Bus 360 Final – Flashcards
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The "universal functions of marketing" do NOT include:
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producing
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The vertical marketing system that typically has the greatest amount of cooperation among channel members is a(n):
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Corporate channel system
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A convenience product would probably be sold using:
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intensive distribution
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Many firms prefer to distribute directly to the final customer or consumer because they
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all of the above
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Which of the following is NOT a Place decision?
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Recruiting, selecting, and managing the sales force
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"Logistics" is concerned with:
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All of the above
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Public warehouses:
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provide flexibility because the user pays only for the space used
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The first retailers to really show the importance of the mass-merchandising concept were the operators of:
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supermarkets
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Which of the following are possible Internet approaches for a retailer?
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All of the above
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The main difference between agent wholesalers and merchant wholesalers is
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that agent wholesalers do not own the products they sell--while merchant wholesalers do
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Speciality shops:
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carry specialty products almost exclusively
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Scrambled merchandising is carrying
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any product lines that a store thinks that they can sell profitably
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"Retailing" refers to:
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the sale of products to final consumers
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The adoption curve concepts is most closely related to which of the following?
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the product life cycle
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"Adversing"
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is any paid form of non personal presentation of ideas, goods, or services by an identified sponsor
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Personal selling
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involves direct spoken communication between sellers and potential customers
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Identify the traditional communication process
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Source-Encoding-Message channel-Decoding-Reciever-Feedback
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Which of the following shows the correct sequence of market acceptance of a new idea, as represented in the adoption curve?
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Innovators, early adopters, early majority, late majority, laggards
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This promotional approach emphasizes the importance of securing the wholehearted cooperation of channel members to promote the product in the challen and to the final user
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pushing
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The AIDA model consists of
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Attention, Interest, Desire, and Action
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The "adoption curve" shows:
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when different groups accept ideas.
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"Promotion" includes:
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personal/mass selling and sales promotion
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A retailer's promotion objective might be to _______________its target market about its marketing mix.
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All of the above
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The most popular sales force payment method is:
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a combination plan
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Marketing managers should make specific strategy decisions about:
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All of the above
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Which of the following is NOT one of the sales presentation approaches discussed in the text?
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Target market approach
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Order getters
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are concerned with establishing relationships with new customers and developing new business
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The ____________ involves developing a good understanding of the individual customer's
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consultative selling appoach
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The commission method of payment:
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offers the most incentive for the salesperson
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A _______________ is a written statement of what a salesperson is expected to do
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Job description
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Which of the following is the BEST example of an advertising objective
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"We want 35 percent of our target customer to be aware of our new product within the next two months"
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Advertising objectives should be:
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more specific than personal selling objectives
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"Copy thrust" refers to:
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what is to be communicated by the words and illustrations
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____________ advertising tries to develop primary demand for a product category rather than demand for a specific brand.
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pioneering
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Competitive advertising which makes specific brand comparisons--using actual names--is ________________ advertising
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comparative
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All of the following are product-based advertising except
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institutional advertising
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Selective the most effective advertising media depends on the:
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All of the above
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To guarantee good media selection, the advertiser FIRST must clearly specify its
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target market
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Advertising which tries to develop selective demand for a specific brand rather than a product category is called __________________ advertising
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competitive
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The _______ type of competitive advertising points out product advantages to affect future buying decisions.
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indirect
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Which of the following is a SALES-ORIENTED pricing objective?
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growth in market share
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Trying to get the "cream" of a market (i.e., the top of a demand curve) at a high price before aiming at the more price-sensitive customers is consistent with a(n):
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skimming price policy
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__________ is what a customer must give up to get the benefits offered by the rest of a firm's marketing mix.
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Price
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A marketing manager may choose a pricing objective that is:
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any of the above--depending on the situation
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Offering a CUMULATIVE quantity discount seeks to
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encourage the buyer to make additional purchases
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Which of the following is a STATUS-QUO pricing objective?
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meeting competition
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Some retailers commonly use prices that end in certain numbers. They seem to assume that their customers see prices with these numbers as substantially lower. This is:
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odd-even pricing
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According to the text, the two basic approaches to price setting are
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cost-oriented and demand-oriented price setting
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A retailer who advertises a low price on an item--with no intent to sell that item--but to attract customers to try to sell more expensive products is using:
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bait pricing
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Setting relatively high prices to suggest high quality or high status is
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prestige pricing
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Average fixed cost:
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decrease steadily as output increases
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The text says "markups":
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are a percentage of selling price--unless otherwise stated
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The production cost of an automobile component is $45. The producer takes a 10 percent markup and sells that product to the wholesaler. What is the wholesaler's cost?
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$50
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Wilson sells a basketball to a wholesaler for $16, and the wholesaler applies to a 20 percent markup. A retailer then applies a 33.3 percent markup. The final selling price is
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$30
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Michael Soles--owner of Soles Shoe Store--recently discovered that shoe stores in his trading area have an average markup of 40 percent. Upon investigation, Michael found that his average markup is $15 on shoes that he sells for $45. This suggests that:
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Michael is taking a smaller average markup than his competitors
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The three basic tasks of ALL managers, according to the text, are:
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planning, implementation, and control
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A breakthrough opportunity
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is one that helps an innovator develop a hard-to-copy marketing strategy that will be very profitable for a long time.
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The marketing mix
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helps to organize the marketing strategy decision areas
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A marketing strategy
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specifies a target market and a related marketing mix
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In which of the external environments do changes usually occur most slowly?
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Cultural and social environment
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General Electric's "strategic planning grid":
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requires subjective judgments about business strengths and industry attractiveness
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Using General Electric's "strategic planning grid," an opportunity rated "medium" in terms of industry attractiveness and "medium" in terms of business strengths would be evaluated as:
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yellow--borderline
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When looking for attractive opportunities, a marketing manager should consider
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All of the above
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The total market value of goods and services provided in a country's economy per year by both residents and nonresidents of that country is:
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Gross domestic product
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"Positioning":
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helps strategy planners understand how customers think about various brands or products in relation to each other
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Segmenting:
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tries to aggregate together individuals who have similar needs and characteristics
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The process of naming broad product-markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called
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market segmentation
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The text discusses a four-level hierarchy of needs. Which of the following is NOT included in that model?
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Psychological needs.
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The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogenous set of people is a(n):
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Culture.
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Which of the following is NOT a psychological variable?
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Social class.
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Behavioral scientists recognize different levels of consumer problem solving. Which of the following is not one of these levels?
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Rational problem solving.
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Discretionary income is defined as:
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Income available after taxes and necessities.
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An economic buyer is a person who
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Logically compares choices to get the greatest satisfaction from spending time and money.
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Hugh Leastmoon has an annual income of $75,000 a year. He pays $25,000 in taxes, and spending another $15,000 on his home, car, food, and other "necessities." Last year, he decided to really enjoy his annual vacation so he spent $5,000 to go skiing in Austria. What was Hugh's discretionary income last year?
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$35,000
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Which of the following is not a selective process used in gathering and interpreting information from the world around us?
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Selective attention.
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Psychographics may also be called
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Lifestyle analysts.
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Which of the following statements about social class is NOT true?
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In the U.S., the system for measuring social class is based mainly on a person's income.
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A _____ refers to all of the people who participate in or influence a purchase.
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Buying center
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Definitely Scrumptious Co. ,a cookie manufacturer, decides to expand into cake manufacturer, decides to expand into cake manufacturing. It begins the buying process for cake molds, toppings, and icing equipment by setting product specifications and evaluating sources of supply. This is an example of a
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New-task buy
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Regarding "marketing reach" and "marketing information systems":
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Marketing information systems tend to increase the quantity of information available for decision making, but with some decrease in quality.
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Quantitative marketing research
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All of the above are true.
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Which of the following is the correct sequence of steps in the marketing research process?
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Defining the problem; analyzing the situation; getting problem-specific data; interpreting the data; solving the problem.
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The scientific method
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Is an orderly and objective approach to judging how good an idea really is.
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____ are educated guesses about the relationships between things or about what will happen in the future.
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Hypotheses
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Procedures that develop and analyze new information to help marketing managers make decisions are called
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Marketing research
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The most difficult step of the marketing research process is:
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Defining the problem
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According to the text, "product":
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Means the need-satisfying offering of a firm.
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A large U.S. firm produces potato chips, shortening, dishwasher detergent, laundry detergent, shampoo, disposable diapers, and facial tissues. These are the firm's
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Product assortment
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Packaging
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All of the above are true.
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Which of the following is NOT a level of brand familiarity?
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Brand nonexistence
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Which of the following gives the correct order of the steps in the new-product development process?
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Idea generation, screening, idea evaluation, development, commercialization.
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It is towards the end of the ____ stage of the product life cycle when industry profits begin to decline.
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Market growth
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The product life cycle has four stages. Which of the following is not one of these?
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Economic competition
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Regarding product life cycles, which of the following is NOT true?
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The level of promotion usually decreases in market maturity since there is less revenue to cover the cost.
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