Marketing Exam 3 Chapters 10,11,12,13
Jerry determines that his product's two primary competitors are priced at $23.99 and $25.95 respectively. His product quality is similar to his competitors, and the market has price elasticity. Based on this, he should strategically price his product at: $32.99 to make more profit, because he'll sell the same amount of units as his competitors no matter the price. $22.99, because the current market is very sensitive to price differences and the products are of similar quality $14.25, because that's his price per unit $38.86, because having a higher price makes people think your product is superior
$22.99, because the current market is very sensitive to price differences and the products are of similar quality
Which pricing model is comparable to ordering individual items off a food menu? A la carte pricing Cost-based pricing Value-based pricing
A la carte pricing
Which pricing model is comparable to ordering individual items off a food menu? A la carte pricing Cost-based pricing Value-based pricing Flat-rate pricing
A la carte pricing
With multiple-unit pricing, a marketer offers: A price hike for purchasing multiple units of a product A multiple-unit multiplier for multiple purchases of single units A price break for purchasing multiple units of a product
A price break for purchasing multiple units of a product
Which model can advertisers use to pay for online display advertising? -Pay-Per-click -Cost-per-thousand -Cost-per-acquisition -Advertisers can choose any of these models
Advertisers can choose any of these models
The component of an online display advertising network that is the infrastructure to manage ad inventory, placement, and bidding is the: Advertiser(s) Publishers Advertising network Consumers
Advertising network
Google PPC ads all share (a) common element(s) of: -Two headlines -Link to landing page -Brief set of descriptive text -All of these
All of these
Google PPC ads all share (a) common element(s) of: Two headlines Link to landing page Brief set of descriptive text All of these
All of these
Jane sees no purpose in monitoring her brand on social media. Which reason(s) would you give her to engage in social media monitoring? -Gain business away from competitors -Provide support for complaints -Encourage current brand fans -Catch or address a public relations issue -All of these
All of these
Which of the following statements about PPC Search ads is true? The ads are text only Search ads typically cost more than online display ads Search ads typically have higher CTRs than online display ads All of these statements are true
All of these statements are true
You're selling the product PuppyChowChow dog food to dog owners everywhere for $35 a bag. You've found the industry to have high price elasticity and a few competitors. Which of the following would be the most strategic move for the short term? Answer Keep the price stable to maintain sales Raise the price to increase the profit margin, as customers will likely keep purchasing Turn the product into a loss leader to gain more customers Cross-promote with a competitor and offer bundle pricing
Answer Keep the price stable to maintain sales
Social media monitoring could include which of the following: Mention of the industry Use of a hashtag Mention of the competitor's brand Any of these items
Any of these items
Cost-based pricing would not be particularly strategic for which of the following: Wrong. Cost-based pricing is the ideal pricing solution for all products Toys, because they have to be sold for fairly low prices to be broadly profitable, but are often resold as collectors' items by scalpers for much higher prices Soap manufacturers, because soap is considered essential Artists, because the value of the materials is often a very small portion of the total value they put into a given project
Artists, because the value of the materials is often a very small portion of the total value they put into a given project
What is the main appeal of bundle pricing to the consumer? It offers the same benefits as la carte pricing. Bundle pricing is usually priced above what the consumer would pay to buy each item individually Bundle pricing is usually priced below what the consumer would pay to buy each item separately Bundle pricing offers greater consumer choice, like la carte pricing
Bundle pricing is usually priced below what the consumer would pay to buy each item separately
The on-page SEO factor that relates to the quality of content on a page from the visitor's perspective is: Images URLs Images Content
Content
What is the metric that represents a visitor taking the ideal action on the page an ad links to? Conversion Click Impression Call-to-Action
Conversion
What is a bit of data that gets stored on your computer when you visit certain websites? Impression Cost-per-click Cookie None of these
Cookie
All of the following are social media marketing tips except: -Copying other accounts content -Interacting on social media -Creating and sharing value -Avoiding blasting
Copying other accounts content
True or False: Personal selling is a good fit for complex products that could require customization for the client's needs since the salesperson can work with them one-on-one. True False
Correct
When creating a pricing strategy from scratch, which is usually the best way to figure out the price floor for a product or service? Reference prices Pricing on comparable products or services offered by the competition Value the customer places on the product Cost to the company
Cost to the company
To help visitors find relevant content, search engines are constantly visiting every page of each website to determine what content they hold, a process known as: Indexing Ranking Storing Crawling
Crawling
Which step of creating a PPC ad campaign involves writing headlines, specifying a link to a landing page, and crafting a brief set of descriptive text? Test the ad Research and select keywords Define the audience Create the ad
Create the ad
What is the first step to a PPC ad campaign? -Set an objective -Research keywords -Define the audience -Build a landing page
Define the audience
A food delivery service aimed at college students is considering a new sales promotion. Which sales promotion would likely have the most usage? Newspaper ad Digital coupon Public relations Personal selling
Digital coupon
A real estate agent directly mails you a postcard encouraging you to use her service. This could be an example of: Outdoor advertisement Direct marketing Digital advertising Frequency
Direct marketing
What kind of pricing calculates variable costs only? Full-cost pricing Direct-cost pricing None of these All of these
Direct-cost pricing
In what industry do companies tend to compete on price? Smart Industry Competitive industry Dumb industry All of these
Dumb industry
Any time you fly on a plane, you're surrounded by people who have paid different prices to go to the same place. This is an example of: -Flat-rate pricing -Off-price pricing -Dynamic pricing -Prestige pricing
Dynamic pricing
Which of the following is NOT a characteristic of the SUCCESS model? Credible Unexpected Stories Easy
Easy
Which stage in the buyer behavior process can be aided by the inform and persuade functions of advertising? -Frequency -Evaluation of alternatives -Direct marketing -Sales promotion
Evaluation of alternatives
Which stage in the buyer behavior process can be aided by the inform and persuade functions of advertising? Frequency Evaluation of alternatives Direct marketing Sales promotion
Evaluation of alternatives
Multiple-unit pricing is almost always lower than the cost of each item purchased together. What benefit does this strategy offer if the seller makes less per item? -Even though the seller is making less profit per item, the customer tends to buy more items at once than they would otherwise, so the total sales are still higher -The seller is making less profit per item, and the customer will buy the same or fewer number of units as before, leading to a decrease in profits -It will reduce customer choice, just like bundling, because consumers will be obligated to save money by consuming only products on sale rather than regular-priced items -It has no benefit for the seller
Even though the seller is making less profit per item, the customer tends to buy more items at once than they would otherwise, so the total sales are still higher
True or False: A break-even price is the price at which revenues equal expenses, regardless of units sold.
False
True or False: A sales promotion is a long-term promotional tool used by businesses to foster relationships with its customers.
False
True or False: Although the social media platforms have different overall usage numbers, the age distribution for each platform is similar.
False
True or False: At least 90% of your posts should be straight sales pitches.
False
True or False: Every time an impression occurs, it means that a person is actively watching or listening to the ad.
False
True or False: If the cost to produce a product is $5 and the firm charges $20 to consumers, the price markup on the product equals ($20 - $5) / $20 = 75%. True False
False
True or False: If you're marketing a product in an elastic market, then you can likely substantially increase your price and not worry about product demand decreasing.
False
True or False: LinkedIn is best suited for companies that are targeting a teen demographic and have visually appealing products.
False
True or False: Marketers only use social media for advertising.
False
True or False: Marketers only use social media for advertising. True False
False
True or False: Newspaper advertisements have seen a sharp increase in recent years due to businesses wanting to break away from the digital clutter of the internet. True False
False
True or False: Once SEO efforts result in a page ranking at the top of the SERP, no further SEO efforts are required to keep it there.
False
True or False: Once SEO efforts result in a page ranking at the top of the SERP, no further SEO efforts are required to keep it there. True False
False
True or False: One of the benefits of sales promotions is that one sale provides long-term revenue for a company by evenly distributing the number of purchases.
False
True or False: Online display ads appear on a SERP as a result of someone doing a search.
False
True or False: Out of all the social media and media sharing sites, YouTube has the lowest usage rate (for percent of adults using platforms in the US).
False
True or False: Out of all the social media and media sharing sites, YouTube has the lowest usage rate (for percent of adults using platforms in the US). True False
False
True or False: Public relations is the frontline interaction between a company representative and a potential buyer designed to influence a purchase decision.
False
True or False: SEO should always be done based on what is known about Google's search algorithm, regardless of where your searchers are in the world.
False
True or False: Search ads are image-based ads that randomly appear on websites that participate in an advertising network.
False
True or False: The SUCCESS model is used by marketers to create and organize their sales promotions.
False
True or False: The advertiser that bids the most for keywords that trigger a search ad will always get the top position on the SERP.
False
True or False: The best landing page for an ad is usually the home page of the website because it answers most of the potential questions a visitor might have.
False
True or False: The only factor Google considers when ranking pages for relevancy is the presence of keywords.
False
True or False: The presence of images on a web page is not a factor when it comes to search rankings.
False
The local plant shop wants to show their social media followers that they are supporters of small shops and keeping it local. Which of the following creative post ideas would best display their message? -Sales-pitch post -Feature cross-promoting another local account -Picture of a product use -Artistic image of one of their featured products
Feature cross-promoting another local account
The local plant shop wants to show their social media followers that they are supporters of small shops and keeping it local. Which of the following creative post ideas would best display their message? Sales-pitch post Feature cross-promoting another local account Picture of a product use Artistic image of one of their featured product
Feature cross-promoting another local account
You open a new dog park in the city. Customers pay $5 a week and can take their pet to the park as much as they would like. This is an example of which type of pricing? Dynamic pricing “Off-price†pricing Prestige pricing Flat-rate pricing
Flat-rate pricing
A makeup brand offers small, trial sizes of new products at no charge to its customers at the checkout. What is this an example of? Coupon Free sample Frequent-user program Contest
Free sample
Tom is analyzing the results of his most recent ad campaign so that he can make adjustments for the future. If he is trying to figure out the average number of times that people in his target market were exposed to his ad, which advertising measurement should he be using? -Reach -Frequency -Relative viewership -Impression
Frequency
TikTok is the place to go when looking to target which user group? Millennials Kids Teenagers Gen Z
Gen Z
A makeup brand offers a free, reusable tote for purchases over $50. This is an example of which of the following? Frequent-user program Coupon Contest Gift premium
Gift premium
Which of the following is NOT a part of Facebook's personality? Widening age demographic, including those above 65 years old Large ad targeting Growing rapidly, with over 2.6 billion new app installs around the world Businesses can create pages, which act as landing pages for businesses
Growing rapidly, with over 2.6 billion new app installs around the world
Dynamic pricing is common in which industry? Toothpaste Hotel and airline Wedding Grocery and airline
Hotel and airline
According to the text, which of the following is NOT a recent trend in ad spending? Decreasing newspaper ad spending Increasing internet ad spending Increasing mobile ad spending Increasing out-of-home ad spending
Increasing out-of-home ad spending
To help visitors find relevant content, search engines are constantly creating a list of content stored online, a process known as: -Indexing -Ranking -Storing -Crawling
Indexing
A new boutique is deciding which social media platform to use to start their online presence. They are hoping for users who are typically a younger audience and considered very engaging. Which social media platform should the company utilize first? Twitter Instagram Facebook TikTok
Social media platforms are built around which of the following? -Brand image -Feedback and ideas -Presentation -Interaction and community
Interaction and community
Social media platforms are built around which of the following? Brand image Feedback and ideas Presentation Interaction and community
Interaction and community
Tracking which of the following can keep a marketer up to date on what's new and relevant in the industry? Customers Statistics Keywords Competitors
Keywords
What is social media monitoring? -Watching others' social media accounts -Listening for social media conversations that are relevant to your brand -Using skills to interpret social media trends -None of these
Listening for social media conversations that are relevant to your brand
What is social media monitoring? Watching others' social media accounts Listening for social media conversations that are relevant to your brand Using skills to interpret social media trends None of these
Listening for social media conversations that are relevant to your brand
An Orlando-based birdseed company wants to target a specific audience: bird enthusiasts. They are seeking an easy and affordable solution, even if it has a short lifespan. A good solution for the birdseed company could be to advertise on which of the following? Local cable TV bird-watching show Billboard Television ad on national news station Direct mail to every address in Orlando
Local cable TV bird-watching show
A store sells a product for below cost with the idea that customers will ultimately spend more on other available products, thus offsetting the profit loss on the product that is on sale. Which pricing strategy is this? Odd-even pricing Reference pricing Skimming Loss leader
Loss leader
You would like to get customers into your ToySnap store (a store that sells breakable toys for kids) during the Black Friday sales event. You strategize that if you offer two or three breakable toys at really low prices even below what you paid for them it will get customers to shop there. This would be an example of which psychological pricing strategy? Loss leader Odd-even pricing Anchor pricing Prestige pricing
Loss leader
Which is NOT a benefit of social media marketing? Improving customer service Gaining customer feedback and ideas Cutting marketing costs Maintaining a low employee turnover rate
Maintaining a low employee turnover rate
What type of backlink is obtained through intentional link-building activities? Self-created Manufactured Earned Natural
Manufactured
You have a new product that you'd like to gain a lot of traction and interest from customers with. Your strategy is to get as many initial customers as possible in the beginning so that you can gain their loyalty ahead of competitors. You strategize that you can raise prices later once customers fall in love with your product. What pricing strategy would best fit this scenario? -Odd-even pricing -Market penetration -Skimming -Prestige pricing
Market penetration
You have a new product that you'd like to gain a lot of traction and interest from customers with. Your strategy is to get as many initial customers as possible in the beginning so that you can gain their loyalty ahead of competitors. You strategize that you can raise prices later once customers fall in love with your product. What pricing strategy would best fit this scenario? Odd-even pricing Market penetration Skimming Prestige pricing
Market penetration
_____ is when a company introduces a product at a low price to gain market share. Price skimming Market penetration Cost-based pricing
Market penetration
Andy is opening a small business that sells organic vitamins and supplements to older consumers. Andy wants to appeal to his older audience but also show that his business is an active, dedicated member of the local community. Which of the following advertising media is the best choice for Andy to promote his store? Digital Out-of-home Newspaper National magazines
Newspaper
Which of the following is NOT a benefit of sales promotions? -Effectiveness can be measured -Promotional costs vary with volume -Balances demand against available inventory -None of these
None of these
What do SEO experts agree has the most impact on a page's rank? On-site SEO Off-site SEO On and off-site SEO equally Experts do not agree on what impacts a page's rank the most
Off-site SEO
Dwight is the owner of a chain of motels that caters to all types of freeway travelers. He wants to use an advertising medium that will have high reach, but he is also a man of few words and just wants to use a few words or images that will grab customers attention. Which of the following advertising media is the best choice for Dwight given his business needs? Magazine Out-of-home Radio Digital
Out-of-home
If you run a digital ad and have an average frequency of four in your target segment, what does this mean? Four people saw the ad People in the segment viewing the ad saw it an average of four times The ad was displayed four times This is equal to the number of impressions
People in the segment viewing the ad saw it an average of four times
Which social media is the only platform to be forward-looking? -Facebook -LinkedIn -Pinterest -Instagram
Which social media is the only platform to be forward-looking? Facebook LinkedIn Pinterest Instagram
You have a national custom paint and home decor company, and you specialize in helping people renovate their homes. You'd like to market your company on social media, particularly for those who are planning ahead for their new home designs. Which social media platform would be the best fit? Pinterest Instagram Facebook Twitter
Phyllis is a saleswoman with Paper Suppliers Inc. Stanley works for a publisher who needs to purchase paper in bulk for the year. Phyllis is currently showing Stanley all of the information and benefits of buying from Paper Suppliers Inc. and addressing his concerns regarding a potential purchase. Which stage in the personal selling process is this an example of? Close Follow-up Presentation Approach
Presentation
A makeup brand is holding a buy-one-get-one sale on all moisturizers and lotions. Which sales promotion is this an example of? Gift premium Price promotion Free sample Contest
Price promotion
You're launching a new online subscription service, and you'd like to use the Extremity Aversion Theory to your advantage when pricing. In that case, you should do which of the following? -Make sure all of your prices end in .99 -Provide only options that are actually more expensive than the industry average, but label the cheapest one as basic and the most expensive one as premium -Create multiple decoy options to push customers toward the lowest-priced option -Provide three different plans for an online subscription service, marking the middle option as recommended
Provide three different plans for an online subscription service, marking the middle option as recommended
A marketer can use extremity aversion strategically by providing higher or lower priced options in relation to the target option. Which of the following would be an example of this? Framing a pricing option as most favored by extremist groups Providing only options that are actually more expensive than the industry average, but labeling the cheapest one as basic and the most expensive one as premium Creating multiple decoy options to push customers towards the lowest-priced option Providing three different plans for an online subscription service, marking the middle option as recommended
Providing three different plans for an online subscription service, marking the middle option as recommended
While the exact factors that go into it are not known, it is known that Google assesses and assigns which of the following scores to every web page that affects its search rank? Quality Quantity Quotient Quickness
Quality
Coca Cola is a very well-known brand. Most people know how Coca Cola tastes and what the other competition is like. The majority of their advertising would be related to what advertising purpose? -Inform -Persuade -Remind and reinforce -Prospect
Remind and reinforce
Coca Cola is a very well-known brand. Most people know how Coca Cola tastes and what the other competition is like. The majority of their advertising would be related to what advertising purpose? Inform Persuade Remind and reinforce Prospect
Remind and reinforce
The practice of exploiting the searches that people do by showing them targeted ads that relate to their searches is known as: Search Engine Optimization Search Engine Exploitation Search Engine Marketing Search Engine Monetization
Search Engine Marketing
What are the links that a marketer creates and embeds in places like forum posts or blog comments? -Manufactured backlink -Self-created backlink -Natural backlink -Man-made backlink
Self-created backlink
What are the links that a marketer creates and embeds in places like forum posts or blog comments? Manufactured backlink Self-created backlink Natural backlink Man-made backlink
Self-created backlink
Social media refers to websites and applications that are platforms where users can _____ _____ and information and _____ with each other. Share value, compete Share content, interact Feature content, create None of these
Share content, interact
A contest can also encourage other behavior, such as which of the following? Waste coverage Direct mail Sharing information Dissatisfaction
Sharing information
Ron has created a short, succinct advertisement that focuses only on the superior craftsmanship of his carpentry. Which of the characteristics of the SUCCESS model is this an example of? -Stories -Unexpected -Simple -Concrete
Simple
Which social media platform is well-suited for businesses who can take advantage of geotargeting features for marketing? -Twitter -Instagram -Snapchat -Facebook
Snapchat
Which of the following is NOT one of the characteristics of Twitter? Suited for real-time reporting and short thoughts or commentary Posts have short lifespans Posts are easily shared Suited for products, companies, or causes that can be expressed visually and artistically
Suited for products, companies, or causes that can be expressed visually and artistically
Fixed costs are: The costs associated with the operating and marketing expenses of a company The cost of production in a dumb industry If it costs $1 to make a product, the break-even quantity is undefined Per-unit costs associated with the product
The costs associated with the operating and marketing expenses of a company
Which best describes the term effective frequency in advertising? -The average number of times someone in the target segment views an ad -The number of times someone sees an ad -It is always three times -The minimum number of times a person needs to be exposed to an ad for the customer to respond to the ad
The minimum number of times a person needs to be exposed to an ad for the customer to respond to the ad
Customers often use price as an indicator of a product or service's quality. This means: -Odd-even pricing is a high-risk strategy -Skimming doesn't make sense as a pricing strategy -They may take high price as an indicator of the product's high quality, rather than as an indicator that the product is simply overpriced -That a product should always be sold for the lowest possible price
They may take high price as an indicator of the product's high quality, rather than as an indicator that the product is simply overpriced
Your widget is currently priced at $10. You'd like to raise the price to $20. Which of the following is true? This would be a 100% profit margin This would be a 200% markup This would be a $25 markup This would be a $10 profit margin
This would be a $10 profit margin
You'd like to market your sports drink on social media. Your target market is those who are in their teens and twenties and are interested in sports. You'd like to share short video clips in the hopes of having content go viral quickly. Which platform would be the best fit? Instagram Facebook TikTok Twitter
TikTok
True or False: A break-even quantity is the number of units a company needs to sell at a certain price in order to cover fixed costs.
True
True or False: According to the text, advertising is external communication that is paid for by the seller and promotes a product to potential customers.
True
True or False: An impression is one exposure of a person to an ad.
True
True or False: Billboards are usually more effective when they have large, attention-getting pictures and few words.
True
True or False: CTR, or Click-Through-Rate, is the percentage of clicks to impressions that an ad receives.
True
True or False: Choosing which new individual features you want added to your car (and being charged for each feature) is an example of la carte pricing. True False
True
True or False: In a dumb industry, companies tend to compete on price.
True
True or False: In a smart industry, companies tend to use more complex pricing structures and have more pricing options. There is less head-to-head price competition.
True
True or False: It's important to perform SEO because few people look past the first page of search results.
True
True or False: Marketers can provide value for the company and the consumer on social media. True False
True
True or False: On-page or on-site SEO affects how pages rank for relevancy.
True
True or False: One of advertising's functions is to remind customers that a product exists. True False
True
True or False: One trend in social media is ephemeral marketing, or marketing that is only available to view for a short time.
True
True or False: Pinterest is a visual scrapbook where users pin and organize items from the web.
True
True or False: Pricing has a direct effect on the bottom line of company profits.
True
True or False: SEO must be done at the web page level, not the website level.
True
True or False: Sales promotions such as coupons and free samples reduce the risk of initial product purchase for customers. True False
True
True or False: Self-created backlinks are those that a marketer creates and embeds in places like forum posts or blog comments sections.
True
True or False: Social media posts should show who you are, what value you bring, and provide value to your target market. True False
True
True or False: The CTA, or Call-to-Action, is an important feature of an ad because it tells the viewer what you want them to do.
True
True or False: The CTA, or Call-to-Action, is an important feature of an ad because it tells the viewer what you want them to do. True False
True
True or False: The best social media platform to start on is where your potential customers are already interacting.
True
True or False: The key goal in promotion is to effectively communicate to customers that you exist and the value you provide.
True
True or False: The lifespan of a tweet is said to be less than 20 minutes. True False
True
True or False: The ranked results of a search are provided to a user on a Search Engine Results Page. True False
True
True or False: The remind and reinforce function of advertising works well when a product has high brand awareness among the target market.
True
True or False: The upside for personal selling is that it can be completely customized for each customer and each purchase situation. True False
True
True or False: Twitter posts tend to have a short lifespan.
True
True or False: Waste coverage refers to advertising that reaches people who are not part of the target market and are not potential customers.
True
True or False: You walk into a furniture store and see a large sign that reads, Retail price $2,000. Sale price $500. This is an example of reference pricing. True False
True
You'd like to market your hired car service on social media. You'd particularly like to be on a platform where users could easily communicate with you for any customer service questions or complaints. Which platform would be the best fit for this? -Instagram -TikTok -LinkedIn -Twitter
The on-page SEO factor that relates to having content not found on other sites is: -Page load time -Images -Bounce rate/dwell time -Unique content
Unique content
The on-page SEO factor that relates to having content not found on other sites is: Page load time Images Bounce rate/dwell time Unique content
Unique content
According to the SUCCESS model, what statement should you avoid to remain credible? -We do great work -We are certified by the Better Business Bureau -In 2021, we won the Chamber of Commerce's award for trustworthiness. -Listen to our well-known client share about their great experience
We do great work
The definition of value is: -The price of a product or service -The amount a marketer needs to price a product in order to cover expenses at a certain quantity sold -What the product or service is worth to the customer -How much a product or service is actually worth
What the product or service is worth to the customer
To decide which social media platform(s) on which to market, a company should strategically look at all of the following items except: Where their customers are already interacting on social media Where their competitors are on social media Which platform use fits what the company needs Which platform fits their advertising budget
Which platform fits their advertising budget
Your company is selling living room furniture. To purchase furniture, customers choose which individual pieces they would like to order. They then choose which features they would like, such as a hide-a-bed option for the couch or a storage area included in the chaise lounge. Each item and feature is an extra charge. This is an example of which type of pricing? Market-based pricing Flat-rate pricing Time-based pricing À la carte pricing
À la carte pricing
