Marketing 4

Concession Supply sells hotdogs, buns, and nacho ingredients to several major league ballparks across the country. Currently, Concession Supply has the following pricing information for one case of hotdogs sold at Wrigley Field: Total fixed costs = $1,200, Selling price = $16, and Variable costs = $6. How many units does Concession Supply have to sell to make $10,000 this month?

1,120 units

Which of these intermediaries does NOT take ownership or title to the goods?

Agent/Broker

What happens when demand is elastic?

As price goes up, demand goes down.

The AIDA concept of advertising stands for:

Attention - Interest - Desire - Action

The concept that accurately describes the price of one unit minus the variable cost of producing the same unit of good is known as:

Contribution Margin per unit

Prices charged above the price equilibrium will most likely produce what effect?

Create left over inventory at the end of the quarter.

Another name for the equation [ (Price x Sales Volume) - Total Variable Costs ] is known as:

Gross Margin

When a manufacturer makes the same product available both through a high-margin, full service retail store as well as through a low-margin category killer, then what type of channel conflict has occurred?

Horizontal

Concession Supply sells hotdogs, buns, and nacho ingredients to several major league ballparks across the country. Currently, Concession Supply has the following pricing information for one case of hotdogs sold at Wrigley Field: Total fixed costs = $1,200, Selling price = $16, and Variable costs = $6. If Concession Supply increased its price by 10 percent and experienced only a 2 percent decrease in the demand for hotdogs, the demand would be

Inelastic

Which channel coverage is most likely to sell Chapstick?

Intensive

Which of these is NOT a benefit of supply chain management?

Lower inventory and transportation costs. Lower warehousing and packaging costs. Improved customer service. Higher revenues and higher profitability. ALL of the above are benefits of supply chain management.

Which of these pricing objectives is sales oriented?

Market Share

The reminder goal of promotion is MOST OFTEN used with which stage of the product life cycle?

Maturity

Which pricing strategy did Southwest Airlines efficiently utilize to bring awareness to their brand?

Pentration Pricing

The only component of the promotional mix that involves two-way communication is ___________________.

Personal Selling

Which of the following is NOT part of the promotional mix?

Pricing

The marketing function that evaluates the attitudes of large groups of people and identifies what they are interested in, as well as executing actions to earn their understanding and acceptance is known as _______________.

Public Relations

Department stores most often use which media scheduling option?

Pulsed Media Scheduling

Which of the following pricing strategies is used to sell off excess inventory?

Sales Maximization

The promotional mix element that is most responsible for stimulating trial and purchase is ____________________.

Sales Promotion

Which discrepancy addresses the location for where products are to be delivered?

Spatial

The quantity of product that will be offered to the market by a supplier at various prices for a specified period is known as:

Supply

Which of the following effectiveness measures relates to the awareness goal of communication?

Unaided Recall

The process by which we exchange or share meanings through a common set of symbols is known as _________________.

communication

Large facilities used for receiving , warehousing, and redistribution of products to stores or customers are known as ________________.

distribution centers

The efficient and cost-effective forward and reverse flow of goods, services, and related information into, through, and out of channel member companies is known as ___________________.

logistics

The receipt and transmission of sales order information is known as ___________________.

order processing

The number of target consumers exposed to a commercial at least once during a specific time period is known as ______________, while __________________ refers to the number of times that same individual was exposed across a number of different mediums.

reach; frequency

The set of approaches used to integrate the functions of operations management, logistics management, supply management, and marketing channel management so that products are produced and distributed in the right quantities, to the right locations, and at the right times is known as _______________.

supply chain management

The functionality of marketing channels that addresses the process of breaking down a complex task of distribution into smaller, more manageable and efficient tasks is known as _______________.

the specialization and division of labor