Mkt300 Quiz Questions Final Exam

What does the AIDA model stand for ____?

attention, interest, desire, and action

_____ is the process of estimating how much of a good or service customers will buy from an organization.

Demand Planning

Which of these options are NOT a step in the pricing framework in the text?

Determine desired discounts to offer

Which mode of transportation is the fastest, but also the most expensive?

Air

Which of the following is NOT of concern to sales managers?

All of these are of concerns to sales managers: -sales forecasts -sales quotas -costs -customer satisfaction

Which of the following is NOT taken into account when managers choose promotion mix elements?

All of these are taken into account: -type of product -target market characteristics -budget availability -stages in the product life cycle

Tracing a product's origin is becoming increasingly important, especially when there is a contamination concern with an offering. Which of the following offerings would be relatively more difficult to trace?

Bananas

A ____ is a promotion in which a seller gives customers discount cards or coupons after purchasing.

Bounce back

_____ occurs when a business lures in customers with an incredibly low-priced product. Once customers arrive, sales personnel attempt to sell them more expensive products, sometimes even telling customers that the lower-priced products is no longer available.

bait and switch

_____ is a strategy firms use when consumers must buy a given product because they are at a certain event or location or they need a particular product because no substitutes will work.

Captive pricing

_____ refers to the firms that a company partners with to distribute, promote, and sell a product as it travels to its users.

Channel members

Asking for the sale is called the ____, or a request for a decision or commitment from the buyer.

Close

What measures how good a salesperson is at moving customers from one stage in the selling to the next?

Conversion ratios

A ____ puts a positive view on situations when something bad happens to an organizations or person.

Crisis Communication

A _____ is a warehouse or storage facility where the emphasis is on processing and moving goods on to wholesalers, retailers, or consumers

Distribution Center

An _____is similar to a barcode, only better, because the number on it is truly unique

Electronic Product Code (EPC)

_____ occurs when buyers pay the same price regardless of where they buy products or from whom.

Going-rate pricing

One type of outsourced salespeople are _____. They set their own hours, determine their own activities, and for the most part, manage themselves.

Independent agents

Which of the following is an incentive of franchises mentioned by the textbook?

Lessen channel conflicts

A contract that specifies what information is proprietary and how a channel partner can use that information is called a _____.

Nondisclosure Agreement (NDA)

Online retailing and selling to consumers via television, catalogs, and vending machines are examples of _____.

Nonstore retailing

There are multiple ethical issues for salespeople. One of them is concern that a gift from the seller to the buyer might be too extravagant, causing it to be considered a _____.

bribe

The ____ is how a person decides what to pay attention to and how to interpret and remember different things, including information in advertising.

Perceptual Process

____ is an interactive, paid approach to marketing that involves a direct interaction between the customer and a person from the organization, which can occur in person, by telephone, or via another technology.

Professional Selling

The _____ consists of advertising, sales promotion, direct marketing, public relations and publicity, sponsorships (events and experiences), social media and interactive, and professional marketing.

Promotion Mix

Which term best refers to the strategy of a manufacturer convincing wholesalers, distributors, or retailers to sell products?

Push Strategy

Which term refers to a channel partner that buys products from wholesalers, agents, or distributors and then sells them to consumers?

Retailer

When Patagonia products are worn out, customers can return them in-store or mail them back to the company. Patagonia then sends them to Japan, where they are recycled into new garments. This process is an example of a _____. According to the example in the textbook which company developed a reverse logistics system for environmental reasons?

Reverse Logistics System

____ is backup inventory that serves as a buffer in case the demand for a product surges or the supply of it drops off for some reason.

Safety Stock

PR specialists must _____ different media outlets to help get their stories placed.

build relationships with people within

Companies often want build ____, or demand for its specific brand(s), rather than for the product category as a whole.

Selective Demand

_____ is a term used to describe a reduction or loss in inventory due to shoplifting, employee theft, paperwork errors, or supplier fraud.

Shrinkage

_____ helps distribute information to different audiences and includes channels such as blogs (websites with content that updated regularly) and media sharing sites with searchable content featuring videos (Youtube), photos, (Flickr), and music (iTunes).

Social Publishing

The Waste Management Phoenix Open, a golf tournament held every spring, is an example of _____.

Sponsorship

Products that retailers produce themselves or pay manufacturers to produce for them are called _____.

Store brands

Several years ago, companies were using large, centralized warehouses for products in order to keep costs down. In more recent years, the trend has shifted back to using smaller regional warehouses. Which of the following is a reason for this?

To decrease lead time on products

Pharmaceutical companies showing both the positive aspects (benefits) of using a drug and the negative aspects of not using it, is an example of what kind of message?

Two-sided message

When it comes to promotion, smart organizations determine a product's ____ in order to highlight specific benefits and value that customers can receive from the offering.

Unique Selling Proposition (USP)

A _____ is the specific means within a medium to reach a selected target market, such as choosing a specific TV show during which to show an advertisement.

Vehicle

A disagreement that develops between a manufacturer and a wholesaler within a marketing channel would best be described as ______.

Vertical Conflict

Which of the following examples would be part of the social entertainment zone of social media?

a social trivia game where people can compete against each other.

Which of the following examples would be part of the social communities zone of social media?

a website where people can discuss their favorite movies and TV shows

____ is one of the fastest-growing types of sponsorships. It occurs when a company supports a nonprofit organization in some way.

cause-related marketing

A company's marketing activities include creating advertising and promotional campaigns, participating in trade shows, and preparing ____, which is printed or digital material salespeople use to support their message.

collateral

Which of the following is a benefit of a press release?

consumers are more likely to believe it because it sounds like it was written by a third party.

During a sales presentation, one approach to presenting solutions uses statements called FEBAs. FEBA stands for _____.

feature, evidence, benefit, agreement

Which of the following is a benefit of a track and trace system?

helps companies anticipate events that could disrupt the supply chain

____ is the process of identifying and qualifying potential customers in order to grow new business.

lead management

The preapproach in a typical sales process is called the ____ stage. During this stage, the salesperson might explore who the right person is to approach about the sale.

planning

Before pricing a product, an organization must determine its _____. In other words, what does the company want to accomplish with its pricing?

pricing objectives

Needs-Satisfaction Selling was popularized by Neil Rackham who developed the SPIN selling approach. SPIN stands for situation questions, ______, implications, and needs-payoff.

problem questions

____ is a short-term tactic designed to get people into a store or to purchase more of a product. Examples include back-to-school sales, rebates, extended warranties, and going-out-of business sales.

promotional pricing

Maximizing sales involves pricing products to generate as much _____ as possible, regardless of what it does to a firm's profits.

revenue

Many online retailers offer free shipping and free return shipping to encourage customers to shop online. This is an example of a _____.

sales promotion

Unfair trade laws protect _____ businesses. Unfair trade laws are state laws preventing _____ businesses from selling products below cost (as loss leaders) to attract customers to the store.

small, large

_____ are channels that focus on activities and relationships and include social networking sites, forums, wikis, and message boards.

social communities

____ uses technology and mobility to provide an interactive means of communication among people, organizations, and communities who are interconnected and interdependent.

social media

All the organizations that figure into any part of the process of producing, promoting, and delivering an offering to its user are considered part of the offering's_____.

supply chain

The economy has a tremendous effect on pricing decisions. When the economy is weak and many people are ______, companies often ____ their prices.

unemployed, lower

_____ are channel partners that obtain large quantities of products from producers, store them, and break them into more convenient units for purchase

wholesalers