MARK 3336 EXAM 1 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
marketing research to gather preliminary information that will help define
problems and suggest hypotheses
Answer:
Exploratory Research
Question:
Marketing research
Answer:
the systematic design, collection, analysis, and reporting of data relevant to a
specific marketing situation facing an organization
Question:
marketing research to better describe marketing problems, situations, or markets,
such as the market potentioal for a product or the demographics and attitudes of
consumers
Answer:
descriptive research
Question:
secondary data
Answer:
information that already exists somewhere, having been collected for another
purpose
Question:
Customer Relationship Management (CRM)
Answer:
managing detailed information about individual customers and carefully
managing customer touch points to maximize customer loyalty
Question:
Internal database
Answer:
electronic collections of consumer and market information obtained from data
sources within the company network
Question:
macro environment
Answer:
the larger societal forces that affect the microenvironment.
- demographic
- economic
,- natural
- technological
- political and social
- cultural
- responding to the marketing environment
Question:
market segmentation
Answer:
dividing a market into distinct groups of buyers who have different needs,
characteristics, or behaviors, and who might require separate products or
marketing programs.
*Requirements for Effective Segmentation:
- Measurable
- Accessible
- Substantial
- Differentiable
- Actionable
Question:
the key business that makes up the company. A profit center which focuses on
product offering and market segment
Answer:
Strategic Business Unit (SBU)
Question:
consumer market
Answer:
all the individuals and households that buy or acquire goods and services for
personal consumption
Question:
the decision process by which business buyers determine which products and
services their organizations need to purchase and then find, evaluate, and choose
among alternative suppliers and brands
1) Problem Recognition
- The first stage of the business buying process, in which someone in the company
recognizes a problem or need that can be met by acquiring a good or a service
2) Information Search
- The second stage of the business buying process, in which specifications are
developed and suppliers are identified.
3) Alternative Evaluation
- The third stage of the business buying process, in which organizational buying
criteria are being evaluated: economic criteria, capabilities of the supplier,
familiarity of the supplier, and reliability of the supplier.
4) Purchase Decision
, - The fourth stage of the business buying process, in which quality, price, delivery,
and technical capability are being used as key buying criteria to select a supplier.
Then, they negotiate terms and award a contract.
5) Post-Purchase Behavior
- The fifth stage of the business buying process, in which the business uses a
formal vendor rating system to notify a supplier if the product does not meet their
quality standard. If the problem is not corrected, they drop the firm as a future
supplier.
Answer:
**Business Buying Process (5 Stages)
Question:
derived demand
Answer:
business demand that ultimately comes from (derives from) the demand for
consumer goods
*means that the demand for industrial products and services is driven by, or
derived from, demand for consumer products and services. Derived demand is
based on expectations of future consumer demand
Question:
all the individuals and units that play a role in the purchase decision-making
process. Includes all members of the organization who play any of 5 roles in the
purchase decision process:
1) Users - members of the organization who will use the product or service
2) Influencers - help define specifications and also provide information for
evaluating alternvatives
3) Buyers - have formal authority to select the supplier and arrange terms of
purchase
4) Deciders - have formal or informal power to select or approve the final
suppliers
5) Gatekeepers - control the flow of information to others
*several people in the organization participate in the buying process. The
individuals in this group, called a buying center, share common goals, risks, and
knowledge important to a purchase decision. For most large multistore chain
resellers, such as Sears, 7-Eleven convenience stores, Target, or Safeway, the
buying center is highly formalized and is called a buying committee. However,
most industrial firms or government units use informal groups of people or call
meetings to arrive at buying decisions. The importance of the buying center
requires that a firm marketing to many industrial firms and government units
understand the structure, the technical and business functions represented, and
the behavior of these groups. 1 9 Four questions provide guidance in
understanding the buying center in these organizations: (1) Which individuals are
in the buying center for the product or service? (2) What is the
relative influence of each member of the group? (3) What are the buying criteria
of each member? and (4) How does each member of the group perceive our firm,
our products and services, and our salespeople?
AND CORRECT ANSWERS
Question:
marketing research to gather preliminary information that will help define
problems and suggest hypotheses
Answer:
Exploratory Research
Question:
Marketing research
Answer:
the systematic design, collection, analysis, and reporting of data relevant to a
specific marketing situation facing an organization
Question:
marketing research to better describe marketing problems, situations, or markets,
such as the market potentioal for a product or the demographics and attitudes of
consumers
Answer:
descriptive research
Question:
secondary data
Answer:
information that already exists somewhere, having been collected for another
purpose
Question:
Customer Relationship Management (CRM)
Answer:
managing detailed information about individual customers and carefully
managing customer touch points to maximize customer loyalty
Question:
Internal database
Answer:
electronic collections of consumer and market information obtained from data
sources within the company network
Question:
macro environment
Answer:
the larger societal forces that affect the microenvironment.
- demographic
- economic
,- natural
- technological
- political and social
- cultural
- responding to the marketing environment
Question:
market segmentation
Answer:
dividing a market into distinct groups of buyers who have different needs,
characteristics, or behaviors, and who might require separate products or
marketing programs.
*Requirements for Effective Segmentation:
- Measurable
- Accessible
- Substantial
- Differentiable
- Actionable
Question:
the key business that makes up the company. A profit center which focuses on
product offering and market segment
Answer:
Strategic Business Unit (SBU)
Question:
consumer market
Answer:
all the individuals and households that buy or acquire goods and services for
personal consumption
Question:
the decision process by which business buyers determine which products and
services their organizations need to purchase and then find, evaluate, and choose
among alternative suppliers and brands
1) Problem Recognition
- The first stage of the business buying process, in which someone in the company
recognizes a problem or need that can be met by acquiring a good or a service
2) Information Search
- The second stage of the business buying process, in which specifications are
developed and suppliers are identified.
3) Alternative Evaluation
- The third stage of the business buying process, in which organizational buying
criteria are being evaluated: economic criteria, capabilities of the supplier,
familiarity of the supplier, and reliability of the supplier.
4) Purchase Decision
, - The fourth stage of the business buying process, in which quality, price, delivery,
and technical capability are being used as key buying criteria to select a supplier.
Then, they negotiate terms and award a contract.
5) Post-Purchase Behavior
- The fifth stage of the business buying process, in which the business uses a
formal vendor rating system to notify a supplier if the product does not meet their
quality standard. If the problem is not corrected, they drop the firm as a future
supplier.
Answer:
**Business Buying Process (5 Stages)
Question:
derived demand
Answer:
business demand that ultimately comes from (derives from) the demand for
consumer goods
*means that the demand for industrial products and services is driven by, or
derived from, demand for consumer products and services. Derived demand is
based on expectations of future consumer demand
Question:
all the individuals and units that play a role in the purchase decision-making
process. Includes all members of the organization who play any of 5 roles in the
purchase decision process:
1) Users - members of the organization who will use the product or service
2) Influencers - help define specifications and also provide information for
evaluating alternvatives
3) Buyers - have formal authority to select the supplier and arrange terms of
purchase
4) Deciders - have formal or informal power to select or approve the final
suppliers
5) Gatekeepers - control the flow of information to others
*several people in the organization participate in the buying process. The
individuals in this group, called a buying center, share common goals, risks, and
knowledge important to a purchase decision. For most large multistore chain
resellers, such as Sears, 7-Eleven convenience stores, Target, or Safeway, the
buying center is highly formalized and is called a buying committee. However,
most industrial firms or government units use informal groups of people or call
meetings to arrive at buying decisions. The importance of the buying center
requires that a firm marketing to many industrial firms and government units
understand the structure, the technical and business functions represented, and
the behavior of these groups. 1 9 Four questions provide guidance in
understanding the buying center in these organizations: (1) Which individuals are
in the buying center for the product or service? (2) What is the
relative influence of each member of the group? (3) What are the buying criteria
of each member? and (4) How does each member of the group perceive our firm,
our products and services, and our salespeople?
