Marketing part 4

true

True or false: Should a salesperson view objections as requests for more information

elastic

When Apple released the 4S and cut the price of the 4 sales exploded with one million iPhone 4 models sold the first weekend. Demand for the iPhone appears to be:

functional (or trade) discount

When a channel intermediary is compensated for the ordinary services and tasks performed within the channel of distribution, the compensation usually comes in the form of a discount from base price. This discount is called a:

penetration pricing

When a firm introduces a new product at a relatively low price because it hopes to reach the mass market, it is following a strategy. The low price is designed to capture a large share of a substantial market and produce lower production costs.

inelastic demand

When the NES group lowered the price of its professional-grade meat slicers from $2300 to $1125, demand doubled from four units sold per month to eight units per month. However, total revenue dropped. This is an example of:

status quo

When the local Shell station raises or lowers its prices on its gasoline, the Marathon station across the street makes the same changes in its pricing. This is an example of _____ pricing.

price skimming

Which of the following is a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion?

profitably fill unused capacity

Yield management systems are used to:

return on investment

______ is equal to net profit after taxes divided by total assets.

advertising

activities that include television commercial and magazine inserts

develop a list of objectives for its social media team to accomplish

after establishing a listening platform, an organization should:

comparative advertising

an ad in which Dunkin Donuts tells consumers that more "hardworking" people prefer their coffee than the high priced elitist coffee sold at Starbucks is what type of advertising?

sales-oriented

A company using market share pricing has a ____ pricing objective.

price decreases

A graph depicting the demand for vanilla ice cream slopes downward and to the right. This graph indicates that the quantity of vanilla ice cream cones demanded increases as:

the demand for the good and the cost to the seller

Although many factors can influence price, the primary determinants are:

profit maximization

An organization is using _______ when it sets its prices so that the total revenue is as large as possible relative to total costs.

touch points

Apple Inc. has stores, a Web site and a toll-free phone number where consumers can provide valuable info to company in developing CRM. All these possible areas of the company where consumers can communicate with the business are called:

sales maximization

As a short-term pricing objective, _____ can be effectively used on a temporary basis to sell off excessive inventory.

continue manufacturing

As long as the revenue of the last unit produced and sold is greater than the cost of the last unit produced and sold, a firm should:

Defining Advertising Goals for Measured Advertising Results

DAGMAR is an acronym for:

goes down; goes up

If price______ and revenue______, demand is elastic.

benefits; attributes

In advertising, the goal is to sell the ______, not the _____of a product

status quo pricing

JCPenney sends representatives to shop at similar retailers to make sure it is charging comparable prices for its products. JCPenney probably uses a ______ strategy.

product advertising

Kia Motors runs television ads that encourage the purchase of their Kia Soul compact car

combine the fun of social networking with the utility of location-based GPS technology

Location-based social networking sites:

institutional advertising

designed to enhance a company's image rather than promote a particular product

unique selling proposition

desirable, exclusive, and believable advertising appeal selected as the theme for a campaign

price minus the average variable cost

fixed cost contribution equals:

decreases; grows

generally speaking, personal selling becomes more important as the number of potential customers______ and as the value of the product _________.

buying power

having both the authority to make the purchase decision and the funds to pay for it

the practice of marking up prices by 100 percent

keystoning

bring to light unknown brand flaws

one reason why negative customer comments and complaints are important to an organization is that they can:

the products being sold are technically complex

personal selling is more important than advertising and sales promotion if:

types of product advertising

pioneering advertising, competitive advertising, and comparative advertising

knowledge management

process by which learned info from customers is centralized and shared in order to enhance the relationship btwn customers and the organization

multistage, empathy

relationship selling is a ______ process that emphasizes ________ as a key ingredient in identifying prospects and developing them as long-term, satisfied customers.

admiration

using celebrities to influence consumers to buy the product is an example of which advertising appeal?

media mix

when an advertiser decides how much space and/or time will be placed in each advertising medium the company wants to use, the advertiser is determining its:

can use a message customized to the immediate needs of the customers

when compared to other forms of promotion, personal selling:

equilibrium

when the price of a product is set at a level where demand and supply are the same, price ______ has been achieved.

the typical online gamer is a 43-year old woman with a full-time job and college education

which of the following statements about online gaming is CORRECT?

to achieve a certain minimum level of exposure to measurably affect purchase habits

why do companies with new brands that have a small market share tend to spend proportionately more for advertising and sales promotions compared to those with a large market share for existing products?

elastic

The greater the number of different uses for a product, the more_______demand tends to be.

markup

The most popular method used by wholesalers and retailers in establishing a sales price is

unbundling

Tickets to a combined amusement park and water slide were $49 for the day. Then the company gave customers the option to purchase tickets for either the amusement park or the water slide for $18. To help keep costs in line, the park management also began charging its customers a small parking fee. Initially, the cost of parking was figured into the $49 price. The amusement park is using:

wheat bread

Demand for which of the following products or services is most likely inelastic?

learn as much as possible about the prospects organization and its buyers

During the preapproach, the salesperson would:

cross-selling

Every time Barry orders running shoes from Road Runner Sports, the operator on the phone always tries to sell him something in addition to the shoes he ordered, such as socks or other apparel. This is an example of:

managers attempt to buy market share through aggressive pricing, but the cuts are quickly met by competitors, which wipe out any gain in market share

Sometimes managers price their products too low, resulting in a loss of company profits. One reason this happens is that:

protect small local firms from giant companies that operate efficiently on razor-thin profit margins

States developed unfair trade practice acts to: