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Exam: 080501RR – Understanding the Marketplace
1. Rick knows his company’s electronic components sales depend on sales of new cars. Rick’s company
faces _______ demand.
A. synthetic
B. situational
C. autocratic
D. derived
2. When entering a foreign market, the least risky strategy is
A. franchising.
B. joint venture.
C. exporting.
D. direct investment.
3. Business-to-business marketing refers to buying and selling goods or services by three of the following.
Which of the following does not buy and sell goods in business-to-business marketing?
A. Manufacturers
B. Consumers
C. Retailers
D. Government
4. One Laptop Per Child is a nonprofit initiative with the goal of making extremely low-cost laptops
available to children in the developing world, with the goal of helping them learn skills needed in today’s
workforce. If some of the low-cost technology developed for this laptop found its way into laptops created
for U.S. consumers, this would be an example of
A. a strategic alliance.
B. purchasing power parity.
C. reverse innovation.
D. glocalization.
5. Because they do so much driving while visiting doctors’ offices and hospitals, pharmaceutical sales
representatives are often given company cars to drive. When a pharmaceutical company like Merck is
preparing to purchase new company cars, feedback from sales reps will be sought on car models and
features, but the final decision will be made by higher levels of management. What role(s) do the sales reps
play in the buying center?
A. Initiators
B. Users and influencers
C. Influencers
D. Users and initiators
6. Manufacturers would prefer to produce in a country with a trade _______, because it signals a greater
opportunity to export products to more markets.
A. surplus.
B. culture.
C. deficit.
D. balance.
7. Phil put down the phone and told Alice, “I just love that customer. I got another big order, and they just
keep on coming.” Phil is most likely selling to a firm in what kind of buying situation?
A. Adapted buy
B. Generic buy
C. Modified rebuy
D. Straight rebuy
8. The consumer decision process model represents
A. the steps that consumers go through before, during, and after making purchases.
B. the predicted process consumers go through when shifting from an internal locus of control to an external locus of control.
C. the retrieval of an evoked set based on physiological needs.
D. the concept of habitual decision-making.
9. Marketers often use principles and theories from _______ to decipher many consumer actions and
develop basic strategies for dealing with their behavior.
A. sociology and psychology
B. physics and chemistry
C. English and mathematics
D. history and archeology
10. A _______ sets a limit on the amount of an imported item that can enter a country in a time period.
A. boycott
B. quota
C. tariff
D. duty
11. Andrea and Kerri got married a year ago and are ready to move out of their apartment and into a new
home. After looking at several houses, they have developed a list of features that are important to them and
that are different among the homes they’ve visited. The features on their list are called
A. an evoked set.
B. short lists.
C. perceived risk factors.
D. determinant attributes.
12. Typically, B2B buyers ask potential suppliers to
A. always be involved in reselling.
B. sponsor interviews with final customers to determine product needs.
C. submit formal proposals.
D. write the RFP for the buyer.
13. The Big Mac Index is a novel measure of
A. economic appetite.
B. purchasing power parity.
C. GDP.
D. per capita GNI.
14. Normally, BC bottling company attaches plastic labels to its bottles. However, a new regulation requires
that the company now use fabric labels. To use this latest innovation, BC bottling company must now
source these fabric labels from another company. This is an example of
A. a modified rebuy situation.
B. vendor analysis.
C. a straight rebuy situation.
D. need recognition.
15. Consumers frequently use the Internet during the _______ stage of the consumer decision process.
A. need recognition
B. situational factor analysis
C. information search
D. post-purchase evaluation
16. At many universities, faculty members in the education department were among the first to ask for
personal computers. These faculty members were _______ in the buying center.
A. initiators
B. users
C. buyers
D. influencers
17. Tariffs, quotas, antidumping laws, and currency exchange policies affect global
A. logistics.
B. advertising.
C. product design.
D. pricing strategies.
18. A/an _______ is a need or want that’s strong enough to cause the person to seek satisfaction.
End of exam
A. motive
B. price
C. attitude
D. perception
19. Mary wants to sell her products in Europe since they’re doing well in the United States. She doesn’t
have a lot of capital and is risk-averse, so she most likely would choose to begin with
A. entering a joint venture with a local firm.
B. making a direct investment in another country.
C. opening a franchise.
D. exporting her products.
20. For marketers, negative attitudes are typically difficult to change because
A. attitudes are learned and long lasting.
B. attitudes shift consumers from limited to extended problem-solving situations.
C. consumers weigh performance risk against functional needs when assessing their attitudes
D. most consumers’ attitudes depend on prices