Principles of Marketing test 3 (warm ups)

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What is a vertical marketing system​ (VMS)?

A channel arrangement in which​ producers, wholesalers, and retailers act as a unified system

Which of the following statements is correct regarding price​ changes?

A company that wishes to dominate a market could potentially do so by lowering its prices.

Marketers now have access to fragmented media and promotion mixes to reach diverse audiences. To ensure these are coordinated and​ organized, what must marketers​ do?

Adopt the concept of integrated marketing communications

Which of the following statements is correct regarding marketing communications​ today?

Advertisers are now able to engage smaller customer segments with more​ personalized, interactive content.

What are the four steps to designing marketing​ channels, in the correct​ order?

Analyzing consumer​ needs, setting channel​ objectives, identifying major channel​ alternatives, and evaluating the alternatives

Which of the following statements is true regarding channel​ organization?

Channel members are dependent on each other for the overall success of the channel.

Which of the following identifies the six major sales force management steps in the correct​ order?

Designing sales force strategy and​ structure, recruiting and selecting​ salespeople, training​ salespeople, compensating​ salespeople, supervising​ salespeople, and evaluating salespeople

Which of the following statements regarding marketing logistics is​ true?

Logistics should provide a targeted level of customer service at the least cost.

Marketing channels perform many key functions. Which of the following is NOT one of those key​ functions?

Manufacturing

Which of the following statements about personal selling is​ correct?

Many customers are unable to distinguish the salesperson from the company.

What are the two major elements of advertising​ strategy?

Message decisions and media decisions

​_______ is the use of​ online, mobile, and social media to engage​ customers, build stronger customer​ relationships, and augment sales performance.

Social selling

Marketers must consider external considerations in establishing pricing. Which of the following represents those external​ considerations?

The nature of the​ market, demand, and environmental factors

Marketers use three major pricing​ strategies: _____________.

customer​ value-based pricing,​ cost-based pricing, and​ competition-based pricing

Personal selling can be very effective in complex selling situations because it involves​ ________ interactions and engagement between salespeople and individual customers.

interpersonal

A​ company's pricing strategy is affected by internal factors such as​ __________.

overall marketing​ strategy, objectives, marketing​ mix, and organizational considerations

Most companies today see their intermediaries as​ first-line customers and focus on​ ________ to forge​ long-term relationships with channel members.

partner relationship management

Companies use​ _________ to build good relations with​ consumers, investors, the​ media, and their communities.

public relations

Closing a sale with a particular customer is a​ short-term ________​ orientation, but the selling process must also take a​ ________ orientation and look at the long term.

​transactional; relationship

The four major functions of marketing logistics are​ ____________.

​warehousing, inventory​ management, transportation, and logistics information management

Which of the following statements is correct regarding supply chains and the value delivery​ network?

A​ company's channel decisions directly impact all other marketing decisions.

A skimming pricing strategy is most likely to succeed for which of the following​ conditions?

Competitors should not be able to enter the market quickly.

Of the​ following, which is NOT one of the​ product-mix pricing​ situations?

Penetration pricing

A​ mega-retailer opens a store in a new area. They charge prices that are below cost to drive local stores out of business. This retailer has engaged in which of the​ following?

Predatory pricing

At which step of the selling process does the salesperson tell the​ "value story" to the​ buyer, showing how the​ company's offer solves the​ customer's problems?

Presentation

Which of the following statements is true regarding the selection of qualified channel​ members?

Producers vary in their ability to attract qualified marketing intermediaries.

Price ceilings are set by customer perceptions of the​ product's value. Which of the following sets the floor for the price that a company​ charges?

Product Cost

​Stories, sponsorships,​ events, and webpages are a part of which type of promotional​ tool?

Public relations

What are the four important decisions made when developing an advertising program in​ order?

Setting​ objectives, setting the​ budget, developing​ strategy, and evaluating effectiveness

Which of the following statements about public relations is​ correct?

The lines between advertising and public relations are becoming more blurred.

​________ are the four promotion mix tools used by marketers to communicate customer value.

​Advertising, public​ relations, personal​ selling, and sales promotion

Which of the following are four the major types of sales promotion​ tools?

​Consumer, trade,​ business, and sales force

Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market​ share?

​Market-penetration pricing

When competitors set prices by talking with each​ other, they are engaging in which of the​ following?

​Price-fixing

When Microsoft or Apple sells software as a​ package, it is engaging in what type of​ pricing?

​Product-bundle pricing

​___________ are promotional tools that can be used to attract consumers.

​Rebates, coupons, price​ packs, and samples

Marketers adjust prices based on​ ________ pricing, whereby different customers pay different prices for the same product or service.

​customer-segment

When designing marketing​ channels, companies must determine the number of channel members to use at each level. The three strategies that are available to do this are​ ________ distribution.

​intensive, exclusive, and selective


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