MGT 4220 SB 9-11

Which of the following is true of free ink?

It is a form of free advertising in which a business gets mentioned by the media.

Market segmentation requires entrepreneurs to _____.

determine the best markets for their products or services

A(n) ______ is a nonprofit organization or institution that provides business services by using workers who have disabilities or who are rehabilitated.

sheltered workshop

Paying for a local organization's needs in exchange for recognition is called ______.

sponsorship

Which of the following statements about small business donations as a form of marketing are correct? (Check all that apply.)

It can be an in-kind donation to become a sponsor of a charitable event. It can be time, connections, services, or products. It does not have to be a big sum of cash.

_____ are forms of ads inserted into the regular flow of noncommercial web pages so that it appears to belong to the page.

Native advertising

Which of the following are nonfinancial benefits that start-ups consider more important than obtaining revenue from consumers? (Check all that apply.)

Testimonials Feedback

______ are activities used to establish and promote a favorable opinion by the media.

press relations

A ______ message is the key point in as few and as memorable words as possible.

succinct

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

internal

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

Channels

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

Mail order

Premium pricing is

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

A media kit that a firm creates for itself to distinguish it from the media kits of other companies is called a(n)

business profile kit

A wholesaler is an intermediary business that

buys and sells to businesses rather than consumers.

Direct exporting is

exporting without using intermediaries.

Words or multiword phrases (without spaces) preceded by a "#" sign that are associated with an idea, person, product, service, brand, firm, event, or the like are called

hashtag

______ products are essentially similar to something already on the market.

me too

Captive pricing is a strategy

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

Which of the following statements about advertising are correct? (Check all that apply.)

-Advertising can be free or paid. -It can be done through print outlets or electronically via mass media or the Internet. -It is the presentation of a company's image, products, and services to potential customers and the general public.

Which of the following are true of secondary research? (Check all that apply.)

It is free and quick. It is readily available.

Which of the following are true of succinct messages? (Check all that apply.)

The words used should be memorable. They should use few words.

A company's __ __is the number of prospects or leads who needs to approach in order to make one sale.

hit rate

An impression is when

someone notices a promotional effort.

In marketing, identify list of things given below that are included in the total product.

-All included services. -The entire bundle of products. -Extras, such as service, warranty, and delivery.

Which of the following statements about a customer profile are correct? (Check all that apply.)

-Developing a customer profile is an important first step of doing research on customers and their needs. -Get out of the building and talk to potential customers to help develop an accurate customer profile. -Research should begin with face-to-face interviews with potential customers. -Researchers should be cautious not to collect biased data to draw conclusions. -It is also called a customer persona or user persona.

Which of the following are examples of an external reference price? (Check all that apply.)

Advice from friends. Comparison shopping. Newspaper advertisements

Which of the following statements about newsworthy events are correct? (Check all that apply.)

Business owners need to make it easier for the media outlet to find and create the story A newsworthy event should have public recognition, importance, and interest

Which of the following is a challenge in secondary research?

Finding data that are unbiased, reported fairly, and reputable

In the context of public relations, which of the following are examples of important stakeholders in a business who get a favorable opinion about the business from different forms of publicity? (Check all that apply.)

Investors Special-interest groups

Which of the following statements about press relations are correct? (Check all that apply.)

Media includes newspapers, magazines, radio, and television. Activities can be targeted to the general public or for specific groups. It consists of activities that attempt to influence or increase media coverage of a business.

Which of the following statements regarding price lining are correct? (Check all that apply.)

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

Which of the following statements about guerrilla marketing are correct? (Check all that apply.)

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

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

True

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

external

Prestige pricing is a strategy

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

Which of the following are true statements in the context of the service life cycle? (Check all that apply.)

-In comparison with products, services are much easier to modify "on the run." -It is possible to completely eliminate the decline stage in the life cycle of a service.

Which of the following are advantages of being part of a trade association? (Check all that apply.)

-It helps firms learn about the current and best practices in their own fields. -It helps provide access to a network of shared interests and knowledge to firms

Which of the following statements about press releases are correct? (Check all that apply.)

-It is the centerpiece of a business profile kit. -Entrepreneurs should use the AIDA formula, which means attention, interest, desire, and action, when writing a press release. -A business' contact information should be included at the end of the release so that the reader can get additional details.

Which of the following statements about customer retention are correct? (Check all that apply.)

-It is the name for the general approach for keeping customers. -The three elements to CR are: handling problems after the sale, customer relationship management, and growing customer sales. -It focuses maximizing satisfying customers after the sale.

involves partnerships between firms where a firm (often a content creator) mentions the product or service of another firm.

Affiliate Marketing

Which of the following statements about direct mail are correct? (Check all that apply.)

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

Which of the following is part of the personal selling formula for generating interest in a product or service? (Check all that apply.)

Close Prepare Present Prospect and evaluate Follow-up

Which of the following statements regarding mail order are correct?

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

In the context of traditional layouts for retail operations, which of the following are true of the free-form layout? (Check all that apply.)

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

Which of the following statements about optimum price are correct? (Check all that apply.)

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

Which of the following statements about price skimming are correct? (Check all that apply.)

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

In the context of incentive media, which of the following are true of sponsored content? (Check all that apply.)

It refers to articles, videos, or blogs that help to promote a firm's products and services. It is a variation of native advertising.

Which of the following components are included in a firm's media content strategy plan? (Check all that apply.)

Key performance indicators Publishing procedures

______ is a strategy whose goal is growth, based on selling more of a firm's product or service to a existing customer base.

Market penetration

Which of the following statements regarding domains are correct? (Check all that apply.)

-Using a company's domain as its email is professional. -Many companies are able to use their name as their domain name.

Which of the following statements about viral marketing are correct? (Check all that apply.)

-Viral marketing works because hearing about a great product from a friend or other trusted individual adds creditability. -It relies on customers telling their friends about a service or product of a business.

Doing good through community service results in instant publicity, but cannot be worked into company history or biographical information.

false

_____ refers to mentions of a company or products in the media for which the company did not pay.

Free ink

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

Guerrilla

______ research is the systematic collection and interpretation of data to support future marketing decisions.

Marketing

______ is the process of selling a business' products and services.

Personal selling

Which of the following statements about the business cycle's introduction stage are correct? (Check all that apply.)

There are high marketing cost to gain customer awareness in the introduction stage. Not all products survive the introduction phase, and many get revised due to customer reactions. The more innovative a product, the slower are sales because of customers' comfort level with a new product.

Which of the following statements are true about advertorials? (Check all that apply.)

They are generally published in mass media. They are a form of paid advertisement from a firm, usually as editorial-like articles.

Which of the following are true of brand ambassadors? (Check all that apply.)

They usually receive a firm's products and services to use and demonstrate to the public. They may be paid or just volunteers.

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

Traffic generators

____ or spokespersons, are those who represent a firm, product, or service to others to increase awareness, sales, and positive attitudes about the firm among the public.

brand ambassador

Me-too products are

products that lack a unique image or benefit in the eyes of consumers

An online service that captures and displays the feeds from a firm's social media sites and makes it easy to post across multiple sites, schedule posts on different sites, and help the firm see social media statistics is called a(n)

social media management program

Which of the following objectives do small business look at to achieve to ensure their survival in the early years? (Check all that apply.)

Maximizing profits Increasing market share

In the context of customer relationship management, which of the following are ways in which reports generated during data analysis help firms? (Check all that apply.)

They help firms track and identify products of low quality based on customer satisfaction. They help firms in deciding how to operate critical aspects of their marketing efforts.

Which of the following are true of influencers? (Check all that apply.)

They produce content on social media platforms to get subscribers and followers beyond their social circles. They are generally quite open to considering new things

Which of the following statements regarding survey data collection are correct? (Check all that apply.)

-Mail surveys have a lower response rate. -Online surveys are often inexpensive. -Survey questions may be written, asked in person or on the phone, by mail or online.

A press release is a

written announcement intended to draw news media attention to a specific event.

Which of the following statements about telemarketing are correct? (Check all that apply.)

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

Which of the following layout formats are used for manufacturing operations? (Check all that apply.)

The production line layout The process layout

______ is the major way most businesses convey their message to potential customers.

Advertising

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

Price skimming

Which of the following issues is a firm owner working out of a leased workspace likely to face in the context of day-to-day operations? (Check all that apply.)

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

Which of the following statements about focus groups are correct? (Check all that apply.)

-Participants are asked to discuss a series of questions about a particular product or service. -They often have between 8 and 12 people. -A focus group could also be gathering some friends over dinner and talking to them about the firm's product can be quite useful.

Which of the following statements about a good or service's value proposition are correct?

-There is often more than one feature or benefit that supports the value proposition. -They are unique to a particular business. -They are product or service benefits and not features.

Identify a true statement in the context of affiliate marketing.

A firm can develop an affiliate program and detail it on a page on its website.

Which of the following statements about odd-even pricing are correct? (Check all that apply.)

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

Which of the following describe a sales promotion that is likely to be used by businesses? (Check all that apply.)

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

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

Contract Manufacturing

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

Direct mail

A firm's owner should avoid paying customers, friends, or family members to keep an eye on various social media platforms for the firm's services and alert him or her when action is needed.

False

Which of the following statements about marketing research are correct? (Check all that apply.)

It can reveal a number of customer attributes, such as where they are likely to shop and what price points they think are fair. It can verify the size of the potential market. It can help show competitors' weaknesses.

Which of the following are true of public relations? (Check all that apply.)

Many people are skeptical of public relations stories. Public relations are those things a firm does to help create a favorable opinion of itself in the mind of people.

Creating a ___ event is another way to get free media attention by local newspapers, radio stations, or television stations.

newsworthy

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

Odd-even pricing

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

Price lining

Which of the following statements are true about business profile kits? (Check all that apply.)

They are generally built around new press releases that a firm considers to be of interest to media outlets. They include samples of a firm's products, logo art, photos of products, and target market-specific statistics.

Customer ______ are the techniques that focus on efforts to promote satisfaction with and interest in a firm.

retention

The ______ profile is a detailed description of an archetypical or hypothetical potential consumer for a product or service.

customer

______ is a paying it forward approach where a business gives its product, services, time, or connections.

donating

The overlap between owned media and shared media in the PESO model is an important part of the media strategy of any small business because

it is where the business has its own brand page on different social media platforms

The promotional technique of obtaining prospective customers through paid and unpaid efforts to obtain contact information from people with the plan to send these prospects advertisements or other messages in hopes of getting them to become customers is called

lead generation

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

leasehold improvements

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

mark up

A document that details the specifics of a firm's marketing efforts including its goals, target audiences, distribution channels, and analytics across all the different types of marketing efforts the firm will attempt is called a ______ strategy plan.

marketing

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

optimum price

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

sales

Market penetration is a strategy whose goal is growth, based on

selling more of a firm's product or service to the existing customer base.

The ______ product is the entire bundle of products, services, and meanings of a firm's offering.

total

A group of people in the same industry who band together to gather and share information and present and represent the industry to the public and government form a(n)

trade association

Online sites where a firm's customers can post their opinions, rating, and experiences about the firm's products or services for others to see are called

user review sites