Marketing Exam 2

A set of three or more companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer is referred to as A. a value chain. B. a distribution center. C. logistics. D. a supply chain.

A supply chain

Which type of selling alters sales behavior during a customer interaction based on perceived information about the selling situation? A. adaptive selling B. team selling C. customer advocacy selling D. social selling

A. adaptive selling

One of the most commonly used pricing tactics, markup pricing, is also referred to as A. cost-plus pricing. B. profit margin pricing. C. standard pricing. D. dynamic pricing.

A. cost-plus pricing.

Checking inventories, stocking shelves, and product delivery are responsibilities of A. delivery salespeople. B. consultative sellers. C. channel salespeople. D. missionary salespeople.

A. delivery salespeople.

In the FAB approach, attributes or facts relating to the product being sold or demonstrated are referred to as A. features. B. values. C. advantages. D. benefits.

A. features.

Storage and handling expenses and service costs such as property taxes and insurance are what type of inventory costs? A. inventory carrying costs B. stockout costs C. distribution costs D. purchasing costs

A. inventory carrying costs

Which sales role generally requires higher levels of education and prior sales experience in order to establish and maintain partnership relationships with a small number of accounts? A. key-account sellers B. missionary salespeople C. order-getter salespeople D. delivery sales representatives

A. key-account sellers

What type of salesperson generates sales by promoting the firm and encouraging demand for its goods and services, but does not actually take orders for the product? A. missionary salespeople B. key-account sellers C. consultative sellers D. route salespeople

A. missionary salespeople

If demand is unstable, as it often is in the introductory and growth stages of the product life cycle, it might be ​best​ for a firm to use a A. pull strategy. B. forecast strategy. C. supply strategy. D. demand strategy

A. pull strategy.

A group of independent retailers that band together to set up a jointly owned, central wholesale operation that also conducts joint merchandising and promotion is referred to as a A. retailer cooperative. B. consumer cooperative. C. corporate chain. D. franchise.

A. retailer cooperative.

The number of distinct goods or service product lines that a retailer carries is referred to as A. the manufacturing mix. B. breadth of assortment. C. the retailing mix. D. depth of assortment.

B. breadth of assortment.

A retailer that uses strategies to enhance long-term mutually beneficial relationships with its customers is considering the ______ of each customer. A. advertising cost B. lifetime value C. marketing value D. financial cost

B. lifetime value

The three primary objectives of an advertising campaign are A. to inform, to entertain, and to influence. B. to inform, to persuade, and to remind. C. to excite, to entice, and to engage. D. to entertain, to remind, and to sell.

B. to inform, to persuade, and to remind.

The ease with which website visitors can achieve their objectives for visiting the site is termed A. site satisfaction. B. website usability. C. search engine optimization. D. site simplification.

B. website usability.

When it comes to the use of color in website design, which of the following colors represents a sense of trustworthiness and openness? A. blue B. green C. red D. Black

Blue

What is a "bricks-and-clicks" strategy? A. a strategy where retailers with physical stores offer better discounts than what is available online B. a strategy where items purchased online can be picked up at a physical store C. a strategy that allows shoppers to purchase the same merchandise available in a store at home by shopping on a retailer's website D. a strategy where online retailers offer better discounts than what is available at a physical store

C. a strategy that allows shoppers to purchase the same merchandise available in a store at home by shopping on a retailer's website

In today's era of media noise, how can marketers break through the clutter to reach their audience? A. by inundating the market with advertising B. by increasing the communications budget C. by producing messages that are relevant to each individual consumer D. by producing messages that display the brand most creatively

C. by producing messages that are relevant to each individual consumer

The umbrella term that refers to the marketing of goods or services using digital mediums, such as e-mail, websites, search engines, and social media platforms is A. branded content. B. techno-marketing. C. digital marketing. D. social media.

C. digital marketing.

The amount of something (money, time, or effort) that a buyer exchanges with a seller to obtain a product is referred to in marketing terms as a A. worth. B. fee. C. price. D. renumeration.

C. price.

In which step of the personal-selling process would you identify key decision makers, review account histories, and prepare a sales presentation? A. the qualifying step B. the presentation step C. the pre-approach step D. the approach step

C. the pre-approach step

How many steps are there in the personal selling process? A. three B. five C. six D. Seven

D. Seven

According to author Daniel Pink, which of the following can be said of personal selling in the digital era? A. Despite the rapid advances in technology, it has not had a significant impact on salespeople. B. Technological innovations, particularly the Internet, have drastically reduced the need for salespeople. C. Technology has forced relationship-minded salespeople into fast-talking, do-anything-for-the-buck salespeople. D. Technology that should have made salespeople obsolete have in fact transformed more people into sellers.

D. Technology that should have made salespeople obsolete have in fact transformed more people into sellers.

In which closing approach does the salesperson act as if the buyer has already decided to purchase? A. commitment close B. concrete close C. alternative close D. assumptive close

D. assumptive close

Retail outlets such as Best Buy or Home Depot that are able to gain high market share within their chosen category, making it difficult for other types of retailers to profitably compete within that category. These types of stores are sometimes referred to as A. value outlets. B. specialty stores. C. department stores. D. category killers.

D. category killers.

What is the most common type of sales promotion? A. samples B. loyalty programs C. rebates D. coupons

D. coupons

The first step in the price-setting process is to A. compare alternatives. B. determine the costs. C. evaluate demand. D. define the pricing objectives.

D. define the pricing objectives.

Data management systems that integrate information across all the departments of an organization are called A. intermodal data planning (IDP) systems. B. electronic data interchange (EDI) systems. C. enterprise data planning (EDP) systems. D. enterprise resource planning (ERP) systems.

D. enterprise resource planning (ERP) systems.

In the development phase of website design, which is the first page that is typically created? A. contact ​page B. about ​page C. FAQ ​page D. home ​page

D. home ​page

The majority of retail operations are A. corporate chains. B. consumer cooperatives. C. conglomerates. D. independent retailers.

D. independent retailers.

The part of supply chain management that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final customer is called A. production management. B. value chain optimization. C. supply chain management. D. logistics.

D. logistics.

The dissemination of information to a fairly small, select audience that is defined by its shared values, preferences, or demographic attributes is referred to as A. prospecting. B. relationship selling. C. broadcasting. D. narrowcasting.

D. narrowcasting.

What two key words in the definition of advertising are crucial to understanding how advertising fits into the promotion mix? A. nonpaid and personal B. nonpaid and nonpersonal C. paid and communication D. paid and nonpersonal

D. paid and nonpersonal

A company that forecasts sales, builds an inventory based on the forecast, holds the components in inventory until a customer order is received and then finalizes the product based on the order is using a A. push strategy. B. demand strategy. C. pull strategy. D. push-pull strategy.

D. push-pull strategy.

The measure of the total audience size for a given platform is determined by which metric? A. share of voice B. sentiment analysis C. volume of mentions D. reach

D. reach

What sales support role contributes to the sales process by providing expertise in the form of product demonstrations and setup, and providing systems integration support? A. sales engineer B. consultative seller C. sales manager D. technical specialist

D. technical specialist

In website design, much of the work during the development phase is managed A. by the marketing department. B. by the research and development team. C. through a web hosting service. D. through a content management system.

D. through a content management system.

What is a corporate chain? A. an independent retail operation that employs 50 or more people B. a group of independent retailers that band together to set up a jointly owned, central wholesale operation C. wholesale sponsored groups of independent retailers that band together D. two or more retail outlets that are commonly owned and controlled

D. two or more retail outlets that are commonly owned and controlled

What are two of the most common and effective strategies marketers can use for raising prices? A. markup pricing and escalator clauses B. reference pricing and unbundling C. prestige pricing and dynamic pricing D. unbundling and escalator clauses

D. unbundling and escalator clauses

A type of purchasing behavior in which off-price retail stores negotiate especially low prices for certain categories of merchandise, such as end-of-season goods and closeouts is called A. strategic buying. B. rock-bottom buying. C. opportunistic buying. D. negotiated buying.

Opportunistic Buying

Volume maximization is also referred to as A. price skimming. B. survival pricing. C. target pricing. D. penetration pricing.

Penetration Pricing

All the activities that communicate the value of a product and persuade customers to buy it is referred to as A. advertising. B. positioning. C. marketing. D. promotion.

Promotion

The process of identifying and assessing what is being said about a company, individual, product, or brand on the Internet is referred to as A. social media monitoring. B. digital monitoring. C. content monitoring. D. digital listening.

Social Media Monitoring

"Fast fashion" is a term unique to which type of retailer? A. department stores B. off-price retailers C. discount stores D. specialty stores

Specialty Stores

Nonpersonal promotional communication about goods, services, or ideas that is paid for by the firm identified in the communication is referred to as A. sales promotion. B. direct marketing. C. advertising. D. personal selling.

advertising.

Intermediaries through which the flow of products travels are called A. logistics chains. B. logistic channels. C. distribution channels. D. core carriers.

distribution channels.

What is the name of the promotional strategy that involves coordinating the various promotion mix elements to provide consumers with a clear and consistent message about a firm's products? A. integrated promotion concept B. integrated promotion mix C. integrated marketing communications D. integrated marketing concept

integrated marketing communications

A supply chain strategy in which a company builds goods based on a sales forecast, puts those goods into storage, and waits for a customer to order the product is called a A. supply strategy. B. demand strategy. C. pull strategy. D. push strategy.

push strategy.

Since consumers have the tendency to compare prices on almost everything they buy, marketers setting prices should attempt to capitalize on this tendency by determining the price consumers will consider fair and reasonable for a product. This is known as the A. dynamic price. B. benchmark price. C. reference price. D. break-even point.

reference price.

What is marginal revenue? A. the change in total revenue that results from selling one additional unit of a product B. a percentage change in price that results from a change in quantity demanded C. the change in total revenue that results from producing one additional unit D. the total change in revenue that results from a large change in product price

the change in total revenue that results from selling one additional unit of a product

Variable costs are defined as costs that A. vary depending on the advertising budget for the product. B. vary depending on the number of units produced or sold. C. vary depending on the type of material used in production. D. change only during economic downturns.

vary depending on the number of units produced or sold.