195 terms

Principles of Marketing

Dan Muller, President of Distribution and Services at Timken explained to us that Timken's Mission used to be "World-wide Leader in Bearings and Steel." They revised this to be "Improving Customer Performance." Was this a good move?
Yes, because it allows them to "think out of the box" about how to provide value to their customers
Based on the lecture, what do you want to do if your SWOT analysis finds a weakness inside your organization?
Once discovered, you should work to convert weaknesses to strengths
In class, we heard about the new marketing campaign for Unilever's Axe brand. What is the focus of this campaign?
They will give away a trip to space, based on an online essay.
In class, we have heard that the price for a 30-second Super Bowl XLVII spot has averaged about:
$3.8 million
An effective technique a firm can use to appraise its internal strengths and weaknesses and external opportunities and threats is referred to as (a) __________.
SWOT analysis
An organization with a market orientation
focuses its efforts on: (1) continuously collecting information about customers' needs; (2) sharing this information across departments; and (3) using it to create customer value.
One way a company can benefit from implementing a market penetration strategy would be to
sell the same amount of product at a higher price.
Which of the following statements best describes a service?
Services are intangible items.
If you followed the suggestions of Robert M. McMath, which of the following provides the best advice for a marketer, such as Colgate, when launching a new consumer product, such as toothpaste?
Study past toothpaste product failures and learn from them.
Hasbro is a $4 billion toy company that prides itself on donating to organizations that help children, since they and their parents comprise the target market for its business. This is an example of a(n)
social responsibility goal.
Which of the following would NOT be an environmental factor affecting the organization?
Quality control problems on a production machine
In class, we heard that recent changes at HP (Hewlett Packard Computer Company) have produced a lack of clarity over the company's plans. This relates strongly to:
the importance of a firm's strategy to its success
Evaluation of the results of the strategic plan is important. In class, Dan Muller explained how Timken uses SharePoint to evaluate performance on key indicators. Which of the following is NOT a factor in this evaluation as discussed by Dan?
Only senior managers' performance is reviewed
When it comes to using SWOT analysis in the real business world, Fred Hunt, Director of Marketing for Sherwin-Williams tells us:
Few techniques from the MBA are used more than SWOT analysis
An industry refers to
organizations that develop similar offerings.
David Windorski, an inventor at 3M, questioned dozens of students about how they study. They told him
it would be reasonable to combine Post-it® Flags with a highlighter
he common factor among an organization's chairman of the board, stockholders, suppliers, laborers, customers, and society at large is that
all are stakeholders and should benefit from the marketing of a product.
In the 19thcentury, the belief was that production creates its own demand. By the early 20th century, American companies began to produce more goods than buyers could consume. At the same time, competition became more significant. The usual solution was to hire more salespeople to find new buyers. This describes the __________ era.
A mission statement includes all of the following elements EXCEPT:
Data visualization is
the information about an organization's marketing metrics graphically so marketers can quickly (1) spot deviations from plans and (2) take corrective actions.
Which of the following is NOT a requirement for Marketing to occur?
Only one of the parties has something of value
Based on the lecture, what do you want to do if your SWOT analysis finds a weakness inside your organization?
Once discovered, you should work to convert weaknesses to strengths
When it comes to the textbook for this class, you are advised to:
Get the 11th edition because it will be used for the tests
In class, we heard that Carbonated soft drinks (CSDs) have faced declining consumption in the U.S. What did we hear was one way that beverage companies have bee able to keep soda revenues growing in recent years?
The companies have been able to raise prices.
The combined American Marketing Association's 2004/2007 definitions of marketing used in the textbook defines marketing as
the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
A target market refers to
one or more specific groups of potential consumers toward which an organization directs its marketing program.
The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. "Dogs" are located in which area of the BCG growth-share matrix?
lower right quadrant
A measure of the quantitative value or trend of a marketing activity or result is referred to as
a marketing metric.
Suppose L.L. Bean, a catalog retailer, has set a goal to reduce merchandise returns by 20 percent for the holiday season. The firm would MOST LIKELY have set a(n) __________ goal.
customer satisfaction
The mini-tests will cover material from:
All material, from the text, from the lecture, and from the overlap of the two
Which type of Marketing Management philosophy works when demand exceeds supply or when the product cost is too high?
Production Concept
According to the instructor, you can refer to him as:
Any of the above
I decide to take some sugar, milk, and flavoring and make it into ice cream. I get a ridiculous mess! This is not a good idea. I next go to the store and buy some Ben & Jerry's ice cream. THEY have turned the ingredients into ice cream for me. I am willing to pay them for that effort. What type of utility has Ben and Jerry's provided me?
Form Utility -- They have converted the ingredients into the form I wanted
The __________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations.
The reward to a business firm for the risk it undertakes in marketing its offerings is referred to as
Solarcom is a 30-year-old information technology company that owns several subsidiaries. One of its subsidiaries is Atlantix Global Systems, which is one of the leading wholesalers for refurbished computer equipment that has a large share of an industry that is growing worldwide. According to the BCG business portfolio analysis framework, Atlantix Global would most likely be classified as a __________.
In the future, 3M will make use of __________ to attract new customers.
product extensions
According to the lecture, The Lifestage Analytic Matrix brings together several factors in identifying seven American Cohorts. A key concept is that:
Age is not the key factor, but rather the "defining moments" in a cohort's formative years.
In class, we heard about research into the effectiveness of a Superbowl ad which consumers saw both in a movie theater release AND on the Super Bowl. According to the research, about what percent of consumers were able to name that ad in unaided recall measurements?
In class, we heard how the president of Ford felt the company might respond to high gas prices and to the economic slowdown. Which of the following is one of the ways he said Ford would respond to these economic forces?
Build six new small car models in the U.S. by 2012.
In the lecture, we discussed ESRI's Community Tapestry segmentation system and linked to their website to see how it worked. This approach to understanding your consumers segments them based on:
Neighborhood lifestyles
Society's values and standards that are enforceable in the courts are referred to as
A sudden drop in the average consumer income would be an example of which environmental force?
Coca-Cola hired "brand police" to make sure that the Coca-Cola brand name and logo are not used without written permission. Why is Coca-Cola so rigorous in protecting its trademark?
In order to maintain the use of its widely recognizable trademark, Coca-Cola must prevent the name from becoming generic.
Before the popularity of digital cameras, Kodak, Fuji, and Agfa controlled the majority of sales for traditional 35mm photographic film. This industry was a good example of a(n) __________.
Which generation (1) feels passionate about the environment and (2) is optimistic about the future?
Generation Y
The social forces of the environment include the demographic characteristics of the population and its __________.
In class, we heard how the Italian wine industry reacted to competition's move to sell wine in boxes. Which of the following was NOT mentioned as a reason that the Italian wine industry decided to allow some of their wines to be sold in boxes?
Actually, all of the above are reasons the industry decided to make the change.
In class, we heard about a car company that is showcasing it Super Bowl ad in movie theaters before it premieres on TV during the game to generate "buzz." Which company is taking this approach?
Kia Motors
In class, we heard about a variety of companies whose managers had clearly engaged in unethical acts. Which company had problems as a result of its decision to water down their "pure" apple juice?
In class, we discussed three types of competition that marketers must think about. Which of the following is a good example of "substitute product" competition?
A ticket to the Indians, Cleveland Browns, or Cleveland Orchestra
The money a consumer has left after paying taxes to use for necessities such as food, shelter, clothing, and transportation is referred to as __________.
disposable income
A(n) __________ is an Internet-based network used within the boundaries of an organization.
Until federal laws and regulations were clarified to cover such cases, audio electronic component manufacturers required that retailers who wanted to carry their amplifiers also carry their speakers and sell their customers a "system" of same-brand components. This distribution strategy, called __________, may be illegal.
a tying arrangement
Many media today use pay-to-vote polls, in which respondents use a 900-telephone number to vote "yes" or "no" on a current issue, as a means of generating viewer or listener interest. The Research Industry Coalition (RIC) has asked all media to inform viewers or listeners that the validity of such polls is questionable and the results are NOT statistically representative of the population but are just a frequency distribution of those who happen to call. If a television station chooses not to make viewers aware of the shortcomings of a pay-to-vote poll, its business practice would fall into which of the following categories?
unethical but legal
An important social trend is the continued concern for health and well-being in the United States. This is most likely evidenced by
First Lady Michelle Obama's Let's Move! initiative to eliminate childhood obesity.
Baby boomers are an important target market because
their workforce participation has made them the wealthiest generation in U.S. history, accounting for an estimated 50 percent of all consumer spending.
In class, we heard Michael Scott (a fictional character on the television show "The Office") discuss one way in which his (fictional) firm, Dunder Mifflin, Inc. is planning to deal with technological forces (the computer) which might affect the paper industry. The teaching point in this example was:
In the "real world" it is possible for managers to recognize changing environmental factors, and then go on to ignore them.
According to what we heard in class, what company has named a trans-sexual Brazilian model as its "spokesmodel?"
Efforts by manufacturers to avoid waste by decreasing the amount of packaging they use is termed __________.
Efforts by manufacturers to avoid waste by decreasing the amount of packaging they use is termed __________.
Generation Y.
Which of the following trends identified in an environmental scan is a social trend?
Consumer purchase decisions are becoming more values-based and focused on improving the world.
Two increasingly important values for consumers around the world are __________.
sustainability and preservation of the environment
Mark Zuckerberg is a co-founder of the social networking website called __________.
Significant changes in attitudes of men and women have occurred during the past thirty years. However, __________ believe that there is still a need for improvement in the workplace and in politics.
women of Generation Y
In class, we heard a variety of reasons that managers give for not being concerned about managing ethics. Which of the following was NOT a reason given?
Actually, all of these were given as reasons for not managing ethics.
Which American Cohort's coming-of-age experience consisted of economic strife, elevated unemployment rates, and having to take menial jobs to survive.
Depression Cohort
The first major federal legislation passed to forbid actual monopolies or attempts to monopolize any part of trade or commerce in the United States was the
Sherman Antitrust Act.
By 2030, __________ will constitute the largest racial or ethnic population in the U.S.
The Sierra Club is the oldest continuously operating environmental organization. By 2001, its growth had plateaued. To rekindle interest in the organization, its members elected a new 23-year-old president who promised to use MTV artists to create public service announcements about the organization targeting his peer group, who are members of
Generation Y.
Which of the following is an action the FTC can take to require a company to spend money on advertising to rectify previous misleading ads?
corrective advertising
Which of the following trends identified in an environmental scan is a regulatory trend?
Health consciousness will lead to more public and private smoke-free areas.
When consumer involvement in the product is low and when they do not spend much time in the decision process, they are engaging in:
Routine Problem Solving
In class, we heard about research into the question of why teens have "crushes" on some brands. On result was that teens favor brands which they perceive as being:
Which of the following is a reason given in class to avoid high-pressure selling?
It is not good for long-term business relationships
In class, we heard about the results of the USA Today's Ad Meter ratings for the 2013 Super Bowl Commercials. Which ad received the LOWEST rating?
GoDaddy.co -- Bar Refaeli make out
There are five stages in the consumer purchase decision process. The first stage is __________.
problem recognition
Consumers spend little time and effort evaluating alternatives in the purchase of table salt and milk. The consumer purchase decision process for such staples involves __________, which is virtually a habit and typifies low-involvement decision-making.
routine problem solving
Which of the following statements about sustainable development is most accurate?
A company that uses overseas child laborers to manufacturer its products to reduce costs does not practice sustainable development.
All of the following statements about a person's moral philosophy are true EXCEPT:
Moral philosophy cannot be learned through formal education.
In class we watched Ellen talking to Hugh Laurie (the actor who play Dr. House on T.V.). What was the point demonstrated in the "interview?"
Even when cultures are similar, it can be difficult to understand commonly used words.
In lecture, we learned that ______ involves changes in behavior resulting from observation and experience.
In class, we talked about the subgroups within the larger, or national, culture with unique values, ideas, and attitudes. Which of the following is the best example of one such group?
Hispanic Americans
As noted in class and in the textbook, VALS is a system of measuring consumers'
About 65 percent of BzzAgents are
older than 25 years of age.
When a response elicited by one stimulus is generalized to another stimulus, it is called a
stimulus generalization.
If a fraternity or sorority wanted to attract new members, it should focus on people who view its current members as a(n) __________ group.
Mile High Frozen Foods is a distributor for McDonalds. It also bakes the buns used by McDonalds in several states. It purchases flour, yeast, and sesame seeds, manufactures the buns, and then ships them to McDonalds' stores. Mile High Frozen Foods is operating in a(n) __________ market.
Marketing organizations operating in an industrial market buy a good or service, reprocess it, and then sell it to another buyer. In this case, the company buys flour, yeast, sesame seeds, and other required ingredients, manufactures buns, and sells them to McDonalds.
Which of the following statements about brand loyalty is most accurate?
Brand loyalty results from the positive reinforcement of previous actions.
In class, we saw an ad from HP which showed two people with their laptops in their living room. The headline said, "Print from any room, or age, in the house." According to lecture, this is a good example of the marketer:
helping consumers to recognize a problem they can help to solve
In class, we thought about a situation in which a student missed lunch before attending class. As time went on, the student became more and more hungry. This was presented as a situation in which a person recognized a problem based on:
Internal need states
A consumer needs to buy toothpaste. To do this, the consumer decides to buy the same brand as last time. This is a case where a problem solution comes from:
In class, we viewed some commercials from Clearasil that commentators felt showed very questionable judgment. Which of following best represents the instructor's view of such ads?
The response of consumers should be the main influence on whether marketers do or do not use such ads.
Which of the following statements about consumer ethics is most accurate?
Consumer complaints about online auction fraud outnumber all reports of online crime.
Which of the following statements concerning evaluative criteria is most accurate?
Consumers often have several criteria for evaluating products.
Women buy what percentage of new cars?
60 percent
Kristi goes shopping with a friend and notices her friend's new duct tape wallet. She thinks of her own worn wallet and realizes she needs a new one. In which stage of the consumer purchase decision process was Kristi when she had this realization?
problem recognition
In class, we talked about a situation in which a family had decided to get a new computer. In this case, we can imagine Mom, who runs the family budget, indicating that she does not care what computer is purchased, but that it cannot cost more than $1200. What role is Mom playing in this family decision making process?
In class, we talked about a situation in which a family had decided to get a new computer. In this case, we can imagine the family deciding to ask their college-aged child to bring to the family facts, data, and reports about the various choices in computers. What role in family decision making is the child fulfilling?
Information Gatherer
In class, we talked about the fact that consumers may buy very different items at the grocery store if they go shopping when they are hungry compared to if they just ate. This is a good example of the influence of ___________ on consumers' purchase decisions.
Antecedent (pre-existing) States
In class, we talked about the fact that consumers may buy very different items for themselves compared to what they would buy as a gift. This is a good example of the influence of ___________ on consumers' purchase decisions.
Purchase task
The five roles of individual family members in the purchase decision process are
information gatherer, influencer, decision maker, purchaser, and user.
The North American Industry Classification System (NAICS) system designates industries with a numerical code in a defined structure. A six-digit coding system is used. The third digit designates a(n)
industry subsector.
A learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way is referred to as a(n) __________.
In the VALS framework, consumers who place importance on image—not as evidence of power or status, but as an expression of cultivated tastes, independence, and character—are referred to as __________.
In the VALS framework, consumers motivated by ideals are guided by knowledge and principle. One segment of the two ideals-motivated groups, known as __________, are mature, reflective, and well-educated people who value order, knowledge, and responsibility.
In class, we noted that competition can drive innovation and upgrades, as it has in the case of Japan's automotive industry. Which of Porter's concepts is this and example of?
Company Strategy, Structure and Rivalry
According to the lecture, when demand is viewed over the long term then elasticity of demand will likely be:
According to lecture, which of Porter's Factors would cause us to ask if we can be COMPETITIVE in this country?
Company Strategy, Structure, and Rivalry
In class, we looked at an example of the Hershey candy company responding to a growing concern among American consumers who have diabetes and so cannot consumer sugar. Hershey's decided to look for a good sugar substitute that would appeal to consumers and work well in their manufacturing process. What stage in the decision process does this represent?
Information search
The appreciation of fashion, music, and a desire for novelty and trendier designs and images
are preferences of teenagers around the world regardless of whether they live.
What market entry option allows a company to make the least number of changes in terms of its product, its organization, and even its corporate goals?
At which stage of the organizational buying decision process would purchasing and engineering personnel visit potential suppliers to assess their quality control?
alternative evaluation
If a purchase is a straight or modified rebuy for a manufacturer, the seller should emphasize a reliable supply and __________ in meetings with the purchasing agent.
a competitive price
Which of the following statements about world trade flows is most accurate?
The relative position of the United States as a supplier to the world has diminished despite an absolute growth in exports.
A straight rebuy is a(n) __________ while a modified rebuy is a(n) __________.
routine reorder; changed order
In class we viewed a PBS Frontline episode of the Merchants of Cool. We learned that MTV had a problem which they felt important enough to engage in research to solve. After extensive research, they created a portrait of their audience at the time. What did they name this target audience?
The Mook
In class, we looked at the example of Harrah's casinos, who were able to combine their customers ID and preferred gambling to generate:
customer profiles (and 90 segments).
In class, we heard about the problem of "showrooming" which some retailers are running into. What is showrooming?
"Showrooming" describes shoppers who walk around store showrooms, and then use their mobile phones to compare prices at other stores or online at Amazon.
In class, we talked about an example of Hewlett Packard and their position as a world leader in printers. We noted that they provide solutions for which segment?
Actually, Hewlett Packard serves ALL of these segments.
A test market in which a new breakfast cereal is offered at different prices to determine the different levels of sales is an example of which type of marketing research?
Penningtons Superstore, which specializes in plus-size fashions for women, wanted to determine if it should add a line of plus-size junior wear. In order to compare the effectiveness of offering products for the teenage market in their current stores versus opening separate stores targeted directly to this market, they decided to distribute questionnaires to current shoppers and solicit their opinions, set up some focus groups with plus-size teens, and locate any relevant secondary research. In which step in the five-step marketing research approach is the company at this point?
collect relevant information
The facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors are referred to as
questionnaire data.
What percentage of sales forecasts is made by the personal judgment of the individual decision maker who must act on the results of the forecast?
In class, we heard from Dan Muller as he discussed segmentation at Timken. He noted that after doing an initial segmentation, they move on to "mico-segmentation." Which of the following was NOT one of the "mico segmentation" variables he mentioned?
Need for Power generation
According to class, which "traditional" target market strategy involves selecting one segment within the total market and using one marketing mix to target that defined group of consumers?
A Concentration strategy
According to lecture, which "traditional" target market strategy offers the advantage of lower costs (through long production runs and minimal inventory costs)?
In lecture, we examined the process of market segmentation. One example involved thinking about what consumers want in a cellphone (e.g., texting, web access, apps, fashion, etc.). What step in the process of market segmentation does this represent?
Identifying the wants within a market
Which of the following statements best illustrates geographic segmentation?
In China, KFC sells a spicier chicken the farther away its restaurants are from the coastal areas.
A rehabilitation center wants to target women in their 20s who have received some permanent disability as the result of a skiing accident. In terms of the criteria used for selecting a target segment, this market would
not be worth doing since its market size is very small.
Which of the following is an example of a multiple products and multiple markets strategy?
Betty Crocker carries one line of cake mixes for people with conventional ovens and another line of cake mixes for people with microwave ovens.
Segmentation based on what product features are important to different customers is known as
behavioral segmentation.
Tailoring goods or services to the tastes of individual customers on a high-volume scale is referred to as
mass customization.
Model E is a new type of car manufacturer that relies on the Internet to build new car designs from prototypes to marketable vehicles much faster than ever before. "Think of Model E as the Dell of the auto industry. We design just a few products that consumers truly want, leveraging best-in-class components and micro-factory approaches for rapid design, launch, and direct delivery," said William Santana Li, president and CEO of Model E. Model E manufactures a car only when there is an order from a customer. Model E relies on
In class, we heard that some restaurants have "secret" menus. As we heard, these items are available to:
any customer, provided the customer knows to ask for it.
As we discussed in class, services differ from products (goods) in along a variety of dimensions. Which characteristic of services means that marketers must be careful in the selection and training of their service personnel? The characteristic of:
In class, we heard about Auntie Anne's Pretzels newest marketing move. Where is the company's next big expansion?
Ho Chi Minh City, Vietnam.
In class, we looked at services such as personal shoppers, take out food, and house and lawn care as growing to help consumers deal with:
a poverty of time
In its recent "You're not you when you're hungry—Snickers satisfies" TV ad, Mars, the maker of the Snickers candy bar, repositioned Snickers from a candy bar dessert-like food to a snack food that can satisfy hunger. Mars used this repositioning strategy with its Snickers brand to __________.
reach a new target market segment
Which of the following statements regarding labels is most accurate?
Labels can be very expensive, but they are important because they often are the first contact the consumer has with the product.
Changing the place a product occupies in a consumer's mind relative to competitive products is referred to as __________.
product repositioning
Western Airlines operates five flights daily between Chicago and Phoenix during the winter. One flight leaves Phoenix at 12:10 PM. The plane, a Boeing 737, has a capacity of 120 passengers. During the past month, the flight has averaged only 24 passengers, a load factor of 20 percent. Once the plane takes off, the other 96 seats generate no sales and profits to the airline for that flight. What unique aspect of services does this situation describe?
idle production capacity
A limited-coverage warranty __________.
states the bounds of coverage, and more importantly, areas of noncoverage
A written statement of manufacturer liability is referred to as a(n) __________ warranty.
In lecture, we considered various branding strategies. One example we looked at was Betty Crocker's Super Moist cake mix with Hershey's Milk Chocolate. This is an example of:
According to the lecture, which of the following is NOT a good example of a value provided to customers by improved services?
Improved product quality
In class, we heard that Coke is beginning a new series of TV spots under the theme "It's Not Your Fault." This campaign is targeted to:
"all men,' as a celebrator of guy enjoyment.
In lecture, we considered various branding strategies within a product mix. Which approach does P&G use, when they market Tide and Pringles?
Separate Names
There are several ways of providing consumers authentic offerings: (1) facilitate customization; (2) provide personal interaction rather than automation; (3) create a social process that allows consumers to share their interests; and (4) __________.
manage any dimension of a firm's reputation that might influence perceptions of authenticity
The stylized blue and white waves that appear in an oval shape on every package of Ocean Spray brand products is an example of a __________.
brand name (or brand mark)
Packaging __________.
is any container in which a product is offered for sale and on which information is communicated
Seventy-one percent of consumers consider __________ to be the best way to evaluate a new product.
free samples
A full warranty __________.
has no limits of noncoverage
Seiko makes watches. It markets its higher quality watches under the Seiko or LaSalle brand name, and its lower-priced watches are sold under the Pulsar brand. Seiko uses a __________ strategy.
In class, we heard that recently Nordstrom's nearly 120 full-scale stores nationwide have revamped their "Savvy" clothing departments to:
attract 20- and 30-somethings with more trendy, moderately priced clothing
Selecting an approximate price level would occur during __________ of the price-setting process.
step 4
Factors that determine consumers' willingness and ability to pay for products and services are referred to as
demand factors
Which pricing constraint does the following statement demonstrate? "Most public utilities must petition regulatory commissions in order to obtain a rate increase."
There are more than 100 companies that manufacture natural and artificial flavorings used to enhance the taste of food before it is sold to consumers. Many of these manufacturers are regional operations. Many differentiate themselves from the competition in their advertising by specializing in one or two types of foods for which they provide flavorings. Some use their distribution strategies as a means of differentiating themselves from their competition. This industry is most likely an example of
monopolistic competition
In lecture, we heard from Gary Trinetti talking about Supply Chain Management. He indicated that supply chain management crosses over many areas. Which of the following is NOT one the areas that SCM covers?
All of the above are areas which Gary indicated supply chain management crosses over
In class, we talked about channels of distribution. We noted that a new channel is created once the product form is significantly altered. Which of the following involves a new channel?
The hardened steel used to make Stihl chainsaws is first made into the chain in Ohio, and then shipped to their Virginia Beach complex
According to the lecture, 1-800-flowers.com is a good example of:
a direct channel of distribution
In class we considered the activities that middlemen (aka intermediaries) perform. As a general rule, we say that you may be able to eliminate middlemen, but not the essential distribution activities they perform. However, we also considered an interesting example where a marketer seems to been able to eliminate most (if not all) of the middleman activities. Base on lecture, who was able to do this?
A trade-in allowance refers to
a price reduction given when a used product is part of the payment on a new product.
A pricing method where all buyers pay the same delivered price for the products, regardless of their distance from the seller, is referred to as __________.
single-zone pricing
Johnson Controls can receive an order for automobile seats from Ford and deliver the order four hours later, beginning with raw materials and ending with delivery of the finished seats to Ford. As used by Johnson Controls, logistics
creates utilities for Ford.
A firm becomes a channel captain because it is the channel member with the ability to influence the behavior of other members. Influence can take four forms, one of which is
Standard markup pricing refers to
adding a fixed percentage to the cost of all items in a specific product class.
Target profit pricing refers to
setting an annual target of a specific dollar volume of profit.
In class, we heard about Volvo's research into their customers. Which of the following best describes the Volvo customer? These consumers are:
Non-materialistic and minimalist.
In class, we heard about the response of many "quick serve" restaurants to the increases in their cost of food. What pricing tactic are many of these restaurants taking?
Many are keeping prices steady while trying to reduce costs.
In class, we heard about research done on Volvo consumers. When asked why they did NOT buy a Mercedes-Benz, Volvo consumers indicated that:
Mercedes-Benz is just too ostentatious.
In lecture, we noted that it is relatively easy to become a retailer. Which of the following is NOT one of the reasons that was given?
Actually, these were ALL reasons given.
Which of the following statements regarding QVC is most accurate?
QVC reaches approximately 195 million households in the U.S., U.K., Germany, Italy, and Japan.
All of the following are examples of sales promotion tools EXCEPT:
Intermediaries that represent a single producer and are responsible for the entire marketing function of that producer are referred to as __________.
selling agents
Growth in the direct-selling industry is the result of two trends: (1) direct selling retailers are expanding into markets outside the United States and (2)
there is a growing number of companies that are using direct selling to reach consumers who prefer one-on-one customer service and a social shopping experience rather than online shopping or big discount stores.
A supercenter refers to
a store that combines a typical merchandise store with a full-size grocery store.
In class, we learned about the 5 phases of social media measurement. Which phase is related to sign-ups, free trials, and content downloads?
In class, we heard about three new ads for Deep RiverRock bottled water. What health claim is made in these ads?
Actually, the ads do not make ANY of these health claims.
Orlando uses a wireless system to receive advertising for flat-screen monitors mounted in its 240 buses. These ads are examples of __________.
transit advertising
Which of the following statements regarding order getters is most accurate?
Order getter sales calls traditionally require a high per-sales-call cost.
One of the tools Google is using to pursue its goal of increasing its display advertising business is called __________.
One disadvantage of using magazines as an advertising medium is
the infrequent nature of their publication.
The percentage of households in a market that are tuned to a particular television show or radio station is referred to as __________.
A news conference is a(n)
an informational meeting to which representatives of the media are invited.
In class, we talked about the stages in the personal selling process. In which stage do you tell the product "story" in a way that the prospect can relate to?
In class, we heard about several "Trends" in Personal Selling. Which trend was a version of "Buzz Marketing?"
Controlled Word-of-Mouth Promotion
In class, we talked about the stages in the personal selling process. in the Presentation Stage, a salesperson would do all of the following EXCEPT:
Do most of the talking to show a true understanding of the prospect's needs.
The preapproach stage of the personal selling process is especially important in __________.
international sales
Emotional intelligence refers to __________.
the ability to understand one's own emotions and the emotions of people with whom one interacts on a daily basis
A third type of sales objective that is __________ is typically specific for each salesperson and includes his or her product knowledge, customer service satisfaction ratings, and selling and communication skills.
At which stage in the personal selling process would the salesperson obtain further information about the prospect and decide on the best method of contact?
Perhaps the greatest impact on salesforce communication is the application of __________ technology.
According to the textbook, one of the MOST crucial tasks of sales management is __________.
effective recruitment and selection of salespeople