marketing 321 ch. 17, 18, 19, 20, 10

Which of the following would be used in setting the price of a new product if considerable competition is expected

penetration pricing

Suppose that the watchband department of Timex sells completed watchbands to the finished watch department. The finished watch department is charged the price it would have to pay an outside watchband manufacturer less a discount to reflect low sales and transportation costs. This method of pricing is called ____ pricing.

market based cost

Nabisco is considering two pricing objectives. The first is to sell one out of every three crackers consumed in the world, an objective based on _______; the second is to meet, but not beat, competitor's prices of cookie products, which is a _____ objective.

market share; status quo

When Levi's agrees to pay JC Penney's money for providing television advertising and Sunday newspaper sales fliers emphasizing Levi's jeans, Levi's is offering

merchandise allowance

You are conducting interviews for new sales representatives for your manufacturing firm. You are primarily looking for candidates that you feel can be successful at assisting your wholesaling customers sell to their customers. Which of the following types of sales representatives are you looking for primarily

missionary sales rep

Which of the following is the most commonly used type of publicity-based public relations tool?

news release

The decision of Macy's to use even prices such as $60 for a Ralph Lauren Polo is an application of ____; where ____ prices are often used to _____.

odd-even pricing; even; give a product an upscale or exclusive image

includes any attempt to intentionally conduct dishonest activities online.

online fraud

A problem associated with ____ is that consumers can predict when prices will be lowered and delay purchases until that time

periodic discounting

To increase sales of Chex cereals, Ralston Purina offered a free pound of bananas to customers who bought the large-size box. This form of sales promotion is called a

premium

Breyer's produces a variety of ice cream flavors and lines of varying qualities. The higher quality ice cream varieties are priced higher than the basic ones. Breyer's is using ____ to price its ice cream.

premium pricing

If researchers at Merck Pharmaceuticals develop a cure for prostate cancer, the best way to announce this to the public and get wide media coverage would be through a

press conference

Safe Auto advertises its automobile insurance as "minimum coverage for minimum budgets." Safe Auto is engaging

price competition

A measure of sensitivity of demand in relation to changes in price is

price elasticity of demand

Dividing the percentage change in quantity demanded by the percentage change in price gives the

price elasticity of demand

When an organization sets a number of prices for selected groups of merchandise, this is commonly referred to as

price lining

You and a partner have are planning to open a dollar discount store in your hometown. You plan to sell the majority of the items in the store for one dollar unit price. You have seen this concept work well in other cities and you believe the demographics of your hometown are a good fit for this retail concept. Which of the following types of customers are you expecting to frequent your store?

price-conscious customers

If an organization sets prices to recover research and development expenses and establish a premium quality image for its product, it would be using a ____ pricing objective.

product quality

The pricing of Clinique makeup considerably higher than brands such as Cover Girl, Revlon, and Maybelline is used to communicate ____, which is the company's primary pricing objective.

product quality

Company sales records, commercial databases, newspaper announcements, telephone directories, and public records are all sources used for

prospecting

Janetta tells her sales manager that she will be devoting more effort to ____ in the coming weeks, as her list of potential customers has dwindled below the level of 30 firms recommended by the selling plan.

prospecting

When a satellite dish company uses bundling to combine phone, dish, and broadband Internet access prices, it is attempting to influence a consumer's perception of price to make a product's price more attractive and reduce "sticker shock." This is an example of using a ____ pricing strategy.

psychological

Odd-even pricing is

psychological pricing strategy

If during an advertising campaign a certain portion of advertising runs continuously, and then during specific periods additional advertising is used to intensify the level of communication, a(n) ____ media schedule is being used

pulsing

If Wilson Sporting Goods faces a standard demand curve that exists for most products, as it raises the price of its tennis rackets, the

quantity demanded goes down

If a business decides to reduce its prices once in a while on an unsystematic basis, it is using

random discounting

Since Victoria's Secret has decided to use nonprice competition, it distinguishes its brand through all but which of the following?

rebates

Most pricing objectives based on ____ are achieved by trial and error because not all cost and revenue data are available when prices are set

return on investment

The identification of an advertisement's sponsor is the

signature

Sam's Club has developed a website that allows employees to create a profile and connect with co-workers for the purpose of getting acquainted and building a work related network. This is an example of a

social network

What type of pricing objective would an organization use if it were in a favorable position and desired nothing more?

status quo

When a copywriter and an artist combine the copy with the visual material for a television commercial, it usually is done through use of a

story board

On a break between classes, Kelley checks her smartphone and enters her contact information on the Publishers Clearing House site. She doubts that she will win $10 million, but she never passes up a chance to participate in a

sweepstakes

​The Internet has radically changed the way traditional marketing used the marketing mix to attract and retain customers. Now e-marketing strategies require the marketer to reexamine the characteristics of the four components of the marketing mix. With respect to e-marketing, which of the following statements about the four components of the marketing mix is true?

​Most traditional promotions can be enhanced by using digital mediA

Which of the following regulatory bodies is responsible for enacting legislation that regulates the information companies can gather online from consumers and about consumers?

Federal Trade commission

A missionary salesperson is usually employed by

a manufacturer

to gain market share, when Hyundai first entered the U.S. car market it did so with a comparatively low pricing strategy. One of the negative side effects of making this pricing decision is

a negative impact on consumers' perceptions of quality

When respondents are shown a list of various products, brands, and company names and then asked about advertisements they have seen lately, researchers are conducting a(n)

aided recall test

Telluride Ski Resort in Telluride, Colorado is a world-class ski destination. Taylor is a newly-hired manager of digital media and electronic marketing for Telluride. Taylor remembers reading about a new trend in video marketing, using _________ to engage and create a community of customers.

amateur filmmakers

Rick is a sales representative for Lucent Technologies. He has reviewed a prospect's account and credit history, identified product needs, and gathered the appropriate literature he needs. Rick feels he is ready for the ____ step of the personal selling process.

approach

Abby is marketing consultant who specializes in small businesses. Her current client is very interested in estimating the costs for the coming year, in order to find the breakeven point. Abby knows this is an important financial statistic because below the breakeven point, the firm is operating

at a loss

Papa John's received negative publicity concerning the quality of the contents used in making their pizza. The information in the news report was incorrect, and was corrected on the next newscast. However, Papa John's wanted to go further and respond to the issue by creating a web-based journal that gives accurate information about Papa John's and the ingredients they use. This journal is an example of a(an)

blog

The ____ stage of the personal selling process is when the salesperson asks the prospect to buy the product

closing

The manager at Target puts a sign up next to a Samsung audio system that reads, "Only $299.99! $60 less than at Best Buy." This is an example of what type of pricing strategy?

comparison discounting

When products in an industry are relatively homogeneous and price is a key purchase consideration,

competition-based pricing becomes more important

Heinz uses various techniques such as coupons, free samples, and consumer contests to encourage consumers to try its products. All of these marketing activities are considered

consumer sales promotions methods

One trend that has caused consumer-generated information to gain importance is

consumers' tendencies to trust other companies over corporations

refers to customers' ability to regulate the information they view and the rate and sequence of their exposure to that information.

control

A deduction from list price for purchasing large quantities aggregated over a stated period of time is a

cumulative quantity discount

Order-getting activities are divided into two categories:

cuurent-customer sales and new-business sales

A ___________ is an advertisement promoting a product and identifying the names of participating retailers that sell the product

dealer listing

A company may determine how many sales calls per year it needs to serve customers effectively and divide that by the average number of sales calls made by one salesperson in order to

determine sales force size

You have just completed a two-day offsite meeting with your marketing team. During the meeting, you solidified your company's strategy for distributing, promoting, pricing products, and understanding the needs and desires of your customers by utilizing digital media marketing tactics. Which of the following statements best describes what you just accomplished?

developed your companies e-marketing strategy

Which of the following is not a method used to determine transfer prices?

discounted standard cost

Which of the following is the best example of a well-stated sales objective?

each salesperson should bring in $25,000 In new sales

After compiling a list of potential customers, a salesperson must

evaluate whether each prospect is able, willing, and authorized to buy the product

The purpose of the ____ stage in personal selling is to determine customers' problems and questions about using the product

follow up

Mars Petcare is one of the world's largest pet food manufacturers. If the strategic goal for Mars Petcare in the coming year was to ___________ in North America, it should use temporary price reductions.

gain market share

A product under nonprice competition would most likely not succeed in the market if

it is easy to duplicate

What assumption does breakeven analysis make that limits its overall usefulness?

it relies on demand for a product being inelastic

Michelin notices that when the number of tires it sells increases from 1,000,000 to 1,000,001, total revenue rises $35. The $35 represents the firm's

marginal revenue

Recognition and recall tests are posttest methods based on

memory

A single page of typewritten copy that has 300 words or less and describes a company event or product is called

news release

which of the following is not a public relations tool?

product sample

Which of the following statements applies to media planning?

the message content affects the types of media used for an advertising campaign

Marketers improve their ability to establish prices appropriately when

they know prices charged for competing brands

What type of discount is given to a business purchaser for performing activities such as transporting, storing, and selling?

trade

Vanessa is shopping for a new pair of athletic shoes. Since she is concerned about both the price and the quality aspects of a product, Vanessa is most likely a ___ consumer.

value conscious