BUSINESS DYNAMICS FINAL PART 1 FALL 2024 (PLEASE READ DESCRIPTION) - Chapters 13, 14, 15, 16

Based off the questions from the McGraw Hill textbook quizzes since that's what our midterm was like. Each quiz has 2 attempts, so these questions are based off both attempts for the most part. Only was able to do one attempt of quiz 13 though. THIS SET MIGHT NOT INCLUDE ALL POSSIBLE QUESTIONS!

Jahzara found success as an entrepreneur by employing a relationship marketing strategy. The goal of this strategy is to…

work closely with existing customers to better satisfy their wants and needs

A firm’s marketing mix consists of four major components, which are generally referred to as the four…

P’s

What is the best example of a market?

senior citizens willing and able to visit Alaska

B2B markets tend to be

geographically concentrated

Which action would best benefit the development of niche marketing?

manufacturing improvement enabling firms to more efficiently design and produce specialized products for small groups of consumers

Why would companies use a marketing segmentation strategy?

with limited resources, firms can better satisfy the wants and needs of a smaller target market

The goal of ____ is to keep individual customers over time by offering them new products that exactly meet their requirements

relationship marketing

Which task would be included in the marketing mix?

evaluating distribution alternatives to determine the best way to get the product to the consumer

the two major types of markets are the…

consumer market and the B2B market

Ahmad is a marketing manager for Database Services. He has been looking at a variety of factors, such as technological, sociocultural, and economic trends, as well as competitive conditions. Ahmad is confident that these factors will impact the firm’s future marketing success. His efforts are an example of

environmental scanning

The last step in the marketing process often includes

building relationships with customers

What term identifies individuals that want goods and services for personal consumption and have the resources to buy them?

consumer market

Consumer decisions regarding the products they buy are often influenced by their nationality or ethnic origin. This means that marketers realize that the consumer decision-making process is impacted by the consumers'

subculture

Which statement about marketing is the most accurate?

Marketers recognize the need to learn as much as possible about customers and do everything possible to satisfy them.

One of the social trends that marketers must monitor to maintain their close relationship with customers is the

increase in the number of older Americans

VIP Car Group manufactures several models to satisfy the different tastes and lifestyles of its customers. Customers who want traditional SUV luxury and leather interiors often prefer the Platinum model. Silver customers might be described as sportier and typically women. Fans of the Bronze model may include a group that is seldom over 30 years of age, typically male, and have often served in the U.S. military. By recognizing differences in its customers and using different characteristics to define its customers, VIP Car Group is

segmenting the market

According to the __________Blank concept, a firm must

1. find out what customers want and provide it

2. make sure everyone in the organization has customer satisfaction as an objective

3. provide goods and services that will earn a profit.

marketing

__________ is the process of identifying factors that can affect marketing success.

environmental scanning

During the __________ era, the prevalent business philosophy turned from an emphasis on production to an emphasis on advertising and selling.

selling

The significant increase in consumer demand following WWII marked the beginning of the…

marketing concept era

People with unsatisfied wants and needs who have both the ability and the willingness to buy are

a market

After years of using a mass marketing strategy, Celebration Party Rentals has responded to new competition from larger companies by focusing on small market segments that have been ignored by these competitors. Celebration believes that by offering these market segments personalized customer service, it can attract a loyal group of customers willing to pay premium prices. What is this company’s strategy known as?

niche marketing

While the four Ps help us remember the basics components of the __________, they don't reveal all the components in the marketing process.

marketing mix

What function is a part of the marketing process?

determining an appropriate brand name for a new product

contacting customers after a sale to reassure them that they made the right decision is intended to offset

cognitive dissonance

The __________ market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others.

B2B

Gianna, a sophomore in college, is contemplating majoring in marketing. She asked several friends for advice and their comments are listed below. Which comment is the most accurate and likely to help Gianna?

marketing offers business students a wide array of career options

Tandoori House Inc. is a chain of restaurants featuring authentic and affordable Indian cuisine around the United States. The company is looking to expand its reach and to improve its menu. What is an example of secondary data the owners of Tandoori House might find useful?

information published by the U.S. Census Bureau that identifies U.S. regions experiencing rapid growth in Asian Indian population

__________ is 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.

marketing

Firms that have adopted _________ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time.

customer relationship management

which statement about B2B market is true?

industrial buyers are usually large

Landon, a marketing manager for Siegal Home Renovations, is discouraged with the way his organization markets its services. Currently Siegal Renovations utilizes a strategy aimed toward the largest possible number of people. The company also relies heavily on television advertising. Landon protests to management that the company is not listening to its customers and is in danger of losing many of them to firms that create a personal dialogue with their buyers. What does Siegal Home Renovations currently practice?

mass marketing

what refers to the process of dividing the total market into several groups with similar characteristics?

market segmentation

Zac came up with an idea for a more durable soccer ball and developed a prototype. After setting a price with a reasonable margin, he decided to take special orders and sell the balls directly from his garage. He also promoted the ball with sales calls to professional soccer camps, where players could try out his product. In marketing terms, we recognize that Zac has been determining the factors in the

marketing mix

Child’s Play Indoor Fun Center is preparing to open its newest children’s party site. Once open, the marketing department will be collecting information on what customers want while they are at an event at the new location. The marketing research team for Child’s Play will create original surveys with targeted questions to help collect reliable information. This type of research is described by marketing professionals as the collection of

primary data

In an effort to increase profits, Tony’s Italian Kitchen is attempting to appeal to a specific segment of the market by offering a weeknight carryout special designed to feed a family of four. This effort, designed to identify specific groups that can be profitably served, represents an example of

target marketing

A firm that uses ____ segmentation divides a market into groups based on values, attitudes, or interests

psychographic

According to the Spotlight on Small Business box, small businesses can make big money by…

creating a customized experience for buyers

A comparison of the marketing concept and customer relationship management indicates that customer relationship management

extends the marketing concept by calling for the firm to learn more about its customers so that it not only satisfies them, but exceeds their expectations over time.

Which strategy is most consistent with a relationship marketing strategy?

developing a website that seeks customer feedback and allows customers to communicate with the company

the pillsbury doughboy is an example of a

trademark

what is a potential problem with high-low pricing strategy?

it teaches customers to wait for sales, and therefore reduces profits

a competition-based pricing strategy in which all the competitors in an industry follow the pricing practices of one or more dominant firms is known as…

price leadership

Kennedy wants to know how many units she must sell to cover all of her costs. She indicates to you that her selling price is $25 per unit, her fixed costs are $10,000, and the variable costs per unit are $15. What is her break-even point?

1000 units; $10,000 fixed costs/($25 selling price − $15 variable costs) = 1000 units.

Drone Star’s promotional efforts are intended to increase the public's awareness of its new product's benefits and uses. This effort is consistent with the __________ stage of the product life cycle model

growth

a graphic apple with a bite out of it represents the _____ of Apple Inc

trademark

As a manager at A&B Foods International, Theo is responsible for the firm's Smoothe brand of cream cheese. He recently approved a proposal to test market new cream cheese flavors. He is also considering the possibility of lowering the price of the product, and initiating a new advertising campaign. Theo serves as a

brand manager

An office supplies company utilizes a strategy of low-priced pens and markers to attract customers and discourage competition. This represents a __________ strategy.

penetration

Operating in the southwestern states, Starjet Airlines hopes to avoid entering the price war that currently is taking place between several airlines on the east coast. One strategy to avoid severe price competition and attract customers to fly Starjet is to

provide frequent travelers the added value of special fringe benefits

The __________ is a theoretical model that describes the sales and profit performance of a product class over time.

product life cycle

The Dr Pepper Company produces Dr Pepper, Dr Pepper & Cream Soda, Diet Dr Pepper, and Dr Pepper Zero Sugar, along with a number of other flavors. These products are part of Dr Pepper’s…

product line

what is a characteristic of the decline stage of the product life cycle?

falling sales

this trend away from personal salespeople to self-service in many retail outlets has caused firms to…

place a greater promotional importance on packaging

the combination of product lines offered by a manufacturer is called the firm’s

product mix

When a brand becomes commonplace and identified with a category of goods rather than the unique product of a specific manufacturer, the brand may become a

generic name

"It’s berry-delicious!" is an advertising slogan for a new chewable vitamin. The manufacturer claims that their vitamin is of a higher quality and tastes better than any competing brand. These claims are part of the firm's strategy to achieve

product differentiation

which strategy establishes a price based on the actions of rival firms?

competition-based pricing

Many supermarkets carry plain packages that only identify the name of the product that is inside. For example, a label may read simply "oatmeal" or "chicken broth." These goods represent

generic goods

Lee Anne’s company plans to bid on construction of a bandshell for the community park. When putting together her bid, Lee Anne began by determining what the city would be willing to pay for the structure, and then subtracting a reasonable profit for the company. The result would be the cost of production. For example: If price to city = $8 million, and company profit margin = $3 million, the cost to produce cannot exceed $5 million. [$8 million − $3 million = $5 million.] The demand-based pricing strategy in this example is called…

target costing

what is the final stage in the theoretical product life cycle?

decline

knockoff brands are ____ copies of national brand-name goods

illegal

Owner Lloyd Frank decided to make a gutsy move with his high-end Boogie Shoes stores. Rather than focus on the upscale, luxury market that the store attracted for years, he focused on bringing in shoes with more mass appeal. The stores succeeded in turning around downward trending sales. In conjunction with your understanding of the product life cycle, which statement summarizes the marketing strategy?

Boogie Shoes recognized that it was not competing well with its traditional higher income market. It decided to change its product offering and price to appeal to a broader market and increase sales and profits.

Many products are promoted by emphasizing their key benefits, rather than setting the price lower than that of competitive goods. This emphasis on the product's benefits illustrates a(n) _________ strategy.

nonprice competition

As a graphic artist, Bence has just finished a new calendar. The calendar cost him $1.00 for the glossy paper, $3.00 for the six-color production, and $.50 for the plastic wire that holds it together at the top. The labor in developing the design was 4 hours of work at $50/hour, and labor is being added to the rest of the fixed costs of $500.00. At a price of $15.00 per calendar, how many calendars will Bence need to produce and sell in order to break even (cover all his costs, but not make a profit)?

67 calendars; Break-even point = total fixed costs ÷ (price per unit − variable costs per unit). In this case, BEP = $700 ÷ ($15.00 per unit − $4.50 per unit). BEP = 66.66 or 67 calendars. [Variable costs in this problem = $1.00 + $3.00 + $0.50 = $4.50.]

Duckworth Manufacturing acquired several pieces of expensive heavy machinery it intends to use in its operations. As an industrial good, this heavy machinery represents…

an installation

in evaluating colleges, students and parents are likely to judge a school…

by the collection of benefits offered by the school

which statement regarding convenience goods and services is accurate?

brand awareness and image are important in marketing these products

products that carry the name of a distributor or a retailer instead of the manufacturer’s name are called

dealer (private) brands

brand ____ refers to the value of a brand name and associated symbols

equity

Jamal has a contract to design an online simulation model for training national guard units. The contract calls for the final price to be set at a fixed percentage profit over and above the cost of production. This seems to represent a …

cost-based pricing strategy

Firms utilize __________ when they attempt to add value to their product by offering service after the sale, product style, or interactive customer websites.

nonprice competition

nonbranded products that sell below the price of national brands, have very basic packaging, and are backed with little to no advertising are called

generic goods

____ costs are those costs that change as the level of production changes

variable

A __________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.

brand

The cost of raw materials used to produce a good or service, as well as the costs of labor for making those goods, represent the firm's __________costs.

variable

once a good or service nears the end of its product life cycle, the firm recognizes that

it can return to an earlier stage through creative marketing

computers, copiers, and printers used by businesses would be classified as

accessory equipment

The __________ strategy maintains low prices and typically does not have special sales.

everyday low pricing (EDLP)

Mindent is a new brand of chewing gum. The company knows product location is very important since consumers want to buy this type of product with a minimum of effort. Mindent represents a(n)

convenience good

which products do consumers buy after comparing quality, price, and style from a variety of sellers?

shopping goods

the product life cycle consists of ____ stages

four

currently, which product would most likely be considered in the growth stage of the product life cycle?

VR games

product line

group of products that are physically similar or intended for a similar market; different types of one specific product, like Proctor and Gamble’s many brands of laundry detergent

product mix

the combination of all product lines offered by a manufacturer; all of Proctor & Gambles’s product lines combined

attracting attention, describing contents, explaining benefits, and identifying product uses are all functions of…

packaging

the rent a firm pays each month for office space is an example of a

fixed cost

As a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires

a different marketing strategy

Northern Logistics is the one of the largest trucking companies in the Midwest. When the firm raised its prices by 11 percent, all of its competitors soon announced they too were raising their prices by 11 percent. It appears this industry is influenced by a __________ strategy.

price leadership

when reviewing the product life cycle model, it is important to remember that

it is a theoretical model that may not be followed by all products

Whenever Ariana Grande is seen on Instagram or another social media platform wearing MAC cosmetics, her fans flock to stores to buy the products. This is an example of…

brand association

One of the reasons marketers emphasize nonprice differences in their competitive strategies is because…

relatively similar products can be enhanced

Department stores often use __________ pricing in which they have regular prices that are relatively high, but offer special sales where prices are set lower than competitors.

high-low

Farm-n-Fresh Grocery operates a large chain of stores across the southeastern states. While Farm-n-Fresh doesn't actually produce any breakfast cereal, it markets a line of cereal under its own brand name that was produced by another company. These cereals represent a

dealer (private) brand

the stages of the product life cycle are

introduction, growth, maturity, and decline

a brand that has been given exclusive legal protection, such as the nike swoosh, is a

trademark

Drone Star’s promotional efforts are intended to increase the public's awareness of its new product's benefits and uses. This effort is consistent with the __________ stage of the product life cycle model.

introduction

when consumers calculate the value of a product, they

look at the benefits the product provides then subtract the cost

According to the Making Ethical Decisions box, there is more confusion growing around what makes a product "natural." What is the Food and Drug Administration (FDA) considering doing to alleviate the confusion?

creating a definition for “natural”

During the __________ stage of the product life cycle, sales reach a peak, profits are declining, and the number of competitors starts to decrease.

maturity

which product would normally be classified as a shopping good or service?

a smartphone