Liberty busi 520 – quiz 2 with correct answers

Question 1

________ is the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world.

Question 2

Brands that meet consumers’ initial buying criteria are called the ________. 

Question 3

Gordon Jones is considering purchasing a computer from Best Buy. He has created a scale for rating eight different computers on three different characteristics. He plans to short-list only those computers, that score at least a seven on his scale on all three characteristics. Which of the following choice heuristics has he chosen?

Question 4

The relatively homogeneous and enduring divisions in a society, which are hierarchically ordered and whose members share similar values, interests, and behavior constitute ________.

Question 5

Consumers who worry about the environment and want products to be produced in a sustainable way have been named ________.

Question 6

Ben always reaches for the bright blue and yellow box of Ritz crackers when he visits the snack food aisle in the grocery store. He rarely even reads the box or checks the price. Which of the following heuristics is most likely being used by Ben?

Question 7

Steve has only 20 minutes to have lunch. Although he really likes McDonald’s, the line is very long and he is concerned that he will not have a chance to get through

the line and eat his lunch before he is due back at work. Steve perceives ________ in going to McDonald’s today.

Question 8

Which of the following theories developed by Frederick Herzberg distinguishes dissatisfiers from satisfiers?

Question 9

A mobile phone manufacturing company observes that the main reason for an abrupt fall in their sales volume is the unconventional design of their phones that consumers found inconvenient and unattractive. The findings prompt the company to adopt a new strategy. They redesigned the product models keeping the requirements of the end-user in mind. According to the expectancy value-model, the company’s strategy can be termed as ________.

Question 10

Maria considers buying a car for herself, after she notices the advantages derived by her best friend from his new car. Which of the following forms of stimulus has

activated Maria’s problem recognition process?

Question 11

Which of the following is true for business marketers?

Question 12

The approach to cost reduction that studies whether components can be redesigned or standardized or made by cheaper methods of production without adversely impacting product performance is termed as ________.

Question 13

With respect to e-procurement, Coca-Cola, Sara Lee, Kraft, PepsiCo, P&G, and several other companies joined forces to form a ________ called Transora to use

their combined leverage to obtain lower prices for raw materials. 

Question 14

The partners in ________ systems are united in operational ways, but neither demonstrates structural commitment through legal means or adaptation. 

Question 15

Jason Riggs’ company is considered to be an in-supplier for a lawn mower manufacturer. However, recently the lawn mower company has put out a memo to in- and out-suppliers indicating that it would like to change product specifications and delivery schedules. Which of the following buying situations is most likely to be in operation given this data?

Question 16

In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer’s needs without expecting much adaptation or change on the part of the customer in exchange.

Question 17

In which of the following is a person performing the role of a gatekeeper? 

Question 18

The total demand for many business goods and services is not much affected by price changes. Thus, this demand is ________.

Question 19

Patrick J. Robinson and his associates have identified eight stages in the business buying-decision process. This model is called the ________ framework.

Question 20

According to Patrick J. Robinson, the eight stages in the business buying-decision process are known as ________.

Question 21

If an organization’s marketing department wished to create “segment storyboards” to test the attractiveness of each segment’s positioning strategy, this action would

most likely occur in the ________ step of the segmentation process. 

Question 22

A marketer is interested in segmenting a business market based on urgency of delivery and the size of the order. Which of the following major segmentation variables would the marketer most likely use to assist with the task?

Question 23

________ combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product service offering of their choice.

Question 24

All of the following are benefits of following the ________ approach to target market selection: a strong knowledge of the segment’s needs, a strong market presence, operating economies through specializing in production, distribution, and promotion.

Question 25

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 pursuing kid-centered lifestyles.

Question 26

A marketer is interested in segmenting a business market on ________ if the marketer intends to eventually segment the market based on loyalty and attitudes toward risk.

Question 27

In the ________ step of the market segmentation process, the marketer evaluates the segment using criteria such as market growth and market access. 

Question 29

Rock band Foo Fighters created a digital street team that sends targeted e-mail messages to members who receive exclusive news, previews, and opportunities to win prizes. The Foo Fighters are using ________ to reach Generation Y.

Question 30

Hilton Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more cosmopolitan. Southwestern hotels are more rustic.

This is an example of ________ segmentation.

Question 31

If a consumer, trying to decide between alternatives, believes that a particular brand delivers acceptable product performance and can be short listed, she is in

the ________ level of the brand dynamics pyramid.

Question 32

A parent brand that is associated with multiple products through brand extensions is also called a(n)________.

Question 33

With respect to the brand building pyramid, at which of the following “building block levels” would we expect the consumer to develop an intense, active loyalty?

Question 34

Brand ________ is the added value endowed to products and services. 

Question 35

________ are devices that can be trademarked and serve to identify and differentiate the brand.

Question 36

According to the BRANDZ model of brand strength, brand building involves people progressing through a sequential series of steps. Which of these steps convey the

message ” Nothing else beats this brand”? 

Question 37

Identify the four pillars of brand equity, according to brand asset valuator model. 

Question 38

From a marketing management perspective, there are three main sets of brand equity drivers. Which of these drivers was most applicable when McDonald’s decided to use the “golden arches” and Ronald McDonald as symbols of their brand?

Question 40

________ brands are positioned with respect to competitors’ brands so that more important (and more profitable) flagship brands can retain their desired positioning.

Question 41

________ are attributes or benefits that consumers view as essential to a legitimate and credible offering within a certain product or service class.

Question 43

Which of the following criteria relates to consumers seeing the brand association as personally relevant to them?

Question 44

Which element of a brand story framework do Randall Ringer and Michael Thibodeau relate to the time, place, and context of the brand story?

Question 46

The ________ attack attempts to capture a significant share of the consumer market by launching a grand offensive on several fronts.

Question 48

The key idea in successful nichemanship is specialization. Which of the following specialists would most closely be identified with the characterization of being an

organization that limits its selling to one customer?

Question 49

A marketing manager has decided to “leapfrog” competition by moving into cutting-edge technologies. This indirect approach to attacking competition can be characterized as ________.

Question 50

For a market challenger, attacking ________ is a high risk but potentially high payoff strategy, which also allows it to distance itself from other challengers.