BUSI 520 Quiz 3 - Question and Answers

BUSI 520 Quiz 3 1. ________ pricing takes into account a host of inputs, such as the buyer's image of the product performance, the channel deliverables, the warranty quality, customer support, and attributes such as the supplier's reputation, trustworthiness, and esteem. 2. In markets that are characterized by products that are highly homogeneous, how should a firm react to a competitor's reduction in price? 3. Competitors are most likely to react to a price change when ________. 4. When higher-priced competitors match lower prices of their competitors but have longer staying power because of deeper cash reserves, it leads to a(n) ________ trap. 5. A company does not set a final price until the product is finished or delivered. This is known as ________. 6. Starbucks, Aveda, and BMW have been able to position themselves within their categories by combining quality, luxury, and premium prices with an intensely loyal customer base. These companies are employing a ________ strategy. 7. Matt's retail store offers all products at $2 less than its competitors. The store never runs promotional campaigns or offers special discounts. Matt's retail store is following a(n) ________ pricing policy. 8. The minimum price that most consumers would pay for a given product is known as the ________ price. 9. Co-optation is an effort by one organization to win the support of the leaders of another by ________. 10. Which of the following covers payment terms and producer guarantees? 11. Which of the following is the most complete and accurate description of a pure-click company? 12. When Japanese teenagers carry DOCOMO phones from NTT and use them to order goods, they are engaged in ________. 13. ________ channel conflict occurs between channel members at the same level. 14. As a service output produced by marketing channels, product variety refers to the ________. 15. Stores are using ________ to measure a product's handling costs from the time it reaches the warehouse until a customer buys it in the retail store. 16. An independent retailer using a central buying organization and joint promotion efforts with other retailers is part of a ________. 17. E&OE is trying to minimize its inventory costs, which are extremely high. The company has realized that it can achieve this by maintaining a near-zero inventory and producing more products only once it is ordered. Which of the following will be true for E&OE? 18. Because shelf space is scarce, many supermarkets now charge a ________ for accepting a new brand, to cover the cost of listing and stocking it. 19. Jake wants to open a Subway franchise in his small town. To do this, he must pay the company a ________ fee. 20. ________ are independently owned businesses that take title to the merchandise they handle. They are full-service and limited-service jobbers, distributors, and mill supply houses. 21. LCH is a leading electronics company that produces and markets its own brand of desktop and laptop computers for both individual consumers and businesses. Which of the following sequences of consumer responses is relevant as a marketing communications model for LCH's products? 22. ________ is one of the sources of a spokesperson's credibility that refers to the specialized knowledge that he or she claims to possess. 23. A(n) ________ appeal is a creative strategy that elaborates on a nonproduct-related benefit or image. 24. Which of the following is an example of an advertising platform? 25. Which of the following is an example of a business and sales force promotion? 26. Gabrielle is the chief marketing officer of Boyd Pharmaceuticals. She is meeting with Trent, the chief financial officer to decide on the company's marketing communications budget. After extensive discussions, they decide that the size of the budget will be calculated as a fraction of the overall turnover. What method did Gabrielle and Trent use to arrive at the marketing communications budget? 27. Which of the following is a medium of visual identity for a company? 28. Advertisements for which of the following product categories would be most effective when used with a flighting pattern? 29. Rolex calls itself the "Official Timekeeper" of the Wimbledon and Australian Open lawn tennis championships, by virtue of its sponsorships of the marquee events. What is the most likely objective for Rolex's sponsorship deal with these events? 30. ________ is finding the most cost-effective media to deliver the desired number and type of exposures to the target audience. 31. Marketers often cut the cost of advertising dramatically by using consumers as their creative team. This strategy is known as ________. 32. Which of the following is a sales promotion tool that is consumer franchise building in nature? 33. Which of the following is NOT one of the four main categories of online marketing communications? 34. Of the time US consumers spend with all media, almost ________ is spent online. 35. The average click-through in terms of the percentage of consumers who click on a link for ________ is about 2 percent. 36. Mountain Dew's Dewmocracy promotional campaign — including advertising, events, a Web site and social media efforts designed to engage consumers in brand-related activities — is an example of ________. 37. Which of the following is NOT an example of viral marketing? 38. VW chose to launch its GTI in the United States with a(n) ________, which was downloaded 2 million times in three weeks. 39. Which of the following is an example of a problem question? 40. Jackson, the sales representative of a European manufacturer of commercial heavy duty washing machines, calls on the hotels in California. During a sales call, he asks the housekeeping manager of a hotel "How many bed sheets do you wash in a day, on average?" This question can be classified as a(n) ________ question. 41. Randi is most motivated when there is no ceiling or caps on her commissions, she can earn overachievement commissions for exceeding quotas, and benefits from prize structures that allow multiple winners. She is probably a ________. 42. Which of the following is most likely to use database marketing? 43. Which of the following is NOT one of the advantages of inside selling? 44. Which of the following questions is LEAST relevant during the preapproach stage of the sales process? 45. Social marketing programs designed to discourage cigarette smoking or excessive consumption of alcohol are examples of ________ campaigns. 46. As long as finance focuses on short-term profit, it will oppose major investments designed to build satisfied, loyal customers. Which of the following steps that a marketing CEO can take to create a market- and customer-focused company can help a CEO overcome this challenge? 47. Cause-related marketing is part of ________. 48. ________ analysis looks at specific products, territories, and so forth that failed to produce expected sales. 49. Which of the following represents the objective of a cognitive social marketing campaign? 50. ________ is the process that turns marketing plans into action assignments and ensures that such assignments are executed in a manner that accomplishes the plan's stated objectives.