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marketing test 3 qui
| Question | Answer |
|---|---|
| ________ refers to setting price based on buyers' perception of value rather than on the seller's cost. | customer value based pricing |
| Which of the following is a cost-oriented pricing approach? | breakeven pricing |
| New, premium movie theaters offer features such as online reserved seating, high-backed leather executive chairs with armrests and footrests, the latest in digital so for which they charge a higher price. This is an example of which type of pricing? | value added pricing |
| Sadie's Restaurant has listened to its customers over the years and is now able to offer the right combination of quality and good service at a fair price. Which pricing strategy is Sadie's using? | good value pricing |
| Geared2Beer, a craft beer brand, identifies a market segment that is willing to pay premium prices for its craft beer, then determine the costs to create craft beer that meets the ideal selling price. The company's pricing approach i ________. | target costing |
| Internal factors that affect pricing include ________. | the companys overall marketing strategy, objectives, and marketing mix |
| Which of the following is true regarding the price-demand relationship? | if demand is elastic, sellers will consier lowering their price |
| Which of the following statements is true regarding oligopolistic competition? | each seller is alert and responsive to competitors pricing strategies and marketing moves |
| One major objective associated with a market-penetration pricing strategy is to ________. | win a large market share |
| A company has set a low price on a new product it introduced. It wants to maximize its market share and attract a large number of buyers quickly. Which new product pricing strategy should the company use? | market penetration pricing |
| When Apple Computer Company introduced its iPhone, its priced the new product at $599, considerably higher than either their iPod or competing cellular phones. Apple Computer was pursuing a ___________________ new product pricing strategy. | market skimming |
| Gillette charges a fairly low price for its razors (relative to costs) and a high price for razor blades. It is using a strategy of ___________ pricing. | captive product |
| Bath & Body Works offers "three-fer" deals on its soaps and lotions (such as three antibacterial soaps for $10). This is an example of _______ pricing. | product bundle |
| A car buyer can choose a base model at one price, or one with a premium sound and navigation system at a higher price. This is an example of _______ pricing. | optional product |
| The Ford Mustang is offered in several different models. Ford will use __________ pricing to determine the price steps between the different models. | product line |
| Many state colleges and universities charge one price for in-state students and a higher price for out-of-state students. Which form of segmented pricing are these schools using? | location based pricing |
| Companies that use ________ continually adjust prices to meet the characteristics and needs of individual customers and situations. | dynamic pricing |
| Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about wine, she will likely use the price of the wines as ________. | an indicator of quality |
| UPS charges different prices for shipping depending on an item's destination. The more distant the city the package is being shipped to, the higher the price UPS charges. Which geographic pricing method is UPS using? | zone pricing |
| A retailer temporarily prices a few select items below cost to create excitement and pull consumers into the store. This is an example of _________ pricing. | promotional |
| Which of the following statements is true regarding initiating price cuts? | cutting prices in an industry loaded with excess capacity may lead to prive wars |
| Which of the following statements is true regarding initiating price increases? | wherever possible, the company should consider ways to meet higher costs or demand without raising prices |
| Which of the following is a potentially effective action a company could take in response to a competitor's price cut? | reduce price |
| Over the years, U.S. air carriers have been accused numerous times of collusion when setting prices. This illegal practice is called _______. | price fixing |
| Selling below cost with the intention of punishing a competitor or gaining higher long-run profits by putting competitors out of business is an illegal practice called _______. | predatory pricing |
| A(n)_______ is a layer of intermediaries that performs some work in bringing the product and its ownership closer to find the final buyer. | channel level |
| A(n) _______ is made up of the company, suppliers, distributors, and, ultimately, customers who "partner" with each other to improve the performance of the entire system. | value delivery network |
| Which channel partners in a company's supply chain are upstream from a manufacturer or producer? | suppliers |
| One key function performed by channel members is ___________, or shaping offers to meet the buyer's needs, including activities such as manufacturing, grading, assembling, and packaging. | matching |
| Which of the following is a reason that producers use marketing channels and channel intermediaries? | marketing channel members are able to transform the asortments of products made by producers into the assortments wanted by consumers |
| The length of a channel is indicated by ___________. | the number of intermediary levels |
| A(n) _____ is made up of one or more independent producers, wholesalers, retailers, and consumers. | conventional distribution channel |
| Large retailers like Walmart have enormous channel control due to their size and power. Which type of channel arrangement does this represent? | administered VMS |
| Sherwin-Williams sells its paint and other branded products exclusively through company-owned retail stores. Sherwin-Williams has established a(n) _________. | corporate VMS |
| Which of the following is an example of horizontal channel conflict? | a ford dealer complaining that another ford dealer is advertising in its territory |
| Online marketers taking business from traditional brick-and-mortar retailers is an example of _____. | disintermediation |
| What is the most common type of a contractual VMS? | a franchise |
| Producers of convenience products typically use ______ distribution. | intensive |
| What is the first step in marketing channel design? | analyzing consumer needs |
| When setting channel objectives, companies should state the objectives in terms of ______. | targeted levels of customer service |
| Channels often involve long-term commitments and companies have many alternatives. What type of criteria should be used if the company wants to keep the channel flexible so that it can respond to environmental changes? | adapatability criteria |
| When the company has defined its channel objectives, it should next identify its major channel alternatives in terms of the types of intermediaries, the number of intermediaries, and __________________. | the responsibilities of channel members |
| Companies today see channel members as first-line customers and practice strong ________. | partner relationship management |
| Full-line forcing is a practice whereby a producer agrees to sell a brand to a dealer only if the dealer agrees to sell some or all of the rest of its line. Which of the following statements is true regarding full-line forcing? | it may or may not be legal |
| Companies now use ________ and supply chain management software to help recruit, train, organize, manage, motivate, and evaluate relationships with channel partners. | partner relationship management |
| What are the four major functions of logistics? | warehousing, inventory managment, transportaion, logistics information managment |
| _______ involves reusing, recycling, refurbishing, or disposing of broken, unwanted, or excess products returned by consumers or resellers. | reverse logistics |
| Which of the following describes a just-in-time logistics system? | just in time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations |
| Under which type of system does the customer share real-time data on sales and current inventory levels with the supplier, and the supplier then takes full responsibility for managing inventories and deliveries? | vendor managed inventory |
| Which technology could one day make the entire supply chain intelligent and automated? | radio frequency identification |
| ________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use. | retailing |
| _______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale. | shopper marketing |
| Which type of retailer carries a narrow product line with deep assortments within those lines? | specialty stores |
| macys carries several product lines typically clothing, home funishings, and household goods, with each line operating as a seperate department managed by specialists buyers or merchandisers.. macys is best described as an | department store |
| A discount store (for example, Target, Kohl's, or Walmart) sells standard merchandise at lower prices. To do this, discount stores accept which of the following two conditions? | lower margins and higher sales volume |
| Superstores that are actually giant specialty stores and have seen tremendous growth recently are called _______. | category killers |
| Hotels and motels, banks, airlines, restaurants, colleges, hospitals, movie theaters, tennis clubs, bowling alleys, repair services, hair salons, and dry cleaners are all examples of ________. | service retailers |
| What are the four major types of retail organization? | corporate chains, voluntary cahins, retailer cooperatives, and franchise organizations |
| After segmenting and defining their target markets, what should retailers do next? | decide how they will differentiate and position themselves in the market |
| Retailers must decide on which three major product variables? | product assortment, services mix, and store atmosphere |
| What is the overall goal when retailers choose their product assortment? | differentiate the retailer while matching target shoppers expectations |
| The retail marketing mix consists of which of the following? | product and services assortment, retaile prices, promotion, and location |
| Carefully orchestrating the store's layout and displays, background music, colors, and smells is related to ________. | experiental retailing |
| Which of the following correctly describes the retail practice known as high-low pricing? | high low pricing means changing higher prices on an overday basis, coupled with frequent sales and other price promotions |
| Which of the following statements about retailer marketing decisions is correct? | many retailers identify three critical factors for retail success: location, location and location |
| Which of the following statements about shopping centers is correct? | the most common type of shopping center is a strip mall |
| The practice of coming into retail stores to check out merchandise and prices but making purchases online using a computer or mobile device is called _______. | showrooming |
| By practicing ______ retailing, today's retailers are increasingly adopting environmentally sustainable practices. | green |
| Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called ___________. | retail convergence |
| Which of the following statements about major retail trends is true? | online buying is growing at a much brisker pace than retail buying as a whole |
| One retail trend resulting from economic conditions is ________. | tighter consumer spending |
| ___________ are the largest single group of wholesalers, accounting for roughly 50 percent of all wholesaling. | merchant wholesalers |
| Which of the following statements about wholesaling is true? | wholesalers must make decisions regarding their marketing mix |
| Which wholesaler channel function helps reduce inventory holding costs and the risks of suppliers and customers? | warehousing |
| By performing the channel function of ________, wholesalers' sales forces help manufacturers reach many small customers at a low cost. | selling and promoting |
Created by:
rcu10