MKT 230 Final Exam

discretionary income

Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

disposable income

Income remaining for a person to spend or save after all taxes have been paid

Which of the following provides protection for and regulates brand names, brand marks, trade names, and trademarks?

Lanham Act

the marketing concept is

a management philosophy

If a firm currently produces 2,500 products per month and decides to produce 2,501, it will incur

a marginal cost

Marketers of seasonal products tend to emphasize

advertising

A content analysis of an organization's messages, readability studies, and readership surveys are all tools used to conduct a(n)

communications audit

When Subaru's advertising campaign mentions the Subaru Forester being named a 2018 IIHS Top Safety Pick, it is using _______ advertising.

competitive

Changing the hours of operation for a service business involves the _____ component of the marketing mix.

distribution

Research that allows marketers to make causal inferences about relationships is called

experimental research

the major source of cultural values is

family

Marketers generally view ____ as the minimum price a product can be sold for.

fixed and variable costs

Phillips calculates that the total number of light bulbs sold to consumers in the next year by all light bulb producers is 1 billion, given anticipated marketing efforts by the firms involved. This figure represents the industry's

market potential

Adidas is establishing a ______ pricing objective to maintain or increase its product's sales in relation to total industry sales.

market share

to build long-term customer relationships, marketers are turning to

marketing research and data analytics

Which of the following bases for pricing is most commonly used by retailers?

markup pricing

Online retailing satisfies an increasing expectation among consumers to have ______ to obtain the goods and services they desire at their convenience.

multiple channels available

A firms culture may be expressed informally through

organizational stories

All of the following are forms of psychological pricing except

price skimming

Advertising, personal selling, sales promotion, and public relations are called

promotion mix ingredients

Promotion can help keep prices lower because

promotion of prices intensifies price competition.

Common problems in failing companies are improper planning and unrealistic

sales forecasts

Behavior Scan, a research company, provides information on household demographics, television viewing habits, and purchases tracked with Hotline cards. This is

single-source data

less randomness and more difficulty in obtaining sample size are advantages of

social media

Consumerism is

the efforts of independent individuals, groups, and organizations to protect the rights of consumers

Crowdsourcing

the process of taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd, or potential market, through an open call.