Marketing exam 3 review
On the S-shaped curve, which of the following is on the horizontal axis? Response Amount of advertising spending Demand Supply
Amount of advertising spending!
Why is price fixing illegal? Because it will lower the entry barrier The product may be in high demand Because the companies can collaborate and create a form of monopoly Because it encourages competition
Because the companies can collaborate and create a form of monopoly!
Those that produce and share online content are called: Creators Critics Collectors Specialists
Creators!
How should companies respond to what is being said about them? Engage in social media monitoring Evaluate data Companies should not respond to what's being said about them Companies should hide the negavtive comments
Engage in social media monitoring!
Where the supply curve and the demand curve meet, is called: Elasticity Equilibrium Inelasticity Breakeven
Equilibrium!
When the freight cost component is high, the seller may want to use ________. FOB pricing Uniformed delivered pricing Zone based pricing All options are correct
FOB pricing!
What tactic marketers use to make their offers an intriguing part of their buyers' lives? Middle stage Maturity stage Introduction stage Decline stage
Introduction Stage
When consumers get a reward after they purchase the product multiple times, what is this type of consumer promotion called? Coupons Rebates Premiums Loyalty programs
Loyalty programs!
_______________ sites allow users to upload and share media files like pictures and videos. Social networks Media sharing Social news Location-based social networking
Media sharing!
How are successful practitioners adjusting their outlook to the paradigm shift in social media? Continuing their focus on controlling the communication Moderating the ongoing communication The practitioners are not keeping up with the paradigm shift Continuing their practices from traditional media
Moderating the ongoing communication!
In which market structure with very few sellers, the sellers have to price their product at a going rate? Pure monopoly Pure competition Oligopoly Monopolistic competition
Oligopoly!
Spotify offers streaming services for free; but with additional cost, consumers have access to Hulu. What consumer promotion is Spotify using? Coupons Loyalty programs Premiums Point-of-purchase promotion
Premiums!
When the companies get together to set a higher price, it is called ___________________. Price fixing Price discrimination Price bias Predatory pricing
Price fixing!
A company is using ___________ when charging a high price when introducing the product, and then lowering the price after some time. Premium pricing Price skimming Value pricing Penetration pricing
Price skimming!
In what type of pricing are prices set with an exclusive eye on profits? Profit maximization Breakeven pricing Targeted return on investment Markup
Profit maximization!
Which of the following is not a category of media? Owned Earned Received Paid media
Received!
Which of the following is an example of social media news sites? YouTube Tumblr Reddit Foursquare
Reddit!
_______________ allow users to share their opinions on their experiences are: Review sites Virtual worlds Online gaming Social news sites
Review sites!
What tactic marketers use to make their offers an intriguing part of their buyers' lives? Social media Sales promotions Public relations Personal selling
Social Media!
Why is it essential to implement and monitor the strategies in social media? Social media can be very fluid in nature Social media is easy to monitor Social media is easy to evaluate Social media does not need to be monitored
Social media can be very fluid in nature
How do marketers measure the efficacy of social media? Mind mapping Network mapping Social media matrixes Technical measurements
Social media matrixes!
What tool provides easy access to company news? Sponsorships Social media Product placement Advertisement
Social media!
A formal document that outlines how the company will deliver is called: Leads Qualifying leads Sales proposal Follow up
sales proposal!
What is the cost per contact? The cost of reaching each person in the audience The cost of allocating resources The cost of reaching each supplier The ability to generate interest in the audience
The cost of reaching each person in the audience!
Which of the following is not a decision to make in the context of selecting media for advertising? The cost of media The media mix The media schedule The political leaning of media
The political leaning of the media !
Costs that vary in proportion to changes in the level of activity are: Variable Fixed Variance Margin
Variable!
What is zapping of commercials? When the audience skips commercials When the audience watches commercials When the audience fast-forwards the commercials When the audience doesn't pay attention to the commercials
When the audience skips commercials!
Which of the following is not a step in CRM? Identifying customer relationships Understanding interactions with current customers Capturing customer data Deleting old data every year
Deleting old data every year!
Costs that remain the same in total dollar amount as the activity base changes are: Variable Fixed Variance Margin
Fixed!
What is pull strategy? Manufacturers try to appeal to the end consumers directly Manufacturers try to get channel members to sell their products more aggressively Manufacturers try to influence the suppliers Retailers try to appeal to their consumers
Manufacturers try to appeal to end consumers directly!
How does one calculate the return on investment? Net profits after taxes divided by total investment Total investment divided by net profits after taxes Revenue minus costs Sales times units sold
Net profits after taxes divided by total investment!
A travel company sometimes may sell not only airline tickets, but also provide car rental and hotels booking services. This is an example of: Two-part pricing Bundling Loss leader pricing Versioning
Bundling!
What is generating leads? Creating a list of prospects who may have an interest in purchasing the product Creating a list of prospects who will like to work in the company Creating a list of suppliers who are willing to provide raw materials Creating a list of manufacturers willing to produce the product
Creating a list of prospects who may have an interest in purchasing the product!
What does the DAGMAR approach stand for? Defining accounting goals Distributing accounting goals Defining advertising goals Distributing advertising goals
Defining advertising goals!
Which of the following is a responsibility for sales management? Qualifying leads Handling objections Follow up Defining sales goals
Defining sales goals
Which step provides the opportunity for a company to impress on the buyers the value of its offerings? Generating leads Qualifying leads Approaching the customers Developing and proposing solutions
Developing and proposing solutions!
What does newer thinking in personal selling emphasize? Developing relationships with the buyers Developing new products Developing relationships with the suppliers Increasing profits
Developing relationships with the buyers!
What is the problem with following the percentage change method? During a downturn in sales, this method would reduce the advertising budget During a downturn in sales, this method would increase the advertising budget During an upturn in sales, this method would decrease the advertising budget During an upturn in sales, this method would increase the advertising budget
During a downturn in sales, this method would reduce the advertising budget!
If a company is hiring new people, what social media platform should they advertise the position to be most effective? Facebook Twitter YouTube LinkedIn
LinkedIn!
Which step helps marketers understand how social media is being used? Listen to customers Set social media objectives Define strategies Define activities
Listen to customers!
In ______________, retailers sell a product at a low price, with the hopes of making up the profit from the sales of other products. Two-part pricing Price bundling Loss leader pricing Versioning
Loss leader pricing!
What goods may have higher demand if they have a higher price? Luxury goods Necessary goods Normal goods Substitute goods
Luxury goods!
How should companies solve the high turnover of salespeople? Make an extra effort to select the appropriate people Provide higher compensation Define sales goals that are easy to accomplish Have more social events
Make an extra effort to select the appropriate people
Why do salespeople have a high turnover at the beginning of their careers? Sales performance can be clear in a very short period Sales performance is not clear for a very short period Sales performance is not clear in the long run Sales performance is clear in the long run
Sales performance CAN be clear in a very short period
Which of the following is not the type of data companies need to capture? Personal data Online interactions Exposure to advertising Personal interactions
Personal data!
What is revenue? Price times sales Price times units Sales times profits Profits times price
Price times unites!
What form of communication persuades buyers with short-term goals? Promotions Advertising Publicity Customer satisfaction surveys
Promotions!
The aim to impact public attitudes and execute programs, which are not paid for explicitly, to gain their understanding and acceptance is: Public relations Advertising Retail relations Supplier relations
Public relations!
If customers buy two packs of coke cans, they will get 20% off. Which promotion method is being used? Quantity discount Cash discount Trade allowance Rebate
Quantity discount!
If a retailer does not want to carry its leftover inventory to the next year, which discount method should be used? Quantity discount Trade discount Seasonal discount All options are correct
Seasonal Discount!
What is ideal for personal selling? Large customers Small customers When demand exceeds supply When supply exceeds demand
Small customers!
What type of brands can use comparative advertising more effectively? High-end brands Luxury brands Smaller brands Established brands
Smaller brands!
In which stage is advertising likely to emphasize building preference for the brand? Introduction Growth Maturity Decline
Growth!
Why is the supply curve upward sloping curve? Higher prices induce the sellers to create additional supply Lower prices induce the seller to create additional supply The higher the prices, the more likely consumers will buy The higher the prices, the less likely consumers will buy
Higher prices induce the sellers to create additional supply!
What is the goal of advertising in the long run? Improve goodwill Increase sales Decrease expenses Improve relationships with customers
Increase sales!
Which of the following is likely to happen in the very early stages of the product life cycle? Intensive distribution Premium pricing Informative communication Persuasive communication
Informative Communication!
What does face-to-face communication aim for? Informing and influencing customers to increase sales Convincing customers to get a membership Reminding customers about the company's products Encouraging customers to be receptive towards higher prices
Informing and influencing customers to increase sales!
For big purchases and business markets, which promotional mix element would be more effective? Advertising Social media Personal selling Sales promotions
Personal Selling!
Which of the following is not a social media matrix? Buzz Interested Participation Asana
Asana!
How can a company impress on its consumers that they should buy its products? By using marketing channels By lowering its prices By selling the highest quality products By using marketing communication
By using marketing communication!
Which of the following discount method is typically used for business customers? Quantity discount Cash discount Trade allowance Rebate
Cash discount!
What is the benefit of sales-oriented pricing? Companies with the highest sales can claim leadership status in the marketplace Inventory is kept to a minimum It maximizes profits It ensures that no losses are made
Companies with the highest sales can claim leadership status in the marketplace!
What is comparative advertising? Comparing two or more brands Differentiating two or more brands Focusing on one brand Promoting multiple brands
Comparing two or more brands!
Which of the following is not a type of media? Newspapers Magazines Television Content of the advertisement
Content of the advertisement!
What is the main focus of a promotional strategy? Convince buyers that the product has a competitive advantage Convince buyers that the product is exclusive Promote the product whether or not it is appealing to the buyers Understand the buyers' wants and needs
Convince buyers that the product has a competitive advantage!
Which of the following is not a benefit of selling the product at a lower price? Create economic of scale Create a shortage in the market Increase purchase volume Penetrate the market more easily
Create a shortage in the market!
A company assigns a fixed percentage of its revenue for its advertising budget in what type of method? Change of sales Percentage of sales Percentage improvement in sales Percentage of growth
Percentage of Sales!
Tesla automotive company uses a parent brand name for all of its products. What type of advertising is Tesla following? Pioneer Competitive Comparative Institutional
Institutional!
Companies create a centralized database that can be shared by everyone. This is called: Knowledge management Customer relationship management Supply chain management Information management
Knowledge management!
Products such as home goods, clothing, furniture are usually sell in a(n) ___________ market structure. Pure monopoly Pure competition Oligopoly Monopolistic competition
Monopolistic Competition!
Which of the following is false about price skimming strategy? Can be used when selling durable goods Sellers can maximize profit Supply usually exceeds demand There will be repeat purchase in the short run
Supply usually exceeds demand!
Which of the following is illegal price discrimination? The museum ticket is cheaper for children Movie tickets are cheaper for premium members The "I love NY" products costs more for a foreigner compared to locals When a bar provides free drinks at "ladies night."
The "I love NY" products costs more for a foreigner compared to locals!
Which of the following is false about monopoly? It is considered illegal The sellers watch their competitors very closely It is not good for the consumer The seller can charge any price
The sellers watch their competitors very closely
What happens at the beginning of the S-shaped curve when the product is advertised? The response is negative The response is relatively strong None of these options is correct There is not much impact on sales
There is not much impact on sales!
Which of the following is a common promotion directed at channel members? Coupons Premiums Rebates Trade allowance
Trade allowance!
