BUS X100 Marketing

economic, legal, sociocultural, competitive, political, and technological forces.The forces that make up the external, uncontrollable environment affecting marketing include:

the product price, place, and promotion.

promotion and physical distribution.

exchange, physical distribution, and facilitating functions.

form, place, possession, and time.

economic, legal, sociocultural, competitive, political, and technological forces.

consumers’ social valuesJoseph Kuhn was trained as an engineer, but recently he has been assigned the marketing responsibility for his company. In his role as a marketer, he wants to know what marketing can and cannot control. You indicate that marketing cannot control:

the price of the product.

consumers’ social values.

the color of the product.

sales promotion for the product.

the distribution of the product.

formButhcher at Bigs Butcher Shop hand cut steaks to the preference of their customers and trim of excess fat. The extra services provide________ utility.

possession
form
place
time
production

productWhen KFC Corporation decides on brand names, package designs, sizes of orders, and flavors of sauces and recipes, it is controlling which element of the marketing mix?

Price
Place
Product
Promotion
Timing

marketingThe organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders is:

production.
the chain of command.
marketing.
distribution.
dispersion.

target marketKelly Warren owns a frozen yogurt shop. She has decided to focus her marketing efforts on health-conscious customers. Kelly is using the _____ approach.

differentiated
undifferentiated
refining
target market
marketing-mix

marketing mixWhen Pepsi decides to develop a new product, it creates the product itself, determines the price the new product will sell for, decides how to distribute the product to consumers, and develops a promotion campaign to inform the market of the new product. Pepsi has created a(n):

marketing strategy.
consumer market.
undifferentiated approach.
market segmentation.
marketing mix.

All are steps in implementing the marketing conceptWhich of the following is not one of the steps in implementing the marketing concept?

Obtaining information about existing and potential customers

Pinpointing needs and potential customers for further marketing activities

Mobilizing marketing resources to provide, promote, and distribute products

Obtaining new information about effectiveness of efforts

All are steps in implementing the marketing concept.

price, place, promotion, and productThe elements of marketing mix that the firm does control are

price, place, promotion, and product.

markets, goods, pricing, and transportation.

product, price, merchandising, and promotion.

product, markets, buyers, and sellers.

the economic, legal, regulatory, and technological forces.

breakevenThe number of units that must be sold for the total revenue to equal the total cost is called the ____ quantity.

breakeven
stabilization
intersect
parity
equalization

increases as the price decreasesAccording to the supply and demand curve, the quantity demanded by consumers

increases as the price decreases.

decreases as the price decreases.

stays the same whether the price goes up or down.

will increase as more product is supplied.

increases as the price increases.

competition-basedIf Macy’s department store managers looked at Dillard’s department store prices for identical national brands and, based on that information, decided to advertise a sale on those products, they would be exercising which pricing method?

Competition-based
Demand-based
Cost-based
Premium
Penetration

price skimmingThe strategy of charging the highest possible price for a product during the introduction stage of its life cycle is known as

penetration pricing.
price skimming.
prestige pricing.
sample pricing.
odd pricing.

the sum of the fixed costs and the variable costs attributed to those unitsThe TOTAL cost of producing a certain number of units of a product is

the variable costs times the number of units.

the fixed costs times the division of the variable costs by the units produced.

the sum of the fixed costs and the variable costs attributed to those units.

equal to the total amount received from the sales of the product.

the costs that are incurred no matter how many units of a product are produced or sold.

number sold such that costs equal revenuesFor any product, the breakeven quantity is the:

number sold over fifty units.

number sold such that costs equal revenues.

total number produced to equal the total resources available to the producer.

number of products needed to be sold in order to make a reasonable profit.

dollar volume of total sales.

what buyers will pay in the marketplaceThe ultimate factor that determines the price at which a product will sell is

the cost of production.

the total of all production and marketing costs.

what other firms are charging in the industry.

what buyers will pay in the marketplace.

the markup percentage divided by the price floor times the economic order quantity (EOQ).

psychological pricingOdd-number pricing, multiple-unit pricing, reference pricing, and bundle pricing are all examples of which pricing strategy?

Psychological pricing
New product pricing
Penetration pricing
Competition-based pricing
Geographic pricing

exclusiveProducts such as very expensive Patek Philippe wristwatches are distributed using ____ distribution.
exclusive
patterned
selective
intentional
intensive
AgentsIn a marketing channel of distribution, which of the following intermediaries normally does NOT take title to the products?

Retailer
Wholesaler
Distributor
Agents
Warehouse Club

stock-out; holding or storageWhile carrying large inventories may minimize ____ costs, it is likely to maximize ____ costs.

processing; shipping
stock-out; holding or storage
handling; processing
stock-out; handling
holding; stock-out

lower the priceConsumers who strongly feel that the distribution channel should be made as short as possible also assume that the fewer the intermediaries, the:

less convenient the system.
lower the price.
higher the price.
more marginal the product.
more traditional the system.

direct channelsServices are usually distributed through

wholesalers.
agent middlemen.
merchant middlemen.
traditional channels.
direct channels.

They always increase the cost to the buyerWhich of the following is NOT a characteristic of marketing intermediaries?

They provide buyer access.
They can provide efficiencies in the value chain.
They reduce the number of exchanges with buyers for producers.
They can be eliminated, but the functions must still be performed.
They always increase the cost to the buyer.

serviceMost manufacturers do not want to store large amounts of nuts, bolts, and screws, but they need to be able to get them out quickly when necessary for production. Regal Company is a wholesaler that will deliver most parts right to the factory within two hours of the order. Regal, like many other wholesalers, focuses on:

providing unique parts.
service.
a high level of product knowledge.
productivity.
effectiveness

departmentBecause many discount stores are providing more services and better shopping environments, the distinction between discount stores and ____ stores is becoming blurred.

department
off-price
super
traditional specialty
convenience

supply-chain managementA large restaurant with locations throughout the United States has a long-term partnership with Tyson for its poultry and a produce distributor for its fruits and vegetables. These relationships reduce inefficiencies and costs and result in higher customer satisfaction. This restaurant is successfully using

exclusive distribution.
vertical channel integration.
supply-chain management.
intensive distribution.
wholesale intermediaries.

integrated marketing communicationsIf Jeans Inc. wants to ensure that customers receive a consistent message about its product, it should use the concept of:

advertising.
sales promotion.
integrated marketing communications.
personal selling.
public relations.

trade showEvery year in the city of Phoenix there is a Home and Garden Show that is open to the public and features hundreds of exhibits from local companies about ideas for improving their homes and gardens. This Home and Garden Show is a:

promotion show.
collection of samples.
cooperative advertising venue.
premium display.
trade show.

advertising; sales promotionFor Minute Maid’s new line of juice drinks to be successful, the company developed a promotion mix to reach a wide audience. The most effective promotion mix for reaching a wide audience would include ____ and ____.

advertising; publicity
advertising; sales promotion
sales promotion; personal selling
sales promotion; publicity
personal selling; advertising

advertising; personal sellingIn general, consumer goods will depend on ____; industrial products are more likely to use ____ as the primary focus of their promotion mix.

publicity; sales promotion
personal selling; advertising
sales promotion; publicity
advertising; publicity
advertising; personal selling

boost sales to current customersWhen a retail store such as Sears offers a one-day promotion for an extra 15 percent off to customers holding a charge account with them, it is attempting to:

draw new customers.
invigorate the sales of a mature brand.
steady irregular sales patterns.
boost sales to current customers.
neutralize competitive promotional efforts.

sales promotion___ adds extra value to a produce or increases the customer’s incentive to buy the product.

Public relations
Advertising
Publicity
Sales promotion
Personal selling

promotion mixIn the past, Tupperware used only personal selling to sell its products; it now uses other methods as well to reach its target market. Together these various methods are Tupperware’s:

promotion package.
advertising.
marketing mix.
promotion mix.
public relations.

advertisingSears would like to promote its new line of dishwashers with the multi-flow system. Since this is a new feature, Sears needs to be able to demonstrate the product. Sears will most likely use:

publicity.
sales promotion.
the Internet.
trade shows.
advertising.

gathering informationIf Susan Gonzalez, vice president of marketing, is at the stage in her market research where she is gathering information about the problem from published data and from people who have experience with the problem, she is at which stage?

Defining the problem
Gathering information
Making a preliminary investigation
Planning the research
Interpreting information

is increasing based on consumers ‘time’ and shortening the time it takes to find, select, and buy goodsCustomer satisfaction

has been increasing as a result of the communications revolution.
is based primarily on having the lowest priced products.
is increasingly based on consumers ‘time’ and shortening the time it takes to find, select, and buy goods.
is declining as customers want more face-to-face personal selling.
is impacted only by ‘service encounters’ with a firm’s salespersons

its customesWhen a company collects external marketing data, it looks at information about:

its own sales figures.
activities of its sales force.
its customers.
its product and marketing costs.
its inventory levels.

consumers’ social valuesJoseph Kuhn was trained as an engineer, but recently he has been assigned the marketing responsibility for his company. In his role as a marketer, he wants to know what marketing can and cannot control. You indicate that marketing cannot control:

the price of the product.
consumers’ social values.
the color of the product.
sales promotion for the product.
the distribution of the product.

affect buying behaviorMarketing managers are better able to predict consumer responses to marketing strategies and to develop a satisfying marketing mix if they are aware of the factors that:

are controllable marketing forces.
are uncontrollable marketing forces.
affect buying behavior.
are used to segment the market.
are involved in the handling of consumer complaints.

marketing researchCoca-Cola wants to determine how popular its new soft drink will be before launching it nationwide. What will Coca-Cola most likely use?

Its marketing information system
External data
Internal data
Marketing research
Employee survey

market researchDell Computers purchases most of its parts from several suppliers and then assembles products based on customer specifications. The company’s hard drive supplier’s contract will expire soon and Dell intends to shop around for a new supplier. The purchasing process could involve all of the following except:

market research.
description.
sampling.
negotiation.
inspection.

making decisions about whether or not the cookware’s market performance is acceptableIRI, a marketing research firm, has been contracted by T-Fal to evaluate the market performance of a new line of cookware. Which of the following is not likely to be a step in IRI’s research process?

Interpreting the research data
Collecting data
Making decisions about whether or not the cookware’s market performance is acceptable
Designing the research project
Reporting data to T-Fal executives

the company’s historical sales dataGeneral Mills is setting up a marketing information system to keep track of marketing trends. External sources of marketing data include all of the following except:

raw material suppliers.
forecasts about general economic conditions.
the company’s historical sales data.
customers.
competitors’ activities.

behavioristicBic ballpoint pens appeal to price-conscious consumers because of their affordability. Bic has segmented its market on a _____ basis.

behavioristic
geographic
brand-related
psychographic
demographic