Marketing Final

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

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

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

Through​ _____ a company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product.

Acquisition

What are the two ways a firm can obtain new products?

Acquisitions and new product development

McDonald's operates the same basic​ fast-food look,​ layout, and operating model in its restaurants around the world but​ ________ its menu and design to local tastes.

Adapts

What do marketers need to adjust when using an adaptive global marketing​ strategy?

Adjust the marketing strategy and mix to each target market

Large retailers like Walmart have enormous channel control due to their size and power. Which type of channel arrangement does this​ represent?

Administered VMS

What are the five promotion mix tools used by marketers to communicate customer​ value?

Advertising, public​ relations, personal​ selling, sales​ promotion, and direct and digital marketing

What is the first step in marketing channel​ design?

Analyzing consumer needs

What are the four steps to designing marketing channels in their correct​ order?

Analyzing consumer​ needs, setting channel​ objectives, identifying major channel​ alternatives, and evaluating the alternatives.

Producers vary in their ability to _________.

Attract qualified marketing intermediaries

Which of the following statements regarding the marketing of international products and services is correct?

Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets

_________ is a cost oriented pricing approach

Breakeven pricing

​________ promotions are used to generate business​ leads, stimulate​ purchases, reward​ customers, and motivate salespeople.

Business

Printer companies often charge a fairly low price for their ink jet printers​ (relative to​ costs) and a high price for replacement cartridges. These companies are using a strategy of​ ________ pricing.

Captive product

​A(n)_______ is a layer of intermediaries that performs some work in bringing the product and its ownership closer to find the final buyer.

Channel level

Which of the following is NOT a product life cycle​ (PLC) stage?

Commercialization

​________ is a global communication strategy of fully adapting advertising messages to local markets.

Communication adaptation

Which of the following statements is correct regarding the use of advertising as a promotional​ tool?

Consumers tend to view advertised products as more legitimate

A(n) _____ is made up of one or more independent​ producers, wholesalers,​ retailers, and consumers.

Conventional distribution channel

Sherwin-Williams sells its paint and other branded products exclusively through​ company-owned retail stores.​ Sherwin-Williams has established​ a(n) _________.

Corporate VMS

What is​ omni-channel retailing?

Creating a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping

Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of​ short-listed ideas will be adequately rewarded. In this​ case, Goldtone is using​ ________ to generate new product ideas.

Crowdsourcing

The price​ ceiling, the maximum price a company can​ charge, is set by​ ________.

Customer perceptions of the product's value

​________ refers to setting price based on​ buyers' perception of value rather than on the​ seller's cost.

Customer value based pricing

What are the three major pricing strategies used by​ marketers?

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

After segmenting and defining their target​ markets, what should retailers do​ next?

Decide how they will differentiate and position themselves in the market

Standardization decreases product​ ________, __________, and ________ costs.

Design, manufacturing, marketing

What is the first decision made in sales force​ management?

Designing sales force strategy and structure.

Which of the following lists the six major sales force management decision steps in their correct​ order?

Designing sales force strategy and​ structure, recruiting and selecting​ salespeople, training​ salespeople, compensating​ salespeople, supervising​ salespeople, and evaluating salespeople

Working with donors or members of nonprofit organizations to gain financial or volunteer support represents which public relations​ function?

Development

What is the overall goal when retailers choose their product​ assortment?

Differentiate the retailer while matching target​ shoppers' expectations.

Which promotional tool engages directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer​ relationships?

Direct and digital marketing

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

Direct investment

Which promotional tool is best suited to deliver a personalized and immediate message to a specific customer or customer​ community?

Direct marketing

In​ a(n) __________economy, fast growth in manufacturing results in rapid overall economic growth.

Emerging

When deciding on a global marketing​ organization, what do most companies do​ first?

Establish an export department

What is the final step in the​ seven-step personal selling​ process?

Follow-up

What is the first step in the new product development process?

Generating new product ideas

Many companies get involved in several international markets and ventures. They can be​ __________, with country managers who are responsible for​ salespeople, sales​ branches, distributors, and licensees in their respective countries.

Geographical organization

Which of the following are the three ways an international​ division's operating units can be​ organized?

Geographical​ organizations, world product​ groups, or international subsidiaries

An objective of trade promotion is

Getting retailers to carry new items and more​ inventory, buy​ ahead, or promote the​ company's products and give them more shelf space

What is a potentially effective action a company could take in response to a​ competitor's price​ cut?

Increase both price and quality

Twenty-Four7, a cosmetic firm located in the United​ States, markets its products in Asian and European countries through independent distributors. In this​ case, Twenty-Four7 has entered international markets through​ ________.

Indirect exporting

What are the two economic factors that reflect the​ country's attractiveness as a​ market?

Industrial structure and income distribution

Which advertising objective is used heavily when introducing a new product​ category?

Informative

​Full-line forcing is a practice whereby a producer agrees to sell a brand to a dealer only if the dealer agrees to sell some or all of the rest of its line. Which of the following statements is true regarding​ full-line forcing?

It may or may not be legal

Many state colleges and universities charge one price for​ in-state students and a higher price for​ out-of-state students. Which form of segmented pricing are these schools​ using?

Location based pricing

A company has set a low price on a new product it introduced. It wants to maximize its market share and attract a large number of buyers quickly. Which new product pricing strategy should the company​ use?

Market penetration pricing

Most products are at which stage of their product​ lifecycle?

Maturity

Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing management?

Maturity

Most companies today see their intermediaries as​ first-line customers and focus on​ ________ to forge​ long-term relationships with channel members.

Partner-relationship management

_______ is(are) demographic characteristic indicators of market potential.

Population size and growth

​________ is when a company adds the cost of​ transportation, tariffs, importer​ margin, wholesaler​ margin, and retailer margin to its factory price.

Price escalation

How might price play an important role in helping to accomplish company​ objectives?

Pricing can create excitement for a brand

GE Healthcare employs different sales forces for diagnostic​ imaging, life​ sciences, and integrated IT products and services. GE Healthcare has adopted​ a(n) ______ sales force structure.

Product

​________ involves changing the products to meet local​ requirements, conditions, or wants.

Product adaptation

The retail marketing mix consists of

Product and service​ assortment, retail​ prices, promotion, and location

Retailers must decide on which three major product​ variables?

Product assortment, services mix, store atmosphere

What are the five product mix pricing​ situations?

Product line​ pricing, optional-product​ pricing, captive-product​ pricing, by-product​ pricing, and product bundle pricing

Bath​ & Body Works offers​ "three-fer" deals on its soaps and lotions​ (such as three antibacterial soaps for​ $10). This is an example of​ _______ pricing.

Product-bundle

What is the first step in the personal selling​ process?

Prospecting and qualifying

The public relations function of​ _______ is used to build and maintain national or local community relationships.

Public affairs

________ is used by companies to build good relations with​ consumers, investors, the​ media, and their communities.

Public relations

________ advertising is utilized most often by​ mature, well-known brands.

Reminder

The trend of​ ________ has resulted in different types of retailers now selling the same products at the same prices to the same consumers.

Retail convergence

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

Retailers face three major marketing​ decisions: segmentation and​ targeting, store differentiation and​ positioning, and the retail marketing mix.

_______ involves​ reusing, recycling,​ refurbishing, or disposing of​ broken, unwanted, or excess products returned by consumers or resellers.

Reverse logistics

During the introductory stage of the product lifecycle, __________________.

Sales are slow and profits nonexistent

What are the four important decisions made when developing an advertising​ program? List them in order.

Setting advertising​ objectives, setting the advertising​ budget, developing advertising​ strategy, and evaluating advertising effectiveness

In​ a(n) ________​ economy, the vast majority of people engage in simple agriculture.

Subsistence

Geared2Beer, a craft beer​ brand, identifies a market segment that is willing to pay premium prices for its craft​ beer, and Geared2Beer managers select an ideal selling price. Managers then determine the costs to create craft beer that meets the ideal selling price. The​ company's pricing approach is referred to as​ ________.

Target costing

When setting channel​ objectives, companies should state the objectives in terms of​ ______.

Targeted levels of customer service

What are the four sales force structures a company can​ use?

Territorial, product,​ customer, and complex

Which of the following statements is true regarding the global marketing environment​ today?

The World Trade Organization​ (WTO) helps promote trade between nations.

What are the four characteristics used to classify​ retailers?

The amount of service they​ offer, the breadth and depth of their product​ lines, the relative prices they​ charge, and how they are organized

Which of the following statements regarding the changing communications landscape is​ correct?

The dominance of​ television, magazines, newspapers and other traditional mass media is declining.

Which of the following statements regarding socially responsible product decisions in correct?

The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition

What occurs during the presentation step in the personal selling​ process?

The salesperson tells the buyer a value story

Internal factors that affect pricing include​ ________.

The​ company's overall marketing​ strategy, objectives, marketing​ mix, and other organizational considerations.

Closing a sale with a particular customer is a​ short-term ________​ orientation, but the selling process must also take a​ ________ orientation and look at the long term.

Transactional; relationship

​A(n) _______ is made up of the​ company, suppliers,​ distributors, and,​ ultimately, customers who​ "partner" with each other to improve the performance of the entire system.

Value delivery network

​New, premium movie theaters offer features such as online reserved​ seating, high-backed leather executive chairs with armrests and​ footrests, the latest in digital​ sound, 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

A​ ________ consists of​ producers, wholesalers, and retailers acting as a unified system.

Vertical marketing system

What are the four major functions of marketing​ logistics?

Warehousing, inventory​ management, transportation, and logistics information management

One major objective associated with a​ market-penetration pricing strategy is to​ ________.

Win a large market share

Countries can set​ ________, which is a limit on the amount of foreign imports that they will accept in certain product categories.

a quota

In the promotion​ mix, ________ refers to any paid form of nonpersonal presentation and promotion of​ ideas, goods, or services by an identified sponsor.

advertising

At which step in the personal selling process does a salesperson meet the customer for the first​ time?

approach

When assigning functions to channel​ members, it is important for producers to​ ________.

assign functions to the channel members that can add the most value for the cost

Venezuela produces oil in​ surplus, whereas Guyana produces rice in surplus and El Salvador produces coffee in surplus. These nations have little hard currency to pay for purchases from other countries and frequently exchange involves​ a(n) ________.

barter

The lines between advertising and public relations are becoming more ______.

blurred

Integrated marketing communications must deliver company and brand messages that are​ ________.

clear, consistent, and compelling

After ideas are​ screened, the next stage of the new product development process is​ _____.

concept development and testing

Once management has decided on its product concept and marketing strategy, it can evaluate the business attractiveness of the proposal which involves ___________

conducting a business analysis

In the current​ economy, consumers have become more _____ oriented.

deal

​Macy's carries several product lineslong dash—typically ​clothing, home​ furnishings, and household goodslong dash—with each line operating as a separate department managed by specialist buyers or merchandisers.​ Macy's is best described as​ a(n) ________.

department store

Companies that use​ ________ continually adjust prices to meet the characteristics and needs of individual customers and situations.

dynamic pricing

Channel members are dependent on _________ for the overall success of the channel.

each other

Innovation can be very ___________ and very ___________

expensive, risky

What is the simplest way to enter a foreign​ market?

exporting

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

faster

By practicing​ ______ retailing,​ today's retailers are increasingly adopting environmentally sustainable practices.

green

After the presentation and demonstration step in the sales​ process, a salesperson should next be prepared to​ _______.

handle objections

Using marketing channel intermediaries means producers give up some control over ______ and ________ they sell their products.

how, to whom

The Learning Institute recently conducted a brainstorming session that generated a large number of ideas for adding new products and services. Learning Institute managers will most likely use​ ________ next to arrive at a realistic number of ideas to adopt.

idea screening

Marketing logistics involve _________, ________, and _________.

inbound​ logistics, outbound​ logistics, reverse logistics.

Coordinating marketing and sales can be improved by

increasing communication between the two groups.

​________ economies are major exporters of manufactured​ goods, services, and investment funds.

industrial

Producers of convenience products typically use​ ______ distribution.

intensive

When designing marketing​ channels, companies must determine the number of channel members to use at each level. The three strategies that are available to do this are​ ________ distribution.

intensive, selective, and exclusive

In complex selling​ situations, personal selling can be more effective than advertising because it is​ ______________.

interpersonal

Personal selling can be very effective in complex selling situations because it involves​ ________ interactions and engagement between salespeople and individual customers.

interpersonal

University Boutiques promotes its brand in new international markets by providing rights to local boutiques to use its patented designs and brand name. In this​ case, University​ Boutiques' market-entering strategy is referred to as​ ________.

licensing

When a company sets a high price as the initial price of a new​ product, it is pursuing a​ ________ new product pricing​ strategy.

market-skimming

Wholesalers must make decisions regarding their __________.

marketing mix

___________ are the largest single group of​ wholesalers, accounting for roughly 50 percent of all wholesaling.

merchant wholesalers

The three major groups of wholesalers are​ ________.

merchant​ wholesalers, brokers and​ agents, and​ manufacturers' and​ retailers' branches and offices

______ and ______ products are considered new

modified and improved

An appropriate strategy during the maturity stage of the product​ lifecycle would involve....

modifying the market, product offering, and marketing mix

The best salespeople are the ones who work closely with customers for __________.

mutual gain

Dynamic pricing is when companies continually adjust prices to meet the characteristics and needs of individual customers and situations. Where is this method especially prevalent​ today?

online buying

A car buyer can choose a base model at one​ price, or one with a premium sound and navigation system at a higher price. This is an example of​ _______ pricing.

optional product

In developing advertising​ strategies, marketers must make decisions regarding​ ___________________.

organizing the advertising​ function; adaptation to international markets

Which advertising objective is best suited to building selective​ demand?

persuasive

​It's time for the Super​ Bowl, and the​ end-of-the-aisle displays at the supermarket feature​ chips, dips, and soft drinks. What type of sales promotion tool is​ this?

point of purchase

Public relations includes

press​ releases, sponsorships,​ events, and Web pages.

The government may __________.

prevent companies from adding products through acquisitions if the effect threatens to decrease competition

Cutting prices in an industry loaded with excess capacity might lead to ______________.

price wars

​Just-in-time logistics systems allow _______ and _______ to carry small inventories to last for only a few days of operations.

producers, retailers

To be more socially​ responsible, some companies are appointing​ _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

product stewards

New media formats have allowed marketers to

reach smaller communities of consumers in more engaging ways.

Promotional tools offered to consumers include​ ________.

rebates, coupons, price​ packs, and samples

Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called​ ___________.

retail convergence

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

retailing

​________ is a​ short-term incentive to encourage the purchase or sale of a product or service.

sales promotion

When Dr. Lawncare developed his revolutionary new solar powered lawnmower, he knew that during the introductory stage of the product lifecycle _______________

sales would be slow and profits non-existent

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

salesperson

Many state colleges and universities charge one price for​ in-state students and a higher price for​ out-of-state students. Which price adjustment strategy are these schools​ using?

segmented pricing

_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale.

shopper marketing

The practice of coming into retail stores to check out merchandise and prices but making purchases online using a computer or mobile device is called​ _______.

showrooming

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

specialty stores

There are two extremes for global marketing strategies. At one extreme is​ ________ global​ marketing, and at the other is​ ________ global marketing.

standardized; adaptive

Which channel partners in a​ company's supply chain are upstream from a manufacturer or​ producer?

suppliers

Companies now use​ partner relationship management and _________ software to help​ recruit, train,​ organize, manage,​ motivate, and evaluate relationships with channel partners.

supply chain management

​Justin, Inc., a​ U.S.-based watch​ manufacturer, sells its products in​ China, Russia,​ France, and India. To manage​ sales, Justin appoints a number of sales representatives to each location. Justin has adopted a​ ________ sales force structure.

territorial

When initiating price increases,

the company should first consider ways to meet higher costs or demand without raising prices.

One retail trend resulting from economic conditions is​ ________.

tighter consumer spending

Advertising appeals should have three characteristics. These characteristics​ are:

to be​ meaningful, to be​ believable, and to be distinctive

_________ is an external source of new product ideas for a​ company?

trade magazines

To create successful new products, a company must _____________

understand its consumers, markets, and competitors, and develop products that deliver superior value

To create successful new products, a company must ________.

understand its​ consumers, markets, and competitors and develop products that deliver superior value


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