Ch 14

Which is qualitative forecasting?

A pharmaceutical company asks its sales force to predict the sales of a particular drug over the next six months

Personal training is your life, but you haven't increased your hourly rate since you started six years ago. You're still charging $50 an hour, when you really should be charging $80, given the excellent results you get. Based on what you know about the various factors that influence elasticity of demand, you:

Aren't sure how elastic demand is, which means it would be best to raise your prices incrementally over the next year

During your vaction you have the luxury of time to reflect on your workday pattern of coffee consumption. Looked at from a marketing perspective, which action could you choose to show that your demand is more elastic?

Discovering that you enjoy the taste of the competitor's coffee

Which of the following terms represents the measure of responsiveness of purchasers and suppliers to a change in price?

Elasticity

Which of the following is true about forecasting technique known as the "Jury of executive opinion"?

Employees at nearly all levels of the organization contribute their opinions which is what makes this technique highly accurate

Demand for the hiking sandals marketed by the SoftShoe Company is highly elastic. As a pricing strategy consultant, you have been hired to help the firm reduce this elasticity. Choose the recommendation you would be least likely to make.

Increase the sandal's price

Which of the following statements is true about the forecasting technique known as "trend analysis"?

It cannot be used to forecast the sales of new products

Which is true of "Sales force composite?"

It is based on the belief that the organizations members who are closest to the marketplace will have the best insights into expected short-term sales

People of rural areas of WV use heating oil to heat homes. Which of the following statements is true about shields pricing tactics

It is legal for Shield to charge slightly more to its customers who live in remote ares where it is difficult to deliver the heating oil

General motors introduced the saturn. It priced the SL sports sedan at $2000 less than the Toyota Corolla and $1500 less than comparable nissan. This is an example of ____ pricing

Penetration

In the absence of other cues

Price is an important indicator of product quality to consumers

Mens clothing store sells at four prices, the store's retail policy is _____ pricing

Product line

Newly opened seafood restaurant advertises various deals on meal packages and special prices on dinner packages to attract customers. This is an example of ____ pricing

Promotional

The Noble GM car dealership has been in your family for three generations. Your biggest competitor is the massive Royal Honda/Toyota/Kia/Mazda dealership across town. For each of the past eight weeks, you've noticed that the team at Royal has been advertising a couple of brand-new vehicles for about half of their retail sticker prices, a tactic that's attracting all of your potential customers to Royal. What can you do about it?

Report Royal to the state since their loss-leader pricing tactic may be violating the state's unfair trade laws

Many people were surprised when famed discount retailer Walmart started acquiring smaller online retailers such as Bonobos and ModCloth, which are known for selling higher-end fashion at moderate and higher prices. Why would Wal-Mart executives make acquisitions like these? quizle

Walmart executives want to be percieved as a major player in all segments of hte marke from low to high, which they intend to accomplish by eliminating the competition through acquestistions

You're the marketing director for a software development start-up. Your company is only a week away from launching the most forward-thinking new software it has ever developed, and everyone is excited about the product's sales potential. Suddenly, the CEO says you've got to use the Delphi technique to make one more sales forecast before the launch. What do you say to change her mind?

You remind her that the Delphi technique is time - consuming and cant be completed in one week