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T or F: Marketers are realizing that, although the practice can be difficult, it is possible to maintain inventories of services by careful storage and cataloging.
Which of the following companies is a pure service firm?
d. Delta Airlines
A consumer expects to purchase convenience products:
a. without having full knowledge about what is sought.
b. immediately and with minimal effort.
c. after visiting numerous stores and comparing prices.d. by traveling any distance required to get what is wanted
Of the following, which would most likely have the greatest influence on a decision to buy a heterogeneous shopping product?
a. Product’s style
b. Store's name and reputation
c. Location of the store
d. Price and perceived value of the product
While in Best Buy, a customer takes a great deal of time comparing the quality, features, and prices of a number of refrigerators. What type of products is this customer examining?
a. Luxury products
b. Convenience products
c. Homogeneous shopping products
d. Heterogeneous specialty products
Adding individual offerings that appeal to different market segments is known as a product:
c. line extension.d. line depth.
Greta has been analyzing the competitive standing of one of her products. Since Greta’s product was introduced, 20 similar products have appeared, forcing her to change distribution strategies. Greta has also had to change pricing strategies in order to remain competitive. Sales volume has dipped, and she suspects sales of her product have reached a saturation level. The product is at which stage of the product lifecycle?
Advertising that warns consumers about the dangers of overexposure to the sun, even during winter months, is an attempt by marketers of sunscreen to:
a. raise awareness of skin cancer.
b. find new uses for the product.
c. change product quality.
d. increase the frequency of use.
T or F: Brand preference is the stage of brand loyalty at which consumers rely on previous experience with a branded product when choosing it, if available, over competitors' products.
Jim stops at the local convenience store on his way home to buy a six-pack. He goes in thinking he will purchase his usual brand, but ends up buying another because it is on sale. What stage of brand loyalty is Jim presently at?
a. Brand insistence
b. Brand awareness
c. Brand preference
d. Brand recognition
The Kirkland brand is owned by Costco, and the products can only be purchased at Costco stores. Costco contracts with manufacturers to produce and package products under the Kirkland name. This arrangement is called:
a. family branding.
b. individual branding.
c. generic branding.
d. private branding.
The added value that a certain brand name gives to a product in the marketplace is called brand:
Brand names can become generic over time, as they have with all of the following except:
Trade dress refers to:
a. visual components that contribute to the overall look for a product.
b. a promotional philosophy of targeting all sales efforts to the trade.
c. the general size of the packaging used by a product.
d. the correlation between a trademark and its trade name.
The strategy of attaching a popular brand name to a new product in an unrelated product category is known as:
a. brand extension
b. brand reinforcement.
c. brand engagement.
d. brand licensing.
With the introduction of the Diet Pepsi brand, Pepsi experienced decreased sales of the pre-existing original Pepsi brand. This situation is known as:
b. market envelopment.
c. product encroachment.
One of the most important categories of consumers in the adoption of new products are the _____ because they can act as opinion leaders from whom others seek advice:
a. Early Adopters.
b. Early Majority.
c. Late Majority.
T or F: Suboptimization results when managers of individual physical distribution functions accept relatively high costs in some functional areas to cut costs in others.
An organized system of marketing institutions and relationships that promotes the physical flow and ownership of goods and services from supplier to producer to consumer or business user is:
a. an intermediary institution.
b. a marketing fulfillment organization.
c. retail marketing.
d. a marketing channel.
An intermediary that takes title to goods and then distributes them is called a:
d. Manufacturer’s representative.
The process of using every channel available to market a product is called _____ distribution.
When identically branded products are carried in competing retail pharmacies, discount houses, department stores, convenience stores, and mail-order houses, the marketing channel conflict that can result is referred to as:
A condition in which the managers of each physical distribution function attempt to minimize costs but, due to the impact of one physical distribution task on the other, obtain less than optimal results is known as:
a. slow order processing.
c. inventory fluctuations.
d. horizontal conflict.
Terminals at Sydney port allow for the loading and unloading of containers and general cargo between road and rail based transport, among other facilities. This is an example of:
a. common carrier operations.
b. unit-train operations.
c. intermodal operations.
d. contract carrier operations.
Which of the following retailers is an exception to the wheel of retailing?
a. Discount stores
c. Catalog retailers
d. Convenience food stores
Which of the following is one of the fundamental steps in the marketing strategy process on which a retailer bases its key decisions?
a. Selecting a target market
b. Stipulating a minimum profit margin
c. Determining the store location and atmosphere
d. Populating its inventory
_____ represent nonrefundable fees grocery retailers receive from manufacturers to secure shelf space for new products.
a. Switching costs
b. Franchise fees
c. Carrying costs
d. Slotting allowances
_____ refers to the amount a retailer adds to the cost of a product to determine its selling price.
Reminding a customer that the flashlight they just purchased requires batteries (which you have available for sale) would be an example of:
All of the following retailers are considered to be category killers except:
c.Bed Bath & Beyond.
The situation in retailing in which similar merchandise is available from multiple retail outlets, distinguished by price more than any other factor, is known as:
Frito-Lay products are delivered to stores by wholesale intermediaries called:
The function of informing, persuading, and influencing the consumer’s purchase decision is called:
The AIDA concept refers to the steps in:
a.the development of an IMC program.
b.the consumer purchase decision process.
c.the distribution of a product.
d.the promotion of a product.
The objective of a restaurant promotion where “Kids eat free on weekdays” is to _____ during periods of low demand.
b.accentuate product value
c.increase market share
A lawn care company having a large number of potential customers scattered over a sizable geographic area would probably benefit most from a promotional mix heavily reliant on:
Product placement is non-personal selling where:
a.a company pays to have products displayed prominently at department stores.
b.a company pays to have products displayed prominently in a motion picture.
c.companies engage in promotional tie-ins, such as offering Disney movie toys with every McDonald’s Happy Meal.
d.a company positions its TV commercials during prime hours for its target market.
At the Coca-Cola 500 NASCAR race, Pepsi gives hats to spectators as they enter the racetrack. A television camera captures various people in the crowd wearing the hat, with the Pepsi logo prominently displayed. Pepsi is engaging in:
a.promotes a concept, idea, or philosophy.
b.is designed to sell a particular good or service.
c.is not ordinarily used by a profit-seeking firm.
d.may promote goodwill for a firm, person, or government agency.
Ads by Tourism Australia that showcase the Aborigine culture and history are examples of _____ advertising.
Radio Shack is advertising Sirius satellite radios as gifts for the holiday season. The television ad benefits both companies and is an example of _____ advertising.
Oriental Insurance promotes identity theft insurance with an advertisement that warns of stolen credit cards and falsified social security numbers. Which appeal is being used in this commercial to motivate the viewer to act?
The communication process within a company that builds relationships with customers, employees, stockholders, suppliers, government agencies, and society is called:
A local newspaper is doing a special interest story. Each week an article featuring a different business owner and his or her success story will be published. This type of activity would be considered _____ for the business owners.
c.marketing public relations
d.nonmarketing public relations
A company’s ad proclaims its product is the “most effective” in alleviating flu symptoms. This ad could be guilty of:
c.violating FTC regulations.
T or F: Over-the-counter selling describes the kind of trading that takes place only in the financial securities market.
Personal selling can be broadly defined as:
a.selling consumer products.
b.a promotional presentation conducted on a person-to-person basis with the buyer.
d.the use of promotional material sent directly to the prospective buyer.
The personal selling approach that finds a customer coming to the seller's location and buying desired items largely on their own initiative is:
When personal selling efforts use telephone technology in a sales approach where the sales representative initiates the calls, it is known as _____ telemarketing.
Step 1 - Prospecting and Qualifying (Attention)
Step 2 – Approach (Attention)
Step 3 – Presentation (Interest)
Step 4 – Demonstration (Desire)
Step 5 – Handling Objections (Desire)
Step 6 – Closing (Action)
Step 7 – Follow-Up (Action)
T or F: Price-setting is based on the marketer’s ability to strike a balance between desired profits, and the customer’s perception of a product’s value.
In which of the following types of market structures would a producer have the least amount of flexibility in setting prices?
Demand is said to be inelastic when the:
a.demand curve and the supply curve do not intersect.
b.total cost and total revenue are equal at all levels of demand.
c.calculated elasticity of demand is less than 1.
d.calculated elasticity of demand is greater than 1.
If the demand for a product is known to be elastic:
a.a change in price will result in an equal proportional change in demand.
b.a change in price will result in a smaller than proportional change in demand.
c.a change in price will result in a larger than proportional change in demand.
d.a change in demand will have no effect on the price.
Which of the following presents a major obstacle to using traditional price theory?
d.Estimating demand curves
The most popular method of pricing is _____ pricing.
The technique that allows a business person to determine the number of goods or services that must be sold at a given price to generate sufficient revenue to cover total costs is called _____ analysis.
Higher prices charged by the sports team San Francisco Giants for weekend games and lower prices for weekday games indicates the use of which of the following pricing strategies?
a.Modified breakeven analysis
Controlling demand for a new product through the skimming strategy could save a company from dissatisfied customers by matching supply to the demand.
T or F: Lysol sanitizing wipes entered the market at a low sales price and was supported by heavy couponing. As the initial trial period passed, the pricing slowly rose and the couponing became more infrequent. This activity is an example of penetration pricing.
A strategy of offering prices that are consistently lower than those of competitors is called _____ pricing.
Which of the following pricing strategies tries to reduce the emphasis on price as a competitive weapon?
b.Everyday low pricing
An important geographic consideration in setting and quoting prices is the cost of:
Psychological pricing is based on the premise that:
a.certain prices or price ranges make products more appealing to buyers than others.
b.one-price policies appeal to most people and suit mass-selling marketing programs.
c.setting a limited number of prices for a selection of merchandise has a certain appeal.
d.lower-than-normal prices as part of recurring marketing initiatives creates demand.
In the absence of other cues:
a. many buyers interpret low prices as signals of high-quality products.
b. price offers no clue of a product's quality to prospective purchasers.
c. price is an important indicator of product quality to consumers.
d. the relationship between price and quality holds true only in declining economies.
Large-scale enterprises often have a dilemma with setting the _____ price, which is the price they charge themselves when sending goods from one company profit center to another.
Online marketers run the risk of cannibalization when they:
a.compete with off-price houses on the Net.
b.self-inflict price cuts by creating competition among their own products.
c.construct new stores alongside their Web sites.
d.hold onto tradition in the face of new technology.
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