Principles of Marketing – Quiz Answers

A(n) ___ is an institution that buys goods from manufacturers, takes title to these goods, and resells them to businesses, government agencies, and/or other wholesalers or retailers.
Merchant Wholesaler
One configuration of a marketing channel entails producers are selling to consumers with no intermediaries involved. This is called a
Direct Channel
A(n) ___ discrepancy is created when a product is produced but a consumer is not ready to purchase it.
Temporal
____ describes the process of strategically managing the efficient flow of storage of raw materials, in-process inventory, and finished goods from point of origin to point of consumption
Logistics
Which level of distribution intensity is the most restrictive and entails establishing only oen or a few dealers within a given geographic area?
Exclusive
Which of the following intermediaries sell mainly to consumers?
Retailers
Customers can purchase HP computers from retail stores like best buy and office depot, online directly from HP, and through various catalogs. HP is using a(n) ____ distribution arrangement.
Multiple
A discrepancy of ____ is the difference between the amount of product produced and the amount an end user wants to buy
Quantity
The efficient and cost-effective forward and reverse flow and storage of goods, services, and related information into, through, and out of channel member companies is called:
Logistics
____ distribution is achieved by screening dealers to eliminate all but several in any single geographic area. Shopping goods and some specialty products that consumers are willing to search for are sold this way.
Selective
Which of the following provides the technological link connecting all of the logistics components of the supply chain?
Logistics information system
The relative ease with which a shipment can be located and transferred is
Traceability
____ coordinates and integrates all of the activities performed by channel members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value
Supply Chain Management
___ is the direct electronic transmission, from computer to computer, of standard business forms between two organizations. When this technique is used, orders can become virtually paperless, and information about the order is available to both firms.
Electronic data interchange
____ are standard measures that can be used repeatedly to assess performance on a supply-chain related process
Metrics
In which logistical component of the supply chain will you find electronic data interchange a common feature?
Order Processing
Which of the following describes a disadvantage associated with water transportation?
Lack of Speed
The connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function is known as the:
Supply Chain
____ is a method of developing and maintaining an adequate assortment of materials or products to meet a manufacturer’s or a customer’s need
An inventory control system
A manufacturer’s or supplier’s use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing, is called:
Outsourcing
Communication to large audiences, usually through a medium such as television or a newspaper, is called ____ communication.
Mass
The marketing function that evaluates public attitudes, identifies areas within the organization that are of public interest, and executes a program of action to gain public understanding is:
Public Relations
____ is communications by marketers that inform, persuade, and remind potential buyers of a product in order to influence an opinion or elicit a response.
Promotion
Media, salespeople, or a retail store best represent which element of the communication process?
Message Channel
____ is the careful coordination of all promotional activities to produce a consistent, unified message that is customer focused
Integrated Marketing Communications
Interpersonal communication is
Direct face-to-face communication between two or more people.
____ consists of all marketing activities that stimulate consumer purchasing such as coupons, contests, free samples, and trade shows
Sales Promotion
A ____ is defined as the unique set of feature of a company and its products that are perceived target market as significant and superior to the competition.
Competitive Advantage
Encoding is the:
Conversion of the sender’s ideas and thoughts into a message
A manufacturer using the ____ promotional strategy focuses its promotional efforts on the consumer.
Pull
An emphasis on branding generally begins as firms use ___ advertising
Competitive
____ is the promotional mix element that evaluates public attitudes, identifies issues that may elicit public concern, and executes programs to gain public understanding and acceptance.
Public Relations
Which form of advertising involves an organization expressing its views on controversial issues or responding to media attacks?
Advocacy
____ advertising has the advantages of being both timely and geographically flexible
Newspaper
Which public relations tool involves a company spending money to support an issues, cause, or event that is consistent with corporate objectives
Lobbying
____ advertising compares two or more specifically named or shown competing brands on one or more specific attributes
Comparative
Public information about a company, good, or service appearing in the mass media as a news item is:
Publicity
____ advertising is designed to enhance a company’s image rather than promote a particular product
Institutional
____ advertising is an arrangement under which a manufacturer pays a percentage of the advertising cost for an ad that a retailer places for the manufacturer’s brand
Cooperative
Which of the following involves the association of a for-profit company with a nonprofit organization?
Cause-related Marketing
A(n) ____ is an extra item offered to the consumer, usually in exchange for some proof that the promoted product has been purchased
Premium
The knowledge that most businesses depend on repeat sales is the basis of
Relationship Selling
A certificate that entitles consumers to an immediate price reduction when they buy the product is called a(n):
Coupon
____ are promotional exhibits set up at the retailer’s location to build traffic, advertise the product, or induce impulse buying. They are targeted to customers
Point-of-purchase displays
____ involves of determining which sales prospects have a recognizes need, buying power, and receptivity and accessibility
Lead Qualification
Which sales promotion tool allows the consumer the opportunity to try a product or service for free?
Sampling
The first step in the selling process is:
Generating Leads
A ____ is a cash refund given to consumers for the purchase of a product during a specific time period
Rebate
____ is a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships.
Relationship Selling
A ____ is a determination of the customer’s specific needs and wants and the range of options the customer has for satisfying them
Needs assessment
Which type of social media user posts comments, ratings, and reviews of products and services on blogs and forums?
Critic
A ____ allows users to decide which content is promoted on a given website by voting that content up or down
Social news site
Using consumers to develop and market product is called
Crowdsourcing
Marketers can adapt their messages more frequently by using ___ than with any other communication channel
Corporate Blogs
Which type of social media site allows users to post, read, rate, and comment of opinions about many different kinds of products and services?
A review site.
A publicly accessible web page that functions as an interactive journal is called a(n):
Blog
A website that allows individuals to connect with friends, peers, and business associates is called a:
Social Networking Site
Content that company purchases to be placed online is called:
Paid Media
Blogs with strict post length limits are called:
Microblogs
Which mobile marketing tools allows 160-character text messages to be sent to and from cell phones
SMS