Marketing 245 Quiz 4 – Flashcards
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Communication is the process of conveying a message to others and it requires six elements. These elements include: a source, __________, a channel of communication, a receiver, and the processes of encoding and decoding.
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A message
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A technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output is referred to as __________.
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break-even analysis
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Variable cost refers to
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the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold.
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Deliberately selling a product below its customary price, not to increase sales, but to attract customers' attention in hopes that they will buy other products as well, is referred to as
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loss-leader pricing.
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The process of having the sender transform an idea into a set of symbols during the communication process is referred to as __________.
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encoding
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The pricing approach that: (1) estimates the price that ultimate consumers would be willing to pay for a product; (2) works backward through markups taken by retailers and wholesalers to determine what price to charge wholesalers; and (3) results in the manufacturer deliberately adjusting the composition and features of the product to achieve the target price to consumers is referred to as __________.
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target pricing
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The unit variable cost (UVC) equals variable cost (VC) divided by __________.
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quantity (Q)
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Direct marketing refers to
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a promotion alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet.
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Procter & Gamble created an advertisement for its High Endurance men's antiperspirant. In terms of the communication process, the __________ of the information in the product's advertisement is Procter & Gamble, its manufacturer.
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Source
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Pricing objectives refer to
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specifying the role of price in an organization's marketing and strategic plans.
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Cost-plus pricing refers to
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summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at the price.
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The maximum quantity of products consumers will buy at given price is shown by
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a demand curve.
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The total money received from the sale of a product is referred to as __________.
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total revenue
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A message is conveyed by means of a(n) __________ such as a salesperson, advertising media, or public relations tools.
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channel of communication
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A field of experience refers to
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a mutually shared understanding and knowledge between the manufacturer or service provider and department or firm handling its IMC campaign so there is no incorrect encoding of the sender's message.
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Sales promotion refers to
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a short-term inducement of value offered to arouse interest in buying a product or service.
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A form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services is referred to as __________.
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public relations
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In a marketing context, the acronym IMC refers to __________.
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integrated marketing communications
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The sum of the expenses of a firm that is stable and does not change with the quantity of the product that is produced and sold is referred to as
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fixed cost
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Setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it is referred to as
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prestige pricing
