Marketing MKT 300 Holly Hapke Exam 2 Study Guide and Practice
Questions
Business Markets - correct answer ✔✔ Individuals, organizations, or groups that purchase a
specific kind of product for resale, direct use in producing other products, or use in general daily
operations (B2B Markets)
Producer Markets - correct answer ✔✔ Individuals or business organizations that purchase
products in order to make a profit by using them in producing other products or in their
operations
Reseller Markets - correct answer ✔✔ Intermediaries(wholesalers) who buy finished goods and
resell them to final consumers for a profit
Government Markets - correct answer ✔✔ Federal, State, County, or local governments that
buy goods and services to support their internal operations and provide products to their
contituencies
Institutional Markets - correct answer ✔✔ Organizations with charitable, educational,
community, or other non-business goals
Reciprocity - correct answer ✔✔ An arrangement in which two organizations agree to buy from
eachother
New Task Purchase - correct answer ✔✔ An item is purchased to be used to perform a new job
or solve a new problem
Straight Rebuy - correct answer ✔✔ A routine purchase of same products under approximately
the same terms
,Modified Rebuy - correct answer ✔✔ A new-task purchase that is changed on subsequent
orders or when straight-rebuy requirements are modified
Buying Center - correct answer ✔✔ The group of people within the organization who make
business purchase decisions
Environmental influence - correct answer ✔✔ Include competitive and economic factors,
political forces, legal and regulatory forces, technological changes and sociocultural issues
Organizational Influences - correct answer ✔✔ Include company objectives, purchasing policies
and resources and size and composition of buying center
Interpersonal Influences - correct answer ✔✔ The relationships between people in the
business; trust and collaboration are important
Individual Influences - correct answer ✔✔ Personal Characteristics (age, education level,
personality, and tenure and position) of participants in the buying center
Born Globals - correct answer ✔✔ Firms that are international from their inception (Small-
technology based firms)
Sociocultural Factors - correct answer ✔✔ Marketing activities are influenced by beliefs and
values regarding family, religion, education, health, and recreation
NAFTA - correct answer ✔✔ Agreement that eliminates most tariffs and trade restrictions on
agricultural and manufactures products to encourage trade among Canada, the US, and Mexico
, WTO (World Trade Organization) - correct answer ✔✔ Internation Organization dealing with the
rules of trade between nations
Founded in 1995
Successor to GATT
153 members representing 95% of global trade
Importing - correct answer ✔✔ Purchase of product from foreign service
Export - correct answer ✔✔ The sale of products to foreign markets
Franchising - correct answer ✔✔ A form of licensing in which a franchiser, in exchange for a
financial commitment, grants the franchisee the right to market a product in accordance with
the franchiser's standards
Globalization - correct answer ✔✔ The development of marketing strategies that treat the
entire world as a single entity (entails producing standardized products, promotion campaigns,
prices, and distribution channels for all markets)
Digital Media - correct answer ✔✔ Electronic media that function using digital codes(rather
than film, or magnetic media)
Addressability - correct answer ✔✔ The ability of the marketer to identify customers before
they make a purchase
Interactivity - correct answer ✔✔ Allows customers to express their needs and wants directly to
the firm in response to its communications
Accessibility - correct answer ✔✔ The ability to obtain digital information on competing
products, prices, reviews, and details on firms
Questions
Business Markets - correct answer ✔✔ Individuals, organizations, or groups that purchase a
specific kind of product for resale, direct use in producing other products, or use in general daily
operations (B2B Markets)
Producer Markets - correct answer ✔✔ Individuals or business organizations that purchase
products in order to make a profit by using them in producing other products or in their
operations
Reseller Markets - correct answer ✔✔ Intermediaries(wholesalers) who buy finished goods and
resell them to final consumers for a profit
Government Markets - correct answer ✔✔ Federal, State, County, or local governments that
buy goods and services to support their internal operations and provide products to their
contituencies
Institutional Markets - correct answer ✔✔ Organizations with charitable, educational,
community, or other non-business goals
Reciprocity - correct answer ✔✔ An arrangement in which two organizations agree to buy from
eachother
New Task Purchase - correct answer ✔✔ An item is purchased to be used to perform a new job
or solve a new problem
Straight Rebuy - correct answer ✔✔ A routine purchase of same products under approximately
the same terms
,Modified Rebuy - correct answer ✔✔ A new-task purchase that is changed on subsequent
orders or when straight-rebuy requirements are modified
Buying Center - correct answer ✔✔ The group of people within the organization who make
business purchase decisions
Environmental influence - correct answer ✔✔ Include competitive and economic factors,
political forces, legal and regulatory forces, technological changes and sociocultural issues
Organizational Influences - correct answer ✔✔ Include company objectives, purchasing policies
and resources and size and composition of buying center
Interpersonal Influences - correct answer ✔✔ The relationships between people in the
business; trust and collaboration are important
Individual Influences - correct answer ✔✔ Personal Characteristics (age, education level,
personality, and tenure and position) of participants in the buying center
Born Globals - correct answer ✔✔ Firms that are international from their inception (Small-
technology based firms)
Sociocultural Factors - correct answer ✔✔ Marketing activities are influenced by beliefs and
values regarding family, religion, education, health, and recreation
NAFTA - correct answer ✔✔ Agreement that eliminates most tariffs and trade restrictions on
agricultural and manufactures products to encourage trade among Canada, the US, and Mexico
, WTO (World Trade Organization) - correct answer ✔✔ Internation Organization dealing with the
rules of trade between nations
Founded in 1995
Successor to GATT
153 members representing 95% of global trade
Importing - correct answer ✔✔ Purchase of product from foreign service
Export - correct answer ✔✔ The sale of products to foreign markets
Franchising - correct answer ✔✔ A form of licensing in which a franchiser, in exchange for a
financial commitment, grants the franchisee the right to market a product in accordance with
the franchiser's standards
Globalization - correct answer ✔✔ The development of marketing strategies that treat the
entire world as a single entity (entails producing standardized products, promotion campaigns,
prices, and distribution channels for all markets)
Digital Media - correct answer ✔✔ Electronic media that function using digital codes(rather
than film, or magnetic media)
Addressability - correct answer ✔✔ The ability of the marketer to identify customers before
they make a purchase
Interactivity - correct answer ✔✔ Allows customers to express their needs and wants directly to
the firm in response to its communications
Accessibility - correct answer ✔✔ The ability to obtain digital information on competing
products, prices, reviews, and details on firms
