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This exam was turned in on time on Saturday, March 19 at 6:10 PM
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Peggy submitted this attempt On time on Saturday, March 19 at 6:10 PM Peggy spent 8 hours 1 minute taking the attempt
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Exam
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1. What are the three selective processes that we use to gather and intrepret information?  Please give examples.
(5pts)
Peggy's answers
The three selective processes are selective exposure, selective perception and selective retention, Examples: selective exposure - we may see an ad for an oil change every week, but we pay no attention until we need this service selective perception - if you believe artificial sweeteners are unhealthy, you will screen out products that contain Splenda selective retention - I would probably not remember an advertisement for denture products because I do not have dentures
Word count: 74 words
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2. List three examples of the types of modern life cycles stages and give an example of something that would purchase.

(5pts)
Peggy's answers
1) Young singles might buy a new car. 2) Middle aged, married with children may use their money for school tuition. 3) Older married couples may buy cruise tickets.
Word count: 27 words
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3. What are three types of problem solving levels? please give examples.
(5pts)
Peggy's answers
Extensive: Buying a new car - You might ask friends' opinions, research consumer reviews, visit online dealers and compare fuel efficiency, safety ratings, rebates and prices. Limited: Buying a new car - You know you want a Toyota, but you ask the saleman's opinion about fuel efficiency and safety ratings of 2 different models. Routinized Response: Buying a new car - You know you want a Toyota Tacoma and you buy the 2011 model as soon as it is available.
Word count: 78 words
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4.  Identify the 6 step process of the adoption process.
(5pts)
Peggy's answers
1) Awareness: The comsumer finds out about the product 2) Interest: The consumer becomes interested 3) Evaluation: The consumer thinks about buying the product 4) Trial: The consumer may buy the product to experiment with it 5) Decision: The comsumer decides on adopyion or rejection 6) Confirmation: Adopter continues to rethink the decision
Word count: 48 words
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5. Explain what is meant by a hierarchy of needs and provide and examples of one or more products that enable you to satisfy each of the four levels on need.
(5pts)
Peggy's answers
1) Phisiological needs are food, liquid, rest and sex. Products: Hamburger, Bottled Water 2) Safety needs are protection and physical well-being. Products: Security System, Vitamins 3) Social needs are love, friendship, status, esteem & acceptance by others. Products: Hallmark Card, Valentine Candy 4) Personal needs are self-esteem, accomplishment, fun, freedom and relaxation. Products: Oil of Olay face cream, Disneyland Tickets
Word count: 57 words
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6. Identify the different roles and  explain and give a real life example of one the barriers that that any of these roles can create.
(5pts)
Peggy's answers
Electrolux: Buying a new machine for production line 1) Users: Production line workers - they will want the machine that is easiest to use 2) Influencers: Engineering or Research & Development - they will worry about the high cost and want to lease 3) Buyers: Purchasing Managers - will make their recommendations based on all other influences 4) Deciders: Top Management- have the power to select & approve the supplier 5) Gatekeepers: Secretaries, Research Assistants - may exclude some vendors based on initial evaluation
Word count: 79 words
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7. Identify the three types of organizational buying processes and give examples of each.

(5pts)
Peggy's answers
1) New task buying: The welding shop now needs a plasma cutter. They have never bought one before. 2) Straight rebuy: The welding shop need another Miller Bobcat welder. They have bought this type many times before. 3) Modified rebuy: The welding shop needs a new track torch, but it is considering a newer, more improved model than the one they have bought in the past.
Word count: 64 words
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8. What is the Foreign Corrupt Practices Act?
(5pts)
Peggy's answers
Passed in 1977 by the US Congress, it prohibits US Firms from paying bribes to foreign officials.
Word count: 17 words
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9. What is reciprocity and is ethical? Give an example to justify your answer.
(5pts)
Peggy's answers
Reciprocity can be done in an ethical manner. When doing service work for the steel mill, the company can offer a 2% discount in return for the invoice being paid within 10 days. McDonalds may offer a toy if you buy a Happy Meal. This is ethical if it is offered to all customers. If somthing of value is offered only to one customer in exchange for a contract, this is unethical.
Word count: 72 words
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10.  Explain why a customer might be willing to work more cooperatively with a small number of suppliers rather than pitting suppliers in a competition against each other. Give an example that illustrates your points.
(5pts)
Peggy's answers
They are seeking a relationship with their suppliers where there is mutual trust and dependability. They know the suppliers and know how long it takes to receive orders, what their policy is on returns, billing and quality. The ordering process is quick because they have an account already established. Pitting suppliers against each other is a longer process and you may not be satisfied with the supplier in other areas than price. A closer relationship helps the customer and the supplier to achieve their objectives.
Word count: 85 words
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11. List the 5 steps of the Marketing Research Process.
(5pts)
Peggy's answers
1) Defining the problem 2) Analyzing the situation 3) Getting problem-specific data 4) Interpreting the data 5) Solving the problem
Word count: 16 words
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12. Define and give an example of secondary data?
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Peggy's answers
Secondary data is information that has been collected or published already. Secondary data may be found in thge company's files and reports, or in libraries or government agencies.
Word count: 27 words
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Explain the difference between Quantitative and Qualitative Research?
(5pts)
Peggy's answers
Quantitative research seeks structured responses that can be summarized in numbers, like percentages or averages Qualitative research seeks in-depth, open-ended responses, not yes or no answers.
Word count: 25 words
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Identify three types of surveys and give an advantage and disadvantage of both.
(5pts)
Peggy's answers
1) Mail survey: Respondents can complete at their convenience, but the percentage of them completed and returned is often low. 2) Telephone survey: Effective for getting quick answers, but many consumers find it intrusive. 3) Personal interview survey: Easier to get and keep respodent's attention, but questions considered embarressing may not be answered honestly
Word count: 52 words
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Define response rate  and discuss why a marketing manager might be concerned with about the response rate achieved in a particular survey. Give an example.
(5pts)
Peggy's answers
The response rate is the percentage of people contacted who complete the questionnaire. If not enough people complete the survey, the answers may not be representative, the survey could cost more money than it was worth to the company, and it could take too long to be able to use it to make a decision. If a company sent out a survey asking about customers favorite coffee flavor, and only a few customers answered, they would not get e true response to their question. They may discontinue a coffee flavor based on the opinions of only a few customers. The more answers you get, the truer the results will be.
Word count: 110 words
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List the Four types of consumer product classes and give an example.
(5pts)
Peggy's answers
1) Convenience: Sugar, toilet paper 2) Shopping: Refrigerator, computer 3) Specialty: IPod, Kindle Bookreader 4) Unsought: New product you don't know about yet
Word count: 20 words
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Define Heterogeneous shopping products and why is it so important to retailers to have this characteristic? 
(5pts)
Peggy's answers
Heterogeneous products are shopping products the customer sees as different and wants to inspect for quality and suitability. Retailers want their product to stand out as different so it will catch the customer's attention and they will want to know more about it and hopefully buy it.
Word count: 47 words
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Identify the 5 levels of brand familarity.
(5pts)
Peggy's answers
1) Rejection 2) Nonrecognition 3) Recognition 4) Preference 5) Insistence
Word count: 6 words
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Is there any difference between a brand name and a trademark? If so, why is this difference important?
(5pts)
Peggy's answers
A brand name is a word, letter, or a group of words or letters. A trademark is a legal term and includes only the words, symbols or marks that are legally registered for use by a single company. Business firms spend a lot of money to promote and protect their brands. A recognizable trademark is important to business promotion.
Word count: 59 words
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In the past ,Sears emphasized its own dealer brands. Now it is carrying more well known manufacturer brands. What are the benefits to Sears of carrying more manufacturer brands?
(5pts)
Peggy's answers
When Sears began carrying more well known brands, they gave their customers more choices. Those choices were brands that they already knew and trusted, so they increased their sales.
Word count: 29 words

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