Marketing Final

Figure 14-1 above represents the six steps in setting price. Which letter represents the step where a firm would offer allowances? a. "F" b. "E" c. "D" d. "C" e. "B"

a. "F"

In class, we considered a variety of positioning errors that companies can make. Which of these involves failing to position the brand very well. a. Underpositioning b. Overpositioning c. Confused positioning d. Premium Positioning e. Rebel positioning

underpositioning

In Marketing in the News, we heard about an unlikely alliance between Walmart and what other company? a. Target b. Costco c. Lord & Taylor d. Chanel e. Sak's

c. Lord & Taylor

In class, we discussed the Product Life Cycle (PLC) concept. Imagine that we market a board game, such as Monopoly. We find that video games have become a preferred form of entertainment for young consumers. In which stage of the PLC would we be? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

decline

In Marketing in the News, we heard that for the release of their new beer, Budweiser has partnered up with: a. Uber b. Lyft c. Facebook d. the New York metro system e. Harley Davidson

b. Lyft

An iMac personal computer from Apple can be classified according to all of the following categories EXCEPT: a. a business product. b. a nondurable good. c. a B2B product. d. a durable good. e. a consumer product.

b. a nondurable good.

The difference between the final selling price and the retailer's cost is referred to as a(n) __________. a. original markup b. maintained markup c. markdown d. differential markup e. discounted price

b. maintained markup

The ratio of __________ to price is referred to as value. a. prestige value b. perceived benefits c. costs d. perceived quality e. profits

b. perceived benefits

In Business in the News, we heard about Japan's latest scandal. What company did we hear about that has just admitted to faking data? a. Toyota b. Mitsubishi c. Sumitomo d. Softbank e. Hitachi

Mitsubishi

In class, we considered a company which was selling a new brand of dog food (Dog Chow). In which stage of the Product Life Cycle would the company be most likely to use free samples as a sales promotion to increase sales? a. Introduction b. Growth c. Maturity d. Decline

a. Introduction

In class, we looked at the strategy that the Gap, Inc. uses to satisfy consumers' needs, wants, and desires. Which of their brands target consumers who are interested in classic "American" style? a. The Gap b. Banana Republic c. Old Navy d. Piperlime e. Levis

a. The Gap

Communication is the process of conveying a message to others and it requires six elements. These elements include: a source, __________, a channel of communication, a receiver, and the processes of encoding and decoding. a. a message b. a concept c. a brand d. a slogan e. an offer

a. a message

Figure 11-6 above shows the sequential process of building brand equity. The second step is to establish a brand's meaning in the minds of consumers. This step consists of two dimensions, "B" and "C," which stand for __________ and __________. a. brand performance; brand imagery b. brand identity; brand emotion c. consumer judgments; consumer feelings d. brand awareness; consumer-brand connection e. consumer feelings; brand imagery

a. brand performance; brand imagery

In class, we talked about how Social Media can generate sales. We noted that if your people who are in your customer's network see that your customer likes and trusts you, then they are likely to remember your brand to to buy from you. What did we call this effect? a. Customer Retention & Loyalty b. Community & Acquisition c. Trust & User Generated Content d. SEO & Acquisition e. Drive Foot Traffic

b. Community & Acquisition

In class, we heard about several "Trends" in Personal Selling. Which trend involves the need for all customer contact points to be gathered and shared within the company? a. Controlled Word-of-Mouth Promotion b. Customer Relationship Management c. Mobile Technology d. Web-Based Computing e. Electronic Sales Presentations

b. Customer Relationship Management

A dominant manufacturer of office copiers decides that it will offer a "special deal" to businesses. The firm will offer a special sale on their copiers, but only if the customer also agree to purchase over-priced service agreements. This is an example of: a. Bait and Switch pricing b. Deceptive pricing c. Darned good pricing d. Predatory Pricing e. Price Fixing

b. Deceptive pricing

In class, we learned about the 5 phases of social media measurement. Which phase is related to share of voice and sentiment? a. Exposure b. Influence c. Engagement d. Action/Conversion e. Retention

b. Influence

In Marketing in the News, we heard that Amazon has decided to do what as consumers prepare for holiday shopping? a. Offer Free Shipping on ALL of its products. b. Launch its "Black Friday" deals 50 days early. c. Make Amazon a feature on Google Home voice assisted devices. d. Mark toys down by 70% (goodbye Toys R US). e. Promise 1 hour home delivery via drone through Christmas.

b. Launch its "Black Friday" deals 50 days early.

A large retailer which has economic clout with its suppliers is able to sell products at a price which is far below the competition. It has a practice of going into a town, selling its products at very low prices until the competition goes out of business, and the raising its prices back to the "normal" ones seen in this market. This would be seen as: a. Deceptive Pricing b. Predatory Pricing c. Price Discrimination d. Price Fixing e. Competitive Pricing

b. Predatory Pricing

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is referred to as __________. a. a widget b. a product c. a service d. an idea e. merchandise

b. a productb. a product

Another name for a drop shipper is a __________. a. drop runner b. desk jobber c. transport vendor d. container transport vendor e. stock jobber

b. desk jobber

After offering a promotional allowance, the price of a product returns to its regular price level. When this happens, the retail store's gross margin on that product __________ on those items that were bought with the allowance but not sold during the price special promotion. a. decreases substantially b. increases substantially c. remains the same d. fluctuates wildly e. vanishes

b. increases substantially

In Marketing in the News, we heard that the new Apple iPhone X will include depth-sensing cameras to log an owner into the device, based on what technology? a. Nintendo b. Playstation c. Kinect d. Oculus Rift e. HTC Vive

c. Kinect

In Marketing in the News, we heard that the U.S. marketer of Corona has decided to get involved in what other market? a. Whiskey b. Wine c. Marijuana d. Tea e. Bottled Water

c. Marijuana

In Marketing in the News, we heard that Intel's new holiday advertising campaign likely plays on what situation from the past? a. Memories of getting your first video game. b. Memories of the last time your computer died. c. Memories of parents forgetting batteries needed for holiday toys. d. Memories of parent getting the "wrong" holiday gifts for their kids. e. Memories of slower CPU's.

c. Memories of parents forgetting batteries needed for holiday toys.

Based on the lecture, what type of pricing approach is represented by the Figure? a. Skimming b. Penetration c. Prestige d. Slide Down the Demand Curve e. ROI

c. Prestige

Given your situation, you decide to set prices to achieve a specific annual return-on-investment (ROI). According to the lecture, what type of pricing approach is this? a. Demand-oriented pricing b. Cost-oriented pricing c. Profit-oriented pricing d. Competition-oriented pricing e. Investor-oriented pricing

c. Profit-oriented pricing

Which of the following products or services must be provided by traditional and NOT by Internet marketing channels? a. car rental reservations b. software c. healthcare d. music e. education

c. healthcare

A rehabilitation center wants to target women in their 20s who have received some permanent disability as the result of a skiing accident. In terms of the criteria used for selecting a target segment, this market would a. have no expected growth. b. not be compatible with the company's current resources. c. not be worth doing since its market size is very small. d. not be readily accessible to the firm's marketing programs. e. be relatively difficult to access.

c. not be worth doing since its market size is very small.

Online retail purchases by consumers can be the result of several very different approaches, which include: (1) paying dues to become a member of an online discount service; (2) using a shopping "bot" to search for a product at locations with the best price; (3) going directly to online malls; and (4) a. becoming a member of a research group that evaluates new products. b. becoming a secret shopper. c. participating in an online auction. d. participating in a buying cooperative. e. using direct selling.

c. participating in an online auction

The communication aspect of packaging on a can of Campbell's soup would MOST LIKELY be of the greatest benefit to __________. a. people in a hurry to get to work b. people on a tight budget c. people with dietary restrictions d. people who are brand loyal e. people who love to try new things

c. people with dietary restrictions

Recently, much of the western U.S. experienced a drought condition and water usage was restricted in Denver. Yet, even though most people used less water, the price of water did not drop. When the drought was declared over, the water company raised water prices. However, the residents of Denver did not use less water. Here, water is a. price elastic. b. price sensitive. c. price inelastic. d. price insensitive. e. unitary elastic.

c. price inelastic.

The __________ is the ratio of profit to the investment used to earn that profit. a. markup b. selling margin c. return on investment d. return on assets e. markdown

c. return on investment

At a price of $4.00 each, SHAPE magazine sells 1.25 million copies of its magazine targeted to young women seeking a healthier lifestyle. If the price per issue is increased to $4.50 each, only 1 million copies will be sold. Fixed costs are $1 million and unit variable costs are $0.50 per magazine. Calculate the average revenue for SHAPE magazine at the higher price. a. $0.50 b. $1.25 c. $4.00 d. $4.50 e. $8.50

d. $4.50

In class, we heard from Dan Muller as he discussed segmentation at Timken. Which of the following types of segmentation did he indicate Timken was using? a. By geographic area b. By company size c. By order type d. By industry e. By raw material type

d. By industry

In class, we considered the account management policy grid (also seen in the textbook). In which situation would you consider replacing personal sales calls with telephone sales? a. High account opportunity, High (strong) competitive position b. High account opportunity, Low (weak) competitive position c. Low account opportunity, High (strong) competitive position d. Low account opportunity, Low (weak) competitive position e. Cannot tell from the information given.

d. Low account opportunity, Low (weak) competitive position

In class we heard about different types of social media. Based on class, what type of social medium is Flickr? a. Social Network b. Bookmarking Site c. Social New d. Media Sharing e. Microblogging

d. Media Sharing

In class, we heard from Dan Muller as he discussed segmentation at Timken. He noted that after doing an initial segmentation, they move on to "mico-segmentation." Which of the following was NOT one of the "mico segmentation" variables he mentioned? a. Lead time needed b. Length of product life expected c. Need for greater productivity d. Need for Power generation e. Actually, he mentioned ALL of the above as micro-segmentation variables.

d. Need for Power generation

From what we heard in class, which form of media would you choose if you needed to get out ads in a flexible and timely manner to a local market? a. Television b. Magazines c. Radio d. Newspapers e. Yellow Pages

d. Newspapers

According to the lecture, which channel relationship accounts for the greatest dollar volume of business products? a. Producer to Retailer to Consumer b. Producer to Wholesaler to Retailer to Consumer c. Producer to Business Distributor to Business Customer d. Producer to Business Customer e. Multiple Distribution Channels

d. Producer to Business Customer

Which of the following stores are MOST LIKELY to be an anchor store at a regional shopping center? a. Old Navy, Abercrombie & Fitch, and Kay-Bee toy store b. Hickory Farms, a locally-owned jewelry store, and Radio Shack c. an antique store, Dollar General, and a bakery d. Sears, Macy's, and JCPenney e. Hallmark shop, a sporting goods consignment store, and a Barnes & Noble bookstore

d. Sears, Macy's, and JCPenney

Selecting an approximate price level would occur during __________ of the price-setting process. a. Step 1 b. Step 2 c. Step 3 d. Step 4 e. Step 5

d. Step 4

In Marketing in the News, we heard that Amazon's latest delivery option is: a. same day delivery. b. drone delivery to your backyard. c. one hour delivery. d. delivery inside your home. e. free product pick up at a local store of your choosing.

d. delivery inside your home.

In the new-product process, product ideas that survive the business analysis stage proceed to the __________ stage. a. market testing b. screening and evaluation c. business analysis d. development e. commercialization

d. development

According to the price equation, a product's or service's final price equals its list price minus incentives and allowances plus a. profits. b. commissions. c. trade-ins. d. extra fees. e. taxes.

d. extra fees.

One type of television show is a category called TV reality shows. According to the product life cycle framework, what is(are) the marketing objective(s) of the producers for these reality shows when they were in the introduction stage of their product life cycles? a. stress differentiation from other TV show formats b. maintain viewer loyalty c. allow viewers to watch the show on the Netflix channel d. gain awareness and stimulate the target market to watch e. target viewers of "sitcoms," or situation comedies

d. gain awareness and stimulate the target market to watch

According to the lecture, if our customer wants high quality products, innovation, and a broad product line, the our SCM team should focus on: a. high plant utilization and efficiencies to provide low costs for our customer b. low inventory to provide low inventory costs for firm c. getting the most out of our production facilities and our capital investments d. obtaining a high quality supplier, the shortest time to market, and short manufacturing changeover times. e. Our SCM team needs to focus on ALL of the above to be successful in providing customer satisfaction.

d. obtaining a high quality supplier, the shortest time to market, and short manufacturing changeover times.

Service providers use tools such as __________, which consists of charging different prices for different times of the day or during different days of the week to reflect the variations in demand for their services. a. scale pricing b. capacity pricing c. down-time pricing d. off-peak pricing e. fraction pricing

d. off-peak pricing

Talbot's sells women's clothes. A longsleeve scoopneck t-shirt with the Talbot's label costs $45. By comparison, you can buy a t-shirt for $5 at a Family Dollar Store, but it won't have the prestigious Talbot's label or quality. What kind of demand-oriented approach to pricing does Talbot's use? a. experience curve pricing b. skimming pricing c. demand-backward pricing d. prestige pricing e. flexible pricing

d. prestige pricing

Marginal cost is the change in total cost that results from a. reducing the total number of units produced. b. increasing the number of units produced by one percent. c. increasing the number of products in a product line. d. producing and marketing one additional unit of a product. e. the percentage change that results from changing a product feature or service benefit to reduce costs.

d. producing and marketing one additional unit of a product.

The sale of two or more separate products in one package is referred to as a. a BOGO deal. b. product modification. c. product repositioning. d. product bundling. e. product differentiation.

d. product bundling.

A full-scale operating model of the product under development is referred to as a a. sample. b. framework. c. template. d. prototype. e. blueprint.

d. prototype.

Target return-on-investment pricing refers to a. setting a price to achieve an annual target ROA. b. adding a fixed percentage to the cost of all items in a specific product class. c. setting prices to achieve a profit that is a specified percentage of the sales volume. d. setting a price to achieve an annual target ROI. e. setting a price based on an annual specific dollar target volume of profit.

d. setting a price to achieve an annual target ROI.

The three commonly used compensation plans are: a. incremental salary, input-based commission, and output-based commission. b. straight salary, straight commission, and graded-scale competitive pay. c. percentage of sales, percentage of profits, and straight salary. d. straight salary, straight commission, and a combination of salary and commission. e. straight commission, percentage of market share, and a combination of salary and commission.

d. straight salary, straight commission, and a combination of salary and commission.

One advantage of using the yellow pages as an advertising medium is a. there is no competition. b. the print pages are quicker and easier to use than the Internet. c. they are more mobile than other information sources. d. they have excellent coverage of geographic segments. e. there are no delivery costs.

d. they have excellent coverage of geographic segments.

In class, we noted that the "price" that a buyer pays can take on different names, depending on what is being purchases. Which of the following would NOT be another name for "price?" a. List Price b. Tuition c. Invoice Price d. Final Price e. Actually, all of these are names for price.

e. Actually, all of these are names for price.

In class, we looked at a Price Skimming strategy. Which of the following is NOT a reason that this approach to pricing works? a. Price skimming works when consumers really WANT the product b. Price skimming works when there are no current competitors c. Price skimming works when we have patent protection on the product d. Price skimming works when we have a unique manufacturing process that is difficult to copy e. Actually, the above are ALL reasons that Price Skimming can work

e. Actually, the above are ALL reasons that Price Skimming can work

According to the lecture, the PETA TV ad which used singing cows was a good example of a: a. Pioneering ad b. Competitive Ad c. Testimonial Ad d. Comparison Ad e. Advocacy Ad

e. Advocacy Ad

According to lecture, retail operating costs are higher than wholesaler operating costs. Why is that true? a. Retailers need to have nicer stores than wholesalers. b. Retailers need to be more convenient to their customers than do wholesalers. c. Retailers need to deal with their customers questions d. Retailers need to deal with their customers' needs and expectations. e. All of the above are true.

e. All of the above are true.

Which of the following statements about the introduction stage of the product life cycle is MOST ACCURATE? a. If a firm's product is especially good, efforts should be made to create selective demand rather than primary demand in order to allow the firm to distinguish itself from competitors. b. During the introduction stage, it is best to avoid a skimming pricing strategy. c. During the introduction stage, it is best to avoid a penetration pricing strategy. d. A firm should introduce the identical product at several different price points in order to gauge customer price sensitivity. e. Because of large initial investment costs, industry profits often go from negative to positive.

e. Because of large initial investment costs, industry profits often go from negative to positive.

In Marketing in the News, we heard that Intel's new campaign has paired the Big Bang Theory's Jim Parsons with what other spokesperson? a. Brad Pitt b. Beyonce c. Jay Z d. 50 Cent e. LeBron James

e. LeBron James

In Marketing in the News, we heard that Ontario-based Canopy has a variety of brands, including Tweed. With whom did Tweed strike a marketing deal last year? a. Martha Steward b. Warren G c. Nate dogg d. Ricky Harris e. Snoop Dogg

e. Snoop Dogg

In class, we heard about Key Digital Strategies. Which of the following is NOT one of those strategies? a. Know where your target audience is, and be there. b. Be credible. c. Be believable. d. Have an idea to help build consumer communities. e. Use e-mail to drive traffic to your website.

e. Use e-mail to drive traffic to your website.

Which of the following statements about consumer demand as a pricing constraint is MOST ACCURATE? a. The number of potential buyers for the product class has little effect on the price a seller can charge. b. The number of potential buyers for the product affects the price a seller can charge, but only if the product is a luxury item. c. The number of potential buyers for the product affects the price a seller can charge, but only if the product is a necessity item. d. The number of potential buyers for the brand affects the price a seller can charge in the growth stage of a product life cycle, but not in the introductory stage. e. Whether the item is a luxury or a necessity affects the price a seller can charge.

e. Whether the item is a luxury or a necessity affects the price a seller can charge.

As we heard in lecture, the fashion industry (often) prices to charge less (discounting) later in the season, as the item is moving out of fashion and/or as the season changes. What type of pricing approach did we say this represents? a. Price Lining b. Target pricing c. Odd-even pricing d. Bundle pricing e. Yield Management Pricing

e. Yield Management Pricing

Which type of pricing assumes that different customers are willing to pay a DIFFERENT price for using the SAME AMOUNT of resources? a. Price Lining b. Target pricing c. Odd-even pricing d. Bundle pricing e. Yield Management Pricing

e. Yield Management Pricing

A hypermarket refers to a. category killers that specialize in electronics. b. a form of intertype competition consisting of general merchandise stores. c. shopping malls anchored by four or more department stores such as Sears or Nordstrom's. d. a form of limited-service outlets focusing on general merchandise like that offered in department stores. e. a form of scrambled merchandising, which consists of large stores with (more than 200,000 square feet) that offers everything in a single outlet, eliminating the need for consumers to shop at more than one location.

e. a form of scrambled merchandising, which consists of large stores with (more than 200,000 square feet) that offers everything in a single outlet, eliminating the need for consumers to shop at more than one location.

New product or service failures may be reduced or avoided if the company developing them has a. support from marketer-dominated sources of information. b. a clear patent approved by the governments within the countries it wants to market. c. a statement of competitive intent. d. stakeholder approval in the development process. e. a precise protocol.

e. a precise protocol.

As shown in Figure 20-3 above, "E" is the __________ stage in the personal selling process. a. close b. preapproach c. follow-up d. presentation e. approach

e. approach

Using an existing brand name to introduce a product that is new to the company into a totally new, unfamiliar market seems like a good idea. Several years ago, Harley-Davidson introduced perfume under the Harley-Davidson brand name—and it failed quickly. This innovation strategy is known as a a. radical invention. b. product line extension. c. disruptive innovation. d. product deletion. e. brand extension.

e. brand extension.

The addition of Clorox II bleach to Tide laundry detergents is an example of a a. discontinuous innovation. b. bundled innovation. c. dynamically continuous innovation. d. disruptive innovation. e. continuous innovation.

e. continuous innovation.

Cars and appliances are classified as a. reusable goods. b. nondisposable goods. c. imperishable goods. d. reliable products. e. durable goods.

e. durable goods.

Which salesforce structure is the simplest form of organization? a. profit b. customer c. product d. market e. geographical

e. geographical

The use of brand names is especially important for services because of which unique characteristic of services? a. inventory costs b. inseparability c. inconsistency d. invisibility e. intangibility

e. intangibility

Another name for competitive parity budgeting is __________ budgeting. a. linear forecast b. all-you-can-afford c. comparative d. matched media e. matching competitors

e. matching competitors

When Proctor & Gamble revamped Pantene shampoo and conditioner with a new vitamin formula and relaunched the brand with a multimillion-dollar advertising and promotion campaign, what strategy did it use to manage the product through its life cycle? a. market modification b. product repositioning c. market-product synergy d. product positioning e. product modification

e. product modification

Florida Power & Light, an electric power company, is the only source of electricity for consumers in most parts of the Florida panhandle. As a(n) __________, the company receives approval from the state utility commission for the rates it can charge. a. free enterprise firm b. oligopoly c. monopolistic competitor d. competitor in a pure competition e. pure monopoly

e. pure monopoly

Recently, U.S. dairies, struggling to increase milk sales, tried to change the way adults thought about chocolate milk. The dairies wanted to __________ chocolate milk in the minds of adult consumers. a. segment b. differentiate c. explain d. promote e. reposition

e. reposition

In some cases, penetration pricing may follow which pricing strategy? a. experience curve b. target ROI c. odd-even d. above market e. skimming

e. skimming

A skimming pricing policy is likely to be MOST EFFECTIVE when a. consumers perceive one product to be similar to other products on the market. b. a lower price will significantly lower fixed costs. c. competitors will be attracted to the market due to the potential for high sales revenues. d. consumers tend to be price sensitive. e. the high initial price will not attract competitors.

e. the high initial price will not attract competitors.

Pure competition is the competitive situation where a. many sellers follow market price for identical, commodity products. b. one seller sets the price for a unique product. c. few sellers are sensitive to one another's prices. d. many sellers compete on nonprice factors. e. one or few sellers compete solely on nonprice factors.

a. many sellers follow market price for identical, commodity products.

Men who tried the Gillette Fusion razor were so satisfied with it that 60 percent of them adopted the product permanently. These men are known as __________ purchasers. a. repeat b. replicate c. recurring d. recursive e. die-hard

a. repeat

Which of the following would be an example of an objective in Step 1 of the price-setting process? a. "We need to set an initial price of $259 dollars per unit." b. "We need to obtain a ten percent market share." c. "We need to find the least expensive distributor." d. "We need to make allowances for large quantity orders." e. "We need to increase the price during the holiday shopping season."

b. "We need to obtain a ten percent market share."

In class, we heard that the cost per unit drops as the company gets more experience manufacturing the product. In general, about how much does unit cost drop as the company doubles its production? a. 10% b. 15% c. 20% d. 25% e. 30%

b. 15%

As more competitors launch their own products and the product progresses along its life cycle, company attention is focused on creating __________ demand, or the preference for a specific brand. a. primary b. selective c. derived d. generic e. secondary

b. selective

According to the lecture, about how many U.S. jobs are in the services market? a. 5.5 trillion b. 75 billion c. 116 million d. 30 million e. A quadrillion

c. 116 million

According to lecture, for every customer who bothers to complain to the marketer about a problem, how many other customers remain silent about their problem experience? a. 10 b. 16 c. 26 d. 52 e. 1,422

c. 26

According to Figure 10-1 above, column "A" would represent which type of product? a. shopping b. convenience c. specialty d. prestige e. unsought

c. specialty

In class, we talked about the stages in the personal selling process. In general, when a prospect offers an objection to the sales pitch, it often signals: a. it is time to wrap it up and go to the next sales call. b. the prospect cannot pay for what you are selling. c. the prospect needs more information to make a fully-informed decision. d. the salesperson has not done a good job of prospecting. e. it is time to call the sale manage into the sale call.

c. the prospect needs more information to make a fully-informed decision.

The executive vice president of Washburn Guitars has set a sales target of 2,000 units for a new line of guitars. This type of objective is a(n) __________ pricing objective. a. profit b. target return c. unit volume d. market share e. survival

c. unit volume

Online content that shows a significant degree of creative effort, and thus is more than simply posting a newspaper or magazine article on a personal blog, is a criterion of a. online advertisements. b. blogs. c. user generated content (UGC). d. wikis. e. YouTube.

c. user generated content (UGC)

All of the following are examples of pricing constraints EXCEPT: a. newness of the product. b. competitors' prices. c. newness of the product (stage in its life cycle). d. social responsibility. e. demand for the product class, product, or brand.

d. social responsibility.

In class, as we talked about price, we looked at the Bugatti Veyron. About how much is the "base price" of a Bugatti Veyron? a. $58,000 b. $85,000 c. $175,000 d. $550,000 e. $1,950,000

e. $1,950,000

Figure 14-1 above represents the six steps in setting price. Which letter represents the step where a firm would assess company, customer, and competitive effects on price? a. "B" b. "D" c. "F" d. "C" e. "E"

e. "E"

Less than __________ of new consumer packaged goods (CPG) exceed first-year sales of $50 million—the benchmark of a successful CPG launch. a. 1 percent b. 3 percent c. 10 percent d. 18 percent e. 25 percent

b. 3 percent

Which of the following statements regarding a trade-in allowance is MOST ACCURATE? a. A trade-in allowance is a noncash exchange of one product for another of equal or lesser value. b. A trade-in allowance is an effective way to lower the price a buyer has to pay without formally reducing the list price. c. A trade-in allowance is a cash-back payment when a more expensive item is replaced with a less expensive one. d. A trade-in allowance is the return of money based on proof of purchase. e. A trade-in allowance is a cash payment to a retailer for extra in-store support or special featuring of the brand.

b. A trade-in allowance is an effective way to lower the price a buyer has to pay without formally reducing the list price.

Which of the following statements about the factors that influence demand is true? a. As the availability of close substitutes increases, the demand for a product increases. b. As real consumer income increases, the demand for a product increases. c. As the price of close substitutes increases, the demand for a product declines. d. Changing consumer tastes have little impact on the demand for a product. e. As real consumer income decreases, the demand for a product increases.

b. As real consumer income increases, the demand for a product increases.

__________ includes considering employee interactions with customers to ensure they are consistently delivered and experienced, clearly differentiated from other offerings, and relevant and valuable to the target market. a. Capacity management b. Customer experience management c. Derived demand d. Internal marketing e. The key service factor

b. Customer experience management

In lecture, we considered various branding strategies within a product mix. Which approach does Armor All use in its branding of Armor All products (Armor All Protectant, Armor All Glass Cleaner, Armor All On Car Polish)? a. Separate Names b. Family Branding c. Co-branding d. Multiple-branding e. Dual branding

b. Family Branding

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we typically find the firm focused on an overall strategy of Market Penetration? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

b. Growth

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we typically find the firm working on improving items in its product line? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

b. Growth

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we typically focus on market penetration to achieve both brand preference and intensive distribution for our product? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

b. Growth

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we typically focus our promotional strategies on developing brand preference? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

b. Growth

According to the lecture, which of the following is a disadvantage of Price Skimming: a. It slows up the recovery of development costs b. It attracts competition c. It is hard to adjust our price if consumers feel it is too high d. Because demand is likely to be so high, we may not be able to gear up production quickly enough e. Actually, NONE of the above are disadvantages associated with Price Skimming

b. It attracts competition

In Marketing in the News, we heard that Walmart acquired what company for $3 billion? a. Kohl's b. Jet.com c. Lord & Taylor d. Bonobos e. Toys R Us

b. Jet.com

In class, we thought about planning for recruiting and selecting the salesforce. Which step involves defining the actual aptitude, skills, knowledge, personal traits, and willingness to accept occupational conditions necessary to perform the job? a. Job Analysis b. Job Qualifications c. Job Description d. Recruitment Objectives e. Selection Strategies

b. Job Qualifications

Calculate a firm's total revenue (TR) using the following information: the unit price (P) for a product is $40; the quantity sold (Q) is 2,000; the fixed cost (FC) is $50,000; and the variable cost (VC) is $20,000. a. $10,000 b. $50,000 c. $110,000 d. $150,000 e. cannot be determined with the information provided

a. $10,000

In Business in the News, we heard that Ohio's minimum wage is currently $8.15. For non-tipped employees, the minimum wage is going up to: a. $8.30 b. $8.50 c. $8.75 d. $9.10 e. $12.50

a. $8.30

If the terms of the trade discount are listed as "20/10/5," the number "20" represents a. 20 percent of the suggested retail price that is available to the retailer to cover costs and provide a profit. b. 20 percent of the suggested wholesale price that is available to the wholesaler to cover costs and provide a profit. c. 20 percent of the suggested retail price that is available to the jobber to cover costs and provide a profit. d. 20 percent of the manufacturer's suggested retail price that is available to the ultimate consumer. e. 20 percent of the suggested retail price that is the profit margin to the manufacturer.

a. 20 percent of the suggested retail price that is available to the retailer to cover costs and provide a profit.

In class, we talked about the distribution channels used by Dell computers. One way that Dell sells computers is by allowing customers to go to the Dell web site and to create their own "customized" computer, which is then built to the customer's specifications and shipped to the customer's home. What type of distribution channel does this represent? a. A direct channel b. An indirect channel c. A business marketing channel d. An industrial distribution channel e. A manufacturer's rep channel

a. A direct channel

In class, we heard that in order to benefit from Social Media efforts, firms must do all of the following EXCEPT: a. Acknowledge that YOU are in control of social media. b. Be found where consumers are looking ... they find you. c. Have conversations ... not sales pitches. d. Engage consumers in what interest them. e. Actually, ALL of these are necessary to benefit from social media.

a. Acknowledge that YOU are in control of social media.

For which type of consumer good do we need to be sure to make the product widely available, make sure it is visible in the store, and use extensive advertising? a. Convenience good b. Shopping good c. Specialty good d. Unsought good e. Goody good

a. Convenience good

In class, we discussed various ways to classify retailers based on their ownership. We noted that Starbucks is a good example of a(n): a. Corporate Chain. b. Independent Retailer. c. Retailer Cooperative. d. Voluntary Chain. e. Non-store retailer.

a. Corporate Chain.

As we discussed in class, services differ from products (goods) in along a variety of dimensions. Which characteristic of services means that marketers must educate their consumers about their role in the service process? The characteristic of: a. Inseparability b. Perishability of Inventory c. Inconsistency d. Intangibility e. Indecisive

a. Inseparability

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we find consumers who are "innovators?" a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

a. Introduction

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we find little (if any) competition? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

a. Introduction

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we find sales that are low, but rising? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

a. Introduction

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we typically have only scattered distribution? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

a. Introduction

In Marketing in the News, we heard that Netflix will increase prices in the U.S. How will this affect T-Mobile customers who currently get Neflix for free? a. It won't. T-Mobile will cover the cost. b. T-Mobile will pass along 10% of the cost. c. T-Mobile will pass along 20% of the cost. d. T-Mobile will pass along 30% of the cost. e. T-Mobile has said it will need to pass along the full cost of the increase to its consumers.

a. It won't. T-Mobile will cover the cost.

In class we noted that a firm might price lower than the market demands in order to "manage for long-run profits." How would this work? a. Lower prices draw more consumers, who may learn to be loyal to our brand. b. It allows us to earn a good profit in the current quarter to satisfy market analysts. c. It helps us to earn a target return on our objectives. d. It supports that effort to manufacture off-shore. e. It lets us recover our costs quickly.

a. Lower prices draw more consumers, who may learn to be loyal to our brand.

According to lecture, which "traditional" target market strategy offers the advantage of lower costs (through long production runs and minimal inventory costs)? a. Market-aggregation b. Product differentiation c. Concentration d. Multiple-segmentation e. Niche

a. Market-aggregation

In class, we looked at an approach to pricing that may result in market analysts giving our firm a higher rating, which should move the price of our stocks up. Which profit objective is most likely to produce this result? a. Managing for Long-Run Profits b. Managing for Current Profit c. Target Return (ROI) d. Price to increase Sales Dollars of one of our brands e. Price to increase over all company Market Share

b. Managing for Current Profit

In Business in the News, we hard that UberEATS has recently arranged to deliver food locally, in Akron Ohio. From what we heard, what company did UberEATS partner with? a. Taco Bell b. McDonald's c. Wendy's d. Burger King e. Subway

b. McDonald's

In class, we talked about the stages in the personal selling process. If you are working with information to understand the potential customer's current needs and feelings about the available brands, which stage of the process are you in? a. Prospecting b. Preapproach c. Approach d. Presentation e. Close

b. Preapproach

In Business in the News, we heard about the new "free-trade Trans-Pacific Partnership" deal that was discussed at a recent conference in Vietnam. Based on what we heard, who told this group that "nations need to stay committed to economic openness or risk being left behind?" a. Prime Minister Malcom Trunbull, Australia b. President Xi Jinping, China c. President Donald Trump, USA d. President Tran Dai Quang, Viet Nam e. President Vladimir Putin, Russia

b. President Xi Jinping, China

Which of the following statements about service failures is MOST ACCURATE? a. Only 5-10% of dissatisfied customers choose to complain to the company. b. Once customers complain, they expect all of their demands to be met. c. Only 20% of consumers will give a company a second chance if they are not fully satisfied during the first encounter. d. People are twice as likely to share good service experiences as bad experiences. e. Monitoring social media websites such as YouTube, Twitter, and Facebook are a waste of time since the complaints presented are usually isolated instances and are not indicative of the actual service delivered.

a. Only 5-10% of dissatisfied customers choose to complain to the company.

Mitsubishi's LCD projectors, where the manufacturer advertises the Model HC4900 for $3,000 as "good," the HC5000GL for $3,490 as "better," and the HC6000 for $4,000 as "best." What type of pricing strategy does this best represent? a. Price Lining b. Target pricing c. Odd-even pricing d. Bundle pricing e. Yield Management Pricing

a. Price Lining

In class, we considered the influence on type of competition on pricing. For what type of competition did we say there is almost no competition based on price? a. Pure Competition b. Monopolistic Competition c. Monopolistic Oligopolic Competition d. Oligopoly e. Communistic Competition

a. Pure Competition

In lecture, we noted that SCM usually requires significant changes in the firm's organization structure. This is because: a. SCM cuts across functional areas within the firm and even across different firms. b. most existing organizations are ineffective in delivering customer satisfaction. c. SCM managers need to have direct control of the firm's operations. d. most organizations need to be "flattened" for better efficiencies. e. the introduction of electronic data communication calls for new organizational structures.

a. SCM cuts across functional areas within the firm and even across different firms.

In lecture, we considered various branding strategies within a product mix. Which approach does P&G use, when they market Tide and Pringles? a. Separate Names b. Family Branding c. Co-branding d. Multiple-branding e. Dual branding

a. Separate Names

In class, we heard about different types of financial compensation that we can offer salespeople. Which approach is simple to administer and allows for easy projection of earnings? a. Straight Salary b. Straight Commission c. Salary plus Commission d. A salary draw (paid back if goals are not met) e. Territory Volume Compensation

a. Straight Salary

In Marketing in the News, we heard a report about company logos. Which of the following was a top rated logo for both brand experts AND consumers? a. Target b. LinkedIn c. Volkswagen d. Airbnb e. Baskin Robbins

a. Target

From what we heard in class, which form of media would you use if your product needed to reach a mass audience with sight, sound, and motion? a. Television b. Radio c. Magazines d. Newspapers e. Internet

a. Television

In Marketing in the News, we heard that Tinder has added a new subscription option, Tinder Gold. Added to its free service, and Tinder Plus, this new option demonstrates what Pricing Tactic? a. Penetration Pricing b. Price Lining c. Slide down the demand curve pricing d. Cost Plus pricing e. Prestige Pricing

b. Price Lining

In Marketing in the News, we heard that Birkenstock is attempting to grow its business by entering new categories such as beds and beauty creams. What type of growth strategy did we say they are using? a. Market Penetration b. Product development c. Marketing Development d. Diversification e. Joint Partnerships

b. Product development

According to lecture, ____________ involves using different elements of the marketing mix to help consumers see the product as being different from the competition, and "better" for the consumer a. Market-aggregation b. Product differentiation c. Concentration d. Multiple-segmentation e. Niche

b. Product differentiation

Based on lecture, which property of services can consumers evaluate BEFORE the purchase? a. Credence Properties b. Search Properties c. Experience Properties d. Real Estate Properties e. Props properties

b. Search Properties

In class, we hear from Dan Muller as he discussed segmentation at Timken. Which of the following was not one of the industries that they were targeting? a. Primary metals b. Secondary metals c. Wind energy d. Power generation e. Cement

b. Secondary metals

Estimating demand and revenue would occur during __________ of the price-setting process. a. Step 1 b. Step 2 c. Step 3 d. Step 4 e. Step 5

b. Step 2

In class, we looked at the Major Steps in the Sales Personnel Selection Process. Based on this information, if a candidate passes the in-depth interviews, what is the next step? a. Reference checks b. Testing c. Physical Examination d. In-depth interview e. Application check

b. Testing

National advertising campaigns rarely include newspapers unless in conjunction with local distributors of their products. Exceptions to this would be national daily print versions of __________. a. The National Enquirer and The National Review b. The Wall Street Journal and USA Today c. The Daily Beast and The National Enquirer d. The New York Times and The Wall Street Journal e. The Christian Science Monitor and The Huffington Post

b. The Wall Street Journal and USA Today

Which of the following statements is MOST ACCURATE? a. The name Gatorade was chosen because as an energy drink it "got you out the gate—fast." b. The name Gatorade was coined by a team who lost to the University of Florida Gators, attributing the Gator win to the "aid" it got from the rehydrating beverage. c. The green color of the original lemon-lime Gatorade was based on the University of Florida's alligator mascot. d. Gatorade was developed by PepsiCo as a cause-marketing project to provide resources for women's sports at University of Florida's as a result of the passage of Title IX in 1972. e. Gatorade is the only sports drink marketer that doesn't use sports celebrities to endorse its products.

b. The name Gatorade was coined by a team who lost to the University of Florida Gators, attributing the Gator win to the "aid" it got from the rehydrating beverage.

In class, we considered the way in which value-pricing is used by firms like McDonald's to provide more value to consumers. In general, this one useful approach to get consumers' attention for our product. However, as discussed, a practical problem can arise if: a. The COSTS for ingredients may rise, so that the firm cannot produce a profit at the value-priced amount. b. COMPETITION can charge us with illegal price competition. c. Consumer groups accuse us of caring more about profits than about our consumers' health. d. Managers cannot calculate the value price in the store e. as a practical matter, we pointed out that value-pricing always reduces our profits.

a. The COSTS for ingredients may rise, so that the firm cannot produce a profit at the value-priced amount.

Consider Figure 14-9 above. "D" represents which of the following legislative acts? a. The Robinson-Patman Act b. The Clayton Act c. The Sherman Act d. The Federal Trade Commission Act e. The Consumer Goods Pricing Act

a. The Robinson-Patman Act

In class, we considered the case of a restaurant owner who needed to have the windows cleaned. One approach discussed was for the owner to offer the window cleaner "gift certificates" to the restaurant which are equal to the amount the cleaner would charge. So if the window washing bill was $200, the restaurant owner would provide a $200 gift certificate to the restaurant to pay the bill. WHY would the restaurant owner want to pay in this way? a. It would defer payment until the gift certificate was actually used. b. The owner saves money because the restaurant's actual cost of a meal is only about one third of the price charged on the bill. c. It is a way to avoid taxes for the owner. d. It creates good "word of mouth" publicity for the restaurant. e. The whole point of the example was that the owner would NOT want to do this.

b. The owner saves money because the restaurant's actual cost of a meal is only about one third of the price charged on the bill.

Which of the following statements regarding the seller's price is MOST ACCURATE? a. Internet price changes are regulated by the Internet Fair Practices Act to protect consumers against price gouging. b. The seller's price is constrained by the type of market within which it competes. c. Price changes cannot be regulated in a monopoly. d. The type of market has little or no impact on a firm in a monopolistic competitive environment. e. Competitive environments should affect a firm's pricing objectives, but not its actual product prices.

b. The seller's price is constrained by the type of market within which it competes.

In class, we considered the example of tuition at KSU. We noted that the tuition does not increase from 11 to 18 credit hours. What aspect of "price" did this represent? a. It is the "list price" for these services. b. This represents a "discount" on the cost of taking more credit hours. c. This pricing approach to tuition represents an "add on" to the published tuition in the form of an "extra fee" for more credit hours taken. d. This is a form of "retroactive tax" paid by students who take more courses. e. This IS the final tuition actually paid.

b. This represents a "discount" on the cost of taking more credit hours.

A demand curve graph typically appears as a. a parabola with the apex representing the highest price that can be charged without losing customers. b. a diagonal line going from upper left to lower right demonstrating that as price goes down, demand goes up. c. an inverted parabola with the lowest point representing the lowest price that can be charged and still meet the company's profit objectives. d. a diagonal line going from lower left to upper right demonstrating that as prices go up, demand goes up proportionately. e. two intersecting lines that identify the point at which supply and demand are exactly the same.

b. a diagonal line going from upper left to lower right demonstrating that as price goes down, demand goes up.

In Marketing in the News, we heard that in order to be successful, retailers must: a. cut prices. b. adapt to changing consumer expectations. c. fight competition from successful malls. d. cut costs. e. close stores.

b. adapt to changing consumer expectations

Marketers can communicate best with college students by __________. a. using cable TV ads since this demographic watches TV more than any other medium b. adding mobile media to their IMC campaigns c. placing ads on Sirius XM radio d. using "Twitter Jockeys" e. discourage media multitasking

b. adding mobile media to their IMC campaigns

As product adopters, members of the late majority a. have a fear debt and use neighbors and friends as information sources. b. are skeptical and have below average social status. c. are deliberate and use many informal social contacts. d. are leaders in social settings and have a slightly above average education. e. are venturesome, highly educated, and use multiple information sources.

b. are skeptical and have below average social status.

Personal selling serves three major roles in a firm's overall marketing effort. Salespeople: (1) are the critical link between a firm and its customers; (2) __________; and (3) may play a dominant role in a firm's marketing program. a. play a key role in research and development b. are the company in a consumer's eyes c. play a dominant role in implementing an organization's pull strategy d. provide the most valuable resource for segmenting and selecting target markets e. are one of many people in a firm that contacts potential customers

b. are the company in a consumer's eyes

When Kroger, a national supermarket chain, uses a special promotion to price a six-pack of soda at $2.09 (which is below its customary price level of $4.29), it is attempting to a. drive its competition out of business. b. attract customers in hopes they will buy other products as well. c. fill its parking lot so its store will look successful. d. work with the local bottler to move products that are close to their expiration dates. e. help stimulate the local economy and generate good will with its customers.

b. attract customers in hopes they will buy other products as well.

Free samples are one of the most popular means to gain consumer trial. In fact, most consumers consider a sample to __________. a. simulate laggard usage of the product b. be the best way to evaluate a new product c. be faster than purchasing a product d. be safer than purchasing a product e. circumvent the typical adoption cycle

b. be the best way to evaluate a new product

Shrinkage refers to a. the declining number of small privately owned retail stores due to economic hard times. b. breakage, theft, and fraud by customers and employees. c. the percentage of inventory that is damaged or unsalable because of product failure. d. the loss of profits in clothing items that are returned because of inferior materials. e. polycarbonate packaging that encases products with a tamper-resistant plastic seal.

b. breakage, theft, and fraud by customers and employees.

Multichannel marketing a. creates greater elasticity of demand for its products. b. can leverage the value-adding capabilities of different channels. c. creates greater inelasticity of demand for its product. d. allows firms to legally circumvent paying taxes on revenue generated by online sales. e. allow customers to avoid shipping and handling charges.

b. can leverage the value-adding capabilities of different channels.

When Sherman bought gas, he noticed the convenience store offered him a 2 percent reduction in price if he paid cash rather than if he used his credit card to pay for his purchase. The convenience store was offering him a a. trade discount. b. cash discount. c. promotional allowance. d. rebate. e. functional discount.

b. cash discount.

Shopping products: a. purchases frequently, conveniently, and with a minimum of effort. b. compares several alternatives on criteria such as price, quality, or style. c. makes a special effort to search out and buy. d. does not know about or knows about but does not initially buy. e. buys as a result of buying others' consumer products, such as impulse purchases.

b. compares several alternatives on criteria such as price, quality, or style.

Odd-even pricing is most closely related to a. retailers' perceptions of price. b. customers' perceptions of price. c. wholesalers' markups. d. a manufacturer's costs. e. competitors' perceptions of price.

b. customers' perceptions of price.

Mrs. Renfro's, Inc., is a company that sells 25 different relishes in 45 different states. Mrs. Renfro's chipotle corn salsa is so popular that the company cannot make enough to keep its resellers stocked. Its price of $4.50 for a jar seems just right to consumers who savor its hot and spicy taste. The popularity of hot and spicy food is an example of a __________ that Mrs. Renfro's has taken advantage of to make its product a success. a. barter factor b. demand factor c. supply factor d. consumer index e. macroeconomic environmental factor

b. demand factor

Price-lining is considered to be a __________ approach to pricing. a. cost-oriented b. demand-oriented c. profit-oriented d. competition-oriented e. service-oriented

b. demand-oriented

The break-even point for a large grain farming operation was calculated to be 2 million bushels of corn. Break-even analysis would take place during which step of the price-setting process? a. identify pricing objectives and constraints b. determine cost, volume, and profit relationships c. estimate demand and revenue d. select an approximate price level e. make special adjustments to list or quoted price

b. determine cost, volume, and profit relationships

Allowing consumers to buy products by interacting with various advertising media without a face-to-face meeting with a salesperson is referred to as a(n) __________. a. indirect marketing channel b. direct marketing channel c. multimarketing channel d. channel bypass marketing e. personal selling

b. direct marketing channel

Which of the following represent elements of Step 2 of the price-setting process? a. profit, market share, and survival b. estimation of demand, sales revenue, and price elasticity c. cost estimation, marginal analysis, and break-even analysis d. demand for the product class and brand, newness of the product, and competition e. market segmentation targeting, and positioning

b. estimation of demand, sales revenue, and price elasticity

Which of the following methods is commonly used in software development to speed up the development process? a. expedited time to market b. fast prototyping c. parallel development d. controlled test marketing e. concept testing

b. fast prototyping

According to lecture, firms that want to develop supply chain management processes should a. do so before worrying about the 4 P's of the Marketing Mix b. first be able to provide quality products, in a timely, cost effective manner c. eliminate older procurement processes d. eliminate older logistics processes e. hire a new SCM team

b. first be able to provide quality products, in a timely, cost effective manner

As shown in Figure 20-3 above, "F" is the __________ stage in the personal selling process. a. presentation b. follow-up c. preapproach d. close e. approach

b. follow-up

There are four unique elements to services—intangibility, inconsistency, inseparability, and inventory—which are referred to as the __________. a. service mix b. four I's of services c. service matrix d. 4Ps of services e. service continuum

b. four I's of services

Stores that carry a broad product line, with limited depth, are referred to as __________. a. limited-line stores b. general merchandise stores c. scrambled merchandise stores d. hypermarkets e. intertype outlets

b. general merchandise stores

At which stage in the product life cycle do industry profits usually peak? a. introduction b. growth c. maturity d. decline e. accelerated development

b. growth

Figure 13-2 above represents the six steps in the price-setting process. "A" represents the step at which a firm would a. raise initial capital. b. identify pricing objectives and constraints. c. scan competitors for prices of similar products or services. d. select the appropriate pricing formula. e. establish the price range.

b. identify pricing objectives and constraints.

Andrea Arenas is the owner of 2 Places at 1 Time, a concierge company. She and her staff of 60 perform everyday services, such as walking the dog, picking up cleaning, waiting for the repairman, and going to the post office, for people who are too busy to perform these simple acts. One way she tries to avoid ___________ of services for her regular customers is to make sure that the same well-trained person is always assigned to work for her clients. a. inseparability b. inconsistency c. incongruity d. inflexibility e. intangibility

b. inconsistency

Business products are also referred to as __________. a. commodities b. industrial products c. wares d. resale products e. merchandise

b. industrial products

A retail chain hires a company to design and install a computer network that would allow each store in the chain to check the inventory of others in the chain for customer-requested items. The retail chain purchased which kind of business products? a. accessory equipment b. industrial services c. supply materials d. component parts e. installations

b. industrial services

A vendor-managed inventory system refers to an a. inventory supply system that operates with very low inventories and requires fast on-time delivery. b. inventory management system whereby the supplier determines the product amount and assortment a retailer needs and automatically delivers the appropriate items. c. inventory management system that is designed to reduce the retailer's lead time for receiving merchandise, which then lowers its inventory investment, improves customer service levels, and reduces logistic expenses. d. inventory supply system that relies on the "judgment" of individual warehouse managers based on daily reports from its retailer customers. e. inventory system that guarantees delivery within 48 hours, granting price reductions of 1 percent per hour if a shipment is delayed.

b. inventory management system whereby the supplier determines the product amount and assortment a retailer needs and automatically delivers the appropriate items.

One of the disadvantages associated with television as an advertising medium is that it a. cannot target specific audiences. b. is very expensive to prepare and run ads. c. must use print for effect. d. has a limited amount of advertising time available. e. is not effective for conveying simple messages.

b. is very expensive to prepare and run ads.

One advantage of using the Internet as an advertising medium is a. there is no need to segment markets. b. it has video and audio capabilities similar to television. c. there are no real costs except computers used for initial encoding. d. online ads almost always result in a "click," an action that leads to the purchasing of a product. e. messages are automatically translated into multiple languages.

b. it has video and audio capabilities similar to television.

A durable good is defined as a(n) a. item consumed in one or a few uses. b. item that usually lasts over an extended number of uses. c. item that lasts at least one year without becoming obsolete. d. product purchased only for the use of ultimate consumers. e. product used in the production of other products.

b. item that usually lasts over an extended number of uses.

Loehmann's is an upscale, off-price specialty retailer that sells name-brand designer fashions. A few salespeople are available for selected departments, but customers are responsible for most of their shopping activities. Loehmann's provides its consumers with a. full-service. b. limited service. c. self-service. d. restricted service. e. functional service.

b. limited service.

Recent surveys of consumers have indicated that while customers of many services are interested in being "relationship customers," they require that the relationship be balanced in terms of a. honesty, a lack of prejudice, and empathy. b. loyalty, benefits, and respect for privacy. c. loyalty, honesty, and integrity. d. financial benefits, product benefits, and preferential treatment. e. financial benefits, product benefits, and personal benefits.

b. loyalty, benefits, and respect for privacy.

Promotional expenses at the maturity stage of the product life cycle are often designed to __________. a. convince those who have abandoned the brand to try it again b. maintain market share c. create a sense of nostalgia d. attract more price conscious consumers e. thwart the growing number of competitors that have entered the market

b. maintain market share

Two key types of synergies are __________. a. supplier and distributor synergies b. market and product synergies c. industry-dominated and consumer-dominated d. product and production synergies e. consumer and market synergies

b. market and product synergies

Commuters in New York often have often installed radio frequency identification (RFID) devices on their cars that can be read automatically as they approach a toll booth. This saves time, improves traffic flow, and means drivers don't need to keep exact change in their cars. It also offers New York authorities the opportunity to manage traffic flow by charging different toll amounts for different times of day, such as charging a higher toll for "rush hour" periods during the morning and afternoon commutes. Commuters in New York are experiencing a. price gouging. b. off-peak pricing. c. flow management pricing. d. price differentiation. e. idle production pricing.

b. off-peak pricing.

Many forward-looking companies have discovered that their own organization does not generate enough useful new-product ideas. This has caused them to find new product ideas by developing strategic relationships with outside individuals and organizations. This practice is referred to as __________. a. innovation alliances b. open innovation c. open collaboration d. "piggy-back thinking" e. stakeholder cooperation

b. open innovation

In lecture we heard that when you make use of supply chain management, you not only need to do better than your direct competitors, but you actually need to compete against: a. indirect competitors. b. other multi-firm supply chains. c. integrated marketing systems. d. large suppliers. e. yourself.

b. other multi-firm supply chains.

In lecture we learned that it may be easier to talk about implementing SCM than it is to align it with our Marketing Strategy. One "real life" problem we find is that: a. our supply chain team rarely understands the full cost of the various modes of transportation. b. our supply chain team may focus on short-term operational results, instead of on satisfying customers wants. c. it is more important to deal with efficiencies and asset utilization than customer needs. d. few firms have the talent to manage a SCM team. e. supply chains are too complex to actually manage effectively.

b. our supply chain team may focus on short-term operational results, instead of on satisfying customers wants.

In class, we viewed an interesting promotional device. A restaurant created a huge graphic of a person with an open mouth. The open mouth was placed directly in front of a tunnel. The graphic read, "All you can eat, Oldtimer Rest stop." This was presented as an example of: a. a print ad b. outdoor advertising c. using "sex to sell" d. a version of newspaper advertising e. an interactive ad

b. outdoor advertising

Cessna is considered the volume leader in the executive-jet market. It has been described as "almost totally vertically integrated." This quote means that Cessna a. does not fall under the jurisdiction of any federal regulatory agency. b. owns several of the entities that would make up the traditional marketing channel. c. has eliminated economies of scale. d. has achieved a high level of social responsibility. e. uses outsourcing for all component parts and materials.

b. owns several of the entities that would make up the traditional marketing channel.

Equipment-based services do not have the marketing concern of inconsistency because __________ have been removed from the delivery of the service. a. risk and product liability b. people c. learning requirements d. automations e. accessories

b. people

The setting of prices for all items in a product line to cover the total cost and produce a profit for the complete line, not necessarily for each item, is referred to as a. line item pricing. b. product-line pricing. c. price lining. d. customary pricing. e. discretionary pricing.

b. product-line pricing.

The best way to assess the effectiveness of all promotion expenditures during the past year is to compute a __________. a. break-even point b. promotion-to-sales ratio c. ROI d. promotion-to-expenses ratio e. advertising-to-sales promotion ratio

b. promotion-to-sales ratio

List the following competitive markets from MOST competitive to LEAST competitive. a. monopolistic competition, pure monopoly, pure competition, and oligopoly b. pure competition, monopolistic competition, oligopoly, and pure monopoly c. pure competition, monopolistic competition, pure monopoly, and oligopoly d. oligopoly, pure competition, monopolistic competition, and pure monopoly e. pure monopoly, oligopoly, monopolistic competition, and pure competition

b. pure competition, monopolistic competition, oligopoly, and pure monopoly

Economists have identified four types of competitive markets, which are a. capitalistic, monopolistic, socialist, and communist. b. pure monopoly, monopolistic competition, oligopoly, and pure competition. c. free market, restrained market, government-regulated, and command economy. d. market economy, command economy, traditional economy, and controlled economy. e. open market, consumer-dominated market, service market, and product market.

b. pure monopoly, monopolistic competition, oligopoly, and pure competition.

A 3M researcher worked with university students to develop the Post-it® Flag Highlighter. His team evaluated the technical feasibility of the proposed design and determined whether the idea met the firm's new-product objectives. At which stage of the new-product process was this product? a. idea generation b. screening and evaluation c. business analysis d. new-product strategy development e. concept testing

b. screening and evaluation

Firms that have designed a unique approach for performing a service and wish to profit by selling the franchise to others employ a __________. a. customer-generated franchising system b. service-sponsored retail franchise system c. manufacturer-sponsored wholesale franchise system d. manufacturer-sponsored retail franchise system e. administered vertical marketing systems

b. service-sponsored retail franchise system

Which type of consumer product is purchased relatively infrequently and takes some time to make the purchase decision because the consumer needs time to compare offerings during the shopping experience? a. convenience product b. shopping product c. specialty product d. unsought product e. discretionary product

b. shopping product

Which of the following is a cost-oriented pricing method? a. loss leader pricing b. standard markup pricing c. at-, above-, or below-market pricing d. price lining e. penetration pricing

b. standard markup pricing

A cluster of neighborhood stores, whose composition is typically unplanned, that serves people within a 5-to 10-mile radius is referred to as a(n) a. suburban shopping mall. b. strip mall. c. mini-mart. d. hypomarket. e. central business district.

b. strip mall.

One advantage of using newspapers as an advertising medium is a. the ability to cover national markets. b. the short lead time for placing an ad. c. excellent color graphics. d. minimum distraction from other features. e. extended life span.

b. the short lead time for placing an ad.

The first step a nonprofit organization should take to engage people with social media is to __________. a. set specific measurable goals b. understand what motivates people to take up causes c. create a simple and realistic operating budget d. create a well-defined organizational hierarchy e. develop a unique selling proposition

b. understand what motivates people to take up causes

Online content created by an individual outside of a professional organization without a commercial market in mind is a criterion of a. online advertisements. b. user generated content (UGC). c. blogs. d. wikis. e. YouTube.

b. user generated content (UGC).

Marketing dashboards are useful in measuring actual market performance versus the goals set in new-product planning, such as sales. Once shortfalls are identified, the first step would be to conduct market research to determine __________. a. how to change the promotional strategy b. whether the problem is internal or external to the organization c. whether to drop or keep the failing product or market d. whether to change the goal, and therefore, the marketing metric used to measure it e. if the numbers used for evaluation in the marketing dashboard are accurate

b. whether the problem is internal or external to the organization

A unique feature of the Robinson-Patman Act is that it allows for price differentials to different customers under several conditions. Which of the following practices would be permitted? a. Using price differentials when price differences charged to different customers do not exceed the differences in the cost of manufacture, sale, or delivery resulting from different methods or quantities in which such goods are sold or delivered to buyers. b. Using price differentials when price differences are given on the basis of other family businesses. c. Using price differentials when charging different prices to different buyers for goods of like grade or quality. d. Using price differentials when charging different prices on the basis of religious affiliation. e. Using price differentials when charging the original price for refurbished goods that have been damaged or used and returned but repaired according to company specifications.

a. Using price differentials when price differences charged to different customers do not exceed the differences in the cost of manufacture, sale, or delivery resulting from different methods or quantities in which such goods are sold or delivered to buyers.

Research indicates that there are four key factors involved with salesforce motivation: (1) __________; (2) effective sales management practices; (3) a personal need for achievement; and (4) proper compensation, incentives, or rewards. a. a clear job description b. constructive criticism c. an opportunity for professional growth d. a moderate degree of competitive spirit within a team e. adequate time for bookkeeping and paperwork

a. a clear job description

A tying arrangement refers to when a supplier requires a. a distributor purchasing some products to buy others from the supplier. b. channel members to sell only its products or restricts distributors from selling directly competitive products. c. to whom distributors may resell the supplier's products and in what specific geographical areas or territories they may sell. d. a channel member to sell only its products. e. a channel member to finance all loans through the supplier's bank.

a. a distributor purchasing some products to buy others from the supplier.

In class, we looked at services such as personal shoppers, take out food, and house and lawn care as growing to help consumers deal with: a. a poverty of time b. excess discretionary income c. self-actualization needs d. to help companies increase their productivity e. to help companies increase their profits

a. a poverty of time

For most products, it is difficult to identify a specific market price for a product or product class. Still, marketing managers often have a subjective feel for the competitors' price or market price. Using this benchmark, they then may deliberately choose a strategy of a. above-, at-, or below-market pricing. b. loss-leader pricing. c. penetration pricing. d. standard markup pricing. e. experience curve pricing.

a. above-, at-, or below-market pricing.

According to the textbook, clothing manufacturer Christian Dior and retailer Neiman Marcus use __________ pricing. a. above-market b. at-market c. below-market d. prestige pricing e. everyday low pricing

a. above-market

Which of the following is a characteristic of the growth stage of the product life cycle? a. advertising emphasis switches to selective demand b. a growing proportion of trial purchases come from brand loyal users c. product features remain unchanged d. profit margins increase as sales increase e. the product is sold in a narrowly selected number of retail outlets

a. advertising emphasis switches to selective demand

The four steps in the building brand equity include: (1) developing positive brand awareness and __________; (2) establishing a brand's meaning in the minds of consumers; (3) eliciting the proper consumer responses to a brand's identity and meaning; and (4) creating an intense, active, and loyal consumer-brand connection. a. an association of the brand in consumers' minds with a product class or need to give the brand an identity b. lowering the price of products c. easing consumers' decision making d. incorporating higher value in products e. creating market modification

a. an association of the brand in consumers' minds with a product class or need to give the brand an identity

When General Mills introduced Fingos, a corn chip-sized sweetened cereal flake, it assumed that its customers would normally snack on them dry like a potato chip. Unfortunately, consumers did not switch from munching on popcorn and potato chips. The primary reason for the failure of Fingos was __________. a. an insignificant point of difference relative to competing snacks—consumers wouldn't switch from eating snacks from Frito-Lay and others b. too little market attractiveness—the growth in the snacks market is declining c. poor execution of the marketing mix—General Mills did not offer free samples at grocery stores d. poor product quality—the chips were not the same size e. incomplete market and product protocol—the brand name "Fingos" did not get consumers excited

a. an insignificant point of difference relative to competing snacks—consumers wouldn't switch from eating snacks from Frito-Lay and others

A trial close refers to a. asking the prospect to make a decision on some aspect of the purchase. b. allowing the prospect to use or lease the item on a limited, temporary basis before making a final commitment of purchase. c. committing the prospect quickly by making references to the time limits of the purchase. d. making an exchange of money or other unit of value. e. asking the prospect to make choices concerning delivery, warranty, or financing terms.

a. asking the prospect to make a decision on some aspect of the purchase.

Reinforcement ads are reminder ads that a. assure current users they made the correct choice in choosing the product. b. reinforce previous knowledge of a product. c. repeat ad campaigns that have been used before in order to remind consumers of how good the ads were. d. reaffirm a company's position on an issue of importance or interest. e. reassure the company it has made the right choice in advertising the product.

a. assure current users they made the correct choice in choosing the product.

An assessment of the "fit" of the proposed new products, from whether it can be economically developed and manufactured to the marketing strategy needed, take place during which stage of the new-product process? a. business analysis b. screening and evaluation c. new-product strategy development d. development e. These activities are addressed at every stage with the exception of new-product strategy development.

a. business analysis

Subway is a popular __________. a. business-format franchise b. product-distribution franchise c. operations franchise venture d. manufacturing franchise e. general service franchise

a. business-format franchise

One of the advantages associated with radio as an advertising medium is that it a. can target specific audiences. b. has a long exposure time. c. has a perishable message. d. has an unlimited amount of advertising time available. e. is relatively simple to convey complex messages.

a. can target specific audiences.

General merchandise wholesalers a. carry a broad assortment of merchandise and perform all channel functions. b. own the merchandise they sell but do not physically handle, stock, or deliver it. c. have a small warehouse from which they stock their trucks for distribution to retailers. d. work for several producers, carry noncompetitive, complementary merchandise in an exclusive territory, and use over-the-road transportation for all product deliveries. e. deal exclusively with small low-cost consumer products that are distributed to a select number of large retail chains.

a. carry a broad assortment of merchandise and perform all channel functions.

Five general criteria are often used to select target segments. They include: (1) the size of the market; (2) expected growth of the market; (3) competitive position of the firm with respect to the market; (4) cost of reaching the segment; and __________. a. compatibility with the organization's objectives and resources b. potential of a marketing action to reach a segment c. similarity of needs of potential buyers within a segment d. difference of needs of buyers among segments e. potential for increased profit

a. compatibility with the organization's objectives and resources

21st Century Fox is the new name for its broadcast/cable TV networks and TV/movie studios. Since most of the shows produced at its TV production unit and many of the movies made at its studio are only televised on its cable TV networks, 21st Century Fox is an example of a(n) a. corporate vertical marketing system. b. integrated marketing system. c. contractual vertical marketing system. d. corporate horizontal marketing system. e. contractual horizontal marketing system.

a. corporate vertical marketing system.

The key to setting a final price for a product is finding an approximate price level to use as a reasonable starting point. Four common approaches to selecting an approximate price level are: (1) demand-oriented; (2) __________; (3) profit-oriented; and (4) competition-oriented approaches. a. cost-oriented b. cause-oriented c. revenue-oriented d. stakeholder-oriented e. distribution-oriented

a. cost-oriented

The first step in the sequential building process of brand equity involves __________. a. developing positive brand awareness b. creating a consumer-brand connection c. easing consumers' decision making d. eliciting the proper consumer responses to a brand's identity and meaning e. establishing a brand's meaning in the minds of consumers

a. developing positive brand awareness

Factors such as differences in payment methods (credit and credit cards), the need for improved reliability and security in regards to the mail system, and government regulations make it especially difficult for __________ in the global market. a. direct marketing b. advertising c. personal selling d. sales promotion e. publicity

a. direct marketing

Partnership selling is sometimes referred to as __________. a. enterprise selling b. transactional selling c. strategic selling d. creative selling e. synergistic selling

a. enterprise selling

Godiva Chocolatier invites consumers to stop by one of its stores for an unforgettable experience, including delectable chocolates, decorative gift collections, and unrivaled customer care. What type of retail service is Godiva offering? a. full-service b. limited-service c. self-service d. restricted-service e. functional-service

a. full-service

Which of the following is a basis used to segment U.S. organizational markets? a. geographic b. psychographic c. income d. needs e. education

a. geographic

According to class, distribution's main role within the marketing mix is to: a. get the product to its intended target market. b. create new products for distribution. c. set the fair and reasonable price for the products being distributed. d. eliminate the need for manufacturers to promote the product. e. replace the functions performed by the manufacturer.

a. get the product to its intended target market.

When consumers think of Harley-Davidson, the image is of a masculine, non-conformist. With Vespa motor scooters, the image is of a brainy environmentalist. Both Vespa and Harley-Davidson __________. a. have brand personalities b. avoid brand subcultures c. are logotypes d. use co-branding e. use product personification

a. have brand personalities

An analysis of a prospective product shows that sales for it are expected to grow by at least 10 percent each year over the next 5 years before it enters the maturity phase of its product life cycle. This type of analysis would provide useful information in which step of the price-setting process? a. identifying pricing objectives and constraints b. determining cost, volume, and profit relationships c. estimating demand and revenue d. selecting an appropriate (approximate) price lining strategy e. making special adjustments to list or quoted price

a. identifying pricing objectives and constraints

Your neighborhood dry cleaner or florist is likely to be categorized as an independent retailer. This means it is owned by a(n) __________. a. individual b. conglomerate c. consortium d. chain e. cooperative

a. individual

Consumers have more difficulty evaluating services than they do products; the difficulty results from the a. intangibility of services. b. incongruity of services. c. inseparability of services. d. inflexibility of services. e. interdependence of services.

a. intangibility of services.

Capacity management refers to a. integrating the service component of the marketing mix with efforts to influence consumer demand. b. when the service provider is available but there is no demand. c. charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service. d. the practice of changing prices for services in real time in response to supply and demand conditions. e. the operating cost per hour per employee or technology subtracted from the revenue generated by each full-time employee equivalent.

a. integrating the service component of the marketing mix with efforts to influence consumer demand.

3D OLED (organic light-emitting diode) HDTVs, such as the 55" model from LG Electronics shown above that costs about $10,000, are in which stage of their product life cycle? a. introduction b. growth c. maturity d. decline e. harvest

a. introduction

Figure 11-4 above shows that in 2007, digital music (mp3) downloads were in which stage of the product life cycle? a. introduction b. growth c. maturity d. harvest e. decline

a. introduction

Information from a __________ is used to write a job description. a. job analysis b. salesforce compensation plan c. sales plan d. sales performance audit e. personal performance plan

a. job analysis

Multichannel marketing seeks to integrate a firm's electronic and delivery channels. Catalogs can serve as shopping tools for online purchasing, and websites can help consumers do their homework before visiting a store. By blending different communication and delivery channels, a. multichannel marketing can leverage the value-adding capabilities of different channels. b. multichannel marketing creates greater elasticity of demand for a firm's products. c. multichannel marketing creates greater inelasticity of demand for a firm's products. d. multichannel marketing allows a firm to legally circumvent paying taxes on revenue generated by online sales. e. multichannel marketing allows customers to avoid shipping and handling charges.

a. multichannel marketing can leverage the value-adding capabilities of different channels.

A selling format that emphasizes probing and listening by the salesperson to identify needs and interests of prospective buyers is referred to as a __________. a. need-satisfaction presentation b. formula selling presentation c. stimulus-response presentation d. relationship selling presentation e. marketing concept presentation

a. need-satisfaction presentation

The key idea behind diffusion of innovation is that __________. a. not all consumers accept a new product at the same time; adoption of a product spreads slowly throughout the population b. once a product enters the market, the time span between awareness and purchase is incredibly short c. the introduction of an entire new product class almost always diffuses the importance of its predecessor within a matter of months d. adoption of a new product line does not change the diffusion rate of older lines in the market e. the rate of adoption is independent of other product form innovations or competitive products in the marketplace

a. not all consumers accept a new product at the same time; adoption of a product spreads slowly throughout the population

Imagine you have overheard the owner of a medium-sized manufacturing company saying, "We had a good year, and I think next year will be even better. I'm going to raise this year's promotion budget 4.5 percent based on the increase of last year's gross dollar sales. That will let me do more advertising than the 3.5 percent I budgeted last year." From this information, the manufacturer is using __________ budgeting. a. percentage of sales b. competitive parity c. all-you-can-afford d. objective and task e. linear forecast

a. percentage of sales

Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value are referred to as __________. a. services b. goods c. products d. marketing mix e. ideas

a. services

A pricing method where all buyers pay the same delivered price for the products, regardless of their distance from the seller, is referred to as __________. a. single-zone pricing b. multiple-zone pricing c. freight absorption pricing d. FOB origin pricing e. basing-point pricing

a. single-zone pricing

Setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product is referred to as a a. skimming strategy. b. penetration strategy. c. price-lining strategy. d. experience-curve pricing strategy. e. prestige pricing strategy.

a. skimming strategy.

Limited- and single-line stores are often referred to as __________. a. specialty outlets b. general merchandise stores c. scrambled merchandise stores d. intertype outlets e. hypermarkets

a. specialty outlets

Setting an annual target of a specific dollar volume of profit is referred to as __________. a. target profit pricing b. target return-on-investment pricing c. loss leader pricing d. at-, above-, or below-market pricing e. yield management pricing

a. target profit pricing

Logistics management refers to a. the practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements. b. the integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering products and services that provide value to ultimate consumers. c. the integration and organization of information and logistical activities that actively brings consumers together with sellers through the express use of agents and brokers. d. systems that are designed to reduce a retailer's lead time for receiving merchandise, which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistics expense. e. proprietary computer and telecommunication technologies to exchange electronic invoices, payments, and information among suppliers, manufacturers, wholesalers, and retailers.

a. the practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements.

In the feedback loop, feedback refers to a. the sender's interpretation of the response that indicates whether the message was decoded and understood as intended. b. the impact the message had on the receiver's knowledge, attitude, or behaviors during the communications process. c. a mutually shared understanding and knowledge the sender and receiver apply to a message so that it can be communicated effectively during the communication process in the message loop. d. any unsolicited response from consumers or potential consumers regarding a company's message. e. extraneous factors that can work against effective communication by distorting a message or the feedback received.

a. the sender's interpretation of the response that indicates whether the message was decoded and understood as intended.

Customers report many benefits of direct marketing, including __________. a. there is more privacy than in-store shopping b. there are fewer product returns c. there are usually better product warranties d. there are a greater number of additional incentives from sellers to retain customer loyalty e. products are generally bundled with other products to offer buyers greater value

a. there is more privacy than in-store shopping

Vertical integration can lead to legal prosecution if a. there is potential to lessen competition or create a monopoly. b. mergers create too much competition. c. a corporate vertical system attempts to become a contractual vertical marketing system. d. an administered vertical system attempts to become a corporate vertical marketing system. e. one member of the channel attempts to take the position of channel captain away from another.

a. there is potential to lessen competition or create a monopoly.

In Marketing in the News, we heard that alcohol online sales have lagged, in part due to a complicated patchwork of post-Prohibition state laws that govern its sale and distribution. One factor inhibiting sales which we heard about is the: a. three-tier distribution system requirement. b. problem of selling alcohol online to minors. c. "gray market" for alcohol. d. concern from the American Medical Association. e. legislation legalizing marijuana.

a. three-tier distribution system requirement.

Intermediaries perform three basic functions. According to Figure 15-2 above, "C" represents a(n) __________. a. transactional function b. facilitating function c. middleman function d. logistical function e. operational function

a. transactional function

Very infrequent purchases with some comparison shopping are characteristic of the purchasing behavior for a type of consumer product (such as burial insurance) that a prospective buyer may not initially want. This type of consumer service is referred to as a(n) a. unsought product/service. b. shopping product/service. c. convenience product/service. d. specialty product/service. e. support product/service.

a. unsought product/service.

If a customer is reluctant to try a new product because he'd have to change his normal every day behaviors, the company is MOST LIKELY facing a __________ barrier. a. usage b. risk c. value d. financial e. psychological

a. usage

Figure 14-1 above represents the six steps in setting price. Which letter represents the step where a firm would offer discounts? a. "E" b. "D" c. "F" d. "C" e. "B"

c. "F"

Each month, the owner of a carwash pays $2,500 in rent, $500 in utilities, $750 interest on the business loan, an insurance premium of $200, and $250 on advertising on local bus routes. A full-service carwash is priced at $10.50. Unit variable costs for the carwash are $7.50. At what level of revenue will the carwash break-even? a. $4,200 b. $10,500 c. $14,700 d. $30,000 e. $39,900

c. $14,700

In Business in the News, we heard that last year Alibaba's Single's Day promotions created the biggest shopping day on the calendar. Sales were about: a. $1.7 billion b. $7.8 billion c. $17.8 billion d. $78 billion e. $178 billion

c. $17.8 billion

It is estimated that the average cost of an outbound telemarketing sales call on a business customer is about __________, versus $350 for a single field sales call. a. $10 to $15 b. $15 to $20 c. $20 to $25 d. $30 to $40 e. $40 to $50

c. $20 to $25

Jane Westerlund owns a small retail picture frame store in a local strip mall. She just bought 10 picture frames from a promising woodworker for $36 each. Based on market conditions, she will sell these for $100 each. Recently, however, sales have been a bit slow. Jane decides to reduce the price for the frames to $80. What is her maintained markup in dollar terms? a. $0 b. $36 c. $44 d. $64 e. $100

c. $44 *Original markup(100-36)=64 *Markdown is (100-80) *maintained markup (80-36)=44<--

In class, we looked at the "recruitment pyramid." Based on this example, what is the ratio of people interviewed to actual offers? a. 2:2 b. 3:2 c. 10:1 d. 30:21 e. 4:1

c. 10:1

In Marketing in the News, we heard that the American Egg Board has brought on a series of "spokespersons" to help increase the demand for eggs. Who did we hear the Board is using? a. A farmer, a priest, and a musician. b. An ad man, a physician, and an athletic trainer. c. A nun, Santa, and a "Stoner." d. A Marine, an Army sergeant, and a sailor. e. A chicken, a cow, and a porpoise.

c. A nun, Santa, and a "Stoner."

In Marketing in the News, we heard a report about company logos. Which of the following was among the least liked logo for consumers? a. Gerber Baby Foods b. LinkedIn c. Airbnb d. Twitter e. Baskin Robbins

c. Airbnb

Which of the following retailers would best fit in "B" shown in Figure 16-8 above? a. Kmart b. Payless ShoeSource c. Bloomingdales department store d. 7-Eleven e. Lamborghini automobile dealer

c. Bloomingdales department store

In class, we considered a variety of positioning errors that companies can make. Which of these involves claiming two or more contradicting benefits? a. Underpositioning b. Overpositioning c. Confused positioning d. Premium Positioning e. Rebel positioning

c. Confused positioning

In class, we talked about the structure of the sales force. If your company serves several specific industries with specific needs (e.g., consumer goods, high tech, manufacturing, services), you would MOST LIKELY structure your salesforce based on: a. Geography b. Territory c. Customers d. Product e. Salesforce Size

c. Customers

In class we used Starbucks as an example of Managing Products and Brands. Based on what we heard, major change did the company make to its logo in 2011 for its 40th anniversary? a. Changed the color scheme from brown to green. b. Added a two-tailed mermaid to the logo. c. Dropped the words "Starbucks Coffee" from the logo. d. Added a large cup of brewed coffee with the word STARBUCKS around it. e. Added a picture of the original Starbucks store.

c. Dropped the words "Starbucks Coffee" from the logo.

In class, we looked at a variety of possible positioning platforms that you might use for your brand. Which of the following is NOT a positioning platform that we thought about? a. Role Model b. Technological Leader c. Ethnic Pride d. A Problem Solver e. Anti-establishment / rebel

c. Ethnic Pride

In Business in the News, we heard that Chinese e-commerce giant Alibaba Group is pushing ahead with a "new retail" strategy. What strategy is Alibaba using? a. Bring more international companies onto its ecommerce site. b. Reducing the number of international companies on its ecommerce site. c. Increasing the number of small domestic shops on its ecommerce site. d. Decreasing the number of small domestic shops on its ecommerce site. e. Partnering with Amazon to increase its US presence.

c. Increasing the number of small domestic shops on its ecommerce site.

In class, we considered the case of an Administered Vertical Marketing Systems. One good example of such a system is: a. Midas muffler shops b. The Independent Grocery Association (IGA) c. Kraft selling its mayo in Acme stores d. Sherman Williams selling its paints in Sherwin Williams retail outlets e. Nike selling its products in a "Niketown" in New York City.

c. Kraft selling its mayo in Acme stores

In class, we noted that the demand for more and better services affect virtually all industries in a variety of ways. From what we heard in class, which of the following is NOT an example of how the demand for services affect businesses. a. Longer Business Hours b. Better trained sales and service people c. Lower prices with more product quality d. Location--ATMs, branch outlets, branch warehouses, JIT delivery e. Improved customer service systems

c. Lower prices with more product quality

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we find intense competition? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

c. Maturity

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we find slow to no growth in industry sales of our product? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

c. Maturity

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we find the firm focused on a "defensive positioning" strategy? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

c. Maturity

In class, we heard about several "Trends" in Personal Selling. Which trend involves the ability of salespeople to retrieve the information they need at virtually any time they need it? a. Controlled Word-of-Mouth Promotion b. Customer Relationship Management c. Mobile Technology d. Land Line-Based phone calls e. Electronic Sales Presentations

c. Mobile Technology

__________ retailers utilize and integrate a combination of traditional store formats and nonstore formats. a. Progressive b. Opportunistic c. Multichannel d. Cluster e. Power

c. Multichannel

In class, we said that Reken, the hair care brand, is an example of a company with what kind of product mix? a. Wide and shallow b. Narrow and shallow c. Narrow and deep d. Wide and deep e. A split mix

c. Narrow and deep

In class, we thought about various constraints on the price that a firm can set for its products. One factor that constraints price is the underlying DEMAND. In the automotive industry, the overall demand for CARS would be a factor. This is most closely related to demand for the: a. Brand b. Product c. Product Class d. Company e. Road

c. Product Class

Alice Faulkner is a professional salesperson. She earns her living by selling advertising for The New York Times newspaper. In addition to selling advertising to her regular accounts, Alice is responsible for generating new advertising accounts for the newspaper. In order to fulfill her responsibilities, Faulkner works hard to make sure the potential customers she sells to are qualified prospects. How can Faulkner know if the prospects she is selling to are in fact qualified prospects? a. Qualified prospects only have an interest in buying advertising in the newspaper. b. Qualified prospects only have the money to buy advertising in the newspaper. c. Qualified prospects have a need for the advertising, can afford to buy it, and have the authority to make the purchase decision. d. Qualified prospects only have the authority to make the decision to buy the advertising. e. Qualified prospects read the newspaper daily and recognize that it is a good advertising medium.

c. Qualified prospects have a need for the advertising, can afford to buy it, and have the authority to make the purchase decision.

In lecture, we noted that: a. SCM replaces what we have previously learned about management, eliminating past practices b. SCM both replaces what we have previously learned about management, and builds on our past practices c. SCM does not replace what we have learned about management, but rather builds on our past practices d. SCM does not replace what we have learned about management, but does eliminate our past practices e. SCM is already going out of style in the world of marketing management

c. SCM does not replace what we have learned about management, but rather builds on our past practices

In class we noted that a firm's "Service Image" is conveyed by its "service products." In choosing the service dimensions to create a competitive position, which service dimensions should be emphasized? a. Those dimensions which are the cheapest to provide. b. The dimensions which no other competitor offers. c. The dimension which are most valued by the customers. d. The dimensions which will create the highest status. e. The dimensions which provide us the least additional effort.

c. The dimension which are most valued by the customers.

Grocery retailer Safeway displays the thousands of items it sells in aisles containing related items or product groupings. Examples would be the pet food aisle or the soft drink aisle. Why would Safeway display and sell product groupings in this manner? a. The groupings increase the number of market-product combinations on the market-product grid, which makes it a more manageable framework for subsequent analysis. b. This form of product groupings makes it easier for customers to get in and out of the store more quickly, creating time utility. c. The products are grouped so people can relate to them in a more meaningful way when they shop. d. Product groupings can be generated quantitatively to show which adhere to the 80/20 rule. e. Individual suppliers get preferential treatment based upon the number of different UPCs they provide in a given store.

c. The products are grouped so people can relate to them in a more meaningful way when they shop.

In class, we heard that we might adjust prices by offering quantity discounts. What is the key assumption of this pricing tactic? a. Everyone loves a deal. b. Customers who are further away will buy more. c. We get "economies of scale" with larger orders. d. We will get consumers' attention drawn to more profitable products. e. We will have a short Product Life Cycle.

c. We get "economies of scale" with larger orders.

In Marketing in the News, we heard that Asics is attempting to reposition itself to appeal to what target market? a. Pro-althletes b. Baby Boomers c. Women d. Younger generation Z and millennials e. Older generation alpha

c. Women

In determining how much to spend on an integrated marketing communication campaign, you can choose to use the promotion-to-sales ratio as a guide. In class, we said that if you have a lower ratio than competition, it means: a. You need to increase your total promotional expenditures. b. The competition is getting more sales per promotional dollar spent than you are. c. You are getting more sales per promotional dollar spent that is the competition. d. Your total sales are lower than that of the competition. e. You need to get your ratio up!

c. You are getting more sales per promotional dollar spent that is the competition.

In Marketing in the News, we heard that Asics is going for new branding that positions the footwear company: a. a luxury shoe brand. b. an activewear retailing brand. c. a health and wellness brand. d. a pro athlete-oriented brand. e. a non-athlete shoe brand.

c. a health and wellness brand.

If competitive market circumstances are such that there is no price competition, no product differentiation, and the purpose of advertising is to increase demand for the product class, then __________ must exist in the industry. a. an oligopoly b. monopolistic competition c. a pure monopoly d. pure competition e. oligopolistic competition

c. a pure monopoly

7-Eleven rebranded 11 of its American stores and one Canadian store as "Kwik-E-Marts," selling some real-life versions of products seen in episodes of The Simpsons, such as Buzz Cola and Krusty-O's cereal. This form of promotion is referred to as __________. a. a product placement b. product continuity c. a reverse product placement d. trade-oriented sales promotion e. subliminal advertising

c. a reverse product placement

A job analysis refers to a. a thorough evaluation of a salesperson's performance based upon both input and output objectives. b. a detailed assessment to determine what occurred at which stage in the selling process that prevented a qualified lead from being converted into a sale. c. a study of a particular sales position, including how the job is to be performed and the tasks that make up the job. d. a protocol used to assign relative weights to various aspects of the selling process to create an individualized compensation plan. e. a written document that describes the job relationships and requirements that characterize each sales position.

c. a study of a particular sales position, including how the job is to be performed and the tasks that make up the job.

If a firm's marketing dashboard displays a CDI over 100 for a consumer packaged good, such as General Mills' Warm Delights Minis, this indicates which of the following? a. a weak brand position in a segment b. a strong brand position in a segment c. above-average product category purchases by a market segment d. below-average product category purchases by a market segment e. There is not enough information to make any conclusions.

c. above-average product category purchases by a market segment

Consider Figure 20-7 above, which is an account management policy grid that groups customers according to the level of opportunity and the firm's competitive sales position. "B" represents which account management policy? a. accounts that the firm should consider (1) replacing personal calls with telephone sales or direct mail to service accounts and (2) dropping account if unprofitable b. accounts may offer a good opportunity if the sales organization can overcome its weak position c. accounts that should emphasize a heavy sales organization position or shift resources to other accounts if a stronger sales organization position is impossible d. accounts that should receive a high level of sales calls and service to retain and possibly build accounts e. accounts that should receive moderate level of sales and service to maintain current position of sales organization

c. accounts that should emphasize a heavy sales organization position or shift resources to other accounts if a stronger sales organization position is impossible

One advantage of using newspapers as an advertising medium is a. their long life span. b. the excellent use of color graphics. c. ads can be clipped and saved. d. it appeals to multiple senses. e. limited distraction from other features.

c. ads can be clipped and saved

Personal selling assumes many forms based on the __________ and the __________ to perform the sales task. a. size of the salesforce; financial outlay b. complexity of the product; amount of sales training c. amount of selling done; amount of creativity required d. amount of creativity; amount of sales training e. complexity of the product; financial outlay

c. amount of selling done; amount of creativity required

A brand name refers to __________. a. a product's identifier that only can be spoken b. a product's identifier that consists of only the symbol or design that cannot be spoken c. any word, device (design, sound, shape or color), or combination of these used to distinguish a seller's products or services d. the commercial, legal name under which a company does business e. the identification of an organization's products based upon individual SKUs

c. any word, device (design, sound, shape or color), or combination of these used to distinguish a seller's products or services

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers __________ and discount stores buy from wholesalers __________. a. who are trying to offload returned or slightly irregular inventory; selling new but inexpensive merchandise b. at below wholesale prices; and charge a high initial price with the full intent of taking markdowns later c. at below wholesale prices; at full price but take a less of a markup d. at various price points; at the lowest price points possible e. who are part of a retailing cooperative; who are part of a wholesaling cooperative

c. at below wholesale prices; at full price but take a less of a markup

The added value a brand name gives to a product beyond the functional benefits provided is referred to as __________. a. brand caché b. brand net worth c. brand equity d. brand benefit e. brand enhancement

c. brand equity

The variety of different items a store carries is referred to as the a. retailing mix. b. depth of product line. c. breadth of product line. d. width of product line. e. length of product line.

c. breadth of product line.

McDonald's, Radio Shack, and Subway are examples of __________. a. product-distribution franchises b. business franchise venture c. business-format franchises d. manufacturing franchises e. general service franchise

c. business-format franchises

The pairing of two brand names of two manufacturers on a single product is referred to as a. multibranding. b. brand bundling. c. co-branding. d. mixed branding. e. reseller branding.

c. co-branding.

Head-to-head positioning requires a product to a. compete with products from competitors of the same size. b. compete with competitors on similar product attributes but in a different market. c. compete with competitors on similar product attributes in the same market. d. compete against very similar products from the same company (its own). e. compete against a single competitor with an identical offering.

c. compete with competitors on similar product attributes in the same market.

Digital billboards allow advertisers to quickly present __________ ads, which are based on current events, weather, business conditions, etc. a. local and national news b. public service announcements c. conditional content d. point-of-purchase e. infomercial

c. conditional content

Advertising programs in which a manufacturer pays a percentage of a retailer's local advertising expense for advertising the manufacturer's products are referred to as a. trade promotion programs. b. consumer promotion programs. c. cooperative advertising programs. d. cause-related marketing programs. e. shared-responsibility programs.

c. cooperative advertising programs.

In class we considered value pricing. We noted that PC's have almost become a commodity, with low prices and low profit margins. One way we looked at to create value pricing for these companies is to: a. produce more units, at a lower price. b. create a new kind of computer with new technology. c. create new services, like installation of your home entertainment center with your media PC. d. create new internet applications. e. manufacture off-shore.

c. create new services, like installation of your home entertainment center with your media PC.

A sales organization practice whereby a different salesforce calls on each separate type of buyer or market channel is referred to as a __________. a. multi-reseller organization b. geographical organization c. customer sales organization d. product/service sales organization e. multi-level marketing organization

c. customer sales organization

A skimming pricing policy is likely to be MOST EFFECTIVE when: (1) enough prospective customers are willing to buy immediately at the high initial price to make these sales profitable; (2) the high initial price will not attract competitors; (3) lowering the price has only a minor effect on increasing the sales volume and reducing the unit cost; and (4) __________. a. enough prospective customers are willing to buy immediately at the high initial price to make these sales profitable b. consumers tend to be price sensitive c. customers interpret the high price as signifying high quality d. lowering the price has only a minor effect on increasing the sales volume and reducing the unit cost e. consumers perceive your product to be similar to other products on the market

c. customers interpret the high price as signifying high quality

A skimming pricing policy is likely to be MOST EFFECTIVE when a. consumers perceive your product to be similar to other products on the market. b. a lower price will significantly lower fixed costs. c. customers interpret the high price as signifying high quality. d. consumers tend to be price sensitive. e. it will be easier to set measurable sales unit goals.

c. customers interpret the high price as signifying high quality.

Jim Smith is an avid fly fisherman who lives in Deer Key, FL. For his hobby, Jim needs large rubber rafts, hip waders, special fishing rods, reels, line, and an assortment of fishing tackle and lures. There are no sporting goods stores in Deer Key, so Jim orders his fishing supplies from the L.L. Bean catalog. His supplies are generally delivered to his home within 72 hours. Jim is using a __________ to satisfy his fishing supply needs. a. home delivery retailer b. quick response retailer c. direct-mail marketer d. flexible response marketer e. regional marketer

c. direct-mail marketer

Companies use a "price premium" to assess whether their products and brands are priced above, at, or below the market. More specifically, a price premium is the percentage by which the actual price charged for a specific brand exceeds or falls short of a benchmark established for a similar product or basket of products. This price premium equals: a. unit volume market share for a brand divided by dollar sales market share for a brand, minus 1. b. dollar sales market share for a brand divided by unit volume market share for a brand, plus 1. c. dollar sales market share for a brand divided by unit volume market share for a brand, minus 1. d. dollar sales market share for a brand, divided by unit volume market share for a brand, plus 1. e. dollar sales market share for a brand, divided by unit volume market share for a brand, minus the number of competitors against which a brand is being measured.

c. dollar sales market share for a brand divided by unit volume market share for a brand, minus 1.

A consumer buys a new digital camera. In using the camera, the consumer takes pictures, uses software to enhance the picture, purchased a new printer and prints the pictures at home. The consumer needed to look online for some help on how to do all of this. For this consumer, we would classify the digital camera as a: a. silly innovation. b. continuous innovation c. dynamically continuous innovation d. discontinuous innovation e. old news

c. dynamically continuous innovation

When Heinz introduced its new EZ Squirt Ketchup bottle (see the photo above), the degree of "newness" for the consumer would make this a a. continuous innovation. b. discontinuous innovation. c. dynamically continuous innovation. d. spontaneous innovation. e. continuous invention.

c. dynamically continuous innovation.

The four stages of the retail life cycle are a. introduction, growth, maturity, and decline. b. awareness, inquiry, alternative evaluation, and purchase. c. early growth, accelerated development, maturity, and decline. d. innovation, standardization, adaptation, and obsolescence. e. innovation, adaptation, imitation, and obsolescence.

c. early growth, accelerated development, maturity, and decline.

The consumers represented by "C" in Figure 11-5 above are called __________. a. innovators b. late majority c. early majority d. early adopters e. laggards

c. early majority

Research indicates that there are four key factors involved with salesforce motivation: (1) a clear job description; (2) __________; (3) a personal need for achievement; and (4) proper compensation, incentives, or rewards. a. an opportunity for professional growth b. a moderate degree of competitive spirit within a team c. effective sales management practices d. constructive criticism e. adequate time for bookkeeping and paperwork

c. effective sales management practices

Walmart uses which pricing strategy that affects both customers and competitors? a. penetration pricing b. every day fair pricing c. every day low pricing d. supply-side pricing e. value-pricing

c. every day low pricing

Some manufacturers have tried to use the brand loyalty of their consumers to force retailers to carry only their products and none from their competitors. These manufacturers were trying to force retailers to participate in a practice known as a(n) a. resale restriction. b. vertical integration. c. exclusive dealing. d. refusal to deal. e. tying arrangement.

c. exclusive dealing.

New product brands introduced as defensive moves to counteract and confront a firm's competition are referred to as __________. a. co-brands b. private brands c. fighting brands d. brand extensions e. subbrands

c. fighting brands

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel, fragrances, jewelry, and leather accessories. The retailer relies on superior service to sell its products and to retain its customers. Saks Fifth Avenue would be classified as a(n) __________. a. exclusive-service retailer b. limited-service retailer c. full-service retailer d. premium-service retailer e. semi-service retailer

c. full-service retailer

With respect to promotion, which of the following strategies would MOST LIKELY be used for unsought products? a. offering consumer and trade sales promotions b. establishing the uniqueness and status of the brand c. generating awareness d. differentiating the brand from competitive brands e. stressing price and availability in advertising

c. generating awareness

ion 10 With respect to promotion, which of the following strategies would MOST LIKELY be used for unsought products? a. offering consumer and trade sales promotions b. establishing the uniqueness and status of the brand c. generating awareness d. differentiating the brand from competitive brands e. stressing price and availability in advertising

c. generating awareness

The William Morris Agency represents country singer Trace Adkins in negotiations with various venues in which he could perform. Imagine that the agency decided the singer would not perform at venues located in small town communities that have less than 100,000 people. Thus, of the agency is using __________ segmentation. a. entertainment b. psychographic c. geographic d. usage rate e. behavioral

c. geographic

A key to effectively positioning a product or brand is discovering its perception in the minds of potential customers. To do this, companies take four steps: (1) __________; (2) discover how target customers rate competing products or brands with respect to these attributes; (3) discover where the company's product or brand is on these attributes in the minds of potential customers; and (4) reposition the company's product or brand in the minds of potential customers. a. decide whether to keep or delete the market segment that your product offering targets b. identify the competitors' brands that make up the consideration set c. identify the important attributes for the product or brand class d. create a marketing plan based on customers' perceptions e. identify market niches that were not previously selected during the market segmentation process

c. identify the important attributes for the product or brand class

Multiproduct branding refers to a branding strategy __________. a. that involves giving each product a distinct name when each brand is intended for a different market segment b. that uses different brand names for the same product across multiple countries c. in which a company uses one name for all its products in a product class d. in which manufacturers produce products but sell them under the brand name of a wholesaler or retailer e. in which a company uses a contractual agreement to allow someone else to use its brand name for a fee

c. in which a company uses one name for all its products in a product class

In lecture we noted that supply chain management requires the application of _______ to allow companies to operate their systems effectively. a. advertising b. the profit concept c. information technology d. managerial talent e. marketing strategy

c. information technology

Sarah has a backache due to overexertion. She believes a massage would loosen her back muscles and help her feel better. She is concerned because a massage, unlike a pair of shoes, cannot be experienced or seen before she buys it. Which characteristic of services is she concerned about? a. incongruity b. inconsistency c. intangibility d. inventory costs e. inseparability

c. intangibility

All electric-powered automobiles such as the Tesla Motors Model S shown in the photo above are in which stage of its product life cycle? a. growth b. maturity c. introduction d. decline e. accelerated development

c. introduction

A consumer's near-instantaneous access to competitor's prices for the same offering is referred to as a. dynamic pricing. b. customer value pricing. c. price transparency. d. value-added pricing. e. mobile media pricing.

c. price transparency.

When consumers consider all types of household cleaners, they are considering the __________ of household cleaners. When consumers limit their choice of household cleaners to only those that come in spray bottles, they are considering a __________ of household cleaners. a. product class; product brand b. product group; product brand c. product class; product form d. product line; product mix e. product mix; product line

c. product class; product form

Twenty years ago, the Mississippi Gulf Coast was a nice place to vacation with a white sandy beach, golfing opportunities, resort hotels, and good seafood restaurants. With the addition of casinos, the Gulf Coast improved its odds of being a tourist destination for more travelers. This is an example of a __________ strategy. a. market-product grid b. diversification c. product modification d. market modification e. product repositioning

c. product modification

A competitive (or persuasive) ad a. reinforces previous knowledge of a product. b. assures current users they made the right choice. c. promotes a specific brand's features and benefits. d. tells people what a product is, what it can do, and where it can be found. e. shows one brand's strengths relative to those of competitors.

c. promotes a specific brand's features and benefits.

Offering several unrelated product lines in a single store is referred to as __________. a. intertype competition b. multiple distribution c. scrambled merchandising d. a department store e. a specialty outlet

c. scrambled merchandising

A drugstore that sells pharmaceuticals, beauty aids, camera equipment, nonperishable grocery items, and automobile motor oil is an example of a retailer using a. multiple distribution channels. b. full-service. c. scrambled merchandising. d. intertype competition. e. dual channel marketing.

c. scrambled merchandising.

There are five dimensions to emotional intelligence: __________; self-awareness; the ability to manage one's emotions and impulses; empathy; and social skills. a. the ability to read body language b. sense of humor c. self-motivation d. the ability to be positive e. a need to be in control

c. self-motivation

Hallmark was the official supplier of flowers at the last Winter Olympics. Hallmark presented each Olympic winner with a special bouquet of roses designed to resemble the Olympic torch. Consumers were able to buy a smaller version of this same bouquet at the Hallmark website for $74.95. The Olympic bouquet that consumers could buy contained two dozen yellow roses, yet you could buy the same two dozen yellow roses for less than $35 at most supermarkets. If Hallmark is treating the Olympic bouquet as an innovative product, then it is using which demand-oriented pricing approach? a. bundle pricing b. yield management pricing c. skimming pricing d. target return-on-sales pricing e. penetration pricing

c. skimming pricing

Neiman-Marcus is a retailer that many small manufacturers would like to be associated with. A product placement in Neiman-Marcus will increase the prestige of a smaller brand. The source of Neiman-Marcus's power is its a. economic influence. b. expertise. c. sought-after identification with a particular channel member. d. legitimate rights through contracts. e. longevity as an upscale retailer.

c. sought-after identification with a particular channel member.

Your product has been suffering from steadily eroding sales. You have tried a number of options to revitalize the product's sales and profits, but after seven changes in your strategy, you have yet to find success. Which of the following actions would be the LEAST appropriate next step? a. delete the product from the line b. retain the product, but reduce its marketing costs c. stimulate primary demand d. stimulate selective demand e. rebrand the product

c. stimulate primary demand

Tylenol successfully used __________ with the introduction of Tylenol→Arthritis, Tylenol→Sinus and Allergy, Tylenol→Cold and Flu, and Tylenol→Pain and Sleeplessness. a. family branding b. multiproduct branding c. subbranding d. mixed branding e. generic branding

c. subbranding

Business analysis refers to the stage of the new product process a. where the target markets are selected and resources are allocated to reach them. b. where the target market segments that show potential are selected and those that do not are eliminated. c. that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections. d. where there is a formal accounting of all monies spent on R&D to determine the return on investment (ROI) that the new product will give back to the firm. e. that internally and externally evaluates new-product ideas to eliminate those warranting no further effort.

c. that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.

In class, we discussed the core and the auxiliary dimensions of Crest toothpaste. We went on to think about things such as "social confidence," "safety," and "good taste." These were examples of: a. Core features b. Anti-core Dimensions c. the benefits of the augmented product d. the "unsought" attributes of the brand e. the brand's positioning

c. the benefits of the augmented product

According to the lecture, GEICO started its "caveman" ads because, a. consumers were becoming bored with the gecko ads b. the company changed ad agencies and the this was a new platform suggested by the agency c. the company wanted to find a way to tell consumers that using GEICO.com is simple d. PETA complained about the use of a gecko as a spokeslizard for the company e. the company wanted to appeal to the "he-man, caveman" segment of insurance buyers.

c. the company wanted to find a way to tell consumers that using GEICO.com is simple

Consumers benefit in dealing with retail corporate chains because a. corporate chains have more experience than other forms of retailers. b. they can own stock in the same company where they shop since corporate chain stock must be publicly-traded. c. the latter can bargain with a manufacturer to obtain product volume discounts on orders, which can be passed on to consumers in terms of lower prices. d. there are multiple outlets, each with its own varied merchandise and different management policies. e. merchandise is arranged and displayed by professional designers making their shopping experience less stressful.

c. the latter can bargain with a manufacturer to obtain product volume discounts on orders, which can be passed on to consumers in terms of lower prices.

The "risk" in a transactional function refers to a. unpredictable costs of transportation because of fuel prices. b. product liability from poorly produced products that become defective. c. the need to stock merchandise in anticipation of sales. d. trying new promotional campaigns. e. investments in new product development.

c. the need to stock merchandise in anticipation of sales.

Airline load factor refers to a. the percentage of paying customer seats flown one mile plus frequent flyer redemption seats flown one mile. b. the percentage of empty seats on a plane compared to its total capacity. c. the percentage of available seats flown one mile occupied by a paying customer. d. the percentage of seats that are overbooked on any given flight to prevent profit shortfalls for "no shows." e. the total of all paid seats plus all luggage overcharges and all purchased beverages, meals, and other amenities or additional services, per flight.

c. the percentage of available seats flown one mile occupied by a paying customer.

The classifications of innovators, early adopters, early majority, late majority, and laggards are all based upon __________. a. how frequently a consumer uses a product b. the number and strength of competitors c. when consumers begin buying a new product d. the time it takes to educate a consumer in the use of a new technology e. how quickly consumers respond to an advertising message or campaign

c. when consumers begin buying a new product

A variety of terms are used for marketing intermediaries. According to Figure 15-1 above, "B" represents a(n) __________. a. retailer b. middleman c. wholesaler d. distributor e. agent or broker

c. wholesaler

A business hopes to generate large online sales through posting ads on social networking sites but only wants to pay when an ad actually generates a sale. That firm should use the performance measure of a. "cost per thousand," and pay $0.50 for every time an ad loads, up to $100 per month. b. a "negotiated measure," and pay $100 to post their ad for two weeks. c. "cost per click," and pay $0.50 for every visitor who clicks on the ad and goes to their website. d. "cost per action," and pay $50 for every purchase that originated from an ad on the site. e. "cost per like," and pay $1.00 for every unique visitor who likes the advertised product.

d. "cost per action," and pay $50 for every purchase that originated from an ad on the site.

Suppose you are the owner of a picture frame store and you wish to calculate how many pictures you must sell to cover your fixed and variable costs at a given price. Let's assume that the demand for your pictures is strong, so the average price customers are willing to pay for each picture frame is $120. Also, suppose your current fixed costs (FC) total $32,000 (real estate taxes, interest on a bank loan, etc.) and your current unit variable cost (UVC) for a picture frame is $40 (labor, glass, frame, and matting). Now, suppose you decide to rent a machine for $18,000 that will speed up production so that you can guarantee that you could sell 2,000 picture frames. The new machine allows you to: (1) key in the dimensions needed to cut the frame, glass, and matting for any picture frame size; (2) reduce losses in miscut glass and mats; and (3) automate the production process to dramatically increase the output of framed pictures. This new technology will increases total fixed costs from $32,000 to $50,000. However, it will also lower variable costs from $40 to $20 per unit. Now, with the new machine, what would your profit (or loss) be if you sold 2,000 picture frames? a. a loss of $32,000 b. $0—only able to break-even c. $100,000 profit d. $108,000 profit e. $132,000 profit

d. $108,000 profit

According to the lecture, about how much does the service sector contribute to the U.S. economy? a. $116 million b. $550 million c. $2 billion d. $5.5 trillion e. A quadrillion dollars

d. $5.5 trillion

According to Figure 13-7 above, what is the price for Red Baron frozen cheese pizzas when marginal revenue is $0? a. $0 b. $2 c. $4 d. $6 e. $12

d. $6

In Marketing in the News, we heard that Budweiser's newest marketing push is for: a. Flower Power b. Victory HopDevil c. Widnmer Hefeweizen d. 1933 Repeal Reserve Amber Lager. e. Lost Abbey Cuvee de Bud

d. 1933 Repeal Reserve Amber Lager.

In Business in the News, we heard that Alibaba has about how many active consumers on its retail marketplaces? a. 230 million b. 320 million c. 426 million d. 488 million e. Half a billion

d. 488 million

In class, we considered how we might classify consumer goods based on the consumer's interest in the product. Based on this discussion, which of the following would be a specialty product for most consumers? a. A candy bar b. Gasoline c. Dining room furniture d. A luxury car e. A carton of milk

d. A luxury car

In class, we heard about the benefits of branding. However, not all products are branded. Which of the following is NOT an explanation for why some products are not branded? a. Brands require expensive promotion b. Brands require maintenance of product quality c. Branding does not make sense if the product cannot be physically differentiated from others d. Branding tends to increase the importance of price in the minds of consumers. e. Actually, these ALL explain why some products are NOT branded.

d. Branding tends to increase the importance of price in the minds of consumers.

What type of pricing approach is seen in this example: "Buy our digital camera and you get the how-to photography DVD for 50% less." a. Price Lining b. Target pricing c. Odd-even pricing d. Bundle pricing e. Yield Management Pricing

d. Bundle pricing

Which one of the following statements regarding bundle pricing is MOST ACCURATE? a. Bundle pricing is intended to benefit the consumer, not the seller. b. Bundle pricing is really "bundle packaging" since the price charged is for two or more of the same products that are shrink-wrapped together. c. Bundle pricing is often associated with a skimming strategy. d. Bundle pricing often provides a lower total cost to buyers and lower marketing costs to sellers. e. Bundle pricing is based on the idea that consumers value the individual items more than they value the group contained in the package.

d. Bundle pricing often provides a lower total cost to buyers and lower marketing costs to sellers.

In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we find consumers who are "innovators?" a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

d. Decline

In class, we discussed the Product Life Cycle (PLC) concept. We noted that new convenience products, like frozen orange juice, made "older" products like a juice squeezer less interesting to consumers. What stage of the product life cycle would juice squeezers be in? a. Introduction b. Growth c. Maturity d. Decline e. Could appear in ANY stage of the PLC

d. Decline

In class, we heard about a "made-to-go-viral" video done by Ruby Tuesday in which they "blow up the wrong restaurant." The point of this example was to a. Demonstrate the dangers of blowing up things in real life b. Explain the effectiveness of publicity stunts c. Demonstrate how to manage in a crisis situation (the V.P. of Ruby Tuesday marketing sent a letter apologizing to Cheeky's Bar and Grill). d. Demonstrate that the casual dining segment has become a "sea of sameness" in the minds of the consumers. e. Show how co-branding can go wrong (the explosives manufacturer did NOT benefit by being connected with this error!)

d. Demonstrate that the casual dining segment has become a "sea of sameness" in the minds of the consumers.

As the owner of your Wendy's restaurant located near an urban university, which of the following competitors mentioned in the textbook should you monitor closely due to its explosive growth in the number of current and proposed locations—one that may or will be near your restaurant? a. Burger King b. In-N-Out Burger c. McDonald's d. Five Guys Burgers e. Smashburger

d. Five Guys Burgers

From what we heard in class, which from of media is NOT very selective AND has a high overall cost? a. Television b. Radio c. Magazines d. Newspapers e. Internet

d. Newspapers

In Marketing in the News, we heard that some advertisers say, "Well...everyone is my target." Of course, everyone needs something like toilet paper. What would we say to that advertiser? a. Good point...everyone does need toilet paper. b. Good point...everyone IS your target audience. c. Not a good point, many people do not use toilet paper. d. Not a good point; everyone needs toilet paper, but not everyone BUYS toilet paper. e. We are unlikely to say any of the above.

d. Not a good point; everyone needs toilet paper, but not everyone BUYS toilet paper.

__________ is a content sharing network where members "affix" images, videos, and more to "boards" they create, which are categorized into different themes. a. Tumblr b. Flickr c. Vimeo d. Pinterest e. StumbleUpon

d. Pinterest

In class, we talked about the stages in the personal selling process. In which stage do you tell the product "story" in a way that the prospect can relate to? a. Prospecting b. Preapproach c. Approach d. Presentation e. Close

d. Presentation

In Marketing in the News, we heard that Birkenstock has made an interesting distribution decision. What did we heard they did? a. Began selling Birkenstocks in China via Alibaba. b. Began selling Birkenstocks in China via Amazon. c. Began opening bricks and mortar stores in the biggest cities in each U.S. state. d. Stopped selling via Amazon. e. Stopped selling via Alibaba.

d. Stopped selling via Amazon.

According to Figure 12-5 above, which statement is MOST ACCURATE? a. Legal services are high in search credence properties, but medical services are high in experience properties. b. Haircuts are high in experience properties, but barbershops are high is search properties. c. Jewelry is high in search properties, although diamonds are high in credence properties. d. Television repair is more difficult to evaluate than restaurant meals. e. Childcare is equally high in search, experience, and credence properties because the decision is so important.

d. Television repair is more difficult to evaluate than restaurant meals.

In class, we considered the example of Crest toothpaste. In this example, which of the following would NOT be considered part of the core product? a. Clean Teeth b. Tooth decay prevention c. White teeth d. The 800 help phone line e. Hmmmm...the core product would include all of these core features and supplementary benefits

d. The 800 help phone line

In class, we talked about Fixed Costs. Here at Marks Manufacturing, we want to get a good handle on our costs. Which of the following would NOT be a fixed cost? a. My very high executive salary b. The rent that I pay on our manufacturing building c. The very reasonable salary for the V.P. of Marketing d. The cost of the materials we use in production e. The cost of the insurance we have on our plant and offices

d. The cost of the materials we use in production

In class, we heard that "Standard Markup Pricing" involves adding a fixed percentage to the cost of all items in a specific product class. This approach to pricing is usually used to set: a. The wholesale price b. The distributor's price c. The jobber's price d. The retail price e. The profitable price

d. The retail price

In class, we discussed the fact that service providers need to focus on the service dimensions valued by their customers. Which of the following dimensions is NOT a dimension valued by consumers in the casual dining segment? a. They want their casual dining restaurants to stand for something unique b. They want lower prices c. They want better food d. They want a slower paced, relaxed dining experience e. They want better looking stores

d. They want a slower paced, relaxed dining experience

In class, we heard from Dan Muller as he discussed segmentation at Timken. What did he indicate was a "key challenge" for Timken? a. Figuring out what bases to use for segmentation. b. Determining what companies are in each segment. c. Doing the micro segmentation necessary to target specific customers groups. d. To discover each segment's needs and then to create a marketing mix for each. e. He indicated that these are all "key challenges" for Timken in doing segmentation.

d. To discover each segment's needs and then to create a marketing mix for each.

According to lecture, SCM requires us to put information systems and metrics in place that focus on performance across the entire supply chain. Why is this important? a. To keep track of overall costs. b. To be able to follow the progression of each order. c. So that we can know when a raw material or supply will reach our manufacturing plant d. To help assure that all of the units in the supply chain are working well together (and not attempting to maximize their individual performance). e. To help assure that each member of the supply chain focuses on maximizing their individual performance.

d. To help assure that all of the units in the supply chain are working well together (and not attempting to maximize their individual performance).

In class, we saw a video about a restaurant that Chef Ramsey helped out. They did not have a perfect result at their Mother's Day booking. Which of the following best captures the point of this example? a. A stitch in time saves nine. b. A dollar saved is a dollar earned. c. The customer is always right. d. Unhappy customers destroy reputations. e. Lower prices, higher sales.

d. Unhappy customers destroy reputations.

In class, we noted that our Variable Cost divided by the Quantity we manufacture is our: a. Price b. Total Fixed Cost c. Total Variable Cost d. Unit Variable Cost e. Unvarying Cost

d. Unit Variable Cost

In class, we heard that airlines (often) charge MORE for people who book later (often these are business travelers, who are less sensitive to price). What approach to pricing is this? a. Prestige Pricing b. Price Lining c. Target Pricing d. Yield Management Pricing e. Standard Markup Pricing

d. Yield Management Pricing

In terms of its effect on faxing, e-mail has __________. a. led to a significant number of improvements in fax machine technology to keep the product class competitive b. led to a significant decrease in fax machine sales because e-mail better suits the needs of the business community c. led to a significant increase in fax machine purchases due to distrust of e-mail spam d. a minimal impact since the two technologies do not directly compete with each other e. caused most fax machine manufacturers to incorporate new Internet technology to send, receive, and print e-mails through a wireless connection to a personal computer

d. a minimal impact since the two technologies do not directly compete with each other

When Chevron places its "We Agree" ad like the one shown above, it wants to encourage consumers to use renewable energy. Which type of advertising is Chevron using? a. reminder b. competitive c. pioneering d. advocacy e. objective

d. advocacy

Based on lecture, a supermarket that offers to carry your packages to your car for you is providing you with: a. their core service. b. their primary service. c. an unnecessary expense. d. an ancillary service. e. a third level service.

d. an ancillary service.

One way to assess the importance of retailing to the U.S. and global economies is to measure the a. price asked for any one item. b. cost of goods sold. c. net return on capital. d. annual sales of retailers. e. progress towards eliminating of global boundaries.

d. annual sales of retailers.

The American Red Cross uses social marketing tools such as __________ to help the victims of Hurricane Sandy. a. blogs b. e-mail blasts c. wikis d. apps e. tweets

d. apps

In terms of new product purchases, early adopters a. have a fear debt and use neighbors and friends as information sources. b. are skeptical and have below average social status. c. are deliberate and use many informal social contacts. d. are leaders in social settings and have a slightly above average education. e. are venturesome, highly educated, and use multiple information sources.

d. are leaders in social settings and have a slightly above average education.

Recent research suggests that employees' competence, __________, and sincerity of the interactions affect the success of the relationships. a. reliability b. empathy c. responsiveness d. authenticity e. friendliness

d. authenticity

The late Steve Jobs oversaw or invented innovations that revolutionized six industries. Which industry below is NOT one of them? a. music b. smartphones c. personal computers d. cable television e. tablet devices

d. cable television

Larry's Lawn Care allows customers to use a credit card for purchases. Larry pays 4 percent of the sale to the credit card company. To promote more business, Larry decides to offer a lower price to customers paying cash—that price being 3 percent less than the standard list price. Larry is giving his customers a(n) a. functional discount. b. trade-in allowance. c. promotional allowance. d. cash discount. e. everyday low price.

d. cash discount.

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus. The best way to describe how the student market is segmented is a. whether the student is a faculty or staff member. b. whether the student lives near the campus or far away. c. whether the student has the disposable income to eat at Wendy's. d. combining the factors of where the student lives and when (s)he is on campus. e. the meals eaten at the Wendy's restaurant.

d. combining the factors of where the student lives and when (s)he is on campus.

A need-satisfaction presentation format that focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution, is referred to as a. adaptive selling. b. suggestive selling. c. formula selling. d. consultative selling. e. relationship selling.

d. consultative selling

With a cost-oriented pricing strategy, a price setter stresses the __________ side of the pricing problem and the price is set by looking at __________. a. demand; revenue b. production and marketing; profit c. demand; target sales d. cost; production and marketing costs e. cost; consumer tastes

d. cost; production and marketing costs

Reductions in delivery times in both the marketplace and the supply chain have earned firms such as Toyota and Xerox a reputation as "time-based competitors." For Toyota and Xerox, logistics a. increases their customers' inventory levels. b. increases the number of steps in their manufacturing processes. c. includes the role of Toyota and Xerox as channel captains. d. creates time and place utility for their customers. e. does not influence their suppliers' supply chains.

d. creates time and place utility for their customers.

All of the following are product modification strategies EXCEPT: a. product bundling. b. improving a product's quality. c. changing a product's appearance. d. creating a new use situation. e. altering a product's performance.

d. creating a new use situation.

A consumer gets a new Tivo (or a new DVR). This device records all of the consumer's favorite shows and suddenly the consumer does not have to stay at home to watch those shows. To do this, the consumer needs to learn about programming the device, changing programming, and is now able to engage in a new social life. From the consumer's perspective, this would be seen as a(n): a. silly innovation. b. continuous innovation c. dynamically continuous innovation d. discontinuous innovation e. old news

d. discontinuous innovation

Which type of distribution density does Piaget use when the maker of fine jewelry and watches distributes its products through a single retailers in select cities in the United States? a. intensive distribution b. extensive distribution c. selective distribution d. exclusive distribution e. private label distribution

d. exclusive distribution

Products that experience rapid sales on introduction and then an equally rapid decline are called __________ products. a. high-learning b. low-learning c. fashion d. fad e. primary

d. fad

The word "Free" in relation to the acronym "FOB" signals the point or location where the seller is a. free of responsibility for customer invoicing. b. free of product liability. c. free to choose method of transportation. d. free to choose the point of loading. e. free to choose the method of payment.

d. free to choose the point of loading.

IBM has adopted a(n) __________ supply chain strategy to better serve its customers. a. efficient b. responsive c. harmonized d. integrated e. multi-tiered

d. integrated

Among business products, supplies usually consist of a. buildings and fixed equipment. b. items used in the manufacturing process and become part of the final product. c. tools and office equipment. d. items such as pens, batteries, and light bulbs. e. raw materials and component parts.

d. items such as pens, batteries, and light bulbs.

If the CEO of the Clorox Company were to say, "We want to control 60 percent of the bleach market within the next five years," he would have set a __________ pricing objective. a. profit b. sales c. unit volume d. market share e. social responsibility

d. market share

A __________ can be compared to a pipeline through which water flows—making possible the flow of products from a producer, through intermediaries, to a buyer. a. marketing chain b. marketing hierarchy c. marketing agent d. marketing channel e. marketing network

d. marketing channel

Independently owned firms that take title to the merchandise they handle are referred to as a. brokers. b. agencies. c. virtual retailers. d. merchant wholesalers. e. merchant retailers.

d. merchant wholesalers.

Three major presentation formats exist: (1) stimulus-response format; (2) formula selling format; and (3) __________. a. cold calling format b. stimulus-satisfaction format c. stimulus-selling format d. need-satisfaction format e. persuasive sales format

d. need-satisfaction format

Items consumed in one or a few uses, such as food and fuel, are referred to as __________. a. services b. perishable goods c. durable goods d. nondurable goods e. disposable goods

d. nondurable goods`

Figure 14-4 above illustrates which type of pricing approach? a. skimming b. penetration c. cost-plus d. price lining e. prestige

d. price lining

Susan O'Rourke hired an attorney to represent her in a court case involving an auto accident. The attorney charged O'Rourke a $2,000 retainer fee for his services. Terry Thomas needed a haircut—the local stylist charged him $12 for her services. Aaron Mathison mowed his neighbor's lawn; in exchange, the neighbor roto-tilled Mathison's garden. The attorney fees paid by O'Rourke, the $12 charged by the hair stylist, and the exchange of lawn mowing for garden tilling are all examples of a. premiums. b. barter. c. the profit motive. d. price. e. outlays.

d. price.

Unsought products are a. any products associated with impulse buys at the supermarket checkout counter. b. products that were once very popular but that have become obsolete because they are in the decline stage of their product life cycle. c. items within a company's product line that do not perform as well as others in the line. d. products that the consumer does not know about or knows about but does not initially want. e. products that people choose to ignore because they find them offensive from a moral or ethical perspective.

d. products that the consumer does not know about or knows about but does not initially want.

Developing, pricing, promoting, and delivering services are challenging because the quality of the service is often inconsistent. Organizations attempt to reduce this inconsistency by a. paying higher incentives to employees to encourage satisfactory performance. b. reducing incentives available to employees because of poor performance. c. reducing the customer contact points in the service delivery process. d. providing standardization and training. e. exercising better hiring practices.

d. providing standardization and training.

In Figure 13-4 above, column "C" represents which type of competitive market? a. pure monopoly b. oligopoly c. monopolistic competition d. pure competition e. monopolistic oligopoly

d. pure competition

The competitive market situation in which many sellers follow the market price for identical, commodity products is referred to as a(n) a. pure monopoly. b. oligopoly. c. monopolistic competition. d. pure competition. e. oligopolistic competition.

d. pure competition

An urgency close refers to a. asking the prospect to make a decision on some aspect of the purchase. b. allowing the prospect to use or lease the item on a limited temporary basis before making a final commitment of purchase. c. making an exchange of money or other unit of value. d. quickly committing the prospect by making references to the time limits of the purchase. e. asking the prospect to make choices concerning delivery, warranty, or financing terms.

d. quickly committing the prospect by making references to the time limits of the purchase.

To reward wholesalers and retailers for the risk they accept in assuming increased inventory carrying costs, manufacturers offer a. noncumulative discounts. b. cumulative discounts. c. trade discounts. d. seasonal discounts. e. functional discounts.

d. seasonal discounts.

Which type of distribution lies between the two distribution extremes and means that a firm selects a few retail outlets in a specific geographical area to carry its products? a. intensive distribution b. extensive distribution c. exclusive distribution d. selective distribution e. concentrated distribution

d. selective distribution

Product-line pricing refers to a. setting the price of a line of products at a number of different specific pricing points. b. deliberately selling a product below its customary price, not to increase sales, but to attract customers' attention in hopes that they will buy other products as well. c. adding a fixed percentage to the cost of all items in a specific product class. d. setting of prices for all items in a product line to cover the total cost and produce a profit for the complete line, not necessarily for each item. e. the marketing of two or more products in a single package.

d. setting of prices for all items in a product line to cover the total cost and produce a profit for the complete line, not necessarily for each item.

You decide to buy a new car. You talk to friends about it, research mechanical specifications in Consumer Reports, test drive different makes and models, and compare prices at several dealerships. Into which classification of consumer products would your new car purchase fall? a. specialty product b. unsought product c. discretionary product d. shopping product e. convenience product

d. shopping product

Doris Lewis owns Lewis Edibles, Inc., a company that makes Tongue Tinglin' BBQ Sauce. She wants to target local people who like the special blend of flavors found only in North Carolina barbecue sauce. In developing a marketing strategy to sell the sauce, Lewis decided to join Goodness Grows in North Carolina, a specialty food association that advertises local products and distributes them to local supermarkets and gourmet shops. Lewis has just a. formed a market segment using critical product features. b. formed products to be sold into groups. c. developed a market-product grid and estimating size of markets. d. taken a marketing action to reach a target market segment. e. formed prospective buyers into segments.

d. taken a marketing action to reach a target market segment.

Open innovation helps organization overcome __________, one of the inertias common in new-product failures. a. groupthink b. intelligent failures c. incomplete protocols d. the NIH problem e. bad timing

d. the NIH problem

Intensive distribution refers to a. the distribution of products or services in markets where there are currently no other competitors. b. the distribution of products or services where the producer owns the entire channel of distribution. c. the density of distribution whereby a firm tries to place its products or services with only one retail outlet in a specified geographical area. d. the density of distribution whereby a firm tries to place its products or services in as many outlets as possible. e. the density of distribution whereby a firm tries to place its products or services in a few retail outlets in a specific area.

d. the density of distribution whereby a firm tries to place its products or services in as many outlets as possible.

Yellow pages publishers are facing increasing public concern about a. the competition among directories. b. the lack of online yellow pages. c. the difficulty of keeping the ads up-to-date. d. the environmental impact of the directories. e. privacy.

d. the environmental impact of the directories.

The emergency room staff in Houston's largest hospital is pleasantly surprised when a four-day Fourth of July weekend brings in few accident victims for treatment. They know from experience that such public holidays usually have high rates of accidents. For the hospital's business office, the lower demand for the emergency room services means a. a break in the service continuum. b. its services are no longer tangible. c. its services can be separated from the staff. d. the hospital has idle production capacity. e. an opportunity for gap analysis.

d. the hospital has idle production capacity.

In Marketing in the News, we heard that Sears will no longer sell Whirlpool appliances because: a. the quality of Whirlpool appliances has been dropping. b. Whirlpool cannot keep up with the demand for these appliances. c. Sears does not want to run the advertising that Whirlpool has created. d. the two companies cannot agree on what price to offer. e. Whirlpool has decided to only sell through Amazon.

d. the two companies cannot agree on what price to offer.

Consumers benefit in dealing with retail corporate chains because a. corporate chains have more experience than other forms of retailers. b. they can own stock in the same company where they shop since corporate chain stock must be publicly-traded. c. they can establish a credit history more easily than with other forms of retailers. d. there are multiple outlets with similar merchandise and consistent management policies. e. they have less stress in making decisions since merchandise is arranged and displayed by professional designers.

d. there are multiple outlets with similar merchandise and consistent management policies.

Purchasing products for resale or as an agent to supply of a product would be an example of a __________ function. a. logistical b. facilitating c. risk taking d. transactional e. assorting

d. transactional

The three basic functions intermediaries perform are a. planning, implementing, and evaluating functions. b. implementation, accommodating, and contractual functions. c. contractual, facilitating, and logistical functions. d. transactional, logistical, and facilitating functions. e. facilitating, accommodating, and implementation functions.

d. transactional, logistical, and facilitating functions.

Bakery items, dairy products, and meat that are sold for cash in their original packages are traditionally sold by which type of wholesaler? a. rack jobbers b. drop shippers c. cash and carry wholesalers d. truck jobbers e. general merchandise wholesalers

d. truck jobbers

Leona hates carrying a camera with her on vacations. If she only knew of the existence of the Canon pocket digital camera that easily fits in any pocket! For Leona, the Canon camera is a(n) a. shopping product. b. convenience product. c. specialty product. d. unsought product. e. discretionary product.

d. unsought product.

Frito-Lay is considering whether to buy the Cracker Jack brand of caramel popcorn from Borden, Inc. Frito-Lay research shows that Cracker Jack has a strong brand equity. But, Cracker Jack's dollar sales market share and pound (a surrogate for unit) volume market share have declined recently and trailed the Crunch 'n Munch brand as shown in the Figure 14-A marketing dashboard above. Borden's management used an above-market, premium pricing strategy for Cracker Jack. As a Frito-Lay marketer studying Cracker Jack, calculate Cracker Jack's price premium. What position in Figure 14-A above represents the price premium of Cracker Jack? a. "A" b. "B" c. "C" d. "D" e. "E"

e. "E"

Suppose you are the owner of a picture frame store and you wish to calculate how many pictures you must sell to cover your fixed and variable costs at a given price. Let's assume that the demand for your pictures is strong, so the average price customers are willing to pay for each picture frame is $125. Also, suppose your current fixed costs (FC) total $50,000 (real estate taxes, interest on a bank loan, etc.) and your current unit variable cost (UVC) for a picture frame is $50 (labor, glass, frame, and matting). Now, suppose you decide to rent a machine for $25,000 that will speed up production so that you can guarantee that you could sell 2,000 picture frames. The new machine allows you to: (1) key in the dimensions needed to cut the frame, glass, and matting for any picture frame size; (2) reduce losses in miscut glass and mats; and (3) automate the production process to dramatically increase the output of framed pictures. This new technology will increases fixed costs from $50,000 to $75,000. However, it will also lower variable costs from $50 to $25 per unit. Now, with the new machine, what will your profit (or loss) be if you sold 2,000 picture frames? a. a loss of $75,000 b. $0—only able to break-even c. $50,000 profit d. $75,000 profit e. $125,000 profit

e. $125,000 profit

According to lecture, retailers can be classified based on the form of ownership and their marketing strategies. Which would describe Sears? a. Independent retailer with broad and deep product assortment b. Franchise with moderate prices c. Retail cooperative with varying levels of personal service d. A voluntary chain with narrow and shallow assortment of products e. A corporate chain with broad and relatively deep product assortments

e. A corporate chain with broad and relatively deep product assortments

According to the lecture, an indirect channel of distribution includes: a. A consumer b. A buyer c. A producer d. A producer and a consumer e. A producer, a consumer, and another intermediary.

e. A producer, a consumer, and another intermediary

According to the lecture, an indirect channel of distribution includes: a. A consumer b. A buyer c. A producer d. A producer and a consumer e. A producer, a consumer, and another intermediary.

e. A producer, a consumer, and another intermediary.

Which of the following statements BEST DESCRIBES how a supply chain differs from a marketing channel? a. Communication is more important in the marketing channel than in the supply chain. b. The marketing channel places more emphasis on cost-effectiveness than the supply chain. c. A marketing channel includes suppliers that provide raw material inputs to a manufacturer. d. A supply network moves materials from producer to consumer while a marketing channel moves materials from the supplier to the producer. e. A supply chain includes suppliers; marketing channels do not.

e. A supply chain includes suppliers; marketing channels do not.

In class we viewed a segment from CNBC's "The Entrepreneurs," in which two male models develop a new brand of granola. They selected the name "FEED" and the product got "rave reviews." Which of the following represented a "next step" in growing their new business? a. Writing a business plan b. Getting a loan c. Incorporating d. Developing more sophisticated packaging e. Actually ALL of the above steps needed to be taken

e. Actually ALL of the above steps needed to be taken

In class, we noted several guidelines for selecting a target market. Which of the following was NOT one of those guidelines? a. Be sure that the target market is compatible with the company's goals. b. Be sure that the market opportunity matches with the company's resources c. Be sure that the profit potential justifies the investment d. Be sure that there are few competitors for this target market (or that the competition is relatively weak). e. Actually, ALL of the above are guidelines we discussed.

e. Actually, ALL of the above are guidelines we discussed.

In class we looked at the Sterling Jewelry example. Sterling indicated that their holiday customers can be be very price conscious. Given this view, which of the following is NOT a tactic that Sterling is employed for the holiday season? a. Created new products, including trendy, fashion-forward items at lower price points b. Made some timeless looks more affordable for price sensitive consumers c. Expanded their assortment of LeVian Jewelry, which is a very successful upper-scale line of jewelry. d. Created a new Open Hearts Collection by Jane Seymour, based on her popularity e. Actually, Sterling did all of these for the upcoming holiday season

e. Actually, Sterling did all of these for the upcoming holiday season

In class, we thought about situations in which it might be a good idea to OUTSOURCE customer service. Which of the following is NOT one of the times when we might outsource? a. When we expect significant growth. b. In order to save money. c. When we have variable volume. d. When our business model shifts. e. Actually, these are ALL situations in which we might outsource.

e. Actually, these are ALL situations in which we might outsource.

In lecture, we noted that it is relatively easy to become a retailer. Which of the following is NOT one of the reasons that was given? a. no large investment in production equipment is required b. merchandise can often be purchased on credit, c. store space can be leased with no down payment d. simple website can be set up at a modest costs e. Actually, these were ALL reasons given.

e. Actually, these were ALL reasons given.

In class we considered the "value" of brand equity to the manufacturer. Which of the following is NOT one of the benefits of brand equity? a. A strong brand name provides a reason for the customer to buy your product. b. A strong brand name acts as a barrier to competition. c. A strong brand name can facilitate international expansion. d. A strong brand name helps your product to survive a crises situation. e. All of above were benefits discussed.

e. All of above were benefits discussed.

In Business in the News, we heard that what company has helped to reconnect phone users on San Juan after the recent hurricanes? a. T-Mobile b. Kaiser Permanente c. Verizon d. Tesla e. Alphabet

e. Alphabet

In class, we considered several reasons that branding is desirable for consumers. Which of the following is NOT one reason? a. Branding helps consumers to identity the product or service. b. Brand names help to assure the consumer of consistent quality. c. Branding makes shopping easier for consumers. d. Branding makes shopping faster for consumers. e. Branding tends to reduce the price of the product.

e. Branding tends to reduce the price of the product.

In class, we considered the example of Crest Toothpaste. In this example, the Total Product would NOT include: a. Clean Teeth b. Tooth decay prevention c. White teeth d. The flavoring e. Hmmmm...the total product would include all of these core features and supplementary benefits

e. Hmmmm...the total product would include all of these core features and supplementary benefits

In Marketing in the News, we heard that a company is "polishing its luxury credentials" by offering things such as a weekend stay at the Gleneagles estate in the Scottish Highlands, including a scotch tasting in the cellar and a champagne picnic in the hills, for $10,200 a couple. What company did we hear about with this offering? a. Tiffany b. Burberry c. Chanel d. Louboutin e. Moët Hennessy

e. Moët Hennessy

In class, we considered the case of a Corporate Owned Vertical Marketing Systems. One good example of such a system is: a. Midas muffler shops b. The Independent Grocery Association (IGA) c. Kraft selling its mayo in Acme stores d. General Electric selling light bulbs in local hardware stores e. Nike selling its products in a "Niketown" in New York City.

e. Nike selling its products in a "Niketown" in New York City.

In Marketing in the News, we heard that one company will be donating up to one million dollars to the Boys & Girls Club. For every dollar spent on the promoted product, the brand will donate one dollar. What brand did we hear is doing this? a. H&M b. Forever 21 c. American Eagle d. Target e. Old Navy.

e. Old Navy.

In lecture, we heard from Gary Trinetti talking about Supply Chain Management. Gary told us that supply chain management is a "new" concept, that was not used when he was in class at KSU. However, the idea of supply chain management did relate to concepts that he did learn. Which concepts are related to supply chain management according to Gary? a. The 4 P's of the Marketing Mix b. Sales Management c. Pricing and Promotion d. Cost Accounting e. Procurement and Logistics

e. Procurement and Logistics

In class, we talked about various pricing objectives that firms can use. If a marketer of medicine decides to sell their product to a poor developing country at a lower price than it sells for elsewhere, what is thier most likely pricing objective? a. Managing for Long-Run Profits b. Managing for Current Profit c. Target Return (ROI) d. Survival e. Social Responsibility

e. Social Responsibility

Consider Figure 14-9 above. "A" represents which of the following legislative acts? a. The Robinson-Patman Act b. The Clayton Act c. The Sherman Act d. The Federal Trade Commission Act e. The Consumer Goods Pricing Act

e. The Consumer Goods Pricing Act

Public relations refers to a. a seller-directed flow of communication, often in a face-to-face encounter, designed to promote a product with the purpose of making a sale. b. an individualized communications program specifically designed for a single customer because the item being sold is unique to that person. c. a mass selling approach that has been be tailored to meet the more select needs of a target market based on age, gender, ethnicity, or occupation. d. a form of communication that is intended to counteract any negative information or misinformation that has been fomented by competitors or disgruntled customers. e. a form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services.

e. a form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services.

A product refers to a. a tangible good received in exchange for a person's time and effort. b. intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value. c. a good that has in some way been altered, combined, or improved and sold to organizational buyers. d. is a thought that leads to an action such as a concept for a new invention. e. a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

e. a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

Three different objectives relate to a firm's profit, which have different implications for pricing strategy. The three profit-oriented objectives include managing for long-run profits, maximizing current profit objectives, and __________. a. accumulating profits b. reinvesting profits c. redistributing profits d. maximizing gross margin e. achieving a target return

e. achieving a target return

If you are using a marketing dashboard to discover which cities in Florida are not meeting their sales growth goal for your sunscreen products, what marketing metric should be used to measure sales performance? a. every metric possible b. shelf space for this year and last year by city c. production costs d. customer psychographics e. annual percent sales change by city

e. annual percent sales change by city

Brokers are independent firms or individuals who a. represent a single producer and are responsible for the entire marketing function of that producer. b. work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory. c. take title to merchandise but sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for the merchandise. d. own the merchandise they sell but do not physically handle, stock, or deliver it. e. bring buyers and sellers together to make sales.

e. bring buyers and sellers together to make sales.

Bombardier is the leading marketer of corporate jets. Its brand name is well known and respected in the corporate jet market. The aircraft company relies on outside suppliers for design support and to share development costs and market risks, but Bombardier is considered the leader in determining design and marketing of its planes. For its newest plane, Bombardier has about 30 prime suppliers—about 10 of those have been involved since the initial design phase. Bombardier is an example of a __________. a. product champion b. channel general c. channel director d. channel coordinator e. channel captain

e. channel captain

Consider Figure 20-6C above. If a company chooses to employ its own salesforce, there are three basic organizational salesforce structures from which to choose. "C" represents which type of salesforce organization structure? a. geographical b. NAICS c. product/service d. market type e. customer

e. customer

According to the lecture, telephone sales, catalogs and flyers, and online computer shopping are all good examples of: a. advertising b. publicity c. sales promotions d. personal selling e. direct marketing

e. direct marketing

The co-founders of Dollar Shave Club, came up with this idea: Use __________ to sell razor blades in monthly subscription packages dirt cheap compared to those from Gillette or Schick. a. point-of-purchase displays in barber shops and hair salons like Great Clips and Super Cuts b. "daily deal" coupons from social media websites like Groupon and LivingSocial c. BOGO offers in direct response advertising shown on cable TV networks at night d. the sponsorship of the X Games televised on ESPN, whose viewers match the target market e. direct-to-consumer marketing via the Internet such as a YouTube video

e. direct-to-consumer marketing via the Internet such as a YouTube video

In class, we considered the case of Black & Decker, who chose to use the internet to advertise their products but decided NOT to sell their products directly to consumers. Instead, their web site directs consumers to Black & Decker's distributors (on the web and in stores). By taking this approach, Black & Decker has avoided: a. middlemen b. Spain c. competition d. unfair competition e. disintermediation

e. disintermediation

While Maytag appliances have the leading brand name, its sales are third in the industry. One of the things the company has done to spur sales is to create a website where potential customers can find the answers to the questions they ask during the appliance purchase process. Although Maytag considered using a __________ strategy by directing customers to Maytag appliance stores it owns, the firm decided against it and simply provides the names and addresses of all the retailers (Sears, Home Depot, etc.) that carry Maytag appliances. a. horizontal channel b. strategic channel alliance c. dual distribution d. cross-docking e. disintermediation

e. disintermediation

Many retailers advocate a(n) __________ strategy, a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience. a. customer loyalty b. emphasize-value c. everyday low pricing d. low-margin e. everyday fair pricing

e. everyday fair pricing

Intermediaries perform facilitating function activities, which assist producers in making products and services more attractive to buyers. These activities include a. producing, assembling, and distributing. b. transportation and distribution. c. buying, selling, and risk taking. d. assorting, sorting, and storing. e. financing, grading, and marketing information and research.

e. financing, grading, and marketing information and research.

The final stage in the personal selling process is referred to as __________. a. presentation b. assumptive close c. trial close d. urgency close e. follow-up

e. follow-up

Services can be classified according to whether they are delivered by people or equipment, __________, or government agencies. a. national or global b. use independent contractors c. privately owned or publicly owned d. owned by individuals or corporations e. for profit or nonprofit organizations

e. for profit or nonprofit organizations

A textile artist can buy fabric, thread, and batting, create an heirloom quilt, and then sell the finished work to customers in a kiosk decorated with some of the quilts produced to entice customers who shop at the local strip mall. By designing the quilts and kiosk with aesthetic value, the artist creates __________ utility. a. application b. possession c. time d. place e. form

e. form

At which level of service would the customer perform the least number of functions? a. automated-service b. minimal-service c. self-service d. limited-service e. full-service

e. full-service

In our discussion of "slide down the demand curve"pricing, we noted that it can be hard to know when to drop price. If we drop too soon, we ______. a. let competition in. b. increase our costs. c. need to advertise more heavily. d. increase profits. e. give up profits.

e. give up profits.

When using an account management policy grid, an account would receive a high level of sales calls if the account opportunity level assessment is a. high, and the sales organization has a weak competitive position. b. low, and the sales organization has a strong competitive position. c. high, and there is a likelihood that a strong competitive position can be achieved. d. low, and the sales organization has a low competitive position. e. high, and the sales organization has strong competitive position.

e. high, and the sales organization has strong competitive position.

How a person establishes expectations for a service not yet experienced is influenced by word-of-mouth communications, __________, past experiences, and promotional activities. a. personal needs b. the economy c. consumer income d. competitive trends e. how the organization delivers its service

e. how the organization delivers its service

Open innovation may enhance the __________ stage of the new-product process. a. open innovation b. screening and evaluation c. product development d. new-product strategy development e. idea generation

e. idea generation

Jason graduated from high school and took his mom to dinner after the ceremony. At the restaurant, the server fills their water glasses, checks on their table, and takes care of their requests. Jason notes that the last time he was at this same restaurant, the experience was much worse. This scenario illustrates the ___________ of services. a. impressionability b. intangibility c. inseparability d. uniqueness of the service e. inconsistency

e. inconsistency

During the __________ stage of its product life cycle, a firm has great latitude in setting and maintaining a premium price. a. decline b. maturity c. growth d. accelerated development e. introduction

e. introduction

Industrial services are support products that include items such as a. stationery, paper clips, and brooms. b. tools and office equipment. c. buildings and fixed equipment. d. raw materials and component parts. e. maintenance, repair, and legal services.

e. maintenance, repair, and legal services.

Three different objectives relate to a firm's profit, which is often measured in terms of return on investment. One objective, known as __________, is where a company gives up immediate profit in exchange for achieving a higher market share in the hopes of penetrating competitive markets. a. maximizing current profit b. target return c. break-even strategy d. minimizing risk e. managing for long-run profits

e. managing for long-run profits

The __________ is a selling format that emphasizes probing and listening by the salesperson to identify needs and interests of prospective buyers. a. formula selling presentation b. stimulus-response presentation c. marketing concept presentation d. relationship selling presentation e. need-satisfaction presentation

e. need-satisfaction presentation

Consider the T.J. Maxx HomeGoods photo above. This retailer uses a(n) __________ pricing practice. a. markdown b. maintained markup c. gross margin d. manufactured suggested retail e. off-price retail

e. off-price retail

Andrea Arenas is the owner of 2 Places at 1 Time, a concierge company. She and her staff of 60 perform everyday services such as walking the dog, picking up cleaning, waiting for the repairman, and going to the post office for people who are too busy to perform these simple acts. She is often hired by major corporations to perform services for their harried executives and their spouses. Her clients can evaluate the services that 2 Places at 1 Time provide a. only before they are purchased. b. only after they are consumed. c. only at the same time as they are purchased or consumed. d. before, during, and/or after they are purchased or consumed. e. only during consumption or after they are purchased.

e. only during consumption or after they are purchased.

In Marketing in the News, we heard that Starbucks does not have "employees." Instead they have: a. agents. b. actors. c. craftspeople. d. experts. e. partners.

e. partners.

All of the following are true about product line extensions EXCEPT: a. this strategy can result in lower advertising and promotion costs. b. a risk that comes with product line extensions is that sales of an extension may come at the expense of other items in the company's product line. c. a product line extension raises the level of brand awareness. d. line extensions work best when they provide incremental company revenue by taking sales away from competing brands. e. product line extensions involve using a current brand name to enter a different product class.

e. product line extensions involve using a current brand name to enter a different product class.

Encyclopedia Britannica used to pay to have a business reply card bound into magazines adjacent to its advertisement. The ad asks people to return the card for more information on how its encyclopedias can help children do better in school. Encyclopedia Britannica was engaged in a. cold-canvassing. b. order taking. c. sales follow-up. d. stimulus-response selling. e. prospecting.

e. prospecting.

Basing-point pricing refers to a. selecting a single geographical location from which the list price for products plus freight expenses are charged to the seller. b. selecting two or more geographical locations from which the list price for products plus freight expenses are charged to the seller. c. having all buyers pay the same delivered price for the products, regardless of their distance from the seller. d. a firm dividing a selling territory into geographic areas or zones and charging the same delivered price to all buyers within the same zone, but charging different prices in for different zones depending on distance from the factory or warehouse. e. selecting one or more geographical locations from which the list price for products plus freight expenses are charged to the buyer.

e. selecting one or more geographical locations from which the list price for products plus freight expenses are charged to the buyer.

Carla's Cards uses a __________ to sell and market the entire line of greeting cards. It designs promotional plans, sets prices, determines distribution policies, and makes recommendations to Carla on product strategy. a. manufacturer's agent b. broker c. manufacturer's branch office d. manufacturer's sales office e. selling agent

e. selling agent

To help consumers assess and compare services, marketers try to make them tangible or __________. a. temporal b. consistent c. adaptable d. measurable e. show the benefits of using the service

e. show the benefits of using the service

Marginal cost refers to a. the sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold. b. the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold. c. the total expense incurred by a firm in producing and marketing a product, which equals the sum of fixed cost and variable cost. d. the average amount of money received for selling one unit of a product or simply the price of that unit. e. the change in total cost that results from producing and marketing one additional unit of product.

e. the change in total cost that results from producing and marketing one additional unit of product.

A channel of communication refers to a. the selection of either paid or non-paid forms of information dissemination. b. a similar understanding and knowledge that a sender and receiver apply to a message. c. an open-ended dialogue between the marketing department and the firm responsible for developing the IMC program. d. a social network-based forum that allows customers to communicate their likes, dislikes, suggestions, and concerns to an organization 24 hours a day, 365 days a year. e. the means (salesperson, advertising media, or public relations tools) of conveying a message to a receiver during the communication process.

e. the means (salesperson, advertising media, or public relations tools) of conveying a message to a receiver during the communication process.

According to lecture, it is possible that our Supply Chain Management objectives may not match well with our Marketing strategies. A good way to cure this problem is to: a. reduce lag time. b. cut costs. c. increase inventory. d. charge for our services. e. understand our customers' needs and what they value.

e. understand our customers' needs and what they value.

Inventory carrying costs can be reduced by a. using a straight salary compensation plan. b. hiring additional full-time personnel. c. allowing personnel to work overtime. d. increasing the hours worked per week. e. using a commission compensation system.

e. using a commission compensation system.