MKT 291 FINAL EXAM - PRACTICE PROBLEMS

___________ makes possible the flow of goods from a producer, through intermediaries, to a buyer a. value delivery b. inventory control c. multichannel marketing d. a marketing channel

d. a marketing channel

Small changes in price... a. are the best way to improve profitability b. are not noticed by consumers c. are preferred by consumers, rather than surcharges or fees d. can have comparably big effects on company profit

d. can have comparably big effects on company profit

In addition to sales positions, many other occupations have an element of personal selling, typically when the job involves... a. use of advanced technology b. little use of technology c. business travel d. customer contact

d. customer contact

A grocery store that allows customized purchases in the bakery or deli is providing which type of utility for the consumer? a. time b. place c. possession d. form

d. form

___________-generated content describes the various forms of online media content that are publicly available and created by those that use them, including all the ways people can use social media.

user

Which of the following are essential to consider when setting a price? a. What will pay for all associated costs, including marketing? b. What will provide a profit to the company? c. What type of product could be used in barter? d. What are customers willing to pay?

a. What will pay for all associated costs, including marketing? b. What will provide a profit to the company? and d. What are customers willing to pay?

Wholesalers, distributors, and retailers operating between the manufacturer and the consumer can be generically called... a. dealers b. brokers c. end-users d. producers

a. dealers

A key difference between a wholesaler and a broker is that the latter... a. does not actually purchase the product, but brings together a seller and a buyer b. sells only expensive or specialty merchandise c. takes more risk that the inventory will become obsolete or deteriorate d. advertises the merchandise it sells, as well as conducting the transactions

a. does not actually purchase the product, but brings together a seller and a buyer

Sales management involves which of the following? a. evaluating the performance of individual salespeople b. recruiting and training salespeople c. crafting the promotional message d. setting the marketing budget

a. evaluating the performance of individual salespeople and b. recruiting and training salespeople

Which of the following are common ways that retail outlets can be classified? a. form of ownership b. level of service c. number of employees d. merchandise line

a. form of ownership b. level of service and d. merchandise line

Which of the following are adjustments to the list or quoted price? a. price fixing b. value c. allowances d. extra fees

c. allowances and d. extra fees

A marketing ________ consists of those individuals or firms involved in the process of making products available to consumers or industrial users. a. chain b. retailer c. channel d. manager

c. channel

In contrast with the traditional marketplace is the ___________, which utilizes an internet-enabled digital environment to provide the forum for marketing exchanges. a. i-scape b. e-place c. marketspace d. virtual market

c. marketspace

Manufacturers often use intermediaries to distribute their products because intermediaries... a. increase the number of unites sold b. increase the margin on products c. minimize the number of necessary sales contacts d. reduce costs for consumers

c. minimize the number of necessary sales contacts

Which of the following are true for targeting communications on social media? a. consumers still make their buying decisions in the absence of input from others b. one-way communication is preferred c. the communication model is identical to that of traditional media d. a common goal is to reach "influencers"

d. a common goal is to reach "influencers"

Over 90 percent of ______________ merchandise is sold exclusively through retail stores; that is, many of these companies have decided not to participate in the marketspace a. health and wellness b. entertainment c. electronic d. luxury fashion

d. luxury fashion

___________ is where the customer meets the product, and exchange occurs a. shopping b. distributing c. telemarketing d. retailing

d. retailing

The money or other considerations exchanged for the ownership or use of a product or service is its...

price

An intermediary who sells to consumers is called a.....

retailer

Which two of the following are sometimes used interchangeably with the term "social media"? a. Web 2.0 b. personal networks c. pocketed cyberspace d. user-generated content

a. Web 2.0 and d. user-generated content

An intermediary between manufacturer and the user that does a variety of functions can be imprecisely called... a. a distributor b. a marketer c. a legal representative d. an agent

a. a distributor

An example of why the marketspace would be perceived as more valuable than the marketplace by the consumer is that... a. access is available anywhere and at anytime b. it is more prestigious to buy online c. it is typically used only by the technologically savvy d. it is new and fresh

a. access is available anywhere and at anytime

According to the price equation, to find the actual price, you should do which of the following to the list price? a. add extra fees b. subtract extra fees c. subtract incentives and allowances d. add incentives and allowances

a. add extra fees and c. subtract incentives and allowances

Personal selling can take place in various situations. Select all of the following that apply. a. face-to-face b. via commercials c. via telephone d. via videoconferencing e. via trade publications

a. face-to-face c. via telephone and d. via videoconferencing

Which two of the following factors are used by Kaplain and Haenlein to classify social networks for marketers? a. media richness b. total users c. self-disclosure d. brand recognition

a. media richness and c. self-disclosure

Which two of the following easily demonstrate retailing's importance to the global economy? a. number of employees working in retail b. sales volume at retailers c. number of products offered worldwide d. growth of international trade

a. number of employees working in retail and b. sales volume at retailers

For credibility in media, traditional media relies on "experts" while for social media it begins with... a. participating in a conversation with a quality message b. agents that agree to support one another in the online environment, such as with "likes" c. similarly knowledgeable individuals that are able to communicate concisely d. "innovators" that bring new knowledge to followers

a. participating in a conversation with a quality message

___________ is a useful vehicle for communication with present and potential buyers, making it part of a firm's promotional mix a. personal selling b. pricing strategy c. the mission statement d. sales management

a. personal selling

By providing mini banks in supermarkets, Wells Fargo puts its product and service close to the consumer, providing which type of utility? a. place b. form c. time d. possession

a. place

Which of the following is an example of user-generated content? a. providing an online rating and comments for a product or service b. posting a professional marketing message on a company's website c. posting a link to a newspaper article d. writing an email

a. providing an online rating and comments for a product or service

If a small specialty retail shop wants to increase its business, the cheapest and quickest way to improve accessibility for customers would be to... a. sell its products online on an auction website like eBay b. offer a franchise c. expand the breadth of its offerings by searching for new suppliers d. open a new store across town

a. sell its products online on an auction website like eBay

When using social media, participants typically... a. submit comments, photos, and videos b. pay organizers to be involved c. can neither see not interact with the information of others on the network d. can see the information of others on the network but cannot interact with it

a. submit comments, photos, and videos

Which of the following are major roles that personal selling serves in a firm's overall marketing effort? a. the only personal contact a customer may have with the firm b. a creative way to product more effective advertising c. a means to satisfy the needs of both buyers and the firm in an exchange d. a force to deal with negative publicity on the fly

a. the only personal contact a customer may have with the firm and c. a means to satisfy the needs of both buyers and the firm in an exchange

Four utilities are provided by retailers in varying degrees. They are... a. time, place, form, and possession b. time, place, product, and possession c. price, place, product, and possession d. price, place, product, and promotion

a. time, place, form, and possession

AmerisourceBergen is a ___________ that purchases a variety of brand name and generic pharmaceuticals and other health care supplies and sells them to hospitals, pharmacies, and physicians a. wholesaler b. consumer c. retailer d. broker

a. wholesaler

Which of the following companies would be considered an internet company in marketspace? a. Target b. E*TRADE c. PetSmart d. American Airlines

b. E*TRADE

The various forms of online media content that are publicly available and created by end users are collectively known as... a. WTO b. UGC c. WWN d. EUN

b. UGC (user-generated content)

Which of the following companies would be considered a legacy company in marketspace? a. Zappos b. Walmart c. Orbitz d. Amazon

b. Walmart

When Wilkinson Sword exchanged some of its knives for advertising used to promote its razor blades, it was an example of a. leasing b. barter c. demand d. marginal cost

b. barter

Which of the following is the most common way that personal selling takes place? a. via commercials b. face-to-face c. via telephone d. via videoconferencing

b. face-to-face

___________ companies, though they have origins online, sometimes add brick-and-mortar stores to enhance customers' experience. a. origin b. internet c. physical d. intangible

b. internet

Value is defined as a. perceived attributes divided by preference b. perceived benefits divided by price c. price divided by attributes d. preference for a product despite its cost

b. perceived benefits divided by price

Identifying the correct _________ is complex because small changes can have big effects in both the units sold and related profit a. demand b. price c. barter d. yield management

b. price

Although personal selling is an essential part of many firms' ____________, it is more than just a communication tool. a. financial strategy b. promotional mix c. core values d. supplier relationships

b. promotional mix

A Century 21 real estate agent is considered an agent in the marketing channels because, unlike other intermediaries.... a. she eliminates competition for the buyer b. she does not take title to a home and resell it c. she will not charge a fee on the sale of a home to another individual d. she can only represent the interests of one of the parties in the transaction

b. she does not take title to a home and resell it

Celestial Seasonings produces specialty teas and sells them to food _________, who then resell them to supermarkets a. brokers b. wholesalers c. marketers d. consumers

b. wholesalers

Marketspace exchanges occur... a. in retail locations b. in person c. face-to-screen d. through any electronic medium

c. face-to-screen

Ford Motor Company has found that consumers vary in regards to what they are looking for from an automobile. Ford uses _____________ to address these different needs of customers in the retail environment. a. logistics b. advertising c. personal selling d. public relations

c. personal selling

The internet allows consumers to access on-demand information about products. This is an example of which kind of marketing utility? a. form b. possession and place c. place and time d. form and time

c. place and time

_______ are important because they provide utilities to consumers and have a significant positive impact on the economy a. shoppers b. distributors c. retailers d. telemarketers

c. retailers

__________ is where the customer meets the product, and exchange occurs a. telemarketing b. distributing c. retailing d. shopping

c. retailing

___________ are online media where active users submit news, photos, and videos often accompanied by a feedback process to identify popular topics. a. personal web pages b. extranets c. social media d. intranets

c. social media

Consumers' zeal for low prices combined with the ease of making price comparisons on the Internet has resulted in many companies adding _________ to their list prices a. donations b. hassles c. surcharges d. rebates e. discounts

c. surcharges

Which two of the following are important benefits retailers provide? a. an anticompetitive environment b. unauthorized promotions c. value in the form of consumer utilities d. positive impact on the economy

c. value in the form of consumer utilities and d. positive impact on the economy

__________ includes functionalities that allow collaboration and information sharing online a. global marketing b. banner advertising c. web 2.0 d. daily deal offers

c. web 2.0

____________ companies, though they operate online today, originated as brick-and-mortar stores in the traditional marketplace. a. tangible b. origin c. physical d. legacy

d. legacy

_____________ is defined as planning the selling program and implementing and evaluating the personal selling effort of the firm. a. personal selling b. marketing management c. sales marketing d. sales management

d. sales management

To determine ________ for a product, you must consider limitations based on customers, actual costs, and profits. a. the location b. the attributes c. the commercials d. the price

d. the price

_____________ ______________ is the two-way flow of communication between a buyer and seller designed to influence a person's or group's purchase decision

personal selling

_________ refers to all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family or household use

retailing