Test 4 review bus.
If a wholesaler purchases laundry detergent at $2.00 per bottle and decides to set the markup percentage at 27 percent, what will the wholesaler's profit be per bottle?
0.54
A wholesaler purchases desk lamps at a price of $10. They set the markup percentage as 25 percent. How much should the wholesaler sell the lamps to a retailer?
12.50
Sam wants the markup percentage on the shirts he is selling to be 19 percent. If the shirts cost Sam $13 each, how much should he charge customers for each shirt?
15.47
A beauty supply wholesaler had an average inventory of $ 1,500,000 and the cost of goods sold was $4,500,000. What is the inventory turnover?
3.00
When the marketing concept is used to make all business decisions, how many functions does marketing serve?
7
Which of the following is NOT a quantitative research method?
A group discussion about the features group members want in a new cell phone
Which of the following is an example of an accessory store?
A shoe store
What is a niche market?
A specialized area of sales targeting a specific group rather than the mass
A strategy is best defined by which of the following?
A statement describing the overall approach to how goals and objectives will be achieved
Which of the following statements describes intermediary?
A third party acting as a middleman connecting people and things
Who developed the hierarchy of needs model?
Abraham Maslow
Which of the following is a characteristic of the promotion strategy of the 4 Ps?
Advertising
Which of the following is NOT a typical time to perform market research?
After a product is discontinued when a company needs to know if people want the product back
When a company uses the mass marketing technique, they are doing which of the following?
Aiming marketing at everyone without consideration of differences among people
Which of the following is an example of a distance retailer which does NOT have a physical location?
Amazon.com
Which of the following describes publicity?
Any unpaid mention of a company in the media
Which of the following does NOT describe point-of-sale displays?
Any unpaid mention of a company, its employees, special events or its products in the media
Which of the following is true of a non-franchised chain?
Are owned by the company and run by a manager hired by the parent company
Which of the following is NOT one of the discussed functions of marketing?
Buying
Which of the following is an example of a tactic?
Call customers to verify satisfaction
Which of the following is an example of a product which is mass marketed?
Coca-Cola®
Which of the following is the formula used to calculate inventory turnover?
Cost of goods sold ÷ average inventory
Which of the following is a term for the reduction in the prices of goods or services?
Discounts
Which of the following is NOT an example of distance retailing?
Door-to-door retailing
Which of the following is NOT a factor competitive advantage is based on?
Employee salary
Qualitative research can be defined as which of the following?
Experimental?
The matching phase consists of conducting market research to find potential customers.
False
Which of the following is an example of an objective?
Increase repeat business by 15 percent over one year
Which of the following terms describes retail?
Individually selling products directly to the customer
Which of the following best describes wholesalers?
Intermediaries between manufacturers and retailers
Which of the following is a qualitative research method?
Interview
A detailed list of ready-to-sell items a retail store has on hand is which of the following?
Inventory
The costs of maintaining inventory in a company's warehouse are referred to as which of the following?
Inventory carrying costs
Which of the following is an example of party retailing?
Mary-Kay Cosmetics®
Which of the following is NOT an example of street markets?
Online retailers
Which of the following is NOT included in basic place decisions?
Price
Which of the four Ps pertains to the amount of money a store charges a customer for merchandise?
Price
What are the four Ps of the marketing mix?
Price, promotion, product, place
When you see an advertisement for a store and decide to shop there, which element of the marketing mix has succeeded?
Promotion
Which of the following descriptions accurately describes the difference between promotion and selling?
Promotion indirectly communicates the value of a product and selling is directly communicating with customers
The need for love and companionship would be included in which level of Maslow's hierarchy of needs model?
Psychological needs (third level)
Rebecca needs to sell her store's remaining stock of coats and gloves, so she holds a one-day blowout sale and tells customers to "get it before it is gone." What type of strategy is Rebecca using?
Pull strategy
Which of the following strategies is used by companies to convince retailers to promote their product over competitor's products?
Push strategy?
Which of the following is NOT a discussed method of segmenting markets
Randomly
Which of the following statements best describes negotiation?
Reaching an agreement with retailers on the price of product
Marketing, put simply, attempts to do which of the following?
Satisfy people's needs
Which of the following best describes the difference between secondary and primary research?
Secondary research is past research which has already been performed and often published and primary research is done firsthand for the first time
Which of the following is NOT one of the functions of a wholesaler in the distribution channel?
Selling products to customers in a store
Which of the following is NOT an example of inventory carrying cost?
Shipping Costs?
Product price is based on which of the following?
The amount customers request to pay
The marketing mix refers to which of the following?
The internal variables a company has control over
Which of the following terms describes wholesale?
The sale of products in bulk directly from the manufacturer
A target market is which of the following?
The specific group for which a business's products, services and marketing efforts are intended
The marketing mix can best be described as which of the following?
The variables marketers control to influence a business' success
Which of the following is the "ideal" inventory turnover number?
There is no "ideal" number applying to all companies
What is the purpose of promotion?
To encourage people to buy a company's products
For what does marketing depend on the human resources department?
To hire people who are aligned with the marketing strategy
Why are goals and objectives important in marketing?
To keep everyone motivated to achieve the same thing
Cross-docking is the re-routing of inventory through a warehouse.
True
Direct marketing channels use intermediaries such as wholesalers and retailers.
True
The four main parties in a distribution channel are manufacturers, wholesalers, retailers and consumers.
True
Which of the following retail outlets often sells in bulk?
Warehouse clubs
In which of the following situations should the cross-docking technique NOT be used?
When products need to be stored in the warehouse for a long time
The element of the marketing mix known as "place" refers to which of the following?
Where products and services are made available to customers
Which of the following decisions would be considered part of the "product" element of the marketing mix?
Whether to make a product blue or red
Why is market research important?
Without research data to base decisions on, marketers are just guessing
Market research
a collection and analysis of data about consumers, competition and the environment
Target market
a select group of people to which a company directs their products
Intermediary
a third party that acts as a middleman between connecting people and things
pull strategy
adv. pro. used by actual retailer
Push strategy
advert. and pro. "Pushed"
indirect marketing channel
consists of products going through a series of stages before reaching the customer; uses intermediaries
carrying costs
cost of maintaining inventory in warehouse
Retailing means a store sells directly to whom?
customer
Cost of Goods Sold
direct costs related to the production of goods produced and sold
Direct Marketing channel
does not make use of intermediaries like wholesalers and retailers
Which of the following is NOT an example of a purchase which would use extended problem-solving for most people?
i have no clue good luck -_-
advertising
paid message
Average inventory
past amounts for each period added up
cross docking
practice of re routing inv
Which of the following is NOT affected by marketing?
product regulations
Which of the following strategies tries to create an increased demand by making customers feel like they only have a short time to purchase the products?
pull strategy
promotion
series of activites and mate
Manufacturer
someone who is in charge of the production of a product
retailer
someone who sells products to customers in a store setting
Which of the following describes the term target market?
specific group of customers at which a company attempts to aim their products
In what kind of setting does retailing occur?
store
Markup percentage
the differences between the initial cost of a product
inventory turnover
the number of times inventory is sold and replaced over a certain period of time
Distribution Channel
the path a product takes from production to consumers
Warehouse
warehouse
