BUS 101 – Chapter 11 – Worksheet

Bic ballpoint pens appeal to price-conscious consumers because of their affordability. Bic has segmented its market on a ____ basis.
behavioristic
The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem is called _____.
marketing research
Click It, Inc.

Travis is a salesperson for Click It, Inc. Click It does not sell products with its own brand name. Instead, its products are created for different retail stores and carry the store brand. Travis thought that several changes needed to be made to a particular product, but Click It management reminded him that the stores, not Click It, owned the brand.

However, because Click It had been concerned about dropping sales, management listened to Travis’s concerns about the company’s pricing. He suggested using a different pricing strategy. More specifically, he felt that the company should incorporate a multiple-unit pricing strategy because it would then allow Click It to set a single price for multiple units. This had the potential of increasing sales and therefore profits, so management agreed to consider Travis’s suggestion.

Refer to Click It, Inc. When Travis thinks of products and brands adding value to the company that sells them, which concept is he referring to?

brand equity
Bread, gasoline, and ____ are examples of convenience products.
newspapers
The product life cycle stage in which there is a rapid sales increase, other firms have begun to market competing products, and lower unit costs and an overall tendency toward increased profit prevail, is the _____ stage.
growth
GE, Kellogg’s, Mercedes, and Dell are all examples of _____.
brands
____ competition is based on factors such as product quality, promotion, customer service, and packaging.
Nonprice
A discount from the list, or price offered to intermediaries is a(n) ____ discount.
Caroline’s Crafts ‘N Things

Sarah works for a retail shop called Caroline’s Crafts ‘N Things. Sarah was often quite rude to customers when they annoyed her. One morning, her supervisor asked Sarah into her office and informed her that her behavior was unacceptable. To be rude to one customer could cause several customers not to come back. Sarah’s supervisor told her that retaining a customer is much cheaper than trying to get a new one. After their constructive discussion, Sarah’s boss told her that she wanted her to go out on the floor that day and attempt to be more helpful to customers.

Over the next few months, Sarah began to help customers learn more about the different products in the store and often explained why the customer might want to purchase one product over another. In doing so, she realized the importance of her role in the retail shop and began to truly enjoy her job. She started to think about the future of the company. She even thought that the company could do very well if it were to sell its products on eBay. When she brought this idea to her boss, her boss thought it was excellent, and asked Sarah to look further into the pros and cons of her idea.

After evaluating Sarah’s research, her boss decided to move forward with the idea, asking Sarah to head up this new venture for the company. Sarah then realized that retail is not just about making the sale; the customer should be the focus of all operations. Sarah now looks up to her boss, and is very glad that she was there to mentor her.

Refer to Caroline’s Crafts ‘N Things. When Sarah was brought into her boss’s office, what was her manager trying to explain?

customer lifetime value
Caroline’s Crafts ‘N Things

Sarah works for a retail shop called Caroline’s Crafts ‘N Things. Sarah was often quite rude to customers when they annoyed her. One morning, her supervisor asked Sarah into her office and informed her that her behavior was unacceptable. To be rude to one customer could cause several customers not to come back. Sarah’s supervisor told her that retaining a customer is much cheaper than trying to get a new one. After their constructive discussion, Sarah’s boss told her that she wanted her to go out on the floor that day and attempt to be more helpful to customers.

Over the next few months, Sarah began to help customers learn more about the different products in the store and often explained why the customer might want to purchase one product over another. In doing so, she realized the importance of her role in the retail shop and began to truly enjoy her job. She started to think about the future of the company. She even thought that the company could do very well if it were to sell its products on eBay. When she brought this idea to her boss, her boss thought it was excellent, and asked Sarah to look further into the pros and cons of her idea.

After evaluating Sarah’s research, her boss decided to move forward with the idea, asking Sarah to head up this new venture for the company. Sarah then realized that retail is not just about making the sale; the customer should be the focus of all operations. Sarah now looks up to her boss, and is very glad that she was there to mentor her.

Refer to Caroline’s Crafts ‘N Things. Caroline’s purchased its Thanksgiving products in June. However, in October, when the store finally displays the Thanksgiving products, which form of utility is being provided?

time
Caroline’s Crafts ‘N Things

Sarah works for a retail shop called Caroline’s Crafts ‘N Things. Sarah was often quite rude to customers when they annoyed her. One morning, her supervisor asked Sarah into her office and informed her that her behavior was unacceptable. To be rude to one customer could cause several customers not to come back. Sarah’s supervisor told her that retaining a customer is much cheaper than trying to get a new one. After their constructive discussion, Sarah’s boss told her that she wanted her to go out on the floor that day and attempt to be more helpful to customers.

Over the next few months, Sarah began to help customers learn more about the different products in the store and often explained why the customer might want to purchase one product over another. In doing so, she realized the importance of her role in the retail shop and began to truly enjoy her job. She started to think about the future of the company. She even thought that the company could do very well if it were to sell its products on eBay. When she brought this idea to her boss, her boss thought it was excellent, and asked Sarah to look further into the pros and cons of her idea.

After evaluating Sarah’s research, her boss decided to move forward with the idea, asking Sarah to head up this new venture for the company. Sarah then realized that retail is not just about making the sale; the customer should be the focus of all operations. Sarah now looks up to her boss, and is very glad that she was there to mentor her.

Refer to Caroline’s Crafts ‘N Things. Sarah should understand that all except which of the following are different types of utilities?

market
Caroline’s Crafts ‘N Things

Sarah works for a retail shop called Caroline’s Crafts ‘N Things. Sarah was often quite rude to customers when they annoyed her. One morning, her supervisor asked Sarah into her office and informed her that her behavior was unacceptable. To be rude to one customer could cause several customers not to come back. Sarah’s supervisor told her that retaining a customer is much cheaper than trying to get a new one. After their constructive discussion, Sarah’s boss told her that she wanted her to go out on the floor that day and attempt to be more helpful to customers.

Over the next few months, Sarah began to help customers learn more about the different products in the store and often explained why the customer might want to purchase one product over another. In doing so, she realized the importance of her role in the retail shop and began to truly enjoy her job. She started to think about the future of the company. She even thought that the company could do very well if it were to sell its products on eBay. When she brought this idea to her boss, her boss thought it was excellent, and asked Sarah to look further into the pros and cons of her idea.

After evaluating Sarah’s research, her boss decided to move forward with the idea, asking Sarah to head up this new venture for the company. Sarah then realized that retail is not just about making the sale; the customer should be the focus of all operations. Sarah now looks up to her boss, and is very glad that she was there to mentor her.

Refer to Caroline’s Crafts ‘N Things. Doing business on eBay allows an entrepreneur to

create place utility.
Your Best, Inc.

Christie worked for a retail company and noticed there were many things which could be done. She shared some of her ideas with upper management, but it did not want to do things differently. When Christie went home to talk to her husband, they both realized that, given her passion, it would be better for Christie to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Best, Inc. She also knew just where to open the store¾right next to her house.

To be certain to address all aspects of the business, Christie hired a marketing research firm to determine the best location. Once all the research was compiled and analyzed, she realized that it would actually be better to open the store in a different area. She also realized that deciding where to locate the business was not the only major concern. More specifically, she would have to focus on the four elements of the marketing mix as well, creating a whole marketing plan. Her husband mentioned the possibility of using online information services to help with the business. With her husband’s support and a good marketing plan, Christie felt that she would be prepared to make the right decisions.

Refer to Your Best, Inc. Christie thought about focusing on the four elements of the marketing mix. Which of the following is one of those elements?

price
Your Best, Inc.

Christie worked for a retail company and noticed there were many things which could be done. She shared some of her ideas with upper management, but it did not want to do things differently. When Christie went home to talk to her husband, they both realized that, given her passion, it would be better for Christie to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Best, Inc. She also knew just where to open the store¾right next to her house.

To be certain to address all aspects of the business, Christie hired a marketing research firm to determine the best location. Once all the research was compiled and analyzed, she realized that it would actually be better to open the store in a different area. She also realized that deciding where to locate the business was not the only major concern. More specifically, she would have to focus on the four elements of the marketing mix as well, creating a whole marketing plan. Her husband mentioned the possibility of using online information services to help with the business. With her husband’s support and a good marketing plan, Christie felt that she would be prepared to make the right decisions.

Refer to Your Best, Inc. In preparing a marketing plan, Christie should ensure that all except which of the following components are included?

production schedule
Your Best, Inc.

Christie worked for a retail company and noticed there were many things which could be done. She shared some of her ideas with upper management, but it did not want to do things differently. When Christie went home to talk to her husband, they both realized that, given her passion, it would be better for Christie to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Best, Inc. She also knew just where to open the store¾right next to her house.

To be certain to address all aspects of the business, Christie hired a marketing research firm to determine the best location. Once all the research was compiled and analyzed, she realized that it would actually be better to open the store in a different area. She also realized that deciding where to locate the business was not the only major concern. More specifically, she would have to focus on the four elements of the marketing mix as well, creating a whole marketing plan. Her husband mentioned the possibility of using online information services to help with the business. With her husband’s support and a good marketing plan, Christie felt that she would be prepared to make the right decisions.

Refer to Your Best, Inc. Marketing research involves

interpreting information.
Your Best, Inc.

Christie worked for a retail company and noticed there were many things which could be done. She shared some of her ideas with upper management, but it did not want to do things differently. When Christie went home to talk to her husband, they both realized that, given her passion, it would be better for Christie to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Best, Inc. She also knew just where to open the store¾right next to her house.

To be certain to address all aspects of the business, Christie hired a marketing research firm to determine the best location. Once all the research was compiled and analyzed, she realized that it would actually be better to open the store in a different area. She also realized that deciding where to locate the business was not the only major concern. More specifically, she would have to focus on the four elements of the marketing mix as well, creating a whole marketing plan. Her husband mentioned the possibility of using online information services to help with the business. With her husband’s support and a good marketing plan, Christie felt that she would be prepared to make the right decisions.

Refer to Your Best, Inc. If Christie were to use information services available online, they would offer her access to which of the following?

databases
Your Best, Inc.

Christie worked for a retail company and noticed there were many things which could be done. She shared some of her ideas with upper management, but it did not want to do things differently. When Christie went home to talk to her husband, they both realized that, given her passion, it would be better for Christie to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Best, Inc. She also knew just where to open the store¾right next to her house.

To be certain to address all aspects of the business, Christie hired a marketing research firm to determine the best location. Once all the research was compiled and analyzed, she realized that it would actually be better to open the store in a different area. She also realized that deciding where to locate the business was not the only major concern. More specifically, she would have to focus on the four elements of the marketing mix as well, creating a whole marketing plan. Her husband mentioned the possibility of using online information services to help with the business. With her husband’s support and a good marketing plan, Christie felt that she would be prepared to make the right decisions.

Refer to Your Best, Inc. When Christie’s business gets going, her income less all additional personal taxes would be called her _____.

disposable income
A firm’s marketing activities are affected by external and generally uncontrollable forces.
True
Sales forecasts are used by managers in different divisions of an organization.
True
A marketing information system is computer-based and uses information from both internal and external sources.
True
A consumer usually will go through all of the steps of the consumer buying decision process for every purchase.
False
In the decline life cycle stage of a product, less profitable versions of the product are sold at reduced rates to cut losses.
False
Hershey Chocolate Company is making an estimate of the amount of candy it expects to sell during the Christmas season based on a specified level of marketing effort. The method Hershey uses for forecasting sales includes all of the following except
financial ratios.
If Carolyn Smith purchases office supplies for her home office from which she operates her insurance business, she is a member of which type of market?
Business-to-business
During the 1950s, the marketing concept began to develop as business managers recognized that they were not primarily producers or sellers but rather were in the business of
satisfying customers’ needs.
Fixed costs are costs that depend on the number of units produced.
False – constant regardless the quantity of goods or services produced
Entirely new products are innovations.
True