MKTG 2400 - Exam 2 Review

Culture encompasses all the things that consumers do without conscious choice.

The most complex type of consumer buying decision and is associated with high involvement from the customer.

A value derived from a product/service that helps the consumer solve problems or accomplish a task.

The study of people's vital statistics, such as age, race and ethnicity, and location.

In the past, foreign firms penetrated the U.S. market by concentrating on price, but today the emphasis has switched to

Total market value of all final goods/services produced in a country for a given time period is gross domestic product.

The price of one country's currency in terms of another country's currency.

The study of consumer behavior includes factors that influence purchase decisions and product use.

Exporting means selling domestically produced products to buyers in other countries.

Research that attempts to develop new or improved products.

Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values/opinions.

Inflation is an indicator of the decrease in the value of money.

A business that requires a greater expenditure for equipment than for labor is called _.

Innovation is only possible for firms with a low tolerance for risk.

Recognizing/reacting to international marketing opportunities, using effective strategies, and being aware of threats.

When customers buy frequently purchased, low-cost goods/services that require very little search and decision time.

An advertisement is an example of an internal stimuli.

Altering a basic product to meet local conditions.

Returning production jobs to the US.

Where a nation protects its home industries from foreign competitors by establishing tariffs and quotas.

Online reviews would be considered a marketing-controlled information source.

Group of people for which an organization designs a marketing mix.

Comparison of income versus the relative cost of a standard set of goods/services in different geographic areas.

Production of uniform products that can be sold the same way all over the world.

The imbalance between actual and preferred states is sometimes referred to as _.

With a lifestyle component, people select products/services that fulfill diverse needs and interests.

The goal of environmental planning is to omit strategic planning sessions.

Business investment in a foreign country by establishing operations or by acquiring businesses there.