BUSI330 – Marketing – Exam 2 – Flashcards
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The New York Times calls Marissa Mayer the "_____" of Google's home page, the one person who "controls the look, feel, and functionality of the Internet's most heavily trafficked search engine."
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gatekeeper
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According to Figure 9-4 above, column "C" represents a
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dynamically continuous innovation.
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One tool available for services when dealing with capacity management is to use _____ to charge different prices during different times of the day or week to balance supply and demand.
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off-peak pricing
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With respect to price, which of the following type of consumer product is most likely be very expensive?
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speciality product
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According to Figure 9-1 above, column "B" would represent what type of product?
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unsought
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You greatly admire a set of Waterford crystal serving bowls you see at a dinner party and decide to buy two despite their cost of $250 each. They are only available in your area in a Waterford shop 40 miles from campus. into which classification of consumer products would the Waterford crystal serving bowls fall?
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speciality products
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At the time of its introduction, which of the following products was the BEST example of a continuous innovation?
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disposable lighter
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Dell used _____ to develop an online site to generate 13,464 ideas for new products and website and marketing improvements.
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crowdsourcing
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A product mix refers to
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all of the different product lines offered by an organization.
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Equipment-based services like ATMs, online brokerage firms, and automated car washes, do not have the marketing concern of
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inconsistency
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The swoosh that appears on every Nike product is an example of a _____.
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brand name
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Consumer packaged goods firms like General Mills and PepsiCo and as well as industrial firms such as Intel and Hewlett-Packard employ a product manager to manage _____.
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a close-knit family of products and brands
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All of the following are market modification strategies EXCEPT:
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changing a product's appearance. Option 3
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Brand equity refers to _____.
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the added value a brand name gives to a product beyond the functional benefits provided
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If a customer is reluctant to try a new product because she's afraid it might make her ill, the company is most likely facing a(n) _____ barrier.
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risk
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Figure 10-1 above represents the stages of the product life cycle. What does the curve labeled "X" represent?
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total industry sales revenue
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When a company retains a product but reduces marketing costs, it is referred to as _____.
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harvesting
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Imagine that Post Cereal introduces a cereal bar-Trail Mix Crunch-just like the ones Kellogg's and General Mills already have on the market. Post has decided to promote the bars using ads without coupons and to price the bars at about the same price as these other brands. Post Cereal Trail Mix Crunch cereal bars will also be distributed to the same stores as the products from Kellogg's and General Mill's bars. Which of the following barriers to a new product adoption will most likely prevent the Post Cereal Trail Mix Crunch cereal bars from being successful?
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value barrier
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Black & Decker uses a _____ strategy to reach the "do-it-yourself" market with the Black & Decker brand name the professional construction market with the DeWalt brand name.
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multibranding
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Commuters in New York often have installed radio frequency identification (RFID) devices on their cars that can be read automatically as they approach a toll booth. This saves time, improves traffic flow, and means drivers don't need to keep exact change in their cars. It also offers New York authorities the opportunity to manage traffic flow by charging different toll amounts for different times of day, such as charging a higher toll for "rush hour" periods during the morning and afternoon commutes. Commuters in New York are experiencing
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off-peak pricing
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Reductions from list or quoted prices for performing some activity, similar to discounts, are referred to as
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allowances
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To encourage retailers to pay their bills quickly, manufacturers offer them
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cash discounts
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The practice of replacing promotional allowances with lower manufacturer list prices is referred to as
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everyday low pricing
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Four pricing practices are closely scrutinized because of potentially unethical or illegal actions. They include: (1) price fixing; (2) price discrimination; (3) deceptive pricing; and (4) _____.
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predatory pricing
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The manager of a small gasoline station observes that while gasoline sales have been steady, the service side of the business has fallen off, and mechanics are often idle. He decides to offer a promotion - a $20 off coupon for an oil change that is to be mailed to 800 households within a two-mile radius from the gas station. The cost of printing and mailing is $1,000. The normal cost of an oil change is $40. Materials and labor per oil change costs $15. If 200 customers use the coupon, what will be the total profit of the promotion based on the profit equation?
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$0
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In one of its least favorite actions, Amazon.com was caught fiddling with its price tags. Avid DVD buyers, buying in quantity for resale, found that the online retailer was offering different customers different prices for the same DVD, and complained vociferously. Amazon was caught red-handed. Company officials admitted that the company was trying to see how much it could charge for an item before buyers balked. No matter what the reasoning behind it, Amazon.com was using
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price discrimination
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Architectural firms that specialize in designing and constructing one-of-a-kind custom buildings such as the Rock Hall of Fame often use which pricing strategy?
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cost-plus pricing
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Price elasticity of demand is determined by a number of factors, such as the availability of substitutes, the necessity of the product or service, and
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the cash outlay of purchase relative to the person's disposable income
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The practice of exchanging products and services for other products and services rather than for money is referred to as _____.
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barter
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You have been asked to calculate the break-even point for a new line of souvenir T-shirts. The selling price will be $25 per shirt. The labor cost is $5 per shirt. The administrative costs of operating the company are estimated to be $60,000 annually and the sales and marketing expenses are $20,000 a year. Additionally, the cost of materials will be $10 per shirt. What is the breatk-even quantity?
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8,000 shirts
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There are three variations of contractual systems: wholesaler-sponsored voluntary chains, retailer-sponsored cooperatives, and _____.
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franchising
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Intermediaries performing a transactional function in distribution are engaged in buying, selling, and _____.
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risk taking
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Figure 12-9 above indicates that supply chain managers must balance total logistics cost factors against customr service factors. The four service factors ("W," "X," "Y," and "Z") include all of the following EXCEPT:
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return product handling
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The typical order cycle include all of the following elements EXCEPT:
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stockout reports
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Which statement regarding efficient supply chains is most accurate?
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An efficient supply chain may operate with relatively low inventory levels, as Walmart does.
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An administered vertical marketing system refers to a marketing system
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that achieves coordination at successive stages of production and distribution by the size and influence of one channel member rather than through ownership
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A(n) _____ is common in the employment services and tax services industries where franchisors license individuals or firms to dispense a service under a trade name and specific guidelines.
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service sponsored franchise system
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Figure 12-3 above depicts four common marketing channels for consumer products and services that differ by the kind and number of intermediaries. Channel "B" would be an appropriate marketing channel for which of the following?
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Toyota automobiles
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By promising to change engine oil and filters quickly, Jiffy Lube is appealing to which buyer requirement?
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convenience
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Indirect channels for consumer products
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include intermediaries that are between the producer and consumer and perform numerous channel functions.
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All of the following are reasons why direct mail and catalog retailing are attractive EXCEPT:
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paper costs and postal rates have declined, making them less expensive to send. Option 3
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Intermediaries that represent a single producer and are responsible for the entire marketing function of that producer are referred to as _____.
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selling agents
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A franchise where the franchiser provides a few general guidelines to the franchisee is known as a
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product-distribution franchise
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Stores that carry tremendous depth in one primary line of merchandise are referred to as
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single-line stores
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Most stores today are near several others in one of four settings: the central business district, the regional shopping center, the strip mall, or the _____.
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power center
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Mike's Camera is a retailer that carries a full line of professional and amateur cameras, develops and/or prints all types of film and digital photos, and even sells darkroom equipment. Mike's Camera is an example of a(n) _____.
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specialty outlet
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In the telemarketing industry, issues such as _____, ethical guidelines, and industry standards have become a topic of discussion among consumers, Congress, the Federal Trade Commission (FTC), and businesses.
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consumer privacy
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Consumers often view central business district shopping as less convenient because of the lack of parking, higher crime rates, and _____.
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exposure to the weather
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Using the telephone to interact with and sell directly to consumers is referred to as _____.
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telemarketing
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Both market share and profit achieve their greatest growth rates during which stage of the retail life cycle?
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accelerated development
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Cardiac Science is a California-based company that makes defibrillators, heart monitors, and other medical equipment. It is preparing to market its products in Greece. The company's marketing manager is responsible for the promotional campaign in Greece, and she wants to avoid any problems that might arise because her field of experience does not coincide with that of her Greek target audience. Which of the following is the best example of a communications problem that might arise because her field of experience is different from that of her audience?
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The name of the product, when translated into Greek, has an unintentional meaning
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New Balance recently spent $13 million for time on television and space in selected magazines to promote its athletic shoes. What form of marketing communication did it use?
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advertising
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The promotion-to-sales ratio is a _____ budgeting method.
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percentage of sales
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Which promotional mix alternative has the advantage of allowing the seller to see and/or hear potential buyer's reaction to the message?
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personal selling
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Percentage of sales budgeting refers to
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allocating funds to a promotion as a percentage of past or anticipated sales, in terms of either dollars or units sold
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What stage of the product life cycle is a period when little money is spent in the promotional mix?
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decline
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The promotional mix includes advertising, personal selling, _____, public relations, and direct marketing.
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sales promotion
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In the communication process, printing mistakes that affect the meaning of a newspaper advertisement, or using words or pictures that fail to communicate the message clearly, are referred to as
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noise
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If used continuously, which of the following promotional elements will most likely lose its effectiveness?
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sales promotion
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Promotion represents the fourth element in the marketing mix. The promotional element consists of communication tools, including advertising, personal selling, sales promotion, public relations, and _____.
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direct marketing
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One disadvantage of using magazines as an advertising medium is
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the relatively high cost
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A trade promotion which compensates retailers that transport orders from the manufacturer's warehouse is referred to as a _____.
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freight allowance
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For marketers, the primary objective of coupons is to _____.
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stimulate demand or encourage trial
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Software programs called _____, is a form of click fraud where the software is used to produce automatic clicks on ads.
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Clickbots
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A sales promotion in which the consumer is invited to apply their skill or analytical or creative thinking to try to win a prize is commonly referred to as a ______.
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contest
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Recently, McDonald's offered collectable toys based on the characters of the Nickelodeon cartoon TV show SpongeBob SquarePants for free with the purchase of a Happy Meal. These toys are an example of a _____.
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premium
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Much of Google's success is based on the ten guidelines of its corporate philosophy. Guideline 8 states, "The need for information _____."
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crosses all borders
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All of the following are alternative forms of institutional advertisements EXCEPT:
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public service
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An ad for Mercedes Benz cars showed a heart-shaped box of chocolates with one of the chocolates topped with the well-recognized Mercedes logo. There was no mention of the company name or sign of a product in the ad. This ad was an example of _____ advertising.
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reminder institutional
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The Candie's ad shown above is an example of which type of appeal?
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sex
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A popular social network used by college students to find and share the best content on the Web is
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StumbleUpon
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A wiki is a
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website whose content is created and edited by the ongoing collaboration of end users.
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A single social media site like Facebook or YouTube is referred to as a(n)
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social network
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Web 2.0 is a term that describes
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the functionalities of the World Wide Web that made possible the high interactivity among users
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In what way are traditional and social media similar
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Option 3
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Brand managers find out what people are saying about their brand on Twitter by
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using keyword search monitoring from services such as CoTweet. Option 3
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Based ont he social media identified in Figure 16-1 above, Second Life has a _____ degree of self-disclosure than Call of Duty.
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higher
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The concept underlying Bitter Girls focuses on
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a message that is uplifting and empowering for girls
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Where a social network following comes from - with fans coming from a friend being more valuable than those coming from an ad - is referred to as a
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fan source
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The number of times a Facebook page is loaded in a given time period is referred to as
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page views
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In the personal selling process, the stage that includes making certain the customer's purchase has been properly delivered and installed and difficulties experienced with the use of the item are addressed is referred to as the ______ stage.
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follow-up
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A method of selling in which a salesperson makes a telephone call or a visit to a prospective customer without a referral is called _____.
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cold calling
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Figure 17-3 above depicts the sales management process that involves three interrelated functions. "C" refers to _____.
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salesforce evaluation
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There are three major tasks involved int he implementation stage of the sales management process: salesforce motivation and compensation, salesforce training, and _____.
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salesforce recruitment and selection
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What are the three types of prospects?
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leads, prospects, and qualified prospects
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The disadvantage of product sales organization is
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produces high administration costs and duplication of selling effort because two company salespeople may call on the same customer
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Personal selling requires the _____ flow of communication between a buyer and a seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
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two-way
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Consider the Personal Selling Process Photo A shown above. Exchanging business cards in Asia is done according to the customs and norms of the country or region. This protocol is considered important during which stage of the personal selling process?
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approach
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Industry research shows that outside order getters, or field service representatives, often work over ____ per week
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50 hours
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Which of the following tasks are involved int he sales plan formulation stage of the sales management process?
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setting sales objectives, organizing the salesforce, and developing account management policies
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A recent Disney Online "M.O.M." (Mom on a Mission) study found that today's mother _____"
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spends an average of almost 7 hours online per week
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The growing practice of customizing not only a product buy also personalizing the marketing and overall shopping and buying interaction for each customer is referred to as _____.
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customerization
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Coca-Cola hosts MyCoke.com that allows people to congregate online and exchange views on topics of common interest. This website is an example of _____.
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a web community
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Automobile dealerships have invested significant time, effort, and money in their websites. Dealerships commonly measure website performance by tracking visits, visitor traffic, and _____ - the amount of time per month that visitors spend on their websites.
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stickiness
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Consider the "stickiness" marketing dashboard above for an automobile dealership. To gauge the "stickiness" of its website, the firm monitors the average time spent per unique monthly visitor (in minutes) on its website (the third metric above in the dashboard). This is done by tracking the average visits per unique monthly visitor (the first metric above) and the average time spent per visit, in minutes, (the second metric above) that is displayed on its marketing dashboard. For 2012 or "B", what was the average time spent per unique monthly visitor (in minutes) on the automobile dealership's website?
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16.0 minutes
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Promotional websites generate interest in and trial of a company's products and services by
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providing information on how items can be used and where they can be purchased
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Consumers deftly use Internet technology to seek information, evaluate alternatives, and make purchase decisions on their own time, terms, and conditions. This describes an example of the sixth reason why consumers buy and shop online.
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control
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The communication capabilities of Internet-enabled technologies take three forms: (1) _____; (2) consumer-to-marketer buying and service requests; and (3) consumer-to-consumer chat rooms, instant messaging, and social networking websites.
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marketer-to-consumer e-mail notification
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Retailers and direct selling firms have found that their websites, while cannibalizing sales volume from stores, catalogs, and sales representatives, attract new customers and influence sales. When Victoria's Secret, the well-known retailer of intimate apparel for women ages 18-45 created its website, it reported that _____ of its website customers are _____, most of whom generate new sales volume for the company.
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60 percent; men
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A company that successfully employs permission marketing adheres to three rules: (1) opt-in customers only receive information that is relevant or meaningful to them; (2) customers are given the option of opting out, or changing the kind, amount, or timing of information sent to them; and (3) _____.
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their customers are assured that their name or buyer profile data will not be sold or shared with others
