marketing final mini tests

In class, we looked at the strategy that the Gap, Inc. uses to satisfy consumers’ needs, wants, and desires. Which of their brands target consumers who are interested in classic “great fashion at great prices?”
c.
Old Navy
A consumer buys a new digital camera. In using the camera, the consumer takes pictures, uses software to enhance the picture, purchased a new printer and prints the pictures at home. The consumer needed to look online for some help on how to do all of this. For this consumer, we would classify the digital camera as a:
c.
dynamically continuous innovation
In class, we hear from Dan Muller as he discussed segmentation at Timken. Which of the following was not one of the industries that they were targeting?
b.
Secondary metals
Installations, accessory equipment, supplies, and industrial services used to assist in producing other products and services are referred to as
e.
support products
A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range is referred to as a __________.
e.
product line
In the Apple market-product grid shown above for its personal computer line, the “iMac” is popular among all the segments Apple can target. This allows Apple to enjoy __________.
c.
product synergies
As an owner of a Wendy’s fast-food restaurant located near a large urban university, you need to analyze your customers and determine which segmentation base and its associated variable(s) you will use to segment your target market. Which segmentation base and associated variable (s) should you use?
c.
behavioral: students and nonstudents
From an organization’s perspective regarding its new products and innovations, which of the following new-product strategies has the HIGHEST level of risk?
a.
a radical invention
According to Figure 10-2 above, column “A” represents a(n)
c. discontinuous innovation
According to lecture, ____________ involves using different elements of the marketing mix to help consumers see the product as being different from the competition, and “better” for the consumer
b.
Product differentiation
A consumer buys a new digital camera. In using the camera, the consumer takes pictures in the usual way, brings the camera to the drug store, and has them print the photos. For this consumer uses the new camera, we would classify the digital camera as a:
b.
continuous innovation
In class, we noted that there is a “legal view” (from the FTC) on how long a product can be considered new. According to the FTC, a product can be considered as new for:
e.
six months after “regular distribution”
According Figure 9-5 above, heavy users are the most important segment to a fast-food restaurant because
c.
the usage index per person is highest for that segment.
Convenience products refer to
products consumers purchase frequently and with a minimum of shopping effort.
Changing the place an offering occupies in consumers’ minds relative to competitive products is referred to as
d.
product repositioning.
A recent study by the Aberdeen Group analyzed which segmentation bases were used by the 20 percent most profitable organizations of the 220 surveyed. Which segmentation base did these organizations use the most?
c.
geographic
Among business products, which of the following would MOST LIKELY be considered accessory equipment?
d.
pneumatic nail gun
In class, we considered how we might classify consumer goods based on the consumer’s interest in the product. Based on this discussion, which of the following would be a convenience product for most consumers?
a.
A candy bar
In class, we noted several guidelines for selecting a target market. Which of the following was NOT one of those guidelines?
e.
Actually, ALL of the above are guidelines we discussed.
Frequency marketing is a strategy that focuses on
c.
usage rate.
A product line refers to
d.
a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range.
The various 3M products in the photo above can be classified as a
b. product mix
The perceptual map in Figure 9-A above shows how various drinks are seen in the minds of adult consumers. Suppose this map describes accurately how adults see the drinks shown. As one of these adults, you are a heavy consumer of mineral water. Moreover, you are very concerned about nutrition and tend not to consume children’s drinks. From this perceptual map, you conclude that mineral water is
e.
a more adult-oriented beverage than sports drinks.
Each cell of the complete market-product grid shows the __________.
b.
estimated market size
In class, we considered how we might classify consumer goods based on the consumer’s interest in the product. Based on this discussion, which of the following would be a shopping product for most consumers?
c.
Dining room furniture
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?
d.
Need for Power generation
In class, we looked at various “traditional” target market strategies. Which strategy uses a single marketing strategy in an attempt to appeal to “everyone?”
a.
Market-aggregation
A national car rental firm targets 50 percent of its advertising to salespeople who rent a car over 40 weeks per year. The company is using __________ segmentation.
e. behavioral
Services are a significant part of the U.S. economy, reaching almost __________ percent of its gross domestic product.
e. 50
A nondurable good is defined as a(n)
a.
item consumed in one or a few uses.
Which of the following statements about market segmentation for organizational markets is MOST ACCURATE?
b.
Both consumer markets and organizational markets use demographic, geographic, and behavioral bases to segment markets.
Airline programs that encourage passengers to repeatedly use the same airline focus on usage rate and employ a __________ strategy.
d.
frequency marketing
In class we considered a variety of types of Organizational Products which we might market. How did we classify items such as chemicals, wood, wheat, cotton?
b.
Raw materials
In class we considered a variety of types of Organizational Products which we might market. How did we classify items such as Copiers, office equipment, cell phone, hand tools?
d. accessory equipment
Best Foods Company is considering expanding beyond the regional market segments now served by its Hellmann’s mayonnaise. One criterion management wants to use to evaluate potential new geographic market segments is whether new equipment must be bought to serve each new segment. This is an example of which criterion used to select target market segments?
e. cost of reaching the segment
Supplies are support products that include items such as
a.
stationery, paper clips, and brooms
Which of the following is considered an idea?
security
Which of the following is a common basis used to segment U.S. organizational markets?
e. geographic
Positioning that involves competing directly with competitors on similar product attributes in the same target market is referred to as __________.
d. head to toe positioning
In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we typically focus our promotional strategies on developing brand preference?
b.
Growth
In class, we discussed the Product Life Cycle (PLC) concept. In what stage of the PLC would we actually find decreasing competition?
d. decline
In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we find consumers who are “innovators?”
a. introduction
All of the following are responsibilities of a product or brand manager EXCEPT:
d.
developing and implementing strategies at the corporate level.
The desire for a product class rather than for a specific brand is called __________ demand.
b. primary
In addition to seeking ideas from more well-known sources, organizations also get ideas from universities, inventors, and smaller nontraditional firms. For example, inventor Gary Schwartzberg sold his idea for __________ to Kraft Foods, Inc.
c.
tube-shaped bagels filled with Philadelphia cream cheese
The largest numbers of product adopters with respect to the diffusion of innovation are found among __________.
b.
early majority and late majority
Detailed financial projections and assessments of marketing and product synergies are a part of which stage of the new-product process?
c. business analysis
At which stage of the product life cycle is a company likely to have its most complete product line?
c. maturity
In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we need to offer the lowest prices to our consumers?
c. maturity
In class we talked about the Product Life Cycle (PLC) for microwave ovens. Based on our discussion, which type of product life cycle did microwave ovens represent?
c.
A PLC with an extended introduction stage
The most expensive stage in the new-product process for most products and services is
a.
commercialization.
A product in the introduction stage of its product life cycle should have which of the following marketing objective(s)?
b.
gain awareness and stimulate trial
Market modification refers to a marketing strategy that __________.
b.
manages a product’s life cycle to find new customers, increase a product’s use among existing customers, or create new use situations
In the UMD10: Marketing Dashboard Map above, the annual growth rate in each state is shown, with green (which looks gray on printed paper) meaning good and red (which looks black on printed paper) meaning very bad. If you were a marketing manager faced with this dashboard, which of the following would be the BEST action?
d.
Examine your distribution system in the northeastern United States.
Open innovation may enhance the __________ stage of the new-product process.
e. idea generation
In class, we considered the characteristics of a GOOD brand name. We heard about the Simmons Beautyrest brand of mattresses. Which characteristic of a good brand name does this demonstrate?
a.
It suggests the benefits or use of the product.
In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we typically find a high cost per unit of production?
a. introduction
In class, we discussed the Product Life Cycle (PLC) concept. In which stage of the PLC would we find the firm focused on a “defensive positioning” strategy?
c. maturity
Kroger required that Birds Eye pay $15,000 per month to get its new Vegetable Quinoa Pilaf placed in the middle shelves in the frozen vegetable freezer section of all its supermarkets around the country. This payment is an example of a
c. slotting fee
There are several reasons why a consumer would be reluctant to purchase a new product. For example, a consumer might be reluctant to adopt a new product because of a psychological barrier, which occurs when __________.
e. it affects one’s image
New product or service failures may be reduced or avoided if the company developing them has
e. a precise protocol
The strategy of trading down involves __________.
c.
reducing the number of features, quality, or price of a product
The life cycle of a product depends on sales to __________.
a. consumers
Which of the following statements is MOST ACCURATE?
b.
The name Gatorade was coined by a team who lost to the University of Florida Gators, attributing the Gator win to the “aid” it got from the rehydrating beverage.
What type of pricing approach is seen in this example: “Buy our digital camera and you get the how-to photography DVD for 50% less.”
d. bundle pricing
According to the lecture, which of the following is a disadvantage of Price Skimming:
b. it attracts competition
In which pricing approach do we find a situation where consumers may “buy up” to a higher priced, more feature-rich model which is ALSO more profitable for the marketer?
a. price lining
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
c.
monopolistic competition.
To be successful, odd-even pricing depends on
e.
customers’ perceptions of price.
When buying a car, __________ may result in discriminatory practices.
c.
a dynamic pricing policy
In Figure 13-4 above, column “C” represents which type of competitive market?
d. pure competition
In which type of industry would a marketing director be MOST LIKELY to say, “We have to let the customer know that our product is the only one that comes with its own tracking device?”
e. monopolistic competition
Which of the following statements about penetration pricing is MOST ACCURATE?
d.
Penetration pricing is more effective in a marketplace with price-sensitive consumers.
In class, we heard that the cost per unit drops as the company gets more experience manufacturing the product. In general, about how much does unit cost drop as the company doubles its production?
b. 15%
According to lecture, with penetration pricing we will get a large share of the market quickly. This means that (i) our per unit production costs drop quickly and (ii) ________________________.
d.
with high volume of sales we will generate a good profit.
In class, we heard that “Standard Markup Pricing” involves adding a fixed percentage to the cost of all items in a specific product class. This approach to pricing is usually used to set:
d.
The retail price
Your local instant photocopying service charges 10 cents a copy up to 25 copies, 9 cents a copy for 26 to 99 copies, and 8 cents a copy for 100 copies or more. What kind of adjustment to its list or quoted price of 10 cents per copy is the photocopying service using?
c. a quantity discount
Price elasticity of demand is determined by a number of factors, such as the availability of substitutes, the necessity of the product or service, and
a.
the cash outlay of the purchase relative to a person’s disposable income.
A penetration pricing policy is MOST LIKELY to be effective when
b.
many segments of the market are price sensitive.
Bundle pricing is considered to be a __________ pricing practice.
a. demand-oriented
Pure monopoly is the competitive market situation where
b.
one seller sets the price for a unique product.
Economists have identified four types of competitive markets: pure monopoly, pure competition, oligopoly, and __________.
e. monopolistic competition
In our discussion of “slide down the demand curve”pricing, we noted that it can be hard to know when to drop price. If we drop too soon, we ______.
e. give up profits
In the class discussion of pricing strategies, we talked about an approach in which we start with a Price Skimming approach and then REDUCE price as our costs decline. In lecture, this approach is called:
c.
Slide Down the Demand Curve Pricing
Companies use a “__________” to assess whether its products and brands are above, at, or below the market.
c. price premium
Which of the following statements about a dynamic pricing policy is MOST ACCURATE?
c.
When using a dynamic pricing policy, the seller may risk violating the Robinson-Patman Act.
__________ occurs when shoppers go to a store, obtain the store price of a product, scan its SKU or bar code with a smartphone camera, and go online to compare prices with those of selected competitors.
e. showrooming
According to Figure 14-1 above, “F” represents which step in the price-setting process?
d.
make special adjustments to list or quoted price
The executive vice president of Washburn Guitars has set a sales target of 2,000 units for a new line of guitars. This type of objective is a(n) __________ pricing objective.
c. unit volume
Suppose you are the owner of a picture frame store and you wish to calculate how many pictures you must sell to cover your fixed and variable costs at a given price. Let’s assume that the demand for your pictures is strong, so the average price customers are willing to pay for each picture frame is $120. Also, suppose your current fixed costs (FC) total $32,000 (real estate taxes, interest on a bank loan, etc.) and your current unit variable cost (UVC) for a picture frame is $40 (labor, glass, frame, and matting). Now, suppose you decide to rent a machine for $18,000 that will speed up production so that you can guarantee that you could sell 2,000 picture frames. The new machine allows you to: (1) key in the dimensions needed to cut the frame, glass, and matting for any picture frame size; (2) reduce losses in miscut glass and mats; and (3) automate the production process to dramatically increase the output of framed pictures. This new technology will increases total fixed costs from $32,000 to $50,000. However, it will also lower variable costs from $40 to $20 per unit. Now, with the new machine, what would your profit (or loss) be if you sold 2,000 picture frames?
d.
$108,000 profit
In class, we talked about Fixed Costs. Here at Marks Manufacturing, we want to get a good handle on our costs. Which of the following would NOT be a fixed cost?
d.
The cost of the materials we use in production
The particular type of competition dramatically influences the range of price competition and, in turn,
a.
the nature of product differentiation and extent of advertising.
Another name for a dynamic pricing policy is __________.
e.
a flexible-price policy
Yield management pricing is most consistent with services trying to deal with
b.
capacity management.
Figure 14-1 above represents the six steps in setting price. Which letter represents the step where a firm would consider a fixed price or a dynamic pricing policy, company and competitive effects, and incremental costs and revenues?
d. “E”
What pricing strategy did the National Aeronautics and Space Administration (NASA) use to pay Lockheed Martin for the Orion lunar spacecraft, which is shown in the photo above?
e.
cost-plus fixed-fee pricing
Consider the photo above. Family Dollar Stores, like Dollar Value Stores and 99¢ Only Stores, use what type of pricing policy?
d. fixed price
Based on the lecture, what type of pricing approach is represented by the Figure?
d.
Slide Down the Demand Curve
Yield management pricing is a form of
c. dynamic pricing
Product-line pricing involves determining: (1) the lowest-priced product and price; (2) __________; and (3) the price differentials for all other products in the line.
c.
the highest-priced product and price
The marketing director for a(n) __________ is most likely to believe the following statement, “The purpose of advertising is to increase demand for the product class.”
d.
pure monopolist competitor
Which of the following statements regarding odd-even pricing is MOST ACCURATE?
d.
Overuse of odd-ending prices tends to mute its effect on demand
Microsoft, Sony, and Nintendo are the three principal firms in the video game console market. How much price competition is most likely for video game makers?
d.
Each firm is aware of each other’s prices and may adjust them based on the prices of the other two firms.
According to Figure 14-1 above, “D” represents which step in the price-setting process?
b.
select an approximate price level
According to lecture, firms that want to develop supply chain management processes should
b.
first be able to provide quality products, in a timely, cost effective manner
According to lecture, SCM requires us to put information systems and metrics in place that focus on performance across the entire supply chain. Why is this important?
d.
To help assure that all of the units in the supply chain are working well together (and not attempting to maximize their individual performance).
In lecture we noted that supply chain management requires the application of _______ to allow companies to operate their systems effectively.
Informational technology
Physically moving a product to customers would be an example of a __________ function.
b. logistical
To reward wholesalers and retailers for marketing functions they will perform in the future, a manufacturer often gives __________ discounts.
c. trade
The three degrees of distribution density are
c.
intensive, exclusive, and selective.
A marketing channel intermediary that purchases merchandise for resale at retail outlets would be engaging in a(n) __________ function.
a. transactional
Exclusive distribution refers to
c.
the density of distribution whereby a firm tries to place its products or services with only one retail outlet in a specified geographical area.
CarMax dealers have adopted a “no-hassle, no-haggle” sales policy that eliminates the need for negotiating. Instead, all customers are offered the same price. Test drives, financing, trade-ins, and leasing are all offered to encourage customers to purchase a car. Which utility does CarMax best provide?
e. possession
In lecture, we noted that SCM usually requires significant changes in the firm’s organization structure. This is because:
a.
SCM cuts across functional areas within the firm and even across different firms.
In class, we heard that Wal-Mart worked with P&G to move towards a “customer driven supply chain.” In doing this, Wal-Mart’s CFO became a _____________ for P&G.
c.
key customer
Based on lecture, which of the following is the best representation of a conventional marketing channel?
c.
Individual, independent channel members focusing on their own needs
Exclusive distribution refers to
c.
the density of distribution whereby a firm tries to place its products or services with only one retail outlet in a specified geographical area.
All the following sources produce channel conflict EXCEPT:
e.
a channel member wants to use vendor-managed inventory
Suppose a manufacturer quotes price in the following form: List price—$100 less 30/10/5. When calculating this trade discount, the first number “30” in the percentage sequence always refers to the
c. retail end of the channel
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
a. economic influence
Vertical integration can lead to legal prosecution if
a.
there is potential to lessen competition or create a monopoly.
The distribution intensity associated with products such as personal computers such as those from Dell is referred to as __________.
b. selective 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?
d. radiohead
In class, we talked about the distribution channels used by Dell computers. One way that Dell sells computers is by allowing customers to go to the Dell web site and to create their own “customized” computer, which is then built to the customer’s specifications and shipped to the customer’s home. What type of distribution channel does this represent?
a. direct channel
Figure 15-4 above depicts the four most common marketing channels for business products and services. Channel “D” would be an appropriate marketing channel for __________.
b.
Harkman electrical products
Five common forms of misleading pricing include: bait and switch, bargains conditional on other purchases, comparable value comparisons, comparisons with suggested prices, and former price comparisons. What do all these practices have in common? They are all
c.
illegal and often difficult to prosecute.
BM is one of the world’s great business success stories because of its ability to reinvent itself to satisfy shifting customer needs in a(n) __________ global marketplace.
b. dynamic
As the number of intermediaries between a producer and buyer increases, the channel is viewed as increasing in __________.
e. length
Multichannel marketing is the blending of different __________ that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online.
c.
communication and delivery channels
One way to get into legal trouble in pricing is to decide to charge different buyers different prices even when there are no differences in the grade of the product sold to them, or in the cost of the goods. When this practice results in the lessening of competition it is considered:
c. price discrimination
Which statement regarding responsive supply chains is MOST ACCURATE?
e.
Responsive supply chains rely heavily on information technology.
Consider Figure 14-9 above. “B” represents which of the following legislative acts?
c.
The Sherman Act
When producers and ultimate consumers deal with each other one-on-one, it is referred to as a(n)
c. direct channel
Resale restrictions refer to when a supplier
requires to whom distributors may resell the supplier’s products and in what specific geographical areas or territories they may sell.
Walmart made a conscious decision to use a(n) __________ supply chain in order to best meet the needs of its consumers.
d. efficient
__________ is a special kind of tying arrangement, which involves a supplier requiring that a channel member carry its full line of products in order to sell a specific item in the supplier’s line.
b. full-line forcing
According to class, distribution’s main role within the marketing mix is to:
a.
get the product to its intended target market
According to the lecture, an indirect channel of distribution includes:
e.
A producer, a consumer, and another intermediary.
According to the lecture, if our customer wants high quality products, innovation, and a broad product line, the our SCM team should focus on:
d.
obtaining a high quality supplier, the shortest time to market, and short manufacturing changeover times.
The practice of offering a bargain that is conditional on the purchase of other products may exist when a buyer is offered the “1-Cent Sales,” the “Buy 1, Get 1 Free,” or the “Get 2 for the Price of 1” deal. Such pricing is legal only if
c.
the first items are sold at the regular price, not a price inflated for the offer.
There are three variations of contractual systems: retailer-sponsored cooperatives, franchising, and __________.
c.
wholesaler-sponsored voluntary chains
IBM has adopted a(n) __________ supply chain strategy to better serve its customers.
d. integrated
The importance of time, dependability, communication, and convenience are all important concepts of __________, within the context of the supply chain
a. customer service
A new car dealer can reduce the list price of a new Ford F-150 pickup truck by offering you a __________ of $1,000 for your 1998 Nissan Altima.
d. trade-in allowance
Extending credit to customers would be an example of a __________ function.
c. facilitating
In class, we noted that promotion is communication, and we linked this back to our ideas of a “good” market segment. Which characteristic of a good segment is linked to promotion?
d.
The segment must be “reachable”
According to the lecture, __________ goals include maintaining customers relationships and keeping the brand in the consumer’s mind during the off-season
c. reminder
According to lecture, retailers can be classified based on the form of ownership and their marketing strategies. Which would describe Sears?
e.
A corporate chain with broad and relatively deep product assortments
The marketing metrics related to a retailer’s customers include all of the following EXCEPT:
c.
the turnover of inventory.
When the Lorillard Tobacco Company places ads discouraging teenagers from smoking, the firm is using which type of advertising?
e. advocacy
Savings to the consumer at off-price retailers are reported as high as __________ off the prices of a traditional department store.
c. 70%
multichannel retailers are retailers that
d.
utilize and integrate a combination of traditional store formats and nonstore formats.
The promotional mix includes __________, personal selling, sales promotion, public relations, and direct marketing.
c. advertising
New Balance offers shoes for men, women, and children in many sizes and foot widths. It offers running, cross training, walking, golf, and other types of shoes. This an example of the __________ that New Balance offers to its customers through its own stores or other retailers such as Foot Locker or Sports Authority.
b. depth of product line
In class, we viewed an ad that Coke released for the 2008 Superbowl. It showed a big parade balloon of Coke getting away from the handlers, and then being chased into the sky by several cartoon character balloons. The goal of this ad was:
c. reminder
According to lecture, retail operating costs are higher than wholesaler operating costs. Why is that true?
e. all of the above are true
According to lecture, Corporate Chains are responsible for about _____ of retail sales.
c. 40%
Bakery items, dairy products, and meat that are sold for cash in their original packages are traditionally sold by which type of wholesaler?
d. truck jobbers
A reminder ad
a.
reinforces previous knowledge of a product
The promotion decision process is divided into three phases. In Figure 17-6 above, “B” refers to the __________ phase.
c. implementation
When the office of National Drug Control Policy ran an ad with the headline, “Marijuana Harmless? Didn’t see the merging truck.”, it was using which type of ad appeal?
b. fear
In the hierarchy of effects, the consumer’s repeated purchase and use of the product or brand is referred to as the __________ stage.
b. adoption
Which of the following statements about comparative advertising is MOST ACCURATE?
b.
Comparative advertisements attract more consumer attention for the advertiser’s brand.
According to the lecture, if your target audience is concentrated in a limited geographic area, what type of promotion would you be most likely to use?
d. personal selling
In class, we discussed various ways to classify retailers based on their ownership. We noted that Scribbles Coffee shop in Kent is a good example of a(n):
b. independent retailer
As noted in class, the point of the original GEICO gecko ad was:
b.
to remind customers how to pronounce the company name (GEICO, not “gecko”).
Figure 17-1 above depicts the communication process, which consists of ten key elements (“A” through “J”). The position labeled “E” is referred to as
e. the receiver
Direct marketing faces several challenges and opportunities in global markets. Several countries, such as Australia and Japan, have requirements for mandatory “opt-in”—that is
e.
potential customers must give permission to include their name on a list for direct marketing solicitations.
Persuading the consumer to buy the product rather than substitutes is the promotional objective during which stage of the product life cycle?
b.
growth
To communicate with consumers, a company can use one or more of five promotion alternatives. In Figure 17-2 above, the promotional element labeled “C” represents __________.
c. public relations
When you redeem a 50-cents-off coupon for Crest toothpaste at your local supermarket, you are being influenced primarily by which promotional element?
b. sales promotion
In class we looked at the Sterling Jewelry example. Sterling indicated that their holiday customers can be be very price conscious. Given this view, which of the following is NOT a tactic that Sterling is employed for the holiday season?
e.
Actually, Sterling did all of these for the upcoming holiday season
Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers, what decision factor becomes important in this situation?
a. customer service
The average U.S. household now receives __________ direct-mail items or catalogs each week.
b. 24
As part of their regular retail pricing strategy, some retailers will emphasize consistently low prices and eliminate most markdowns. This practice is referred to as __________.
a. everyday low pricing
The formula to calculate a promotion-to-sales ratio is: Total promotion expenditures divided by
c. total sales
Lenox China Co. would like to get its annual Christmas ornament series into Macy’s department stores. Macy’s has a buyer in New York City who makes decisions on its giftware. Which promotional element would be most appropriate for Lenox to use to reach the Macy’s buyer?
c. personal selling
According to the retail life cycle, in which stage would market share rise gradually, although profits may be low because of start-up costs?
e. early growth
According to lecture, which of the following is not usually considered one of the tools in the promotion mix?
e.
These are ALL considered tools in the promotion mix
As noted in class, GEICO originally used a(n) ______________ channel of marketing.
a. direct
An ad for Mercedes Benz cars showed a heart-shaped box of chocolates with one of the chocolates topped with the well-recognized Mercedes logo. There was no mention of the company name or sign of a product in the ad. This ad was an example of __________ advertising.
e. reminder institiutional
The three primary types of product advertisement are pioneering, competitive, and __________.
c. reminder
After watching the 30-minute infomercial on Oxy-Clean, Sarah was certain the cleaning product would remove the grape juice stain from her white carpet. In terms of the communication process, Sarah was __________ the message from Oxy-Clean.
d. decoding
Which of the following is NOT an aspect of identifying the target audience for an advertisement?
d.
The Federal Trade Commission (FTC) suggests that advertising program decisions be based on market research about the target audience.
A limited-service wholesaler who performs all channel functions and sells on consignment to retailers, which means it retains the title to the products displayed and bills retailers only for the merchandise sold, is a _________.
c. rack jobber
The growing concern about __________ has led to a decline in direct marketing response rates among some customer groups.
b. privacy
In class, we talked about how Social Media can generate sales. We noted that if your people who are in your customer’s network see that your customer likes and trusts you, then they are likely to remember your brand to to buy from you. What did we call this effect?
b.
Community & Acquisition
In class, we heard about one of the best companies in the world in terms of social media marketing. They used a social media campaign called “Wonderfilled” to get consumer involvement. What company did we hear about?
b. oreo
From what we heard in class, which form of media would you choose if you wanted to reach a selective audience with a personalized message?
d. direct mail
One disadvantage of using the Internet as an advertising medium is
c.
the effectiveness of online advertising is still uncertain.
One advantage of using billboards as an advertising medium is
b.
it is relatively low-cost.
What is the primary purpose of LinkedIn?
e.
LinkedIn is a platform for professional networking and job searching.
According to Figure 18-5 above, “C” is the definition for which type of advertising agency?
b.
a limited-service agency
The Greenpeace campaign against Nestlé using social media was effective because
c.
Greenpeace effectively used a variety of media, both traditional and social, for its “shock campaign.”
As traditional media have become more expensive and cluttered, advertisers have been attracted to a variety of nontraditional advertising options called place-based media or also called __________.
a.
out-of-home advertising
In class, we learned about the 5 phases of social media measurement. Which phase is related to visits,views, and followers?
a. exposure
In class, we learned about the 5 phases of social media measurement. Which phase is related to sign-ups, free trials, and content downloads?
d. action/ conversation
One advantage of using the Internet as an advertising medium is
b.
it has video and audio capabilities similar to television
With respect to Figure 18-2 above, __________ spending accounts for 11% of all advertising expenditures.
d. newspapers
On a recent shopping excursion at a local Target store, Jim Krause went from aisle to aisle selecting the products he needed. He bought a variety of products, including shampoo, toothpaste, a green plant for his office, and several pairs of socks. Interestingly, the only salesperson Krause encountered was the person at the checkout counter. The checkout person at Target is an example of a(n) __________.
d. inside order taker
Recently, McDonald’s offered collectable toys related to the release of the movie Epic for free with the purchase of a Happy Meal. These collectibles are an example of a __________.
e. premium
Which of the following manages the largest database that can respond to queries in facts, photos, and direct answers?
e. google
All of the following statements are true about magazines EXCEPT:
d.
most magazines are dropping their print formats to offer only online versions that can be viewed on iPads or iPhones and other tablet devices or smartphones.
Our goal is to reach 60% of our target audience during the next 6 months with the message KSU is listed in the Best Business Schools by The Princeton Review.
a.
Disperse ads in various media over the months
a.
Disperse ads in various media over the months
a. tv
According to the lecture, free samples, sweepstakes, and contests are all examples of:
c. sale promotions
An order getter refers to
c.
a salesperson who sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers’ use of a product or service.
Social Network Image (C) above shows the __________ web page for pop singer Rebecca Black, which allows her to promote her music to her fans.
a. youtube
A western clothing retail store marketing vice president is developing an advertising budget using the objective and task method. She has the objective of clearing slow-moving merchandise from her shelves and is trying to choose between using radio ads or newspaper ads. Which of the following is an advantage of radio relative to newspapers as a medium for achieving the objective?
d. better segmentation capability
The number of people who have “opted in” to a brand’s messages through a social media platform at a given time are referred to as
d. fans
What is the challenge presented to brand managers by social media advertising?
a.
Brand managers need to realize that social media are less likely to have a marketing objective of immediate sales than traditional media.
In class we heard about different types of social media. Based on class, what type of social medium is Flickr?
d. media sharing
In class, we heard about a commercial in which an infant pounding on a computer kept clicking on a “buy” element of a web site. The POINT of this commerical was that marketers must:
b.
be “smart” about their data analytics.
In class, we heard that in order to benefit from Social Media efforts, firms must do all of the following EXCEPT:
a.
Acknowledge that YOU are in control of social media.
a wiki is a
e.
website whose content is created and edited by the ongoing collaboration of end users.
There are five common approaches to posttests: aided recall, unaided recall, attitude tests, __________, and sales tests.
b. inquiry tests
Planning the selling program and implementing and evaluating the personal selling effort of the firm is referred to as __________.
e. sales management
Web 2.0 is a term that describes
b.
the high degree of interactivity among users.
From what we heard in class, which form of media offers low cost per unit of time and good geographic flexibility?
b. radio
A(n) __________ reimburses a retailer for extra in-store support or special featuring of a brand.
e. merchandise allowance
IBM has 30 information technology hardware and software specialists, business consultants, and engineers working at Charles Schwab, a large brokerage firm, all under the direction of a senior IBM sales executive. They are creating and managing a complex financial planning system that helps Schwab clients with their retirement planning. This is an example of __________.
b. partnership selling
Google purchased __________, an advertising exchange where websites put space up for auction and ad agencies bid to place ads for their clients.
e. doubleclick
An advertising agency that deals in creative work and is compensated by a contractual agreement for the services performed is referred to as a(n) __________.
d. limited-service agency
the owners of a small toy store had a limited advertising budget and were very concerned about spending their advertising dollars wisely. One of their primary advertising goals was to expose customers in the store’s limited market area to their advertising messages as often as fiscally possible. The owners of the toy store were MOST LIKELY concerned with
b. frequency
One of the disadvantages associated with television as an advertising medium is that it
d.
cannot be used to convey complex messages.
In class we noted that a firm’s “Service Image” is conveyed by its “service products.” In choosing the service dimensions to create a competitive position, which service dimensions should be emphasized?
c.
The dimension which are most valued by the customers.
In class, we looked at the topic of “Value” as the ratio of perceived benefits to price. Importantly, we noted that price should be equal to:
d.
the perceived value of the attributes being offered.
In class, we considered the case of a restaurant owner who needed to have the windows cleaned. One approach discussed was for the owner to offer the window cleaner “gift certificates” to the restaurant which are equal to the amount the cleaner would charge. So if the window washing bill was $200, the restaurant owner would provide a $200 gift certificate to the restaurant to pay the bill. WHY would the restaurant owner want to pay in this way?
b.
The owner saves money because the restaurant’s actual cost of a meal is only about one third of the price charged on the bill.
Airlines feature load factor as a(n) __________ measure on their marketing dashboards.
d. capacity management
According to Figure 12-6 above, “B” represents which dimension of service quality?
e. responsiveness
At one point, people were willing to pay hundreds of dollars on eBay for a Beanie Baby toy that originally cost a fraction of that amount. Today, those same Beanie Babies can be found at garage sales all over the country for a less than a dollar apiece. This is MOST LIKELY due to
e.
a product becoming a fad and then losing its fad appeal.
The revenue generated by each seat flown one mile shown in UMD12: Capacity Management above is
a. 9.83 cents
Which of the following statements regarding pricing objectives is MOST ACCURATE?
b.
Pricing objectives may change depending on the financial position of the company.
Which of the following are examples of elements involved in Step 1 of the price-setting process: identify pricing objectives?
a.
profit, market share, and survival
In class, we noted that in order to set price for our product, it would be helpful to understand the Profit Equation. What IS that equation?
c.
Profit = Total Revenue – Total Cost
Based on lecture, which of the following would NOT be an element to consider in setting the price of the service offered?
e.
Actually, these would ALL be considered in setting service price
In lecture, we discussed “the importance of price.” According to the instructor, which of the following best reflects “the importance of price?”
c.
Price is important because it is the only thing that produces revenues or profits (all else are expenses).
Which of the following statements about services is MOST ACCURATE?
c.
Services exports is one of the few areas where the United States has a trade surplus.
When Pizza Hut announced it was going to add 25 percent more toppings to its Meat Lover’s line of pizzas without increasing prices, what consumer motivation was it appealing to?
c. value
Setting list or quoted prices would occur during __________ of the price-setting process.
e. step 5
subbranding involves
c.
combining a corporate brand with a new brand to distinguish a part of its product line from others
The four steps in the sequential process of building the brand equity pyramid include: (1) developing positive brand awareness; (2) establishing a brand’s meaning in the minds of consumers; (3) eliciting the proper consumer responses to a brand’s identity and meaning; and (4) __________.
c. creating a consumer-brand connection
Many services depend on __________ for the creation and delivery of the customer service experience.
a. people
In class we considered the element of the Profit Equation. We noted that the Fixed Cost plus Variable Cost is equal to:
d. total cost
In class, we asked ourselves, “What is the IMPORTANCE of Price?” We responded that:
a.
Price is the only thing that produces REVENUE…everything else is COST.
When selecting a brand name, it should: (1) suggest the product benefits; (2) __________; (3) fit the company or product image; (4) have no legal or regulatory restrictions; (5) be simple and emotional; and (6) have favorable phonetic and semantic associations in other languages.
e.
be memorable, distinctive, and positive
According to Figure 12-6 above, “E” represents which dimension of service quality?
c. tangibility
Andrea Arenas is the owner of 2 Places at 1 Time, a concierge company. She and her staff of 60 perform everyday services, such as walking the dog, picking up cleaning, waiting for the repairman, and going to the post office, for people who are too busy to perform these simple acts. She is such a caring person and so well liked that her customers recommend her instead of her business to people who are looking for someone to perform similar services. Their inability to see the distinction between Arenas and her 2 Places at 1 Time concierge service is an example of which unique characteristic of services?
d. inseparability
Services such as restaurants and childcare are evaluated on __________ properties.
c. experience
barter refers to
c.
the practice of exchanging products and services for other products and services rather than for money.
Which of the following products has the brand name that BEST suggests its benefit according to the six criteria for selecting a good brand name?
d. match light charcoal
In class we considered the element of the Profit Equation. We noted that the Unit Price times the Quantity Sold is equal to:
c. total revenue
As we discussed in class, services differ from products (goods) in along a variety of dimensions. Which characteristic of services means that marketers must find ways to relate services to situations that will be familiar to the customer? The characteristic of:
d. intangibility
In class we viewed a segment from CNBC’s “The Entrepreneurs,” in which two male models develop a new brand of granola. They selected the name “FEED” for their product. As they grew, they decided they needed more sophisticated packaging, and so they talked with a “branding and identity expert.” Which of the following was NOT a problem identified by the expert with the existing package?
d.
The type selected for the name made it practically illegible
Which of the following is the MOST IMPORTANT aspect conveyed by the American Express brand?
b.
differentiation and an image of quality
The use of “special fees” and “surcharges” is driven by consumers’ zeal for __________ combined with the ease of making price comparisons on the Internet.
e. achieving a target return
An implied warranty
d.
assigns responsibility for product deficiencies to the manufacturer.
Figure 11-6 above shows the sequential process of building brand equity. “F” represents the fourth and last step, which is to __________.
e.
create a consumer-brand connection
Companies often pursue a market share objective when __________.
a.
industry sales are flat or declining
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
n class, we noted that the demand for more and better services affect virtually all industries in a variety of ways. From what we heard in class, which of the following is NOT an example of how the demand for services affect businesses.
c.
Lower prices with more product quality
In class, we considered the example of tuition at KSU. We looked at the $85 College of Business Undergraduate Program Fee. What aspect of “price” did this represent?
c.
The $85 represents an “add on” to the published tuition in the form of an “extra fee.”
According to Figure 12-5 above, purchases labeled “A” would MOST LIKELY be evaluated on __________ properties.
b. search
Brand licensing refers to __________.
d.
a contractual agreement whereby a company allows another firm to use its brand name or trademark with its products or services for a royalty or fee
Attorneys’ fees, entrance fees, train fares, and organization dues are all examples of
d. price
With over half of tickets to major events sold online, StubHub’s website can help generate extra ticket sales for the original sponsors. This is why
c.
StubHub now has formal relationships not only with professional sports leagues, but also with many sports programs at major universities.
An integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients is referred to as a(n) __________.
e. label
In class, we looked at a variety of possible positioning platforms that you might use for your brand. One example we thought about was Disneyworld and/or Disneyland. What basic positioning strategy does Disney use?
c. family values
In class, we looked at the case of Best Buy, where 20% of their customers generate a significant amount of profits by purchasing high margin items without bothering to use rebates. According to the lecture, what type of segmentation base is this?
d. usage rate segmentation
According to Figure 9-5 above, people who ate at fast-food restaurants about twice a week would MOST LIKELY be considered a
b. medium user
The Little Remedies products photo shown above BEST describes which of the following?
b. product line
In the early 1900s, your great-great-grandfather probably purchased his first automobile. After years of driving a horse and buggy, he got into his new car and drove it into his new garage. The new automobile was an example of a
d. discontinuous innovation
In terms of promotion, which of the following type of consumer product stresses product differentiation from competitors?
a. shopping product
“For upscale American families who desire a carefree driving experience, Volvo is a premium-priced automobile that offers the utmost in safety and dependability” is a __________ statement for Volvo in North America.
b. positioning
In class, we considered how we might classify consumer goods based on the consumer’s interest in the product. Based on this discussion, which of the following would be a specialty product for most consumers?
d. luxury car
In class, we heard about the segmentation approach used by Bayer Consumer Products. We learned that Bayer has actually targeted two segments WITHIN the Aspirin market. These segments are:
a.
Aspirin Regimen to Reduce Recurrent Heart Attacks and Strokes and Aspirin for Pain Relief
One approach to positioning a new product in a market is __________ positioning, which involves competing directly with competitors on similar product attributes in the same target market.
b. head to head
Todd Harris and Associates, a New York sales promotion agency, discovered from an analysis of its files that one-quarter (or 25 percent) of its clients generated more than three-quarters (or 75 percent) of its fees and commissions. This is an example of what classic concept?
b. 80/20 rule
Which of the following is a basis used to segment U.S. organizational markets?
a. geographic
Grocery retailer Safeway displays the thousands of items it sells in aisles containing related items or product groupings. Examples would be the pet food aisle or the soft drink aisle. Why would Safeway display and sell product groupings in this manner?
c.
The products are grouped so people can relate to them in a more meaningful way when they shop
According to the lecture, in the decline stage of the Product Life Cycle, we have a variety of ways to manage our product. Which of the following would NOT be useful for us to do in the decline stage?
According to the lecture, in the decline stage of the Product Life Cycle, we have a variety of ways to manage our product. Which of the following would NOT be useful for us to do in the decline stage?
d.
Develop intensive distribution to allow brand loyal customers to find the product
In lecture, we considered various branding strategies within a product mix. Which approach does Armor All use in its branding of Armor All products (Armor All Protectant, Armor All Glass Cleaner, Armor All On Car Polish)?
b. family branding
All of the following are product modification strategies EXCEPT:
d. creating new use situation
Generating insights leading to marketing actions based on massive numbers of peoples’ ideas is called __________.
d. crowdsourcing
A prototype is a(n)
b.
full-scale operating model of the product under development.
Which of the following is a characteristic of the growth stage of the product life cycle?
a.
advertising emphasis switches to selective demand
The two most common pricing alternatives for products in the introduction stage of the product life cycle are __________ and __________.
a.
skimming pricing; penetration pricing
Concept tests are part of which stage in the new-product process?
b. screening and evaluation
According to lecture, for every customer who bothers to complain to the marketer about a problem, how many other customers remain silent about their problem experience?
c. 26
Kemps Dairy makes Life Savers Real Fruit Sherbet (with the flavors of a favorite childhood candy). Kemps Dairy had to pay Wrigley, the owner of the Life Savers brand name, a fee to market this concoction. This is MOST LIKELY an example of __________.
d. brand licensing
A flowchart of the points of interaction between consumer and service provider is referred to as
c.
a customer contact audit.
A person can establish expectations for a service he or she has not yet experienced through word-of-mouth communications, personal needs, past experiences, and promotional activities. However, the actual experience(s) are determined by
a. the way the organization delivers its service
In the seven Ps of services, the term “process” refers to
c.
the procedures, mechanisms, and flow of activities by which the service is created and delivered.
While there are the 4 Ps of marketing, there are the __________ Ps of services.
d. 7
The actual procedures, mechanisms, and flow of activities by which a service is created and delivered is referred to as __________.
a. process
In class, we heard that yield management pricing requires all of the following EXCEPT:
d.
We know what percent profit is necessary for our goal.
As we heard in lecture, the fashion industry (often) prices to charge less (discounting) later in the season, as the item is moving out of fashion and/or as the season changes. What type of pricing approach did we say this represents?
e. yield management pricing
When using a price lining strategy, a marketer will
a.
set the price of a line of products at a number of different specific pricing points.
When establishing product line pricing, the highest priced item is typically positioned as
b.
the premium item in the line in terms of quality and features.
When Dell sells various laptops, it also pre-installs Microsoft Office and other software customers order at a discount before a laptop is shipped. This is an example of
c. bundle pricing
The key to setting a final price for a product is finding an approximate price level to use as a reasonable starting point. Four common approaches to selecting an approximate price level are: (1) demand-oriented; (2) __________; (3) profit-oriented; and (4) competition-oriented approaches.
a. cost-oriented
It is relatively easy to measure the incremental cost of a new advertising campaign; what is not as easy is
c.
measuring the incremental revenue generated by the new advertising campaign.
Yield management pricing refers to
e.
charging different prices to maximize revenue for a set amount of capacity at any given time.
The reward a manufacturer gives to wholesalers and retailers for marketing functions they will perform in the future is referred to as __________.
d. trade discounts
There are a variety of types of conflict that can occur among channel members. If a hardware store down the street from our ice cream shop starts selling the same brand of ice cream as we do, there is likely to be conflict. This is a good example of:
e. conflict caused by the hardware store adapting “scrambled merchandising” marketing
Figure 15-3 above depicts four common marketing channels for consumer products and services that differ by the kind and number of intermediaries. Channel “A” would be an appropriate marketing channel for which of the following?
e. state farm insurance
Having a product or service where consumers want it is __________ utility.
b. place
Figure 15-4 above depicts the four most common marketing channels for business products and services. “Z” represents
b. industrial users
Predatory pricing is
c.
the practice of charging a very low price for a product with the intent of driving competitors out of business.
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 __________.
a. single zone pricing
Callaway Golf markets its products through on- and off-course golf retailers and sporting goods retailers, and also has its own online store, which makes it a full-fledged
b. multichannel marketer
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?
e.
Actually, these were ALL reasons given.
During the postpurchase stage of the consumer purchase decision process, __________ plays a small role.
d. public relations
A similar understanding and knowledge that the sender and receiver apply to the message so that it can be communicated effectively during the communication process is referred to as __________.
b. field of experience
In Europe, stores called __________ are based on the concept of one-stop shopping for consumers. Such retail stores, which use scrambled merchandising, typically encompass over 200,000 square feet of floor space and offer quality, variety, and low price for food and groceries and general merchandise.
b. hypermarkets
Which type of store gives shoppers the greatest variety of merchandise?
a. a hypermarket
There’s a new prescription drug on the market that helps reduce common allergy symptoms. Ads for the medicine in magazines and in medical journals would be primarily used to
b.
increase the level of customer awareness and interest for the product.
Sam’s Club and Costco are examples of __________.
e. warehouse clubs
In class, we looked at the “recruitment pyramid.” Based on this example, what is the ratio of people interviewed to actual offers?
c. 10:1
In class, we looked at “What we can learn from the “Sales Gods.” Which of the following was NOT one of the learning points?
e.
They KNOW that they don’t have to change the world to be successful.
In class, we heard about different types of financial compensation that we can offer salespeople. Which approach is simple to administer and allows for easy projection of earnings?
a. straight salary
In class, we talked about the stages in the personal selling process. If you are working with data from trade shows and mailing lists to identify a list of potential clients, which stage of the process are you in?
a. prospecting
Suggestive selling is a form of __________.
b.
stimulus-response presentation
You respond by saying courteously, “You’re absolutely right, and I am going to make it my business to be sure that never happens again.” Which method have you used to handle the customer’s objection?
c.
agree and neutralize
Which of the following statements regarding the preapproach stage with respect to international selling is MOST ACCURATE?
c.
Customs are very important in dictating appropriate protocol.
Research indicates that there are four key factors involved with salesforce motivation: (1) a clear job description; (2) __________; (3) a personal need for achievement; and (4) proper compensation, incentives, or rewards.
c.
effective sales management practices
Sales management consists of three interrelated functions: (1) __________; (2) sales plan implementation; and (3) salesforce evaluation.
b. sales plan formulation
Which of the following statements should a salesperson use to acknowledge and convert the prospect’s objection into a reason for buying?
b.
“Yes, you’re right, it is lighter but that is done intentionally to make your work easier.”
In class, we heard about different types of financial compensation that we can offer salespeople. Which approach links income directly to the desired results and also offers cost-control benefits to the company?
b. straight commission
In class, we talked about determining the size of the Sale Force. Which approach to setting the size begins with consideration of the total salesforce budget in terms of the total sales?
a. the “top-down” approach
In class, we talked about the stages in the personal selling process. In which stage do you attempt to establish an initial rapport with the prospect (which will set the foundation of the relationship)?
c. approach
In class, we heard about several “Trends” in Personal Selling. Which trend involves the ability of salespeople to retrieve the information they need at virtually any time they need it?
c. mobile technology
A straight commission compensation plan is well-suited to sales positions where
a. nonselling activities are minimal
Which of the following tasks are involved in the sales plan formulation stage of the sales management process?
c.
setting sales objectives, organizing the salesforce, and developing account management policies
The preapproach stage of the personal selling process is especially important in __________.
a. international sales
A salesperson at Toshiba America Medical Systems uses a laptop computer with built-in DVD capabilities to provide interactive presentations for their computerized tomography (CT) and magnetic resonance imaging (MRI) scanners. With it, the customer sees elaborate three-dimensional animations, high-resolution scans, and video clips of the company’s products in operation as well as narrated testimonials from satisfied customers. Such technological capabilities have made it both effective both for sales presentations and for training salespeople. This would be an example of the use of
d. salesforce technology
At Xerox there is a passion for winning that provides a key incentive for sales reps. Xerox has a recognition program called the __________ where the top performers are awarded a five-day trip to one of the top resorts in the world.
a. president’s club
A disadvantage of a customer sales organization is
e.
higher administrative costs and some duplication of selling effort.
In class, we heard about several “Trends” in Personal Selling. Which trend involves the ability of salespeople to do online video conferencing with customers?
e. electronic sales presentations
In class, we heard about several “Trends” in Personal Selling. Which trend was a version of “Buzz Marketing?”
a. controlled word of mouth promotion
In class, we heard from Tim Apel on Personal Selling. He indicated that when people are buying a home, it is one of the largest expenditures they will make. During the sales process, customers want:
a.
your full attention and 100% of your time focused on them.
In class, we looked at the Major Steps in the Sales Personnel Selection Process. Based on this information, if a candidate passes the initial interview, what is the next step?
a. need-satisfaction presentation
A __________ contains specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated time period.
c. sales quota
There are five dimensions to emotional intelligence: __________; self-awareness; the ability to manage one’s emotions and impulses; empathy; and social skills.
c. self-motivation
a sales plan refers to a
d.
statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed.
During the sales presentation, the prospect interrupted the salesperson’s presentation and said, “Wait a minute. This looks like it’s going to cost too much.” The salesperson responded, “I think you’ll be delighted with how relatively inexpensive this program is. I’ll address the subject of price in just a moment.” Which objection-handling technique has the salesperson used?
b. postpone
The closing stage in the selling process involves obtaining a purchase commitment from the prospect. This stage is the most important and the most difficult because the salesperson must determine when the prospect is ready to buy. Telltale signals indicating a readiness to buy include
a.
body language, statements, and questions.