MKT 315 Final Exam Review
Multichannel - ANSWERThe use of a combination of two or more indirect channels and
possible a direct channel to reach target markets.
Price Elasticity of Demand - ANSWERa measure of price sensitivity providing a
relationship between adjustments in price and quantity demanded of a good or service.
Retailer - ANSWERAn intermediary who sells to consumers
Sales Force Automation System - ANSWEREnables sales people to efficiently work
from any location at any time.
Milton Friedman's Famous Maxim, paraphrased - ANSWERThe social responsibility of a
business is to make a profit.
Return on Investment (ROI) - ANSWERMeasures the profit or loss generated by the
investment relative to the costs associated with that product.
Decoding - ANSWERWhen a receiver assigns meaning to the symbols encoded by
company advertisements.
Public Relations - ANSWERIncorporates the use of web pages, sponsorships, press
releases, and special events.
Content Optimization - ANSWERUsed by web designers to ensure that each webpage
works effectively with various search engines.
The Promotional Mix - ANSWERadvertising, personal selling, sales promotion, public
relations, direct marketing, and digital marketing
Premiums - ANSWERFree or minimal cost items offered by companies in order to
entice customers to buy their product.
Where production is optimized and profitability peaks. - ANSWERThe point with the
largest vertical distance between total revenue and total costs
Direct Marketing - ANSWERPromotion strategy that incorporates telemarketing, product
catalogs, kiosks, and the internet.
Frequency of the message - ANSWERBased on the number of times an average
person in the target market is exposed to a message.
Steps in the selling process - ANSWER(1)Prospecting (2)Gathering info.
(3)Approaching the prospect (4)Sales presentation (5)Closing and handling objections
(6)Follow up
Elasticity of Demand - ANSWERA measure of price sensitivity
Multichannel - ANSWERThe use of a combination of two or more indirect channels and
possible a direct channel to reach target markets.
Price Elasticity of Demand - ANSWERa measure of price sensitivity providing a
relationship between adjustments in price and quantity demanded of a good or service.
Retailer - ANSWERAn intermediary who sells to consumers
Sales Force Automation System - ANSWEREnables sales people to efficiently work
from any location at any time.
Milton Friedman's Famous Maxim, paraphrased - ANSWERThe social responsibility of a
business is to make a profit.
Return on Investment (ROI) - ANSWERMeasures the profit or loss generated by the
investment relative to the costs associated with that product.
Decoding - ANSWERWhen a receiver assigns meaning to the symbols encoded by
company advertisements.
Public Relations - ANSWERIncorporates the use of web pages, sponsorships, press
releases, and special events.
Content Optimization - ANSWERUsed by web designers to ensure that each webpage
works effectively with various search engines.
The Promotional Mix - ANSWERadvertising, personal selling, sales promotion, public
relations, direct marketing, and digital marketing
Premiums - ANSWERFree or minimal cost items offered by companies in order to
entice customers to buy their product.
Where production is optimized and profitability peaks. - ANSWERThe point with the
largest vertical distance between total revenue and total costs
Direct Marketing - ANSWERPromotion strategy that incorporates telemarketing, product
catalogs, kiosks, and the internet.
Frequency of the message - ANSWERBased on the number of times an average
person in the target market is exposed to a message.
Steps in the selling process - ANSWER(1)Prospecting (2)Gathering info.
(3)Approaching the prospect (4)Sales presentation (5)Closing and handling objections
(6)Follow up
Elasticity of Demand - ANSWERA measure of price sensitivity
