BUSI 520 Quiz 3 - Question and Answers

BUSI 520 Quiz 3 Set 2 1. Everyday low pricing is most suitable if ________. 2. Which of the following is true regarding price elasticity? 3. Experience-curve pricing ________. 4. When supermarkets and department stores drop the price on well-known brands to stimulate store traffic, they are said to be following ________ pricing. 5. After estimating the demand and costs associated with alternative prices, a company has chosen to price its product in such a way that it gains the highest rate of return on its investment. The company is looking to ________. 6. If demand changes considerably, with a small change in price, the demand is said to be ________. 7. A firm that is plagued with overcapacity, intense competition, or changing consumer desires would do better if it pursues ________ as its major objective. 8. Auction-type pricing — There are three major types of auctions and their separate pricing procedures: 9. ________ are sets of interdependent organizations participating in the process of making a product or service available for use or consumption. 10. Alcart Solutions is a large distributor of Aldor phones in Canada. The company distributes products to various retailers in the New Brunswick province. Recently Aldor received several complaints from its retailers that their orders are not delivered on time. They also complain that Alcart offers preferential treatment to some of the other retailers in the region. This is an example of ________ conflict. 11. Jaycee was using ________ when his organization tried to win the support of the leaders of one of his distributors by including them in advisory councils, boards of directors, and the like. 12. A(n) ________ vertical marketing system combines successive stages of production and distribution under single ownership. 13. What is the major difference between a conventional marketing channel and a vertical marketing system (VMS)? 14. Atburex is a furniture manufacturing company in the United States. The company provides a 60-day credit period and also offers on-site delivery and installation. These special benefits refer to which of the following service outputs? 15. Which of the following is true for franchisees? 16. In your neighborhood there is a small men's store that has a limited selection of clothing, but the selection that is carried is of very high quality and price. Services include free alterations and tailoring, personalized recordkeeping, and free dry cleaning. Inside the store are deep leather chairs and couches and thick pile carpet. Upon entering the store, a customer feels "special and rich." In terms of differentiation, what is this retailer trying to communicate by its decorations and service level? 17. Which of the following is an example of a category killer? 18. Which of the following is an example of a private carrier? 19. A ________ is a retail firm owned by its customers. Members contribute money to open their own store, vote on its policies, elect a group to manage it, and receive dividends. 20. Bill and Josh are considering opening a retail store. They have identified their target market and location and are finalizing the details of the merchandise they will carry. Since the neighborhood is rundown and the customers in the area are very price-conscious, Bill and Josh want to offer goods from well-known brands, but at lower rates than the full retail prices of the products. They choose to stock excess production from manufacturers or goods that have remained unsold at other retailers. This is a description of a(n) ________ retailer. 21. Which of the following elements of the marketing communications mix includes a variety of programs directed internally to employees of the company or externally to consumers, other firms, the government, and media to promote or protect a company's image or its individual product communications? 22. Which of the following steps in the innovation-adoption model of marketing communications corresponds to the cognitive stage that a buyer passes through? 23. Top Gear is an award-winning British television series about motor vehicles, mainly cars. It is presented by hosts who test drive new cars and provide reviews on the cars' performance, their prices, and other factors. Which of the following personal communications channels is Top Gear closest to in description? 24. Tracy works for a cellular phone company that offers trade-in allowances toward the upgrade of new phones, which is an example of ________. 25. Along which of the following parameters should marketers evaluate communication options when building brand equity? 26. Which of the following is a form of mass communications channel? 27. Under which of the following conditions is the reach of media the most important factor in media selection? 28. ________ are certificates that entitle the bearer to a stated saving on the purchase of a specific product. 29. When a public relations department of a company advises management about public issues, and company positions and image during good times and bad, it is performing the function of ________. 30. The popular music talent show American Idol has been generally acknowledged as the most profitable TV series in US history, in terms of advertising and merchandising revenue. Major sponsors of the show include Coca-Cola, AT&T Wireless, and iTunes, among others. Cups bearing the Coca-Cola logo were a prominent prop found on the show's judges' tables. The show also urged viewers to vote for contestants using AT&T's sms service. Contestants were routinely shown rehearsing for their performances with the help of Apple iPods. Which of the following advertising practices is apparent in this example? 31. Premiums, as a consumer promotion tool, are defined as ________. 32. The easiest measure of marketing public relations effectiveness is the ________. 33. What percentage of word-of-mouth content cascades to more than one person beyond the initial recipient? 34. Which of the following is NOT one of the steps that can improve the likelihood of starting positive buzz? 35. Which of the following is an example of paid media? 36. Which of the following is the "third screen"? 37. Devin, an online marketing manager for the Gilt Groupe, sends more than 3,000 variations of its daily e-mail for its flash-sale site based on recipients' past ________, browsing history, and purchase history. 38. Nadya is designing a mobile ad to promote her company's widgets. Where should the company's logo appear in the mobile ad? 39. ________ helps sales representatives understand how they spend their time and how they might increase their productivity. 40. Today's customers expect a salesperson to have extensive product knowledge, to be efficient and reliable, and to provide ideas to improve the customer's operations. These demands are forcing companies to make higher investments in ________. 41. The catalog you receive from a large apparel store, displaying their new summer collection, is an example of ________ marketing. 42. A salesperson who relies on creative methods for selling a company's tangible or intangible offerings is called a(n) ________. 43. In the FABV approach, if the salesperson is discussing the monetary terms associated with the offering, s/he is talking about ________. 44. Market demassification has resulted in ________. 45. One opportunity for designing a cause program so the sponsoring company is not overlooked among other corporate sponsors is to support a(n) ________, or a disease that afflicts fewer than 200,000 people. 46. Appointing teams to manage customer-value-building processes and break down walls between departments is part of which of the following shifts in business practices? 47. Which of the following is true about a brand-asset management team (BAMT)? 48. There are three types of product-team structures. These are ________. 49. As a marketing practice, monitoring involves ________. 50. Which of the following is true regarding a matrix-management organization