Bus 360 Final SSU 2017

From a micro view, Marketing
is a set of activities performed by an individual organization to satisfy its customers
Which of the following is one of the three basic ideas in the “Marketing Concept?”
Answer: Customer Satisfaction
others: total company effort, profit/measure of long term success
Trying to balance the interests of people who want to drink beer and dancer of drunk driving is an example of?
The Macro-Micro Dilemma
According to the text, Marketing means…
much more than selling and advertising
The “Universal Functions of Marketing” do NOT include
producing
The vertical marketing system that typically has the greatest amount of cooperation amount channel
Corporate channel system
A convenience product would probably be sold using
intensive distribution
Many firms prefer to distribute directly to the final customer because they
control all marketing job, serve at lower cost, more effective, use internet
Answer: all of the above
Which of the following is NOT a place decision
recruitment, selecting, and managing sales force
“Logistics” is concerned with
Reducing spatial separations between producers & consumers, Transporting, storing, and handling physical goods within individual firms & along channel systems, & Physical Distribution.

Answer: All of the above

Public warehouses
provide flexibility because the user pays only for the space used
The first retailers to really show the importance of the mass merchandising concept were the operators of
supermarkets
The main difference between agent wholesalers and merchant wholesalers is
that agent wholesalers do not own the products they sell and merchant wholesalers do
Speciality shops
generally try to become well known for the distinctiveness of their line and the special services offered
Scrambled Merchandising is carrying
any product lines that a store thinks that they can sell profitably
Retailing refers to
the sale of products to final consumers
The adoption curve concept is most closely related to which of the following?
the product life cycle
What is Advertising?
any paid form on non personal presentation of ideas, goods, or services by an identified sponsor
Personal selling
involved direct spoken communication between sellers and potential buyers
Identify the traditional communication process
Source>Encoding>Message Channel>Decoding>Receiver>Feedback
Which of the following shows the correct sequence of market acceptance of a new idea, as represented in the adoption curve?
innovators, early adopters, early majority, late majority, laggards
This promotional approach emphasizes the importance of securing the wholehearted cooperation members to promote the product in the channel and to the final use
pushing
The AIDA model consists of?
Attention, Interest, Desire, and Action
What does The Adoption Curve show?
when different groups accept ideas
What does promotion include?
Personal selling, Mass Selling and sales promotion

Answer: All of the above

A retailers promotion objectives might be to _______ its target market about its marketing mix
inform, persuade and remind

Answer: All of the Above

The most popular sale force payment method is
a combination plan
Marketing managers should make specific strategy decisions about
what kind of salespeople, salespeople compensation, sale presentation used, salespeople selection and training

Answer: All of the above

Which of the following is NOT one of the sales presentation approaches discussed in the text?
target market approach
Order getters
are concerned with establishing relationships with new customers and developing new business
The _____ involved developing a good understanding of the individual customers needs before trying to close the sale
Consultative selling approach
The commission method of payment
offers the most incentive for the salesperson
A ____ is a written statement of what a salesperson is expected to do
job description
Which of the following is the BEST example of an advertising objective
“We want 35% of our target customers to be aware of our new product within the next two months “
Advertising objectives should be
more specific than personal selling objectives
“Copy Thrust” refers to
what is to be communicated by the words and illustrations
______ advertising tries to develop primary demand for a product category rather than demand for a specific brand
pioneer
Competitive advertising, which makes specific brand comparison using actual names, is ______ advertising
comparative
All of the following are product based advertising except…
institutional advertising

are(cooperative, pioneering, comparative, and competitive)

Selecting the most effective advertising media depends on the
Nature of media, target market, funds available, promotion objectives
Answer: All of the above
To guarantee good media selection, the advertiser FIRST must clearly specific its
target market
Advertising which tries to develop selective demand for a specific brand rather than a product category is called what advertising?
competitive
The ____ type of competitive advertising points out product advantages to affect future buying decisions
indirect
Which of the following is a SALES ORIENTED pricing objective?
growth in the market share

(NOT: target return, non price competition, satisfactory profits)

Trying to get the “cream” of the market at a high price before aiming at the more price sensitive customers is consistent with a
skimming pricing policy
_____ is what a customer must give up to get the benefits offered by the res of a firms marketing mix
price
A marketing manager may choose a pricing objective that is
sales oriented, profit oriented, status quo oriented

Answer: any the above depending on the situation

Offering a CUMULATIVE quantity discount seeks to
encourage the buyer to make addition purchases
Which of the following is a Status Quo pricing objective
meeting competition
Some retailers commonly use prices that end in certain numbers. They seem to assumer that their customers see prices with these numbers as substantial lower. What is this called?
Odd even pricing
According to the text, the two basic approaches to price setting are:
cost oriented price setting and demand oriented price setting
A retailer who advertises a low price on an item with no intent to sell that item but only to attract customers to try and sell more expensive products is using what?
Bait pricing
Setting relatively high prices to suggest high quality or high status is
prestige pricing
Average fixed costs
decrease steadily as output increases
The text says “markups”
are a percentage of selling price unless otherwise stated
The production cost of an automobile component is $45. the producer takes a 10% markup and sells the product to the wholesaler. What is the wholesaler’s cost?
$50
Wilson sells a basketball to a wholesaler for $16 and the wholesaler applies a 20% markup. A retailer then applies a 33.3% markup. The final selling price is?
$30
Michael soles competitors have an average markup of 40%. His average markup is $15 on shoes that sell for $45. this means what?
he is taking a smaller average markup than his competitors
The 3 basic tasks of ALL managers, according to the text, are
Planning, Implementation, and control
A breakthrough opportunity
is one that helps an innovator develop a hard to copy marketing strategy that will be very profitable for a long time
The marketing mix
helps to organize the marketing strategy decision areas
A marketing strategy
specifies a target market and a related marketing mix
In which of the external environments do changes usually occur most slowly?
Cultural and social environment
Generic Electrics “strategic planning grid”
requires subjective judgments about business strengths and industry attractiveness
Using General Electric’s “strategic planning grid” an oppunrity rated “medium” in terms of industry attractiveness and “medium” in terms of business strengths would be evaluated as
yellow borderline
When looking for attractive opportunities, a marketing manager should consider
All of the above
The total market value of goods and services provided in a country’s economy per year by both residents and nonresidents of that country is
GDP
What is “positioning”?
helps strategy planners understand how customers think about various brands or products in relation to each other
Segmenting
Tries to aggregate together individuals who have similar needs and characteristics
The process of naming broad product markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called
market segmentation
The text discusses a four level hierarchy of needs. Which of the following is NOT included in that model?
Physiological needs
The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people is a
culture
Which of the following is NOT a psychological variable?
Social class

ARE(attitudes,motivation,learning,perception)

Behavioral scientists recognize different levels of consumers problem solving. Which of the following is not one of those levels?
Rational problem solving
Discretionary income is defined as
income available after taxes and necessities
An economic buyer is a person who
logically compares choices to get the greatest satisfaction from spending time and money
Annual income = 75,000
Taxes = 25,000
Necessities = 15,000
Vacation = 5,000
Discretionary income = ???
35,000
Which of the following is not a selective process and used in gathering and interpreting information from the world around us?
Selective attention
Psychographics mat also be called
lifestyle analysis
Which of the following statements about social class is NOT true
in the US the system for measuring social class is based mainly on a persons income
A ____ refers to all of the people who participate in or influence a purchase
Buying Center
Regarding “marketing research” and “marketing information systems”
Marketing information systems tend to increase the quantity of information available for decision making, but with some decrease in quality
Quantitative Marketing research
Uses large, representative sample, data can be collected mail email, makes it easier to summarize answers

All of the Above

Which of the following is the correct sequence of steps in the marketing research process?
Defining the problem, analyzing the situation, getting problems specific data, interpreting the data, solving the problem
The scientific method
Is an orderly and objective approach to judging how good and idea really is
_____ are educated guesses about the relationships between things or about what will happen in the future
hypotheses
Procedures that develop and analyze new information to help marketing managers make decisions are called
marketing research
The most difficult step of the marketing process is
defining the problem
According to the text, “product”
means the need-satisfying offering of a firm
A large US firm produces chips, dish detergent, laundry detergent, shampoo, diapers and tissues. These are the firms
product assortment
Packaging
Enhances product, can increase cost to customer, promotes product, protects product

All of the above

Which of the following is NOT a level of brand familiarity?
brand nonexistence
Which of the following gives the correct order of the steps in the new product development process?
idea generation, screening, idea evaluation, development, commercialization
It is toward the end of the ____ stage of the product life cycle when industry profits begin to decline
market growth
The product life cycle has four stages. Which of the following is NOT one of these?
Economic Competition
Regarding product life cycles which of the following is NOT true?
the level of promotion usually decreases in market maturity since there is less revenue to cover the cost
A cookie manufacturer decided to expand into cake manufacturing, it begins the buying process for cake molds, toppings, and icing equipment by setting product specifications and evaluating sources of supply. This is an example of what?
New task buy