For answers go to https://www.homeworksimple.com/downloads/busi-330-midterm/ BUSI 330 Midterm 1. Which of the following conditions are necessary for marketing to occur? 2. In a marketing context, a market refers to 3. The trade of things of value between buyer and seller so that each is better off after the trade is referred to as __________. 4. Which of the following products mentioned in Chapter 1 of the textbook failed in the marketplace? 5. The marketing manager's controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem are referred to as the __________. 6. An organization that focuses its efforts on: (1) continuously collecting information about customers' needs; (2) sharing this information across departments; and (3) using it to create customer value is said to have a 7. The value to consumers that comes from making an item easy to purchase through the provision of credit cards and financial arrangements constitutes _________ utility. 8. Which of the following statements about marketing departments is most accurate?

1. For answers go to
https://www.homeworksimple.com/downloads/busi-330-midterm/
BUSI 330 Midterm
1. Which of the following conditions are necessary for marketing to occur?
2. In a marketing context, a market refers to
3. The trade of things of value between buyer and seller so that each is better off after the
trade is referred to as __________.
4. Which of the following products mentioned in Chapter 1 of the textbook failed in the
marketplace?
5. The marketing manager's controllable factors—product, price, promotion, and place—
that can be used to solve a marketing problem are referred to as the __________.
6. An organization that focuses its efforts on: (1) continuously collecting information about
customers' needs; (2) sharing this information across departments; and (3) using it to
create customer value is said to have a
7. The value to consumers that comes from making an item easy to purchase through the
provision of credit cards and financial arrangements constitutes _________ utility.
8. Which of the following statements about marketing departments is most accurate?
9. To serve both buyers and sellers, marketing seeks to discover and __________ the needs
and wants of prospective customers.
10. Which of the following was LEAST challenging as a pre‑launch issue for 3M as it
introduced the Post‑it® Flag Highlighter?
11. A student would like to buy cross‑over SUV from a local dealer, but she thinks the
payments will be too high. Marketing does not occur in this situation because
12. The element of the marketing mix demonstrated when an art gallery suggests a $2.00
donation at the door is __________.
13. A business model

2. 14. Quadrant "A" in Figure 2‑5 above represents the marketing strategy of __________.
15. "HowAboutWe is the fastest, easiest, most fun way to go on awesome dates" is the
__________ for the online dating service that focuses on setting up actual activities as
dates for its users.
16. The BCG has given specific names and descriptions to the four resulting quadrants in its
growth‑share matrix based on the amount of cash they generate for or require from the
organization. "Dogs" are located in which quadrant of the BCG growth‑share matrix?
17. Statements of an accomplishment of a task to be achieved, often by a specific time are
referred to as __________.
18. If Dr. Pepper plans to grow its proportion of the flavors segment of carbonated soft drink
industry to 45%, it has set a(n) __________ goal.
19. In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business
units, or SBUs, the horizontal axis reflects __________.
20. A key role of the marketing department is to "look outward." This is accomplished by
21. Successful organizations must be visionary, which includes the ability to
22. Recently, many organizations have added __________ to their mission statements.
23. Customers' perceptions are of vital important to an organization. Customer __________
can be measured with surveys or by the number of customer complaints an organization
receives.
24. A mission statement includes all of the following elements EXCEPT:
25. One way a company can benefit from implementing a market penetration strategy would
be to
26. Social responsibility refers to
27. The Securities and Exchange Commission (SEC) works hard to prevent unscrupulous
companies from "cooking" their books to paint investors and regulators a better financial

3. picture than they really have. Yet, in the end, it is up to investors to research the
companies in which they want to invest because __________ is the norm when investing
in the stock market.
28. The Better Business Bureau
29. Olay's promotions for its Total Effects cleansing cloths, which fight signs of aging, are
targeted toward
30. Small businesses make up the majority of the competitive landscape for most businesses.
There are approximately __________ small businesses in the United States.
31. In a recent issue of AARP The Magazine, a print ad for State Farm Insurance annuities
advises readers that "The company has helped you enjoy your time with the kids and it
can now help you enjoy your time without them." The ad is most likely targeted toward
which generational cohort?
32. Generation Y is sometimes referred to as
33. Cloud computing, such as Apple's iCloud, enables businesses and consumers to share
one's data or use a firm's software application like Microsoft Office directly from that
firm's or a third party's server over the Internet rather than having that data file or
program reside on a personal computer. This is an example of a change in the
__________ marketing environment.
34. The Lanham Act (1946)
35. Publishers were surprised by the dramatic success of the book Fifty Shades of Grey and
believe that it will likely generate a fresh cycle of female‑targeted romances packaged
for the mainstream reader. This is an example of a(n) __________ force impacting the
marketing environment.
36. The Consumer Bill of Rights refers to a law that
37. By 2015, which racial or ethnic group will have the greatest economic impact in the U.S.
in terms of its buying power?
38. The set of values, ideas, and attitudes that are learned and shared among the members of
a group is referred to as __________.

4. 39. Figure 4‑5 above depicts the ___________.
40. Many automobile dealerships employ a non‑negotiable or "no haggle" price strategy to
sell their cars. A customer who wants to buy a new or used car would pay the posted
price. These dealers probably adopted this pricing policy because
41. Which of the following statements about the family life cycle is most accurate?
42. The energizing force that stimulates behavior to satisfy a need is referred to as a(n)
43. Scanning your memory for previous experiences with products or brands is called
44. If McNeil Consumer Healthcare uses the same brand name for different products such as
Tylenol Cold & Flu and Tylenol P.M. based on behavioral theory, this strategy is an
example of
45. Five influences can have an impact on a consumer's purchase decision process, which are
purchase task, social surroundings, physical surroundings, temporal effects, and
antecedent states. These are referred to as
46. Consumers spend little time and effort evaluating alternatives in the purchase of table salt
and milk. The consumer purchase decision process for such staples involves __________,
which is virtually a habit and typifies low‑involvement decision‑making.
47. Which of the following statements about how women buy cars today is most accurate?
48. An example of a public source of information consulted during an external search would
include
49. A person's consistent behaviors or responses to recurring situations is referred to as

5. 50. Needs involving personal fulfillment are called __________.
51. Five situational influences have an impact on a consumer's purchase decision process.
They are: purchase task, __________, physical surroundings, temporal effects, and
antecedent states.
52. How might a marketing manager for a manufacturer of turboprop engines, used in private
jet planes, use the NAICS to help her with marketing planning?
53. Based on Figure 5‑1 above, what is the MOST LIKELY industry sector represented by
NAICS code 51?
54. A firm that reprocesses a product or service it buys before selling the product again to the
next buyer is referred to as a(n)
55. A straight rebuy is a(n) __________ while a modified rebuy is a(n) __________.
56. Reverse auctions
57. A buying center refers to
58. Which of the following is a service business within the industrial market?
59. A business market is also referred to as
60. During late summer and early fall, there is a large demand for containers located in Asia
that are used to ship consumer products from Asia to the United States in time for the
holiday selling season. The demand for these containers is referred to as __________
demand.
61. Trek uses several organizational buying criteria to evaluate potential suppliers. These
include all of the following EXCEPT:
62. Marketers need to understand their firms' buying centers. A series of questions can be
used to facilitate this process. Which of the following questions would be the LEAST
USEFUL when trying to understand the operations of a buying center?
63. Organizational buyers refer to

6. 64. Dell established its company primarily with direct telephone‑and Internet‑based sales. In
terms of Dell's global expansion strategy, which of the following statements is most
accurate?
65. Which of the following statements concerning currency exchange rates is most accurate?
66. Tariffs refer to
67. The political and regulatory climate for marketing in a country or region of the world
means not only identifying the current environment but also determining how
68. In terms of the global marketplace, there are three primary types of companies:
__________, multinational firms, and transnational firms.
69. To ensure the Breathe Right brand continues to meet growth expectations, CNS uses a
three‑stage approach to penetrate and develop new markets: (1) explore/test the concept;
(2) establish the product; and (3) __________.
70. Cultural symbols refer to
71. Figure 6‑5 above outlines the distribution channels through which a product
manufactured in one country must travel to reach its destination in another country.
Which letter in the figure ("A," "B," "C," "D," or "E") would identify intermediaries used
to move the product from one country to another?
72. The study of similarities and differences among consumers in two or more nations or
societies is referred to as __________.
73. McDonald's sells its popular Maharaja Mac that consists of two all‑chicken patties,
special sauce, lettuce, cheese, pickles, and onions on a sesame‑seed bun in __________.
74. Tiffany & Company knows that Japanese are superstitious about the number 4. As a
result, Tiffany sells its fine glassware and china in sets of five, not four, in Japan. Tiffany
has used its knowledge of __________ to avoid connecting its products with the number
4.
75. Once a company has decided to enter the global marketplace, it must select a means of
market entry. Four general options exist: (1) exporting; (2) licensing; (3) joint venture;
and (4) __________.
76. One test of whether marketing research should be done is if
77. What type of marketing uses high‑tech brain scanning instruments to record the brain's
responses to various marketing stimuli (package designs, brand logos, fragrances, TV
ads, and so on) via the five senses (sight, sound, smell, touch, and taste)?
78. The Internet sites for The Wall Street Journal, CNBC, and Fox Business News

7. 79. The approaches that can be used to collect data to solve all or part of a marketing
research problem are referred to as
80. A disadvantage of the mall intercept interview method is
81. All of the following are examples of marketing outcome data EXCEPT:
82. According to research conducted by Canadian cultural anthropologists, Canadians place a
high importance on personal relationships. This leads them to be extremely reluctant to
buy through an impersonal medium like a telephone. For an insurance company that was
hoping to sell insurance through telemarketers, this research would be an example of
83. According to Figure 7‑1 above, "obtain primary data" occurs during which step of the
five‑step marketing research approach?
84. The U.S. Census Bureau publishes the __________, which is conducted every five years
and contains detailed information on the number and sales of U.S. establishments that
produce goods or resources.
85. A collection of databases that store, organize, and manage data sources is called a
__________.
86. Brand guru Martin Lindstrom believes that traditional marketing research is wasted
because
87. The second step of the marketing research approach is to __________.

8. 88. In the Fisher‑Price photo above, a researcher watches a young child play with his toys.
This is an example of
89. Model E is a new type of car manufacturer that relies on the Internet to build new car
designs from prototypes to marketable vehicles much faster than ever before. "Think of
Model E as the Dell of the auto industry. We design just a few products that consumers
truly want, leveraging best‑in‑class components and micro‑factory approaches for rapid
design, launch, and direct delivery," said William Santana Li, president and CEO of
Model E. Model E manufactures each car when a customer chooses from a limited
number of options and orders. Model E relies on
90. Time magazine publishes over 100 different U.S. editions with common editorial content
(the same national and international stories). However, each edition is targeted at unique
geographic segments with its own set of advertisements. Time is using which of the
following segmentation strategies?
91. Building open and honest relationships with communication is an example of Zappos'
__________.
92. To create a market‑product grid for bed pillows, the most effective way to segment the
market would be using
93. ChoiceShirts is an online company that makes made‑to‑order T‑shirts. Its online
customers can order their shirts using any downloaded photo inserted into 600 templates
or even design a shirt from scratch. This is an example of
94. Four general categories used to segment consumer markets are geographic segmentation,
demographic segmentation, __________, and behavioral segmentation.
95. The first step in segmenting and targeting markets that links customer needs to marketing
actions is to
96. Which of the following is a criterion used for selecting a target market?

9. 97. Best Foods Company is considering expanding beyond the regional market segments
now served by its Hellmann's mayonnaise. One criterion management wants to use to
evaluate potential new geographic market segments is whether new equipment must be
bought to serve each new segment. This is an example of which criterion used to select
target market segments?
98. In analyzing patronage of fast‑food restaurants, people who most likely will never visit
one are referred to as
99. A market‑product grid is a framework to relate
100. Determining the size of specific markets within a market‑product grid is helpful in
determining which target market segments to select and