BUSI 520 Quiz 2 - Question and Answers

BUSO 520 Quiz 2 1. ________ is a key industrial marketing strategy in bidding to build large-scale industrial products such as dams, pipelines, etc. 2. The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care. 3. Through its dedicated research team, CISCO Systems Inc. has developed new value-added business solutions which enable its variant class-II capacitors to provide incremental productivity of 10 to 20 percent over its competitors. This is an example of the solutions to ________ form of solution selling. 4. Which of the following companies used the slogan, "The Power to Know®" to connect with C-level executives in the largest companies? 5. Which of the following is a major complaint of multinationals operating in Europe? 6. When purchasing disposable surgical gowns, Mercy Hospital's vice president of purchasing analyzes whether the hospital should buy disposable gowns or reusable gowns. If the findings favor disposable gowns, then the operating-room administrator compares various competitors' products and prices and makes a choice. Surgeons influence the decision retroactively by reporting their satisfaction with the particular brand. In this situation, the operating-room administrator performs the role of the ________. 7. The ________ market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others. 8. In reordering office supplies, the only stages that the buyer passes through are the product specification stage and the ________ stage. 9. According to research studies, the closest relationships between customers and suppliers arise when ________. 10. In which of the following is a person performing the role of an influencer? 11. The problem with setting a uniform global price for a product is that ________. 12. Which of the following is one of Hofstede's four cultural dimensions that differentiate countries? 13. Forward invention is ________. 14. According to Hofstede, cultures with low power distance are ________. 15. When Kraft blends different coffees for the British (who drink coffee with milk), the French (who drink it black), and Latin Americans (who want a chicory taste), it is engaged in ________. 16. Hotel chains such as Hyatt and Marriott sell a variation of the licensing agreement called ________ to the owners of foreign hotels to manage these businesses for a fee. 17. Cisco had no presence in India before 2005, but it used a ________ approach and already opened a second headquarters in Bangalore to take advantage of opportunities in India and other locations such as Dubai. 18. Straight extension of the product means introducing ________. 19. According to the VALS segmentation framework, consumers primarily motivated by ideals are guided by ________. 20. Pete always buys Purina dog food for his dog because he believes that it is the best value for the nutritional content. Pete's loyalty status is best described as ________. 21. A hardware store is interested in reaching people who are characterized by the VALS system as being practical, down-to-earth, and self-sufficient, who like to work with their hands, or the ________ category. 22. When Nike attempts to get close to its customers at the local level by sponsoring local school teams and providing shoes, equipment, and clothing to many of them, Nike is using which of the following marketing formats? 23. In ________ marketing, the firm operates in several market segments and designs different products for each segment. 24. Marketers usually identify niches by ________. 25. A marketer interested in segmenting a business market based on ________ intends to eventually segment the market based on power structure and nature of existing relationship. 26. 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. 27. For brands in more stable categories where extensions into more distinct categories are less likely to occur, the brand mantra may focus more exclusively on points-of-________. 28. The three criteria that determine whether a brand association can truly function as a point-of-difference are ________. 29. Ford Motor Co. invested more than $1 billion on a radical new 2004 model called the X-Trainer, which combined the attributes of an SUV, a minivan, and a station wagon. To communicate its unique position — and to avoid association with its Explorer and Country Squire models — the vehicle, eventually called Freestyle, was designated a "sports wagon." According to the given scenario, Ford Motor Co. conveyed their brand's category membership by ________. 30. Philip Morris bought Miller Brewing and launched low-calorie beer, at a time when consumers had the impression that low-calorie beer does not taste as good as normal beer. What does the company assure by stating that the beer tastes good? 31. Subway restaurants are positioned as offering healthy, great-tasting sandwiches. ________ positioning allows the brand to create a point-of-parity (POP) on taste and a point-of-difference (POD) on health with respect to quick-serve restaurants such as McDonald's and Burger King and, at the same time, a POP on health and a POD on taste with respect to health food restaurants and cafés. 32. Which of the following ways to convey a brand's category membership relates to well-known, noteworthy brands in a category helping a brand specify its category membership? 33. Nivea became the leader in the skin cream class on the "gentle," "protective," and "caring" platform. The company further moved into classes such as deodorants, shampoos, and cosmetics. Attributes like gentle and caring were of no value unless consumers believed that its deodorant was strong enough, its shampoo would cleanse, and its cosmetics would be colorful enough. This is an example of ________. 34. ________ are visual representations of consumer perceptions and preferences. 35. Competitive superiority and channel support are factors that influence the ________ multiplier of the brand value chain. 36. Adam wants to buy a washing machine and is looking for something that is not too expensive. When he goes to make the purchase, he finds there are two options that meet his requirements. One is a Maytag product, while the other is a newly imported South Korean brand. Adam is not very familiar with the latter and does not hesitate in choosing Maytag. This example implies that ________. 37. If consumers can easily recall and recognize a brand element, the brand element is said to be ________. 38. The traditional "marketing-mix" concept and the notion of the "four Ps" may not adequately describe modern marketing programs. ________ is about mixing and matching marketing activities to maximize their individual and collective effects. 39. Identify the four pillars of brand equity, according to BrandAsset® Valuator model. 40. Names that become synonymous with product categories like Kleenex, Kitty Litter, Jell-O, and Xerox, need to ensure their brand names remain ________ so they can retain their trademark rights and avoid becoming generic. 41. 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? 42. A structured approach to assessing the sources and outcomes of brand equity and the way marketing activities create brand value is called ________. 43. When Starbucks introduced its Tazo Tea line to bring in new customers who had never gone to Starbucks because they don't drink coffee, Starbucks was employing a ________ strategy. 44. In a pure ________ attack, the attacker matches its opponent's product, advertising, price, and distribution. 45. When a firm looks for new users in groups that might use a product but do not already use the product, the firm is using the ________ strategy. 46. Sally Seabrook is an up-and-coming marketing manager for a large department store chain. Ms. Seabrook has distinguished herself with bold strategies such as launching attacks on her primary competitor from several fronts, including advertising, new store openings, and new distributor alliances. Which of the following market challenger attack strategies is Ms. Seabrook using to attack her competition? 47. Which of the following is true about proactive marketing? 48. A(n) ________ strategy is another name for identifying shifts in market segments that are causing gaps to develop, then rushing in to fill the gaps and developing them into strong segments. 49. In a ________ defense strategy, the market leader can meet the attacker frontally and hit its flank or launch a pincer movement so that the attacker is forced to pull back to defend itself. 50. An alternate way to increase sales volume is to increase the usage rate among users. This can be done by ________