungry for a candy bar. This tactic tends to affect consumers at the _____ stage of the consumer buying process.

Need recognition.

Of the three ways to satisfy a need discussed in class, which one is used to create exchanges?

Buy it.

What is the difference between a relationship and an exchange?

In a relationship, the transaction is influenced by the history of previous transactions, in an exchange the transaction stands on its own merits.

What is the societal marketing concept?

Organizations should satisfy the needs of consumers in away that provides for society's well being.

When we speak of a consumer, we are speaking...?

A person who purchases things for personal consumption.`

What do marketers mean when they speak of involvement as it relates to the consumer buying process?

The financial, social and psychological risk of the purchase to the person.

The best way to approach this class is to:

There is no "best" way to approach this class. It is designed so that each student can find the combination of content delivery, test taking, and interaction that meets his or her objectives for taking the class.

_____ utility relates to the satisfaction proud owners get from the products they own.

Possession.

Which of the following is an example of "listening" to the market?

Sandra reviews the J.D. Powers quality report for her product.

According to the material presented in class, marketing can be thought of as a(n) _____ or as a(n) _____?

Philosophy, business function.

Which of the following is a condition necessary for an exchange to occur?

There must be at least two parties involve.

By definition, _____ is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders?

Marketing.

The second stage of the consumer buying process is?

Information search.

The two phases of developing marketing programs are?

Planning and implementation.

_____ utility is associated with the physical or chemical changes that make a product more valuable.

Form.

Serge is developing a line of healthy hamburgers. He has conducted market research where he asked people in a group setting what they prefer in a healthy food. Everybody said that the most important feature in healthy food is low fat content. Based on this Serge is planning to introduce a hamburger with the lowest fat content of any hamburger on the market. Will the product be successful?

Probably not because, although people say they want low fat in a hamburger, what they really want is a hamburger that tastes good. People are not always aware of what their true motivations are.

Companies adopting _____ believe that aggressive sales techniques will result in more sales and high profits.

A sales orientation.

______ utility exists when a product is readily accessible to potential customers.

Place.

Bruce just purchased a new dishwasher for his home. It was a pretty ecpensive purchase for him and he had spent several days researching alternatives. After the dishwasher had been installed and was working properly, Bruce found that he couldn't sleep that night because he was worrying whether he had spent too much money on the dishwasher. This is a classic case of?

Buyer's remorse.

Erik is going to buy a pair of running shoes. Which of the following factors would lead you to believe that buying running shoes is a LOW involvement decision for Erik?

Erik has purchased many pairs of running shoes in the past and has a favorite brand.

Which of the following statements about the consumer buying process is FALSE?

Different people will go through the stages of the consumer buying process in a different order.

Which of the following typically a responsibility of the marketing function in an organization?

Create need-satisfying offerings.

The first stage of the consumer buying process is:

Where a consumer realizes that there is something he or she lacks.

What is the difference between a relationship and an exchange?

It may be good business to lose money on a transaction in a relationship, it is rarely good business to lose money on a transaction in an exchange.

According to your textbook, one of the most common ways consumers recognize they have unmet needs is when...?

There are about to run out of something they generally keep on hand.

Sales-oriented organizations generate sales volume through intensive...

Promotional activities.

Companies adopting _____ believes that the organization exists to satisfy customers wants and needs.

A marketing orientation.

Which of the following statements about a consumer is FALSE?

Consumers have similar tastes.

_____ is the relationship between benefits received and their cost.

Value.

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