MKT 3050 Final Exam Review

Vertical Marketing System

A _____ consists of producers, wholesalers, and retailers acting as a unified system. the system can be dominated by any one of the interdependent members.

Value Delivery Network

A _____ is made up of a company, its suppliers, distributors and ultimately customers who "partner" with each other to improve the performance of the entire system

Value Based

A _______ pricing strategy for an offering begins with an assessment of customer needs and perceptions. Then a target price is set based on customer perceptions of worth.

Build long term relationships with customers

A company should avoid high-pressure selling if it wants to ________.

Quota

A country may place a limit on the volume of imported citrus fruit that is allowed. This is an example of a(n) ________.

Tariff

A tax on an imported product designed to raise revenue or protect domestic firms is referred to as a(n) ________.

E-tailers

Amazon.com and Expedia.com are best described as ________ that sell products and services directly to final buyers via the Internet.

Has a rapid growth of manufacturing

An emerging economy is one which ________.

Factory Outlets

Dina loves branded apparel and accessories but cant afford to buy them too often. fortunately, Dina lives close to an off-price retail store that is owned and operated by a famous brand. the company utilizes this store to sell its surplus, discontinued, or irregular goods at significantly lower costs. The retail store is best referred to as a ______

contextual advertisement

Every time a search is made using keywords related to construction, search engines display text-based advertisements and links to Regan Builders, a construction firm. The marketing tool used by Regan Builders is best referred to as a ________.

Disintermediation

For over 10 years, Erudite, a publishing and educational company that produces college textbooks, has been selling its books online through studysmart.com a popular online retailer that sells textbooks published by different companies. recently, Erudite stopped selling its books through studysmart.com and set up its own website to sell its books. This change in channel organization is called _____

Exclusive

High end luxury brands like Bentley for cars, Louis Vuitton for handbags, and Rolex for watches use ______ distribution, giving a limited number of dealers the sole right to sell products in a specified geographic territory.

Reducing the use of person to person selling efforts

How have social media tools most likely affected personal selling?

Public Relation

In a promotional mix _____ performs the functions of building a good rapport with entities outside of the company building up a good corporate image, and handling unfavourable rumours and events

Innocent Exaggeration for effects

In advertising, puffery refers to ________.

Direct Marketing Channel

In which of the following situations is a producer guaranteed full control over product sales?

Contractual marketing system

Java Jane's first coffeehouse was very successful due to the unique flavours, on site baked goods, and inviting ambiance, the owner, Jane Phillips, decided to franchise her operation when she was approached by several interested investors. Which type of marketing system has Java Jane's most likely adopted?

Department Stores

Jones & Company a major retail chain across the U.S offers a wide range of consumer goods such as clothing, furniture, home appliances, cosmetics, jewelry, and food. Jones and company are described as _____

Market and territorial

Lemony Inc. sells its popular bottled lemonade — the company's only product — in various geographic locations through tie-ups and agreements with retailers. Each location is represented by two salespersons, one of whom serves current customers while the other finds new ones. Which of the following sales-force structures has most likely been combined to form the complex sales-force structure at Lemony Inc.?

Competition- Based

Los amigos, a new Mexican restaurant, has set up shop across the street from Hot Tamales and more. which of the following pricing strategies will Los Amigos likely use?

Integrated marketing communications

Lush Lawns, a new landscaping company, uses the same logo and shade of green in all forms of communication including its online ads, truck signage, Web site, and business cards. Which technique is being used by Lush Lawns to promote its business?

Branding community web site

Online visitors can't buy anything at ESPN.com. Instead, the site creates a virtual experience for sports enthusiasts and fans that can be customized to meet their needs. This is most likely an example of a(n) ________.

Intensive

Producers of convenience products and common raw materials typically seek ____ distribution, a strategy in which they stock their products in as many outlets as possible.

Create great efficiency in making goods available to target markets

Producers use marketing intermediaries because they ______

Licensing

Providing a host-country partner the right to use a company's manufacturing process, trademark, patent, trade secret, or other item of value is referred to as ________.

Value Added

Providing extra amenities to differentiate and support high-priced products is referred to as _______ pricing.

Fixed

Rent, electricity, and executive salaries that do not vary with production or sales level are referred to as _____ costs.

Store atmosphere

Retailers must decide on three major product variables, product assortment service mix and ______

Territorial

Rug Designs Inc, a manufacturer of large area rugs, markets its products throughout the United States using a network of regional sales offices. They are using a ________ sales-force structure.

Direct Marketing

Studio 19 is a dance studio geared to adults who want to learn ballroom and Latin dance. When individuals call the studio, they're encouraged to access the Web site to receive a $25 e-coupon entitling them to a free half hour of dance instruction. Once they become patrons, text messages are sent to share news about featured dance instructors and upcoming special events. Which of the following promotion mix tools does Studio 19 employ to reach target customers?

Decline in conspicuous spending

The Great Recession has most likely resulted in a(n)________.

Strategic Planning

The ________ concept specifically focuses on future company needs, but not the future welfare of customers.

Societal Marketing

The ________ concept specifically focuses on the future welfare of customers, but not on future company needs.

North American Free trade agreement

The ________ established a free trade zone among the United States, Mexico, and Canada

"Demand Chain"

The author suggests that the term "supply chain" may be too limited because it takes a "make and sell" view of the business. They believe the term ____ is more appropriate because it suggests a "sense and respond" view of the market

Target Return

The fashion store, a new startup, sets product prices so that the revenues will equal manufacturing and marketing costs. The pricing strategy used by the company is referred to as _____ pricing

social selling

The fastest-growing sales trend is ________ that involves the use of online, mobile, and social media to engage customers, build stronger customer relationships, and augment sales performance.

Use Omni-channel retailing

The growth of the Internet caused many traditional companies to ________ in response to customer demands and a changing marketplace.

Exporting

The simplest way to enter a foreign market is through ________.

Consumerism

The two major citizen action movements to keep businesses in line are ________.

PureCompetition

There are more than 5- blueberry farmers in Shammonton, New Jersey, that grow, package, and distribute the same quality blueberries. an individual farmer cannot charge more than the going market price per unit without the risk of losing business to the other farmers. this is an example of _______

Monopolistic Competition

Under ____ , the market consists of many buyers and sellers trading over a range of prices rather than a single market price.

Different levels of the same channel

Vertical conflicts in distribution channels are conflicts that occur between ________

"Low Prices"

When establishing prices, its important for a manager to understand that "good value" is not the same as ______

Franchise

Which contractual system is distinguished by the fact that it is normally based on some unique product or service, method of doing business or trade name goodwill or patent that has been developed?

Conducts a business from office via phone

Which of the following is a characteristic of an inside sales force?

Warehouse Clubs

Which of the following is a type of off-price retailer?

Marketing web site

Which of the following is an online tool designed to engage customers and move them closer to a direct purchase or other marketing outcome?

They build relationships with customers through face to face collaboration

Which of the following is most likely true about a sales force in the field?

They provide buyers with anytime, anywhere access to products

Which of the following is most likely true about direct and digital marketing?

They are better equipped to find product and brand information on their own

Which of the following is true of consumers in the new marketing communications model?

They are more targetted, social, and engaging

Which of the following is true of marketing strategies that are being developed in the new marketing communications model?

An effective public relations program continues over months or even years

Which of the following is true of public relations?

The WTO is most powerful international organization dealing with global rules of trade between nations

Which of the following is true of the World Trade Organization (WTO)?

They build customer engagement and constitute a complex model for doing business

Which of the following statements is most likely true about direct and digital marketing?

Use wide array of specialty to better serve different aspects of the client can be tricky to implement due to competitiveness of sale people and issues may arise

Which of the following statements is most likely true of team selling?

A product sales force structure is characterized by specialization along product lines

Which of the following statements is true of a product sales-force structure?

Services like hotels, banks, airlines, restaurants, colleges and hospitals can be retailed

Which of the following statements is true of retailing?

Specialty Stores

Which type of retailer typically carries deep product assortments of narrow product lines?

Personal Selling

Window Concepts has introduced a new line of windows that offer the same benefits as solar panels in reducing heating and cooling costs in homes. The state-of-the-art windows will also contribute to the slowing of global warming while providing energy reliability. The company sends a team of representatives to the National Doors and Windows Trade Show to promote the new line of windows. Which promotion mix tool has Window Concepts used in this scenario

Total

____ costs refers to the sum of the fixed and variable costs for any given level of production.

Advertising

____ is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by identified sponsor.

Corporate Chains

____ refers to two or more outlets that are commonly owned and controlled.

Television Advertising

_______ tends to legitimize products, is very expressive, allows brand or company dramatization, and can build up a long-term image for a product.

Sales Quota

________ are the standards stating the amount salespersons should sell and how sales should be divided among the company's products.

Deceptive Promotion

________ includes practices such as misrepresenting the product's features or performance or luring customers to the store for a bargain that is out of stock.

Joint Venturing

________ is a method of entering a foreign market by associating with foreign companies to produce or market products or services.

Sustainable Marketing

________ marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

direct and digital marketing

________ marketing involve engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships.

Online display ads

________ might appear anywhere on an Internet user's screen when a user is browsing through an article, and they are often related to the information being viewed

Online Marketing

________ refers to marketing via the Internet using company Web sites, online advertising and promotions, e-mail marketing, online video, and blogs.

Retailing

________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.

Sales Promotion

in a marketing communications mix, ____ refers to any short term incentive that encourages the purchase or sale of a product or service

Price

is the only element in the marketing mix that produces revenue