marketing exam 3 quiz questions
which of the following pricing strategies considers market offerings?
competition-based pricing
aaron has just won an online auction for a vintage action figure. which of the following classifies the type of online marketing in which aaron was taking part?
consumer-to-consumer
which of the following, if true, would strengthen the older members of the marketing team's argument?
printed catalogs create emotional connections with customers
a cable company offers deals to customers who purchase their internet service, telephone service, and television services through the company. this best demonstrates which of the following types of product mix pricing?
product bundle pricing
new-product development includes all of the following steps, except which one?
product maturity
a food manufacturer offers its consumers three major product groups: carbonated beverages, baked goods, and candy products. this best demonstrates which of the following aspects?
product mix
which of the following scenarios demonstrates an internal factor of pricing?
a bicycle manufacturer charges a high price for its product because it only produced a small number
an airline wants to improve communication with their customers and has access to customers suggestions and feedback. the idea is for customers to share their thoughts and permit other customers to see what is written. what is the best option for the airline?
a blog
which of the following best demonstrates the company's response to price changes of launching a fighter brand?
a coffee company creates a sister-company that offers delicious fast-food coffee at a more reasonable price than it already offers
which of the following scenarios best demonstrates the marketing channel management function of managing channel members?
a household chemical cleaning company works together with a large retailer to discover what customers are looking for. this partnership enables both companies to improve customer satisfaction
which of the following is most likely a false example of price's role in the marketing mix?
a manager of an automobile company ignores revenue as a basis for measuring customer satisfaction and market share
a recent business study reports that the more identifiable a product's brand is, the more likely that product is to sell. which of the following statements, if true, strengthens the study's claim?
a poll asked buyers to select their favorites from a variety of products and 80% of those polled selected brand names
ross brennan is the owner of a large nursery. the nursery has always maintained a positive reputation. lately, ross has been inundated with customer complaints about the quality of his fruit trees, prompting him to contact their supplier. after a bitter argument, the tree supplier reveals that the nursery employees' abusive treatment to the supplier's employees has caused a decline in the morale between it and the nursery. this resulted in the supplier purposefully sending ross dying trees. ross becomes furious and threatens to terminate the contract if the tree quality does not improve and requests a lower price as the cost of the betrayal. which of the following can be concluded from the scenario?
a poor relationship between the nursery and its tree supplier endangered both of their businesses
what is the most important conclusion that can be drawn from this situation from a business standpoint?
a positive working relationship and open communication between a company and its supplier are important to customer satisfaction
in order for market-penetration pricing to work, all of the following conditions must be present, except which one?
a product's image must be great enough to make buyers purchase it
which of the following, if true, supports the decision to maintain higher prices for better quality?
aubrey's customer-base has not changed since the economy began to decline
how are price-fixing and price gouging similar?
both benefit a company at the expense of its customers
what does setting product line pricing have in common with launching fighter brands?
both offer different priced items of a similar product
what do test marketing and business analysis have in common?
both review a product
what do product quality and the service profit chain have in common?
both strive for customer satisfaction
what does a contractual vertical management system have in common with third-party logistics providers?
both utilize independent firms
an athletic shoe company promotes its new basketball shoe on all the major sports channels by emphasizing its ability to increase athletic performance using innovative support and comfort. this best illustrates which of the following aspects of brand decisions?
brand positioning
companies that make products that must be used along with a main product are using which of the following?
captive product pricing
a store offers customers freshly prepared foods, coffee drinks, and toiletries for men, women, and children 24 hours a day, seven days a week. this best demonstrates which of the following types of retailer?
convenience store
all of the following situations may lead to price cuts, except which one?
cost inflation
a computer company pays more for certain aspects of its products and therefore charges customers $1000 more for these products than its competitors. this best illustrates which of the following methods to pricing?
cost-based pricing
which term refers to including a standard markup to the cost of a product?
cost-plus pricing
a toy manufacturer develops a system that allows children to submit toy ideas for the christmas season. this best demonstrates which of the following elements of product development?
crowdsourcing
which of the following is a collection of information about customers or prospects, including geographic, demographic, psychographic, and behavioral data?
customer database
which of the following conclusions would be supported by michelle's argument?
customers value a superior experience over lower prices
which of the following occurs when a seller states prices or price savings that mislead consumers?
deceptie pricing
a company has just completed a 30 minute infomercial for a new cleaning product. this is an example of which type of marketing?
direct-response television marketing
the cutting out of marketing channel intermediaries by product or service producers is known as which of the following?
disintermediation systems
which of the following is a set of interdependent organizations that help make a product or service available for use or consumption by a consumer?
distribution channel
marketing channel management calls for all of the following except which one?
distribution through channel members
james is shopping for a pearl necklace for his wife's anniversary gift. he has never shopped for jewelry before and is admittedly uneducated about precious stones. he is unsure where to start his search. he wonders if he should browse the section at a local department store or if he should go to a specialty jewelry store. which of the following, if true, strengthens the decision for james to shop at a department store?
eighty-five percent of department stores offer lower prices than specialty stores
all of the following are external idea sources for new-product ideas except:
employees
which of the following, if true, strengthens the decision for james to shop at a specialty store?
employees at specialty stores receive extensive product trading to inform buyers
a designer brand of denim jeans only allows its jeans to be sold in a few high-end retailers in addition to its own stores. this best demonstrates which of the following types of distribution?
exclusive distribution
an inventor develops a clothing product that is virtually a blanket with sleeves so that it can be worn. the blanket's sales skyrocket immediately after being commercialized, but one year later the company goes bankrupt. this best demonstrates which of the following product aspects?
fad
which of the following is defined by temporary periods of unusually high sales?
fads
aubrey is the owner of a downtown coffee shop. like many businesses, the current economy has prompted aubrey to reevaluate her pricing strategy. she is trying to decide if she should lower her prices and in turn, lower the quality of her products, or if she should continue offering customers higher quality for a higher price. which of the following, if true, supports the decision to lower prices?
fifty-five percent of customers are willing to sacrifice quality to save money
a retail company needs to pay rent, utilities, and salaries even though it has not met its sales goals. this group of bills best illustrate which of the following?
fixed costs
a growing company is in the process of compiling a customer database. which of the following classifies what information should be included?
geographic, demographic, and behavioral data of its customers
walmart's promise of everyday low prices is an example of which pricing method?
good-value pricing
the increase in retailers adopting environmentally sustainable practices is known as which of the following trends in retailing?
green retailing
in which stage of a product's life cycle do sales start to climb quickly?
growth
which of the following stages helps spot good ideas and drop poor ones as soon as possible?
idea screening
which of the following statements, if true, weakens the study's claim?
in last year's sales, brand name and generic products sold almost exactly the same
which of the following conclusions would be supported by arnie's argument?
in the current economy, customers are looking to save money
a wholesaler offers toy manufacturers credit opportunities to help with the developing of new toys. this best demonstrates which of the following types of wholesaler?
industrial distributors
don purchases lawnmowers for use in his landscaping company. this best demonstrates which of the following products?
industrial products
which of the following products are purchased for further processing?
industrial products
an associate for an electronics company develops a list of shipping companies and their prices, and then compares them to expected consumer sales to help develop a potential sale price for a future product. this best demonstrate which of the following functions performed by marketing channel members?
information
which of the following stocks a product in as many outlets as possible?
intensive distribution
which of the following best describes the fruit tree supplier's fault in the scenario?
it acted unprofessionally by not reporting the poor conduct
how does marketing channel management differ from marketing channel design?
it focuses on channel members
what does social marketing focus on that internal marketing does not?
it focuses on external issues
a grocery wholesaler sends out a monthly newsletter to all of its customers that lists all of its new products and compares their prices to other grocers. this best demonstrates which of the following functions of wholesalers?
market information
a clothing company known for trendy attire enters a new market and prices all of its items at 50% off their normal prices. in turn, customers respond quickly. this best demonstrates which of the following types of pricing?
market-penetration pricing
an automobile manufacturer determines the type of customers it should target with a new car, decides to sell the car for $15,000, and estimates how many it will sell in the first year of sales. this description best demonstrates which of the following?
marketing strategy development
which of the following best explains michaels position?
michael dos not believe that customer insight should direct new product design.
a computer company known for its innovative technology has been selling its products through its own stores for years. in order to gain more customers, the company begins selling the products online and through a large retailer as well. this best demonstrates which of the following marketing systems?
multichannel distribution system
a clothing store temporarily sells its new line of products in other department stores in order to reach a larger amount of customers. this best demonstrates which of the following retailing trends?
new forms for retail
which of the following is a general retailer that buys at less-than-regular wholesaler prices and sells at less than retail?
off-price retailer
a market that consists of only a few large sellers is known as which of the following?
oligopolistic competition
which of the following defines consumer-to-business online marketing?
online exchanges in which consumers search out sellers, learn about their offers, and initiate purchases
hansberry clothing inc. is a large chain of stores that offer men's, women's, and children's apparel. based in the midwest, the company has enjoyed a great deal of financial success over the past few years. the company recently hired a new marketing manager who has suggested that the company do away with its printed catalog campaign. he feels that because of the success of hansberrh's newest digital catalogs, the printed catalogs are unnecessary. older member son the marketing team disagree and feel that the printed catalogs are still quite useful for the company. which of the following statements would the new marketing manager be least likely to agree with?
paper catalogs create emotional connections that digital catalogs cannot
a grocery store wishes to keep costs down, so it chooses to build its stores in areas that have low-rent and are located in a number of different neighborhoods. this best demonstrates which of the following marketing decisions?
place decisions
the sum of all the values that customers give up to gain the benefits of having or using a product or service is known as which of the following?
price
a measure of the sensitivity of demand to changes in price is known as which of the following?
price elasticity
a group of administrators from household cleaning supply manufacturers meet on an annual basis to discuss pricing differences and limits on sales. this best demonstrates which of the following illegal pricing acts?
price fixing
during the months of november and december, a clothing store offers a limited-time only sale on different items every week to increase holiday sales. this best demonstrates which of the following types of product adjustment?
promotional pricing
which of the following help clients obtain the best goods and prices available?
purchasing agents
which term refers to the characteristics that bear on a product's ability to satisfy stated or implied customer needs?
quality
which of the following are the largest, most dramatic shopping centers in modern times?
regional shopping mall
which of the following focuses solely on reusing, recycling, refurbishing, or disposing of broken products?
reverse logistics
jessica stays at a small hotel every time she is in chicago and receives such great service that she tells all of her family members to do the same. this best demonstrates which of the following links of the service profit chain?
satisfied and loyal customers
shopper marketing is most similar to which of the following wholesaler functions?
selling and promoting
which of the following service characteristics states that services cannot be stored?
service perishability
which of he following scenarios demonstrates the maturity stage of a product's life cycle?
shortly after a burst in sales, profits from a toy manufacturer's doll level off
airline executives arnie and michelle are brainstorming ways for their airline to compete in a faltering economy. arnie recommends cutting services in order to slash prices. he thinks that customers care more about price than they do amenities like comfortable seats, free internet, and meal service. michelle takes a different approach. she sees competitors cutting services or raising fees for the same services. michelle wanted to differentiate their airline by offering luxurious amenities at a slightly higher cost. which of the following best represents the point of issue between arnie and michelle?
should the airline cut services in order to cut prices or offer more services for higher prices?
skylar is a new executive at a computer development firm who wants to use social media to gather customer insight that might influence new product design. another executive, michael, feels that new product development should be determined by the internal experts, not the customers. which of the following questions best summarizes the debate between skylar and michael?
should the company use customer insight or in-house expertise for new product design?
the marketer of a new candy bar wants to measure consumer responses to the product's packaging and logo in a laboratory store. Which of the following is the marketer most likely using?
simulated test market
jennifer travels a great distance to purchase a new rolls royce bentley because they are not sold anywhere near her home. the bentley best demonstrates which of the following types of products?
specialty product
which of the following statements about international product and services marketing is most likely true?
standardization enables firms to maintain a consistent worldwide image
a brand created and owned by a reseller is known as which of the following types of brand?
store brand
a computer company wants to offer a new laptop for only $500 that is suitable for students. after making this decision, the company determines the product design. this best illustrates which of the following?
target costing
which term refers to setting a price based on a planned profit sought by the firm?
target return pricing
which of the following marketing approaches consists of the use of phone banks to sell directly to customers?
telemarketing
which of the following, if true, would strengthen the new marketing manager's argument?
the digital catalogs contain the same information as the printed versions
what do wholesalers perform that retailers do not?
they sell to stores
all of the following questions would help validate the study, except which one?
to which brands are customers drawn?
a furniture retailer hires truck driver to deliver furniture orders to customers because they find it to be cost effective. this best demonstrates which of the following logistics functions?
transportation
the geographical pricing strategy in which a company charges the same price plus freight to all customers, regardless of their location, is known as which of the following?
uniform-derived pricing
which of the following are products that consumers either do not know about or would not normally purchase?
unsought products
a wholesaler-sponsored group of independent retailer engaged in group buying and merchandising is known as which of the following?
voluntary chain
all of the following questions would be relevant to consider before michael and skylar make a decision regarding internal and external idea sources, except which one?
what other external factors are effective eat providing input of new product design?
in choosing a retailer, james should consider all of the following questions, except which one?
what type of pearl does he prefer?
in making her decision, aubrey should consider all of the following questions, except which one?
what would be the response to promotional pricing?