Marketing Exam 3

How much do YOU think it costs to make a pair of Air Jordan shoes in material and labor? $20 $50 $75 $100

20$

What are the three major pricing strategies used by​ marketers? A. Customer​ value-based pricing,​ cost-based pricing, and​ competition-based pricing B. Customer​ value-based pricing,​ cost-based pricing, and​ revenue-based pricing C. ​Demand-based pricing,​ cost-based pricing, and​ competition-based pricing D. ​Demand-based pricing,​ revenue-based pricing, and​ government-based pricing E. Customer​ value-based pricing,​ cost-based pricing, and​ government-based pricing

A. Customer​ value-based pricing,​ cost-based pricing, and​ competition-based pricing

What are the five product mix pricing​ situations? A. Product line​ pricing, optional-product​ pricing, captive-product​ pricing, by-product​ pricing, and product bundle pricing B. Product line​ pricing, optional-product​ pricing, captive-product​ pricing, by-product​ pricing, and discount pricing C. ​Two-part pricing, fixed fee​ pricing, captive-product​ pricing, by-product​ pricing, and product bundle pricing D. Product line​ pricing, optional-product​ pricing, captive-product​ pricing, by-product​ pricing, and product mix pricing E. Product line​ pricing, optional-product​ pricing, captive-product​ pricing, everyday low​ pricing, and service pricing

A. Product line​ pricing, optional-product​ pricing, captive-product​ pricing, by-product​ pricing, and product bundle pricing

Which of the following statements is true regarding the promotion​ mix? A. Public relations includes press​ releases, sponsorships,​ events, and Web pages. B. Personal selling is not used to engage customers. C. Sales promotions are​ long-term incentives to encourage the purchase or sale of a product or service. D. Direct and digital marketing cannot be used to target individual consumers. E. Advertising is a personal form of marketing communication.

A. Public relations includes press​ releases, sponsorships,​ events, and Web pages.

A​ ________ consists of​ producers, wholesalers, and retailers acting as a unified system. A. vertical marketing system B. closed marketing system C. conventional marketing system D. multichannel marketing system E. horizontal marketing system

A. vertical marketing system

What are the four major functions of marketing​ logistics? A. ​Warehousing, inventory​ management, transportation, and logistics information management B. ​Warehousing, inventory​ management, transportation, and retailing C. ​Forecasting, order​ processing, transportation, and inventory management D. ​Warehousing, inventory​ management, shipping, and receiving E. ​Warehousing, transportation,​ wholesaling, and retailing

A. ​Warehousing, inventory​ management, transportation, and logistics information management

The price​ ceiling, the maximum price a company can​ charge, is set by​ ________. A. customer perceptions of the​ product's value B. competitors C. the marketing mix D. product costs E. revenue

A. customer perceptions of the product`s value

What is​ omni-channel retailing? A. Developing close partnerships between wholesalers and retailers B. Creating a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping C. Selling products online D. Allowing one supplier to sell to multiple retailers E. Setting up franchises in different locations

B. Creating a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping

Which of the following statements is true regarding initiating price​ cuts? A. When faced with falling​ demand, firms should not cut prices. B. Cutting prices in an industry loaded with excess capacity might lead to price wars. C. Firms never cut​ prices; they only raise them. D. If faced with excess​ capacity, a firm should not cut its price. E. Cutting price has no effect on costs.

B. Cutting prices in an industry loaded with excess capacity might lead to price wars.

Which of the following statements regarding marketing logistics is​ true? A. Marketing logistics involve outbound movement of products. B. Marketing logistics involve inbound​ logistics, outbound​ logistics, and reverse logistics. C. Marketing logistics have no effect on the environment and a​ firm's environmental sustainability efforts. D. Marketing logistics are not involved with the physical distribution of goods. E. Companies today are placing less emphasis on marketing logistics.

B. Marketing logistics involve inbound​ logistics, outbound​ logistics, and reverse logistics.

Retailers must decide on which three major product​ variables? A. Product​ assortment, price, and location B. Product​ assortment, services​ mix, and store atmosphere C. Product​ assortment, store​ atmosphere, and price D. Product​ assortment, services​ mix, and price E. Product​ assortment, services​ mix, and location

B. Product​ assortment, services​ mix, and store atmosphere

Which of the following statements about retailer marketing decisions is​ correct? A. Store location is not an important retail decision. B. Retailers face three major marketing​ decisions: segmentation and​ targeting, store differentiation and​ positioning, and the retail marketing mix. C. Stores do not need to differentiate and position themselves. D. Retailers do not have to segment and target their markets. E. Retailers cannot differentiate themselves on their service mix.

B. Retailers face three major marketing​ decisions: segmentation and​ targeting, store differentiation and​ positioning, and the retail marketing mix.

What are the four important decisions made when developing an advertising​ program? List them in order. A. Setting advertising​ objectives, setting the advertising​ budget, developing message​ strategy, and determining media timing B. Setting advertising​ objectives, setting the advertising​ budget, developing advertising​ strategy, and evaluating advertising effectiveness C. Setting the advertising​ budget, setting advertising​ objectives, developing advertising​ strategy, and evaluating advertising effectiveness D. Developing message​ strategy, developing message​ execution, selecting​ media, and determining media timing E. Setting advertising​ objectives, setting the advertising​ budget, determining the impact on sales and​ profits, and determining the return on investment

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

Which of the following statements is true regarding marketing channels and channel​ intermediaries? A. Marketing channel decisions have no effect on other marketing decisions. B. Using marketing channel intermediaries means producers give up some control over how and to whom they sell their products. C. Distribution channel decisions involve only​ short-term commitments to other firms. D. Distribution systems cannot be used to give a company a competitive advantage. E. Very few producers use marketing channel intermediaries.

B. Using marketing channel intermediaries means producers give up some control over how and to whom they sell their products.

In developing advertising​ strategies, marketers must make decisions regarding​ ___________________. A. budget and message B. organizing the advertising​ function; adaptation to international markets C. budget and audience D. audience and media E. objectives and media

B. organizing the advertising​ function; adaptation to international markets

Which of the following correctly describes the retail practice known as​ high-low pricing? A. ​High-low pricing means some products are priced high and others are priced low. B. ​High-low pricing means charging higher prices on an everyday​ basis, coupled with frequent sales and other price promotions. C. ​High-low pricing means the retailer does not have to run sales on selected items. D. ​High-low pricing means retailers charge an everyday low price. E. ​High-low pricing means retailers do not have to use promotions.

B. ​High-low pricing means charging higher prices on an everyday​ basis, coupled with frequent sales and other price promotions.

Printer companies often charge a fairly low price for their ink jet printers​ (relative to​ costs) and a high price for replacement cartridges. These companies are using a strategy of​ ________ pricing. A. ​two-part pricing B. ​captive-product C. ​product-bundle D. ​by-product E. product line

B. ​captive-product

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. A. ​intensive, exclusive, and global B. ​intensive, selective, and exclusive C. ​targeted, segmented, and global D. ​open, closed, and franchise E. ​intensive, selective, and targeted

B. ​intensive, selective, and exclusive

When a company sets a high price as the initial price of a new​ product, it is pursuing a​ ________ new product pricing​ strategy. A. ​optional-product B. ​market-skimming C. ​market-penetration D. ​captive-product E. ​by-product

B. market-skimming

Which of the following statements is true regarding channel​ organization? A. Once a channel is organized and​ set, it rarely changes. B. Channel members should act alone in their own​ short-run best interests before considering the interests of other channel members. C. Channel members are dependent on each other for the overall success of the channel. D. In a​ well-organized channel, conflicts rarely occur. E. Channel organization is always based on formal interactions guided by strong organizational structures.

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

Which of the following statements about major retail trends is​ true? A. The lifecycle of new retail forms is increasing. B. The green movement has not yet affected retailing. C. Online buying is growing at a much brisker pace than retail buying as a whole D. The global expansion of major retailers into other countries has slowed down. E. Technology has had little impact on retailing.

C. Online buying is growing at a much brisker pace than retail buying as a whole

Which of the following statements is true regarding how price might play an important role in helping to accomplish company​ objectives? A. Pricing has no effect on customer loyalty. B. Pricing has no effect on the loyalty and support of resellers. C. Pricing can create excitement for a brand. D. Pricing one product has no effect on the sales of other products. E. Pricing is not subject to government intervention.

C. Pricing can create excitement for a brand.

Which of the following statements about wholesaling is​ true? A. Wholesalers do not need to segment their markets. B. Wholesalers do not need to differentiate themselves. C. Wholesalers must make decisions regarding their marketing mix. D. Wholesalers do not need to define a target market. E. Wholesalers do not make positioning decisions.

C. Wholesalers must make decisions regarding their marketing mix.

When assigning functions to channel​ members, it is important for producers to​ ________. A. assign functions to firms they have worked with in the past B. assign functions to channel members who do not take risks C. assign functions to the channel members that can add the most value for the cost D. assign functions to channel members not used by competitors E. assign functions to channel members who guarantee to lower the​ producers' costs

C. assign functions to the channel members that can add the most value for the cost

The three major groups of wholesalers are​ ________. A. merchant​ wholesalers, brokers and​ agents, and​ full-service wholesalers B. merchant​ wholesalers, brokers and​ agents, and wholesale clubs C. merchant​ wholesalers, brokers and​ agents, and​ manufacturers' and​ retailers' branches and offices D. merchant​ wholesalers, wholesale​ clubs, and big box stores E. merchant​ wholesalers, full-service​ wholesalers, and limited service wholesalers

C. merchant​ wholesalers, brokers and​ agents, and​ manufacturers' and​ retailers' branches and offices

Integrated marketing communications must deliver company and brand messages that are​ ________. A. ​unique, current, and consistent B. ​informative, persuasive, and distinct C. ​clear, consistent, and compelling D. ​clear, compelling, and controversial E. ​relevant, humorous, and exciting

C. ​clear, consistent, and compelling

Which of the following statements is correct regarding marketing communications​ today? A. Digital technologies have not yet had an impact on marketing communications. B. Marketers are shifting toward mass marketing communication strategies. C. Consumers have changed very little in the past fifty years. D. New media formats have allowed marketers to reach smaller communities of consumers in more engaging ways. E. Television advertising is growing rapidly.

D. New media formats have allowed marketers to reach smaller communities of consumers in more engaging ways.

Which of the following statements regarding the changing communications landscape is​ correct? A. Marketers today are shifting their efforts to mass marketing. B. In terms of​ communication, today's consumers are less empowered. C. More than​ ever, consumers are relying on marketers for information. D. The dominance of​ television, magazines, newspapers and other traditional mass media is declining. E. The digital age has had little impact on marketing communications.

D. The dominance of​ television, magazines, newspapers and other traditional mass media is declining.

The trend of​ ________ has resulted in different types of retailers now selling the same products at the same prices to the same consumers. A. green retailing B. the growth of social media retailing C. tighter consumer spending D. retail convergence E. ​pop-up stores

D. retail convergence

A company has set a low price on a new product it introduced. It wants to maximize its market share and attract a large number of buyers quickly. Which new product pricing strategy should the company​ use? A. Product bundle pricing B. ​Captive-product pricing C. Product line pricing D. ​Market-penetration pricing E. ​Market-skimming pricing

D. ​Market-penetration pricing

What are the four steps to designing marketing channels in their correct​ order? A. Identifying the design of​ competitors' channels, analyzing consumer​ needs, setting channel​ objectives, and evaluating channel alternatives B. Analyzing consumer​ needs, setting channel​ objectives, identifying the design of​ competitors' channels, and evaluating the alternatives C. Identifying the design of​ competitors' channels, setting channel​ objectives, analyzing consumer​ needs, and evaluating channel alternatives D. Analyzing consumer​ needs, setting channel​ objectives, identifying major channel​ alternatives, and evaluating the alternatives. E. Setting channel​ objectives, analyzing consumer​ needs, identifying major channel​ alternatives, and evaluating the alternatives

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

Retailers must decide on which three major product​ variables? A. Product​ assortment, services​ mix, and location B. Product​ assortment, services​ mix, and price C. Product​ assortment, price, and location D. Product​ assortment, services​ mix, and store atmosphere E. Product​ assortment, store​ atmosphere, and price

D. Product​ assortment, services​ mix, and store atmosphere

Which of the following is a potentially effective action a company could take in response to a​ competitor's price​ cut? A. Decrease perceived value B. Not assess the impact of the price cut C. Reduce both price and quality D. Raise price E. Increase both price and quality

E. Increase both price and quality

What are the four characteristics used to classify​ retailers? A. The location of the​ store, the relative prices they​ charge, the target​ customers, and the size of the store B. The amount of service they​ offer, the relative prices they​ charge, the target​ customers, and the size of the store C. The amount of service they​ offer, the breadth and depth of their product​ lines, the relative prices they​ charge, and the size of the store D. The breadth and depth of their product​ lines, the relative prices they​ charge, the location of the​ store, and the size of the store E. The amount of service they​ offer, the breadth and depth of their product​ lines, the relative prices they​ charge, and how they are organized

E. The amount of service they​ offer, the breadth and depth of their product​ lines, the relative prices they​ charge, and how they are organized

Most companies today see their intermediaries as​ first-line customers and focus on​ ________ to forge​ long-term relationships with channel members. A. government assistance B. legal contracts C. promotional incentives D. discounted prices E. partner relationship management

E. partner relationship management

What are the five promotion mix tools used by marketers to communicate customer​ value? A. Television​ advertising, radio​ advertising, online​ advertising, social media​ advertising, and outdoor advertising B. ​Advertising, business to business​ selling, personal​ selling, sales​ promotion, and direct and digital marketing C. ​Advertising, public​ relations, personal​ selling, sales​ promotion, and telemarketing D. ​Product, price,​ place, promotion, and advertising E. ​Advertising, public​ relations, personal​ selling, sales​ promotion, and direct and digital marketing

E. ​Advertising, public​ relations, personal​ selling, sales​ promotion, and direct and digital marketing

If demand is elastic rather than inelastic, sellers typically consider increasing their prices. True False

False

Which of the following is a shortcoming of advertising? It reaches targeted customers too slowly in most cases. It can be too customized and only attracts small, niche markets. It is the most costly promotion tool for companies. It only provides one-way communication with customers. It does not allow dramatization of the brand or company.

It only provides one-way communication with customers.

Which of the following is true of an intensive distribution strategy? It gives sole rights to select dealers in a given area. Compared with other distribution strategies, it provides the best support for dealers of luxury products. Compared with other distribution strategies, it uses the least number of intermediaries to sell products. It strives to make products available where and when consumers want them. It discards traditional intermediaries and uses direct marketing to reach customers.

It strives to make products available where and when consumers want them.

Which of the following is an example of horizontal channel​ conflict? A. A Ford dealer complaining that another Ford dealer is advertising in its territory. B. A consumer complaining to a producer about the quality of a product. C. A retailer complaining about receiving damaged goods from a wholesaler. D. A retailer complaining about a​ producer's pricing. E. A consumer complaining to a retailer about the service he received.

a A Ford dealer complaining that another Ford dealer is advertising in its territory.

​A(n) _______ is made up of the​ company, suppliers,​ distributors, and,​ ultimately, customers who​ "partner" with each other to improve the performance of the entire system. A. value delivery network B. contact C. supply chain D. marketing channel E. channel level

a. value delivery network

For over 10 years, Choppy, a publishing and educational company that produces college textbooks, has been selling its books through off-campus bookstores. Recently, it stopped selling its books through retail stores and set up its own Web site to sell its books. This change in channel organization is called ________. a. disintermediation b. intensive distribution c. brokering d. franchising e. selective distribution

a. disintermediation

The first generation Samsung watch was introduced for $500. The following year the price was reduced to $450. Samsung uses a ________ strategy to price its tech products a. market-skimming b. target costing c. deceptive d. market-penetration e. predatory

a. market-skimming

A car buyer can choose a base model at one​ price, or one with a premium sound and navigation system at a higher price. This is an example of​ _______ pricing. A. ​optional-product B. product line C. ​product-bundle D. ​by-product E. ​captive-product

a. optional product

Circuit City Electronics sells three different sizes of televisions at three different prices. In this case, the company's pricing strategy is referred to as ________ pricing. a. product line b. optional-product c. by-product d. product bundle e. captive-product

a. product line

There are more than 15 wheat farmers in Bowling Green, Ohio, that grow, package, and distribute the same quality wheat. An individual farmer cannot charge more than the going market price per unit without the risk of losing business to the other farmers. This is an example of ________. a. pure competition b. monopolistic competition c. oligopolistic competition d. a pure monopoly e. a black market

a. pure competition

Stores that provide very limited, if any, sales assistance because they carry convenience products which customers need very little, to no, information are called ________ retailers. a. self-service b. full-service c. off-price d. limited-service e. convenience

a. self-service

The practice of coming into retail stores to check out merchandise and prices but making purchases online using a computer or mobile device is called​ _______. A. showrooming B. experiential retailing C. shopper retailing D. ​off-price retailing E. mobile retailing

a. showrooming

Which of the following describes a​ just-in-time logistics​ system? A. ​Just-in-time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations. B. ​Just-in-time logistics systems allow producers and retailers to carry large amounts of inventory. C. ​Just-in-time logistics systems greatly increase​ inventory-carrying and​ inventory-handling costs. D. ​Just-in-time logistic systems eliminate the need for forecasting. E. ​Just-in-time logistics systems ensure that new stock arrives at least one week before it is needed.

a.​Just-in-time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations.

Which of the following is a shortcoming of advertising? a. It does not allow dramatization of the brand or company. b. It only provides one-way communication with customers. c. It can be too customized and only attracts small, niche markets. d. It reaches targeted customers too slowly in most cases. e. It is the most costly promotion tool for companies.

b. It only provides one-way communication with customers.

​________ refers to the activities involved in selling products or services directly to final consumers for their​ personal, nonbusiness use. A. Warehousing B. Retailing C. Manufacturing D. Shopper marketing E. Wholesaling

b. Retailing

Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about​ wine, she will likely use the price of the wines as​ ________. A. a type of segmented pricing B. an indicator of quality C. a limited time offer D. an indicator of geographic pricing E. an indicator of the cost of production

b. an indicator of quality

Owning the entire distribution chain - from its own design and manufacturing operations to distribution through its own managed stores - has turned French sunglasses chain Air Optics into the world's fastest-growing glasses retailer. This is an example of a(n) ________ marketing system. a. contractual vertical b. corporate vertical c. administered vertical d. horizontal e. direct

b. corporate vertical

________ refers to setting price based on​ buyers' perception of value rather than on the​ seller's cost. A. ​Cost-based pricing B. Customer​ value-based pricing C. Cost D. ​Good-value pricing E. ​Value-added pricing

b. customer value-based pricing

Bateman Gray Motors sells the cars it produces using dedicated dealers who only sell Bateman Gray's products at their outlets. What kind of marketing strategy has Bateman Gray adopted with its car dealers? a. direct marketing b. exclusive dealing c. disintermediation d. horizontal integration e. vertical integration

b. exclusive dealing

When Apple Computer Company introduced its​ iPhone, its priced the new product at​ $599, considerably higher than either their iPod or competing cellular phones. Apple Computer was pursuing a​ ___________________ new product pricing​ strategy. A. ​optional-product B. ​market-skimming C. ​by-product D. ​captive-product E. ​market-penetration

b. market skimming

Maddie's Sneakers, a manufacturer of fine sneakers, sells its products through its online Web site, a catalogue, and specialty boutiques that target women. Which kind of channel arrangement does Maddie's Sneakers employ to distribute its products? a. horizontal marketing system b. multichannel distribution system c. administered vertical marketing system d. contractual vertical marketing system e. corporate vertical marketing system

b. multichannel distribution system

Many state colleges and universities charge one price for​ in-state students and a higher price for​ out-of-state students. Which price adjustment strategy are these schools​ using? A. Preferred pricing B. Segmented pricing C. Allowance pricing D. Promotional pricing E. Dynamic pricing

b. segmented pricing

Hotels and​ motels, banks,​ airlines, restaurants,​ colleges, hospitals, movie​ theaters, tennis​ clubs, bowling​ alleys, repair​ services, hair​ salons, and dry cleaners are all examples of​ ________. A. franchises B. service retailers C. wholesalers D. specialty stores E. ​non-retailers

b. service retailers

Which type of retailer carries a narrow product line with deep assortments within those​ lines? A. Supermarkets B. Specialty stores C. Department stores D. Convenience stores E. Superstores

b. specialty stores

The length of a channel is indicated by​ ___________. A. the number of wholesalers in the channel B. the number of intermediary levels C. the number of producers D. the number of retailers in the channel E. the number of final consumers

b. the number of intermediary levels

Which of the following is a reason that producers use marketing channels and channel​ intermediaries? A. The reduced costs of using channel intermediaries offsets the inefficiencies of marketing channels. B. Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers. C. Marketing channel decisions only require a​ short-term commitment. D. Using marketing channels allows producers to retain control over how and to whom they sell their products. E. Using channel intermediaries increases the number of contacts with customers.

b.Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers.

________ advertising would most likely result in attack ads between competitors. a. Reminder b. Comparative c. Personal d. Informative e. Classified

b.comparitive

Which of the following statements is true regarding the selection of qualified channel​ members? A. Firms select only qualified channel members in their immediate geographical area. B. Selecting qualified channel members is largely controlled by government regulation. C. Producers vary in their ability to attract qualified marketing intermediaries. D. Established brands have no trouble finding and keeping qualified channel members. E. To find and select qualified channel​ members, firms simply refer to a national online database.

c. Producers vary in their ability to attract qualified marketing intermediaries.

Which of the following statements about public relations is​ correct? A. The impact of public relations on public awareness comes at a much higher cost than advertising. B. Public relations is used only to promote products. C. The lines between advertising and public relations are becoming more blurred. D. Public relations is not used to engage consumers. E. It is difficult to integrate public relations into social media.

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

Large retailers like Walmart have enormous channel control due to their size and power. Which type of channel arrangement does this​ represent? A. Conventional distribution channel B. Franchise C. Administered VMS D. Corporate VMS E. Contractual VMS

c. administered VMS

As with other types of marketers, a primary goal in wholesaling is to ________. a. match competitors' strategies b. establish a greater number of locations c. build value-adding customer relationships d. hold prices constant e. maintain the status quo

c. build value-adding customer relationships

Which of the following sets the upper limit for a product's pricing? a. profits b. product costs c. consumer perceptions of value d. elements of the product mix e. competition

c. consumer perceptions of value

2. The local movie theater has different admission prices for students, adults, and seniors. All three groups are entitled to the same services. This form of pricing is called ________ pricing. a. time-based b. location-based c. customer-segment d. by-product e. product form

c. customer-segment

Online marketers taking business from traditional​ brick-and-mortar retailers is an example of​ _____. A. horizontal conflict B. franchising C. disintermediation D. vertical conflict E. an administered VMS

c. disitermediation

Which of the following statements is true regarding oligopolistic​ competition? A. Many buyers and sellers trade a uniform commodity. B. The market consists of many buyers and sellers trading over a range of prices. C. Each seller is alert and responsive to​ competitors' pricing strategies and marketing moves D. The market is dominated by one seller. E. The market consists of many large sellers.

c. each seller is alert and responsive to competitors

A discount store​ (for example,​ Target, Kohl's, or​ Walmart) sells standard merchandise at lower prices. To do​ this, discount stores accept which of the following two​ conditions? A. operating at a loss and higher sales volume B. lower margins and lower sales volume C. lower margins and higher sales volume D. higher sales volume and inefficient operations. E. higher margins and lower sales volume

c. lower margins and higher sales volume

Dynamic pricing is when companies continually adjust prices to meet the characteristics and needs of individual customers and situations. Where is this method especially prevalent​ today? A. Large retailers B. Grocery stores C. Online buying D. Franchises E. Service industries

c. online buying

Bath​ & Body Works offers​ "three-fer" deals on its soaps and lotions​ (such as three antibacterial soaps for​ $10). This is an example of​ _______ pricing. A. product line B. ​two-part pricing C. ​product-bundle D. ​by-product E. ​captive-product

c. product bundle

________ is a​ short-term incentive to encourage the purchase or sale of a product or service. A. Direct and digital marketing B. Public relations C. Sales promotion D. Personal selling E. Advertising

c. sales promotion

​_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale. A. Retailing B. Warehousing C. Shopper marketing D. Showrooming E. Internal marketing

c. shopper marketing

The French Purse Company, a purse retailer, offers a deep assortment of ladies' purses. The French Purse Company is best described as a(n) ________. a. department store b. supermarket c. specialty store d. discount store e. off-price retailer

c. specialty store

Act mouthwash has used a ________ style of advertising to convince buyers that Act is better than other brands at fighting bad breath and gingivitis since it uses a special flouride compound that adheres to your teeth. a. testimonial evidence b. technical expertise c. scientific evidence d. mood or image e. fantasy

c.scientific evidence

Which of the following is true regarding the​ price-demand relationship? A. Price elasticity measures how responsive price will be to a change in demand. B. If demand is​ inelastic, a small change in price will result in a large change in demand. C. A demand curve shows the number of units a company will produce in a given time period at different prices that might be charged. D. If demand is​ elastic, sellers will consider lowering their price. E. Demand and price are directly related dash the higher the​ price, the greater the demand.

d If demand is​ elastic, sellers will consider lowering their price.

​Sherwin-Williams sells its paint and other branded products exclusively through​ company-owned retail stores.​ Sherwin-Williams has established​ a(n) _________. A. vertical marketing system B. conventional distribution channel C. administered VMS D. corporate VMS E. contractual VMS

d. corporate VMS

Companies that use​ ________ continually adjust prices to meet the characteristics and needs of individual customers and situations. A. segmented pricing B. cash rebates C. psychological pricing D. dynamic pricing E. promotional pricing

d. dynamic pricing

Pretty Petunias, a new fresh flower company, uses the same logo and shade of pink in all forms of communication including its online ads, truck signage, Web site, and business cards. Which technique is being used by Pretty Petunias to promote its business? a. logistics information management b. inventory control segmentation c. niche market penetration d. integrated marketing communications e. global marketing management

d. integrated marketing communications

Producers of convenience products typically use​ ______ distribution. A. selective B. direct C. franchise D. intensive E. exclusive

d. intensive

Many state colleges and universities charge one price for​ in-state students and a higher price for​ out-of-state students. Which form of segmented pricing are these schools​ using? A. product form pricing B. ​time-based pricing C. promotional pricing D. ​location-based pricing E. ​customer-segment pricing

d. location-based pricing

Which advertising objective is best suited to building selective​ demand? A. Informative B. Reminder C. Attack D. Persuasive E. Humorous

d. persuasive

One popular method of branded entertainment is​ ________, which embeds brands as props within other​ programming, for​ example, television shows and movies. A. webisodes B. advertainment C. viral marketing D. product placement E. native advertising

d. product placement

The​ _____________ message execution style shows one or more​ "typical" people using the product in a normal setting. A. scientific evidence B. mood or image C. fantasy D. slice of life E. lifestyle

d. slice of life

Which type of retailer is much larger than a regular supermarket and offers a large assortment of routinely purchased food products, nonfood items, and services. a. discount stores b. specialty stores c. factory outlets d. superstores e. off-price outlets

d. superstores

When setting channel​ objectives, companies should state the objectives in terms of​ ______. A. expected profitability B. exclusive distribution arrangements C. ​competitor's objectives D. targeted levels of customer service E. the length of the channel

d. targeted levels of customer service

Internal factors that affect pricing include​ ________. A. the​ company's overall marketing​ strategy, objectives, and the nature of the market B. the​ company's overall marketing​ strategy, objectives, and demand C. the nature of the​ market, demand, and the economy D. the​ company's overall marketing​ strategy, objectives, marketing​ mix, and other organizational considerations. E. the​ company's overall marketing​ strategy, the nature of the​ market, and demand

d. the​ company's overall marketing​ strategy, objectives, marketing​ mix, and other organizational considerations.

A ________ is made up of a company, its suppliers, distributors, and, ultimately, customers who "partner" with each other to improve the performance of the entire system. a. manufacturing chain b. distribution center c. marketing intermediary d. value delivery network e. disintermediation system

d. value delivery network

What is the goal of integrated marketing​ communications? A. To have different media carry different messages about a brand B. To maximize return on investment C. To lower overall marketing expenditures D. To deliver​ clear, consistent, and compelling messages about the organization and its brands E. To integrate communications via online and mobile technologies

d.To deliver​ clear, consistent, and compelling messages about the organization and its brands

In which of the following situations is a producer guaranteed full control over product sales? an administered marketing system a direct marketing channel a contractual distribution channel a corporate marketing channel a horizontal marketing system

direct marketing channel

Leading "big-box" stores, such as Walmart and Target, now dominate the retail scene. However, even "small-box" stores like Dollar General, are thriving in the current economic environment. All three retailers are considered ________. convenience stores full-service retailers discount stores specialty stores designer shops

discount stores

Changes in technology and the explosive growth of direct and online marketing are having a profound impact on the nature and design of marketing channels. One major trend is toward ________ insofar as product or service producers cut out intermediaries and go directly to final buyers or when radically new types of channel intermediaries displace traditional ones. vertical marketing systems horizontal marketing systems corporate vertical marketing systems intermediation disintermediation

disintermediation

​Macy's carries several product lineslong dashtypically ​clothing, home​ furnishings, and household goodslong dashwith each line operating as a separate department managed by specialist buyers or merchandisers.​ Macy's is best described as​ a(n) ________. A. ​off-price retailer B. specialty store C. discount store D. superstore E. department store

e. department store

Which promotional tool engages directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer​ relationships? A. Public relations B. Sales promotion C. Advertising D. Personal selling E. Direct and digital marketing

e. direct and digital marketing

​Sadie's Restaurant has listened to its customers over the years and is now able to offer the right combination of quality and good service at a fair price. Which pricing strategy is​ Sadie's using? A. ​High-low pricing B. Value added pricing C. ​Cost-based pricing D. Breakeven pricing E. ​Good-value pricing

e. good-value pricing

Which advertising objective is used heavily when introducing a new product​ category? A. Attack B. Reminder C. Persuasive D. Comparative E. Informative

e. informative

​Generally, _________ is a​ company's most expensive promotional tool. A. direct and digital marketing B. Advertising C. Public relations D. Sales promotion E. personal selling

e. personal selling

Specific promotional tools used in​ _______ include press​ releases, sponsorships,​ events, and web pages. A. personal selling B. direct and digital marketing C. sales promotion D. advertising E. public relations

e. public relations

​________ is used by companies to build good relations with​ consumers, investors, the​ media, and their communities. A. Sales promotions B. Telemarketing C. Personal selling D. Advertising E. Public relations

e. public relations

After segmenting and defining their target​ markets, what should retailers do​ next? A. Decide on the level of service. B. Decide on the product assortment. C. Decide on the store atmosphere D. Decide on the location. E. Decide how they will differentiate and position themselves in the market.

e.Decide how they will differentiate and position themselves in the market.

Techgear, a sportswear equipment manufacturer, releases a new line of nutrition drinks called NutriJuice. The television ad for the drink shows people jogging, working out in a gym, and doing aerobics. The actors then take a break to drink NutriJuice, which visibly re-energizes them and leads them to continue exercising. Which advertising style is most likely used in the NutriJuice ad? a. scientific evidence b. technical expertise c. personality symbol d. testimonial evidence e. lifestyle

e.lifestyle

Scott and his fiancé visit several electronics stores in and around their hometown of Boston. They use their smartphones to capture information about manufacturers and pricing, and ultimately decide to purchase their favorite items online. This is referred to as ________. a. warehousing b. wholesaling c. retailing d. franchising e. showrooming

e.showrooming

Which types of stores are characterized by specialty goods for which customers need assistance and higher operating costs that are passed along to customers as higher prices? full-service stores self-service stores discount stores off-price stores convenience stores

full-service stores

Retailers like Walmart and Target carry less-expensive versions of established brand name products or new lower-price lines. They have adopted a ________ pricing strategy. target return high-low cost-plus good-value market-skimming

good-value

A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity is referred to as a(n) ________. horizontal marketing system direct marketing system administered vertical marketing system corporate vertical marketing system contractual vertical marketing system

horizontal marketing system

Lush Lawns, a new landscaping company, uses the same logo and shade of green in all forms of communication including its online ads, truck signage, Web site, and business cards. Which technique is being used by Lush Lawns to promote its business? global marketing management logistics information management integrated marketing communications niche market penetration inventory control segmentation

integrated marketing communications

Busch Stadium in St. Louis charges different prices for seats in different areas of the ball park, even though each seat costs the same for the owners of the stadium. What is this form of pricing called? product-form pricing market-skimming pricing location-based pricing time-based pricing market-penetration pricing

location-based pricing

Starbucks has signed a contract with a television production company to have its brand featured prominently in a new situation comedy about empty nesters. The conditions of the agreement state that the situation comedy will feature only the Starbucks brand of coffee. What kind of advertising technique is being used in this example? geofencing product placement subliminal advertising advertainment vertical integration

product placement

In ________, the market consists of many buyers and sellers trading in a uniform commodity, such as wheat, copper, or financial securities. a pure monopsony a pure monopoly monopolistic competition pure competition oligopolistic competition

pure competition

The ________ style of advertising shows ordinary people clearly using a product in a normal setting. slice of life personality symbol mood or image technical expertise testimonial evidence

slice of life

The American Tie Company, a necktie retailer, offers a deep assortment of men's neckties. The American Tie Company is best described as a(n) ________. supermarket discount store specialty store off-price retailer department store

specialty store

A TV ad promoting how an ordinary person's life has changed due to considerable weight loss is an example of the ________ style of advertising. fantasy technical expertise mood or image testimonial evidence scientific evidence

testimonial evidence

Which of the following is an impact of the Great Recession on retailing trends? economic shift toward higher prices prohibition on new retail forms tighter consumer spending patterns lower costs for retailers longer retail life cycles

tighter consumer spending trends

Movie theaters charge matinee pricing during the daytime, and resorts give weekend and seasonal discounts. This is illustrative of a ________ pricing strategy. Answers: value-added product form market-skimming time-based market-penetration

time-based

Dynamic pricing is particularly suitable for Internet-based companies like Amazon who want to be responsive to shoppers' desires and marketplace changes. True False

true

Providing extra amenities to differentiate and support high-priced products is referred to as ________ pricing. value-added high-low target return everyday low cost-plus

value added

A ________ pricing strategy for an offering begins with an assessment of customer needs and perceptions. Then a target price is set based on customer perceptions of worth. value-added competition-based value-based cost-based target costing

value-based

Costs that change directly with the level of production are referred to as ________ costs. capital fixed variable payroll target

variable

A ________ consists of producers, wholesalers, and retailers acting as a unified system. The system can be dominated by any one of the interdependent members. vertical marketing system lateral marketing system horizontal distribution channel direct marketing system conventional distribution channel

vertical marketing system

________ includes all the activities involved in selling goods and services to those buying them for resale or business use. Sole sourcing Wholesaling Franchising Crowdsourcing Showrooming

wholesaling