MKT 350 Quizes
The Johnson Country Quill is a newspaper with 10,000 subscribers. If the local JC PEnny store pays $1,000 for a full page ad in the newspaper, what is the cost per thousand for the ad?
$100
The High Strung Racquet Club found that with annual fixed costs of $60,000, its breakeven point is 2,000 members when the membership charge is $60 per person per year. Wht is the variable cost per person for High Strung?
$30
Assume you received an invoice, dated September 3rd for $400. The terms are 2/15 net 45. The amount due on or before September 18th is
$392
Which is an example of a product being sold on the organizational market
A shoe store owner buys tape to hang up sales signed in her store
Bob is an office manager who earned $35,500 lwast year. He wants to buy a new Corvette someday. He spends his spare time reading about Corvettes and visiting the area Chevrolet dealers. Since monthly payments on a new Corvette will be higher then Bob's monthly income will support, which requirement for a markting has not been met?
Ability to Buy
A paid form of non personal communication about an organization and/or its products that is transmitted to a target audience through a mass medium is
Advertising
The term nationalization, when used in international trade, means the host country
Assumes ownership of the foreign organizations business or assets
The armadillos revenge is an off-beat steak house that features highway signs, parts of diesel tractor trucks, and billboards as part of the interior decor. Restaurant personal are dressed as parametics and colorful armadillo posters decorate the ceeling. These surroundings are designed to attract a certain type of targeted customer. This is refered to as
Atmospherics
Which would have been most likely perceived as a discontinous product inovation when it was introduced
Automobile
Sleazy Eddie of "Sleezy Eddie Hardware" likes to run an ad in the Sunday paper listing a price of $59.95 for Lawnboy riding lawnmover. When customers come in the store the sales people steer them toward the Snapper for $1,035 because the Lawnboy is no longer in stock. This is an example of
Bait and Switch
Aaron indicated to MArha that he likes her teams idea about three-lace running shoes but wants her to put together some figures regarding anticipated sales, costs, and resulting profits. He is asking her to proceed to which stage of the new-product developmet process
Business analysis
Which of the following products use the largest channel of distribution
Chewing Gum
Women average two or three children and there is an emerging middle class. These are countries where the sales of disposable diapers, convenience foods and business machines are increasing. These countries use imports as status, but also have strong ethic pride. This best descibes which dempgraphic group?
Climbers
Which of the following would have greatest width at the retail level
Coca Cola Soda
The verbal portion of an advertisement, including headlines, body, and signatiure, is called the
Copy
Marketing is the process of
Creating, distributing and promoting products to facilitate exchange relationships in a dynamic enviroment
Joes's Health Club raised its membership fees, and the firm's total revenue decreased by $10,000.What can you conclude?
Demand is Elastic
A channel of distribution is a group of individuals and orgnaization that
Directs the flow of products from producers to customers
Which of the following attributed of a Toyota Camery would be most appropriate to emphasize in television commercials during an economic recession?
Durability
A supermarket pieces its eggs, bread, and milk below cost. This is an example of loss leader?
F
Buying "on credit" increases future buying power
F
High pressure sales techniques, descriptive advertising, and fraudulent claims are more associated with the production era/ philosophy of marketing
F
If some merchants in the Battlefield Mall refuse to pay their mall association dues, this may lead to vertical channel conflict
F
Innovators are usually older, highly educated and have a lot of money to spend on new products. They are msot imported group in terms assuing product acceptence by the mainstream consumer
F
One reason that franchising is growing so rapidly is that franchise agreemetns only loosely describe the franchirors and franchisse respective rights and obligations, giving both considetable competitive flecability in management decisions
F
Pricing is the least flexible component of the marketing mix
F
Relativists believe in the existence of moral absolutes
F
Specialty products are goods or services that consumers will purchase only after making price and quality comparisons
F
To be its most effective, promotion usually needs several repetitions
F
When demand is elastic, a change in price has little effect on total revenue
F
Ben Johnson orders sixteen dozen lures from Strike Right for $375. When he gets the invoice, he is furious that $25 in freight charges has been tacked out his bill because he thought the price included freight costs. Ben should have been certain that the order terms were
FOB Destination
If a manufacturer uses UPS to deliver a rush package to a retailer, UPS is a/an
Facilitating agent
To the Sunride Restaurant, the cost of food represents a
Fixed Cost
The retailer is usually an excellent position to
Gain feedback from consumers
Standarized Nike and Adidas shoes worldwise is an example of
Globalization
The coordination of promotion and other marketing efforts for maximum informational persuasive impact defines
Integrated marketing communications
Same widgets used to be available everywhere. But, as sam became more successful, his specalized in more expensive widgets that not every household could afford. Accordingly, Sam reduced the number of widgets outlets to a few in each town and gave more Widget business to his dealsers who provide they could support the product well. Sam is moving from which kind of distribution strategy to which other kind?
Intensive to selective
The four major stages of a product life cycle included
Introduction Growth Maturity Decline
A manufacturer has decided to improve its inventory management by maintaining low invenory levels and waiting to purchase materials until right before they are needed in production. This inventory management technique is called
Just-In-Time (JIT)
Vertical and horizontal integration/expansion are carefully scruntinized for legality by the federal government. The main concern here is for
Lessening of competiton
Janice has a comfortable income. She spends her free time working in her garden and playing with her Labrador Retrive. She is a good prospect for quality gardending tools and pet care products. This fact would become obvious id marketers segmented the market based on?
Lifestyle (Psychographics)
Any group of people who, as individuals or organizations, have need for procuts in a product class, and who have the ability, willingness and authority to buy such products is an
Market
A brand is best defined as a
Name, Term, Sign, Symbol, or Combination of these that identifies a sellers product
When the U.S. has an embargo in place againt cuba that means
No cuban goods may legally be imported into the U.S.
During one-minute television ad for reebok, the national weather service interrupts to announce a flash flood warning for greene and christian counties. Such as ossurrence is an example of____ in the communication process
Noise
To determine how much money they would spend on advertising, marketers for anew brand of soft drink first decided that they wanted to advertising to create awareness of the new flavor in 80% of the soft drink market whith ine onth of introduction. The marketers then determined how much it would cost to reach this goal. This is an example of which one of the following approaches to determining advertising budgets
Objective and task
The advertisements that show the bigger chunks of tomato in Pergo's new spagetti sauce vs. the thinner Ragu sauce is an example of which atribute thought to contribute to new product success
Observability
The american automobile industry used to be dominated by the "The Big Three" including General Motors, Ford and Chrysler. However, many more foreign competitors are influencing this market, and the American companies must seek to differentiate their products. The U.S. automotive industry moved from a/an ______ structured to a/an _____ structure
Oligopolistic; Monopolistic competition
Mattie went shopping for a new pair of levi jeans yesterday. She saw heans at a department store priced from $45 to $59, but she can chose not to buy any becase she through they were too expensive. On her way home she passed a stand where a man was selling Levi jeans for $20 a pair, and she bought two pairs from him. The sign infront of his stand announced that he bad bought the heans from a retailer who had gone out of business. Matties jeans were being sold
On the Gray Market
Sandra, a new salesperson for Brenham Foods, calls in an order for twice the amount of merchandise that Corner Market requested because she knows it will increase her sales and will not be noticed by Corner Market. This relates to which type of influence in ethical decision making?
Opportunity
If Norelco introduced a new electric razor that sonicallt removes hair and priced it first at $175 and then at $150 before reducing the price to $100, the firm would initially be using a pricing method known as
Penetration Pricing
Patricia owns an interior design ship. Her promotion budgets are generally too high during expanding market growth and too low during declining market growth. She is probalbly using which type of budget method?
Percentage of Sales
A concert is given for which 5,000 seats remain unsold. The impossibly of saving those seats for sale at another time is related to which charactertics of service.
Perishability
Paid personal communication that seeks to inform customers and persuade them to purchase products in an exchange situation is
Personal Selling
A marketer who sells to industrial buyers might make all the following adjustments in price except which of the following, which would possibly be discriminary and violation of the Robinson-Patman
Preferred customers discounting
If Perrier notices that a charge in the price of a six-pack of bottled water from $2.75 to $4.25 increases the quanity demand of the product by 21% the item is probably which type of product?
Prestige
If bloomingdales wants to learn about consumers attitudes toward catalog purchase and conducts a study to acquire this information, this study would collect ________ Data?
Primary
Ruffles potato chip, frio corn chips, Cheetos and Doritos are all part of Frio-Lays snack food
Product Line
According the marketing concept, an organization should try to
Provide products that satisfy customers needs and allow the organization to achieve its goals
Is a broad set of communication objectives used to create and maintain favoriable relations between an organization and its steakholders
Public Relations
A daily newspaper in Boston runs an article each week featuring a description of various new products that are available and gives the opinions of the editors who tested the products. One week the paper features a new camera by Sony called Mavica. This article represented which one of the following elements of the promotion mix for Song?
Publicity
The use of lists of white space in a print ad is employed to suggest which of the following attributes?
Quality
Marketing Ethics
Refers to principles and standards that define acceptable conduct in marketing
Any organization that purchases products for the prupose of reselling them to ultimate consumers is a
Retailer
Proctor & Gambel periodically sends out coupon and free samples of products like Downy fabric softner. This illistrates P&Gs use of which of the following elements of promotion mix
Sales Promotion
When working as a summer Intern for a local retail store, Jan Halverson was send to the library to look up data on population forecasts for the city of San Antonio. The population information she found would be considered
Secondary Data
The series of television commercial which shows "mikey" eating his life cereal with his brothers and sisters or the chevrolet "Heartbeat of America" ads which show everyday people doing everyday people doing everyday things and examples of which type of advertising execution style?
Slice of Life
Which product listed would most likely be purchased through routinized response behavior?
Soft Drink
Because of complaints that, depending on the bartender, the drinks being served in the Sea Brezzes Hotel were either too weak or too strong, the manager installed a compuertized bar that mixed all beverages. This was a response to problems associated with service
Standardized/Heterogenity
A canadian visiting China tells his hosts that eating dog meat is disgusting. This is an example of ethnocentrism
T
According to class lecture/notes, 70% of cusomers research a product online regardless of where they make their final purchase
T
An inverse relationship exists between the price of most products and the quntity demand
T
Apple computer is an example of a manufactures brand
T
Blood and guts download service carries only B-grade movies. it carries no movies with big stars or big budgets, but it does have movies like "Trouble comes to Frog Town" that college kids seem to love. No other business carries the same kind of retail downloads that this retailer does. Owners seen to understand the concept of differential advantage (BFD) in regard to its movie selection?
T
Four dimensions of social responsibility are economic, legal, ethical and philanthropic
T
If you want to find out the demographic characteristics of heavy users of peanut butter, perhaps the best place to start would be with MRI date
T
If you were taking a trip to Germany, and the German bank devalued the mark before you had exchanged dollars for marks, youd probanilty be pretty happy
T
Lighter colors may be used to make a package look bigger
T
Low or no profits and high production and marketing costs are two characteristics of the typical introductory stage of the product life cycle
T
Many clothing factories work on a contract basis. For example one week they may sew Levi's products, the next week it may be a Duck head, and then next week, it might be a private label for a discount chain. The willingness of many consumers to pay premium prices for successful brands demonstrates the added value that a brand name may bring to a product beyond the products functional value. This value is called brand equality?
T
Merchant wholesalers assume risks of ownership
T
Most new products fail
T
One of the most important questions pertaining to the decision to pursure a market segment is, "is this segment large enough to be served profitabily"
T
Sales training, trade, entertainment, and waiting all add to the cost of employing a persoanl selling straegy
T
Simply stated, marketing research is primarily about reducing risk
T
The demand for bathroom fixtures depends largely upon the number of new housing starts. dropping the price of bathroom fixtures will not spur the demand of new houring becanuse the primary demand for bathroom fixtures is basically inelastic
T
The greater a products perceived degree of superiority over previous products in terms of price and ease of use, the greater its relative advantage and, normally, the faster its adoption rate
T
The term "Ad Creep" has been coined to describe the gradual expansion of advertising into our entire "Visual Field"
T
The web sometimes referred to as a pull medium because customers determine which websites they visit
T
Two major categories of sales promotion methods are consumer and trade (Business to Business)
T
Two ways to pull up higher in the organic search rankings is through appropriate use of key words and linking
T
Utilitarianism examines well-being in terms of a cost/benefit ratio
T
When a product is a conspicuous one, reference group influence is more likely to affect brand decision
T
When we hear the name Slim Fast, we tend to think of a diet product. When we hear the name Ensure we think of a nutritional supplement. When we think of carnation instant Breakfast we think of a fast "meal on the run" Even through, in reality, those products are quiet similar we perceive them differently. This exemplifies the concept of positioning
T
Whereas the marketing channel is a group of interrelated organizations that direct products to customers, physical distribution deals with physical movement and inventory holding both with and among intermediaries
T
Wholesalers may provide marketing activities for those above and below then in the markting channel
T
You can "eliminate the middleman" but you cant eliminate the middlemans functions.
T
approximately 80% of people will not look past the first page of a search. If they dont find waht they are looking for in the first few items that pull up, they will tend to refind their search
T
wealth is an accumulation of past income and financial resources
T
The first major law affecting business by prohibiting restraint of trade (anti-monopoly) in the U.S. was passed in the late 1800s. This Act forms the base for other important acts which followed it. This act is:
The Sherman Anti-Trust Act
Globalization of marketing means
The development of a set of marketing strategies for the entire world or major regions of the world
Price is
The value that is exchanged for products in a marketing transaction
If a wine maker decided to buy a bottle labeling operation, it would be an example of
Vertical integration
The salvage call of unsold services is
Zero
The marketing environment is bested described as being
dynamic and changing
Which is not one of the broad and sweeping global trands discucced in class?
increase in power of the welfare (communists) state
A target market
is a specified group of customers on whom a company focuses its marketing efforts
The primary advantage of a concentrated targeting strategy is
it allows a firm to specialize to meet specific customer needs
Organizational markets can be classified by all of the follow except
products used for household consumption
Which one of the following buying situations would be most consistent with routine-response decision purchase behavior
sally buying a hamburger at mcdonalds