Marketing Midterm

Trayvon set up a lawn-mowing business in his neighborhood. He currently has 7 customers that want their lawns mowed each week, for which he charges $25 each. Trayvon spends $10 a week in gas and another $17 in yard waste bags and stickers. What is Trayvon's weekly profit

$148

Trayvon set up a lawn-mowing business in his neighborhood. He currently has 7 customers that want their lawns mowed each week, for which he charges $25 each. Trayvon spends $10 a week in gas and another $17 in yard waste bags and stickers. What is Trayvons weekly revenue

$175

Hakeem works as a sales representative for a major manufacturer of plywood and fiberboard. He developed long-term relationships with his customers, has a deep knowledge of their business, and helps them find creative solutions to problems. Hakeem's customer consider him to be a trusted advisor. What kind of sales representative is Hakeem

A consultative seller

Tailse's pet grooming business is booming. She is wondering whether it would be a good business move to open a second location across town. What part of the marketing plan would help Tailse identify the market trends, conditions, and competitive forces that would help her make a decision

A situational analysis

The main advantage of a push strategy is that it

Allows for firms to achieve economies of scale

Personal selling is a vital element in B2B sales because

B2B sales often involve more than one decision maker

The selling of goods and services to end-user consumers is referred to as

B2C marketing

A risk associated with product-line extensions is that the new product might take away from sales of existing products in the product line. This referred to as

Cabbibalization

Compare the following business offerings. Which is the best example of direct competition

Chevron and Exxon

Which of the following statements is true of post purchase behavior

Consumers expect certain outcomes from a product after making a purchase.

According to your text, the ultimate objective of supply chain management to

Coordinate processes with the goal of improving the entire chain's performance

After listening to customer requests for more travel routes to midwestern cities, an airline added routes to both Columbus and Indianapolis. By providing its customers with benefits that meet their needs, this airline is providing

Customer value

How has increased consumer use of the internet and networking technologies impacted the sales process

Customers contact sellers much later in the buying process

Everyman's Clothing Company manufacturers clothes to be sold in retail stores. After the clothing is manufactured, it is shipped to wholesalers who, in turn, use transportation companies to ship the product to various retail outlets. The manufacturer, wholesaler, transportation company, and retailer all work together to create and deliver the product. This is an example of

Delivering value

What is used to estimate how much consumer demand there is for a particular product and understand the factors drive it

Demand analysis

For the first quarter of the year, the price of the company's most popular e-reader is was $129. The company sold 750,000 units at this price. For the second quarter, the company decided to reduce the price of the e-reader to $109. At this price point, the company sold 1.5 million units indication that demand for the product is

Elastic

Monitoring developments outside of the firm's control with the goal of detecting and responding to threats and opportunities is called

Environmental scanning

To find out what scent consumers prefer for a new floor cleaner, the researcher conducts a focus group and exposes the participants to several scents, asking them which one they would buy. This is an example of

Exploratory research

A measure of the market value of all officially recognized final goods and services produced within a country in a given period is referred to as

Gross Domestic Product

A good mission statement should

Have fewer than 10 goals

Bart works for a consumer products company. Bart's job is to coordinate the flow of the goods from the factory to retail outlets, and everything in between. Bart works

In logistics

A new product is in the introductory stage of the product life cycle. When the marketing manager designs the advertising plan for this product, it will most likely be ____\ advertising

Informative

What is the promotional strategy that involves coordinating the various promotion mix elements to provide consumers with a clear and consistent message about firm's products

Integrated marketing communications

In the consumer decision making process, searches for information fall into which two categories

Internal and external

The costs required to make or buy a product, including risk of obsolescence, taxes, insurance, and warehousing space used to store the goods, are called

Inventory carrying

Which of the following is an advantage of a multi segment targeting strategy

It provides economies of scale in manufacturing and marketing

The prices of dividing a larger market into smaller groups based on meaningfully shared characteristics is referred to as

Market segmentation

An action-oriented document that guides the firms marketing strategy is the

Marketing plan

Bryce works for a telecommunications firm. His job is to go out and try to find new customers, which can also involve acquiring existing customers from competitors. Bryce's type of sales position is most accurately described as a

New-business salesperson

Which product carried the most potential for its company but also the most risk

Nike developed a new type of shoe that is unlike any on the market required custom fitting

Which statement is true of business markets

One customer can account for a huge volume of purchases.

One of the most important concepts in marketing is the price elasticity of demand, which is

Percentage change in quantity demanded in response to a percentage change in price

The two-way flow of communication between salesperson and a customer that is paid for by the firm and seeks to influence the customers purchase decision is referred to as

Personal selling

Tierre always wanted a Coach purse, but when she went to Coach store and saw the prices she decided she could live without it. This illustrates how ________ affected Tierre's purchasing decision.

Price sensitivity

Toyota sells the 4Runner, RAV4, and the Highlander. As a group, these cars represent

Product line

During what era in the evolution of marketing did grind believe that quality products would sell themselves

Production orientation

Which era in the history of marketing began in the early years of the United States and lasted until the mid-1920s when the growth in production outpaced consumer demand

Production orientation

Which order accurately depicts the eras in the evolution of marketing

Production orientation, sales orientation, marketing concept, relationship marketing

New category entries are described as

Products that are new to a company but not new to the market place

All the activities that communicate the value of a product and persuade customers to buy it are referred to as

Promotion

As it relates to customers, the aim of marketing is to

Provide customers with value

A firm regularly pits out press releases that focus on the company's contributions to the community, such as its 5K run for Alzheimer's and a paid day off so employees can volunteer for a cause of their choice. These communications are an example of

Public relations

Craig's Unique Cabinets id a business that provides custom cabinetry and furniture for both businesses and individual consumers. Craig does not make any products until he receives an order from their customer. What type of marketing strategy does this represent

Pull strategy

Which tool would allow a manager to estimate how much of a product will sell in a six month period

Sales forecasting

In personal selling situations, ____ services as the critical link between the firm and customers

Salespeople

Compare the following product offerings: which is the best example of direct competition

Starbucks and Dunkin' Donuts

Which statement about strategic planning is accurate

Strategic planning helps ensure marketers will select the right marketing mix strategies

The focal point of all marketing efforts is

The buying decision

What is marginal revenue

The change in total revenue that results from selling one additional unit of a product

To research which scent consumers prefer when buying floor cleaners. Tomas gave each focus group member a floor mop and had them mop the floor with three separate scented products. Then he asked them to rate them from most favorable to least favorable. What is the independent variable in this study

The different scented products

Luxury Motors introduced a new car to its already popular sedan line. The new car sold well in its first year so the company was surprised to find that its overall sales volume remained about the same in subsequent years as did its market share. What is the most likely reason for this to occur

The new car experienced cannibalization from the company's existing product line of sedans

Promotion is one of the components that forms a marketing mix

True

Dana headed to the shoe store to replace the everyday flats she usually wore to work. However, she also bought two other pairs of shoes because they were so cute she could not resist. These additional purchases are called

Unplanned purchases

The 80/20 principle holds that 20% of all customers generate 80% of the demand. Although the percentages usually are not exact, the general idea often holds true. Which consumer market segment is described here?

Usage Rate Segmentation

A major factory closed in your area, which caused a drop in the average income for the city. Which type of external force would this be considered in the marketing environment

economic

The five key components of the marketing plan are

executive summary, situation analysis, marketing strategy, financials, controls

In contrast to tools such as advertising and sales promotion, personal selling is often a much more effective tool

in complex purchase situations

Some metrics like awareness, engagement, and conversion are useful for _____.

increasing the success of a social media campaign

Inventions that have never been seen before and create a new market are considered

new-to-the-market products

How often should firms undertake the task of strategic planning

on a continual basis as conditions change

What percentage of new products fail in the marketplace

over 80 percent

The six major external factors that influence the marketing environment of a firm are economic, demographic, sociocultural, technological, legal, and

political

What type of sampling occurs when every person in the target population has a chance of being selected and the probability of each person being selected in known

probability

The first stage in the consumer decision-making process is ________.

problem recognition

Indirect competition occurs when

products provide alternative solutions to the same market

What is the key to creating value

providing consumers with benefits that meet their needs and wants

What type of strategies must companies embrace for an integrated supply chain to work

relationship based

______ is/are calculated by multiplying units sold by price, whereas ______ is calculated by subtracting costs from revenue

revenue, profit

A set of multiple companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer is referred to as the _______.

supply chain

Marketing is defined as

the process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.

The imbalance between actual and desired states is sometimes referred to as:

the want-got gap

What is a DSS

decision support system

Which type of cost is variable cost

delivery cost

A situation in which products that perform the same function compete against one another is referred to as

direct competition