mark 332 exam 3

A(n) __________ is salespeople who conduct business from their offices via telephone, the Internet, or visits from prospective buyers. product sales force structure territorial sales force structure inside sales force customer sales force structure

inside sales force

A(n) __________ is a channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, perhaps even at the expense of profits for the system as a whole. indirect marketing channel marketing channel direct marketing channel conventional distribution channel

conventional distribution channel

__________ is the third step in value-based pricing. Assessing the customer needs and value perceptions Determining costs that can be incurred Setting a target price to match the customer's perceived value Designing products to deliver the desired value at a target price

Determining costs that can be incurred

The new product pricing strategy of ______ means the initial price is set high. Captive-product pricing Market-penetration pricing Product line pricing Market-skimming pricing

Market-skimming pricing

The purpose of _______ is to build selective demand. informative advertising reminder advertising advertainment persuasive advertising

persuasive advertising

With ________, the price is used to say something about the product. psychological pricing promotional pricing segmented pricing dynamic pricing

psychological pricing

__________ is a sales promotion tool used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to customers. Event marketing A business promotion A consumer promotion A trade promotion

A trade promotion

__________ is setting a low price for a new product in order to attract a large number of buyers and a large market share. Captive-product pricing Product line pricing Market-penetration pricing Market-skimming pricing

Market-penetration pricing

__________ is a measure of the sensitivity of demand to changes in price. Demand curve Price elasticity Target costing Total costs

Price elasticity

__________ is setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices. Market-penetration pricing Market-skimming pricing Captive-product pricing Product line pricing

Product line pricing

__________ is attaching features and services to differentiate a company's offers and charging higher prices. Customer value-based pricing Price Value-added pricing Cost-based pricing

Value-added pricing

__________ is/are costs that vary directly with the level of production. Total costs Target costing Fixed costs Variable costs

Variable costs

__________ sell primarily to retailers and provide a full range of services. Industrial distributors Limited-service wholesalers Full-service wholesalers Wholesale merchants

Wholesale merchants

Personal selling __________. a standard that states the amount a salesperson should sell and how sales should be divided among the company's products using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts consists of interpersonal interactions with customers and prospects to make sales and maintain customer relationships analyzing, planning, implementing, and controlling sales force activities

consists of interpersonal interactions with customers and prospects to make sales and maintain customer relationships

A(n) __________ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user. conventional distribution channel indirect marketing channel marketing channel direct marketing channel

marketing channel

The __________ is setting the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price. affordable method objective-and-task method percentage-of-sales method competitive-parity method

percentage-of-sales method

Choosing locations that are accessible to the target market in areas that are consistent with the retailer's positioning is an example of a __________. place decision product assortment and services decision price decision promotion decision

place decision

A __________ is a group of independent retailers who jointly establish a central buying organization and conduct joint promotion efforts. voluntary chain franchise organization retailer cooperative corporate chain

retailer cooperative

__________ is a sales promotion tool used to boost short-term customer buying and involvement or enhance long-term customer relationships. A business promotion A consumer promotion A trade promotion Event marketing

A consumer promotion

__________ is a sales promotion tool used to generate business leads, stimulate purchases, reward customers, and motivate salespeople. Event marketing A trade promotion A business promotion A consumer promotion

A business promotion

__________ is a promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product. A pull strategy A push strategy Brand content management An advertising strategy

A pull strategy

__________ represents a company to customers by performing one or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building. Sales force management A salesperson Personal selling Team selling

A salesperson

__________ is a retailer whose product line is actually a service; examples includes hotels, airlines, banks, and colleges. A service retailer A retailer A discount store A superstore

A service retailer

__________ performs any or all of the functions required to get a client's product to market. A third-party logistics provider Marketing logistics Supply chain management Integrated logistics management

A third-party logistics provider

__________ is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor. Personal selling Advertising Sales promotion Public relations

Advertising

__________ is the sales step in which a salesperson meets the customer for the first time. Presentation Handling objections Preapproach Approach

Approach

__________ is setting a price for products that must be used along with a main product, such as blades for a razor and games for a video-game console. Product line pricing Captive-product pricing Market-penetration pricing Market-skimming pricing

Captive-product pricing

__________ is a layer of intermediaries that performs some of the work in bringing the product and its ownership closer to the final buyer. A multichannel distribution system Multichannel marketing Disintermediation Channel level

Channel level

________ is the sales step in which a salesperson asks the customer for an order. Follow-up Closing Sales promotion Prospecting

Closing

__________ is setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk. Value-added pricing Cost-based pricing Customer value-based pricing Price

Cost-based pricing

__________ is based on a buyer's perceptions of value rather than on the seller's cost. Value-added pricing Good-value pricing Price Customer value-based pricing

Customer value-based pricing

__________ is the fourth step in value-based pricing. Assessing the customer needs and value perceptions Setting a target price to match a customer's perceived value Designing products to deliver the desired value at a target price Determining costs that can be incurred

Designing products to deliver the desired value at a target price

__________ refers to creating a brand-marketing event or serving as a sole or participating sponsor of events created by others. Business promotion Event marketing Trade promotion Consumer promotion

Event marketing

__________ is giving a limited number of dealers the exclusive right to distribute the company's products in their territories. Intensive distribution Exclusive distribution Selective distribution A multichannel distribution system

Exclusive distribution

__________ is offering just the right combination of quality and good service at a fair price. Price Value-added pricing Good-value pricing Customer value-based pricing

Good-value pricing

__________ is the sales step in which a salesperson seeks out, clarifies, and overcomes any customer objections to buying. Handling objections Preapproach Approach Presentation

Handling objections

__________ is the logistics concept that emphasizes teamwork—both inside the company and among all the marketing channel organizations—to maximize the performance of the entire distribution system. Integrated logistics management Marketing logistics Supply chain management Third-party logistics

Integrated logistics management

__________ only offer specific services, like cash and carry wholesalers, truck wholesalers, drop shippers, rack jobbers, producers' cooperatives, and mail-order or web wholesalers. Limited-service wholesalers Full-service wholesalers Wholesale merchants Industrial distributors

Limited-service wholesalers

__________ is the sales step in which a salesperson tells the "value story" to the buyer, showing how the company's offer solves the customer's problems. Approach Presentation Handling objections Preapproach

Presentation

__________ is building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events. Public relations Advertising Sales promotion Personal selling

Public relations

__________ is all the activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use. A service retailer Wholesaling Retailing A retailer

Retailing

__________ is managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers. Supply chain management Integrated logistics management Marketing logistics Third-party logistics

Supply chain management

__________ is/are pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met. Target costing Total costs Variable costs Fixed costs

Target costing

__________ is the steps that salespeople follow when selling, which include prospecting and qualifying, preapproach, approach, presentation and demonstration, handling objections, closing, and follow-up. Sales promotion Closing Follow-up The selling process

The selling process

__________ is/are the sum of the fixed and variable costs for any given level of production. Fixed costs Target costing Variable costs Total costs

Total costs

The __________ is setting the promotion budget at the level management thinks the company can afford. affordable method objective-and-task method percentage-of-sales method competitive-parity method

affordable method

The __________ is setting the promotion budget to match competitors' outlays. competitive-parity method affordable method percentage-of-sales method objective-and-task method

competitive-parity method

Press relations is a function in which companies __________. build and maintain relationships with legislators and government officials to influence legislation and regulation publicize specific products build and maintain national or local community relationships create and place newsworthy information in the news media to attract attention to a person, product, or service

create and place newsworthy information in the news media to attract attention to a person, product, or service

Direct marketing is __________. direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships a short-term incentive to encourage the purchase or sale of a product or service personal presentation by the firm's sales force for the purpose of making sales and building customer relationships any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor

direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships

The __________ creates an imaginary situation around the product or its use. slice of life style fantasy style mood or image style lifestyle style

fantasy style

A __________ is a contractual association between a franchisor (a manufacturer, wholesaler, or service organization) and franchisees (independent business people who buy the right to own and operate one or more business units in the franchise system). corporate chain voluntary chain retailer cooperative franchise organization

franchise organization

A(n) __________ is a marketing channel containing one or more intermediary levels. direct marketing channel conventional distribution channel indirect marketing channel distribution channel

indirect marketing channel

The __________ shows how a product fits in with a particular way of life. slice of life style lifestyle style fantasy style mood or image style

lifestyle style

The __________ shows people or cartoon characters singing about the product. musical style lifestyle style mood or image style fantasy style

musical style

The __________ is developing the promotion budget by 1) defining specific promotion objectives, 2) determining the tasks needed to achieve these objectives, and 3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget. affordable method competitive-parity method percentage-of-sales method objective-and-task method

objective-and-task method

Deciding on either high markups on lower volume or low markups on higher volume is an example of a __________. place decision product assortment and services decision price decision promotion decision

price decision

Deciding on store atmosphere is an example of a __________. promotion decision price decision place decision product assortment and services decision

product assortment and services decision

A(n) __________ is a sales force organization in which salespeople specialize in selling only a portion of the company's products or lines. customer sales force structure an inside sales force territorial sales force structure product sales force structure

product sales force structure

Advertising, personal selling, sales promotion, public relations, and direct marketing are all considered __________. place decisions product assortment and services decisions promotion decisions price decisions

promotion decisions

The __________ shows one or more typical people using the product in a normal setting. mood or image style slice of life style lifestyle style fantasy style

slice of life style

Intensive distribution is __________. the use of more than one but fewer than all of the intermediaries who are willing carry the company's products a distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments stocking the product in as many outlets as possible giving a limited number of dealers the exclusive right to distribute the company's products in their territories

stocking the product in as many outlets as possible

A __________ is a large, low-cost, low-margin, high-volume self-service store that carries a wide variety of grocery and household products. department store superstore supermarket convenience store

supermarket

A __________ is a store that offers a large assortment of routinely purchased food products, nonfood items, and services. supermarket convenience store department store superstore

superstore

A corporate chain is __________. two or more outlets that are commonly owned and controlled a wholesaler-sponsored group of independent retailers engaged in group buying and merchandising a contractual association between a franchisor (a manufacturer, wholesaler, or service organization) and franchisees (independent business people who buy the right to own and operate one or more business units in the franchise system) a group of independent retailers who jointly establish a central buying organization and conduct joint promotion efforts

two or more outlets that are commonly owned and controlled

A __________ is a wholesaler-sponsored group of independent retailers engaged in group buying and merchandising. retailer cooperative corporate chain franchise organization voluntary chain

voluntary chain

__________ sell to manufacturers rather than to retailers. Limited-service wholesalers Industrial distributors Wholesale merchants Full-service wholesalers

Industrial distributors

__________ is building and maintaining relationships with legislators and government officials to influence legislation and regulation. Product publicity Press relations Lobbying Public affairs

Lobbying

__________ is selecting, managing, and motivating individual channel members and evaluating their performance over time. A multichannel distribution system Channel level Marketing channel management Disintermediation

Marketing channel management

__________ is an activity of public relations that involves the publicizing of specific products. Lobbying Press relations Public affairs Product publicity

Product publicity

__________ refers to analyzing, planning, implementing, and controlling sales force activities. Personal selling Team selling Sales quota Sales force management

Sales force management

________ is the short-term incentives used to encourage the purchase or sales of a product or a service. Follow-up Closing Sales promotion Prospecting

Sales promotion

__________ is a short-term incentive to encourage the purchase or sale of a product or service. Sales promotion Personal selling Public relations Advertising

Sales promotion

__________ is the use of more than one but fewer than all of the intermediaries who are willing carry the company's products. Selective distribution Intensive distribution A multichannel distribution system Exclusive distribution

Selective distribution

__________ is using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts. Personal selling Sales force management Prospecting Team selling

Team selling

A vertical marketing system is __________. a system in which independent firms at different levels of production and distribution join together through contracts a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity a system that coordinates successive stages of production and distribution through the size and power of one of the parties a channel structure in which producers, wholesalers, and retailers act as a unified system

a channel structure in which producers, wholesalers, and retailers act as a unified system

A(n) __________ consists of independent firms at different levels of production and distribution joining together through contracts. vertical marketing system horizontal marketing system administered vertical marketing system contractual vertical marketing system

contractual vertical marketing system

A __________ is a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high-turnover convenience goods. superstore supermarket convenience store department store

convenience store

A(n) __________ is a sales force organization in which salespeople specialize in selling only to certain customers or industries. product sales force structure customer sales force structure territorial sales force structure inside sales force

customer sales force structure

A __________ is a retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers or merchandisers. supermarket superstore convenience store department store

department store

Marketing logistics is __________. planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customers' requirements at a profit the logistics concept that emphasizes teamwork—both inside the company and among all the marketing channel organizations—to maximize the performance of the entire distribution system managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers an independent logistics provider that performs any or all of the functions required to get a client's product to market

planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customers' requirements at a profit

A demand curve __________. measures sensitivity of demand to charged in price starts with an ideal selling price, then targets costs that will ensure that the price is met is the sum of the fixed and variable costs for any given level of production shows the number of units the market will buy in a given time period, at different prices that might be charged

shows the number of units the market will buy in a given time period, at different prices that might be charged

A territorial sales force structure is a sales force organization ________. in which salespeople specialize in selling only to certain customers or industries in which salespeople specialize in selling only a portion of the company's products or lines is salespeople who conduct business from their offices via telephone, the Internet, or visits from prospective buyers that assigns each salesperson to an exclusive geographic area in which that salesperson sells the company's full line

that assigns each salesperson to an exclusive geographic area in which that salesperson sells the company's full line

__________ is the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries. Disintermediation Multichannel marketing Channel level A multichannel distribution system

Disintermediation

__________ is the second step in value-based pricing. Designing products to deliver desired value Setting a target price to match the customer's perceived value Assessing the customer needs and value perceptions Determining costs that can be incurred

Setting a target price to match the customer's perceived value

A shopping center is __________. much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services a retailer whose product line is actually a service; examples includes hotels, airlines, banks, and colleges an off-price retailing operation that is owned and operated by a manufacturer and normally carries that manufacturer's surplus, discounted, or irregular goods a group of retail businesses built on a site that is planned, developed, owned, and managed as a unit

a group of retail businesses built on a site that is planned, developed, owned, and managed as a unit

Fixed costs are __________. costs that do not vary with production or sales level costs that vary directly with the level of production pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met the sum of the fixed and variable costs for any given level of production

costs that do not vary with production or sales level

Full-service wholesalers __________. are merchants that sell primarily to retailers and provide a full range of services sell to manufacturers rather than to retailers only offer specific services, like cash and carry wholesalers, truck wholesalers, drop shippers, rack jobbers, producers' cooperatives, and mail-order or web wholesalers. provide a complete line of services: carrying stock, maintaining a sales force, offering credit, making deliveries, and providing management assistance

provide a complete line of services: carrying stock, maintaining a sales force, offering credit, making deliveries, and providing management assistance

During the approach step, _______. the salesperson tries to close the sale the salesperson tells the "value story" to the buyer, showing how the company's offer solves the customer's problems the salesperson should know how to meet and greet the buyer and get the relationship off to a good start the salesperson identifies qualified prospective customers

the salesperson should know how to meet and greet the buyer and get the relationship off to a good start

A push strategy is __________. creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels a promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product, creating a demand vacuum that "pulls" the product through the channel a promotion strategy that calls for using the sales force and trade promotion to move the product through channels the strategy by which the company accomplishes its advertising objectives

a promotion strategy that calls for using the sales force and trade promotion to move the product through channels

Price is __________. attaching value-added features and services to differentiate a company's offers and charging higher prices the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service offering just the right combination of quality and good service based on a buyer's perceptions of value rather than on the seller's cost

the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service