MKTG 230 EXAM 4 CHAP 15-20
An antiques dealer buys a grandfather clock for $200. She sets the selling price at $350. When the clock doesn't sell after two months, she raises the price to $800 and moves the clock to her downtown store to appeal to a different market. The clock sells for $800 the next day. What is the maintained markup?
$600
barteritonline.com—A new entrant to retail, barteritonline.com is an e-marketplace where businesses and entrepreneurs barter skills, products, and services worldwide, using a common e-dollar currency. Early Growth Correct 2. Dollar Tree—This single-price retailer where everything is $1 focuses on seasonal items and bargain buys, and is rapidly expanding across the U.S. to compete with Family Dollar stores and Dollar General. Accelerated Development Correct 3. NikeWomen—A first of its kind, NikeWomen, located in New York City, focuses on the full range of the female athlete's needs, featuring Nike footwear, apparel, and accessories. Early Growth Correct 4. Sears catalog—Sears' large, annual catalog used to be distributed widely to American consumers; however, in recent years fewer catalogs have been distributed due to the popularity of online shopping. Decline Correct 5. Wawa—A convenience store/gas station chain, Wawa operates primarily in the mid-Atlantic in the ultracompetitive convenience store market. Convenience stores have been in existence since 1927. Maturity Correct 6. BJ's Warehouse Club—With an established market share and increasing profitability, BJ's is a wholesale club that competes with wholesaling giants Sam's Club and Costco. Accelerated Development Correct 7. Target Stores—In 1962, Target introduced the concept of upscale discount retailing, a marketplace which now contains a number of competitors. Maturity Correct 8. Smith's Gully General Store—General stores carry a broad selection of merchandise in a relatively small space but are slowly disappearing, being replaced by mass and discount merchandisers. Decline Correct This is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.
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How is customer service related to logistics management?
A firm must drive down logistics costs as long as it can still satisfy customer requirements.
Which of the following is not a factor that would be considered noise in the communication process?
A message has been repeated very frequently on radio and television.
Which of the following statements regarding Internet marketing channels is most accurate?
A unique feature of these channels is that they combine electronic and traditional intermediaries to create time, place, form, and possession utility for buyers.
Which of the following statements describes a potential problem when using humorous appeals in advertising?
Effectiveness may vary across cultures if used in a global campaign.
LinkedIn has over 40 million students and recent college graduates as members. The LinkedIn student link provides the all of the following profile tips for students looking for jobs except which?
Include a photo of yourself having fun.
Which of the following is an inherent weakness of advertising
It is difficult to receive good feedback.
Which social network has more than 500 million registered members and has postings for more than 10 million jobs and data on more than 9 million companies?
Which of the following statements regarding newspapers as an advertising medium is most accurate?
Local retailers often use newspapers as their sole advertising medium.
Which of the following statements regarding direct marketing is most accurate?
Many customers believe direct marketing saves time, is entertaining, and offers privacy.
Which of the following is a potential problem when using fear appeals in advertising?
Overly threatening messages have a negative effect on the intention to adapt behavior.
Which of the following statements about traditional and social media is most accurate?
Social media minimizes the extensive time lags that are common for delivering traditional media.
Which of the following is required for a post to be considered user-generated content?
The work shows significant creative effort.
What do v-commerce, television home shopping, and direct selling have in common?
They are all forms of nonstore retailing.
Yellow pages as an advertising medium have all of the following advantages except which?
They are easy to keep up to date.
Guidelines for marketing using ________ include exploiting visual aspects of your message, perhaps sacrificing product messages to tell a more entertaining story, and creating a branded channel rich in keywords to improve the odds of the video showing up in user searches.
YouTube
A wholesaler-sponsored voluntary chain refers to
a contractual relationship between a wholesaler and small independent retailers to standardize and coordinate buying, merchandising, and inventory management efforts.
________ is a computer-based network that triggers actions by sensing changes in the real or digital world.
a smart system
General Mills and Nestlé work together to distribute General Mills products in about 140 international markets from Mexico to China. This distribution arrangement is known as
a strategic channel alliance.
According to the retail life cycle, in the ___________, both market share and profit achieve their greatest growth rates.
accelerated development stage
The three major types of vertical marketing systems are corporate, contractual, and
administered
Institutional advertisements are
advertisements that build goodwill or an image for an organization rather than promote a specific good or service.
At the prepurchase stage in the consumer purchase decision process,
advertising is more helpful than personal selling.
The headline of a General Motors advertisement in a Reader's Digest magazine read, "I believe these kids will make great engineers. Now I've got to make them believe it." The ad shows an engineer surrounded by seven young people. The ad copy talks about how General Motors believes the more the company puts into the community, the more society will get out of the community. This advertisement is an example of a(n)
advocacy advertisement.
Three commonly used trade promotions are
allowances and discounts, cooperative advertising, and training of distributor's salesforces.
Tiffany & Co., the exclusive jewelry retailer, manufactures about half of the fine jewelry items for sale through its over 250 specialty stores and boutiques worldwide. This example shows that Tiffany & Co. uses
backward integration.
Specialty discount outlets that focus on one type of product, such as electronics (Best Buy), office supplies (Staples), or books (Barnes & Noble), at very competitive prices are referred to as
category killers
After reading the daily newspaper, the owner of Zefferelli's Tower of Pizza restaurant said, "I see that the owner of Fellini's House of Noodles ran a quarter-page ad in today's paper. We'll have to match his spending by running our own ad the day after tomorrow." Based on this statement, what promotional budgeting technique is the Zefferelli's restaurant owner most likely using?
competitive parity budgeting
The Coalition of Independent Music Stores, a group of 60 prominent independent record stores across the United States, is a way for these stores to strengthen themselves with tactics such as cooperative advertising. This form of ownership is known as a(n)
contractual system
Franchising is a variation of
contractual vertical marketing systems.
Which of the following is not a consumer-oriented sales promotion?
cooperative advertising
Advertisers who simply want to build awareness may purchase online advertising from small websites that sell ads directly. They are likely to use which performance measure?
cost per thousand
The ability of a logistics system to satisfy users in terms of time, dependability, communications, and convenience is referred to as
customer service
One of the biggest problems an online retailer faces is
customers' tendencies to get to checkout and leave the website without concluding the purchase.
Fitness trackers are in the growth stage of the product life cycle. A manufacturer selling one of these devices would most likely use advertising to
differentiate one brand of device from another.
Which element of the promotional mix is characterized by a customized interaction that is expensive but very persuasive and likely to yield immediate feedback?
direct marketing
In a strategy known as ________, GE sells its large appliances directly to home and apartment builders, but uses retail stores, including Lowe's home centers, to sell to consumers.
dual distribution
Which of the following is seen by consumers as the negative side of the convergence of real and digital worlds?
eroding privacy
At the Rio Olympics in 2016, members of the U.S. Women's National Soccer Team were among the first to use Nike's new lighter soccer cleats that allow for more control of the ball. The cleats also help wick away mud and grass. Shortly after the games, retailers were able to sell the same cleats, allowing them to offer which utility?
form
As methods that can be used to classify outlets, ________, level of service, and the type of merchandise line make it easier to understand the differences among retail institutions.
form of ownership
There is growing interest in positive messages about female and male roles. This has encouraged brands such as Zara and Guess to use
gender neutral ads.
One of the disadvantages associated with radio as an advertising medium is that it
has no visual element.
All of the following were recent updates Facebook made to its social network site except which?
hosting the New Guy app to help small businesses create video ads for new employee recruiting
Which of the following occurs during the planning stage of the promotion decision process?
identify the target audience
Traditional media generates little word-of-mouth chatting occurring among the "passive receivers," while social media seeks to reach "active receivers," those who will become
influentials.
Which of the following is considered a part of total logistics cost, like transportation and order processing?
inventory
The clear point of difference in mobile marketing is
its unique ability to empower users by connecting with them individually and continuously.
Four Seasons Hotels sell private residences in several of their properties and sends direct mail to prospective residents asking them to request additional information on the telephone or through a website. In terms of direct marketing, this is known as
lead generation
Walmart has the image of being a store for bargains. In terms of retail positioning, Walmart would be classified as
low value added and broad line.
Adding a wholesaler to the marketing channel for consumer products is most common for
low-cost, low-unit value items.
A marketing channel
makes possible the flow of products and services from a producer, through intermediaries, to a buyer.
At which stage in the product life cycle would a company's promotional objective most likely be to remind buyers of the product's existence?
maturity
In terms of privacy, with minor exceptions, recipients of traditional media such as TV or radio ads are completely anonymous. Social media users have
much less privacy and anonymity.
Most of Lands' End's revenues come through catalog and Internet sales, but it also operates several retail stores and factory outlets. This makes Lands' End an example of a(n) __________ marketer.
multichannel
Discount Fishing Tackle is a shop that carries a large selection of fishing rods and reels, bait, tackle boxes, waders, nets, and a few other fishing implements. Discount Fishing Tackle's breadth of product line would be described as __________ and its depth of product line would be described as __________.
narrow; deep
Burlington Coat Factory and Ross stores offer customers the sport of searching the racks for great deals on brand-name products. Both retailers use a(n) __________ retailing strategy.
off-price
_________ advertising can be interactive, with drop-down menus, built-in games, or search engines to engage viewers.
online
Direct selling is likely to grow in markets
outside the United States.
Communication requires all of the following elements except which?
physical proximity
Used in the introductory stage of the product life cycle, _________ advertisements tell people what a product is, what it can do, and where it can be found.
pioneering
A college bookstore located near campus puts the store's products and services close to the consumer, providing ________ utility.
place
Having a Chevron gas station located near a car rental return location is an example of __________ utility.
place
One step in evaluation of the promotion program is to
posttest the promotion.
Jury tests refer to
presenting a panel of consumers with an ad and asking for their reactions concerning the ad's effectiveness, appeal, etc.
There are two general types of franchises: business-format and __________ franchises.
product-distribution
When choosing a marketing channel and intermediaries, marketing executives typically consider, among other things, which will
provide the best coverage of the target market.
A visit to The Tonight Show Starring Jimmy Fallon by Cardi B to promote a new album would be considered which element of the promotional mix?
public relations
All of the following are examples of customized promotional elements except which?
public relations
Which element of the promotional mix has the inherent weaknesses related to the difficulty in getting media cooperation?
public relations
When a pharmaceutical company places an ad in a home and garden magazine for its new arthritis drug, it is using a ________ strategy.
pull
All of the following are stages in the hierarchy of effects except which?
recommendation
_______ advertising is good for products that have achieved a well-recognized position and are in the mature phase of their product life cycle.
reminder
Hewlett-Packard's recycling service is available today in more than 73 countries, regions, and territories. By early 2015, Hewlett-Packard had recycled over 2 billion pounds of used electronic products and supplies to be refurbished for resale or donation or for recovery of materials. Hewlett-Packard is practicing
reverse logistics.
As part of its transactional function, an intermediary such as a wholesaler performs the function of sharing ________ with the producer when it stocks merchandise in anticipation of sales.
risk
A snack food company experimented with the frequency of its advertising by working with a local cable provider. On the north end of the city, the frequency was high, while it was only moderate on the south end of town. The company then obtained the checkout scanner data from grocery stores in each part of town for comparison. This is a form of
sales test
National sales meetings sponsored by the manufacturer and field visits to a reseller's location to inform and motivate the salespeople to sell the products are considered forms of
salesforce training.
Direct mail and catalogs improve marketing efficiency through ___________, and they create customer value by providing a fast and convenient means of making a purchase.
segmentation and targeting
In classifying social media, the degree to which a person's thoughts, feelings, likes, and dislikes are made public is referred to as
self-disclosure.
Among recent retailing innovations is Zipcar. With this service, you sign up, receive a Zipcard, book online, walk to a car, scan your card across a reader on the windshield to open the doors, and drive away. This would be considered a __________ retailer.
self-service
A brand's share or percentage of all the online social media chatter related to a product category or topic is referred to as
share of voice.
Many retailers are "going green" and developing comprehensive and sophisticated business practices that reflect a new focus on
social and environmental responsibility.
The retailing mix includes retail communication, merchandise, and which two other elements?
store location and retail pricing
A division of IBM works out of 360 locations in 64 countries, tracking more than 1.5 million assets for both IBM and its clients. The division also deals with about 23,000 suppliers in nearly 100 countries. The individuals who monitor these transactions are engaged in
supply chain management.
With respect to promotional element decisions, a product's ancillary services refer to
the degree of service or support required after the sale.
mass selling is
the opposite of customized interaction, meaning a single message is delivered to the whole group of prospective buyers.
In advertising, rating refers to
the percentage of households in a market tuned to a particular TV or radio program.
One potential shortcoming of use of a celebrity in advertising is
the person's image may change over time.
Decoding refers to
the process of a receiver taking a set of symbols in a message and translating them into an idea.
Which of the following reflects the convergence of real and digital worlds?
the use of a location-based app on GPS-enabled smartphones to find a timely deal at a local restaurant
Which of the following is an example of a pretest?
thester test
FedEx provides next-morning delivery, which is considered an example of __________ utility.
time
Place, form, possession, and ________ utilities are offered by most retailers in varying degrees.
time
What is the promotional objective of the decline stage of the product life cycle?
to phase out
Though the comments are not extensive, brand managers can use social media management tools such as HootSuite to see what ________ users are saying—good and bad—about both their own brands and competitive ones. They can then respond to the negative comments and forward the positive ones.
In terms of media richness, social media types rated highest in media richness are
virtual worlds, both game and social.
Blogs are
web pages that serve as publicly accessible personal journals and online forums.
Twitter is a(n)
website that enables users to send and receive messages up to 280 characters long.
According to the __________, retail stores start out simply and gradually add fixtures and more embellishments to their stores to increase the attractiveness for customers.
wheel of retailing
A channel intermediary in the consumer market that sells to other intermediaries, usually retailers, is called a(n)
wholesaler.
