Dynamic study modules – exam 3 – Flashcards
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A trade discount is a __________.
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discount off the list price of products to members of the channel of distribution who perform various marketing functions
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__________ pricing is the pricing policy of setting prices very low or even below cost to attract customers into a store.
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Loss-leader
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When pricing strategies are determined by ___________ objectives, the focus is on a target level of profit growth or a desired net profit margin.
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profit
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Why do marketers want to see and understand demand curves?
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They are primarily used to show the number of units the market will buy in a given time period, at different prices that might be charged.
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What is cost-plus pricing?
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A method of setting prices in which the seller totals all the costs for the product and then adds an amount to arrive at the selling price
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Which of the following describes uniform-delivered pricing?
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A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless of location
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Developing pricing tactics is the __________ and final step in the price planning process.
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sixth
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What is loss-leader pricing?
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The pricing policy of setting prices very low or even below cost to attract customers into a store
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What kind of discounts are discounts off list price of products to members of the channel of distribution who perform various marketing functions?
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Trade discounts
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What happens when a profit objective is used to determine pricing strategy?
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The focus is on a target level of profit growth or a desired net profit margin.
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What are the costs of production that are tied to and vary depending on the number of units produced?
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Variable costs
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What is dynamic pricing?
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A pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
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What is the break-even point?
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The point at which a firm doesn't lose any money but doesn't make any profit
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What kind of pricing is a method of setting prices in which the seller totals all the costs for the product and then adds an amount to arrive at the selling price?
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Cost-plus pricing
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__________ pricing is a pricing strategy in which the price of a product is raised as demand for that product goes up and lowered as demand goes down.
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Surge
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What is the first step in the price planning process?
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Set pricing objectives.
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What of the following describes the illegal practice known as bait-and-switch?
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An advertised price special is used to get customers into the store with the intention of switching them to a higher-priced item
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What is a freemium strategy?
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The term used when a company provides a product in its most basic version free of charge but charges money for upgraded versions of the product
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What is the name for the fixed costs per unit produced?
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Average fixed costs
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The pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it is known as __________.
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penetration pricing
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What is the last step in the price planning process?
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Develop pricing tactics.
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The pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless of location is __________ pricing.
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uniform-delivered
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What is the point at which a firm doesn't lose any money but doesn't make any profit?
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Break-even point
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Which of the following describes cost-per-click?
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An online ad purchase in which the cost of the ad is charged only each time an individual clicks on the ad and is directed to the Web page to which the marketer linked within the ad
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The financial value of a customer throughout the lifetime of the relationship is __________.
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customer equity
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Sentiment analysis is __________.
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the process of identifying one's attitude toward a brand by assessing the context or emotion of one's comments
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What are marketing metrics?
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Specific measures that help marketers watch the performance of their marketing campaigns, initiatives, and channels and, when appropriate, serve as a control mechanism
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Which application of data mining is in place when the firm identifies big-spending customers and then targets them for special offers and inducements other customers won't receive?
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Customer retention and loyalty
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The process of using computer software to extract large amounts of data from websites is __________.
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Web scraping
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Differentiating among customers in terms of both their needs and their value to the company is the __________ step in one-to-one marketing.
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second
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An example of secondary research is __________.
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customer feedback
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In the market research process, which of the following steps occurs immediately after choosing the method to collect primary data?
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Designing the sample
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Which of the following describes descriptive research?
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A tool that probes more systematically into the problem and bases its conclusions on large numbers of observations
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Which of the following is an example of primary research?
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Customer interviews
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What is validity?
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The extent to which research actually measures what it was intended to measure
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What is syndicated research?
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General information that specialized firms collect on a regular basis and then sell to other firms
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What is reverse engineering?
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The process of physically deconstructing a competitor's product to determine how it's put together
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What is the name for a technique that attempts to understand cause-and-effect relationships?
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Causal research
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Which of the following describes exploratory research?
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A technique that marketers use to generate insights for future, more rigorous studies
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Which of the following is an advantage of collecting data via an online questionnaire?
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No geographic restrictions
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Defining the research problem is the step of the market research process that involves __________.
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specifying the research objectives and identifying the consumer population of interest
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What is a market intelligence system?
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A method by which marketers get information about everyday happenings in the marketing environment
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Which of the following is an example of secondary research?
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Published research
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Collecting the data is the step of the market research process that involves __________.
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translating questionnaires and responses
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__________ is a tool that probes more systematically into the problem and bases its conclusions on large numbers of observations.
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Descriptive research
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Which step of the market research process involves specifying the research objectives and identifying the consumer population of interest?
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Defining the research problem
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Which step of the market research process involves translating questionnaires and responses?
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Collecting the data
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Which of the following best describes social norms?
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Specific rules that dictate what is right or wrong, acceptable or unacceptable
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Which of the following is an ethical philosophy that advocates a decision that provides the most good or the least harm?
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Utilitarian
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What is expropriation?
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When a domestic government seizes a foreign firm's assets without any reimbursement
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__________ is when someone in authority extracts payment under duress.
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Extortion
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What is the second actionable step a firm must take when it is considering going global?
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Deciding which market(s) to enter
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Which of the following describes a relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in the target country?
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Strategic alliance
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Which of the following describes a strategic alliance?
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A relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in the target country
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Pricing, like all elements of the market mix, is influenced by a variety of external environmental factors. Which of the following is a factor related to consumers that the marketer needs to consider in setting the price?
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Price elasticity
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________ refers to the markup amount added to the cost of a product to cover the fixed costs of the retailer or wholesaler and leave an amount for a profit.
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Gross margin
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________ means that the seller pays both the cost of loading and the cost of transporting to the customer, amounts it includes in the selling price.
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F.O.B. delivered pricing
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________ means that a new product carries a low price for a limited time to generate a high level of customer interest.
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Trial pricing
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Walmart's practice of using a ________ strategy is designed to promise ultimate value to consumers.
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price leadership
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Knowing that consumers may express emotional or psychological responses to prices, marketers need to deal with several psychological factors in setting prices. Which one of the following is an economic influence on price?
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Price fixing
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________ utilizes the four steps. Identify, differentiate, interact, and customize to facilitate a relationship with consumers.
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One-to-one marketing
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In marketing, ________ refers to any point of direct interface between customers and a company (online, by phone, or in person).
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touchpoint
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Sophisticated analysis techniques that take advantage of the massive amount of transaction information now available are described as ________.
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data mining
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Which of the following is not directly related to a competitive advantage of using Big Data?
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Measuring customer equity
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________ refers to a collection and analysis of machine-sensed environmental data pertaining to human social behavior, with the goal of identifying predictable patterns of behavior.
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Sentiment analysis
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Which of the following Big Data sources refers to a firm that collects data in large quantities and sells it to organizations that can derive value from them?
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Commercial entity sources
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An effective set of technologies and processes that enables marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts is known as ________.
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marketing analytics
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A(n) ________ refers to the data, analysis software, and interactive software that allow managers to conduct analyses and find the information they need.
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marketing decision support system (MDSS)
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All of the following are sources marketing managers use to collect and analyze data within a marketing firm EXCEPT ________.
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the MDSS process
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________ include(s) three important components: four types of data, computer hardware and software to analyze the data and to create reports, and output for marketing decision makers.
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Marketing information systems (MIS)
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Typically, the marketing manager uses a(n) ________ to enhance the entire Management Information System (MIS).
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Management Decision Support System (MDSS)
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________ is conducted for a single firm to provide specific information its managers need.
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Custom research
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It is typically the job of the ________ to integrate feedback from syndicated studies, marketing research, customer service, loyalty programs, and other sources to paint a more complete picture the organization can use.
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insights manager
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________ refers to the collection, deployment, and interpretation of information that allows a business to more astutely acquire, develop, and retain its customers.
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Customer insight
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________ is the collection, deployment, and interpretation of information that allows a business to acquire, develop, and retain its customers.
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Customer insight
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What is the next step in the marketing research process after determining the research design?
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Choose the method to collect primary data.
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The ________ approach usually involves the systematic collection of responses to a consumer survey instrument, such as a questionnaire, from one or more samples of respondents at one point in time. The data might be collected on more than one occasion but usually not from the same pool of respondents.
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cross-sectional design
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In a ________ sample, some members of the population have no chance at all of being included. Thus, there is no way to ensure that the sample is representative of the population. Therefore, results from these studies can be generally suggestive of what is going on in the real world but are not necessarily definitive.
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nonprobability
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One common form of face-to-face interviews occurs in a(n) ________ study in which researchers recruit shoppers in malls or other public areas.
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mall-intercept
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Firms follow a four-step approach to decide whether they will become part of the global market. The third step is a critical one determining the appropriate ________ strategy.
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market-entry
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______________________ occurs when countries trade goods by using other items instead of cash.
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Countertrade
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About 25% of the $18 trillion in world trade is not conducted in dollars, but is bartered, and it is referred to as ________.
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countertrade
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Mercosur, the EU, and NAFTA, which contribute to the flow of goods and services globally, are considered ________.
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economic communities
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The main function of _______________ is to ensure that trade flows as smoothly, predictably, and freely as possible.
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World Trade Organization (WTO)
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Which of the following factors is an economic aspect of the of the firm's environmental scanning?
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General System of Preferences (GSP)
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A marketer utilizing the Rights Approach to make an ethical marketing decision would ask which of the following questions to make a decision?
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Which option best respects the rights of all who have a stake?
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The _________________ sustainability metric uses BTUs to measure net fuel energy consumed by an organization for heating and power requirements.
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energy intensity
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The _________________ sustainability metric measures the pounds of pollutants emitted in the process of creating organizational output.
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pollutant (greenhouse gas) emissions
