MGMT 325 – Test Two – Flashcards
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An effective market analysis identifies:
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B) how you will achieve your market goals, what methods will be used.
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An explanation of how the product will be distributed is contained within the:
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marketing strategy portion of the business plan.
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Companies do a number of things to focus on their customers, including:
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conducting market research on what superior customer service is.
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A key to effective innovation by the entrepreneur is:
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always looking for new product and service ideas.
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Small companies with limited financial resources can often use ________ as a way to differentiate themselves from larger competitors.
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customer service
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Numerous surveys have concluded that the most important element of service is:
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the personal touch.
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The right price for a product depends on which factors?
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All of the above
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In reality, advertising:
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is an investment in the future; without steady advertising the customer base will dry up.
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Tami is developing a promotional campaign for her small business. The first step in this process is to:
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define her unique selling proposition.
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Effective ads are built on:
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a unique selling proposition.
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A recent study of top salespeople found that they:
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work from the customer's perspective and use past "success stories."
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________ is the personal contact between salespeople and potential customers that comes from sales efforts.
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Personal selling
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Radio's power as an advertising medium comes from:
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its nearly universal presence in society.
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Magazines have a number of advantages for the small business owner, including:
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high quality ad reproduction.
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Which of the following is a disadvantage of magazine ads?
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The long closing times
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An important advantage of specialty advertising is its:
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versatility.
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Tactics that can help an entrepreneur stimulate positive publicity for the firm are:
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All of the above
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One of the disadvantages of using transit advertising is its:
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limited appeal.
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________ forces the salesperson to be open-minded and to shoot for the top.
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The visionary objective
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What advertising media attract a large percentage of the advertising dollars nationwide?
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Television
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Small business owners get into trouble when determining their price floor when they:
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assume their costs are the same as their competitors'.
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The final price set by the entrepreneur for the products depends on:
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the desired image for the products.
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When small manufacturing companies face rapidly increasing raw material costs, they can adopt a number of strategies including:
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emphasize the value their company provides customers.
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Geographical pricing includes numerous techniques, such as:
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uniform delivered pricing.
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________ include(s) the unit cost of a manufacturer's product under an absorption costing system.
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Opportunity costs
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A variation of geographic pricing in which the small company sells its merchandise to customers on the condition that they pay all the shipping is called:
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F.O.B. factory.
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F.O.B. factory is a variation of ________ pricing.
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geographic
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When developing a marketing approach to pricing, business owners must:
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establish prices that are compatible with their customers' expectations and what they are willing to pay.
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Price wars usually begin when:
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when one competitor believes that they can achieve a higher volume through lower price.
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