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Which of the following describe a sales promotion that is likely to be used by businesses?

Discounting using coupons, rebates, and other promotions Introductory techniques like giveaways, samples, and tastings Contests like sweepstakes and games that introduce the new product

At a mutually accessible location

Specialized equipment that cannot be readily transported

Which of the following statements about odd-even pricing are correct?

Studies have found that customers positively react to odd prices. Consumers believe that products that are priced using an odd number cost less. It is simply setting a price that ends with a 9, 7, or 5.

Which of the following statements about optimum price are correct?

It is the highest price that will generate the most income for a good or service. If sales are too low, the owner might ask whether the price is too high. If sales are too high, the owner might ask whether a price is too low.

Which of the following statements about telemarketing are correct?

It is the most expensive form of direct marketing. Many consumers find this type of marketing annoying, but it is still a viable form of direct marketing. It can be either inbound where customers call the company or outbound where the company calls the customer.

______ marketing is using several different channels to reach your customers.

Multichannel

______ refers to sales run on a schedule that is unpredictable to the customer.

Random discounting

A(n) ______ is an intermediary business that buys and sells to businesses rather than consumers.

Wholesaler

______ is a strategy where the price is set above the competitors' price to indicate that the firm's product is a status symbol.

Prestige pricing

______ are the people and firms who connect producers of goods and services with customers.

Channels

______ exporting is exporting without using intermediaries.

Direct

______ are firms that specialize in arranging international shipments, which include packaging, transportation, and paperwork.

Freight forwarders

Which of the following statements about guerrilla marketing are correct?

The key to it is to capture the customer's attention. Its a unusual and nearly free form of advertising. It is a fairly new marketing concept.

Maximizing profits

The price of a firm's product or service should be above the average price as this adds to financial gains.

Which of the following layout formats are used for manufacturing operations?

The production line layout The process layout

Which of the following statements about documentary drafts are correct?

The purpose of using a documentary draft is to eliminate the seller's risk. A payment procedure includes the seller, buyer, and both firms' banks. A larger bank can assist businesses with the process.

______ are other businesses that bring customers to a shopping area.

Traffic generators

Which of the following are examples of price elastic goods and services?

Travel Eating out Tickets to movies

A ______ is a draft that can be exercised only when presented with specified shipping documents.

documentary draft

A ____ promotion is a form of communication that encourages the customer to act immediately.

sales

Examples of periodic discounting are

Back-to-school sales Memorial Day Sales Black Friday

True or False: One can use the same export strategy for creating an import strategy.

False

At a remote location

Infrequent face-to-face meetings with a client

Increasing market share

A firm's product or service should be priced lower than that of the competition to take the competitor's percentage of total sales amount.

Markup pricing is a price-setting method where

An amount is added to the cost of a product to set the retail price and provide a profit.

Which of the following statements regarding price lining are correct?

Each product has a different level of quality or number of features. This pricing strategy attempts to appeal to several different markets and budgets. Often there are three levels: a bare bones, midrange, and high-end with the bells and whistles.

An estimation of what a price should be based on information external to a consumer is called an ______ reference price.

External

True or False: With indirect exporting, the business owner(s) do all the work in the process.

False

______ marketing is the use of creative and relatively inexpensive ways to reach your customers.

Guerrilla

______ exporting is exporting using intermediaries such as agents, export management companies, or export trading companies.

Indirect

Which of the following statements about freight forwarders are correct?

Their services include tariff schedules, shipping, insurance, transportation arrangements, and custom clearing. Many of these companies are small businesses and have faced many of the same problems. They are specialists in export-related activities.

Which of the following statements regarding mail order are correct?

These are sales made from ads in newspapers or magazines. Customers can read the advertisements at their leisure and have time to decide whether to make a purchase. A company has customer service people to process phone, mail, and online purchases.

True or false: An internal reference price is founded on a consumer's expectation of what the price should be based on their own knowledge.

True

True or false: Channels are important to a firm's marketing strategy and profits.

True

What are some common methods for direct exporting?

Use an online retailer such as Amazon or ebay. Utilize contacts made from travel.

A consumer's mental image of what a product's price should be based on experience and the consumer's estimate of what the comparative value might be is called a(n) ______ reference price.

Internal

Which of the following are true of direct marketing?

It enables a manufacturer to control where a product goes. It can be relatively inexpensive.

Which of the following statements about price skimming are correct?

It is usually a brand new product, for example when 4K televisions first were introduced. This strategy is used to recoup R&D and other costs. It is usually possible to do this only if the business is the only one to produce the product or service.

The ______ is the highest price that will produce a desired level of sales in an intended market.

Optimum price

At a client's location

Organizing of services into a rotating schedule

Examples of captive pricing are

Paying for a gym membership, but having to pay more for various classes. Paying a set amount for a hair cut, but having to pay more for the blow-out. Paying for a single entrée, but getting charged extra for the sides.

______ is an existing firm with the correct manufacturing capabilities that makes products for other businesses.

Contract manufacturer

In the context of traditional layouts for retail operations, which of the following are true of the free-form layout?

It lays out a store in sections with aisles meandering through the store. It has visual impact.

Which of the following statements regarding multichannel marketing are correct?

It refers to using several outlets for contacting your customers. A business should include multiple ways for the customer to make contact including a phone number, website address, and email. A business should clearly provide contact information on its product's packaging in case the retailer doesn't carry the product.

Which of the following statements about direct mail are correct?

It takes many forms including postcards, catalogs, and videos. Businesses don't have to make major inventory investments, thus there are low costs for getting started. One advantage of using the direct mail approach is the ability to sell on a business' schedule.

______ are sales made from ads in newspapers or magazines, with purchases taken online or by phone as well as by mail.

Mail order

______ is the practice of setting price points: good, better, and best.

Price lining

______ is setting a price at the highest level the market will bear.

Price skimming

______ is a strategy where the price for an item is relatively low and then charging much higher prices for the expendables it uses.

Captive pricing

A price-setting method where an amount is added to the cost of a product to set the retail price and provide a profit.

Computing Margin

______ is a price-setting method where an amount is added to the cost of a product to set the retail price and provide a profit.

Computing margin

The danger to the business owner in frequently running random discounting is

Consumers begin to realize if they don't need your products now, they can afford to wait until the next sale that they have come to expect.

Selling goods or services to consumers without intermediaries, typically to select customer groups and typically with tracking of the results, is called

Direct Marketing

______ is a method of selling in which catalogs, brochures, and other pieces of marketing materials are mailed directly to customers.

Direct mail

Which of the following objectives do small business plan to achieve to ensure their survival in the early years?

Maximizing profits Increasing market share

An example of a wholesaler is

Nabisco selling crackers, cookies, etc to a gorcery store chain.

Which of the following are examples of an external reference price?

Newspaper advertisements Advice from friends. Comparison shopping.

Which of the following issues is a firm owner working out of a leased workspace likely to face in the context of day-to-day operations?

Lack of specifications about operating hours Hidden charges that have not been added to a property's lease papers

In the context of concessions associated with subletting properties, ______ refer to the permanent modifications made to a location to fit a business's needs.

Leasehold improvements

Some strategies to select a location that will generate traffic to your business are

Look at the crowds or lines in similar businesses and decide if being near there will result in the overflow coming to your business. Drive around likely areas and locate possible sites. Visit during the hours you anticipate to be peak times for your business and evaluate foot and car traffic.

A(n) ______ is an alternative to contract manufacturing and performs light manufacturing or assembly with competitive pricing and exists in nearly every state.

Sheltered workshop

______ is a strategy where the price is set above the competitors' price to indicate that the firm's product is of higher quality.

Premium pricing

______ is the idea that the market's demand for a product or service is sensitive to changes in its price.

Price Elasticity

______ refers to sales conducted at predictable intervals, such as before and/or after major holidays.

Periodic discounting

The amount of profit, usually stated as a percentage of the total price, is called

Margin

A ______ is the amount that an entrepreneur adds to costs to provide a profit.

Markup

______ sets a price that ends in the number 5, 7, or 9.

Odd-even pricing

______ is contact via telephone for the purpose of selling a product or service.

Telemarketing