Business Marketing

Which of the five characteristics identified in the text has an inverse relationship with an​ innovation's rate of​ adoption? As this characteristic​ increases, the rate of adoption is slower.

Complexity

Anythinglefthanded.com.uk only sells products designed for​ left-handed people. Which targeting strategy is it​ using?

Concentrated marketing

under​ __________, the market consists of many buyers and sellers trading in a uniform commodity

pure competition

Which of the following is a​ cost-based pricing​ approach?

​Break-even pricing

price

the amount of money charged for a product is its ________

group

two or more people who interact to accomplish individual or mutual goals

Using​ a(n) __________ marketing​ strategy, a firm might decide to ignore market segment differences.

undifferentiated

Two things can come between the intention to make a purchase and the actual​ purchase: the first is the attitudes of others and the second is​ __________.

unexpected situational factors

Which of the following best describes the type of product Plymouth Rock Assurance​ offers?

unsought product

Which of the following correctly identifies the three major pricing strategies used by​ marketers?

Customer value-based ​pricing, cost-based​ pricing, and​ competition-based pricing

The concept of​ salesperson-owned loyalty means that​ __________.

Customers become loyal to salespeople as well as companies they represent

Which of the following statements about price is​ correct?

Customers have put increasing pricing pressures on many companies.

Which of the following statements is true regarding initiating price​ cuts?

Cutting prices in an industry loaded with excess capacity might lead to price wars.

​__________ helps the seller to segment markets. A) Product style B) Product design C) Product quality D) Branding E) Packaging

D) Branding

Which of the following is true regarding the price-demand ​relationship?

If demand is​ elastic, sellers will consider lowering their price.

Which of the following statements regarding habitual buying behavior is​ correct?

In these types of purchases marketers often use price and sales promotion as incentives for purchase

Which of the following statements regarding customer value-based pricing is​ correct?

In using this​ strategy, companies often find it hard to measure the value customers attach to their product.

When marketers target segments such as sports​ fans, do-it-yourselfers,​ commuters, and wine​ enthusiasts, which base of segmentation are they​ using?

Psychographic segmentation

In which type of market does no buyer or seller have much impact on setting the going market​ price?

Pure competition

Many manufacturers have to pay retailers to get shelf space. This is an example of which type of​ promotion?

Push money

In​ __________pricing, the company sells a product or service at two or more​ prices, even though the difference in prices is not based on differences in costs.

segmented

Life is Good utilizes a percentage of its profits to support its own charitable foundation, whose purpose is to provide support services for frontline childcare providers. Its notion of "Do well by doing good" is encapsulated by which of the following concepts?

social marketing

The following is one of the review questions presented in the lecture:Which of the following is NOT a market-oriented business definition?I. "We empower customers to realize their dreams."II. "We make high-quality consumer food products."III. "We sell success and status."IV. "We create the Hilton experience."V. "We bring innovation to every home."

statement II only

In the context of segmenting business markets, the variables that could be used to segment this market could include one or more of the following:I. the location of the businessII. the size of the businessIII. the number of employees

statements I, II, and III are true

(C) intermediary levels

The length of a channel is indicated by the number of​ ________. A. retailers in the channel B. final consumers C. intermediary levels D. producers E. wholesalers in the channel

How is price determined using​ cost-plus pricing?

The price is set by adding a standard​ mark-up to the cost of the product.

What determines if a buyer is satisfied or dissatisfied with a​ purchase?

The relationship between consumer expectations and perceived product performance

According to the simple model of buyer​ behavior, what is in a​ buyer's black​ box?

The​ buyer's characteristics and the​ buyer's decision process

What is the purpose of​ differentiation?

To create superior customer value

What is the purpose of the​ Robinson-Putnam Act?

To prevent unfair price discrimination

What are perceptual positioning maps used​ for?

To show consumer perceptions of different brands on important buying dimensions

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.

Amazon and GEICO set themselves apart with their​ smooth-functioning direct delivery strategy referred to as​ __________ differentiation.

channel

The aim of​ transaction-oriented marketing is to help salespeople​ __________. develop team selling develop​ long-term contacts with customers close a specific sale link the customers with the company develop customer relationships

close a specific sale

According to Gaby Barrios, marketers typically engage in categorizing consumers and "putting them into buckets" because __________________.

doing so can produce brand building results quickly

Companies that use​ ________ continually adjust prices to meet the characteristics and needs of individual customers and situations.

dynamic pricing

The strategy of​ __________ means that the firm attempts to offer the right combination of quality and good service at a fair price.

​good-value pricing

Retailers such as​ Macy's and JC Penney charge higher prices on an everyday​ basis, but run frequent promotions to lower prices temporarily on selected items. This is an example of​ __________.

​high-low pricing

Techniques that can be used by sellers for avoiding​ customers' perception of price gouging includes all of the following except​ __________.

​low-price fighter items

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

Archer Daniels Midland Co is the​ world's largest processor of​ soybeans, corn, and wheat. In the​ 1990s, the Justice Department found it guilty of regularly meeting with competitors when setting prices. ADM was guilty of​ ________.

​price-fixing

Federal legislation on​ __________ states that sellers must set prices without talking to competitors.

​price-fixing

__________ reverses the usual process of first designing a new​ product, determining its​ cost, and then​ asking, "Can we sell it for​ that?"

target costing

Market​ __________ evaluates each market​ segment's attractiveness and selects one or more segments to serve.

targeting

Toothpastes claim they​ "whiten teeth,"​ "fight bad​ breath," and​ "reduce plaque." Which base of segmentation is being used in this​ example?

Benefits sought

Which factor sets the floor on setting a​ product's price?

Product costs

Fixed Cost: Fixed costs are represented by a horizontal line on the break-even chart. Fixed costs do not change with changes in quantity.

C

the company's overall marketing strategy, objectives, and marketing mix

internal factors that affect pricing include ________

Gender-based marketing is an example of _______________.

target marketing

Companies that make products that must be used along with a main product are using​ __________.

​captive-product pricing

You are focusing on two product attributes when promoting the Sauber washer-dryer. Given what you know about the Sauber washer-dryer combo, which product attributes do you want to promote to your target market? Select an option from the choices below and click Submit. - Cleaning power and convenience - Cycle time and cleaning power - Cycle time and convenience

- Cleaning power and convenience

Behavioral

- Usage rate: Erin loves lattes and visits her local coffee shop on a daily basis to get her fix. - Occasion: George only buys his wife flowers once a year. She gets a dozen red roses every Valentine's Day.

Five stages of the adoption process

awareness, interest, evaluation, trial, adoption

new product

a good, service, or idea that is perceived by some potential customers as new

The amount of money charged for a product is its​ __________. A. price B. breakeven point C. profit D. cost E. revenue

Answer: A

​__________ segmentation divides buyers into segments based on their​ knowledge, attitudes,​ uses, or responses to a product.

Behavioral

Your first task is to provide the product strategy team with a recommendation for the price of the side table. The side table design is simple, and there are many competitors with similar offerings. The product strategy team has indicated that in pricing this product, demand must be taken into account. Conner Ash from research has provided you with the demand curve for the side table. At a price of $100, 1,500 tables could be sold. At a price of $125, 1,000 could be sold. What price point do you recommend to the product strategy team? Select an option from the choices below and click Submit. - $125 - $100

- $100

Your next task is to provide a pricing recommendation for the bookshelf system. The product comes with five equal-length finished walnut shelves and the hardware to hang the shelves. When assembled, the shelves look like they are floating on the wall. The product strategy team suggests taking into consideration the break-even point in determining the bookshelf system's price. You ask Conner about expectations around this product. He says, "The bookshelf system is a popular item. I expect around 2,500 units to be sold this year." Production informs you that the variable costs are $50/unit. Fixed costs are $150,000. What price point do you recommend for the bookshelf system? Select an option from the choices below and click Submit. - $110 - $90 - $130 You recommended $130 for the price of the bookshelf system. This was the best choice. The break-even revenue is $275,000 [($50 × 2,500) + $150,000]. This price at the expected 2,500 units will surpass the break-even point, and put Fir-Niche in position to realize profits ($130 × 2,500 = $325,000).

- $130

Keeping the target market and competition in mind, what is the best way to position the Sauder washer-dryer in the marketplace? Laundry appliance consumers seek a number of attributes from the product. Fortunately, you just received data from a recent consumer survey identifying cleaning ability, price, and machine size as the three most important attributes to consumers. Select a positioning statement that you feel captures Sauber's differential advantage most accurately. Select an option from the choices below and click Submit. - Sauber All-In-One: Small machine, small price. - Sauber All-In-One: Cleanest clothes, high price. - Sauber All-In-One: Cleanest clothes, small machine.

- Sauber All-In-One: Cleanest clothes, small machine.

What cost of material per unit (variable cost) do you recommend for the ornate writing desk? Select an option from the choices below and click Submit. - $200 per unit (Best Choice) - $100 per unit - $300 per unit (Not best choice) (You recommended $300 per unit as the cost of materials for the writing desk. This was not the best choice. Variable costs of $300 would give a break-even revenue of $550,000 (($300 × 1,000) + $250,000). If the price the target market is willing to pay is $550, Fir-Niche would not make a profit on the writing desk ($550 × 1,000 = $550,000).) (You recommended $200 per unit as the cost of materials for the writing desk. This was the best choice. Variable costs of $200 would give a break-even revenue of $450,000 ((200 × 1,000) + $250,000). If the price the target market is willing to pay is $550, Fir-Niche would make a profit on the writing desk ($550 × 1,000 = $550,000), while keeping the quality of materials relatively high.)

- $200 per unit

Your next task is to provide the product strategy team with a recommendation for the price of the leather chair. The leather chair is a unique offering because it comes in bold leather colors. Conner Ash from research tells you that, after his group did a market analysis, they found that there is little competition for this item. A series of focus groups with samples from the target market have indicated that an acceptable price range for the leather chair is $500 to $525. The product strategy team has indicated that markup pricing would be a good fit for this product item. If the total cost of producing the chair is $400 per chair, what markup will you recommend to the product strategy team? Select an option from the choices below and click Submit. - 30% markup (Best Choice) - 25% markup (An OK Choice) - 40% markup - 15% markup (You recommended a 25% markup for the leather chair. This was an OK choice, because a 25% markup would lead to a price of $500 for the leather chair. This price would be within the focus groups' acceptable price range ($500-$525), but would be on the lower end. Fir-Niche may miss out on revenue.)

- 30% markup

The average American house is 2600 square feet, with 85% having washer and dryer hookups. The average American apartment is 940 square feet, with 67% having washer and dryer hookups. The average American condominium is 1750 square feet, with 91% having washer and dryer hookups. Select an option from the choices below and click Submit. - Apartment - House - Condominium

- Apartment

Now the product strategy team needs to decide what to do about the price of the leather armchair given the rise in costs. The team still wants the price to reflect a markup. The total cost per chair is now $450. Conner conducts a new round of focus groups with the target market and finds the acceptable price range for the armchair has shifted slightly to $525-$550. Remember, you originally recommended a markup of 25%. Given the new information, do you recommend increasing the markup, keeping the markup the same, or reducing the markup? Select an option from the choices below and click Submit. - Decrease the markup (Best choice) - Increase the markup (Not The Best Choice) - Keep the markup the same (You recommended increasing the markup. This was not the best choice, because with a 25% markup and the new cost of $450 per chair, the price of the leather chair would be $562, which is higher than the focus groups' acceptable price range ($525-$550). An increase to 30% would bring the price even further above that range, and the target market may not buy at this price.)

- Decrease the markup

Choose the two variables that would be most predictive of purchase intent for the All-in-One washer-dryer. Select two options from the choices below, and then click Submit. - Dwelling type: apartment, condo, or house - Religious orientation: beliefs and worship - Household size: how many people?

- Dwelling type: apartment, condo, or house - Household size: how many people?

Several months have gone by. Production informs you that costs for the materials to produce the armchair have risen sharply. The product strategy team advises you that they will continue to use the high-quality materials, even if it means Fir-Niche will have to raise the price to cover the increasing costs. Before moving forward, the product strategy team wants to get an idea of how sales will fluctuate if the price for the leather chair increases. In your opinion, is the demand for the leather chair elastic or inelastic? Select an option from the choices below and click Submit. - Elastic: As the price goes up or down, the demand will also fluctuate. - Inelastic: As the price goes up or down, the demand will remain relatively constant.

- Elastic: As the price goes up or down, the demand will also fluctuate.

Decision Point: Making the Service Encounter More Positive When consumers evaluate service quality, they often do not separate the service from the provider because products are sold, produced, and consumed at the same time. Which two of the following strategies would have the most positive effect on the overall service encounter by addressing inseparability?

- Encourage customer coproduction - Design a professional dress code for employees

The last segmentation variable you need to consider is income. You could target consumers with high incomes (greater than $100,000) or medium incomes (between $40,000 and $99,999). Sauber eliminated consumers with incomes less than $40,000 from consideration because not enough of these consumers have the ability to purchase their own laundry machines. Select an option from the choices below and click Submit. - Medium income - High income

- High income

Now that you have your primary segmentation variables identified, what should your next step be? Select an option from the choices below and click Submit. - Identify the market segments to target. - Design a marketing campaign. - Identify an overall positioning strategy.

- Identify the market segments to target.

Demographic

- Life Cycle: Louis and Theresa have a full house of kids living at home ages 15, 12, and 10. - Occupation: Tyrese is an engineer who works full time for a government contractor.

Which perceptual map best represents your positioning strategy? Select an option from the choices below and click Submit. - Shows a diagram with a star on the right (Between high and small) - Shows a diagram with a star on the left. (Between high and large)

- Shows a diagram with a star on the right (Between high and small)

The VP continues: "I need you to analyze three key demographic segmentation variables and make recommendations for each. As you make your recommendations, keep the washer-dryer's key attributes in mind. We'll begin with household size." Select an option from the choices below and click Submit. - Medium households: 3-4 members - Small households: 1-2 members - Large households: 5+ members

- Small households: 1-2 members

Social butterfly: With large social circles and lots of activities, these consumers are always on the go. Typically young, these consumers move from work, to the gym, to a night on the town nearly every night. A quick change of clothes is all they need to keep the party going. Work-a-holic: With a high-pressure job and the CEO's office in sight, it's not uncommon for these consumers to pull 80+ hour work weeks. Approaching their mid-30s, these consumers recognize that their professional aspirations have taken a toll on their social life, but for now they're content with the sleep-work-sleep routine. Homebody: With a comfortable career and income, these consumers know what makes them happy: reading, listening to music, and spending time at home with their pets and close friends. Select an option from the choices below and click Submit. - Homebody - Work-a-holic - Social butterfly

- Social butterfly

Psychographic

- Social class: Ellie has a Harvard MBA, a $500,000 salary, a trust fund, and a high-power career, which places her in the upper upper class. - Personality: Phil is outgoing, gregarious, and always up for an adventure.

Everyone at Sauber is now in agreement that consumers who are time-pressed are the best target market for the All-in-One washer-dryer. Therefore, the target market for the washer-dryer combo is a busy, small-household, high-income consumer who lives in an apartment. In order to promote the All-in-One washer-dryer to this target, you need to decide how to distinguish it from its competitors. What is a good number of key product differences to promote? There may be more than one good choice here. Select an option from the choices below and click Submit. - Three - One - Two (One of the best choices)

- Two

Use the figure below to answer the following question. A marketer is planning price skimming strategy for a new product introduction. Assume the initial skimming price is $10 and the quantity sold at that price is 100 units (follow the figure above). The marketer reduced the price to $8 in the second skimming price level (resulting in an additional sales of 50 units) and to $ 6 in the final skimming price level (resulting in an additional sales of 30 units). The sales revenue achieved by the marketer under this skimming price strategy is equal to ($):

1580

A local movie theater has a 235-seat capacity and charges a $10 per ticket. The tickets are always sold out. The manager is planning to raise the price by 30% and she feels that a higher price will generate more revenue. The elasticity of demand is given as 0.6 (assume downward sloping demand curve). What is the revenue generated after the 30% price increase? Write down the value without the $ sign.

2505 (+/- 2%) (2509)

A gift shop owner purchases items to sell in her store. She purchases a chair for $ 144 and sells it for $ 293. Determine the mark-up PERCENTAGE on selling price. Enter only the value in the box below.

51 (+/- 2)

The usual retail price of an item is $129. The manufacturer's cost to produce the item is $33. Retailers take a 45 percent markup and wholesalers take a 10 percent markup. What is the manufacturer's price? Enter only the value without the $ sign.

64 (+/- 2%) (63.86)

The usual retail price of an item is $135. The manufacturer's cost to produce the item is $44. Retailers take a 44 percent markup and wholesalers take a 10 percent markup. What is the wholesale price? Enter only the value without the $ sign.

76 (+/- 5%) (75.6)

Advanced Electronics manufactures DVDs and sells them directly to retailers who typically sell them for $23. Retailers take a 46% margin based on the retail selling price. Advanced's cost information is as follows: DVD package and disc $2.50 /DVD Royalties $2.25/ DVD Advertising and promotion $500,000 per period Overhead $200,000 per period What is the break-even volume in DVD units for any period? Enter only the value in the box below.

91265 (+/- 2%)

Dollars: Dollars are the label for the y-axis in the break-even chart.

A

What are the four elements of a compensation plan for​ salespeople?

A fixed amount, a variable amount, expenses, and fringe benefits

lifestyle

A person's pattern of living as expressed in his or her activities, interests, and opinions

Which of the following is not considered one of the links in the service profit​ chain? A) Buyerdashseller interaction B) Internal service quality C) Satisfied and productive service employees D) Greater service value E) Satisfied and loyal customers

A) Buyer-seller interaction

*What are the two main research instruments used by marketing researchers in primary data​ collection?* A. Questionnaires and mechanical devices B. Questionnaires and surveys C. The telephone and the Internet D. Questionnaires and the Internet E. Questionnaires and panels

A. Questionnaires and mechanical devices

*A(n) __________ is defined as any contact between a customer and a company.* A. touch point B. sales call C. service call D. purchase E. satisfaction survey

A. touch point

When marketers target "third-world" consumers, which of the following factors should be kept in mind:I. market segments could be very diverseII. fierce local competitionIII. behavior of customers could be very different in comparison to developed markets

All choices are true

Internal factors that affect pricing include​ __________. A. the​ company's overall marketing​ strategy, objectives, and marketing mix B. the nature of the​ market, demand, and the economy. C. the​ company's overall marketing​ strategy, the nature of the​ market, and demand. D. the​ company's overall marketing​ strategy, objectives, and demand E. the​ company's overall marketing​ strategy, objectives, and the nature of the market

Answer: A

What is the first thing marketers must do when using​ value-based pricing? A. Assess customer needs and value perceptions. B. Design a quality product. C. Determine product costs. D. Set the target price to match customer perceived value. E. Convince buyers that the​ product's value at a given price justifies the purchase.

Answer: A

Which of the following is true regarding the price-demand ​relationship? A. If demand is​ elastic, sellers will consider lowering their price. B. Demand and price are directly related—the higher the​ price, the greater the demand. C. A demand curve shows the number of units a company will produce in a given time period at different prices that might be charged. D. If demand is​ inelastic, a small change in price will result in a large change in demand. E. Price elasticity measures how responsive price will be to a change in demand.

Answer: A

Which type of market consists of many buyers and sellers trading over a range of prices rather than a single market​ price? A. Monopolistic competition B. Oligopolistic competition C. Uniform commodities D. Pure competition E. Pure monopoly

Answer: A

Beyond the nature of the​ market, demand, and the​ economy, what other factors in a​ firm's external environment must a company consider when setting​ prices? A. The​ company's overall marketing strategy and marketing mix B. ​Resellers, the​ government, and social concerns C. The​ government, resellers, and profit objectives D. ​Resellers, the​ government, and the marketing mix E. The​ company's overall marketing strategy and selecting target markets

Answer: B

Retailers such as​ Kohl's and JC Penney charge higher prices on an everyday​ basis, but run frequent promotions to lower prices temporarily on selected items. This is an example of​ __________. A. EDLP pricing B. ​high-low pricing C. ​break-even pricing D. ​value-added pricing E. ​cost-plus pricing

Answer: B

The strategy of​ __________ means that the firm attempts to offer the right combination of quality and good service at a fair price. A. ​cost-based pricing B. ​good-value pricing C. ​customer-based pricing D. everyday low pricing E. ​value-added pricing

Answer: B

Which factor sets the floor on setting a​ product's price? A. Competitors B. Product costs C. ​Customer's value perceptions D. Revenue E. Demand

Answer: B

Price is the only part of the marketing mix that​ __________. A. is defined by the consumer B. does not play a role in creating customer value C. produces revenue D. incurs costs E. attracts buyers

Answer: C

Which factor sets the ceiling on setting a​ product's price? A. Demand B. Competitors C. ​Customer-value perceptions D. Revenue E. Company costs

Answer: C

Which of the following statements about price is​ correct? A. Marketers do not a have lot of flexibility in setting and changing price. B. Prices have no impact on a​ firm's bottom line. C. Customers have put increased pricing pressure on many companies. D. Price is not an important competitive asset. E. Pricing is not a problem for marketing executives.

Answer: C

​A(n) __________ shows the number of units the market will buy in a given time period at different prices. A. production schedule B. perceptual map C. demand curve D. value curve E. supply curve

Answer: C

New, premium movie theaters offer features such as online reserved​ seating, high-backed leather executive chairs with armrests and​ footrests, the latest in digital sound and​ super-wide screens, and other amenities for which they charge a higher price. This is an example of which type of​ pricing? A. ​High-low pricing B. ​Break-even pricing C. ​Cost-plus pricing D. ​Value-added pricing E. EDLP pricing

Answer: D

Which of the following statements is true regarding​ costs? A. Totals costs are the sum of​ long-run average costs and​ short-run average costs. B. Variable costs vary directly with the level of sales. C. Experience curve pricing is a low risk strategy. D. Average cost tends to decrease with accumulated production experience. E. Costs do not vary with different levels of production.

Answer: D

Which of the following statements regarding customer value-based pricing is​ correct? A. Using this​ strategy, marketers first design the product and marketing​ program, then set the price. B. This strategy is seldom used because buyers rarely consider perceived value when evaluating a​ product's price. C. Customer value-based strategy begins with determining product costs. D. In using this​ strategy, companies often find it hard to measure the value customers attach to their product. E. Using this​ strategy, marketers must convince buyers that the​ product's value at that price justifies its purchase.

Answer: D

How is price determined using​ cost-plus pricing? A. The price is set so that total revenue covers total costs. B. The price is set based on demand. C. The price is set based on​ competitor's prices. D. The price is set by determining the​ customer's value perceptions. E. The price is set by adding a standard markup to the cost of the product.

Answer: E

In which type of market does no buyer or seller have much impact on setting the going market​ price? A. B2B market B. Monopolistic competition C. Oligopolistic competition D. Pure monopoly E. Pure competition

Answer: E

Luxury automobile manufacturers typically add​ quality, services, and other features to differentiate their offers and thus support their higher price. This is an example of​ __________. A. ​customer-based pricing B. ​good-value pricing C. everyday low pricing D. ​cost-based pricing E. ​value-added pricing

Answer: E

On a​ break-even chart, the​ break-even volume is located​ __________. A. at the intersection of target profit and total costs B. at the intersection of total revenue and target profit C. at the intersection of total revenue and variable costs D. at the intersection of total revenue and fixed costs E. at the intersection of total revenue and total costs

Answer: E

Two external factors which must be considered in pricing decisions are​ __________. A. company objectives and the marketing mix B. the marketing mix and demand C. the marketing mix and the economy D. the marketing mix and the nature of the market E. demand and the nature of the market

Answer: E

What is target​ costing? A. Pricing products without any consideration to costs B. Basing price on customer perceptions of cost C. Designing a​ product, then determining its cost and price D. Setting acceptable costs and then setting the price E. Setting a price and then targeting costs that will ensure that the price is met

Answer: E

Which of the following correctly identifies the three major pricing strategies used by​ marketers? A. Customer value-based ​pricing, cost-based​ pricing, and​ profit-based pricing B. Customer value-based ​pricing, revenue-based​ pricing, and​ profit-based pricing C. Customer value-based ​pricing, revenue-based​ pricing, and​ competition-based pricing D. Customer value-based ​pricing, cost-based​ pricing, and​ revenue-based pricing E. Customer value-based ​pricing, cost-based​ pricing, and​ competition-based pricing

Answer: E

Which of the following is a​ cost-based pricing​ approach? A. ​Competition-based pricing B. ​Value-added pricing C. ​High-low pricing D. EDLP pricing E. ​Break-even pricing

Answer: E

Which of the following statements is correct regarding different types of​ markets? A. In a pure​ monopoly, the market consists of many buyers and sellers trading over a range of prices. B. Under pure competition sellers spend considerable time on marketing strategy and pricing decisions. C. Under monopolistic competition the market is dominated by one seller. D. Under oligopolistic​ competition, the market consists of many buyers and sellers trading in a uniform commodity and sellers do not spend much time on marketing strategy. E. Under oligopolistic competition each seller is alert and responsive to​ competitors' pricing strategies and marketing moves.

Answer: E

What is​ positioning?

Arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Which of the following statements regarding American subcultural groups is​ correct?

Asian Americans are the most affluent U.S. demographic segment.

What is the first thing marketers must do when using​ value-based pricing?

Assess customer needs and value perceptions.

Which of the following statements is true regarding​ costs?

Average cost tends to decrease with accumulated production experience.

Quantity: Quantity, or sales units volume, is the label for the x-axis in the break-even chart.

B

​__________ means that the quality of services depends on who provides them as well as​ when, where, and how they are provided. A) Service inseparability B) Service variability C) Service perishability D) Service profitability E) Service intangibility

B) Service variability

*Which of the following statements about big data is​ correct?* A. Big data actually refers to very small data sets. B. One result of big data is that marketing managers are often overloaded with information. C. Analyzing big data is a very easy task. D. Big data is very important because marketers today need more information to make good decisions. E. Analyzing big data will always lead to useful customer insights.

B. One result of big data is that marketing managers are often overloaded with information.

*Which of the following best describes a marketing information system​ (MIS)?* A. Data obtained from the Internet that is used to gain customer insights B. People and procedures that are used to manage information to generate and validate actionable customer and market insights C. The marketing team that makes decisions based on customer insights D. The​ hardware, software, and networks that are used in collecting and analyzing data E. The company databases which store information

B. People and procedures that are used to manage information to generate and validate actionable customer and market insights

*Which of the following statement regarding competitive marketing intelligence is​ correct?* A. Marketing intelligence information is not available from the U.S. government. B. The goal of competitive marketing intelligence is to improve strategic decision making. C. Marketing intermediaries are not a good source of competitive marketing intelligence D. Companies should not be concerned about​ competitor's accessing publicly available information about them. E. Monitoring a​ competitor's website is unethical.

B. The goal of competitive marketing intelligence is to improve strategic decision making.

*Sending observers to watch and interact with consumers in their​ "natural environment" is known as​ __________.* A. survey research B. ethnographic research C. a focus group D. ​on-site research E. experimental research

B. ethnographic research

*You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in​ a(n) __________.* A. individual interview B. focus group interview C. ethnographic study D. experiment E. immersion group

B. focus group interview

*Much of​ Pinterest's success is due to how they used marketing information to​ __________.* A. send targeted email to key customers B. identify a unique customer insight C. understand that their site was not useful to businesses D. change the name of their website E. increase their profits

B. identify a unique customer insight

*What are the three types of research​ objectives?* A. ​Causal, experimental, and hypothetical B. ​Exploratory, descriptive, and causal C. ​Exploratory, descriptive, and definitive D. ​Exploratory, causal, and experimental E. ​Exploratory, formal, and casual

B. ​Exploratory, descriptive, and causal

Intangibility

Because she cannot see, touch, or smell the Thai Tok Sen treatment before the message, Audrey is unsure of the tapping massage's quality and value.

Which of the following forms of products are considered as​ services? A) Apple iPhone B) Starbucks coffee C) Airline travel D) Advice from a family doctor E) Toyota Camry

C) Airline travel

​__________ is a measure of the​ brand's ability to capture consumer preference and loyalty. A) Brand management B) Brand positioning C) Brand equity D) Brand value E) Brand sponsorship

C) Brand equity

The branding strategy of launching a product or service as a national or store brand is considered a​ __________. A) brand value B) brand equity C) brand sponsorship D) brand positioning E) co-branding

C) brand sponsoring

*After defining the problem and​ objectives, what is the next step in the marketing research​ process?* A. Collect the data B. Report the findings. C. Develop the research plan. D. Analyze the data E. Implement the plan.

C. Develop the research plan.

*Which one of the following statements about marketing research in small businesses and nonprofit organizations is​ correct?* A. Small companies and nonprofits do not need marketing information. B. Surveys are the only research approach that can be effectively used by small businesses and nonprofits. C. The research methods of small businesses and nonprofits are less complex and less​ costly, but they still must be conducted carefully. D. Only large companies can afford to conduct marketing research. E. Good research requires large sample sizes which are not feasible for small businesses and nonprofits.

C. The research methods of small businesses and nonprofits are less complex and less​ costly, but they still must be conducted carefully.

*Companies setup​ __________ which allow key customers and​ value-network members to access​ product, account, and other data anytime they need to.* A. websites B. intranets C. extranets D. wireless networks E. data warehouses

C. extranets

A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your​ colleague?

Carefully consider the degree of competition and ease of entry into the segment.

(A) competitiveness

Channel members should be selected on the basis of all of the following attributes except​ __________. A. competitiveness B. growth and profit record C. cooperativeness D. years in business E. reputation

Decision Point: How to Revise the Reservation Policy Verdure Health and Fitness customers are primarily busy working professionals. Currently 20%-30% of appointments booked by Verdure clients result in no-shows. Verdure management knows that one of the keys to profitability is maximizing therapy appointment reservations while minimizing unused appointment times and no-shows. The VP has asked you to develop a policy to address this inventory management issue. Which of the following reservation policies would benefit Verdure the most by minimizing unused appointment times?

Charge customers a fee of 50% of the service price when they miss an appointment.

Which of the following statements regarding segmentation is​ correct?

Consumer and business marketers use many similar​ variables, but business marketers use additional variables to segment their markets.

Which of the following statements is correct regarding consumer buying​ decisions?

Consumers are often unaware of what influences their purchases.

Which of the following statements is correct regarding the influence of personal factors on buyer​ behavior?

Consumers tend to buy brands whose personality matches their own.

Which of the following statements regarding the buyer decision process is​ correct?

Consumers​ may, in some​ situations, skip steps in the buyer decision process.

What are the four general characteristics that influence consumer​ purchases?

Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics

Total Cost: The total cost line combines both the fixed costs and the variable costs (which do vary with change in quantity). The total costs line intercept is at the level of fixed costs and typically sweeps from lower left to upper right.

D

*Which of the following statements regarding conducting marketing research in a foreign country is​ correct?* A. Good secondary data is easy to find in most foreign markets. B. Globalization has slowed​ down, so international research is no longer necessary. C. Language translation will be easy. D. Reaching respondents in other parts of the world is more difficult than it is in the United States. E. Consumers in foreign markets generally enjoy participating in marketing research.

D. Reaching respondents in other parts of the world is more difficult than it is in the United States.

*Which of the following statements regarding the use of marketing​ information, customer relationship management​ (CRM), and analytics is​ correct?* A. Marketing information is of great value even if it is not used for decision making. B. Social media information cannot be analyzed using marketing analytics. C. Marketing analytics is not used in customer relationship management. D. There are risks involved in using big data analytics and CRM. E. Technology alone can build profitable customer relationships.

D. There are risks involved in using big data analytics and CRM.

*Which of the following is an advantage to using internal databases for​ information?* A. Internal information is in a form that is useful for making marketing decisions. B. The information stored in internal databases is always current. C. Internal information is accurate and complete. D. They can be accessed quickly and cheaply. E. Internal information sources are easy to manage.

D. They can be accessed quickly and cheaply.

*Survey research is the approach best suited for gathering​ __________.* A. experimental research B. exploratory research C. causal research D. descriptive research E. ethnographic research

D. descriptive research

*Defining the problem and research objectives is the​ __________ step in the marketing research process.* A. second B. fourth C. fifth D. first E. third

D. first

*Some retailers use mannequins with cameras hidden in one eye to record customer demographics and shopping behavior in order to serve them better. This raises ethical concerns in terms of​ __________.* A. improper sampling procedures B. deceptive advertising C. customer harassment D. intrusions on consumer privacy E. the misuse of research findings

D. intrusions on consumer privacy

*To learn more about the relationships and patterns contained in the vast amounts of data they​ collect, marketers use​ __________.* A. customer relationship management B. big insights C. big data analytics D. marketing analytics E. touch points

D. marketing analytics

________ occurs when retailers set an artificially high​ "regular price" and then advertise a​ "sale price," which is actually close to their everyday price.

Deceptive pricing

Decision Point: How You Will Increase Value Members of Verdure pay a premium price for their gym membership and are accustomed to professional, attentive customer service. Service quality depends not only on who provides the service, but also when, where, and how the services are provided. The Spa wants to ensure that its consumers receive the highest level of service at every interaction. What policy would most effectively reduce service variability and increase customer value?

Design a descriptive protocol for each spa service including clear delivery standards.

What is the first decision made in sales force​ management?

Designing sales force strategy and structure

Which of the following statements about segmentation is​ true?

Different segments might require different marketing strategies or mixes.

Warehousing

Distribution center

Total Revenue: The total revenue line typically starts at the chart origin and has a steeper slope than the total cost curve.

E

Freedom from defects and consistency in delivering a targeted level of performance is an attribute of​ product's __________. A) branding B) packaging C) labeling D) support services E) conformance quality

E) conformance quality

Blood donations to the Red Cross are considered​ __________ products. A) shopping B) specialty C) convenience D) industrial E) unsought

E) unsought

*Which of the following statements about marketing information systems​ (MIS) is​ correct?* A. A good MIS gives managers all the information they ask for. B. An MIS is focused on internal data and ignores the marketing environment. C. Marketing information systems provide information only to a​ company's internal users. D. An MIS begins and ends with information collectors. E. A good MIS must balance what users would like to have against what they really need and what is feasible to offer.

E. A good MIS must balance what users would like to have against what they really need and what is feasible to offer.

In the context of need recognition stage, the statement "I need a new car because the current one has stopped running" is an example of what type of stimuli? I. internalII. externalIII. neither internal nor external

Only statement II is true

*Which of the following statements about information and customer insights is​ correct?* A. To gain useful customer​ insights, more​ data is better data. B. Customer insights are useful but do not give companies a competitive advantage. C. Customer insights have little impact on building customer relationships. D. Customer insights are relatively easy to obtain. E. Information to gain customer insights comes from a wide variety of sources.

E. Information to gain customer insights comes from a wide variety of sources.

*Which of the following statements about online research is​ correct?* A. Experiments cannot be conducted online. B. Online research is only feasible for large companies. C. It is more expensive to conduct online research than using​ mail, phone, or personal interviews. D. The Internet is especially well suited to qualitative research. E. Online surveys generally have higher response rates than those conducted by mail or phone.

E. Online surveys generally have higher response rates than those conducted by mail or phone.

*To develop needed​ information, marketing information systems utilize​ __________.* A. marketing​ managers, information​ users, and internal databases B. internal​ databases, big​ data, and market research C. internal​ databases, marketing​ research, and marketing managers D. marketing​ intelligence, marketing​ research, and the marketing environment E. internal​ databases, marketing​ intelligence, and marketing research

E. internal​ databases, marketing​ intelligence, and marketing research

*Using marketing information to gain customer insights is of little value unless​ __________.* A. it increases company profits B. marketers gather as much information as possible C. it comes exclusively from big data D. it is obtained as cheaply as possible E. it is used to make better marketing decisions

E. it is used to make better marketing decisions

*Competitive marketing intelligence uses​ __________ data sources.* A. internal B. ​competitor's internal C. expensive D. private E. publicly available

E. publicly available

Which adopter category consists of opinion leaders who adopt new ideas early but​ carefully?

Early adopters

Perishability

Every day, The Spa at Verdure can provide up to 40 treatments across its 5 luxurious treatment rooms. On average, 30 treatments are booked each day, leaving 25% of its capacity unused.

Decision Point: Choosing the Spa's Decor Perhaps the fundamental challenge in marketing services is intangibility because it limits consumers' ability to evaluate the product before purchase. One way firms can try to overcome the intangibility of services is by using quality signals. The Spa at Verdure is renovating its Spa area to increase its capacity to provide the new, Eastern-style treatments. As part of the renovation, new decor and finishes will be chosen. What quality of decor and finishes do you recommend that The Spa install?

Expensive high-end finishes: natural Carrara marble countertops, sleek Italian leather furnishings, opulent lighting

Break-Even Point: The break-even point is where total revenue equals total costs.

F

Decision Point: Classifying the Spa on the Service-Goods Continuum As you consider your task, you reflect on the customer experience you are working to develop. You understand that products can be placed on a service-goods continuum with purely tangible goods and purely services as endpoints. To choose the best marketing tactics, you evaluate The Spa at Verdure's position on the continuum. Which classification most accurately represents The Spa's position on the service-goods continuum?

Mostly a service

What are the four major psychological factors that influence consumer buyer​ behavior?

Motivation, perception,​ learning, and beliefs and attitudes

In the context of need recognition stage, the statement "I need a new car because the current one has stopped running" is an example of what type of stimuli?I. internalII. externalIII. neither internal nor external

Only statement II is true

Which of the following statements is true concerning new product pricing​ strategies?

For a​ market-skimming strategy to be​ successful, the costs of producing a smaller volume cannot be so high that they cancel the advantage of charging more.

Decision Point: How You Address Intangibility With the finishes for The Spa chosen, you consider other ways to overcome intangibility. You appreciate that consumers are hesitant to purchase spa services that they cannot evaluate before consumption. What is the best strategy to address the intangibility of spa services?

Frame and post positive Trip Advisor and Yelp reviews at The Spa.

(E) less control and greater channel complexity

From the​ producer's point of​ view, a greater number of levels of marketing channel means​ __________. A. more control and greater channel complexity B. no control and greater channel complexity C. less control and less channel complexity D. no control and no channel complexity E. less control and greater channel complexity

Which of the following is a claim that Gaby Barios makes about gender-based marketing.

Gender segmentation continues to be used widely because of carryover bias. When marketers focus on gender as a means of segmenting markets, they are leaving money on the table. As a segmentation factor, gender is less effective than almost anything else. Gender-based marketing perpetuates false stereotypes about women.

Which of the following is an objective for business​ promotions?

Generating business leads

What is the focus of the selling​ process?

Getting new customers

​Dissonance-reducing buying behavior would result from which of the following​ conditions?

High involvement and few differences between brands

A company can differentiate itself from competitors using symbols such as​ McDonald's golden​ arches, Twitter's​ bird, and the Nike swoosh. Which type of differentiation is​ this?

Image differentiation

Procter and Gamble sells its product under a national brand name X to all retailers, and a similar product of like grade and quality under a private label brand name that is sold through select retailers at substantially lower prices. IS THIS LEGAL? Note: private label brands are brands sold exclusively under store brand names such as Kirkland line from Costco and Great Value line from Walmart.

NO No, because products of like grade and quality compared to national brand X are sold to select retailers at substantially lower prices

In the introductory lecture discussion about consumer behavior, one or more of the following reason/s were given for finding out who is actually the decision maker in the consumer buying process for an automobile:I. for marketers to communicate to people who are behind the decision makingII. to estimate the demand of the productIII. to design the product to match specific needs

NOT : Statements 1, II, and III are true. MAY BE : ONLY STATEMENT 1?

On the My​ M&Ms Web​ site, users can place custom orders for​ M&Ms. They can choose their own​ colors, put a personalized text message on the​ candies, and even upload a photo to be placed on each​ M&M. Which targeting strategy is​ M&M using​ here?

Individual marketing

Which of the following correctly defines the consumer​ market?

Individuals and households that buy goods and services for personal consumption

In many developing markets, personal care products are sold in small packets. The three countries where this marketing practice is most prevalent are:

Indonesia, India, and Brazil

People can be classified into adopter categories. Which two categories are the first to adopt a new product​ idea?

Innovators and early adopters

Variability

Jose loves getting weekly massages to treat his aching muscles from his therapist, Tim. Last week he was not happy with Tim's massage because the massage pressure was too hard and it felt rushed.

Personal Factors

Lifestyle, personality, self-concept

What is the correct order of the five stages in the buyer decision​ process?

Need recognition​, information search​, evaluation of alternatives​, the purchase decision​, and post purchase behavior

In the lecture discussion about Apple's suppliers, one or more of the following was presented to stress the importance of developing long term relationship with suppliers:I. Apple's relationship with SamsungII. Apple's relationship with Corning GlassIII. Apple's relationship with Intel

Only statement II is true

Edyie Lanni purchased a "boom box"--a portable cassette and CD player—from a mail-order retailer after seeing the retailer's ad in the Sunday New York Times. Edyie was attracted by the low price-- and was assured by the "full one-year warranty" highlighted in the ad. Three months after the unit arrived, the cassette unit stopped working. Edyie called the retailer's toll-free number to find out how to get warranty service. The salesperson who answered Edyie's call said that he would send her a copy of the written warranty issued by the manufacturer-and all Edyie needed to do was follow the instructions. To Edyie's surprise, the manufacturer's "full one-year warranty" read as follows: "The manufacturer warranties this high quality stereo unit against all possible defects for a period of one full year, except for the motors on the cassette and CD players, which are covered for 30 days, and except for all plastic parts, which are not covered at all. Should this set fail to operate during this period, it should be shipped at the purchaser's expense in the original carton to: Repair Depot, 1716 Rushmore Road, Ithaca, NY. A certified check for $49.95 should be enclosed to cover handling charges. This is the only warranty provided by the manufacturer, and all other express or implied warranties are hereby excluded. This warranty does not cover damage caused by improper handling or abuse. The manufacturer shall be the sole judge of whether any parts are defective or whether they were damaged through improper handling or abuse." For the above situation, the federal legislation that is most clearly violated here is: Magnuson-Moss Act (1975) The reason that you think the legislation will apply is because: The terms of the "full one-year warranty" were not disclosed at the time of purchase

Magnuson-Moss Act (1975) The terms of the "full one-year warranty" were not disclosed at the time of purchase

Which of the following statements about personal selling is​ correct?

Many customers are unable to distinguish the salesperson from the company.

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

Practice your price-setting prowess. Complete the equations below for markup pricing and break-even pricing. Drag each of the variables at the top into the correct spot in the equation. When you have moved all of the variables for both equations, click Submit. Markup Pricing = Break-Even Pricing =

Markup Pricing = Unit Cost/( 1 - Desired Return on Sales ) Break-Even Pricing = (Fixed Costs / Volumne) + Variable Costs

Which type of market consists of many buyers and sellers trading over a range of prices rather than a single market​ price?

Monopolistic competition

Which value proposition is difficult to sustain in the long​ run?

More for less

In the lecture discussion about adoption and diffusion of innovations the example of Apple's Iphones being easy to use was provided. This characteristic of Iphones compared with similar offerings from Apple's competitors is an example of one or more of the following concepts:I. CommunicabilityII. ComplexityIII. Divisibility

ONLY STATEMENT 2 IS TRUE

Decision Point: Choosing a Sales Promotion One of the other inventory challenges faced by The Spa is maximizing the number of reservations throughout the day and across the week. Although demand is strong for weekend and evening reservations, demand is soft for weekday, daytime reservations when most of Verdure's clients are at the office. The Spa at Verdure needs a strategy to address this capacity management issue, and the VP once again asks you for a recommendation. Which of these sales promotions would benefit The Spa the most?

Offer a 25% discount on the price of services booked during off-peak times.

A General Electric LED lamp saves $50 worth of energy costs (compared to a traditional incandescent lamp) over its useful life. If this is true, what is the price a customer might be willing to pay for this LED lamp? [assume the traditional lamp is available for free]I. a price up to $50II. a price up to $100III. a price equal to the price paid in the past for a traditional incandescent lamp

Only statement I is true

A cash discount is stated on the invoice as 1% 10/ net 30. The cash discount stated in this format would imply one or more of the following [ assume days are counted from the invoice date]I. the buyer should pay within 10 days to avail 1% discount on the invoice valueII. the buyer should pay within 30 days to avail 1% discount on the invoice valueIII. the buyer is required to pay 1% over the invoice value if and when the payment is made

Only statement I is true

According to the discussion on nonprobability sample plans, the biggest drawback/s of using such plans is/are the following:I. conclusions of studies cannot be generalized to the whole populationII. such plans are more expensive than probability sample plansIII. such plans are very inconvenient to use

Only statement I is true

Based on the lecture discussion about value based pricing, the perceived value of a LED lamp would:I. be different for different customersII. be always determined by the marketerII. turn out to be the same for all customers

Only statement I is true

Certain type of data cannot be collected first hand by the marketing researcher. Which of the following would be example/s of such data?I. Census dataII. Customer dataIII. Primary data

Only statement I is true

In my lecture, I distinguish between business goals and the corresponding marketing goals. To achieve the business goal of increased profits, the following could be considered as marketing goal/s:I. Expand into premium marketsII. Invest in basic researchIII. Lower borrowing costs

Only statement I is true

In the context of need recognition stage, the statement "I feel hungry" is an example of what type of stimuli?I. internalII. externalIII. neither internal nor external

Only statement I is true

In the discussion about different types of buying decision behavior, the example of luxury watches was mentioned to illustrate one or more of the following concepts:I. Complex buying behaviorII. Dissonance reducing buying behaviorIII. Variety seeking buying behavior

Only statement I is true

In the discussion about the microenvironmental actors affecting the marketing function, there was a mention about Japanese companies such as Toyota and Honda. Which of the following statements capture the main essence of this discussion?I. The importance of having long term relationship with suppliersII. The business strategy of Toyota and HondaIII. To illustrate Japan's business culture

Only statement I is true

In the lecture discussion about product decisions, I mentioned the saying "the chain is only as strong as its weakest link." This saying was used to:I. show the importance of each one of the various elements of product decisionsII. show the role of packaging in providing product protectionIII. show why product by itself will not succeed unless other marketing mix elements are also involved.

Only statement I is true

In the lecture example about selecting a sample from among the students studying at the CSUS library, which of the following is/ are true?I. this example was used to illustrate the selection of a convenience sampleII. this example was used to illustrate the pitfalls of problem definitionII. this example was used to illustrate the problems associated with telephone interview method.

Only statement I is true

In the lecture discussion about the marketing research process, which of the following is/ are true?I. Management decision problem is decided after the marketing research problem is identifiedII. Research objectives follow the research problem in that orderII. Research questions are decided before research objectives are specified.

Only statement II is true

Which of the following is/are true for cluster sampling plan?I. each respondent is first randomly drawn from the entire populationII. researcher draws a cluster randomly from among the clustersIII. researcher draws a sample from each of the clusters

Only statement II is true

Which of the following reasons is least likely to cause a retailer to sell private brand merchandise?I. to be able to offer a brand that no other seller hasII. to use its excess manufacturing capacityIII. to create loyalty for the retailer itself

Only statement II is true

After choosing a sample, which of the following could turn out to be true?I. some respondents could refuse to answer questions leading to biasII. bias that could result from the method used for data collectionIII. there is no room for error after choosing the sample

Only statements I and II are true

Amazon and Walmart, based on the discussion in the introduction video, are able to follow market penetration pricing strategy for many products. Which among the following conditions should hold true for penetration pricing strategy to succeed?I. a market that is price sensitive for the productII. sale volume is sufficient enough for the unit costs to come down below the priceIII. demand curve is inelastic

Only statements I and II are true

Based on the lecture discussion about price ceiling, which of the following principles would be consistent with the concept/definition of price ceiling?I. price ceiling is the maximum value associated with a productII. no customer will be willing to pay a price for a product higher than its perceived valueIII. price ceiling is not related to value

Only statements I and II are true

In the introductory lecture discussion about consumer behavior, one or more of the following is/are presented to stress the nature of consumer behavior:I. many shoppers choose premium brands to convey their sophisticated sense of tasteII. to cover up their ignorance about the product itself, many consumers opt to buy premium brandsIII. consumer behavior is always a logical process

Only statements I and II are true

Mark-up is determined in cost plus pricing by one or more of the following approaches:I. mark-up as a percentage of the costII. mark-up as a percentage of the selling priceIII. mark-up as a percentage of the profit

Only statements I and II are true

Variable costs for most marketers and producers increase at an increasing rate as the output and sales increase. Which of the following reason/s would be an explanation for this behavior?I. certain costs such as labor will go up because of overtime paymentsII. maintenance costs of machines will go up when they run at higher outputIII. costs go up always

Only statements I and II are true

Which of the following is/are true?I. nonresponse bias is the bias that results when respondents differ in meaningful ways from non-respondents.II. sampling error often occurs when the survey sample does not accurately represent the population.III. undercoverage bias can be reduced by using telephone as a data collection method

Only statements I and II are true

The research approach, observation approach, has one or more of the following characteristics over the survey approach:I. ability to study subjects such as toddlers who cannot typically answer questionsII. it is influenced by interviewer presenceIII. it records what is happening as it is

Only statements I and III are true

In the discussion about different branding sponsorship strategies, a few reasons were provided about the advantages of stores having their own brands. Which of the following were mentioned?I. customers are loyal to manufacturer brandsII. store brands are typically more profitable for the retailerIII. customers loyalty to a brand will translate into loyalty to the store

Only statements II and III are true

In the lecture discussion about high-low pricing (in the context of value based pricing), one or more of the following reasons were provided to explain why some marketers follow this pricing strategy:I. all customers will shop only when the prices are lowII. some customers will only shop when prices are lowIII. some customers will shop even when the prices are high

Only statements II and III are true

What tends to be the most effective source of information when consumers make a buying​ decision?

Personal sources

________ is the practice of pricing products below cost to harm competitors.

Predatory pricing

(B) convenience goods

Producers of​ ________ typically use intensive distribution for their products. A. luxury brands B. convenience goods C. furniture D. consumer electronics E. home appliance brands

​__________ segmentation divides buyers into different segments based on lifestyle or personality characteristics.

Psychographic

Which of the following is a potentially effective action a company could take in response to a​ competitor's price​ cut?

Reduce the price.

Garrett Paint Co. has been selling its products only through paint and hardware retailers, but recently the company decided to try to sell its spray paints through supermarket chains. To encourage the food chains to purchase in large quantities, Garrett offered them a special 12 percent quantity discount. Garrett does not plan to offer quantity discounts to its paint and hardware retailers. For the above situation, the federal legislation that is most clearly violated here is: Robinson-Patman Act (1936) The reason that you think that this legislation will apply is because: Any discount, if offered, should be offered on proportinately equal basis to everyone

Robinson-Patman Act (1936) Any discount, if offered, should be offered on proportinately equal basis to everyone

Inseparability

Ryan just had his first cupping treatment from his therapist, Ava, and he's pleased. Ava was professional and attentive, and the therapy alleviated his aching muscles.

What is predatory​ pricing?

Selling below cost with the intention of punishing a competitor

What is target​ costing?

Setting a price and then setting costs that will ensure that the price is met

Fuel-oil producers were caught by surprise when December temperatures dropped unexpectedly. Because of inadequate fuel-oil reserves, most producers had trouble quickly filling orders from their distributors across the country. In a number of areas across the country, fuel-oil prices shot up by as much as 60 percent more than normal. During the shortage, the three fuel-oil distributors in Summit, a mountain area on the North Carolina and Tennessee border, kept their delivery trucks running 24 hours a day to ensure that customers did not find themselves without heat. By mid-January, the shortages had begun to let up. About that time, the owners of the three distributorships saw each other at a monthly civic club luncheon. As they were discussing the added costs of all of the "overtime" deliveries, one of the men suggested that they all keep their prices at the current level "until the February peak demand period is over. " The other two agreed that this would help improve profits. For the above situation, the federal legislation that is most clearly violated here is: Sherman Antitrust Act (1890) The reason that you think that this legislation will apply is because: Owners dicussed keeping prices at the current level

Sherman Antitrust Act (1890) Owners dicussed keeping prices at the current level

Which of the following correctly identifies the social factors that influence consumer buyer​ behavior?

Small groups​, social​ networks, ​family, and social roles and status

In the discussion about different types of buying decision behavior, the example of laptops was mentioned to illustrate one or more of the following concepts:I. Complex buying behaviorII. Habitual buying behaviorIII. Variety seeking buying behavior

Statements 1, II, and III are not true

In the discussion about the marketing research process, developing a research plan involves one or more of the following:I. taking stock of sources of existing dataII. looking into existing customer data, for example, as maintained by the marketing intelligence systemIII. figuring out a way to collect new data if needed

Statements 1, II, and III are true

Which of the following would be most likely classified as fixed cost for pricing calculations?I. monthly rent for the buildingsII. interest payment for the loan to finance buildingsIII. salaries paid to managers and executives

Statements 1, II, and III are true

According to the examples provided in the lecture videos, without laws protecting competition, the following are likely to occur:I. smaller airlines getting swallowed up by bigger carriersII. smaller stores not standing a chance against big-box storesIII. consumers getting harmed by lack of competition

Statements 1, II, and III are true.

According to the lecture, in the context of regulations, which of the following is/are true:I. Federal laws such as the Sherman Antitrust Act apply when business dealings cross state boundariesII. FTC has the power to enforce laws and punish companiesIII. Marketers can set prices to final consumers freely

Statements 1, II, and III are true.

Among the key drivers of organizational performance, the following are included:I. how the organization treats its customersII. how the organization engages with customersIII. how the organization satisfies customers

Statements 1, II, and III are true.

Among the key reasons for the decline in JC Penney's sales, the following were mentioned in the lecture:I. decline in mall based shoppingII. introduction of small boutique brand stores within the main storeIII. discontinuation of coupons and discounts

Statements 1, II, and III are true.

Apple's distribution system include the following entities:I. Retail storesII. Cellphone Network carriersIII. Direct sales force

Statements 1, II, and III are true.

In the discussion on the marketing microenvironment actors, Coca Colas's bottlers function to serve in or more of the following roles:I. As marketing intermediariesII. As middlemen in the marketing contextIII. As distributors of coke products

Statements 1, II, and III are true.

In the lecture discussion about the marketing research process, one or more of the following was presented to stress the importance the first step in the marketing research process:I. All marketing research projects begin with a problem to solve or an opportunity to exploitII. A marketing opportunity is, for example, to decide whether to enter a new marketIII. An example of a research problem is that sales are declining and the underlying reasons have to be found for this decline

Statements 1, II, and III are true.

When discussing about the recent retail bankruptcies, the following examples were provided.I. J.C. PenneyII. Lord and SilverIII. Brooks Brothers

Statements 1, II, and III are true.

When discussing about the system/method used to pay for goods and services in the olden days before paper currency came to exist, the following examples were provided.I. Gold coinsII. Silver coinsIII. Barter system

Statements 1, II, and III are true.

Under the Fair Packaging and Labeling Act, which of the following labeling style/s on product packaging to indicate its content size/weight/volume would be considered correct?I. over 36 pcs to indicate the number of pieces includedII. 750 ML for volumeIII. 18 fl.oz (1 liter)

Statements I, II, and III are not true

In a normal market situation, when price is lowered the quantity sold increases. Which of the following can be accurately concluded based on this observation?I. the demand is elasticII. revenue increases when price is loweredIII. profit increases when price is lowered

Statements I, II, and III are not true.

The price of Big Mac (sold by McDonald's) vary substantially from one country to another (as discussed in the price adjustment situations video). Which among the following was/were given as factors complicating the pricing decision of McDonald's for this product.I. the exchange rates between US dollar and other currencies such as the Swiss FrancII. the cost of hiring sales people in other countriesIII. economic and competitive situation in other countries

Statements I, II, and III are true

Based on the lecture discussion about psychological pricing strategy, which of the following principles would be consistent with the concept/definition of reference prices?I. reference prices could differ across customers for the same productII. a high reference price would make customers very sensitive to lower prices of the productIII. a high reference price would make customers less sensitive to prices going up for the product

Statements I, II, and III are true.

Based on the lecture discussion about value based pricing and its comparison with cost based pricing, which of the following statement/s would be true?I. cost-based pricing is likely to be used by production/product oriented marketersII. the first step in value based pricing is to assess customer needs and value perceptionsIII. marketers who follow the marketing concept will adopt value based pricing approach

Statements I, II, and III are true.

In the lecture discussion about product quality, which of the following examples were given to illustrate performance quality?I. an automobile's traits such as acceleration, speed, handling, and comfortII. picture quality and sound quality of a television setIII. high definition TV versus standard definition TV

Statements I, II, and III are true.

During a sales​ presentation, which of the following would best fit a relationship marketing​ approach?

Tell a value story

What is the most useful thing that a marketer needs to know to learn what customers need?

The customer characteristic that emerges as the biggest growth driver.

Decision Point: How The Spa Should Provide Customer Service Training Customer service is a critical component in the service encounter. You now must decide how to train your staff to provide customer service. Choose the training option that will create the most customer value and reduce perceived variability.

Train the staff in customer delight—to understand the wants and needs of the customer and to exceed customer expectations.

Which of the following statements is correct regarding different types of​ markets?

Under oligopolistic competition each seller is alert and responsive to​ competitors' pricing strategies and marketing moves.

At Home Exercise Corporation, a firm located in Santa Monica, CA, advertised its Body Shaper, "an amazing new isometric exercise device" in the Arizona Republic. According to the ad, "individual results vary, but through only 5 minutes a day of effortless exercise you can expect to add up to 2 inches to your biceps and up to 3 inches to your chest while losing up to 4 inches from your waistline and up to 10 pounds from your present weight during an average 14-day period." The ad stated that the body shaper could be purchased by mail for only $14.95 and added "Try the Body-Shaper risk free. If you are not completely satisfied, return the Body Shaper within 30 days and the purchase price will be promptly refunded." The ad caught Michael Colombo's eye and he ordered the exerciser—enclosing a money order for the specified amount. About a month later, he received a package containing a hard rubber cable about 2 feet long, and a small pamphlet describing various diet plans. Believing he had been cheated, he demanded that his money be refunded as advertised. Shortly afterwards, he received a form letter from the firm stating that his request for a refund had been denied on the grounds that "more than thirty days has passed since you placed your order." For the above situation, the federal legislation that is most clearly violated here is: Wheeler-Lea Act (1938) The reason that you think that this legislation will apply is because: The return policy as advertised did not disclose that returns should be made within 30 days of placing the order

Wheeler-Lea Act (1938) The return policy as advertised did not disclose that returns should be made within 30 days of placing the order

(A) Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers

Which of the following is a reason that producers use marketing channels and channel​ intermediaries? A. Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers. B. The reduced costs of using channel intermediaries offsets the inefficiencies of marketing channels. C. Using marketing channels allows producers to retain control over how and to whom they sell their products. D. Using channel intermediaries increases the number of contacts with customers. E. Marketing channel decisions require only a​ short-term commitment.

(A) A Ford dealer complaining that another Ford dealer is advertising in its territory

Which of the following is an example of horizontal channel​ conflict? A. A Ford dealer complaining that another Ford dealer is advertising in its territory B. A retailer complaining about receiving damaged goods from a wholesaler C. A consumer complaining to a retailer about the service he or she received D. A retailer complaining about a​ producer's pricing E. A consumer complaining to a producer about the quality of a product

UPS charges different prices for shipping depending on which region of the United States the item is being shipped to. 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) 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. A. ​Full-line forcing B. Exclusive distribution C. Exclusive dealing D. Exclusive territorial agreements E. Intensive distribution

(A) exclusive dealing

________ is a strategy in which the seller requires that dealers not handle​ competitors' products. A. Exclusive dealing B. ​Full-line forcing C. Intensive distribution D. Exclusive distribution E. Exclusive territorial agreements

According to Henry Ford, if he had asked customers what they wanted, they would have probably said that they wanted __________:

a faster horse

subculture

a group of people with shared value systems based on common life experiences and situations

opinion leader

a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others

personal

age and life-cycle stage, occupation, economic situation, lifestyle, personality and self-concept

The following is/are true with respect to the economic environment of the United States.

all of the above decrease in the gap between the earnings of men and women income inequality is rising since 1980's Shifting roles of men versus women high healthcare costs compared to other developed countries

Which of the following is/are mentioned in the lecture in the context of demographic changes in rapidly emerging markets such as India and China?

all of the above huge size of their markets increasing urbanization large population diversity rapidly growing consumer incomes

Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Because she does not know much about​ wine, she will likely use the price of the wines as​ ________.

an indicator of quality

Market skimming prices are preferred in all of the following conditions except​ __________.

an initial low price is set by the companies

On a​ break-even chart, the​ break-even volume is located​ __________.

at the intersection of total revenue and total costs

four psychological factors

attitudes, belief, perception, learning, motive

​__________ is the first stage in the new product adoption process.

awareness

The following is one of the review questions presented in the lecture:Mission statements should ________ and be defined in terms of ________.Which of the following choices would correctly complete the blanks in the above statement?

be market oriented; satisfying basic customer needs

The cartoon character "Jake" embodies the organizational values of Life is Good and is intended as a symbol of optimism and all that is right with the world. The "Jake" logo is an important symbol of the company's __________.

brand

The name Plymouth Rock Assurance identifies the company as the seller of its services and products, which is also known as which of the following?

brand

Jim Laughlin, the director of communications for Life is Good, emphasized the importance of spreading awareness of the organization's goal of helping children through the sale of products to both customers and employees. If consumers rate Life Is Good more favorably because of these efforts, the company has increased its ____.

brand equity

For many of Life is Good's customers, understanding of the company's positive message and social role makes a significant difference in terms of their response to the company's products and marketing. If this improves the company's financial position, it has increased its _____.

brand value

A sales contest is considered a part of​ __________. business promotions ​point-of-purchase promotions trade promotions event marketing

business promotions

Nielsen is engaged in the collection and analysis of information about consumers, competitors, and developments in the marketplace. This systematic monitoring is known as __________. a customer insight b internal databases c big data d marketing information systems e competitive marketing intelligence

competitive marketing intelligence

When consumers engage in​ __________ buying behavior they go through a learning​ process, so it is most important that marketers understand information gathering and evaluation behavior.

complex

Instead of going after a small share of a large​ market, a firm goes after a large share of a smaller niche segment. This type of marketing strategy is known as​ __________.

concentrated marketing

complex buying behavior

consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands

Dissonance-reducing buying behavior

consumer buying behavior in situations characterized by high involvement but few perceived differences among brands

habitual buying behavior

consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences

Variety-seeking buying behavior

consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences

Toro ran a preseason promotion on its snowblower models offering a rebate if the snowfall in the​ buyer's market area turned out to be below average. This is an example of​ __________. sales contest event marketing consumer promotion trade promotion business promotion

consumer promotion

factors influencing consumer behavior

cultural, social, personal, psychological, buyer

According to the​ text, what is the most basic cause of a​ person's wants and​ behaviors?

culture

Nielsen gathers data on millions of people to help marketers gain __________ to use to create strategic marketing decisions. a customer insights b competitive marketing intelligences c big data d marketing information systems e internal databases

customer insights

________ uses buyers' perceptions of value as the key to pricing

customer value-based pricing

Some companies still treat sales and marketing as separate functions. One effect this can have is to​ __________.

damage customer relationships

Some companies still treat sales and marketing as separate functions. One effect this can have is to​ __________. improve the​ company's performance damage customer relationships improve the relationships between the two departments improve coordination between the two departments allow marketing to be more in touch with customers

damage customer relationships

Two external factors which must be considered in pricing decisions are​ __________.

demand and the nature of the market

​A(n) __________ shows the number of units the market will buy in a given time period at different prices.

demand curve

A marketer who wishes to gain insight into the demographics and attitudes of consumers who buy their product would likely ask Nielsen to perform which type of research? a Secondary data b Descriptive research c Primary data d Exploratory research e Causal research

descriptive research

If men and women respond similarly to the same marketing​ mix, they do not constitute different segments. Gender would not be effective in this example because the segment is not​ ________.

differentiable

If Amazon were to open gas stations, it stands to reduce or cut out the share of existing channel intermediaries--a process known as _________________.

disintermediation

Prime Day is an event that allows Amazon to test its fulfillment centers, highly automated warehouses known as ________________.

distribution centers

The Mattel Corporation targets children from the age of 3 and up. Fisher-Price makes toys for babies and toddlers. In 1993, the Mattel Corporation acquired Fisher-Price for $1.1 billion. This acquisition gave Mattel a new product line aimed at the younger siblings of its current target market.

diversification

The following is one of the review questions presented in the lecture:If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in Latvia, it would be using a __________ strategy.

diversification

When McDonald's purchased Donato's Pizza and a controlling interest in Chipotle Mexican Grills, the company was pursuing a ________ strategy.

diversification

Logistics information management

electronic data interchange (EDI)

Market penetration prices are preferred in all of the following conditions except​ __________.

enough buyers must want the product at a higher price

Sales​ reports, call​ reports, and expense reports are all used in the process of​ __________ salespeople.

evaluating

In order to find what Barios refers to as "disruptive growth," marketers must ______________________.

forget what they know about customer segments and start from scratch.

social factors

groups word-of-mouth influence opinion leader online social networks family roles and status

social

groups and social networks, family, roles and status

The Westin Stamford Hotel in Singapore failed when it once advertised itself as the​ world's tallest hotel. This difference was not worth establishing because it did not satisfy which of the following​ criteria?

important

which of the following statements does not apply to the description of prices? a.) price is the amount of money charged for a product or a service b.) price remains one of the most important elements that determine a​ firm's market share c.) pricing is the​ number-one problem facing many marketing executives d.) ​historically, price has been the major factor affecting buyer choice e.) in recent decades price factors have gained increasing importance

in recent decades price factors have gained increasing importance

pure competition

in which type of market does no buyer or seller have much impact on setting the going market price?

buzz marketing

involves cultivating opinion leaders and getting them to spread information about a product or service to others in their communities -making them "brand ambassadors"

One important consideration in using a differentiated targeting strategy is that​ ________.

it can increase costs

How many fruits and vegetables have you eaten in the past one month? ___________ (write down the exact number)

it is difficult to remember exactly the number of fruits and vegetables asked in the question some vegetables and fruits cannot be counted, so the question itself should be reworded the question is better worded with "how many servings" instead of how many

value-added pricing

luxury automobile manufacturers typically add quality, services, and other features to differentiate their offers and thus support their higher price. this is an example of ______

As part of its 1998 summer ad campaign, NBC ran ads that previewed reruns of popular TV programs and used the slogan, "New to You" to get people who had missed the shows during the previous season to watch.

market development

As part of the growth strategy for Yum! Brands, the parent company of KFC, Pizza Hut, and Taco Bell, is expansion of its fast food businesses into new markets, such as China, Russia, and India. This type of expansion would be a __________ strategy.

market development

In its advertising, Suave hair care products compares hair shampooed and conditioned with Suave products to hair on which more expensive salon products were used. The company hopes that the ad establishes how similar results can be achieved by using Suave, a much less expensive product. The promotion is targeted at consumers who once used Suave, but abandoned it when they could afford more expensive products.

market development

The Grand Ole Opry shows are played in an auditorium that is at best 75 percent full. Most of the audience is over 50. One of the ideas suggested to increase its audience size and appeal to younger country music fans is to use webcasts of the Opry shows on the Internet.

market development

If Ben & Jerry's sold more units of its Bonnaroo Buzz Fair Trade-sourced super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, it would be using a __________ strategy.

market penetration

The following is one of the review questions presented in the lecture:Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

market penetration

The process of evaluating each market​ segment's attractiveness and selecting one or more market segments to enter is called​ ________.

market targeting

When Apple introduced its​ iPhone, it priced the new product at​ $599, considerably higher than either its iPod or competing cellular phones. Apple Computer was pursuing​ a(n) ________ new product pricing strategy.

market-skimming

psychological

motivation, perception, learning, beliefs and attitudes

Prior to the merging of three distinct insurance company names into one new name, which of the following best describes the branding strategy used?

multibrands

Five stages in the buyer decision process

need recognition, information search, evaluation of alternatives, purchase decision, post purchase behavior

value-added 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 sound and super-wide screens, and other amenities for which they charge a higher price. this is an example of which type of pricing?

"My family business runs two small mom-and-pop stores that sell book. Our business is being ruined by giant store chains that sell these books for less than our wholesale cost." Does the family business owner have a valid legal claim? (yes / no / cannot answer): no Select the appropriate reasoning for your above answer: No, because giant stores can sell at whatever prices they want as long as they are not getting special favors made available only to giant stores

no No, because giant stores can sell at whatever prices they want as long as they are not getting special favors made available only to giant stores

the goal of the competition-based pricing is ____________

not to match or beat competitors' price

Which of the following is a personal factor that influences a​ consumer's buying​ behavior?

occupation

Nielsen gathers consumer insights through a variety of ways, including consumer tracking and panels. Which type of research is Nielsen engaged in during these examples? a Focus groups b Online marketing research c Telephone surveys d Mail questionnaires e Causal research

online marketing research

online social networks

online social communities - blogs, social networking Web sites, and other online communities - where people socialize or exchange information and opinions

Business units that are classified as stars should focus on the following:I. Rapid growth and expansionII. Consider divestmentIII. Generating cash

only choice I is true

A secret agreement to divide the market among competitors will be illegal under which of the following regulations?I. Wheeler-Lea ActII. Sherman Antitrust ActIII. Robinson-Patman Act

only choice II is true

When a US based company engages in price-fixing in international markets to control competition in a foreign country, which of the following would be true?I. This company violates Sherman Antitrust ActII. This company will not be subject to Sherman Antitrust ActIII. This company can be fined and penalties imposed by the FTC

only choice II is true

Product warnings and disclaimers printed on advertisements are a result of which of the following regulations?I. Clayton ActII. Robinson-Patman ActIII. Wheeler-Lea Act

only choice III is true

Regulations such as Robinson-Patman Act deal with pricing practices between the marketer and the following entities:I. retailers and dealersII. final customers like you and meIII. wholesalers

only choices I and III

Netflix offers a much wider choice of movies for potential customers than competitors. This feature of Netflix would address which of the following characteristics leading to faster adoption of innovations?I. Higher relative advantageII. Higher compatibilityIII. Higher divisibility

only statement 1

In the lecture discussion about adoption and diffusion of innovations, I posed the following question: "Are you willing to buy a battery powered car without having the opportunity to test drive?" This question was meant to illustrate one or more of the following concepts:I. CommunicabilityII. CompatibilityIII. Divisibility

only statement 3

Toyota's focus on economy models and BMW's focus on luxury vehicles are examples used to illustrate one or more of the following::I. Marketing strategy followed by Toyota and BMWII. Production focus of Toyota and BMWIII. Plans made by Toyota and BMW to escape tariffs in the US market

only statement I is true

The amount of money charged for a product is its​ __________.

price

which of the following statements does NOT describe price? a.) price is the sum of all the values that customers give up to gain the benefits of having or using a product or service b.) price is one of the most flexible marketing mix elements c.) prices can be changed quickly d.) price is the only element in the marketing mix that represents costs e.) price remains one of the most important elements that determine a​ firm's market share and profitability

price is the only element in the marketing mix that represents costs

The specific data that Nielsen provides to its clients for a specific purpose that has not been completed before, is most likely which type of data? a Exploratory b Causal c Primary d Secondary e Descriptive

primary

Price is the only part of the marketing mix that​ __________.

produces revenue

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

The pricing method in which sellers combine several products and offer a reduced price is known as​ __________.

product bundle pricing

Freddy's Ice Cream developed a line of whole fruit sorbets targeted at people who are loyal Freddy's consumers, but dislike all the fat and calories in ice cream.

product development

When Starbucks announced that it would release a new single-serve Verismo high-pressure brewing machines sale in its U.S. outlets, it was using a __________ strategy.

product development

The Ford Mustang is offered in several different models. Ford will use​ ________ pricing to determine the price steps between the different models.

product line

The founders of Life is Good started their business by hawking T-shirts on the street and selling them door-to-door in college towns. As the organization grew, the number of different lines of products it offered grew, too. Collectively, these assorted product lines, in total, represent Life is Good's ________.

product mix

The first step in the personal selling process is​ __________. prospecting preapproach handling objections demonstration Presentation

prospecting

Some sellers use​ 00-cent endings on regularly priced items and​ 99-cent endings on discount merchandise. This is an example of pricing referred to as​ __________.

psychological pricing

Techniques that can be used by sellers for avoiding​ customers' perception of price gouging includes all of the following except​ __________.

rationing products to customers

Assume a competitor has cut prices and a company determines it should respond. Potential actions that the company could initiate include​ ________.

reducing​ price, raising perceived​ value, improving quality and increasing​ price, and launching a​ low-price "fighter​ brand"

A purse​ company's ads feature the cast of a popular reality show. Product sales increase significantly among the fans. From the​ fans' viewpoint, the cast is​ a(n)

reference group

What brand of computer do you own? (check one) a. IBM PC b. Apple c. HP

response choices do not include all different possible responses a fourth response choice of d. ________ (list other brands) would make the question capture more types of responses in addition to the three response choices, provide also a space to write down the brand name of the computer including not owning any brand asking the respondent to check one only might confuse some respondents who have multiple brands

The step in designing a customer valuedash-driven marketing strategy in which a company divides a market into distinct groups of buyers is known as market​ __________.

segmentation

The company's choice of its name, Plymouth Rock Assurance, and its motto, "More Than Just Insurance," indicates the company is attempting to position itself in a particular manner. Which of the following would most likely be the intended position of the company?

superior customer service through its products and services

Are you satisfied with your current auto insurance? (check Yes or No) ( ) Yes ( ) No

the answer choices should have a third "not sure" option at the very least the answer choices assume that the person has current auto insurance the question does not make it clear whether the question refers to an insurance company or to the terms of the insurance policy

What do you think about this report? (check one) a. It's the worst report I've read b. It's somewhere between the worst and best c. It's the best report I've read

the choices are adequate to capture the full range of opinions the choices are extreme, which makes most respondents to choose the middle choice the answer choices could be in more than three items to capture fully the range of opinions there is no description of the report provided

Word-of-mouth influence

the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior

adoption process

the mental process through which an individual passes from first hearing about an innovation to final adoption

Are you in favor of Proposition 13? (check one) a. Yes b. No c. Undecided

the question assumes everyone knows about Proposition 13 asking directly are you in favor of something is a type of leading question the question assumes everyone understands the context of Proposition 13 such as voting for a proposed proposition or the one that was passed earlier.

What percent of your budget do you spend on direct mail advertising? ___________ (provide the answer in %)

the question does not refer to the time period relevant for the answer the question involves calculation for the respondent and hence likely to result in erroneous answers assumes everyone understands the term "direct mail" in the same manner

The winning value proposition by discount stores such as Walmart and Best Buy can be categorized as​ __________.

the same for less

culture

the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions culture, subculture, social class

Personality

the unique psychological characteristics that distinguish a person or group

Where did you grow up? (check one) a. country b. farm c. city d. _________(other)

the words country and farm could mean the same idea to some of the respondents the word country could mean different things to different respondents "grow up" is ambiguous since it could refer to different time periods for different respondents

Internal factors that affect pricing include​ __________.

the​ company's overall marketing​ strategy, objectives, and marketing mix

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

Prior to becoming Plymouth Rock​ Assurance, the company marketed three different insurance​ companies: High​ Point, Plymouth​ Rock, and Pallasades. Rebranding the three names into​ one, Plymouth Rock​ Assurance, was one part of the overall objective of constantly improving the quality of services anterm-9d business products. This overall process is known as which of the​ following?

total quality management

assess customer needs and value perceptions

what is the first thing marketers must do when using value-based pricing?

What price did you pay when you last bought pizza? __________ (write down the price in $)

whether the pizza was bought for yourself or for someone else is not clear the question assumes that one has bought a pizza in the past The question assumes that one remembers the price without any prompt

customer's value perceptions

which factor sets the ceiling on setting a product's price?

if demand is elastic, sellers will consider lowering their price

which of the following is true regarding the price-demand relationship?

average cost tends to decrease with accumulated production experience

which of the following statements is true regarding costs?

in using this strategy, companies often find it hard to measure the value customers attach to their product

which of the following statements regarding customer value-based pricing is correct?

One major objective associated with a​ market-penetration pricing strategy is to​ ________.

win a large market share

Apple is selling Iphones and Ipads at its company-owned store at retail prices that are below the wholesale price that it charges to a small electronics dealer. Is this legal? (yes / no / cannot answer) yes Select the appropriate reason for yes/no from the list Yes, Apple can sell at whatever price it wants through its own store as long as all retailers receive similar price terms from Apple

yes Yes, Apple can sell at whatever price it wants through its own store as long as all retailers receive similar price terms from Apple

What is the correct order of the five stages of the new product adoption​ process?

​Awareness, interest,​ evaluation, trial, adoption

What are the three cultural factors that influence consumer buyer​ behavior?

​Culture, subculture, and social class

Which factor sets the ceiling on setting a​ product's price?

​Customer's value perceptions

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

Beyond the nature of the​ market, demand, and the​ economy, what other factors in a​ firm's external environment must a company consider when setting​ prices?

​Resellers, the​ government, and social concerns

New, premium movie theaters offer features such as online reserved​ seating, high-backed leather executive chairs with armrests and​ footrests, the latest in digital sound and​ super-wide screens, and other amenities for which they charge a higher price. This is an example of which type of​ pricing?

​Value-added pricing

Helping salespeople to open "work smart" by doing the right things in the right ways is the goal of​ __________, whereas getting them to work hard is the goal of​ __________. ​supervision; motivation ​recruitment; training ​selection; compensation ​motivation; supervision ​training; motivation

​supervision; motivation

Luxury automobile manufacturers typically add​ quality, services, and other features to differentiate their offers and thus support their higher price. This is an example of​ __________.

​value-added pricing

Which of the following statements is true regarding​ salespeople?

The best sales people are the ones who work closely with customers for mutual gain.

Which of the following tools can be used as both consumer and trade​ promotions?

Contests, premiums, and displays

(B) An administered VMS

Large retailers like Walmart have enormous channel control due to their size and power. Which type of channel arrangement does this​ represent? A. A contractual VMS B. An administered VMS C. A franchise organization D. A corporate VMS E. A conventional distribution channel

(D) Analyzing consumer needs

What is the first step in marketing channel​ design? A. Evaluating major channel alternatives B. Identifying the types of intermediaries to use C. Identifying the number of intermediaries to use D. Analyzing consumer needs E. Setting channel objectives

Inventory management

stockouts

(D) direct marketing channel

A(n) ​ __________ has no intermediary levels. A. ​manufacturer-sponsored retailer franchise system B. indirect marketing channel C. ​manufacturer-sponsored wholesaler franchise system D. direct marketing channel E. conventional distribution channel

(D) channel management

Channel​ members' performance should be evaluated against standards which include all of the following except​ __________. A. customer delivery time B. treatment of damaged and lost goods C. sales quotas D. channel management E. average inventory levels

Which of the following is an objective for trade​ promotions?

Getting retailers to carry new items and more inventory

Which of the following is not a step in an effective sales management​ process? A. Prospecting B. Compensating C. Supervising D. Training E. Selecting

Prospecting

(C) targeted levels of customer service

When setting channel​ objectives, companies should state the objectives in terms of​ ________. A. ​competitor's objectives B. exclusive distribution arrangements C. targeted levels of customer service D. expected profitability E. the length of the channel

(D) suppliers

Which channel partners in a​ company's supply chain are upstream from a manufacturer or​ producer? A. Business distributors B. Wholesalers C. Customers D. Suppliers E. Retailers

transportation

trucking

Which one of the following statements is not true regarding social​ selling? A. Social selling has dramatically changed the customer buying process. B. Social selling can produce big organizational benefits for sales forces. C. Social selling helps in nurturing customer relationships. D. Social selling provides salespeople with powerful tools for identifying prospects. E. Social selling has changed the fundamentals of selling.

Social selling has changed the fundamentals of selling.

In the discussion about Toyota's market targeting strategy, which of the following would accurately describe Toyota's strategy?I. concentrated marketingII. mass marketingIII. local marketing

Statements 1, II, and III are not true

In the lecture discussion about positioning, the example of chocolate milk was provided. The challenges facing dairy marketers in their effort to increase milk consumption among adults include one or more of the following::I. chocolate milk is not perceived as belonging in the adult drinks categoryII. chocolate milk is perceived as children's drinkIII. to design appropriate packaging that is relevant for the adult market

Statements 1, II, and III are true.

During a sales​ presentation, which of the following would best fit a relationship marketing​ approach? ​Razzle-dazzle the customer. Focus the presentation on​ glad-handing. Tell a value story. Use​ hard-sell tactics. Convince the customer of the​ product's superiority.

Tell a value story.

By delivering grocery products from its Whole Foods division, Amazon is attempting to become a major _________________ in that industry.

intermediary

In complex selling​ situations, personal selling can be very effective because it is​ __________.

interpersonal

(C) partner relationship management

Companies now use​ ________ and supply chain management software to help​ recruit, train,​ organize, manage,​ motivate, and evaluate relationships with channel partners. A. customer relationship management B. channel management C. partner relationship management D. logistics E. distribution centers

Amazon is often called the "everything store." In terms of adding value for its suppliers, the variety of goods that Amazon sells fulfills the function of _______________.

matching

Positioning studies can reveal, among other things, which of the following for marketers?I. segments that are attractiveII. segments that have more competitionII. segments that have less competition

Statements 1, II, and III are true.

(B) limited product variety has created problems for logistics management

Companies today are placing greater emphasis on logistics for several​ reasons, which include all of the following except​ __________. A. companies can gain a powerful competitive advantage by using improved logistics to give customers better service or lower prices B. limited product variety has created problems for logistics management C. improved logistics can yield tremendous cost savings to both a company and its customers D. logistics affects the environment and a​ firm's environmental sustainability efforts E. improvements in information technology have created opportunities which did not exist before

(C) partner relationship management

Companies today see channel members as​ first-line customers and practice strong​ ________. A. consumer advertising strategies B. B2B selling C. partner relationship management D. trade promotion strategies E. discount pricing strategies

Procter​ & Gamble organizes its sales reps into​ teams, and each team is assigned to a major account​ (such as Safeway or​ Walmart). Which type of sales force structure is​ P&G using in this​ example?

Customer

Procter​ & Gamble organizes its sales reps into​ teams, and each team is assigned to a major account​ (such as Safeway or​ Walmart). Which type of sales force structure is​ P&G using in this​ example? Territorial Simple Customer Product Complex

Customer

(C) Channel systems stand​ still, restricting formation of new intermediary systems.

Distribution channels are more than simple collections of firms tied together by various flows. Which of the following statements is NOT a characteristic of distribution​ channels? A. Some channel systems consist of only informal interactions among loosely organized firms. B. A marketing channel consists of firms that have partnered for their common good. C. Channel systems stand​ still, restricting formation of new intermediary systems. D. They are complex behavioral systems in which people and companies interact to accomplish​ individual, company, and channel goals. E. Some channels consist of formal interactions guided by strong organizational structures.

Delta Faucet partnered with Warrior​ Dash, which sponsored several 5k mud run races around the country over the summer. At each​ event, Delta built a huge custom shower​ station, complete with 184 Delta​ showerheads, where​ mud-soaked competitors could meet and wash off after the race. This is an example of which type of​ promotion? Event marketing Trade show Samples ​Point-of-purchase promotions ​Contests, sweepstakes, and games

Event marketing

Now that the supplier of the nori has been chosen and the transportation method selected, you turn your attention to the downstream side of the supply chain -- the marketing (distribution) channels. Currently, Umami pea and cracker snacks are shipped directly from the production facility to the retailer. Umami snacks are available in four retail chains across the United States. You believe that adding a food wholesaler to the distribution chain would benefit Umami. When you present this recommendation to the owners, which argument will be your primary basis for the recommendation? Select an option from the choices below and click Submit. Fewer contacts: Adding a wholesaler to the channel reduces the number of Umami's contacts. More control: Adding a wholesaler to the channel gives Umami more control over the channel. Lower price: Adding a wholesaler to the distribution chain will reduce prices to consumers.

Fewer contacts: Adding a wholesaler to the channel reduces the number of Umami's contacts. You chose fewer contacts. This was the best choice. Adding a wholesaler to the channel reduces the number of contacts for Umami from four to one.

Which of the following is an objective for trade​ promotions? Getting retailers to carry new items and more inventory Generating business leads Motivating salespeople Urging​ short-term customer buying Boosting consumer brand involvement

Getting retailers to carry new items and more inventory

(C) conventional distribution channels

Historically, __________ have lacked leadership and​ power, often resulting in damaging conflict and poor performance. A. administered vertical marketing systems B. corporate vertical marketing systems C. conventional distribution channels D. vertical marketing systems E. contractual vertical marketing systems

Which of the following would NOT be a consideration for decision making in designing the full sales promotion​ program?

How to set it apart from other promotion mix elements

Which of the following would NOT be a consideration for decision making in designing the full sales promotion​ program? Conditions for participation The length of the promotion The size of the promotion How to set it apart from other promotion mix elements How to promote the promotion

How to set it apart from other promotion mix elements

(A) pricing

In making products and services available to​ consumers, channel members add value. Key functions performed by the marketing channels include all of the following except​ __________. A. pricing B. distribution of information C. negotiation D. matching

Umami recently hired a digital marketing consultant to evaluate all elements of Umami's online presence including web design, social media, and online advertising. The digital consultant has recommended that Umami convert its informational website into a transactional ecommerce platform. However, this upgrade represents a significant investment in technology and order fulfillment and would come at the expense of developing additional offline channel partnerships. Umami's owners are conflicted about which channel to prioritize and have asked for your recommendation: Do you prioritize the direct or indirect channel? Select an option from the choices below and click Submit. Indirect channel: Prioritize the development of the indirect offline channels for the sales of Umami snacks Direct channel: Prioritize the development of the direct online channel for the sales of Umami snacks

Indirect channels You chose to prioritize indirect channels. This was the best choice given Umami's product lines. Consumers typically purchase consumer packaged goods through offline channels; therefore, developing additional offline partnerships would likely increase sales.

With the supplier selection criteria identified, you now must recommend a seaweed supplier to Umami Snacks. You have identified three suppliers that satisfy the selection criteria to varying degrees. Based on your analysis, which nori supplier is the best choice? Select an option from the choices below and click Submit. Supplier 3 Supplier 2 Supplier 1

Supplier 2 Moderately Expensive, 2% discount if paid in 10 days, due in 45 days, High quality, Democratic Management Style

A primary task within the supply chain is to efficiently and accurately share information while managing the cost. Umami is considering three common methods of inventory data sharing: mail, Internet, and fax. After gathering data on the three methods, you create the following table: Given this information, which of the three information sharing methods do you recommend for Umami? Select an option from the choices below and click Submit. Mail: You recommend using the mail to share inventory management information. Fax: You recommend using fax to share inventory management information. Internet: You recommend using the Internet to share inventory management information.

Internet

What​ action(s) can a company take in order to bring marketing and sales functions​ together? A. Let brand managers tag along on sales calls. B. Develop different objectives for sales and marketing people. C. Develop separate reward systems for sales and marketing people. D. Create clear lines of distinction between marketing and sales functions. E. Appoint marketing executives to analyze marketing and sales functions.

Let brand managers tag along on sales calls.

(B) Matching

One key function performed by channel members is​ ________, shaping offers to meet the​ buyer's needs, including activities such as​ manufacturing, grading,​ assembling, and packaging. A. promotion B. matching C. contact D. negotiating E. risk taking

The example of Ford Motor Company offering Model T to customers was used to illustrate one or more of the following market targeting strategy:I. undifferentiated strategyII. differentiated strategyIII. concentrated strategy

Only statement I is true

When General Motors undertake to change the perception of Cadillac brand from being perceived as a conservative brand to a more sporty looking brand, this exercise is called:: I. targetingII. repositioningIII. positioning

Only statement II is true

When General Motors undertake to change the perception of Cadillac brand from being perceived as a conservative brand to a more sporty looking brand, this exercise is called::I. targetingII. repositioningIII. positioning

Only statement II is true

In the context of segmenting airline passengers, according to my lecture discussion, possible segments for this market could include one or more of the following:I. segments based on lifestyleII. segments based on demographicsIII. segments based on travel purpose such as business travel or leisure travel

Only statement III is true

Based on my lecture discussion, which of the following can be accurately described?I. differentiated marketing is more expensive than undifferentiated marketing II. differentiated marketing is limited to targeting two or three segments at the mostIII. differentiated marketing can lead to cannibalization among products

Only statements I and III are true

Suppose the marketer makes $1000 profit from selling Toyota Camry and makes $500 profit from selling Toyota Corolla. Based on the discussion in my lecture, which of the following can be correctly deduced? I. selling the Corolla when the customer potentially could have bought the Camry is an example of cannibalization II. cannibalization is always bad for the marketer III. marketers in some situations prefer cannibalization

Only statements I and III are true

__________ identifies qualified potential customers and is the first step of the personal selling process. Approach Closing Preapproach ​Follow-up Prospecting

Prospecting

​__________ identifies qualified potential customers and is the first step of the personal selling process.

Prospecting

Upstream from Umami Snacks is the set of firms that supply the raw materials, information, and expertise to make the seaweed crisps. The recipe for seaweed crisps is quite simple: nori (red seaweed), olive oil, and spices. From its production of wasabi peas and arare, Umami already has a supplier of olive oil and spices, but it needs to find a supplier for the nori. Nori can be purchased from international suppliers in Korea and China and from local suppliers. A number of factors must be considered when choosing a supplier, and often concessions must be made. In the selection of the nori supplier, which two factors should be prioritized? Check the two responses you think are most appropriate, and then click Submit. Payment terms Management style Quality Price Submit

Quality & Price

One study found that the best salespersons have four traits in​ common: intrinsic​ motivation, a disciplined work​ style, the ability to close a​ sale, and the ability to build relationships with customers. Knowing this would be most useful at which stage of sales force​ management?

Recruiting and selecting salespeople

One study found that the best salespersons have four traits in​ common: intrinsic​ motivation, a disciplined work​ style, the ability to close a​ sale, and the ability to build relationships with customers. Knowing this would be most useful at which stage of sales force​ management? Training salespeople Recruiting and selecting salespeople Evaluating salespeople Compensating salespeople Setting sales force size

Recruiting and selecting salespeople

Umami currently sells its premium snacks in four retail chains -- two grocery chains, one health-food chain, and one convenience store chain -- out of the thousands of grocery, health-food, and convenience store chains in the U.S. The owners have asked you which marketing intermediary strategy you recommend for their product lines, including their new line of seaweed chips, to grow their business. As you make a recommendation, keep in mind Umami's product positioning, cost to enter new distribution agreements, complexity of channel management, and product lines. Select an option from the choices below and click Submit. Selective: Choose some, but not all, willing outlets to carry Umami Intensive: Get as many outlets as possible to carry Umami Exclusive: Give only a limited number of outlets the right to carry Umami

Selective: Choose some, but not all, willing outlets to carry Umami You chose selective distribution. This was the best choice. Umami snacks are a convenience snack product, but are unique with their healthy positioning and premium pricing. To simplify channel management, Umami can focus its efforts on intermediaries that share a common focus.

Once the company has set its​ structure, what is the next strategic decision it​ faces?

Sizing the sales force

According to the​ text, what is the​ fastest-growing sales trend​ today?

Social selling

Which of the following statements is true regarding​ salespeople? Salespeople must be fast talkers. Most salespeople lack common sense and social skills. Salespeople do not play a role in solving customer problems. Salespeople are not well educated. The best salespeople are the ones who work closely with customers for mutual gain.

The best salespeople are the ones who work closely with customers for mutual gain.

(B) integrated logistics management

The concept of​ __________ recognizes that providing better customer service and trimming distribution costs require teamwork. A. inventory management B. integrated logistics management C. warehouse management D. supply chain management E. physical distribution management

Which of the following statements does not reflect the role of salespersons within a​ company? A. Salespeople represent customers to the company. B. The concept of​ salesperson-owned loyalty describes the loyalty that salespersons have toward the company. C. Salespeople relay customer concerns about company products and actions back inside to those who can handle them. D. Salespeople act as​ "champions" of​ customers' interests and managing the buyer-seller relationship. E. Salespeople learn about customer needs and work with other marketing and nonmarketing people in the company to develop greater customer value.

The concept of​ salesperson-owned loyalty describes the loyalty that salespersons have toward the company.

(A) contractual

The franchise organization is the most common type of​ __________ VMS​ (vertical marketing​ system). A. contractual B. horizontal C. administered D. conventional E. corporate

Supplier 2 is located in Mendocino, California; therefore, the nori must be transported from the supplier to Umami's production facility in Ohio. You have a number of options available for shipping including rail, airplane, commercial trucking, and ship. You need to recommend a transportation method that optimizes cost, speed, and environmental impact. Demand uncertainty is common with a new product; therefore, speed of delivery to handle demand increases is a very important transportation attribute. Select an option from the choices below and click Submit. Rail: Transport the nori using the train system Airplane: Transport the nori by air Ship: Transport the nori by ship via the ocean Truck: Transport the nori by commercial trucking

Truck You chose truck. This was the best choice. Commercial trucking provides a fast shipping time at a medium price. The environmental impact is not optimal, but is offset by a desirable speed of delivery.

(E) vendor-managed inventory

Using​ ________, the customer shares​ real-time data on sales and current inventory levels with the supplier. The supplier then takes full responsibility for managing inventories and deliveries. A. reverse logistics B. ​just-in-time logistics systems C. RFID D. piggybacking E. ​vendor-managed inventory

(A) Warehousing, inventory​ management, transportation, and logistics information management

What are the four major functions of​ logistics? A. ​Warehousing, inventory​ management, transportation, and logistics information management B. ​Warehousing, inventory​ management, retailing, and logistics information management C. Inventory​ management, transportation,​ shipping, and warehousing D. ​Warehousing, inventory​ management, transportation, and retailing E. ​Retailing, inventory​ management, transportation, and logistics information management

(D) Multichannel distribution system

When a single firm sets up two or more marketing channels to reach one or more customer​ segments, it is using​ a(n) ________. A. administered VMS B. franchise organization C. corporate VMS D. multichannel distribution system E. contractual VMS

(D) the responsibilities of channel members

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​ ________. A. economic criteria B. whether to use intensive or exclusive distribution C. the profitability of the channel D. the responsibilities of channel members E. consumer needs

(D) Just-in-time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations.

Which of the following describes a​ just-in-time logistics​ system? A. ​Just-in-time logistics systems ensure that new stock arrives at least one week before it is needed. B. ​Just-in-time logistics systems allow producers and retailers to carry large amounts of inventory. C. ​Just-in-time logistic systems eliminate the need for forecasting. D. ​Just-in-time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations. E. ​Just-in-time logistics systems greatly increase​ inventory-carrying and​ inventory-handling costs.

Delta Faucet partnered with Warrior​ Dash, which sponsored several 5k mud run races around the country over the summer. At each​ event, Delta built a huge custom shower​ station, complete with 184 Delta​ showerheads, where​ mud-soaked competitors could meet and wash off after the race. This is an example of which type of​ promotion?

event marketing

After the presentation and demonstration step in the sales​ process, a salesperson should next be prepared to​ __________.

handle objections

Amazon's shopping experience for many products is superior. But when it comes to selling clothing, shoppers have a hard time finding what they are looking for. This shows that Amazon is not so good at performing the _______________ function.

matching

One consumer promotion tool is​ __________, which are goods offered free or at a low cost as an incentive to buy a product.

premiums

The seaweed chips new product development team has provided a forecast for the estimated demand for the new product. Their forecast includes three sales scenarios: conservative, expected, and optimistic. To optimize production, Umami wants to analyze consumer demand data as soon as possible. Which supply chain member is the most critical source of consumer demand data? Select an option from the choices below and click Submit. Wholesalers: Utilize data from the wholesalers to estimate and analyze consumer demand. Retailers: Utilize data from the retailers to estimate and analyze consumer demand. Nori suppliers: Utilize data from the nori suppliers to estimate and analyze consumer demand.

retailers

Helping salespeople to "work smart" by doing the right things in the right ways is the goal of​ __________, whereas getting them to work hard is the goal of​ __________.

supervision; motivation

When the only goal of personal selling is to close a​ sale, a company is using​ a(n) __________ approach.

transaction-oriented

(E) Corporate VMS

​Sherwin-Williams sells its paint and other branded products exclusively through​ company-owned retail stores.​ Sherwin-Williams has established​ a(n) ________. A. direct marketing channel B. conventional distribution channel C. administered VMS D. contractual VMS E. corporate VMS

(E) Reverse Logistics

​________ involves​ reusing, recycling,​ refurbishing, or disposing of​ broken, unwanted, or excess products returned by consumers or resellers. A. Inventory management B. Outbound logistics C. Inbound logistics D. Warehousing E. Reverse logistics