Mizzou Marketing 3000 Exam 2

Which of the following is the most frequently used marketing stimulus used to trigger "problem/need recognition" with consumers?

Promotion (advertising)

What are sales and profits doing during the product life cycle stage where role models (who influence others) are targeted?

Growing

The perishability of services requires that which of the following is needed?

A recovery strategy and flexible pricing

Generally, the most important determinant of social class is which of the following?

Occupation

New product development is important for which of the following reasons?

All of the above

Which of the following is something marketers can do to reduce a consumers information search cost?

Provide point of purchase information

Which of the following is difficult for marketers to uncover?

Motives

Which of the following is an example of a service that has some success in marrying customer and employee interests?

Southwest Airlines

Which of the following is a demand condition that when at a high level, makes a national market more attractive?

Demanding customers

One may think of all ____________ as having tangible and intangible components.

Offerings

Ideally, companies that seek international growth evolve over time into which of the following orientations?

Geocentric

Which of the following characteristics of services results in situations where on customer can affect the experience of another customer?

Simultaneous production and consumption

When a company introduces additional items in a given product category under the same brand name is called?

Line extension

According to the text, one key to successful international marketing is which of the following?

Understanding the differences between national cultures

Which of the following is the most important thing a product can have for it to survive?

A distinctive benefit

Which of the market entry strategies has the disadvantage that it may help to create a strong competitor?

Licensing

According to the desirable qualities for a brand name mentioned in the text, which of the following is not a good brand name?

I can't believe it's not butter (vegetable oil spread)

According to what we know about learning, which of the following is a way for marketers to increase demand for their offerings?

All of the above

Which of the following is a measure of a brand's equity?

The extent to which customers are willing to pay more for the brand

Generally, the most important group influence is which of the following?

Family

In which of the Product Life Cycle stage does competition from outside the product class increase while sales/profits decrease?

Decline

In class, what was used as an example of a technology driver?

Corning's glass knowledge

In class, what was given as an example of innovation that had a diffusion advantage because it is "easily observed"?

Smart watch (Apple watch)

What is the first step in the new product development process for a single product?

Idea generation

According to class discussion, one example of firms trying to take advantage of the availability bias is what?

The frequency of fast food ads

What is a major consideration with sustainable development?

Ensuring that growth in the present doesn't sacrifice future opportunities

One of the ways to foster economic growth and environmental safety at the same time is by doing what?

Target "green" segments

One of the biggest challenges to sustainable development is?

Conflicting interests

What was the main purpose of the "Sustainability and Consumption" article?

To raise the salience and importance of the issue

According to the authors of the "Sustainability and Consumption" article, what type of advertising was describes as "dreamlike"?

Image-based advertising

According to the "Happiness" class discussion how did Sean Achor say we should view our jobs?

As a career or calling

What was mentioned by a student as an "innate need"?

Sleep

Generally, the most important influence is?

Family

When a company introduces additional items in a given product category under the same brand name, this is called a __________________.

Line extension

According to the Competitive Advantage of Nations model, which condition hurts national competitive advantage?

Less Demanding Customers

Which of the following is a demand condition that when at a high level, makes a national market most attractive?

Demanding customers

Which of the global market entry strategies would you use if you wanted to learn about a new market environment?

Joint Venture

Which of the global market entry strategies would you use if you wanted to generate revenue flow with little added investment?

Licensing

What is a limitation of Hofstede's Cultural Typology?

It ignores subcultures, demographics, etc.

In what type of culture would one finds ads featuring groups of people?

Collectivist culture

Which world view is "Think globally, act locally"?

Geocentric

The fundamental asset underlying brand equity is __________?

The value of the customer relationship the brand creates

The fastest growing licensing category is ___________?

Cooperate brand licensing

What is a desirable quality for a brand name according to the text?

Be suggestive about product benefits; Distinctive, easy to pronounce, recognize and remember, translate easily into foreign languages

The main advantage of a retailer using its own private brand is____________?

Higher profits

Private label brands account for about what % of U.S. store sales according to the text?

20%

What is the reason cited in the text for not branding?

When you can't guarantee consistent quality

According to the text, what is something marketers can do to reduce a consumers information search cost?

Provide point of purchase information

Which marketing mix component is most often used to stimulate "need recognition"

Promotion

The most basic cause of a person's wants and behaviors learned while growing up is?

Culture

The most important determinant of social class is?

Occupation

Suppose a Mizzou tennis player buys a pair of shoes she saw Serena Williams wearing on TV. Which type of influence is this?

Aspirational Group

Which stage of the product life cycle targets risk takers?

Introduction

When does competition from the outside-sales/profit decline?

Decrease/decline

In which of the Product Life Cycle stages does competition from within the product class decrease and "laggards" are targeted?

Decline

In which of the Product Life Cycle stages does the pioneer (first in the product category) make efforts to stimulate primary demand?

Introduction

The amount of time spent in the information search and alternative evaluation stages is dependent on the buyers' level of _____________?

Involvement

What are the stages of the consumer buying process?

A1: Need Recognition

B2: Identification of alternatives (info search)

C3: Alternative evaluation

D4: Purchase decision

E5: Post purchase behavior

What usually follows the need for recognition in the consumer buying process?

A search for information about alternatives

What is the trio of the needs?

Power, affiliation, achievement

Which are the most important needs?

Innate needs

What is the most powerful internal search for alternative products?

Past experiences

What is the most powerful marketing source of information?

A trial (customer trying a product)

Which of the following consumer behavior tendencies best explains why some store sales where prices are marked down are so effective?

Anchor and adjustment

According to expectancy gap theory, what would produce the highest level of customer satisfaction?

Seeing an average movie after hearing how bad it was

Which is a measure of brand equity?

The extent to which customers are willing to pay for a brand