MKT Exam 3
Which of the following is NOT a step to help gauge the effectiveness of a social media effort?
Avoid benchmarking competitors
Which of the following is NOT true of sales force compensation?
Companies and industries with lower levels of compensation have lower turnover rates.
Which of the following defines demand?
The quantity of a product that could be sold in the market at various prices for a specified period
According to Charlene Li and Josh Bernoff of Forrester Research, which category of social media users posts comments, ratings, and reviews of products and services on blogs and forums?
Critics
The managers at Pick n Click an e-commerce website, closely monitor its rival online retailers to analyze how consumers respond to changes in the prices of certain products. They use the results of the analysis to constantly change the prices on their website to maximize sales and profits. In this case, which of the following pricing strategies does Pick n Click follow?
Dynamic pricing
Which of the following is NOT true about social media?
Social media has not affected the way marketers communicate with their customers
The assertion "price is that which is given up to get a good or service" indicates which of the following effects of price?
The sacrifice effect of price
Unlike consumer-focused salespeople, business-focused salespeople -
call on other companies to sell their products
Unlike a firm that strives for market share, a firm with the objective of maximizing sales -
ignore profits, competition, and the marketing environment as long as sales are rising
Kanye West is an American rapper, singer, songwriter, record producer, entrepreneur, and fashion designers. He has a multitude of followers on Instagram, and Twitter. West has used social media to launch businesses based on his influence with his followers, Kanye West is an example of a -
social media celebrity
Al offers all of the following unstructured online data about your purchasing behavior EXCEPT
what goods and services you pursued online
Which of the following is true of establishing pricing goals?
A profit maximization objective may require a bigger initial investment than the firm can commit to or wants to commit to
When price of gold is low people frequently visit jewelry shops to purchase gold ornaments. When price of gold is high people avoid purchasing gold ornaments. Which of the following happens if demand is elastic?
As price goes up, consumer demand goes down
Which of the following is involved in defining the sales goals of the sales force?
Assigning quotas to salespeople
A marketing manager of a pharmaceutical company, opens dialogues with stakeholders by giving them compelling content across a variety of media. Which social media objective do his actions illustrate?
Build relationships and awareness
When a purchase decision involves uncertainty, which of the following statements best describes the price-quality relationship?
Consumers believe that higher-priced goods are manufactured with materials or ingredients of better quality
An organization that manufactures clothing for women, uses Facebook to promote its products. Which statement is true?
Its pages are subject to search engine indexing.
Smartphones are at the stage their life cycle in many of the world's major markets at which growth slows, stabilizes or halts. New sales of smartphones often come from budget handsets in emerging markets unless there is a "must have" upgrade for existing owners. In which stage of the product life cycle does the smartphone fail?
Maturity stage
Which of the following is a guideline that marketers should follow to leverage owned, earned, and paid media?
Maximize owned media by reaching out beyond their existing websites to create digital touch points.
FitFabFun, TrunkClub, and Naturebox represent a social media trend for the future. What change does this represent?
Online and subscription - based personal shopping
Which of the following statements is true of geographic pricing for freight?
Postage stamp pricing is adopted when the marketing manager wants total costs to be equal for all purchases of identical products
The Chen Company wants to have a brand presence on social media. To do so visitors must be driven to the Chen Company website to turn them into customers. Chen turned to a team at HubSpot which grew its monthly blog traffic by 241% over eight months. Which stage in creating a social media plan does this illustrate?
Set social media objectives
Which statement correctly states the impact of social media on consumer behavior?
Social media has drastically changed the advertising business from an industry based on mass-media models to one based on relationships and conversations.
Which of the following is a limitation of break-even analysis?
Sometimes it is hard to know whether a cost is fixed or variable
Which change in advertising is due to the influence of social media?
The audience is in control of the message, the medium, the response, or all three
Which of the following is significant for marketers to understand about the use and outcomes of social media?
The impact of tablet computing on social media has yet to be recognized but could be a game changer for marketing.
GroundTruth Ads Manager is an east-to-use, self-serve advertising platform. Visual advertisements are integrated into text messages, applications, and mobile websites. Customers are reached based on their location, GroundTruth Ads Manager is an example of
a mobile ad
Direct Recruitment is a direct mail marketing firm that sends out handwritten birthday cards to clients and associates every year. This simple, personal touch helps clients feel like Direct Recruitment cares about them as people rather simply consumers. This is an example of -, a sales practice that involves building, maintaining, and enhancing interactions with customers to develop long-term satisfaction through mutually beneficial partnerships.
adaptive selling
The most common goods with inelastic demand are prescription drugs and tobacco products. Another common example of a product with inelastic demand is salt. Inelastic demand is a situation in which
an increase or a decrease in price does not significantly affect the demand for a product
Personal selling is more important than advertising and sales promotion if the products being sold -
are new and require explanation
Nextag is an independent price comparison service website for products, travel, and education. It started as a website where buyers and sellers could negotiate prices. Since 2000, the current business model has focused on comparison shopping. Broad-based shopping bots like Nextag -
are programs that search websites which are based on a Yellow Pages type of model
At Lithia Toyota, after a customer buys a car, a software program automatically sends a series of personalized email messages over a period of time. Whether it's a service reminder, a birthday card, or a promotional coupon, Lithia Toyota makes a point of keeping in touch with its customers. Lithia is making use of
automated email follow-up marketing
A car dealer advertises a rock-bottom price for an SUV that usually goes for $1000 or more. When you get to the dealership, though, the salesperson can't find that particular car on the lot. Maybe it was sold this morning before he got in. This salesperson offers a higher-priced car. This is called
bait pricing
Tess has a cooking - called the Cratty Cook. This web page allows Tess to have an interactive journal filled with her cooking tips. Readers can post comments about Tess's ideas and add their own suggestions.
blog
Manchester Classics manufacturers apparel for men and women. It calls on other reailers to sell its products. members of its sales team travel to their customers' locations to finalize sales deals. In this scenario, the team at Manchester Classics is composed of -
business-focused salespeople
When there are many substitutes available in the market for a particular product, consumers
can easily switch from one product to another, making demand more elastic
When there are many substitutes available in the market for a particular product, customers
can easily switch from one product to another, making demand more elastic
A personal trainer who uses an RSS feed that allows him to access updates to websites on physical fitness. He can keep track of many different websites because the RSS feed is automatically checked for new content. Frank has access to blog entries, news headlines, or podcasts about physical fitness. He is classified as a
collector
As one of the most well-known and natural foods stores, Whole Foods is one of the best blogs on the social media scene. The blog's success is tied to the corporate image. Its customers are heavily invested in a healthy lifestyle and willing to pay higher prices for relatively unknown brands and for organic and locally sourced foods. This is an example of an - blog.
corporate
Oddo's Pizza is a restaurant that recently implemented a new system to identify and gather information about its regular customers. It rewards these customers by giving them gift coupons and cash prices. This practice is an example of
customer relationship management
The airline industry alters the price of its seats based on the type of seat, the number of seats remaining, and the amount of time before the flight departs. This is an example of
dynamic pricing
The airline industry alters the price of its seats based on the type of seat, the number of seats remaining, and the amount of time before the flight departs. This is an example of -
dynamic pricing
Santiago Designs Inc. is a company known for its quality interior decorations, customized service, and affordable prices. Given the high demand for its service, Santiago's management could price its products high, but it prefers to price its products such that it will earn a reasonable revenue. Santiago Designs bases its pricing policy on
earning satisfactory profits
Madu works for a major hospital supply company. She sells her products to buyers hospitals, urgent care centers and physicians' offices. When making her calls to clients by phone or in person, Madu tries to listen to their concerns and propose solutions, especially at a time when healthcare workers are at great personal risk due to the health crisis. Madu's ability to place oneself in the position of her clients as a means of showing understanding is called
empathy
Tools like Google Analytics, HootSuite, and CoTweet track social media efforts. They track such things as the number of fans, customer service comments, or mentions of a company's name. Whatever metric is measured it should -.
include some traditional advertising tools
A leading industrial manufacturer, has developed a new air conditioner with high cooling capacity. To identify potential clients who will be interested in the new product, the company has sent out pamphlets to many firms along with its contact details for anyone interested. This scenario illustrates -
lead generation
Sephora offers a free skincare kit to anyone who has made a $35 purchase of Sephora products. A customer can go to Sephora, download a coupon for the skincare promotion, show the electronic coupon at the checkout counter at Sephora, and receive the skincare kit. This example shows that -
many consumers shop in stores and take advantage of in-store promotions
J.C. Penney, the more than 100-year-old department store, filed for bankruptcy. The chain's move came after J. Crew and the Neiman Marcus Group filed for bankruptcy. These actions represented the biggest casualty amid retail closures tied to the covid pandemic of 2020. In order for companies to remain relevant and sell products in-store and online using a sales force, they must be very effective at all of the following EXCEPT -
marketing business to business sales
Looking Glass is a social networking site that allows members to write their views and opinions, about various products, services, social issues, and more. However, members on this website can write no more than 280 characters. In this case, Looking Glass is an
microblog
Mobile marketing is popular because of all of the following reasons EXCEPT
mobile marketing is not measurable
Text messages of unlimited characters sent to and from cell phones with images, videos, ringtones, and other multimedia attached are called - texts
multimedia messaging service (MMS)
Home Depot offers home improvement clinics and its salesperson meet potential customers at their home to give estimates for kitchen and bathroom remodeling. The salesperson offers suggestions and tries to persuade a potential customer to remodel using Home Depot's products and services. This is an example of
personal selling
To increase popularity of its new range of smartphones, First Basin Inc. offered several free accessories to customers who bought their smartphones. However, the offer turned out to be unsustainable and the company had to offer discounts on the accessories instead. First Basin's decision is aimed at -
profit maximization
A sales manager at a consumer durable goods manufacturing firm instructs his new salesperson, Carol, that she must identify ten potential customers and sell five flat-screen televisions per week. This directive from the sales manager is referred to as Carol's
quota
Giano Inc. is a well-known supplier of industrial goods. While selling goods, Giano provides personalized benefits of each customer. It focuses on developing trust over time instead of transacting one-time sales. This is a feature of - selling.
relationship
Tip Advisor has roughly 66.1 million evaluation that covers about 7.7 million accommodations, airlines, experiences, and restaurants, TripAdvisor doesn't require a booking in order to write a critique. TripAdvisor is an example of a -
review site
At the Bourg Company, a primary - is to increase the monthly revenue by 10%. Bourg considers revenue targets a key part of the company strategy. The targets at the Bourg company are stated in clear, percise, and measurable terms, and they always specify a time frame for completion.
sales goal
John was going to buy a new Toyota Prius but the price of the new model was so high that John decided to repair his 2012 Prius instead. John's example shows all of the following EXCEPT -
sensitivity to price increases makes demand more inelastic
RewardStyle helps brands and lifestyle influencers engage successfully in e-commerce. RewardStyle is a global community of more than 60,000 influencers who connect consumers with one million brand partners. RewardStyle relies on user-generated content on a website to assist consumers with purchases and builds strong relationships between influencers and brands. This is an example of -
social commerce
Considering the implications that social media has for marketing products, marketers must realize that -
social media does not allow for meaningful conversations with customers.
Fillipe owns a State Farm Agency in New Mexico. He regularly monitors the comments - both positive and negative - that his customers put on his company website. Fillipe always checks other websites such as HomeAdvisor.com, yelp, and Angie's list. Fillipe uses social media for all of the following reasons except -
social media replaces the need for personal selling
FiberOne cereal costs about the same as Apple Jacks, Boo Berry, MultiGrain Cheerios, Cinnamon Toast Crunch, Crispix, and Corn Flakes. This is an example of - pricing.
status quo
Snelson Research Company specializes in conducting market research for various firms. When it receives a new research proposal, its management first estimates the cost of conducting the research and delivering the final research report. Th management the attempts to reduce the costs through efficient operation. In this scenario, Snelson Research Company has a - pricing objective.
status quo
Lyft raises ride-sharing fares when more people need rides and vice versa. This is referred to as -
surge pricing
Considering the implications that social media has for marketing products, marketers must realize that
the content of social media sites can rarely be controlled by marketers
Sally sells vacuum cleaners by setting up appointments and demonstrating the features of the vacuum cleaners in a person's home. Sally explains how to use all of the attachments that are included with the vacuum cleaner, answers questions, and responds to any concerns the potential customer might have. This example shows that in Sally's case personal selling is more effective than advertising and sales promotion because -
the prospect has questions or raises objections
As a salesperson for Grande Communications, Mary may offer a discount, free installation or a trial of movie channels like Netflix for two months. However, as an effective negotiator, Mary's strategy is -
to avoid using price as a negotiating tool