Unit #3: Principles of Marketing

Which of the following people on a website design team is using a wireframe?: A. Calvin is putting a framework together of how the website should function B. Camilla is drawing up a framework of consumer's needs to determine the best goal for the website C. Neil is compiling data on competitors' websites for comparison purposes D. Jayla is developing the organizational hierarchy of the design team E. Blake is using target audiences to develop the websites various pages

A. Calvin is putting a framework together of how the website should function

Jared decided to remove himself from social media for one week. During that time, he did not check his Facebook, Twitter, Instagram, or Snapchat accounts. It didn't take long for Jared to feel isolated and that he was missing out on what was happening around him. What acronym has been linked to the feeling Jared experienced?: A. FOMO B. YOLO C. ICYMI D. TTYN E. ZMOT

A. FOMO

Which of the following persons is using social media to act as a brand ambassador?: A. Noah, who posts pictures of him and his friends drinking Red Bull at a ski resort B. Bella, who wrote an e-mail to a company to complain about poor service C. Cathy, who clicked on the "contact us" page of a website D. Julie, who wrote a cautionary product review on her blog D. Paul, who inquired about a store's loyalty program

A. Noah, who posts pictures of him and his friends drinking Red Bull at a ski resort

At a local fair, Ford hosted a booth and brought several models of its card for customers to sit in and look at up close. Customers were then encouraged to fill out a comment card letting Ford know what their favorite model car was. At the end of the fair, one coment card would be chosen by the company and that person would win the car of their choice. This is an example of: A. a sweepstakes B. a premium C. a coupon D. a deal E. a contest

A. a sweepstakes

A new Home Depot opened up down the street from Hank's Hardware and has drastically reduced prices on many of the same products that Hank sells, forcing him to go out of business. After Hank closed his store, he noticed that Home Depot began raising its prices to more normal levels. This is an example of: A. predatory pricing B. deceptive pricing C. price inflation D. price fixing E. price discrimination

A. predatory pricing

A company that forecasts sales, biulds an inventory based on the forecast, holds the components in inventory until a customer order is received and then finalizes the product based on the order is using a: A. push-pull strategy B. demand strategy C. supply strategy D. push strategy

A. push-pull strategy

Justine went to the specialty grocery store by her office after work. When looking at the offerings at the meat counter, she was surprised to see ground beef selling for $4.49/lb. At her normal grocery store, she can get the same quality beef for $3.29/lb., a price Justine feels is reasonable. $3.29/lb. for ground beef is Justine's: A. reference price B. reasonable price C. benchmark price D. break-even point E. dynamic price

A. reference price

Tristan has been calling on the same customer for years. He handles all of the company's orders and quickly resolves any issues that may come up. On occasion, Tristan takes some of the company employees out to dinner and has even given them tickets to local sporting events. Tristan is involved in: A. relationship selling B. loyalty selling C. publicity D. multi-level marketing E. public relations

A. relationship selling

Social media monitoring is also known as: A. social listening B. data mining C. sentient analysis D. digital marketing E. media marketing

A. social listening

Kelsey liked her new smart television so much, she went online to the company's website to post a positive review of it. What type of content is Kelsey's product review?: A. user-generated content B. branded content C. third-party content D. secondary content E. expert content

A. user-generated content

In November, the appliance store priced its front-loading washing machines at $899.00 and sold 50 units ($44,950). In December they reduced the price to $799.00 and sold 53 units ($42,347). Which of the following statements is accurate regarding this situation?: A. Demand is elastic and total revenue fell from November to December. B. Demand is inelastic and total revenue fell from November to December. C. Demand is elastic and total revenue rose from November to December. D. Demand is inelastic and total revenue rose from November to December. E. Demand is neither elastic nor inelastic, but revenue rose from November to December.

B. Demand is inelastic and total revenue fell from November to December.

While on vacation in Europe, Maria purchased an antique porcelain case valued at $25,000. She needs to have it delivered to her home in Kentucky. What would be the best mode of transportation for this item?: A. water transportation B. air transportation C. railroad D. cyberspace E. pipeline

B. air transportation

You placed an order online at Staples.com for a printer and ink cartridges. As part of the checkout process, you were asked to provide your e-mail address. Now you receive e-mails from Staples.com regarding products you might like. This is an example of: A. integrated marketing communications B. direct marketing C. an informative advertisement D. a paid display ad E. sales promotion

B. direct marketing

A British company manufactures specialty teas and sells them to a retailer in Estes Park, Colorado. In order to get the product to the end-user, the teas are shipped via ocean liner to a port in the Gulf of Mexico and then placed on a railway car to Denver, Colorado. From Denver, the tea is placed on a truck and taken to the retailer in Estes Parl. This is an example of: A. common carrier transportation B. intermodal transportation C. international transportation D. just-in-time delivery E. contract carrier transportation

B. intermodal transportation

When Sony launched its new PS4 gaming system, the product was sold as a package that included the game console, game controllers, wireless headset, and one video game. This is an example of: A. survival pricing B. price bundling C. underpricing D. yield management E. price skimming

B. price bundling

Google, Bing, and Yahoo all help users search for information on the World Wide Web. As such, they are considered to be: A. wed encyclopedias B. search engines C. search portals D. wireframes E. web hosts

B. search engines

Jenna was excited to purchase a Bluetooth wireless speaker. She brought her purchase home and is now using it for the first time. What acronym represents where Jenna is at in the purchase process?: A. FMOT B. FOMO C. SMOT D. ZMOT E. YOLO

C. SMOT

A new specialty tea shop opened up in town. In order to lure customers into the store, the owners sent their most popular teabag to 5,000 potential customers. This is an example of: A. a rebate B. a loyalty program C. a sample D. an allowance E. a coupon

C. a sample

According to conversion expert Chelsea Baldwin, which of the following will help improve CTA conversion rates?: A. write CTA headlines in second person B. remove CTA buttons C. add visual cues to CTAs D. use generic wording in CTAs E. write CTA headlines in third person

C. add visual cues to CTAs

As a budgeting method, which approach is simple and fiscally conservative but offers no other benefits for te organizations? A. percentage-of-sales method B. objective-and-task-method C. affordable method D. cost-per-media method E. principal accounting method

C. affordable method

A collection of coordinated advertisements that share a single theme is called A. a marketing mix. B. an advertising mix. C. an advertising campaign. D. a promotion mix. E. an advertising concept.

C. an advertising campaign

The almost instantaneous transfer of info from mone company's computer to another that allows ERP systems to communicate with the info technology systems of other companies is done through: A. an electronic inventory system B. a computerized identification system C. an electronic data interchange D. a radio frequency identification system E. a just-in-time inventory system

C. an electronic data interchange

A retailer inflated the price of its leather jackets so that when it put the jackets on sale, it appeared to customers that they were getting a better deal than they really were. This is an example of what pricing strategy?: A. predatory pricing B. price discrimination C. deceptive pricing D. price fixing E. price inflation

C. deceptive pricing

Brenda and Tim went to Carl's Custom Dining to buy a new dining room set. At the store they configured the set to their specifications in terms of size, finish and style. The store sent the order out via the Internet to the manufacturer. The manufacturer, in turn, secured the correct type of wood from its supplier to complete the dining room set. When finished, the manufacturer shipped the product to its local warehouse where Carl's Custom Dining arranged for delivery to its store by a local trucking company. For Carl's Custom Dining, this is an example of: A. a just-in-time inventory system B. a stockout C. its supply chain D. a push strategy E. its inventory management system

C. its supply chain

____ is the sourcing og materials and finished products from countires that are close to, but not in, an organization's own country: A. native sourcing B. natural sourcing C. near-shoring D. near sourcing E. native-shoring

C. near-shoring

Compare the following forms of advertising and select the medium that is generally the cheapest form: A. radio advertising B. television advertising C. outdoor advertising D. magazine advertising E. newspaper advertising

C. outdoor advertising

Compare the following statements and select the one that is accurate regarding a profit maximization strategy: A. A profit maximization strategy sets prices low to encourage a greater volume of purchases and lower the level of involvement for the consumer. B. Profit maximization should not be used as a permanent pricing objective, but is effective in allowing a firm to endure a difficult time. C. A profit maximization strategy is best used when a product is in the growth and maturity stage of the product life cycle. D. Profit maximization assumes that customers value a product's differentiating attributes and are willing to pay a higher price to take advantage of those attributes. E. For a profit maximization strategy to work over the long term, the firm must have a significant cost or resource advantage over competitors.

D. Profit maximization assumes that customers value a product's differentiating attributes and are willing to pay a higher price to take advantage of those attributes.

Compare the following forms of advertising to determine which one is an example of narrowcasting: A. an advertisement for Halloween costumes in the Sunday newspaper B. a billboard advertisement for Miller Lite beer C. a Super Bowl advertisement for Doritos D. an advertisement for Scotts fertilizer shown on the Home and Garden Television network E. a radio broadcast for a sale at Walmart

D. an adversisement for Scotts fertilizer shown on the Home and Garden Television network

One of the most commonly used pricing tactics, markup pricing, is also refered to as: A. dynamic pricing B. profit margin pricing C. standard pricing D. cost-plus pricing E. profit-plus pricing

D. cost-plus pricing

In the early 2000s, the Mattel Company was faced with a major problem with some of its toys due to faulty magnets and high levels of lead-based paint. When the company realized it was facing a serious problem, it immediately involved federal agencies on product safety, recalled millions of toys from the shelves, and launched a massive campaign to inform consumers about the recall. In addition, the company set up a crisis link on its webpage and posted updates regularly. Mattel's actions can be defined as: A. consumer fraud B. poor public relations C. negative publicity D. crisis management E. direct marketing

D. crisis management

For the first quarter of the year, the price of the company's most popular e-reader was $129.00. The company sold 750,000 units ($96.75 million) at this price. For the second quarter, the company decided to reduce the price of the e-reader to $109.00. At this price point, the company sold 1.5 million units ($163.5 million) indicating that demand for the product is: A. unstable B. stable C. marginal D. elastic E. inelastic

D. elastic

All of the following are factors that affect a company's sustainability profile except: A. sourcing of materials and goods B. transportation mode selection C. the extent of its supply chain as a closed-loop system D. initiatives taken by competitors regarding sustainability E. facility locations

D. initiatives taken by competitors regarding sustainability

Mars, Inc., makers of Snickers candy bars launched its You're Not You When You're Hungry promotion campaign. The company's television commercials portrayed regular people disguised as celebrities behaving badly because they were hungry. Along with the commercials, print ads were released featuring inversion illusions showing the difference between someone whose hunger is satisfied and someone whose hunger is clearly not. In addition, the print ads included a coupon for a Snickers candy bar. This type of promotional strategy is referred to as: A. an integrated promotion mix. B. an integrated advertising concept. C. an integrated marketing concept. D. integrated marketing communications. E. integrated promotion communications.

D. integrated marketing communications.

Bowman's shoe store just received a shipment of dress boots. The manufacturer's suggested retail price for the boots is $150.00, but Bowman's decides to price the boots at $149.95. What pricing tactic is Bowman's most likely using?: A. dynamic pricing B. yield pricing C. perceived pricing D. odd pricing E. prestige pricing

D. odd pricing

If luxury brands such as Versace clothing, Lexus automobiles, and Dom Perignon champagne wanted to promote an image of superior quality and exclusivity to customers, they would most likely use which pricing tactic?: A. odd pricing B. cost-plus pricing C. luxury pricing D. prestige pricing E. dynamic pricing

D. prestige pricing

Located on a college campus, Ben's Burger Barn charges $4.99 for its burger basket. However, students receive a 10% discount off the price for showing their student ID. This is an example of: A. price inflation B. price fixing C. deceptive pricing D. price discrimination E. predatory pricing

D. price discrimination

The three largest manufacturers of valves for plumbing applications conspired together so that all three firms would charge the same price for a 3-way valve. This is an example of: A. price inflation B. predatory pricing C. deceptive pricing D. price fixing E. price discrimination

D. price fixing

In the Twilight series movies, main character Edward Cullen can be seen driving a Volve car. This is an example of: A. media marketing B. direct marketing C. co-branding D. product placement E. joint marketing

D. product placement

Bob's Custom Millwork is a business that provides custom cabinetry and furniture for both businesses and individual consumers. Bob does not make any products until he receives an order from the customer. What type of marketing strategy does this represent?: A. supply strategy B. demand strategy C. push strategy D. pull strategy E. forecast strategy

D. pull strategy

Which of the following is NOT a tool for public relations? A. speeches B. annual reports C. brochures D. sales presentations E. blogs

D. sales presentations

Sunny Pines campground, located in the Midwest, promotes the months of September and October as its value camping months. During this time, it offers reduced rates on camper rentals and campgrounds. It does this, in part, because the weather is not as favorable for camping at this time. The pricing tactic Sunny Pines is using to encourage camping during these months is most likely: A. price bundling B. prestige pricing C. odd pricing D. seasonal discounts E. unbundling

D. seasonal discounts

Supply chain management refers to: A. the management of data to integrate info across all departments of an organization B. the inbound movement and storage of materials in preparation for those materials to enter and flow through the manufacturing process C. the actions a firm takes to manage the costs required to make or buy the product D. the actions a firm takes to coordinate the various flows within a supply chain E. the planning, implementation, and control of the manufacture of a product

D. the actions a firm takes to coordinate the various flows within a supply chain

Which of the following is an example of geo-fencing?: A. Julie searched for product reviews online when shopping for a new refrigerator. B. Brianna received an "award" for checking-in at her favorite restaurant. C. Tonya used the "like" button on Facebook when visiting the page of her favorite store. D. Tyler received an e-mail message about upcoming Black Friday deals. E. While shopping at the mall, Adam received a text message for a 20 percent off coupon from one of his favorite stores.

E. While shopping at the mall, Adam received a text message for a 20 percent off coupon from one of his favorite stores.

In today's era of media noise, how can marketers break through the clutter to reach their audience?: A. by producing messages that display the brand most creatively B. by producing messages that are the most visible to consumers C. by inundatinf the market with advertising D. by increasing the communication budget E. by producing messages that are relevant to each individual consumer

E. by producing messages that are relevant to each individual consumer

Social media marketing ___ provide data visualizations that illustrate performance over time across a range of measures: A. platforms B. wireframes C. vehicles D. websites E. dashboards

E. dashboards

Engagement measures all of the following except: A. whether or not people share posts or retweet tweets. B. how many people demonstrate approval or agreement with a retweet or a like. C. how people participate in brand conversation. D. whether or not people engage in conversation by commenting. E. how many times people purchase from the brand.

E. how many times people purchase from the brand.

Which of the following is true regarding the use of domain names?: A. longer domain names are better than shorter ones B. it is advantageous for a company to select a domain name that is similar to its competitor C. Domain names cannot have hyphens or underscore symbols in them D. a good domain name does not have to reflect what the site is about E. it helps if a company's domain name is the same as its brand

E. it helps if a company's domain name is the same as its brand

The dissemination of information to a fairly small, select audience that is defined by its shared values, preferences, or demographic attributes is reffered to as: A. prospecting B. personal selling C. relationship selling D. broadcasting E. narrowcasting

E. narrowcasting

When Apple released its first iPhone in 2007, it charged customers $599. Shortly thereafter, it reduced the price to $399 for the exact same device. Apple's decision to set a relatively high price for a period of time after the product launched and then decrease the price to a level that would be more sustainable over time reflects which pricing strategy?: A. volume maximization B. target procng C. underpricing D. survival pricing E. profit maximization

E. profit maximization

All the activities that communicate the value of a product and persuade customers to by it is referred to as: A. salesmanship B. advertising C. positioning D. marketing E. promotion

E. promotion

After the economic recession, the boating industry suffered from a decline in sales. However, recent sales forecasts indicate that the upcoming season will produce a strong demand for boats and boating equipment. Based on this, Les has decided to ramp up production this winter of both his bass fishing boats and speed boats, keep them in storage until the boating sales season officially resumes, and hope that customers will buy them. This is an example of a: A. push-pull strategy B. pull strategy C. demand strategy D. supply strategy E. push strategy

E. push strategy

What innovation in the early 20th century started a new age of communication? A. the introduction of the Internet B. the distrubution of newspapers across state line C. the introduction of mass-scale printing capabilities D. the introduction of print advertisements in magazines E. the introduction of broadcast radio and TV

E. the introduction of broadcast radio and TV