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Mktg 6 Quizes 18-22
Quizes from book site with added Questions by intructor for final exam review
| Question | Answer |
|---|---|
| Introductory | The price of a product is set high during the ________ stage of the product life cycle. |
| Demand; supply | The _____ is the quantity of a product that will be sold in the market at various prices for a specified period, and _____ is the quantity of a product that will be offered to the market by suppliers at various prices for a specified period. |
| Status quo pricing | To increase sales, Ford offers its 2010 model-year cars at the same price as 2009 models. This is an example of: |
| Profitably fill unused capacity | Yield management systems are used to: |
| Fixed costs. | "Higher quality equals higher price" is a description of: |
| Profit maximization | ________ is the pricing objective that tries to make as much money as possible. |
| Markup price | The ________ of a new car includes the price that the dealer had to pay to the manufacturer for the car, salary and benefits expenses for dealer employees, and a certain amount for profit |
| Price equilibrium | ... the SSC Ultimate Aero has been ranked as the third most expensive car in the world. The company is only planning to build 25 of the current model. If that matches the demand for the Ultimate Aero, then a state of _____has been achieved. |
| Elastic | Research has shown that high inflation will make demand more: |
| Increase | Lower prices for goods and services will ________ supply. |
| Unitary elasticity | A candy manufacturer decreased prices of its products by 20 percent but saw no change in total revenue. This is an example of: |
| Decrease | Higher prices for goods and services will ________ demand. |
| Inelastic demand | According to ________, an increase in the price in gasoline will not lead to a decrease in sales. |
| Revenue | Price × units = ________. |
| sales oriented | Sherrie is seven years old and wants to open a lemonade stand... She is having a tough time deciding whether to base her pricing objectives on market share, dollar sales, or unit sales. (any of) she chooses, her pricing objective can be categorized as: |
| Satisfactory profits | ________ is the pricing objective that seeks profits consistent with the level of risk that a company faces. |
| The demand for the good and the cost to the seller | Although many factors can influence price, the primary determinants are: |
| Employee bonuses | Which of the following is NOT a way that managers can expand revenue? |
| Market share. | Apple's iPhone accounts for 30 percent of all smartphone sales. This figure reflects the iPhone's: |
| Process | The sales cycle refers to the ________ a salesperson goes through to sell a particular product |
| Trade | ________ sales promotion is aimed at other organizations within the marketing channel |
| Contest | The Pillsbury Bake-Off requires people to submit a recipe using Pillsbury baking products. Finalists are brought to Pillsbury kitchens to bake their recipes so the winner of a cash prize can be chosen. This is an example of a: |
| The product or service, the customer, the competition, industry | As part of the needs assessment, the consultative salesperson must learn everything there is to know about: |
| Personal | ________ selling becomes more important as the number of potential customers decreases and as the complexity of the product increases |
| Distributing single all-purpose coupons that can be redeemed for several brands | To encourage consumers to redeem coupons, marketers are doing all of the following EXCEPT: |
| Preapproach | ________ refers to the process through which a salesperson learns as much as possible about the prospective customer |
| Loyalty marketing program. | A supermarket offers a free gallon of milk to customers who have bought ten gallons in the previous two months. This is an example of a: |
| sales promotion. | Rebates and discounts are two examples of: |
| Relationship | ________ selling emphasizes the development of long-term relationships with customers. |
| Referrals | Joe Hamas sells for Rush Beverages... When he gets retailers to agree to stock his product, he asks them for the names of other retail operations that might be interested in carrying it. He is using _____ to get his sales leads |
| Encourage immediate purchase. | The goal of all forms of sales promotion is to: |
| Networking | _____ is a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional or civic organizations. |
| Premium | When Darrell purchased a five-pound bag of 9Lives cat food, he received a free can of the manufacturer’s new gourmet cat food. The can of cat food is an example of a: |
| Lead generation. | The first step in the sales process is: |
| The customer's: age, favorite brands, cultural background | To assess a customer's needs properly, the salesperson needs to know: |
| Cold calling | An example of ________ is when a salesperson goes door-to-door to reach potential buyers without prior contact. |
| Follow-up. | The final step of the sales process is: |
| point-of-purchase promotions. | All of the following are examples of tools for trade sales promotions EXCEPT: |
| A consumer who needs to organize her college dorm room | All of the following would be a target for a trade sales promotion offered by Rubbermaid, a manufacturer of storage and organization products, EXCEPT: |
| The need for trade-offs in pricing objectives | The mkt manager of Icruise.com (...finds that the firm can gain market share and become the industry leader if it slashes prices by 50% during the month of Dec. the VP of finance is committed to reporting a 25% ROI at all times. This conflict illustrates: |
| Zone pricing. | A pet food seller has a higher shipping rate for residents of Alaska than for residents of Illinois. This is an example of: |
| Lower | A company that engages in predatory pricing will offer ________ prices compared to competitors. |
| Freight absorption pricing | An online bookstore offers free shipping on all orders. This is an example of: |
| Quantity discount | An office supply store offers a reduced price for customers who buy more than 10 cases of paper at a time. This is an example of a: |
| Price fixing | Which of the following pricing strategies involves an agreement between two or more companies? |
| Flexible pricing | Car dealers use ________ to charge two different customers different prices for the same product. |
| Seasonal discount | Christmas trees are marked down 75 percent the day after Christmas. This is an example of a: |
| Predatory pricing | When Microsoft introduced its Zune MP3 player, many people thought it would capture the MP3 player market by pricing its product so low a smaller competitor...,would be unable to compete. If Microsoft had used this approach, it would be guilty of: |
| Substitutes | Consumers who buy an iPod are less likely to buy an iPhone. In this case, the two items are: |
| Unfair trade practice | ________ acts ensure that companies do not sell products below their actual cost. |
| Uniform delivered pricing | L.L. Bean charges all customers the same flat freight rate. It uses: |
| Price skimming. | A mobile phone manufacturer sets a price for its new smartphone that is more than double competitors' prices. This is an example of: |
| Rebate | Apple’s “Back to School” program offered students who purchased an iMac computer and an iPod Touch MP3 player a $250 refund. The $250 check was essentially a: |
| Bait pricing | ________ is a deceptive practice aimed at misleading consumers with false promises of low prices. |
| Price discrimination. | A tomato processing plant charges Company X 50 cents for each can of tomatoes, but charges Company Y 42 cents. This is an example of: |
| Price | The practice of price shading lowers ________ in order to increase demand for a product. |
| Penetration pricing | Hyundai entered the American automobile market by charging prices that were far below what competitors charged. This is an example of: |
| A single-price tactic | Just-A-Buck is a retail store where all of the merchandise is priced at $1 or 2-for-$1. Just- A-Buck uses: |
| Price bundling. | A pharmacy offers a discount on a "winter" products package consisting of lotion, cough drops, and hand sanitizer. This is an example of: |
| Compiled list. | A list of customers that a company obtains from a third-party is known as a: |
| Learning | ________ is the process by which a company collects information about customers. |
| Profitability, revenue, and customer satisfaction | Customer relationship management is designed to optimize: |
| Cross-selling. | CRM gives companies the opportunity to sell products that are related to what customers have purchased before. This is known as: |
| All, phone, store, talking… | Which of the following is an example of a channel through which customer data are traditionally gathered? |
| Knowledge management. | An online retailer has a large, central database which allows its various divisions to share and access information about their customers. This is an example of: |
| Compiled | Leah wants to develop a mailing list of people who have participated in bicycle rides for charities. She has offered to purchase a list of last year’s "Ride for Life", which was held to raise funds for cancer research. Leah is building a(n) _____ list |
| Heavy | A company's communication with ________ users would likely focus on loyalty rather than discounts or rebates. |
| Empowerment | ________ occurs when employees are given the freedom to solve customers' problems quickly, usually by the first person the customer contacts. |
| Daa warehouse | Continental Airlines has a system that captures information on everything from flight schedules, seat inventories, and customer profiles that is accessible by 35 departments and 1,300 employees. Continental’s system is an example of a(n): |
| Data mining | ________ helps companies identify which customers will yield high profits. |
| Lifetime value analysis | ________ helps marketers understand the value that a customer will have in the future. |
| Offering the lowest prices of all major competitors | Customer relationship management is accomplished by all of the following EXCEPT: |
| Customer-centric | A(n) ________ company takes actions based on what they learn about a customer through interactions. |
| Predictive modeling | ________ helps marketers forecast what customers will buy in the future. |
| Interaction | The foundation of an effective CRM system is: |
| Reinforcing purchase decisions | CRM allows companies to address customers' cognitive dissonance through: |
| Touch points. | Apple, has stores, a Web site, and a toll-free phone number where consumers can provide valuable information to the company in developing a CRM system. All these possible areas of the company where consumers can communicate with the business are called: |
| Response list | The... College Foundation raised $80k at its “A Taste of Long Island,” a gala dinner... proceeds went to support scholarship funds... Attendees were people who had contributed to the scholarship program previously and were reached through a: |
| Its database. | The most important element of a data warehouse is: |
| Social media measurement tools | Your textbook lists Google Analytics, SocialMention, and Twitlyzer as: |
| False | (T/F) Due to the low cost and relative ease of implementing social media into marketing, it is not necessary to develop a full marketing plan. |
| A Web widget | Frank's nutrition Web site regularly posts information that his customers discuss at length on message boards and his Web site's comments section. Which of these would be a good investment for Frank to help his customers spread the word about his site? |
| New platforms like iPads and Smartphones | Much of the growth in social media sites can be attributed to: |
| A location-based social networking site | Jocinta and Raul are developing a program using GPS technology where users can see who else using the program is in the nearby area and message them to meet up. They are thinking of calling it FlashMob. What type of social media site are they developing? |
| Bluetooth marketing | Johanna is a loyal customer of The Beanery, a regional chain. When she is within a geofenced area owned by The Beanery, she receives a text message on her BlackBerry offering her money off a coffee drink at a nearby store. The Beanery appears to be using: |
| False | (T/F) Mobile marketing is not as measurable as computer-based marketing because consumers are carrying their phones. |
| Social media | ________ is any tool or service that uses the Internet to facilitate conversations and offers one-to-one ways to meet consumers. |
| Noncorporate blog | Patrick goes to the movies three or four times each week. He operates a blog where he writes long, detailed reviews of the latest releases. Patrick’s blog would best be described as a: |
| False | (T/F) In 2009, the only category of social media users to decrease was spectators. |
| By increasing the mobility of social media, it has become more accessible and is therefore used more often | What is the major benefit Smartphones and tablet computers have had on social media? |
| False | (T/F) If Apple CEO Steve Jobs writes a blog on the Apple Web site detailing his thoughts about upcoming products and events, the casual and personal nature of his posts makes it a noncorporate blog. |
| True | (T/F) One of the major differences between social media marketing and traditional marketing is that the audience is the focus and in control, requiring brands to adapt by listening and engaging the customer. |
| Bring to light unknown brand flaws | One reason why negative customer comments and complaints are important to an organization is that they can: |
| Social commerce site | Groupon.com offers discounts on products and services in specific cities. The concept of Groupon is that the discount for the product or service can be claimed only if a certain number of people purchase it. Groupon would BEST be described as a: |
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