Marketing part 4
true
True or false: Should a salesperson view objections as requests for more information
elastic
When Apple released the 4S and cut the price of the 4 sales exploded with one million iPhone 4 models sold the first weekend. Demand for the iPhone appears to be:
functional (or trade) discount
When a channel intermediary is compensated for the ordinary services and tasks performed within the channel of distribution, the compensation usually comes in the form of a discount from base price. This discount is called a:
penetration pricing
When a firm introduces a new product at a relatively low price because it hopes to reach the mass market, it is following a strategy. The low price is designed to capture a large share of a substantial market and produce lower production costs.
inelastic demand
When the NES group lowered the price of its professional-grade meat slicers from $2300 to $1125, demand doubled from four units sold per month to eight units per month. However, total revenue dropped. This is an example of:
status quo
When the local Shell station raises or lowers its prices on its gasoline, the Marathon station across the street makes the same changes in its pricing. This is an example of _____ pricing.
price skimming
Which of the following is a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion?
profitably fill unused capacity
Yield management systems are used to:
return on investment
______ is equal to net profit after taxes divided by total assets.
advertising
activities that include television commercial and magazine inserts
develop a list of objectives for its social media team to accomplish
after establishing a listening platform, an organization should:
comparative advertising
an ad in which Dunkin Donuts tells consumers that more "hardworking" people prefer their coffee than the high priced elitist coffee sold at Starbucks is what type of advertising?
sales-oriented
A company using market share pricing has a ____ pricing objective.
price decreases
A graph depicting the demand for vanilla ice cream slopes downward and to the right. This graph indicates that the quantity of vanilla ice cream cones demanded increases as:
the demand for the good and the cost to the seller
Although many factors can influence price, the primary determinants are:
profit maximization
An organization is using _______ when it sets its prices so that the total revenue is as large as possible relative to total costs.
touch points
Apple Inc. has stores, a Web site and a toll-free phone number where consumers can provide valuable info to company in developing CRM. All these possible areas of the company where consumers can communicate with the business are called:
sales maximization
As a short-term pricing objective, _____ can be effectively used on a temporary basis to sell off excessive inventory.
continue manufacturing
As long as the revenue of the last unit produced and sold is greater than the cost of the last unit produced and sold, a firm should:
Defining Advertising Goals for Measured Advertising Results
DAGMAR is an acronym for:
goes down; goes up
If price______ and revenue______, demand is elastic.
benefits; attributes
In advertising, the goal is to sell the ______, not the _____of a product
status quo pricing
JCPenney sends representatives to shop at similar retailers to make sure it is charging comparable prices for its products. JCPenney probably uses a ______ strategy.
product advertising
Kia Motors runs television ads that encourage the purchase of their Kia Soul compact car
combine the fun of social networking with the utility of location-based GPS technology
Location-based social networking sites:
institutional advertising
designed to enhance a company's image rather than promote a particular product
unique selling proposition
desirable, exclusive, and believable advertising appeal selected as the theme for a campaign
price minus the average variable cost
fixed cost contribution equals:
decreases; grows
generally speaking, personal selling becomes more important as the number of potential customers______ and as the value of the product _________.
buying power
having both the authority to make the purchase decision and the funds to pay for it
the practice of marking up prices by 100 percent
keystoning
bring to light unknown brand flaws
one reason why negative customer comments and complaints are important to an organization is that they can:
the products being sold are technically complex
personal selling is more important than advertising and sales promotion if:
types of product advertising
pioneering advertising, competitive advertising, and comparative advertising
knowledge management
process by which learned info from customers is centralized and shared in order to enhance the relationship btwn customers and the organization
multistage, empathy
relationship selling is a ______ process that emphasizes ________ as a key ingredient in identifying prospects and developing them as long-term, satisfied customers.
admiration
using celebrities to influence consumers to buy the product is an example of which advertising appeal?
media mix
when an advertiser decides how much space and/or time will be placed in each advertising medium the company wants to use, the advertiser is determining its:
can use a message customized to the immediate needs of the customers
when compared to other forms of promotion, personal selling:
equilibrium
when the price of a product is set at a level where demand and supply are the same, price ______ has been achieved.
the typical online gamer is a 43-year old woman with a full-time job and college education
which of the following statements about online gaming is CORRECT?
to achieve a certain minimum level of exposure to measurably affect purchase habits
why do companies with new brands that have a small market share tend to spend proportionately more for advertising and sales promotions compared to those with a large market share for existing products?
elastic
The greater the number of different uses for a product, the more_______demand tends to be.
markup
The most popular method used by wholesalers and retailers in establishing a sales price is
unbundling
Tickets to a combined amusement park and water slide were $49 for the day. Then the company gave customers the option to purchase tickets for either the amusement park or the water slide for $18. To help keep costs in line, the park management also began charging its customers a small parking fee. Initially, the cost of parking was figured into the $49 price. The amusement park is using:
wheat bread
Demand for which of the following products or services is most likely inelastic?
learn as much as possible about the prospects organization and its buyers
During the preapproach, the salesperson would:
cross-selling
Every time Barry orders running shoes from Road Runner Sports, the operator on the phone always tries to sell him something in addition to the shoes he ordered, such as socks or other apparel. This is an example of:
managers attempt to buy market share through aggressive pricing, but the cuts are quickly met by competitors, which wipe out any gain in market share
Sometimes managers price their products too low, resulting in a loss of company profits. One reason this happens is that:
protect small local firms from giant companies that operate efficiently on razor-thin profit margins
States developed unfair trade practice acts to:
