St. Leo ACCOUNTING 560 Accounting Marketing CH 7 – 8 Quiz

1. Question : If a marketing manager segments the market into culture-oriented, sports-oriented, or outdoor-oriented groups, he or she is segmenting on the basis of ________. Student Answer: personality behavioral occasions user status psychographic lifestyle readiness stage 2. Question : ________ is composed of all parties who participate in the purchasing decision-making process and share common goals and risks associated with their decisions. Student Answer: The buying center The marketing sales team Strategic management Engineering support The logistics center 3. Question : In order to successfully develop customer reference stories, firms should ________. Student Answer: state the customer’s needs in compelling terms use very few direct customer quotes avoid referencing the barriers to satisfying customer needs describe the company’s solution in terms of products and services focus on qualitative results 4. Question : If a buyer is loyal to two or three different brands of soap, this buyer’s loyalty status can be described as being among the ________. Student Answer: switchers shifting loyals split loyals hard-core loyals antiloyals 5. Question : Which of the following methods may be used by buyers to review the performance of chosen suppliers? Student Answer: The buyer may contact the end users and ask for their evaluations. The buyer may rate the supplier on several criteria using a weighted-score method. The buyer might aggregate the cost of poor performance to come up with adjusted costs of purchase, including price. All of the above None of the above 6. Question : Which of the following statements about market segmentation is true? Student Answer: It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market. It is a process of evaluating each segment’s attractiveness and selecting one or more to enter. It is a process of creating an image or identity of the product in the minds of the target market. It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants. It is the quality of how marketers go to market with the goal of optimizing their spending to achieve good results. 7. Question : Business buyers are ultimately purchasing solutions to two problems: the organization’s economic and strategic problem and ________. Student Answer: their own personal need for individual achievement and reward the community’s continued health and well-being the fulfillment of the company’s social impact goals to maximize overall firm performance none of the above 8. Question : The ________ consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others. Student Answer: business market consumer market e-commerce market global market supplier market 9. Question : Procter & Gamble has many soap brands. One reason for this is that soap users tend to group together in terms of preferences such as bleaching action, softness, stain removal, et cetera. Which of the following preferences pattern would most likely apply to P&G’s method of response to market needs? Student Answer: Homogeneous preferences Diffused preferences Clustered preferences Psychological preferences Cultural preferences 10. Question : According to PRIZM, the ________ cluster is characterized as being in their late forties and fifties, college-educated, upper-middle-class homeowners that married late and are still raising children in comfortable suburban subdivisions and are still pursuing kid-centered lifestyles? Student Answer: Cosmopolitans Beltway Boomers Young Digerati Winner’s Circle Old Milltowns 11. Question : The purchasing department buys office supplies on a routine basis. This type of purchase is classified as a ________. Student Answer: straight rebuy modified rebuy new task secondary purchase preordained purchase 12. Question : The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care. Student Answer: vertical nonprofit spot secondary business institutional 13. Question : ________ is a key industrial marketing strategy in bidding to build large-scale industrial products (e.g., dams, pipelines, et cetera). Student Answer: Systems contracting Systems buying Systems selling Solutions buying Turnkey logistics 14. Question : If Ampex Support Systems is the single supplier for a local manufacturing company’s MRO (maintenance, repair, operating) supplies and needs, Ampex Support Systems is considered as providing ________ for the manufacturer. Student Answer: systems buying purchasing support turnkey logistics decision support systems contracting 15. Question : In the proposal solicitation process, ________ should be marketing documents that describe value and benefits in customer terms. Student Answer: written proposals oral proposals e-proposals alliance proposals global proposals 16. Question : Many business buyers prefer to buy a total solution to a problem from one seller. ________ is the correct term for this process. Student Answer: Channel consolidation Systems buying Vertical buying Horizontal buying Supply buying 17. Question : Mothers-to-be are potential users who will turn into heavy users of infant products and services. By targeting mothers-to-be as future heavy users, producers of these products and services are segmenting consumers on the basis of ________. Student Answer: usage rate buyer-readiness stage loyalty status user status benefits 18. Question : ________ is the strategic coordination of economic, psychological, political, and public relations skills, to gain the cooperation of a number of parties in order to enter or operate in a given market. Student Answer: Metamarketing Macromarketing Micromarketing Megamarketing Modular marketing 19. Question : Webster and Wind define ________ as the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers. Student Answer: marketing channels organizational buying demand-oriented buying purchasing inventory control 20. Question : A behavioral segmentation method related to the Conversion Model is the Gravity of Decision Spectrum. On the shallow end of the spectrum, consumers seek products and services they think will ________. Student Answer: make them appear more wealthy than they are help them save face in publicly visible situations reinforce their emotional stability align with their core values and beliefs save them time, effort, and money