Marketing Strategy Exam 3 Question Log

Which of the following is not a useful search engine tip? -Clear your cache often to improve speed -Use unique and accurate page names -Use images and descriptions -Use an easy and intuitive structure

-Clear your cache often to improve speed

_______________ is any selling activity that involves direct interaction between buyer and seller. -Personal Selling -Personal Branding -Relationship Marketing -Customer Selling

-Personal Selling

Which is NOT an implication, for marketers, of online reviews? -Marketers should invest in the means to monitor online reviews -Collect and analyze the data for online reviews -Develop a response strategy for negative reviews -Take most reviews very lightly and not consider them seriously

-Take most reviews very lightly and not consider them seriously

Why is ROMI always higher than ROI? -because by using net profit in the denominator, ROI accounts for all expenses, not just marketing expenses. -because it is less expensive to generate a marketing investment on an advertisement campaign than an initial investment. -because ROI is a more practical way to calculate a marketing strategy than ROMI -it is not; ROI is actually always higher.

-because by using net profit in the denominator, ROI accounts for all expenses, not just marketing expenses.

A mom usually buys Velveta Shells and Cheese every time she goes to the supermarket, while shopping she sees that Kraft Mac and Cheese is on sale and decides to buy that today instead. What kind of customer is this? 1. Stockpiler 2. Category Switcher 3. Store Switcher 4. Brand Switcher 5. None of the above

4. Brand Switcher

How many steps are in the personal selling process?

7 steps.

In order, what are the 7 steps in the personal selling process? A) Prospecting, Preparation, Approach, Sales presentation, Meeting customer objections, Trial closes, Closing the sale B) Preparation, Prospecting, Sales presentation, Approach, Meeting customer objections, Trial closes, Closing the sale C) Prospecting, Preparation, Sales presentation, Approach, Meeting customer objections, Trial closes, Closing the sale D) Approach, Prospecting, Preparation, Sales presentation, Meeting customer objections, Trial closes, Closing the sale

A) Prospecting, Preparation, Approach, Sales presentation, Meeting customer objections, Trial closes, Closing the sale

People love saying that marketing is a waste of money because you can't measure results. What formula can you give these idiots to shut them up? A) ROMI (%) = (Gross profit - Marketing expenses) / Marketing expenses B) ROMI (%) = Brand sales / category sales C) ROMI (%) = Net profit / total investment D) ROMI (%) = (EBIT - Marketing expenses) / Gross profit

A) ROMI (%) = (Gross profit - Marketing expenses) / Marketing expenses

If a firm's total fixed cost is $210,000 and its contribution per unit is $7.00, its break-even in units is: A. 30,000. B. 40,000 C. 10,000. D. 20,000. E. Cannot be determined without specific price information.

A. 30,000.

A local Auburn brewery has just launched a new flavor of beer. They decide to unveil this product at Live Oaks as part of their personal selling strategy. This is the first time anyone will encounter this beer. This is an example of which personal selling step? A. Approach B. Sales Presentation C. Preparation D. Prospecting E. Trial Closes

A. Approach

What is the net result of polysynchronous consumption? A. At least some of our shopping mindset is always activated as we interact with digital media B. Long-term brand building C. Building quick sales D. All of the above E. None of the above

A. At least some of our shopping mindset is always activated as we interact with digital media

A shopper who was looking for a can of sloppy joe sauce may opt to make his own with ketchup is considered what kind of shopper? A. Category Switcher B. Brand Switcher C. Stockpiler D. A vegan

A. Category Switcher

The biggest mistake new sales people make in the list of what makes an effective personal sales person is __________. A. Closing the Sale B. Preparation C. Prospecting D. Meeting Customers Objections E. Sexual Harassment

A. Closing the Sale

Which is not an implication for marketers based on online reviews? A. Marketers should not invest in the means to monitor online reviews B. Collect and analyze the data from online reviews C. Develop a response strategy for negative reviews D. Set objectives for online reviews

A. Marketers should not invest in the means to monitor online reviews

When Julie goes to a local retail store to shop for clothes and is greeted by an employee who helps her look for specific sizes and gives her advice on style and what looks good on her, which promotion tool is this? A. Personal Selling B. Sales promotion C. Public relations D. Advertising E. None of the above

A. Personal Selling

Regarding promotion methods, which of the following statements is TRUE? A. Personal selling can provide immediate feedback. B. Publicity is "free," but usually is ineffective for really new products. C. Advertising is usually more tailored to the individual needs and attitudes of target customers than personal selling. D. Sales promotion activities produce results very slowly compared to advertising. E. All of the above are true.

A. Personal selling can provide immediate feedback.

Advertising that stimulates primary demand and occurs when product categories are new is _____. A. Pioneer advertising B. Competitive advertising C. Institutional advertising D. Reach E. Comparative advertising

A. Pioneer advertising

When you buy a 24 pack of the new Gatorade bottles, you can send in to get a Gatorade T-shirt. This would be an example of a _____________. A. Premium B. Bonus Pack C. Sample D. Price-off deal E. Price promotion

A. Premium

A product's variable cost changes with? A. Quantity sold B. Customer value perception C. Inflation D. All the above

A. Quantity sold

_______ is the percentage of a target audience that sees an advertisement at least once during a given period of time (usually a week). A. Reach B. Frequency C. Waste Coverage D. Demand E. Advertising ratio

A. Reach

What are the two basic components media exposure centers around? A. Reach and Frequency B. Reach and Exposure C. Frequency and Depth D. Depth and Exposure

A. Reach and Frequency

When you think a bottle of Dasani water out of a vending machine should cost $1.25, then when you go up to the machine and the price is $3.25, you view the price as significantly more than what you expected. The $1.25 is considered your what? A. Reference Price B. Price Comparison C. "Back-in-my-day" price D. Break-even Price

A. Reference Price

"Noise" (in the traditional communication process) refers to: A. any distractions that reduce the effectiveness of the communication process. B. radio advertising interference only. C. messages which are too loud or bold. D. efforts by a firm's competitors to block its message channel. E. the encoded message before it is decoded.

A. any distractions that reduce the effectiveness of the communication process.

The Hemet Jeep Club of California first formed in 1948 with Jeep CJ enthusiasts meeting for social and off-roading events is an example of what? A. brand community B. lifestyle community C. brand equity D. location-based branding

A. brand community

One advantage of using billboards as an advertising medium is A. it has high frequency rate. B. it has universal appeal. C. it is particularly suited to national campaigns. D. it has good reach. E. it is especially suited for persuasive advertisements.

A. it has high frequency rate

Which of the following is the best approach to promotion budgeting? A. objective and task budgeting B. percentage of sales budgeting C. competitive parity budgeting D. all-you-can-afford budgeting E. linear forecast budgeting

A. objective and task budgeting

Sales promotion activities: A. try to stimulate interest, trial or purchase. B. always involve direct face-to-face communication between sellers and potential customers. C. usually take a long time to implement. D. are usually a good substitute for personal selling and advertising. E. All of the above.

A. try to stimulate interest, trial or purchase

Sales promotion activities: A. try to stimulate interest, trial or purchase. B. always involve direct face-to-face communication between sellers and potential customers. C. usually take a long time to implement. D. are usually a good substitute for personal selling and advertising. E. All of the above.

A. try to stimulate interest, trial or purchase.

Gross Ratings Points (GRP) measures what? A: Schedule intensity B: the total number of times a commercial advertisement is seen by target population C: the average number of times members of a target audience are exposed to a commercial advertisement D: the relative cost efficiency of different media

A: Schedule intensity

Which type of advertising expresses a firm's involvement with some social issue or charity?

Advocacy

Which is NOT apart of the 6 steps to setting a base price a) Adjust to set final price b) Estimate demand and revenue c) Set Pricing Objectives d) Set initial base price e) All of these are apart of setting a base price

All of these are apart of setting a base price

What is a reference price? -The highest price a person can think of -An expectation about the price of a given product -A random price generated by a company -The first price that is generated by a company

An expectation about the price of a given product

What is a reference price?

An expectation about the price of a given product.

What are some characteristics of effective advertising creative?

Attention getting, stimulating relevance, detailed

How does the hierarchy of effect model follow in order?

Awareness, knowledge, liking, preference, action

What type of demand is it when a small price change has a large impact on how much people buy a certain product? A) Inelastic demand B) Elastic demand C) Consumer demand D) Product demand

B) Elastic demand

______ refers to the percentage of people in a target audience exposed to an advertisement while _____ refers to the average number of times those people saw the advertisement A) Reach, output B) Reach, frequency C) Output, frequency D) Frequency, reach

B) Reach, frequency

Which of the following statements would be most likely to be made by a manager with a status-quo pricing objective? A. "A price of $10.00 will penetrate the market." B. "A price of $10.00 will not start a price war with our competitors." C. "A price of $10.00 should maximize profits." D. "A price of $10.00 will provide a 30% return on investment." E. "A price of $10.00 should result in a 9% increase in sales."

B. "A price of $10.00 will not start a price war with our competitors."

An item has a retail selling price of $260. If the retailer desires a 30 percent markup on price, what was the wholesale price? A. $170.00 B. $200.00 C. $210.00 D. $230.00 E. None of the above is correct.

B. $200.00

Blue Ridge Weavers Manufacturing wants to set its selling price on an item so that the retail list price will be $60--taking into account the usual contribution margins of 20 percent at wholesale and 40 percent at retail. At what price should Blue Ridge Weavers sell the item? A. $7.20 B. $28.80 C. $35.00 D. $38.00 E. $42.00

B. $28.80

A retailer pays a wholesaler $30.00 for an item and then sells it with a 40 % contribution margin. The retailer's selling price is: A. $42.00. B. $50.00. C. $48.50. D. $35.00. E. None of the above.

B. $50.00.

Given the following data, determine the break-even point in units: Total fixed cost = $480,000 Variable cost per unit = $5.00 Selling price per unit = $10.00 Commission = 10% on sales A. 96,000 B. 120,000 C. 240,000 D. 300,000 E. Cannot be determined from the information above.

B. 120,000

Spruce Pine Mfg. Co. has total fixed costs of $500,000 a year. The owner estimates that average variable costs for its product will be about $25 next year. The selling price to wholesalers will be $50. The break-even point is: A. 10,000 units. B. 20,000 units. C. 12,000 units. D. 15,000 units. E. None of the above is correct.

B. 20,000 units.

The Cycle Shop bought 3 motorcycles for $3,600 total (for all three), and sold each one for $1,600. The contribution margin was: A. 20. B. 25. C. 30. D. 33 1/3. E. There is not enough information to tell.

B. 25.

Which of the following statements about advertising is most accurate? A. Advertising can communicate specific product benefits to prospective buyers better than other traditional promotion methods. B. Advertising has limited control as to when and where an advertisement will be used. C. A key advantage of advertising is its ability to use customized interactions. D. Advertising can be a very effective "attention getter" especially for new products, but has little impact for repeat buys. E. Advertising is one of the least costly forms of promotion because it reaches a mass market.

B. Advertising has limited control as to when and where an advertisement will be used.

Which is NOT apart of the marketing R&D process for a company? A. Set Tactical Objectives B. Choose a social media platform to use C. Collect data and calculate metrics D. Apply metrics and interpret results

B. Choose a social media platform to use

Which of the following is not a characteristic of creative advertising? A. Attention Getting B. Entertaining. C. Stimulating Relevance D. Detailed E. Capable of Multiple Executions

B. Entertaining.

When setting pricing objectives, what are you NOT trying to accomplish with your pricing? A. Sales Goals B. Innovation Goals C. Financial Goals D. Non-Financial Goals

B. Innovation Goals

What is a disadvantage of a competitive response when working with promotional budgets? A. It is difficult to do B. It ignores internal objectives C. it ignores the competitive environment D. There is no disadvantage

B. It ignores internal objectives

Which is NOT one of the four implications for marketers from online reviews? A. Marketers should invest in the means to monitor online reviews B. Marketers should respond to ALL online reviews promptly C. Collect and Analyze Data from online reviews D. Develop a response strategy for negative reviews

B. Marketers should respond to ALL online reviews promptly

The first step in the personal selling process involves identifying and qualifying potential customers is referred to as ... A. Approach B. Prospecting C. Sales Presentation D. Closing

B. Prospecting

1. For social media marketing, all of the following principles are true EXCEPT? A. Know your audience B. Provide complex content C. Respond to customers D. Quality is better than quantity E. All the above answers are true

B. Provide complex content

Which of the following is a component of customer connection? A. Aesthetic B. Psychological C. Introspective D. External

B. Psychological

Define Reach. A. The average number of times people saw the advertisement B. Refers to the percentage of people in a target audience exposed to an advertisement C.one advertisement being seen once by one time during a given

B. Refers to the percentage of people in a target audience exposed to an advertisement

A hardware store owner placed an advertisement for Sylvania LED light bulbs in the local newspaper. Sylvania provided the storeowner with several high-quality, camera-ready sample advertisements and also paid 50 percent of the cost to place the ad in the paper. Sylvania was using __________ to promote its products. A. strategic channel partnership B. cooperative advertising C. retail publicity D. reseller consumer promotion E. manufacturer incentive advertising

B. cooperative advertising

A hardware store owner placed an advertisement for Sylvania LED light bulbs in the local newspaper. Sylvania provided the storeowner with several high-quality, camera-ready sample advertisements and also paid 50 percent of the cost to place the ad in the paper. Sylvania was using __________ to promote its products. A. strategic channel partnership B. cooperative advertising C. retail publicity D. reseller consumer promotion E. manufacturer incentive advertising

B. cooperative advertising

Regarding message planning and the AIDA model: A. "getting action" is the final and easiest step in the process. B. focusing on one unique selling proposition is one way to arouse desire. C. a successful attention-getting device assures "holding interest." D. "arousing desire" is the first and hardest step in the process. E. All of the above are true.

B. focusing on one unique selling proposition is one way to arouse desire.

Which of the following tools for consumer sales promotion is a free or inexpensive merchandise offered as an extra incentive to purchase? A: Coupons B: Premiums C: Bonus Packs D: Sampling

B: Premiums

Mobile display ads work similar to what other type of advertising in digital marketing?

Banner Ads.

Which of the follow metrics gives the percentage of a particular target group that purchases a brand for the first time? Sales Brand growth rate Brand trial rate Market penetration rate Brand development index

Brand trial rate

Institutional advertising seeks to do what?

Build the general reputation of the organization and create goodwill towards it.

When the frequency is high and reach is low you experience what? A) Underexposure B) Effective C) Overexposure D) Media budget line

C) Overexposure

Choose the correct definition: A. Coupons- giving consumers a small quantity of product at no charge in an effort to induce trial B. Premiums- short-term price reductions on products offered by retailers and producers C. Bonus packs- offer an extra amount of a product at the "regular" price by providing slightly larger containers D. Sampling- small certificates giving the bearer a price reduction or other form of value with purchase of a given brand or product E. Price-off deals- free or inexpensive merchandise offered as an extra incentive to purchase

C. Bonus packs- offer an extra amount of a product at the "regular" price by providing slightly larger containers

Advertising Creativity is broken into several characteristics, not including: A. Attention Getting B. Stimulating Relevance C. Broad D. Capable of Multiple Executions

C. Broad

The percentage of visitors to a site who complete a requested task. A. Clickthrough Rate B. Bounce Rate C. Conversion Rate D. Abandonment Rate

C. Conversion Rate

Which of the following is NOT a creative idea execution style? A. Straight selling B. Slice of life commercial C. Coupons D. Fantasy ads

C. Coupons

What does category shelf facings measure? A. How well the product category of a brand sells at the retailers carrying the brand. B. The count of shelves one's product is on in the first store they sold product in. C. How well exposed a brand is within retail stores. D. Percentage of total retail outlets relevant to company's target markets that actually carry the company's brands

C. How well exposed a brand is within retail stores

Which type of advertising attempts to create a positive image and good will to improve the reputation for a company? A. Aggressive Advertising B. Product Advertising C. Institutional Advertising D. Promotional Advertising E. Comparative Advertising

C. Institutional Advertising

What are one of the goals of using sales promotion? A. Short-term brand building B. Personal selling C. Long-term brand building D. Social media influence E. None of the above

C. Long-term brand building

Which is NOT a part of the Hierarchy of Effects Model? A. Sales related Objectives B. Non- Sales Behavioral Objectives C. Marketing Objectives D. Communication Objectives

C. Marketing Objectives

Michael Soles--owner of Soles Shoe Store--recently discovered that shoe stores in his trading area have an average contribution margin of 30 percent. Upon investigation, Michael found that his average unit contribution is $10 on shoes that he sells for $40. This suggests that: A. Michael has higher-than-average costs. B. Michael is pricing his products higher than his competitors. C. Michael is taking a smaller average contribution margin than his competitors. D. Michael is spending more on promotion than his competitors. E. Michael's unit contribution in dollars is about the same as his competitors.

C. Michael is taking a smaller average contribution margin than his competitors.

Which of the following are not considered a tool of public relations A. Press releases B. Media kits C. Off invoice discounts D. Special events

C. Off invoice discounts

What is the most objective assessment of the value of a product? A. Product B. Place C. Price D. Promotion

C. Price

What is the percentage of people in a target audience exposed to an advertisement? A. Impression B. Frequency C. Reach D. Gross Rating Points

C. Reach

Integrated marketing communications (IMC) programs coordinate a variety of promotion alternatives to provide A. a promotional channel. B. a communications message. C. a consistent message across audiences. D. a media mix useful to all types of companies. E. a marketing matrix.

C. a consistent message across audiences.

Price is related to the _____ for the both the buyer and the seller: a. Market b. Kickback c. Cost d. ROI

C. cost

Inelastic demand can be seen in what kind of market? A. ice cream B. jewelry C. gasoline D. football games

C. gasoline

One of the disadvantages to using Percent of Sales as a budget setting method is _____. A. it can be wasteful and undisciplined B. it can be a time consuming process for managers C. it takes a backwards view of promotion D. it bases important budget decisions on the action of competitors E. it is typically too complicated for small businesses

C. it takes a backwards view of promotion

A computer software company sent three computer magazines some information about the latest release of its popular software program. One of the magazines printed a story about the new version. This is an example of: A. personal selling. B. advertising. C. public relations. D. sales promotion. E. None of the above.

C. public relations.

A metric that measures how well exposed a brand is within retail stores is known as:

Category Shelf Facings

Awareness and Knowledge are what sort of variables in the hierarchy of effects model? Affective variables Behavioral Variables Cognitive Variables Implicit Variables

Cognitive Variables

A method of advertising where you compare your product to a competitors and highlight why yours is superior is known as:

Comparative Advertising

What are the four primary factors that influence prices?

Customer perceptions/expectations, company costs, market characteristics, and competition

What are the four primary factors that influence prices?

Customer/perceptions/expectations, company costs, market characteristics and competition.

The Sherman Act and the Federal Trade Commission Act aims to protect which of the following? A: Smaller Businesses B: Mom and pop businesses C: Start up businesses D: All the above

D

Waste coverage in advertising occurs when A) people outside of the target audience are exposed to advertising messages not intended for them B) the target audience itself is over or under exposed to the message C) nobody is exposed to the message D) Both A and B

D) Both A and B

Vanguard Corp. uses target return pricing and is hoping to earn a 30 percent return on its investment of $1 million during the coming year. Vanguard sold 30,000 units last year and hopes the same quantity will be sold this year. If Vanguard has fixed costs of $300,000 and variable costs of $10 per unit, what price should the firm set to achieve its target return? A. $58.30 B. $20.00 C. $60.00 D. $30.00 E. $25.00

D. $30.00

What is the true about the public relations from the following. A. Helps companies generate excitement about their marketing activities B. Helps customers derive maximum value from the brands they purchase C. Builds brand loyalty by strengthening and expanding the relationships customers have with the brands they buy D. A, B and C are true E. None of the above

D. A, B and C are true

Which of the following is an inherent strength of advertising? A. Advertising provides immediate feedback. B. Advertising can deliver complex information. C. Advertising can create messages quickly. D. Advertising is an efficient means for reaching large numbers of people. E. Advertising is often the most credible source of information for consumers.

D. Advertising is an efficient means for reaching large numbers of people.

Which of the following is an inherent strength of advertising? A. Advertising provides immediate feedback. B. Advertising can deliver complex information. C. Advertising can create messages quickly. D. Advertising is an efficient means for reaching large numbers of people. E. Advertising is often the most credible source of information for consumers.

D. Advertising is an efficient means for reaching large numbers of people.

Kellogg's "Share your breakfast" ad campaign encouraged Facebook users to submit breakfast photos, which would lead to donations by Kellogg through a non-profit of free breakfasts to schools. The company's goal was to donate more than a million breakfasts to kids in need. This social media campaign to donate breakfasts would be considered which type of advertising? A. Product advertising B. Institutional advertising C. Pioneer advertising D. Advocacy advertising E. Corporate image advertising

D. Advocacy advertising

Which of the following can help with Search Engine Optimization? A. Unique and Accurate Page Names B. Easy and Intuitive Structure C. Use Images with Descriptions D. All of the Above

D. All of the Above

How can marketing public relations assist a firm's overall marketing efforts? A. It can help companies generate excitement about their marketing activities B. Helps customers derive maximum value from the brands they purchase C. Builds brand loyalty by strengthening and expanding the relationships customers have with the brands they by D. All of the above E. None of the above

D. All of the above

The Hierarchy of Effects Model and Promotional Objectives includes which objectives? A. Awareness B. Knowledge C. Liking D. All of the above

D. All of the above

If a company uses a penetration pricing strategy, what must they do? A. Make a product that appeals to the mass market B. Their cost structure must support the lower initial price C. Introduce the product at a low price D. All the above

D. All the above

What benefits does social media offer marketers? A. Social media is a low cost marketing tool B. Allows data to be gathered from users C. Provides potential for improved financial performance D. All the above

D. All the above

What creativity characteristics should advertisements have? A. Attention getting B. Stimulating relevance C. Detailed D. All the above

D. All the above

Which of the following is a factor that influences Price Setting? A. Customers often comparison shop B. Difficult because as a marketer you have no control over your competition's actions, but their actions have a direct impact on your marketing outcomes. C. Competitors often find themselves in a downward spiral and panic. D. Both A and B

D. Both A and B

what are the main goals of consumer sales promotion? A. Building quick sales B. Long-term brand building C. Need recognition D. Both A and B E. None of the above

D. Both A and B

As of January 2017, which social media platform has the most active users? A. MySpace B. WhatsApp C. Instagram D. Facebook

D. Facebook

Which pricing policy is probably "best" for a profit-oriented, low-cost producer who is introducing a new product into a market with elastic demand and is expecting strong competition very soon after product introduction? A. Skimming pricing B. Introductory price dealing C. Meeting competition pricing D. Penetration pricing E. Status-quo pricing

D. Penetration pricing

The Gecko , from Geico, is an example of what kind of execution style? A. Straight Sell B. Celebrity Endorsement C. Slice of Life D. Personality/Symbol E. Testimonial

D. Personality/Symbol

Which Public Relation Tool is used for important initiatives or information? A. Press releases B. Media kits C. Digital media content D. Press conferences. E. Special events

D. Press conferences.

Which of the following is NOT an illegal pricing tactic? A. Price discrimination B. Price Fixing C. Bait and Switch D. Price Cutting

D. Price Cutting

A brand's media exposure is based on the _______ and ___________ of the advertisement. A. Reach, Exposure B. Depth, Frequency C. Reach, Repetition D. Reach, Frequency

D. Reach, Frequency

Duracell Batteries has an ad in which a military service member is trying to stay close to his daughter while he is deployed far away. In order to do this, he sends her a bear with a recording of his voice. What execution style is used by Duracell in this example: A. Testimonial B. Fantasy Advertisement C. Celebrity Endorsement D. Slice of Life

D. Slice of Life

In the U.S., the smallest share of advertising expenditures is spent on: A. direct mail. B. radio. C. TV (including cable). D. billboards. E. newspapers.

D. billboards

When Procter & Gamble bought the Old Spice brand in 1990, it planned to transform the old, stagnating brand into a men's "personal-care powerhouse." The ads that P&G developed shed the older-man image and now appeal to the 18 to 34 age group. In terms of the communication process, P&G had to __________ its idea to create the message shown to the new target market. A. respond B. discuss C. decode D. encode E. feedback

D. encode

Personal selling is more appropriate than other promotion methods when: A. the target market is large and scattered. B. there are many potential customers and a desire to keep promotion costs low. C. flexibility is not important. D. immediate feedback is desirable. E. None of the above are true.

D. immediate feedback is desirable.

Heritage Brick's marketing manager is setting her pricing policies to "make at least a 30% contribution margin on all products." Her pricing objective seems to be: A. status-quo oriented. B. sales oriented. C. Market share oriented. D. target return oriented. E. None of the above.

D. target return oriented.

If a company sells one million units in a product category that sells twenty million units per year, what is it's market share? A: 10% B: 15% C: 20% D: 5%

D: 5%

Given the following data, compute the Break-even point in DOLLARS: Selling price = $2.00 Variable cost = $1.00 Fixed cost = $250,000 A. $300,000 B. $400,000 C. $250,000 D. $200,000 E. $500,000

E. $500,000

Which of the following should marketers NOT do regarding online reviews? A. Invest in a monitoring system B. Collect and analyze data from reviews C. Develop a response strategy for negative reviews D. Set objectives for reviews, responses, and ratings E. Ignore negative reviews because responding to them makes them seem true to other customers

E. Ignore negative reviews because responding to them makes them seem true to other customers

Which is false about institutional advertising? Seeks to build general reputation of organization Often part of public relations Encourage members of a target market to buy advertisers product Promote organizations as good members of society

Encourage members of a target market to buy advertisers product

Advocacy Advertising stimulates primary demand and occurs early in the PLC when product categories are new. True or False?

False

Cost based pricing is using what the customers is willing to pay as the price of product. True or False?

False

T/F: Direct selling is any selling activity that involves direct interaction between buyer and seller.

False

When the elasticity is less than one this is called relatively elastic demand. True or False?

False

What are premiums?

Free or inexpensive merchandise offered as an extra incentive to purchase product in the first place

GRP stands for what?

Gross Rating Points

________ gives a summary measure to the media schedule that incorporate both reach and frequency

Gross Rating Points (GRP's)

What are the primary metrics for schedule intensity?

Gross impressions, Gross rating points

What is "Schedule Intensity"?

How "heavy" a brand's media exposure is based on the reach and frequency of the advertisement

Which are examples of elastic demand? Cigarettes Ice cream Medicine Gasoline

Ice cream

2. What is prospecting?

Identifying and qualifying potential sales customers

What is an advantage of an intuition and instinct promotion budget setting? Simplicity, especially in stable markets Simplicity & responsiveness to competitive environment If they are right, the method works well, saves time and effort Budgets are based on goals and are independent of prior expenditures of competitors

If they are right, the method works well, saves time and effort

What are the three benefits of using social media for marketers?

Improved financial performance, data availability and low cost to companies

How does traditional media communication differ from digital media communication?

In digital media, information flows both ways from marketer to customer and vice versa while traditional media is one way from marketer to customer.

Customers that think of Harley Davidson as a way of life and culture consider Harley Davidson as a ____? Life altering brand Lifestyle brand Lifetime brand Life brand

Lifestyle brand

______ are brands with strong and deep connections with consumers reflected by high behavioral, social, and psychological components.

Lifestyle brands

Which objective(s) in the Hierarchy of Effects Model is/are affective? o Awareness & Knowledge o Liking & Preference o Action o Awareness and Liking

Liking & Preference

Which is not true about stockout? Indicates strong consumer demand Lost sales Poor supply chain efficiency Makes for happy customers

Makes for happy customers

Which of the following is not a step in the personal selling process? Prospecting Trial closes approach preparation Market penetration

Market penetration

Programs offered by companies that consumers can download and install on their device are called... Mobile apps Mobile push notifications Mobile display ads Mobile marketing None of the above

Mobile apps

Which of the following is not a characteristic of consumer digital culture? Information rich Personalized Omnipresent New

New

Which kind of advertising develops primary demand?

Pioneering Advertising

What are the 3 illegal pricing tactics that affect customers?

Price discrimination, price fixing, bait and switch

The relationship between price has two important points. What are they?

Price is related to cost for both the buyer and seller, and the price is the measure the value of an item for both the customer and seller.

A pattern of dropping prices in response to competitors' actions is known as.... Low price competition Downward pricing Price war All of the above None of the above

Price war

What two components of media planning must be balanced for media planners?

Reach and Frequency

What are the two components of schedule intensity, and what does it indicate?

Reach and frequency; Indicator of how heavy a brand's media exposure is.

When elasticity is greater than one, this is called____? Elastic demand Inelastic demand Relatively elastic demand Relatively inelastic demand

Relatively elastic demand

When the price elasticity is less than one, this is known as: Relatively inelastic demand Relatively elastic demand Negative elastic demand Small elastic demand None of the above

Relatively inelastic demand

Gross Ratings Points (GRP) measures:

Schedule Intensity

Which step of the marketing R&D process uses short-term narrow operational decisions as parts of larger, long-term, marketing strategies?

Set tactical objectives

Which strategy is used when pricing a new product that must have a higher perceived value than the product it is replacing?

Skimming

What statement about connecting with customers through social media is true? a. There is a high potential for worsened financial performance b. The data about the users is almost always worthless c. Social media has exceptionally low costs d. It is a poor way to connect with many customers at once

Social media has exceptionally low costs

What are interest-based networks?

Social media networks dedicated to exploration of user interests allowing for a place for users to keep up with current trends relating to that interest.

What is a brand switcher?

Somebody who normally buys a certain brand, but switches because another brand is on sale

Social Media should be grounded by what principles?

Sticking to Strategy, being simple and visual, and responding to customers.

An advertising execution style that features "regular" people who have used the product and praise it's benefits are known as:

Testimonials

Which is NOT a characteristic of creativity? Attention getting Stimulating relevance Detailed Capable of multiple executions These are all characteristics of creativity

These are all characteristics of creativity

Which is NOT a measure of general tactical success of a marketing campaign? Market Share Sales Return on Investment (ROI) Relative Market Share These are all measures of general tactical success

These are all measures of general tactical success

(True or False) Lagged effect means that advertising now may have an effect on sales much later in time.

True

Communication objectives focus on how well a promotion activity conveys information and meaning to a target market. True or False?

True

Companies that don't pay for placement on search engines must use search engine optimization. A. True B. False

True

Penetration pricing is defined as introducing a new product at a relatively low price to establish a large market share before competitors. True or False?

True

T/F Markets go through predictable cycles of change from the time a product is introduced to the time it is replaced with a newer technology

True

T/F: The final 2 steps when setting a base price is to set initial base price and than adjust to set final price.

True

T/F: customers buys products everyday because they believe the benefits they provide will help solve the problems they face everyday

True

T/R An advantage of posting press releases to Facebook instead of sending them to news channels is that stakeholder groups can be contacted directly.

True

What are the four trends we are seeing in social media?

Turning to company employees to extend social media reach; Access to instant messaging; Increase in technology immersion; Revival of influencer marketing strategies

______-based pricing is using what the customer is willing to pay as the price of the product.

Value

Using what the customer is willing to pay as the price of the product is referred to as:

Value-based pricing

When would a company use dynamic pricing?

When products are dependent on market conditions and fluctuate frequently

Which of the following is a good example of a lifestyle brand? a) Harley Davidson b) General Mills c) Bic d) Sherwin Williams

a) Harley Davidson

What product would have an elastic demand if there were a price change? a) Ice cream b) Gasoline c) Cigarettes d) Medicine

a) Ice cream

When customers are loyal to their own brand and are no attracted to other brands by price decreases is called.. a) Relatively inelastic demand b) Relatively elastic demand c) Price elasticity d) Stockpilers

a) Relatively inelastic demand

Name the mass-market promotion that is the execution style of showing the reality of the problem it is fixing a) Slice of life commercials b) Testimonials c) Demonstrations d) Personality Advertising

a) Slice of life commercials

1) Promotional budgets based on predictions of what competitors will spend is descriptive of what part of the promotional mix? a) competitive response b) intuition and instinct c) percent of sales d) objective and task

a) competitive response

One advertisement being seen once by one person during a given period of time is also called an: a) impression b) contact c) imprint d) impact moment

a) impression

Which type of advertising seeks to build the general reputation of the organization and create goodwill toward it and its brands? a) institutional advertising b) competitive advertising c) pioneering advertising d) product advertising

a) institutional advertising

What is Coca-Cola's relative market share if Pepsi is their only key competitor? a. 185.5% b. 50.4% c. 134.6% d. 42.3%

a. 185.5%

You recently got hired as the social media director for a new company. There are some sound principles that should guide the way you create their new website. Which of the following are not one of those principles? a. Add your own personal touch to the website that reflects your personality b. Be simple and visual in the layout c. Know who the audience will be d. Stick to your company's strategy

a. Add your own personal touch to the website that reflects your personality

Which type of advertisement expresses a firm's involvement with some social issue or charity? a. Advocacy b. Pioneer c. Corporate Image d. Competitive

a. Advocacy

1. Marketing R&D uses what kind of techniques: a. Analytical b. Physical c. Psychological d. Emotional e. Critical

a. Analytical

Groups of consumers united by strong connections with a branded product or service are what? a. Brand communities b. Social brands c. Lifestyle brands d. None of the above

a. Brand communities

Which of the following is used to measure the percentage of a particular target group that purchases a brand for the first time? a. Brand trial rate b. Brand growth rate c. Market penetration rate d. Brand development index

a. Brand trial rate

11. The number or individual retail packages facing consumers as they walk by is referred to as: a. Category shelf facings b. Relevant outlet rate c. Category volume d. Walk by percentage e. Brand awareness

a. Category shelf facings

From the powerpoint, what is one benefit of omni-channel marketing? a. Communication channels are integrated to accommodate consumer's interests b. Raises profits c. Reduces time spent selling d. Increase consumer traffic

a. Communication channels are integrated to accommodate consumer's interests

Which of the following is not a traditional tool in the promotional mix? a. Digital media tools b. Public relations c. Advertising d. Sales promotion

a. Digital media tools

Brands with strong and deep connections with consumers reflected by high behavioral, social, and psychological components are: a. Lifestyle brands b. Advocacy brands c. Meaningful brands d. Personalized brands

a. Lifestyle brands

_________ is the percentage of a brand's sales relative to the total sales of all brands in a product category? a. Market Share b. Relative Market Share c. Return on Investment d. Return on Marketing Investment e. None of the above

a. Market Share

18. An impression is: a. One advertisement being seen once by one person during a given time b. Two advertisements being seen twice by two people during a given time c. One advertisement being seen by everyone during a given time d. One advertisement being seen once by one person all the time e. Two advertisements being seen once by one person at any time

a. One advertisement being seen once by one person during a given time

What is an important point in the relationship between price and cost? a. Price is related to cost for both the buyer and the seller b. Price is only related to the buyer c. Price has no impact of either the buyer or the seller d. Price is only related to the seller

a. Price is related to cost for both the buyer and the seller

1. What is mobile marketing?

a. Reaching customers with marketing information through mobile devices

What gives an overall measure of tactical success? a. Sales b. Revenue c. Profit d. Loss e. None of the above

a. Sales

Which part of the marketing research and development process uses short-term narrow operational decisions as parts of larger, long-term, marketing strategies? a. Set tactical objectives b. Set or adjust investment levels c. Collect data and calculate metrics d. Apply metrics and interpret results

a. Set tactical objectives

What is the strategy that sets an initially high price and using gradual, timed drops to make as much profit as possible. a. Skimming strategy b. High Price strategy c. Price drop strategy d. High Profit strategy

a. Skimming strategy

Which is not a primary tool used by marketers to engage in mobile marketing? a. Telemarketing calls b. Mobile apps c. Mobile push notifications d. Mobile display ads

a. Telemarketing calls

Sales is an overall measure of tactical success. a. True b. False

a. True

What occurs when people outside of the target audience are exposed to advertising messages no indented for them OR when the target audience itself is over or under exposed to the message? a. Waste Coverage b. Waste Usage c. Waste from a trash can d. Gross Impressions

a. Waste Coverage

Which of the following is NOT an example of a consumer sales promotion tool? a. advertising b. sampling c. coupons d. price off deals

a. advertising

when measuring tactical successes, you should calculate: a. market share, relative market share, return on investment, return on marketing investment b. market share, return on assets, return on equity, return on investment c. market share, relative market share, return on assets, return on investment d. market share, return on equity, return on investment, return on marketing investment

a. market share, relative market share, return on investment, return on marketing investment

Marketing that utilizes the interconnected and interactive nature of digital media to create a seamless messaging experience driven by customers is known as: a. omni-channel marketing b. multiple marketing c. message marketing d. social media marketing

a. omni-channel marketing

2) When it comes to solving the basic media planning problem it is often a balance between these 2 things? a. Reach and frequency b. Range and cost c. Range and frequency d. Reach and price

a. reach and frequency

all are the benefits of connecting with customers through social media except: a. sellers can build relationships through social media b. social media has exceptionally low costs c. data about users is very useful d. potential for improved financial performance

a. sellers can build relationships through social media

SKU stands for what and means what? a. store keeping unit: identify each item a retailer carries in inventory b. Stanly Kepler University: where the first form of marketing was used c. stocks keeping united: where all the information about brand stocks are located d. safe keeping unit: where all financial and marketing information are stored safely from competitors.

a. store keeping unit: identify each item a retailer carries in inventory

Which of the following represents relatively inelastic demand: a.) Elasticity = < 1 b.) Elasticity = > 1 c.) Elasticity = 0 d.) None of the Above

a.) Elasticity = < 1

Which of the following is the most objective assessment of a products value? a.) Price b.) Cost c.) Customer Perception d.) Features and Benefits

a.) Price

Digital media ____ the formation of customer connections. accelerates Decelerates Neutralizes Negatively affects None of the above

accelerates

What is the first part of the hierarchy of effects model? knowledge awareness preference liking Action

awareness

What is the market penetration of a product that 3 million people in a market of 10 million have tried at least once? a) 3% b) 30% c) 25% d) 15%

b) 30%

What step in the Personal Selling process occurs when a salesperson has their first meaningful contact with a prospect? a) Prospecting b) Approach c) Meeting customer objectives d) Sales presentation

b) Approach

Which of the following is NOT a trend in social media? a) Technology will become increasingly immersive b) Instant messaging will slowly decrease in social media c) Companies will turn to their own employees to improve social media d) Influencer marketing strategies will be revived through social media

b) Instant messaging will slowly decrease in social media

What statement is FALSE regarding Advertising Creativity? a) The ad should be detailed enough to be tested in advance b) One idea should be limited to one ad to diversify the advertising c) The ad should visually and verbally stand out in their environments d) The ad should stimulate relevance to speed up the process of accepting the brand

b) One idea should be limited to one ad to diversify the advertising

Which one is NOT an illegal pricing tactic that affects customers a) Bait and switch b) Price Bundling c) Price Fixing d) Price Discrimination

b) Price Bundling

When the elasticity is greater than one it is: a) Price Elasticity b) Relatively elastic demand c) Relatively inelastic demand d) Brand Growth Rate

b) Relatively elastic demand

When a product has relatively elastic demand: a. Additional quantity sold may be insufficient to offset the decrease in price b. Additional quantity sold may be sufficient to offset the decrease in price c. Customers are more loyal to their brands and are not attracted to other brands by price decreases d. Customers are not loyal to any brand and are likely to switch products on the basis of performance

b. Additional quantity sold may be sufficient to offset the decrease in price

1. You currently work for a company that sells tennis shoes. Your boss calls a huge meeting and says he has some big news that could revolutionize the company. At the meeting, he informs the staff that they have recently partnered with a non-for-profit organization called Shoes-4-You. Shoes-4-You donates new/used shoes to those living in poverty. For a running amount of time every two pairs of shoes that is bought from us, shoes-4-You will buy and donate one pair. What kind of advertising can your company promote after this huge business move? a. Competitive Advertising b. Advocacy Advertising c. Pioneer Advertising d. Personal Selling advertising

b. Advocacy Advertising

You have recently been appointed the position of evaluating your company's website and calculating the data from consumers who view it. You want to find the percentage of visitors who have visited the site but navigated away too quickly without venturing beyond the landing page. What rate should you use? a. Clickthorugh rate b. Bounce Rate c. Conversion Rate d. Abandonment Rate

b. Bounce Rate

3. What is the equation used in the relative market share calculation? a. Category Key Competitor/Brand Market Share b. Brand Market Share/Category Key Competitor c. Brand Sales/Category Sales d. Net Profit/Brand Market Share e. Marketing Expenses/Net Profit

b. Brand Market Share/Category Key Competitor

Which execution style of advertising uses a famous person's image and reputation to sell a product? a. Testimonials b. Celebrity endorsements c. Demonstrations d. Personality and symbol advertising

b. Celebrity endorsements

What is the last step in the personal selling process? a. Define Target Market b. Close the sale c. Meet with the customer d. Go on vacation

b. Close the sale

You are having a yard sale and your neighbor decides to stop by. She sees an antique clock and is immediately interested in it. She expresses that it is the exact same kind her family owned growing up and that she is willing to pay whatever is necessary, as long as she gets to take home the clock. You originally were going to sell the clock for $5 but after hearing your neighbor rant about it, you want to sell it for a lot more. How did your pricing strategy change? a. Dynamic to Static b. Cost-based to Value Based c. Value-Based to Cost-Based d. Penetration pricing to Value-Based Pricing

b. Cost-based to Value Based

What is the first step of Price Setting? a. Determine Cost, Volume, and profit relationships b. Estimate Demand and Revenue c. Set initial base price d. Analyze competitors prices, offers, and value propositions

b. Estimate Demand and Revenue

Which of the following is not a characteristic of penetration pricing? a. The product should appeal to the mass market b. Must be able to appropriately assess price thresholds c. The cost structure must support the lower initial price d. Must be dedicated and prepared to improve the product to maintain market share

b. Must be able to appropriately assess price thresholds

A central tool, used to announce new product developments, ad campaigns, price changes, research breakthroughs, or other marketing initiatives is known as: a. Media kits b. Press Release c. Digital media content d. Special Events

b. Press Release

What is the pattern of prices dropping in response to competitors' actions? a. Price deduction b. Price Spiral c. Plummeting d. Fallout

b. Price Spiral

12. What gives an indication as to how "heavy" a brand's media exposure is? a. Google Analytics b. Schedule Intensity c. Clickthrough rate d. Bounce rate e. Elasticity

b. Schedule Intensity

What is the first step in the Marketing R&D process? a. Set Investment Level b. Set Tactical Objectives c. Select appropriate Metrics d. Choose Marketing Vehicle

b. Set Tactical Objectives

2.) Price elasticity is ___________? a. How much money you make b. The percentage change in quantity sold that occurs with a percentage change in price c. The amount you spend on advertising d. How much money you can afford to spend on R&D.

b. The percentage change in quantity sold that occurs with a percentage change in price

6. Using the scenario given in the last question, is the price relatively elastic, or relatively inelastic? Why? a. The price is relatively inelastic, because the ratio is greater than 1. b. The price is relatively elastic, because the ratio is greater than 1. c. The price is relatively inelastic, because the ratio is less than 1. d. The price is relatively elastic, because the ratio is less than 1. e. The relativeness of elasticity cannot be determined given the facts in the questions.

b. The price is relatively elastic, because the ratio is greater than 1.

(t/f) Sales are a good measure of the effectiveness of tactical decisions a. true b. false

b. false

Which of the following is NOT a sound principal of social media use for marketers? a. know your audience b. favor quantity over quality c. stick to your strategy d. respond to customers

b. favor quantity over quality

The promotion mix tools include all of the following except: a. advertising b. human resources c. sales promotion d. public relations e. personal selling

b. human resources

What are the 3 types of goals you should consider when setting price objectives? a. social, digital, and financial goals b. sales, financial, and non-financial goals c. social, financial, and sales goals d. profit, sales, and breakeven goals

b. sales, financial, and non-financial goals

What is predatory pricing? a. setting prices extremely high in order to influence consumers' perception of a product's value b. setting prices extremely low for an item specifically to run competitors out of business c. setting the price for a new product extremely high and lowering it throughout the product's life d. setting the price for a new product extremely low to gain a following and then slowly increasing the price over time

b. setting prices extremely low for an item specifically to run competitors out of business

What is Reach? a. how far an object is from your hand b. the percentage of a target audience that sees an advertisement at least once during a given period of time c. amount of people that click on the link to a specific advertisement d. the number of people that buy a product due to an advertisement

b. the percentage of a target audience that sees an advertisement at least once during a given period of time

2. When evaluating the schedule intensity of a brands media exposure, "reach" is referring to_______. a. the average number of times people saw the ad b. the percentage of people in a target audience exposed to an ad c. how much time and money a company needs to put into an ad for it to "reach" its target audience d. none of the above

b. the percentage of people in a target audience exposed to an ad

What is a good way for companies to develop positive connections with the brand?

brand communities

Which is NOT a trend in social media? a) Technology will become increasingly immersive b) Influencer marketing strategies will be revived through social media c) Companies will look externally to improve social media reach d) Instant messaging is becoming the next big thing in social media

c) Companies will look externally to improve social media reach

What statement is FALSE regarding inelastic demand? a) If demand is inelastic, price can be higher. b) In an inelastic demand, when price changes, even large price changes, demand does not change very much. c) If demand is inelastic, price would be used as a competitive weapon to lure customers away from competitors d) Jewelry is an example of a product with an inelastic demand

c) If demand is inelastic, price would be used as a competitive weapon to lure customers away from competitors

The collection of tools marketers have at their disposal to promote products to their customers is called: a) Competitive Response b) Product Advertising c) Promotion Mix d) Straight sell

c) Promotion Mix

SKU stands for: a) Stockout Key Unit b) Stockout Keeping Unity c) Store Keeping Unit d) Stockturn Keep Unit

c) Store Keeping Unit

An expectation about the price of a given product is also know as a: a) expected price b) internal price c) reference price d) believable price

c) reference price

9. Pop's Soda Shack has fixed costs of $10,000. They sell a variety of products, but their most successful is their award winning Root beer Float. The variable costs on the Root beer float is $1.25 per float and Pop sells them for $5.25. Calculate Pop's breakeven quantity for Root beer floats. a. 2,000 units b. 1,000 units c. 2,500 units d. 10,000 units e. 5,000 units

c. 2,500 units

1) This type of advertising expresses a firm's involvement with some social issue or charity a. Corporate image advertising b. Pioneer advertising c. Advocacy advertising d. Competitive advertising

c. Advocacy advertising

What are the cognitive variables in the Hierarchy of Effects Model? a. Liking and preference b. Liking and awareness c. Awareness and knowledge d. Knowledge and preference

c. Awareness and knowledge

Which one of these is NOT one of the 3 customer connections in marketing? a. Social b. Psychological c. Demographic d. Behavioral

c. Demographic

Which of the following choices would a company NOT want to do when dealing with online reviews. a. Set objectives for online reviews in terms of star rating b. Invest in the means to monitor online reviews c. Ignore any negative reviews d. Collect and analyze the data from online reviews

c. Ignore any negative reviews

In reference to demand elasticity, price change has what kind of impact on a product with elastic demand? a. No impact b. Small impact c. Large impact d. There is no correlation

c. Large impact

2. A metric that compares the percentage of brand sales relative to the total sales of all brands in a product category is: a. Return on Investment b. Relative Market Share c. Market Share d. Return on Marketing Investment e. None of the above

c. Market Share

This marketing department uses analytical techniques that are designed to test marketing tactics by comparing results against tactical objectives a. Marketing analytics b. Marketing research c. Marketing R&D d. None of the above

c. Marketing R&D

__________ is the practice or reaching consumers with marketing information through mobile devices a. Facebook b. Internet Marketing c. Mobile Marketing d. Smart Marketing

c. Mobile Marketing

1.) Heavy advertising in support of sales may drive unit and dollar sales up, but it could also _____________? a. Raise sales too high b. Give the company a negative brand image c. Negatively affect profits d. Scare customers away

c. Negatively affect profits

Which of the following is NOT a common adjustment to the base price? a. Quantity discounts b. Timing discounts c. Price lining d. Rebate e. Financing terms

c. Price lining

Which success measure uses the formula of dividing the total investment by the net profit? a. Market share b. Relative market share c. Return on investment d. Return on marketing investment

c. Return on investment

Which of the following trade allowances deals with cash fees paid for shelf space in a retail store? a. Buying b. Promotional c. Slotting d. Cooperative

c. Slotting

These type of prices do not fluctuate much and remain relatively constant a. Dynamic prices b. Cost base prices c. Static prices d. Value base prices

c. Static prices

16. Jill goes to the grocery store to do some shopping. She realizes that ketchup is on sale for half off. Instead of buying the usual on bottle of ketchup she uses, she decides to buy 10 bottles of ketchup because it is such a great deal. Jill is an example of a: a. Bargain shopper b. Brand switcher c. Stockpiler d. Category switcher e. Who needs that much ketchup?

c. Stockpiler

What is the correct order of the hierarchy of effects? a. knowledge, awareness, liking, action, preference b. awareness, liking, preference, action, knowledge c. awareness, knowledge, liking, preference, action d. knowledge, awareness, preference, liking, action

c. awareness, knowledge, liking, preference, action

What is NOT a metric for Schedule Intensity? a. gross impressions b. gross rating points c. gross numbers of Netflix users

c. gross numbers of Netflix users

the practice of reaching and engaging consumers with marketing information through mobile devices is called: a. location-based capabilities b. search engines c. mobile marketing d. social media techniques e. mobile apps

c. mobile marketing

what digital age tool is one of the biggest sources of brand information for both marketers and consumers? a. sales numbers b. customer profiles c. online reviews d. none of the above

c. online reviews

What are the steps in order for setting price? a. estimate demand and revenue > determine cost, volume, and profit relationship for different pride points > set pricing objectives > set initial base price > analyze competitors' prices, offers, and value propositions > adjust to set final price b. set pricing objectives > analyze competitors' prices, offers, and value propositions > determine cost, volume, and profit relationship for different pride points > set initial base price > estimate demand and revenue > adjust to set final price c. set pricing objectives > estimate demand and revenue > determine cost, volume, and profit relationship for different pride points > analyze competitors' prices, offers, and value propositions > set initial base price > adjust to set final price d. set initial base price > estimate demand and revenue > determine cost, volume, and profit relationship for different pride points > analyze competitors' prices, offers, and value propositions > set pricing objectives > adjust to set final price

c. set pricing objectives > estimate demand and revenue > determine cost, volume, and profit relationship for different pride points > analyze competitors' prices, offers, and value propositions > set initial base price > adjust to set final price

Which of the following is true about a pricing skimming strategy? a. the product should appeal to the mass market b. the product needs competition to put pressure on competitors c. the product must have a higher perceived value than the product it is replacing d. none of these are true

c. the product must have a higher perceived value than the product it is replacing

Which of the following is an example of a company using social proof to promote a product? a. email marketing b. banner advertisements c. using customer reviews d. all of the above

c. using customer reviews

Which of the following customers would be considered a "stockpiler": a.) Buying organic juices to be healthier b.) Buying the newest flavor of Lays potato chips c.) Buying 8 cases of water because they're BOGO d.) Buying a few of your favorite candy bars at the checkout counter

c.) Buying 8 cases of water because they're BOGO

Of the following, which represents an appropriate step one should make with regards to online customer reviews: a.) Respond in a nasty way b.) Report the review to the website it's posted on c.) Develop a response strategy for negative reviews d.) Ignore the reviews

c.) Develop a response strategy for negative reviews

Which of the following is true regarding the relationship between price and cost: a.) There is no relationship b.) There is an inverse relationship c.) Price is related to cost for both buyer and seller d.) None of the above

c.) Price is related to cost for both buyer and seller

Which are apart of the three primary tool to engage customers? a) Mobile apps b) Mobile location c) Mobile Display ads d) A and C e) A, B, and C

d) A and C

What is the proper order of the hierarchy of effects model? a) awareness, knowledge, liking, action, preference b) awareness, knowledge, preference, liking, action c) knowledge, awareness, liking, preference, action d) awareness, knowledge, liking, preference, action

d) awareness, knowledge, liking, preference, action

Which of the following is not an example of a mobile-based advertising system? a) apps b) push notifications c) display ads d) billboards

d) billboards

The pattern or dropping prices in response to a competitor's actions is known as a: a) price war b) price spiral c) price battle d) both a and b

d) both a and b

Which of the following is not a primary feature of mobile marketing? a) push notifications b) apps c) display ads d) phone calls

d) phone calls

Which of the following is not apart of the personal selling 7 step process? a) preparation b) trial closes c) meeting customer objectives d) price setting

d) price setting

Pepsi sells 1.4 million bottles annually. Coca-Cola sells 2.6 million bottles annually. In total, the soda market has sales of 24.8 million bottles annually. What is Coca-Cola's market share? a. 14.34% b. 16.13% c. 5.65% d. 10.48%

d. 10.48%

Online reviews have four implications to marketers, what is one of them? a. Collect and analyze the data from online reviews b. Marketers should invest in the means to monitor online reviews c. Develop a response strategy for negative reviews d. All of the above are implications of online reviews

d. All of the above are implications of online reviews

What is/are the primary tools are used to engage with customers? a. Mobile push notifications b. Mobile display ads c. Mobile apps d. All the above e. A and B

d. All the above

2.) For good search engine optimization, users should: a. Use unique and accurate page names b. Use an easy and intuitive structure c. Use quality content and services d. All the above.

d. All the above.

Which is not a benefit that social media advertising offers to marketers? a. The potential for improved financial performance b. The data about the users is very useful c. Extremely low costs d. Customers always click on the ads that they see

d. Customers always click on the ads that they see

Return on Investment is calculated by: a. Multiplying net profit and total investments b. Diving net profit by stock price c. Dividing total investment by net profit d. Dividing net profit by total investments

d. Dividing net profit by total investments

This type of advertising seeks to build the general reputation of the organization and create goodwill toward it and its brands. a. Brand advertising b. Traditional advertising c. Overall Marketing d. Institutional Advertising

d. Institutional advertising

4. Which is an example of a product-related metric? a. Price elasticity b. Category Volume c. Relevant outlet rate d. Market Penetration Rate e. Google Analytics

d. Market Penetration Rate

You are a sales representative for a well-known flooring company. There is a potential customer looking to fill their flooring needs for a huge project they have coming up. You have met with this client, and have been spent the last few days trying to tweak your plan so that all of your customers requests and needs have been met. What stage of the personal selling process are you in? a. Approach b. Closing the sale c. Preparation d. Meeting customer objections

d. Meeting customer objections

What is the strategy that introduces a new product at a relatively low price to establish a large market share before competitors? a. Low Price Strategy b. Market Share Strategy c. Involvement Strategy d. Penetration Strategy

d. Penetration Strategy

____ uses analytical techniques that are designed to test marketing tactics by comparing results against tactical objectives. a. marketing strategy b. business analytics c. finance d. R&D e. accounting

d. R&D

Your manager tells you that you in charge of setting a price strategy for one of your new products that hasn't hit the market yet. He tells you that it will have a higher perceived value than the existing products in the market. He also tells you that there will a substantial amount of time before a competing product can be introduced. You must carefully choose what kind of pricing strategy would generate the most money for a product like this. What do you choose? a. Penetration pricing b. Static pricing c. Reference price d. Skimming Strategy

d. Skimming Strategy

Cost-based pricing is based off ______; while value-based pricing is based off ______. a. What customer is willing to pay; variable costs b. Variable costs; fixed costs c. Fixed costs; what customer is willing to pay d. Variable costs; what customer is willing to pay

d. Variable costs; what customer is willing to pay

Which company is most likely to use static prices? a. Neiman Marcus b. Auto Zone c. Forever 21 d. Walmart

d. Walmart

Awareness and knowledge are _____ variables, while liking and preference are _____ variables. a. affective, cognitive b. cognitive, behavioral c. behavioral, affective d. cognitive, affective

d. cognitive, affective

What are Brand Communities? a. A community of people that talk about a brand each week through chat forums b. Focus groups that marketers can get ideas from to enhance the brand c. Group of people who review items bought online to help other consumers d. groups of consumers united by strong connections with a branded product or service

d. groups of consumers united by strong connections with a branded product or service

What is the near constant integration of brand info to and from peers and brands themselves? a. lifestyle brands b. forward integration c. omni-channel d. polysynchronus consumption e. none of the above

d. polysynchronus consumption

which advertising encourages members of a target market to buy the advertiser's products or visit their stories or websites? a. institutional advertising b. pioneer advertising c. competitive advertising d. product advertising

d. product advertising

Advertisements that use a mini-dramatization portraying a "real-life" situation involving a problem that the product might solve are what kind of execution style? a. straight -sell b. fantasy ad c. personality/symbol advertising d. slice of life commercials

d. slice of life commercials

Which of the following is an aspect(s) of successful advertising creativity: a.) Attention Getting b.) Political c.) Detailed d.) A & C

d.) A & C

Which of the following are key components of "Lifestyle" brands: a.) Behavioral components b.) Social components c.) Psychological components d.) All the above

d.) All the above

Which of the following is an example of a non-sales related objective: a.) Profit b.) New Accounts c.) Gross revenue d.) Likes on a Social Media post

d.) Likes on a Social Media post

Which of the following is NOT a characteristic of the Consumer Digital Culture? a. Information Rich b. Consumer-Centered c. Omnipresent d. Personalized e. All of the Above are characteristics

e. All of the Above are characteristics

20. All of these are metrics for digital marketing except which one? a. Clickthrough Rate b. Bounce Rate c. Conversion Rate d. Abandonment Rate e. All of the above are digital marketing metrics

e. All of the above are digital marketing metrics

Which is not part of the marketing R&D Process? a. Set Tactical Objectives b. Set or Adjust Investment Level c. Select Appropriate Metrics and Execute Tactics d. Collect Data and Calculate Metrics e. All of these are part of the Marketing R&D process

e. All of these are part of the Marketing R&D process

1. Elasticity of demand is ____________. a. a marketing characteristic that plays a a price in price setting b. a large price change that does not chance demand much c. a small price change that has a large impact on how much people buy d. a & b e. a & c

e. a & c

What are the benefits of connecting with customers through social media offers? a. the potential for improved financial performance b. the data about the users is very useful c. although high-cost, there is great reward d. low cost e. a,b & d

e. a,b & d

Which of the following characteristics make-up advertising creativity? a. attention getting b. stimulation relevance c. detailed d. capable of multiple executions e. all the above

e. all the above

Necessities are considered to have ______ demand. o elastic o high o inelastic o low

inelastic

2. Which of the following measures how well exposed a brand is within retail stores? o Category Volume o Category Shelf Facings o Gross Impressions o Stockout Rate

o Category Shelf Facings

1. Gross Ratings Points is equal to: o Total Cost of Media Schedule / Total Gross Impressions o Rating * Target Population * # of Ads Run o Gross Impressions / Target Population o Reach * Average Frequency

o Reach * Average Frequency

Which of the following is NOT a step in the Personal Selling process? o Closing the sale o Preparation o Sales Presentation o Sales Pitch

o Sales Pitch

Connecting with customers through social media offers many benefits to marketers, which of the following is NOT a benefit? o dispell brand communities o gain useful consumer behavior data o exceptionally low costs o the potential for improved financial performance

o dispell brand communities

The Sherman Act and the Federal Trade Commission Act protect smaller companies by forbidding _____. o predatory pricing o price discrimination o penetration pricing o price fixing

o predatory pricing