Principles of Marketing test 3 (dynamic study modules)
__________ is managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers.
Supply chain management
Product publicity is a(n) __________.
activity of public relations that involves the publicizing of specific products
A multichannel distribution system __________.
uses a single firm to set up two or more marketing channels to reach one or more customer segments
A vertical marketing system is __________.
a channel structure in which producers, wholesalers, and retailers act as a unified system
Channel level is __________.
a layer of intermediaries that performs some of the work in bringing the product and its ownership closer to the final buyer
An indirect marketing channel is __________.
a marketing channel containing one or more intermediary levels
Personal selling is __________.
a personal presentation by the firm's sales force for the purpose of making sales and building customer relationships
A marketing channel is __________.
a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user
A(n) __________ coordinates successive stages of production and distribution through the size and power of one of the parties.
administered vertical marketing system
The __________ is setting the promotion budget at the level management thinks the company can afford.
affordable method
Sales force management refers to __________.
analyzing, planning, implementing, and controlling sales force activities
Advertising is __________.
any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor
During the __________ step, the salesperson should know how to meet and greet the buyer and get the relationship off to a good start.
approach
The purpose of persuasive advertising is to __________.
build selective demand
Public affairs is __________.
building and maintaining national or local community relationships
Lobbying is __________.
building and maintaining relationships with legislators and government officials to influence legislation and regulation
Designing a good product is the __________ step in cost-based pricing.
first
The selling process __________.
focuses on the goal of getting new customers, obtaining orders from them, and spending time maintaining existing accounts and building long-term customer relationships
Follow-up is the sales step in which a salesperson __________.
follows up after the sale to ensure customer satisfaction and repeat business
A contractual vertical marketing system consists of __________.
independent firms at different levels of production and distribution joining together through contracts
A direct marketing channel __________.
is a marketing channel that has no intermediary levels
A product sales force structure __________.
is a sales force organization in which salespeople specialize in selling only a portion of the company's products or lines
A customer sales force structure __________.
is a sales force organization in which salespeople specialize in selling only to certain customers or industries
The __________ shows how a product fits in with a particular way of life.
lifestyle style
Cost-based pricing is __________.
setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk
The competitive-parity method is __________.
setting the promotion budget to match competitors' outlays
A demand curve __________.
shows the number of units the market will buy in a given time period, at different prices that might be charged
The __________ shows one or more "typical" people using the product in a normal setting.
slice of life style
Intensive distribution is __________.
stocking the product in as many outlets as possible
The presentation step is when a salesperson __________.
tells the "value story" to the buyer, showing how the company's offer solves the customer's problems
Total costs are __________.
the sum of the fixed and variable costs for any given level of production
Selective distribution is __________.
the use of more than one but fewer than all of the intermediaries who are willing carry the company's products
Team selling is __________.
using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts
Comparative advertising is __________.
when a company directly or indirectly compares its brand with one or more other brands
__________ is a sales promotion tool used to generate business leads, stimulate purchases, reward customers, and motivate salespeople.
A business promotion
__________ is a sales promotion tool used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to customers.
A trade promotion
__________ is a sales promotion tool used to boost short-term customer buying and involvement or enhance long-term customer relationships.
A consumer promotion
__________ is a promotion strategy that calls for using the sales force and trade promotion to move the product through channels.
A push strategy
__________ represents a company to customers by performing one or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building.
A salesperson
What is sales promotion?
A short-term incentive used to encourage the purchase or sales of a product or a service
__________ is setting a price for products that must be used along with a main product, such as blades for a razor and games for a video-game console.
Captive-product pricing
__________ is based on a buyer's perceptions of value rather than on the seller's cost.
Customer value-based pricing
__________ is the fourth step in value-based pricing.
Designing products to deliver the desired value at a target price
__________ is the third step in value-based pricing.
Determining costs that can be incurred
__________ is giving a limited number of dealers special rights to distribute the company's products in their territories.
Exclusive distribution
__________ is/are costs that do not vary with production or sales level.
Fixed costs
__________ is the sales step in which a salesperson seeks out, clarifies, and overcomes any customer objections to buying.
Handling objections
__________ is setting a low price for a new product in order to attract a large number of buyers and a large market share.
Market-penetration pricing
__________ is a measure of the sensitivity of demand to changes in price.
Price elasticity
__________ is setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices.
Product line pricing
__________ is a short-term incentive to encourage the purchase or sale of a product or service.
Sales promotion
What does an administered vertical marketing system coordinate?
Successive stages of production and distribution through the size and power of one of the parties
__________ is/are pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.
Target costing
What is closing?
The sales step in which a salesperson asks the customer for an order
__________ is attaching features and services to differentiate a company's offers and charging higher prices.
Value-added pricing
Public relations is __________.
building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events
A horizontal marketing system is a __________ .
channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity
A conventional distribution channel is a __________.
channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, perhaps even at the expense of profits for the system as a whole
An inside sales force __________.
conducts business from their offices via phone, online and social media interactions, or visits from buyers
Personal selling __________.
consists of interpersonal interactions with customers and prospects to make sales and maintain customer relationships
Variable costs are __________.
costs that vary directly with the level of production
Press relations is a function in which companies __________.
create and place newsworthy information in the news media to attract attention to a person, product, or service
The fantasy style __________.
creates an imaginary situation around the product or its use
Event marketing refers to __________.
creating a brand-marketing event or serving as a sole or participating sponsor of events created by others
The objective-and-task method is __________.
developing the promotion budget by: 1) defining specific promotion objectives, 2) determining the tasks needed to achieve these objectives, 3) estimating the costs of performing these tasks
The new product pricing strategy of __________ means the initial price is set high.
market-skimming pricing
Approach is the sales step in which a salesperson __________.
meets the customer for the first time
The musical style shows __________.
people or cartoon characters singing about the product
The __________ is setting the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price.
percentage-of-sales method
A third-party logistics provider __________.
performs any or all of the functions required to get a client's product to market
The purpose of __________ is to build selective demand.
persuasive advertising
Marketing logistics is __________.
planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customers' requirements at a profit
Predatory pricing is __________.
selling below cost with the intention of punishing a competitor or gaining higher long-run profits by putting competitors out of business
A pull strategy is a __________.
promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product
Setting a target price to match the customer's perceived value is the __________ step in value-based pricing.
second
Marketing channel management is __________.
selecting, managing, and motivating individual channel members and evaluating their performance over time
A(n) __________ is a sales force organization that assigns each salesperson to an exclusive geographic area in which that salesperson sells the company's full line.
territorial sales force structure
Price is __________.
the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service
Using VMI (vendor-managed inventory), __________.
the customer shares real-time data on sales and current inventory levels with the supplier
Disintermediation is __________.
the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries
Integrated logistics management is __________.
the logistics concept that emphasizes teamwork—both inside the company and among all the marketing channel organizations—to maximize the performance of the entire distribution system
With psychological pricing, __________.
the price is used to say something about the product