BUAD 332 Dynamic Study

A(n) __________ is a marketing channel that has no intermediary level. a) conventional distribution channel b) indirect marketing channel c) direct marketing channel d) marketing channel

c) direct marketing channel

__________ is the use of more than one but fewer than all of the intermediaries who are willing carry the company's products. a) Exclusive distribution b) A multichannel distribution system c) Intensive distribution d) Selective distribution

d) Selective distribution

__________ represents a company to customers by performing one or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building. a) salesperson b) Team selling c) Sales force management d) Personal selling

a) salesperson

A __________ is a store that offers a large assortment of routinely purchased food products, nonfood items, and services. a) convenience store b) department store c) superstore d) supermarket

c) superstore

A marketing channel is __________. a) a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user b) a channel that has no intermediary level c) a channel containing one or more intermediary levels d) a channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, perhaps even at the expense of profits for the system as a whole

a) a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user

A(n) __________ is a sales force organization in which salespeople specialize in selling only to certain customers or industries. a) territorial sales force structure b) customer sales force structure c) product sales force structure d) inside sales force

b) customer sales force structure

A(n) __________ is a marketing channel containing one or more intermediary levels. a) distribution channel b) indirect marketing channel c) conventional distribution channel d) direct marketing channel

b) indirect marketing channel

__________ is the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service. a) Customer value-based pricing b) Price c) Good-value pricing d) Value-added pricing

b) price

Advertising, personal selling, sales promotion, public relations, and direct marketing are all considered __________. a) place decisions b) promotion decisions c) price decisions d) product assortment and services decisions

b) promotion decisions

__________ uses a single firm to set up two or more marketing channels to reach one or more customer segments. a) Exclusive distribution b) Selective distribution c) A multichannel distribution system d) Intensive distribution

c) A multichannel distribution system

A(n) __________ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user. a) indirect marketing channel b) direct marketing channel c) marketing channel d) conventional distribution channel

c) marketing channel

A(n) __________ is a channel structure in which producers, wholesalers, and retailers act as a unified system. a) administered vertical marketing system b) horizontal marketing system c) vertical marketing system d) contractual vertical marketing system

c) vertical marketing system

__________ is setting a price for products that must be used along with a main product, such as blades for a razor and games for a video-game console. a) Market-skimming pricing b) Product line pricing c) Market-penetration pricing d) Captive-product pricing

d) Captive-product pricing

Designing a good product is the __________ step in cost-based pricing. a) first b) fourth c) third d) fifth

a) first

__________ is a promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product. a) An advertising strategy b) Brand content management c) A push strategy d) A pull strategy

d) A pull strategy

__________ is a measure of the sensitivity of demand to changes in price. a) Price elasticity b) Total costs c) Demand curve d) Target costing

a) Price elasticity

A __________ is a large, low-cost, low-margin, high-volume self-service store that carries a wide variety of grocery and household products. a) superstore b) supermarket c) convenience store d) department store

b) supermarket

A(n) __________ consists of independent firms at different levels of production and distribution joining together through contracts. a) vertical marketing system b) horizontal marketing system c) administered vertical marketing system d) contractual vertical marketing system

d) contractual vertical marketing system

__________ shows the number of units the market will buy in a given time period, at different prices that might be charged. a) A demand curve b) Price elasticity c) Target costing d) Total cost

a) A demand curve

__________ is a promotion strategy that calls for using the sales force and trade promotion to move the product through channels. a) A push strategy b) An advertising strategy c) Brand content management d) A pull strategy

a) A push strategy

__________ performs any or all of the functions required to get a client's product to market. a) A third-party logistics provider b) Integrated logistics management c) Marketing logistics d) Supply chain management

a) A third-party logistics provider

The new product pricing strategy of ______ means the initial price is set high. a) Captive-product pricing b) Market-skimming pricing c) Market-penetration pricing d) Product line pricing

b) Market-skimming pricing

__________ is a short-term incentive to encourage the purchase or sale of a product or service. a) Public relations b) Advertising c) Sales promotion d) Personal selling

c) Sales promotion

A(n) __________ coordinates successive stages of production and distribution through the size and power of one of the parties. a) vertical marketing system b) horizontal marketing system c) administered vertical marketing system d) contractual vertical marketing system

c) administered vertical marketing system

__________ is a sales promotion tool used to generate business leads, stimulate purchases, reward customers, and motivate salespeople. a) A consumer promotion b) Event marketing c) A trade promotion d) A business promotion

d) A business promotion

__________ is a sales promotion tool used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to customers. a) A business promotion b) A consumer promotion c) Event marketing d) A trade promotion

d) A trade promotion

__________ is the second step in value-based pricing. a) Setting a target price to match the customer's perceived value b) Assessing the customer needs and value perceptions c) Designing products to deliver desired value d) Determining costs that can be incurred

a) Setting a target price to match the customer's perceived value

A __________ is a retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers or merchandisers. a) department store b) convenience store c) superstore d) supermarket

a) department store

__________ is building and maintaining relationships with legislators and government officials to influence legislation and regulation. a) Press relations b) Public affairs c) Lobbying d) Product publicity

c) Lobbying

A shopping center is __________. a) a retailer whose product line is actually a service; examples includes hotels, airlines, banks, and colleges b) much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services c) a group of retail businesses built on a site that is planned, developed, owned, and managed as a unit d) an off-price retailing operation that is owned and operated by a manufacturer and normally carries that manufacturer's surplus, discounted, or irregular goods

c) a group of retail businesses built on a site that is planned, developed, owned, and managed as a unit

During the _________ step, the salesperson should know how to meet and greet the buyer and get the relationship off to a good start. a) presentation b) prospecting c) approach d) closing

c) approach

A __________ is a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high-turnover convenience goods. a) superstore b) department store c) convenience store d) supermarket

c) convenience store

The purpose of _______ is to build selective demand. a) reminder advertising b) informative advertising c) persuasive advertising d) advertainment

c) persuasive advertising

__________ is a sales promotion tool used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to customers. a) A business promotion b) Event marketing c) A consumer promotion d) A trade promotion

d) A trade promotion

__________ is/are the sum of the fixed and variable costs for any given level of production. a) Target costing b) Total costs c) Fixed costs d) Variable costs

b) Total costs

__________ is based on a buyer's perceptions of value rather than on the seller's cost. a) Value-added pricing b) Good-value pricing c) Price d) Customer value-based pricing

d) Customer value-based pricing

Deciding on either high markups on lower volume or low markups on higher volume is an example of a __________. a) place decision b) product assortment and services decision c) price decision d) promotion decision

c) price decision

__________ is the sales step in which a salesperson meets the customer for the first time. a) Approach b) Handling objections c) Preapproach d) Presentation

a) Approach

__________ only offer specific services, like cash and carry wholesalers, truck wholesalers, drop shippers, rack jobbers, producers' cooperatives, and mail-order or web wholesalers. a) Limited-service wholesalers b) Full-service wholesalers c) Wholesale merchants d) Industrial distributors

a) Limited-service wholesalers

__________ is setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices. a) Product line pricing b) Market-penetration pricing c) Market-skimming pricing d) Captive-product pricing

a) Product line pricing

A(n) __________ is a sales force organization in which salespeople specialize in selling only a portion of the company's products or lines. a) product sales force structure b) an inside sales force c) territorial sales force structure d) customer sales force structure

a) product sales force structure

A __________ is a group of independent retailers who jointly establish a central buying organization and conduct joint promotion efforts. a) retailer cooperative b) voluntary chain c) franchise organization d) corporate chain

a) retailer cooperative

Intensive distribution is __________. a) stocking the product in as many outlets as possible b) a distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments c) giving a limited number of dealers the exclusive right to distribute the company's products in their territories d) the use of more than one but fewer than all of the intermediaries who are willing carry the company's products

a) stocking the product in as many outlets as possible

A corporate chain is __________. a) two or more outlets that are commonly owned and controlled b) a wholesaler-sponsored group of independent retailers engaged in group buying and merchandising c) a group of independent retailers who jointly establish a central buying organization and conduct joint promotion efforts d) a contractual association between a franchisor (a manufacturer, wholesaler, or service organization) and franchisees (independent business people who buy the right to own and operate one or more business units in the franchise system)

a) two or more outlets that are commonly owned and controlled

__________ is a layer of intermediaries that performs some of the work in bringing the product and its ownership closer to the final buyer. a) Multichannel marketing b) Channel level c) A multichannel distribution system d) Disintermediation

b) Channel level

__________ is the first step in cost-based pricing. a) Setting the price based on cost b) Designing a good product c) Convincing buyers of a product's value d) Determining product costs

b) Designing a good product

__________ is the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries. a) Multichannel marketing b) Disintermediation c) A multichannel distribution system d) Channel level

b) Disintermediation

__________ refers to creating a brand-marketing event or serving as a sole or participating sponsor of events created by others. a) Trade promotion b) Event marketing c) Business promotion d) Consumer promotion

b) Event marketing

__________ is managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers. a) Marketing logistics b) Supply chain management c) Integrated logistics management d) Third-party logistics

b) Supply chain management

A(n) __________ coordinates successive stages of production and distribution through the size and power of one of the parties. a) vertical marketing system b) administered vertical marketing system c) contractual vertical marketing system d) horizontal marketing system

b) administered vertical marketing system

A(n) __________ is a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity. a) administered vertical marketing system b) horizontal marketing system c) vertical marketing system d) contractual vertical marketing system

b) horizontal marketing system

Marketing logistics is __________. a) the logistics concept that emphasizes teamwork—both inside the company and among all the marketing channel organizations—to maximize the performance of the entire distribution system b) planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customers' requirements at a profit c) an independent logistics provider that performs any or all of the functions required to get a client's product to market d) managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers

b) planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customers' requirements at a pr

Marketing channel management is _____. a) a distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments b) selecting, managing, and motivating individual channel members and evaluating their performance over time c) the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries d) a layer of intermediaries that performs some of the work in bringing the product and its ownership closer to the final buyer

b) selecting, managing, and motivating individual channel members and evaluating their performance over time

A demand curve __________. a) measures sensitivity of demand to charged in price b) shows the number of units the market will buy in a given time period, at different prices that might be charged c) is the sum of the fixed and variable costs for any given level of production d) starts with an ideal selling price, then targets costs that will ensure that the price is met

b) shows the number of units the market will buy in a given time period, at different prices that might be charged

A __________ is a wholesaler-sponsored group of independent retailers engaged in group buying and merchandising. a) retailer cooperative b) voluntary chain c) franchise organization d) corporate chain

b) voluntary chain

__________ is the third step in value-based pricing. a) Designing products to deliver the desired value at a target price b) Assessing the customer needs and value perceptions c) Determining costs that can be incurred d) Setting a target price to match the customer's perceived value

c) Determining costs that can be incurred

__________ is setting a low price for a new product in order to attract a large number of buyers and a large market share. a) Product line pricing b) Captive-product pricing c) Market-penetration pricing d) Market-skimming pricing

c) Market-penetration pricing

_______consists of interpersonal interactions with customers and prospects to make sales and maintain customer relationships. a) Sales quota b) Sales force management c) Personal selling d) Team selling

c) Personal selling

________ is the short-term incentives used to encourage the purchase or sales of a product or a service. a) Prospecting b) Closing c) Sales promotion d) Follow-up

c) Sales promotion

__________ is attaching features and services to differentiate a company's offers and charging higher prices. a) Price b) Cost-based pricing c) Value-added pricing d) Customer value-based pricing

c) Value-added pricing

__________ sell primarily to retailers and provide a full range of services. a) Industrial distributors b) Full-service wholesalers c) Wholesale merchants d) Limited

c) Wholesale merchants

A(n) __________ is a channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, perhaps even at the expense of profits for the system as a whole. a) marketing channel b) direct marketing channel c) conventional distribution channel d) indirect marketing channel

c) conventional distribution channel

The __________ is developing the promotion budget by 1) defining specific promotion objectives, 2) determining the tasks needed to achieve these objectives, and 3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget. a) percentage-of-sales method b) competitive-parity method c) objective-and-task method d) affordable method

c) objective-and-task method

Advertising, personal selling, sales promotion, public relations, and direct marketing are all considered __________. a) place decisions b) product assortment and services decisions c) promotion decisions d) price decisions

c) promotion decisions

Closing is ________. a) the sales step in which a salesperson identifies qualified potential customers. b) the short-term incentives used to encourage the purchase or sales of a product or a service c) the sales step in which a salesperson asks the customer for an order d) the sales step in which a salesperson follows up after the sale to ensure customer satisfaction and repeat business

c) the sales step in which a salesperson asks the customer for an order

During the approach step, _______. a) the salesperson tells the "value story" to the buyer, showing how the company's offer solves the customer's problems b) the salesperson identifies qualified prospective customers c) the salesperson should know how to meet and greet the buyer and get the relationship off to a good start d) the salesperson tries to close the sale

c) the salesperson should know how to meet and greet the buyer and get the relationship off to a good start

__________ is setting a price for products that must be used along with a main product, such as blades for a razor and games for a video-game console. a) Market-skimming pricing b) Market-penetration pricing c) Product line pricing d) Captive-product pricing

d) Captive-product pricing

__________ is/are an example of a product assortment and services decision. a) Deciding on either high markups on lower volume or low markups on higher volume b) Choosing locations that are accessible to the target market in areas that are consistent with the retailer's positioning c) Advertising, personal selling, sales promotion, public relations, and direct marketing d) Deciding on store atmosphere

d) Deciding on store atmosphere

__________ is the fourth step in value-based pricing. a) Setting a target price to match a customer's perceived value b) Assessing the customer needs and value perceptions c) Determining costs that can be incurred d) Designing products to deliver the desired value at a target price

d) Designing products to deliver the desired value at a target price

__________ provide a complete line of services: carrying stock, maintaining a sales force, offering credit, making deliveries, and providing management assistance. a) Wholesale merchants b) Limited-service wholesalers c) Industrial distributors d) Full-service wholesalers

d) Full-service wholesalers

__________ is the logistics concept that emphasizes teamwork—both inside the company and among all the marketing channel organizations—to maximize the performance of the entire distribution system. a) Supply chain management b) Third-party logistics c) Marketing logistics d) Integrated logistics management

d) Integrated logistics management

A vertical marketing system is __________. a) a system that coordinates successive stages of production and distribution through the size and power of one of the parties b) a system in which independent firms at different levels of production and distribution join together through contracts c) a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity d) a channel structure in which producers, wholesalers, and retailers act as a unified system

d) a channel structure in which producers, wholesalers, and retailers act as a unified system

Press relations is a function in which companies __________. a) build and maintain national or local community relationships b) build and maintain relationships with legislators and government officials to influence legislation and regulation c) publicize specific products d) create and place newsworthy information in the news media to attract attention to a person, product, or service

d) create and place newsworthy information in the news media to attract attention to a person, product, or service

With ________, the price is used to say something about the product. a) segmented pricing b) dynamic pricing c) promotional pricing d) psychological pricing

d) psychological pricing