FIN

Question 1

The problem with using an undifferentiated strategy to market a universal car is that

Answer 1

Car buyers have heterogenous needs

Question 2

When Liv goes to the first class of her operations management course, she finds out that in addition to the textbook she already purchased, she also needs a specific type of calculator. With regards to the calculator, at which stage of the consumer buying decision process is Liv?

Answer 2

Problem recognition

Question 3

Depending on the length of time it takes them to adopt a new product, people can be divided into five major categories: early adopters, early majority, late majority, laggards, and

Answer 3

Innovators

Question 4

the four major stages of a product life cycle include

Answer 4

introduction, growth, maturity, and decline

Question 5

During the introduction stage of a successful product, profits are usually

Answer 5

Negative and increasing

Question 6

The first adopters of a product are the innovators

Answer 6

true

Question 7

Which stage in the product life cycle is critical to a products survival because competitive reactions to the products success during this period will affect the products life expectancy?

Answer 7

Growth

Question 8

Convenience products are

Answer 8

Relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort.

Question 9

State and local governments regulations do not affect the pricing of services.

Answer 9

False

Question 10

What should marketers do to promote the consistency and reliability of their services most effectively?

Answer 10

Train employees and develop standard procedures for dealing with customers.

Question 11

_______ marketing involves activities conducted by individuals and organizations to achieve some goal than other ordinary business goals such as profit

Answer 11

Nonprofit

Question 11

The main characteristics of a _____ is that customers are satisfied to the point that they use a service repeatedly over time?

Answer 11

Client-based relationships

Question 12

Pioneering advertising is most likely to be used during which of the following product-life stages?

Answer 12

Introduction

Question 13

Tectron products company advertises a specific product heavily, and initech wants to offset the effects of that advertising. In this case, Initech would most likely employ _____ advertising.

Answer 13

Competitive

Question 14

The owner of a professional baseball team asks the account representative of an advertising agency to develop an advertising campaign to bring more teenagers to the ballpark. At this point, the account representative logically begins to discuss establishing ______ for the campaign.

Answer 14

Advertising objectives

Question 15

The first stage in the development of any advertising campaign is

Answer 15

Identifying the advertising targeting audience

Question 16

The effectiveness of an advertising campaign can be measured

Answer 16

before, during, and after the campaign through the use of protests, inquiries and posttests.

Question 17

______ is broad set of communication activities used to create and maintain favorable relations between the organizations and its stakeholders

Answer 17

Public relations

Question 18

The importance of price depends on the type of product, the type of target market, and purchase situation.

Answer 18

True

Question 19

A market share objective

Answer 19

Can be used effectively whether total industry sales are rising or

Question 20

Which pricing objective de-emphasizes price and can lead to a climate of nonprice competition in an industry?

Answer 20

Status quo

Question 21

The three primary bases for developing prices are

Answer 21

Demand, competition, and cost,

Question 22

Markup is measured either as a percentage of _____ or a percentage of _____

Answer 22

Selling price, cost.

Question 23

Marisol recently put her house on the market at an asking price of $260,000. She realizes, however that in order to sell the house she may have to use

Answer 23

Negotiated pricing

Question 24

If acer uses _____ pricing for its newest chromebook, it is probably most interested in obtaining market share and it assuming ____________.

Answer 24

Penetration pricing, that other competitors could enter the market.

Question 25

If kashi wants to gain a large market share quickly with its new line of reduced-fat snack products cracks it should use.

Answer 25

Penetration pricing

Question 26

When a cable television company uses bundling to combine phone, cable tv, and broadband internet access into a package with a single price, it it attempting to influence a consumers perception of price to make a products price more attractive and reduce “sticker shock.” This is an example of using a _____ strategy.

Answer 26

Psychological

Question 27

Products such as light bulbs, canned soft drinks, and ice cream sandwiches are usually priced using _____ which usually results in a ____

Answer 27

Multiple-unit pricing, lower unit price

Question 28

Which of the following pricing strategies often results in a retailer losing money on the product?

Answer 28

Price leader

Question 29

Showing a products price along with its previous price, the price of a competing brand, or the price at another retail outlet is called

Answer 29

Comparison discounting

Question 30

You are the marketing manger for a multistate auto dealership in the southeast United States, it is that time of year when your company experiences a model year change. You are putting the final touches on your pricing strategy to facilitate this change in your inventory of autos. Which of the following pricing strategies will you use to facilitate this model year change?

Answer 30

Periodic discounting

Question 31

The federal government often uses _____ pricing when it grants defense contracts.

Answer 31

Cost-plus

Question 32

Services have six basic characteristics: intangibility, inseparability of production and consumption, perishability, client-based relationships, customer contact, and

Answer 32

heterogenity