MARK 3336 Exam 3 Review

Which of the following describes a conventional distribution channel?

A channel that consists of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits

which of the follow defines a channel level?

A layer of intermediaries that performs some of the work in bringing the product and its ownership closer to the final buyer

personal selling

A personal presentation by the firm's sales force for the purpose of making sales and building customer relationships

what is a pull startegy?

A promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product

what is a convenience store?

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

which of the following describes an adminstered VMS?

A vertical marketing system that coordinates successive stages of production and distribution through the size and power of one of the parties

which of the following describes retailing?

All the activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use

public relations__________-

Building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events

which of the following describes and off-price retailer?

Buys at less-than-regular wholesale prices and sells at less than retail

Which of the following is most relevant to the place decision?

Choosing locations that are accessible to the target market in areas that are consistent with the retailer's positioning

which budgeting method sets the promotion budget to match competitior's outlays?

Competitive-parity method

What are variable costs?

Costs that vary directly with the level of production

which of the following describes the function of press relations?

Creating and placing newsworthy information in the media to attract attention to a person, product, or service

Which of the following describes exclusive distribution?

Giving a limited number of dealers the exclusive right to distribute the company's products in their territories

which of the following describes nonpersonal communication channel?

Media that carry messages without personal contact or feedback, including major media, atmospheres, and events

which of the following describes a buzz marketing?

Requires cultivating opinion leaders and getting them to spread information about a product or a service to others in their communities

which of the following describes the creative concept?

The compelling "big idea" that will bring an advertising message strategy to life in a distinctive and memorable way

which of the following describes disintermediation?

The cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries

how is intergrated logistics management defined?

The logistics concept that emphasizes teamwork - both inside the company and among all the marketing channel organization - to maximize the performance of the entire distribution system

which of the following describes an advertising strategy?

Used for the accomplishment of a company's advertising goals

__________ is an example of a discount store.

Walmart

what is an indirect marketing channel?

a channel containing one or more intermediary levels

A direct marketing channel is______________.

a channel that as no intermediary level

A marketing channel is best defined as___________.

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

sales promotion is______________

a short-term incentive to encourage the purchase or sale of a product or service

a voluntary chain is_____________

a wholesaler-sponsored group of independent retailers engaged in group buying and merchandising

_____________is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.

advertising

which of the following is a specific communication task to be accomplished with a specific target audience during a specific period of time?

advertising objective

The_______________method sets the promotion budget at that level management thinks the company can afford.

affordable

price is best defined as the________.

amount of money charged for a product or service

high audience selectivity

an advantage of direct mail

Public relations people prepare written materials to reach and influence their target markets, including______________.

annual reports, brochures, articles, and company newsletters and magazines

advertising is___________.

any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor

what is the first step in value-based pricing?

assessing customer needs and value perceptions

the affordable method sets a promotion budget__________________

at the level management thinks the company can afford

public relations people prepare______, such as videos.

audiovisual materials

customer-value based pricing is__________.

based on a buyer's perceptions of value rather than on the seller's cost.

what of the following describes cost-based pricing?

based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk

An___________-vertical marketing in which indepedent firms at different levels of production and distribution join together through contracts.

contractual VMS

An_____________channel consists 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.

conventional distribution

____________ is the fourth step in cost-based pricing.

convincing buyers of product's value

A(n)________ is vertical marketing system that combines successive stages of production and distribution under single ownership.

corporate VMS

the addition of standard markup to the cost of the product is known_________.

cost-plus pricing

which of the following best defines fixed costs?

costs that do not vary with production or sales level

which of the following is an example of a price decision?

deciding on either high markups on lower volume or low markups on higher volume

Which of following shows the number of units the market will buy in a given time period, at a different prices that might be changed?

demand curve

A distribution center is_________________.

designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible

in cost-based pricing___________is the first step.

designing a good product

In value-based pricing,________is the third step.

determining the costs that can be incurred

high selectivity is an advantage of________.

digital,mobile, and social media

_____________engages directly with carefully targeted individual consumers and customer communities to both obtain and immediate response and build lasting customer relationships.

direct and digital marketing

which term refers to the drop in the average per-unit product cost that comes with accumulated production experience?

experience curve

___________are costs that do not vary with production or sales level

fixed costs

convinced buyers of a product's value is the________ step in cost-based pricing.

fourth

in value-based pricing, designing products to deliver the desire value at the target price is the_______ step.

fourth

_______--provide an entire line of services: carrying stock, maintaining a sales force, offerin credit, making deliveries, providing management assitance

full service wholesalers

_______________is an advantage of the radio.

good local acceptance

the advantage to television as major media type is that it allow for__________.

good mass-marketing coverage

__________is an advantage of magazines.

high geographic and demographic selectivity

_____________is an advantage of outdoor media.

high repeat exposure

A(n)__________is a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity.

horizontal marketing system

____________sell to manufacturers rather than to retailers.

industrial distributors

____________involves stocking the product in as many outlets as possible.

intensive distribution

PR depts may perform many functions, including_____________, which is building and maintaining relationships with legislators and govt officials to influence legislation and regulation.

lobbying

High geographic and demographic selectivity is an advantage of__________.

magazines

long ad purchase lead time is a limitation of_______________.

magazines

supply chain management is____________.

managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers

which term refers to the communication channels through which a message is transmitted?

media

A(n)_________ is a distribution system in which a single firm sets two or more marketing channels to reach one or more customer segments.

multichannel distribution system

flexibility is an advantage of________.

newspapers

which budgeting method develops 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?

objective and task method

Limited-service wholesalers

offer fewer services than other wholesalers

What is good value pricing?

offering just the right combination of quality and good service at a fair price

the___________method sets the promotion budget at certain percentage of current or forecasted sales or as percentage of the unit sales price.

percentage-of-sales

____________ is/are the channels through which two or more people communicate directly with each other, including face to face, on the phone, via mail or email, or even through texting or an internet chat.

personal communication channels

Marketing logistics is_________.

planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit

Deciding on store atomsphere is a major part of a product variable. and is an example of a_______________

product assortment and services decision

PR departments may perform many functions, including__________, which is publicizing specific products.

product publicity

advertising, personal selling, sales promotion, public relations, and direct marketing are all considered______________.

promotion decisions

PR departments may perform many functions, including_____________,which is building and maintaining nationial or local community relationships.

public affairs

PR departments may perform many functions, including product publicity, which is__________.

publicizing specific products

___________is a promotion strategy that uses the sales force and trade promotion to promote the product to channel member, which in turn promote it to final consumers.

push strategy

which term refers to the party getting the message sent by another party?

receiver

intergrated marketing communications_________________.

requires carefully integrating and coordinating the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products

a______________is group of independent retailers who jointly establish a central buying organizaton and conduct joint promotion efforts.

retailer cooperative

in cost-based pricing, determining product costs is the__________step.

second

in value-based pricing, setting a target price to match customer perceived value is the__________step.

second

marketing channel management refers to__________

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

which term refers to one party sending a message to another party?

sender

Which of the following is a group of retail businesses built on a site that is planned, developed, owned, and managed as unit?

shopping center

what is the name for the shopping practice of coming into retail stores to check out merchandise and prices but instead buying from online-only rival?

showrooming

promotion mix is best defined as the____________

specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships

A superstore is a _____________________.

store that offers a large assortment of routinely purchased food products, nonfood items, and services

a______ is large, low-cost,low-margin, high-volume, self service store that carries a wide variety of grocery and household products.

supermarket

which term refers to pricing that starts with an ideal selling price, then target costs that will ensure that the price is met?

target costing

high absolute cost is a limitation of_______________.

television

the advertising budget is__________.

the dollars and other resources allocated to promote a product or a company

what does the experience curve illustrate?

the drop in the average per unit product cost that comes with accumulated production experience

decoding refers to_____________

the process by which the receiver assigns meaning to the symbols encoded in the message

selective distribution is_____________.

the use of more than one but fewer than all of the intermediaries who are willing to carry the company's products

The______________step in value-based pricing is determining the costs that can be incurred.

third

setting the price based on cost is the______ step in cost-based pricing.

third

Which term refers to an independent logistics provider that performs any or all of the functions required to get a client's product to market?

third-party logistics provider

____________are the sum of fixed and variable costs for any given level of production.

total costs

a corporate chain is best defined as__________.

two or more outlets that are commonly owned and controlled

____________is attaching specific features and services to differentiate a company's offers.

value-added pricing

______________vary directly with the level of production

variable costs

_________ sell primarily to retailers and provide a full range of services.

wholesale merchants

what is the name for all the activites involved in selling goods and services to those buying for resale and business use?

wholesaling