Marketing Test 3
Billy set up a lawn-mowing business in his neighborhood. He currently has 7 customers that want their lawns mowed each week for which he charges them $25.00 each. Billy spends $10.00 a week in gas and another $17.00 in yard waste bags and stickers. What is Billy's weekly profit?
$148
Billy set up a lawn-mowing business in his neighborhood. He currently has 7 customers that want their lawns mowed each week, for which he charges $25.00 each. Billy spends $10.00 a week in gas and another $17.00 in yard waste bags and stickers. What is Billy's weekly revenue?
$175
An order has a total of 368 items (worth $23,000) and the firm ships 354 of the items (worth $21,000) on time. What is the dollar fill rate?
91 percent
The phrase Finger Lickin' Good is a brand mark for Kentucky Fried Chicken (KFC).
False
As customer brand engagement grows, the customers' expectations with respect to greater brand transparency lessens.
False; As customer brand engagement grows, however, so do customers' expectations with respect to greater brand transparency. Customers today want to know more than simply features and benefits—they want brands they can believe in..
Which statement regarding monitoring a social brand is true?
Firms that use social monitoring tools are better prepared to facilitate an ongoing dialogue with customers to strengthen brand loyalty over time.
What can be said regarding the role of industry structure on setting price?
In an industry in which there are many buyers and sellers, the pricing impact of any single firm will be fairly small.
According to your text, what should companies do to guard against a breach of security in their CRM systems?
Install powerful firewalls to protect customer data.
Compare the following statements and select the one that accurately describes a company that is practicing supply chain management.
It sets up technology to enable the sharing of demand information with suppliers.
Foursquare and Swarm are two types of
Location-based apps
Which statement is true regarding nonstore retailing?
Online shopping does not provide the sensory elements that can be found with in-store shopping.
Which tool is not used in social media marketing?
Print advertisements
Christy was excited to purchase a Bluetooth wireless speaker. She brought her purchase home and is now using it for the first time. What acronym represents where Christy is at in the purchase process?
SMOT
A marketer that is analyzing the attitudes, emotions, and opinions behind words used in social media is using
Sentiment Analysis
Both Walgreen's and CVS have developed their own versions of products such as allergy medication, pain relievers, and cold remedies. Each retailer developed the products and they are sold only in their own stores. These types of products are referred to as private label brands.
True
Reach is a measure of the total audience size for a given platform.
True
What location-based app serves as a combination of social network and crowd-sourced traffic map, allowing drivers to report traffic conditions and incidents and share them in a living map to the benefit of all?
Waze
Category management is a merchandising technique that focuses on the performance of
a product category
An omnichannel can be defined as
allowing consumers to purchase goods both in a retail store and through its website.
The main advantage of a push strategy is that it
allows firms to achieve economies of scale.
The most impersonal form of retailing is
automated vending
Which quantitative technique for measuring brand equity helps marketers understand which brands stand out in a consumer's memory and what the strength of his or her association is with the brand?
brand recognition
How can purchasing help improve product design and time-to-market for new products?
by involving appropriate suppliers early in the product design process
How does effective materials management support the firm's marketing objectives?
by making sure that goods are available to ship to customers in an efficient and effective manner
Which component of a successful brand allows firms to engage customers through online surveys and social media tools?
capture feedback
Retail outlets such as Best Buy or Home Depot that are able to gain high market share within their chosen category, making it difficult for other types of retailers to profitably compete within that category. These types of stores are sometimes referred to as
category killers
The makers of Tide laundry detergent partnered with the makers of Febreze air fresheners to come up with a new line of laundry detergent infused with Febreze scents. In turn, Febreze also came up with a new air freshener featuring Tide's original scent. This is an example of
co-branding
The Cascade Oaks Mall uses a software that tracks its customers' shopping patterns at different stores within the mall. The mall then uses this software to send coupons to customers for the stores where they frequently shop. This mall is engaging in
customer relationship management
According to your text, an effective nonprofit brand should be all of the following except
detailed and thought-provoking.
As it pertains to inventory, ________ takes place when a company ships its goods from a warehouse to its stores or customers.
distribution
Anya is a frontline employee at The Stafford Hotel. When customers are unsatisfied, she is able to handle many of the problems herself, without getting permission from her supervisors. As a result, Anya feels more satisfied with her job because of the freedom she has to problem solve on her own. The Stafford has done a good job of
empowering employees
When Clorox bleach came out with a line of toilet bowl cleaners, it was an example of a brand
extension
Research conducted by HubSpot on social media presence universally suggests that it is "a must" for firms to have a presence on which social media platform?
A profit maximization strategy is used during the growth and maturity stages of the product life cycle.
false
As a form of advertising, packaging does very little to promote the brand.
false
Brand equity is the value derived from the sale of a product.
false
During the maturity and decline stages, a firm may want to stick with the maximum flexibility a pull strategy allows or follow a hybrid strategy that commits to inventory of raw and packaging materials without committing to a large amount of finished goods inventory.
false
It is not necessary for a retailer to work on building and maintaining a positive store image—it usually happens on its own.
false
Of all the logistics functions, transportation management is the least important.
false
Promotion is one of the most important strategic decisions a firm faces because it reflects the value the product delivers to consumers as well as the value it captures for the firm.
false
Research has found that the use of traditional text pages is more effective than videos in helping to improve a firm's position on a search results page.
false
Retail store managers typically evaluate vendors, negotiate prices, order merchandise, and arrange delivery schedules.
false
Search engine marketing is the process of getting more traffic based on higher rankings of free or "organic" search results on search engines.
false
Underpricing is a pricing strategy whereby companies charge an amount just below cost in order to generate sales in the introductory stage of a product's life cycle.
false
On-time delivery measures how many shipments are shipped on time.
false: goods must be shipped and arrive on time to be considered on-time.
The performance measurement that calculates the percentage of an order shipped on time and complete is called the
fill rate
A retail store places sensors throughout the store that have the ability to link to customers' phones. Once linked, customers receive product information, bar code scanning and other helpful features. This describes
geofencing
f a car company is marketed under the same name across multiple countries, what type of branding is the company using?
global branding
What tool for monitoring a social brand allows a firm to set up alerts about your company, good, service or brand so that you're e-mailed whenever they appear online?
google alerts
The sale of branded products through legal but unauthorized distribution channels is referred to as the
gray market
For which product category do 40 percent of shoppers spend half their money on private label brands?
groceries
In order to facilitate a brand's expansion into new markets, it is most helpful to
have a high level of brand equity.
Companies that want to take advantage of the economies of scale that result as part of a push strategy will most benefit from
having large warehouses that can efficiently store, retrieve, and load goods onto vehicles at a fast pace.
The cost to start a direct retailing business is typically very low which has led to
high turnover rates in this business
According to your text, the ultimate goal of delivering superior customer service is to
increase brand loyalty
In an attempt to show your customers how your product can be used, you decide to broadcast a real-time video through Vimeo to your followers via the Internet. This branded content approach is referred to as
live streaming
The use of GPS data transmitted from a mobile device to adapt content, messaging, or service delivery to a target's location is the premise behind ________ marketing.
location-based
Lily's strong commitment to her favorite Italian restaurant, Amore, is evidenced by her repeated visits there. Lily's high commitment to this restaurant is most accurately described as brand
loyalty
All along the supply chain, distribution channels add value to the product by
making the product available to ship, taking customer orders and shipping the product to the next step in the supply chain.
A manufacturer of custom cabinetry relies on timely delivery from its wood supplier in order to produce its products. The company would like to have its shipment of wood delivered all at once, but it often comes in multiple shipments. While this is not usually a problem and the manufacturer is generally happy with its supplier, it has found another supplier that will deliver the wood in one shipment. Because of this, the manufacturer has decided to switch suppliers. This is an example of how
meeting a customer's expectations doesn't always lead to brand loyalty.
The activities involved in acquiring particular goods and services and making them available at the places, times, prices, and quantities that enable a retailer to achieve its goals is referred to as
merchandising
Companies can assess if they are doing a good job servicing their customers by establishing performance measurements, also known as
metrics
Drendel's shoe store just received a shipment of women's dress boots. The manufacturer's suggested retail price for the boots is $150.00, but Drendel's decides to price the boots at $149.95. What pricing tactic is Drendel's most likely using?
odd pricing
What is a retailer's goal in planning a store's layout with regard to traffic flows?
optimize shopper conveniences
What type of media comes from publicity gained via a brand-controlled source such as a website, blog, or Facebook page?
owned media
The principle of informed consent as it pertains to marketing ethics means that
permission is granted in the full knowledge of the likely consequences.
Prestige pricing involves
pricing a product higher than competitors to signal that it is of higher quality
Craig's Custom Cabinets is a business that provides custom cabinetry and furniture for both businesses and individual consumers. Craig does not make any products until he receives an order from the customer. What type of marketing strategy does this represent?
pull strategy
A supply chain strategy in which a company builds goods based on a sales forecast, puts those goods into storage, and waits for a customer to order the product is called a ________ strategy.
push
If cost reduction is part of a firm's strategy, it would be wise for the firm to use a ________ strategy, since it will allow the firm to achieve cost savings through economies of scale in purchasing, manufacturing, and transportation.
push
The complexity of ________ have/has led companies to guard them as patented industry secrets.
ranking algorithms
The measure of the total audience size for a given platform is determined by which metric?
reach
A local hair salon is analyzing its customer data to determine the last time each customer visited the salon, if he or she purchased a hair care product, and how much money the customer spends on the salon's services and products. In essence, it is trying to determine its customers' profit potential so it can target them for marketing efforts. What data analysis tool is the salon using?
recency-frequency-monetary analysis
Which of the following is not an outcome of providing more responsive customer care?
reduced competition
Watch manufacturer Festina designed a diving watch called the Profundo. The quality promised by Festina in making the Profundo is that this watch stays waterproof. To back up its claim, the watch is sold in a transparent bag filled with distilled water, convincing customers of the watch's high quality. This most likely is an example of how packaging
reinforce the brand's image
The number-one private-sector employment category in the United States is in which industry?
retail
A group of independent retailers that band together to set up a jointly owned, central wholesale operation that also conducts joint merchandising and promotion is referred to as a
retailer cooperative
The best source of information for marketers regarding how high they can price a product before customers stop considering the product a good value comes from
salespeople
If a company's CRM efforts lead to an increase in the number of goods or services purchased by a consumer, then it has been successful in increasing its
share of customer
Marketers commonly classify retailers on all of the following dimensions except
size of establishments
According to your text, the primary reason firms rely on inventory management is
so that customer service won't suffer from lack of product in any given location.
According to recent data from the Nielsen research firm, 60 percent of consumers researching products through online sources learned about a specific brand or retailer from
social networking site
A firm must track three types of costs to determine the correct level of inventory to keep in stock: purchasing costs, inventory carrying costs, and the costs incurred by
stockout
Private label brands are also referred to as
store brands
commitment to adopting a lifestyle that meets the needs of the present without compromising the ability of future generations to meet their own needs is referred to as
sustainability
You and a close friend have decided to open a new retail store that specializes in selling fan apparel featuring the local university. According to your textbook, what is the most important factor that the two of you should consider before opening the store?
the store location in your town
The ability of a company to deliver a good or service by the time the customer expects to have it available for sale or consumption is referred to as
timeliness
Search engines have two major functions: to provide search users with a ranked list of the websites they've determined are the most relevant, and
to build an index of all web content.
A global brand is a brand that is marketed under the same name in multiple countries.
true
An omnichannel is a type of retail that offers different methods of shopping and delivery of products to consumers.
true
Ease of doing business refers to the amount of effort required on the part of a customer when dealing with a firm.
true
Frequent users of category management are supermarkets, drugstores, hardware stores and discount retailers.
true
In general, the higher and more frequently a site appears in the search results list, the more visitors it will receive from the search engine's users.
true
Put-away refers to moving goods to their temporary or semi-permanent storage location and updating inventory records.
true
Rebranding is a strategy to recapture lost sources of brand equity and identify and establish new sources of brand equity.
true
Relationship marketing is a strategy that focuses on attracting, maintaining, and enhancing customer relationships, thus building brand loyalty.
true
The ultimate objective of supply chain management is to integrate related companies in order to facilitate coordinating activities across the supply chain in a manner that improves the entire chain's performance.
true
if the items ordered are worth $15,450, and the items shipped are worth $13,998, then the dollar fill rate is approximately 91 percent
true
The last step of the customer relationship management process is to
utilize analysis to build customer relationships.
An interactive, computer-generated experience that takes place within an immersive simulated environment, typically incorporating multi-sensory feedback is known as
virtual reality