Marketing Exam 2 MML

What does the process of designing marketing channels start with?

Analyzing consumer needs

Which market entry strategy has the greatest amount of commitment, risk, control, and profit potential?

Direct investment

Which of the following statements about the global marketplace is correct?

Domestic firms needs to internationalize to take advantage of growing markets throughout the world.

Which of the following statements is true regarding price in global markets?

For most companies, their foreign prices probably will be higher than their domestic prices for comparable products.

Name an objective for business promotions.

Generating business leads

Which of the following statements regarding green retailing is correct?

Green retailing initiatives extend to helping consumers be more environmentally responsible.

What are the four broad characteristics used to classify retail stores?

Service, product lines, price, and organization.

What is target costing?

Setting a price and then setting costs that will ensure that the price is met.

_____ involved focusing the entire marketing process toward turning customers into buyers as they approach the point of sale.

Shopper marketing

Once the company has set its structure, what is the nest strategic decision it faces?

Sizing the sales force.

According to the text, what is the fastest-growing sales trend today?

Social selling

Which type of retailer carries narrow product lines with deep assortments within those lines?

Specialty stores

Which organization was designed to reassess trade barriers, establish new rules for international trade, impose international trade sanctions, and mediate global trade disputes?

The World Trade Organization (WTO)

Which of the following statements regarding competitive marketing intelligence is correct?

The goal of competitive marketing intelligence is to improve strategic decision making.

Which of the following statements regarding the use of marketing information, customer relationship management (CRM), and analytics is correct?

There are risks involved in using big data analytics and CRM.

What is the simplest way to enter a foreign market?

Through exporting

In terms of location, most stores today cluster together. What is the primary reason for this?

To increase their customer pulling power.

What is the intent of advertainment?

To make ads and bran content into something that people actually want to watch.

Which of the following statements is correct regarding different types of markets?

Under oligopolistic competition each seller is alert and responsive to competitors' pricing strategies and marketing moves.

New, premium movie theaters offer features such as online reserved seating, high-backed leather executive chairs with armrests and footrests, the latest is digital sound and super-wide screens, and other amenities for which they charge a higher price. This is an example of which type of pricing?

Value-added pricing

Annual reports, brochures, articles, and company newsletters all represent which type of PR tool?

Written materials

Walmart has a lot of power and exerts strong influence on the suppliers they buy from. This channel power is an example of an _____ vertical marketing system (VMS).

administered

On a break-even chart, the break-even volume is location _____.

at the intersection of total revenue and total costs.

The strategy of _____ means that the firm attempts to offer the right combination of quality and good service at a fair price.

good-value pricing

Free trade zones can be described as _____.

groups of nations organized to work toward common goals in the regulation of international trade

Cross-functional teamwork within the company, building logistics partnerships, and third party logistics are all important elements of _____.

integrated logistics management

To develop needed information, marketing information systems utilize _____.

internal databases, marketing intelligence, and marketing research

In complex selling situations, personal selling can be very effective because it is _____.

interpersonal

Once factor that makes management contracting an attractive entry strategy is that _____.

it yields immediate income

To learn more about the relationships and patterns contained in the vast amounts of data they collect, marketers use _____.

marketing analytics

One key function of channel members is _____, which involved shaping offers to meet the buyer's needs, including activities such as manufacturing, grading, assembling, and packaging.

matching

Companies now use ____ and supply chain management software to help recruit, train, organize, manage, motivate, and evaluate channel partners.

partner relationship management

Which factor sets the floor in setting a product's price?

product costs

What are the two main research instruments used by marketing researchers in primary data collection?

questionnaires and mechanical devices

Helping salespeople to "work smart" by doing the right things in the right way is the goals of _____, whereas getting them to work hard is the goal of _____.

supervision; motivation

When setting channel objectives, companies should state the objections in terms of _____.

target levels of customer service

When the only goal of personal selling is to close a sale, a company is using a ______ approach.

transaction-oriented

Using _____, the customer shares real-time data on sales and current inventory levels with the supplier. The supplier then takes full responsibility for managing inventories and deliveries.

vendor-managed inventory

Which of the following statements about retailer marketing decisions is correct?

Many retailers identify three critical factors for retail success: location, location, and location.

What is true about major retail trends?

Online buying is growing at a much brisker pace than retail buying as a whole.

Which of the following best describes a marketing information system (MIS)?

People and procedures that are used to manage information to generate and validate actionable customer and market insights.

Which types of advertising is important for mature, established brands?

Reminder

Defining the problem and research objectives is the _____ step in the marketing research process.

first

What is the first decision in sales force management?

Designing sales force strategy and structure.

What are the four elements of a compensation plan for salespeople?

A fixed amount, a variable amount, expenses, and fringe benefits.

What is the first step in the media selection process?

Determining reach, frequency, impact, and engagement.

What are the three ways a company can organize its international operating units?

By geographical organization, world product groups, and international subsidiaries.

Which of the following statements is correct regarding the functions channel members perform?

Channel members create greater efficiencies than manufacturers could achieve on their own.

Which of the following tools can be used as both consumer and trade promotions?

Contests, premiums, and displays

Which of the following correctly identifies the three major pricing strategies used by marketers?

Customer value-based pricing, cost-based pricing, and competition-based pricing.

Which of the following statements about price is correct?

Customers have put increasing pricing pressures on many companies.

Which public relations function is used to work with donors or members of nonprofit organizations to gain financial or volunteer support?

Development

Who is advertising used by?

In addition to businesses, advertising is used by many types of organizations.

Which of the following statements regarding customer value-based pricing is correct?

In using this strategy, companies often find it hard to measure the value customers attach to their product.

What are three main types of off-price retailers?

Independents, factory outlets, and warehouse clubs.

Which of the following statements about information and customer insights is correct?

Information to gain customer insights comes from a wide variety of sources.

Name a recent trend in wholesaling.

Less distinction between large retailers and large wholesalers.

What are the four types of join venture entry strategies?

Licensing, contract manufacturing, management contracting, and joint ownership.

What is true about personal selling?

Many customers are unable to distinguish the salesperson from the company.

What is reason that producers use marketing channels and channel intermediaries?

Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers.

What type of advertising budgets to new products need?

New products typically need relatively large advertising budgets to build awareness and to gain consumer trail.

Which of the following statements about big data is correct?

One result of big data is that marketing managers are often overloaded with information.

L.L.Bean has turned its flagship store and campus in Freeport, Maine into a full-fledged outdoor adventure center. There, customers can hike, kayak, or go seal watching at nearby Cisco Bay. This is an example of _____.

experiential retailing

Regardless of the size of the budget, to succeed, advertising must engage consumers and ______.

communicate well

When a company directly or indirectly compares its brand with one or more other brands in an advertisement, they are using _____.

comparative advertising

In selecting a media vehicle, media planners need to determine the cost of the vehicle's reach. To measure this, they use a method known as _____.

cost per 1,000

To assess the impact of _____ on global markets, marketers would look to a country's norms, folkways, and taboos.

culture

Two external factors which must be considered in pricing decisions are _____.

demand and the nature of the market

Due to changed in technology, a recent trend is for product or service producers to cut out intermediaries and go directly to final buyers. This is one form of _____.

disintermediation

Sending observers to watch and interact with consumers in their natural environment is known as ______.

ethnographic research