MKTG 361 final exam

In which of the following ways do data analytics benefit retailers? (Check all that apply.) Multiple select question. -By allowing retailers to offer the most innovative products at the right prices, while maintaining optimal inventory levels -By providing real-time data about competitors' offerings and marketing strategies -By allowing retailers to predict shopping behavior by learning how consumers use channels, information, and payment options -By focusing consumers on the functional value of retailers' products with statistical evidence of their superiority

-By allowing retailers to offer the most innovative products at the right prices, while maintaining optimal inventory levels -By allowing retailers to predict shopping behavior by learning how consumers use channels, information, and payment options

In which of the following ways do data analytics benefit retailers? (Check all that apply.) Multiple select question. -By focusing consumers on the functional value of retailers' products with statistical evidence of their superiority -By providing real-time data about competitors' offerings and marketing strategies -By allowing retailers to offer the most innovative products at the right prices, while maintaining optimal inventory levels -By allowing retailers to predict shopping behavior by learning how consumers use channels, information, and payment options

-By allowing retailers to offer the most innovative products at the right prices, while maintaining optimal inventory levels -By allowing retailers to predict shopping behavior by learning how consumers use channels, information, and payment options

What are two general methods for quoting prices related to transportation costs?

-FOB origin pricing -Uniform delivered pricing

A specialty merchandise wholesaler differs from a general merchandise wholesaler in which of the two following ways?

-It carries a narrow range of products. -It has an extensive assortment of items within the product lines it carries.

A specialty merchandise wholesaler differs from a general merchandise wholesaler in which of the two following ways? Multiple select question. -It has an extensive assortment of items within the product lines it carries. -It performs fewer of the channel functions. -It carries a narrow range of products. -It has more limited delivery areas.

-It has an extensive assortment of items within the product lines it carries. -It carries a narrow range of products.

A specialty merchandise wholesaler differs from a general merchandise wholesaler in which of the two following ways? Multiple select question. -It has more limited delivery areas. -It performs fewer of the channel functions. -It has an extensive assortment of items within the product lines it carries. -It carries a narrow range of products.

-It has an extensive assortment of items within the product lines it carries. -It carries a narrow range of products.

Which of the following are true of online consumers? -They are likely to be younger than the general population. -They are much more likely to be women than men. -They are more affluent and better educated than the general population. -They are a large buying group; they account for nearly all consumer sales.

-They are likely to be younger than the general population. -They are more affluent and better educated than the general population.

What are the three major types of vertical marketing systems?

-administered -corporate -contractual

In terms of the context, what are the two orientations of website design?

-aesthetically oriented -functionally oriented

What are two examples of a direct to consumer marketing channel?

-buying something from the Home Shopping Network -ordering something from the Harry and David food and gift catalog

Common approaches to pricing are oriented around which four elements?

-cost -profit -demand -competition

Select the characteristics of the digital marketspace. (Select all that apply) Multiple select question. -material environment with physical facilities -face-to-screen exchange relationships -electronic images and offerings -ability to use all of one's senses

-face-to-screen exchange relationships -electronic images and offerings

What are two advantages of using direct mail and catalogs?

-fast and convenient for the customer -serves as an element of multichannel marketing

What two are disadvantages of using direct mail and catalogs?

-increasing production and mailing costs -not perceived as "green"

Customerization uses ______ and ______ to expand the exchange environment beyond a transaction to make the shopping and buying an enjoyable, personal experience.

-personalization systems -choiceboards

Defining retail strategy helps a firm to set which two of the following? Multiple select question. -retailing mix -retail mission -corporate strategy -store positioning

-retailing mix -store positioning

A website that takes more than ______ to download will more likely see consumers abandon their effort.

8 seconds

What is a characteristic of bundle pricing?

Consumer value is enhanced by not having to make separate purchases.

With respect to marketing utilities, the Internet affects time and place in which manner?

Consumers can buy products anytime, from anywhere.

Which of these are the primary capabilities of the Internet that provide building blocks for buyer-seller relationships? (Select all that apply) Multiple select question. -Inventory -Interactivity -Individuality -Intangibility

Interactivity Individuality

How does a skimming pricing strategy approach price setting?

Prices are set high initially and then lowered in a series of steps.

customization

Site's ability to tailor itself to different users or to allow users to personalize the site.

connection

The degree that the site is linked to other sites

Which of the following is a reason that a producer would use a manufacturer's branch to perform wholesaling activities? Multiple choice question. -It prefers to use another firm's marketing channel to sell its products. -It does not want to physically handle, stock, or deliver merchandise once it is produced. -It will retain more profit if it pays commissions. -There are no intermediaries to perform these activities.

There are no intermediaries to perform these activities.

Which of the following is a reason that a producer would use a manufacturer's branch to perform wholesaling activities? Multiple choice question. -It prefers to use another firm's marketing channel to sell its products. -There are no intermediaries to perform these activities. -It will retain more profit if it pays commissions. -It does not want to physically handle, stock, or deliver merchandise once it is produced.

There are no intermediaries to perform these activities.

What company would be considered a legacy company in the marketspace?

Walmart

Yield management pricing is ______.

a complex approach that continually matches demand and supply to customize the price for a service

A sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users is known as ______.

a supply chain

An example of why the marketspace would be perceived as more valuable than the marketplace by the consumer is that ______.

access is available anywhere and at anytime

Logistics involves ______.

activities that focus on getting the right products to the right place at the right time at the lowest possible cost

What are the three major types of vertical marketing systems?

administered corporate contractual

A one-price policy means there is one price for ______.

all buyers

The product/service category that accounts for the highest percentage of online purchases is ______.

apparel and accessories

Demand-oriented, cost-oriented, profit-oriented, and competition-oriented are four approaches used to set ______.

approximate price levels

Food and beverage make up the bulk of merchandise sold through which form of nonstore retailing?

automatic vending

Electronic shopping agents that search websites to compare prices and product or service features are called ______.

bots

Websites like Kayak or Expedia use ______ to allow customers to compare prices on airline flights and hotels.

bots

What are the two dimensions on the retail positioning matrix?

breadth of product line value added

What is an advantage of television home shopping?

broad reach possible; available in millions of homes

The seven web design elements that drive the customer experience include which of these?

commerce

Select the elements that are part of website design? (Select all that apply) Multiple select question. consumers connection communication community commitment

connection communication community

A retailer is an intermediary that sells to ______.

consumers

The _________ of a website is expressed in the form of text, video, audio, and graphics.

content

The element of website design that refers to the website's aesthetic appeal and the functional look and feel of the site's layout and visual design is known as _____.

context

A vendor-managed supply system relates to what customer service factor of a supply chain?

convenience

Retail store positioning begins with a clearly defined ______.

customer value proposition

The practice of not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer is referred to as ______.

customerization

What has been described as the "new science of retailing"?

data analytics

________-oriented pricing approaches weigh factors underlying expected customer tastes and preferences more heavily than other factors

demand

The _____ is a digitally enabled environment characterized by face-to-screen exchange relationships and electronic images and offerings.

digital marketplace

_____ selling involves sales of goods and services to consumers through personal interactions and demonstrations in their home or office.

direct

What marketing channel allows consumers to buy products by interacting with various print or electronic media instead of a face-to-face meeting with a salesperson?

direct to consumer marketing

A manufacturer's sales office differs from a manufacturer's branch office in that the sales office ______.

does not carry inventory

Direct selling is sometimes called ________ retailing.

door-to-door

An arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product is known as ______.

dual distribution

GE sells its large appliances directly to home and apartment builders but uses retail stores like Lowe's to sell to consumers, in a strategy known as ______.

dual distribution

Typically chosen for specialty products and services, _______ distribution allows only one retailer in a specific geographic region to carry the firm's products.

exclusive

How do agents make their profit?

from the commissions or fees paid for their services

________ are made by manufacturers to list prices to reflect the cost of transportation of the products from seller to buyer.

geographical adjustments

Of the following, which product/service category accounts for lowest percentage of online sales?

health and personal care

Prestige pricing involves setting a _____ price for a product so that _____ consumers will be attracted to the product and buy it.

high, quality-consious

A web community can be ______.

hosted by a company or an independent group

Direct selling typically occurs ______.

in a consumer's home or office

Interactivity and ________ are two important capabilities of the Internet in the ______ relationship.

individuality; buyer-seller

The highest level of distribution density in which products and services are placed in as many outlets as possible, is known as ____________ distribution.

intensive

______ distribution places products and services in as many outlets as possible.

intensive

What are the two capabilities of the Internet that promote and sustain customer relationships?

interactivity and individuality

What have home shopping programs done in order to attract a younger audience?

invite celebrities to come on the show

_____ companies, though they operate online today, originated as brick-and-mortar stores in the traditional marketplace.

legacy

Those activities that focus on getting right amount of the right products to the right place at the right time at the lowest possible cost are known as ______.

logistics

In penetration pricing, the initial price of the product is set ______.

low, to appeal to the mass market

What are the two major types of agents used by producers?

manufacturer's agents selling agents

Which two are wholly owned extensions of the producer that perform wholesaling activities?

manufacturers' sales office manufacturers' branch office

What are the three common ways that retail outlets can be classified?

merchandise line level of service form of ownership

Independently owned firms that take title to the merchandise they handle, are classified as either full-service or limited-service, and go by names like industrial distributor are known as ______.

merchant wholesalers

In ________ pricing, an organization sets a price a few dollars or cents under an even number, such as at $3.99.

odd-even

_____________ consumers are the subsegment of all Internet users who employ this technology to research products and services and make purchases. (one word)

online

The Internet allows consumers to access information on-demand about products. This is an example of which kind of marketing utility?

place and time

If a firm sells the same product to different buyers at different prices, it may be considered ________.

price discrimination

When a manufacturer produces several products that are substitutes for one another and others that complement these products, it should use ______.

product-line pricing

By focusing on target profit pricing or target return pricing, a firm is using a ________ pricing approach.

profit-oriented

A price reduction offered to channel members for featuring the manufacturer's product in their advertising or selling activities is called a(n) _____________ allowance.

promotional

Instead of offering a _____ allowance to retailers, some manufacturing companies like P&G have chosen to use an everyday low pricing (EDLP) strategy.

promotional

When a manufacturer offers a grocery retailer an extra amount of free product for including this product in weekly advertising and in-store sales, this is considered a ________ allowance.

promotional

Customers are encouraged to buy a larger number of a single product when a firm offers _______.

quantity discounts

Geographic adjustments to prices are used to ______.

reflect the cost of transportation of products from seller to buyer

Independent ownership, corporate chain, and contractual systems are the three general forms of ______.

retail ownership

Five of the 40 largest businesses in the United States are ______.

retailers

A marketing manager uses price lining when he ______.

sells several groups of the same type of product, with each group priced at different specific pricing points

Convenience, cost, and choice are among the reasons that consumers

shop and buy online.

commerce

sites capabilities to enable commercial transactions

context

sites layout and visual design

When a new product appeals to those segments of consumers who are willing to pay a high initial price to have an innovation first, marketers should use a ________ pricing strategy.

skimming

In what pricing strategy are prices lowered in a series of steps with the demand by those who really desire the product being satisfied at the highest prices?

skimming pricing

Discounts, allowances, and geographic adjustments are considered ________ that affect the list or quoted price.

special adjustments

European Foods Inc is a full-service wholesaler that serves the greater metropolitan area of a large U.S. city. It specializes in high-end food imported from Europe. European Foods is a ______.

specialty merchandise wholesaler

Carlos' firm manufactures custom-made furniture that is sold through various furniture retailers. Carlos sources the wood he needs from various lumber manufacturers and uses a distributor to get his products to the retail stores for sale. The suppliers of the wood, the distributor, and the retail stores are all part of a ______.

supply chain

________ are typically designed to be either responsive or efficient, depending upon a firm's strategy to meet customer requirements.

supply chains

In ________ pricing, an organization estimates what consumers are willing to pay for a product, and works backward, accounting for markups by retailers and wholesalers, to determine what it can charge for the product.

target

Which are forms of nonstore retailing? (Select all that apply) Multiple select question. -hypermarkets -telemarketing -category killers -automatic vending -direct mail

telemarketing automatic vending direct mail

In the navigation of a website, the eight-second rule refers to ______.

the belief that customers will abandon their efforts if downloads exceed this time

Spam can be described as ______.

unsolicited emails

The ______ provided by retailers that create value for consumers are time, place, form, and possession.

utilities

The two types of channel conflict are ______.

vertical and horizontal

Professionally managed and centrally coordinated marketing channels that are designed to achieve channel economies and maximize marketing impact are known as ______

vertical marketing systems

_______________ are websites that allow people to congregate online and exchange views on topics of common interest.

web communities

When using competition-oriented pricing approaches, price setters stress ______.

what "the market" is doing

n a consumer market, an intermediary who sells to other intermediaries is called a(n) ______

wholesaler

Charging different prices for a product in order to maximize revenue for a set amount of capacity at any given time is known as ________ pricing.

yield management