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Exam 2: The Market in Marketing

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Question 31

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The consumer market is made up of which of the following?

A) individuals who are actual or potential buyers of goods or services for personal consumption
B) households that are actual or potential buyers of goods or services for personal consumption
C) businesses that are actual or potential buyers of goods and services for use in the production of other products or services
D) A and B
E) all of the above

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Question 32

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Of the different types of buying situations, the modified rebuy presents the fewest decisions for a business buyer to make.

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Question 33

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Give two examples of how companies can gather information to respond to changes in the microenvironment.

The ________ of a business is made up of all the activities that occur within the organizational functions of the business.

A business buyer who is considering a change in product specifications, terms, and possibly suppliers is most likely in a ________ situation.

________ are characteristics of human population that are used to identify markets.

Briefly explain how brands influence purchase decisions in consumer markets.

Your marketing department is currently researching the age, race, and household structures of your target market. Which environment is being researched?

Consumer organizations such as environmental and minority groups that may question a company's marketing decisions are part of the political environment.

Explain how the decision process in the business market and consumer market differs.

You are directed to study the cultural, economic, technological, political, and legal factors that are larger forces affecting your company. What are you studying?

In recent years, security regulations initiated by the federal government through the Transportation Safety Administration affected Southwest Airlines. These regulations are part of the ________ affecting this airline.

Explain the relationship between the number and size of buyers for a product or service and the level of power those buyers can exert on a company.

Members of which type of market buy goods and services that are used in, or in support of, the production of other products or services?

Most businesses focus the majority of their marketing efforts toward managing the ________.

How might a company try to influence its macroenvironment?

The EPA has mandated that, in order to reduce local pollution, your printing plant switch from oil-based to water-based inks. This will require entirely new printing presses and a new printing plate technology. After carefully searching through numerous manufacturers' equipment descriptions and gathering opinions from all relevant parties related to the work, the printing plant's buying center will be ready to make this ________ purchase.

When deciding how to fulfill a purchasing need, a business would most likely find making the product on on its own to be the best option when ________.

Refer to the scenario below to answer the following questions. Casey Brickly opened The Landing on the north shore of Witmer Lake in 1962. With a sandwich counter on one side and a bait shop and grocery on the other, The Landing was an immediate hit with weekend lake visitors and local residents alike. In the summer, boaters parked at the piers and bought all their lake needs rods and reels, bait, fishing licenses, snacks, soft drinks at The Landing. Even during the winter months, snowmobilers and ice fishermen were lured to The Landing for a snack and hot coffee or hot chocolate. As time passed, the business changed and grew tremendously. What was formerly a weekend tourist area gradually became a year-round residential area. Many of the houses, which were built as cottages in the 1950s and 1960s, were remodeled into year-round homes. By the end of the 1970s, the days of small motor boats and 10 mile-per-hour speed limits were gone; skiing and speed boats became all the rage. For some time, The Landing continued to attract flocks of patrons. In the 1980s, however, Casey started to realize that the grocery area in The Landing could not compete with larger local retailers. He eventually enlarged the sandwich counter, transforming the bait shop and grocery into a restaurant with a full menu typical of any diner. "Getting rid of the bait shop was hard to do," Casey admitted. "I still had a summer crowd that relied on us for their fishing needs, but we couldn't survive a whole year on four months of profit." By 2005, the atmosphere of Witmer Lake and the neighboring lakes had become upscale. "I could see that people were spending more on their speed boats than what they had originally paid for their cottages!" Casey exclaimed. Many of the cottages were being inherited by children and grandchildren of the original owners. Once again, the scene started to change as many of the lake houses were used only as weekend lake homes. Unlike the previous generation, a vast number of the current owners could afford to live closer to their jobs while maintaining lake homes. "At this point, business wasn't growing," Casey said. As local competition continued to increase, Casey converted the diner atmosphere of The Landing into a bar with a lounge area. "The change might have been too drastic," Casey said, "but it was the only way we could maintain a strong, year-round business in spite of the population shifts and competitive forces." -Which of the following macroenvironmental forces has had the greatest effect on The Landing?

By definition, a consumer product is intended to do which of the following?