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Marketing > Final > Flashcards

Final Flashcards

1
Q

Retailing refers to:

A

the sale of products to final consumers.

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2
Q

A retailer’s “Product” may include:

A

a particular assortment of goods and services.
special orders.
advice from salesclerks.

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3
Q

Most conventional retailers in the U.S. are:

A

limited-line stores.

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4
Q

The ____________ says that retailers should offer low prices to get faster turnover and greater sales volumes by appealing to larger markets.

A

Mass-merchandising concept

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5
Q

Expanded assortment and/or reduced margins and service are characteristic of

A

specialty shops.

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6
Q

The “wheel of retailing” theory says that:

A

new types of retailers enter as low-status, low-margin, low-price operators and eventually offer more services and charge higher prices.

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7
Q

Scrambled merchandising refers to: .

A

retailers carrying any product lines they can sell profitably.

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8
Q

A corporate chain:

A

Is formed when a firm owns and manages more than one store.

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9
Q

Voluntary chains are

A

wholesaler-sponsored groups that work with “independent” retailers.

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10
Q

Business firms that sell to retailers and other merchants, and/or to industrial, institutional, and commercial users–but which do not sell in large amounts to final consumers–are:

A

wholesalers

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11
Q

Regarding wholesalers, which of the following is the most numerous?

A

Merchant wholesalers.

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12
Q

_____ are merchant wholesalers that provide all the wholesaling functions.

A

Service wholesalers

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13
Q

____________ wholesalers are service wholesalers that carry a wide variety of nonperishable items.

A

General merchandise

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14
Q

A broker’s “Product” is:

A

information about what buyers need and what suppliers are available.

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15
Q

Product” means

A

the need-satisfying offering of a firm.

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16
Q

_____ means a product’s ability to satisfy a customer’s needs or requirements.

A

Quality

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17
Q

Services

A

are intangible.
often have to be produced in the presence of the customer.
are not easy to store.
are perishable.

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18
Q

A product assortment is:

A

the set of all product lines and individual products that a firm sells.

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19
Q

Individual products:

A

may require their own marketing mixes.

are usually distinguished by brand, size, price, or some other characteristic.

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20
Q

All products fall into one of two broad groups. Which of the following is one of these groups?

A

Consumer products.

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21
Q

Consumer product classes are divided into four groups. Which of the following is one of these groups?

A

Convenience. Shopping. Specialty. Unsought.

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22
Q

The big difference between the consumer products and the business products market is:

A

Derived demand.

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23
Q

Business product classes are based on

A

how buyers think about products. how the products will be used.

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24
Q

A ______________ is a word, letter, or group of words or letters.

A

brand name

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25
Q

Which of the following conditions would not be favorable to branding?

A

Fluctuations in product quality due to inevitable variations in raw materials

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26
Q

Which of the following is NOT a level of brand familiarity?

A

Brand nonexistence

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27
Q

Characteristics of a good brand name include all of the following except:

A

Be trendy and fashionable.

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28
Q

The law which focuses on the protection of trademarks and brand names is

A

the Lanham Act.

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29
Q

Packaging

A

can serve as a useful enhancement tool.
can serve as a useful promotional tool.
is concerned with protecting the product in shipping and on the shelf.

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30
Q

If a firm offers a written warranty, it

A

must be labeled either “full” or “limited.”
must be available to buyers before the sale.
shouldn’t be “deceptive” or “unfair” per FTC guidelines.
may help create a new strategy.

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31
Q

Which of the following is NOT one of the text’s business product classes?

A

Specialty products.

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32
Q

The product life cycle has four stages. Which of the following is not one of these?

A

Economic competition.

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33
Q

As a product moves through its product life cycle:

A

customers’ needs and attitudes may change.

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34
Q

Industry profits are largest in which of the following product life cycle stages?

A

Market growth.

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35
Q

Product life cycles are concerned with sales and profits

A

in a product-market.

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36
Q

Concerning product life cycles:

A

the stages usually have varying lengths.

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37
Q

A new product idea is more likely to move quickly through the early stages of the product Life cycle when:

A

the product is easy to use.
the product is compatible with the values and experiences of target customers.
the product can be given a trial.
the product’s advantages are easy to communicate.

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38
Q

According to the text, product life cycles are:

A

getting shorter.

39
Q

When planning for the different stages of the product life cycle, managers should remember that:

A

Sometimes, competitors can help to build customer interest in a new product idea.
The correct strategy depends on how quickly the new idea will be accepted by consumers.
Not all new product ideas catch on with consumers or intermediaries.

40
Q

Which of the following is less likely to happen as a product moves through the later stages of the product life cycle?

A

Product - Some drop out.

41
Q

When moving into the market maturity stage of the product life cycle, a firm might be able to obtain a competitive advantage:

A

with lower production costs.
by being more successful at promotion.
by having a slightly better product than competitors.

42
Q

According to the text, a “new product” is one that is:

A

new in any way for the company concerned.

43
Q

According to the Federal Trade Commission (FTC), a new product is only new for ________ months.

A

6

44
Q

Which of the following is a common cause of new product failures?

A

The product fails to offer the customer a unique benefit.

The company delays putting the product on the market until it has developed a complete marketing plan.

45
Q

Which of the following gives the correct order of the steps in the new-product development process?

A

Idea generation, screening, idea evaluation, development, commercialization.

46
Q

The new-product development process

A

should have ongoing support from top management.

47
Q

The job of product or brand manager is often created when a firm:

A

has many different kinds of products or brands.

wants each product or brand to have a “champion.”

48
Q

Strategy planning for Price is concerned with:

A

to whom and when discounts and allowances will be given.
how transportation costs will be handled.
how flexible prices will be.
at what level prices will be set over the product life cycle.

49
Q

______ is what a customer must give up to get the benefits offered by the rest of a firm’s marketing mix.

A

Price

50
Q

Pricing objectives should flow from, and fit in with,

A

company-level and marketing objectives.

51
Q

A marketing manager may choose a pricing objective that is:

A

sales oriented.status-quo oriented.profit oriented.

52
Q

Prices are “administered” when:

A

firms consciously set their own prices.

53
Q

A one-price policy means:

A

offering the same price to all customers who purchase products under essentially the same conditions and in the same quantities.

54
Q

A flexible-price policy means offering

A

the same product and quantities to different customers at different prices.

55
Q

A _____ price policy tries to sell the top of the demand curve at a high price before aiming at more price-sensitive customers.

A

skimming

56
Q

Trying to sell a firm’s new product to a large market at one low price is known as:

A

a penetration pricing policy.

57
Q

Using temporary price cuts to speed a producer’s new product into a market is known as:

A

introductory price dealing.

58
Q

________ are the prices final customers or users are normally asked to pay for products.

A

Basic list prices

59
Q

______ are reductions from list price that are given by a seller to a buyer who either gives up some marketing function or provides the function himself.

A

Discounts

60
Q

Which of the following statements about rebates is True?

A

Rebates are refunds paid to consumers after a purchase.
Rebates ensure that the final consumer gets a producer’s price reduction.
Many consumers purchase a product because a rebate is offered but then never request the refund.
Many consumers think that some sellers make it an unnecessary hassle to claim a rebate.

61
Q

If a producer wants title to pass to a buyer immediately–but still wants to pay the freight bill — the invoice should read:

A

F.O.B. seller’s factory–freight prepaid.

62
Q

_____ means setting a fair price level for a marketing mix that really gives the target market superior customer value.

A

Value pricing

63
Q

Unfair trade practice acts:

A

put a lower limit on prices, especially at the wholesale and retail levels.

64
Q

Price fixing means:

A

competitors getting together to raise, lower, or stabilize prices.

65
Q

According to the text, the two basic approaches to price setting are

A

cost-oriented and demand-oriented price setting.

66
Q

Most firms in the business world set their prices using:

A

cost-oriented price setting.

67
Q

A _____ is a dollar amount added to the cost of products to get the selling price.

A

markup

68
Q

The text says “markup” means percent of:

A

selling price–unless otherwise stated.

69
Q

The sequence of markups firms use at different levels in a channel is referred to as a(n)

A

markup chain.

70
Q

Which of the following is a TRUE statement about markups?

A

A firm can lose money even when using a high markup.

71
Q

High markups on a product could lead to low profits when

A

sales dip due to high prices

72
Q

Setting prices by adding a “reasonable” markup to a firm’s average cost is called:

A

average-cost pricing.

73
Q

Average-cost pricing:

A

May be very profitable if actual sales are higher than expected.
may lose money for the firm if actual sales are less than expected.
does not take demand into account in setting prices.

74
Q

Total fixed cost:

A

is the sum of those costs which do not change in total no matter how much is produced.

75
Q

The sum of those changing expenses which are closely related to output is called:

A

total variable cost.

76
Q

At break-even point (BEP),

A

the firm’s total sales will equal its total production.

77
Q

The best pricing tool marketers have for looking at costs and revenue at the same time is

A

marginal analysis.

78
Q

The main advantage that marginal analysis has over most other popular pricing methods is that it:

A

Takes into account both costs and demand.

79
Q

Customers are likely to be more price sensitive when:

A

the total expenditure is great.they have to pay the bill themselves.the end benefit isn’t very significant.

80
Q

Which of the following observations concerning a “reference price” is true?

A

Demand may increase if a firm’s price is lower than a customer’s reference price.

81
Q

Which of the following statements is true?

A

Leader pricing means setting some very low prices to get customers into retail stores.
Bait pricing is setting some very low prices to attract customers but trying to sell more expensive models or brands once the customer is in the store.
Price lining is setting a few price levels for a product line and then marking all items at these prices.
Prestige pricing is setting a rather high price to suggest high quality or high status.

82
Q

_____ means offering a specific price for each possible job rather than setting a price that applies for all customers.

A

Bid pricing

83
Q

A good marketing plan sets the frame work for effective _____________ and control.

A

implementation

84
Q

_______is the feedback process that helps the marketing manager learn how ongoing plans are working and how to plan for the future.

A

control

85
Q

With respect to marketing control,

A

faster feedback can often be the basis for a competitive advantage

86
Q

The basic objectives of implementation are to do things

A

better.
faster.
at lower cost.

87
Q

Sales analysis is a

A

detailed breakdown of a company’s sales records.

88
Q

A._________ looks for exceptions or variations from planned performance.

A

performance analysis

89
Q

The best way to break down or analyze sales data is

A

any of these are correct depending on the situation.

90
Q

According to the ________, much good information is hidden in summary data.

A

iceberg principle

91
Q

Which of the following statements best describes the iceberg principle?

A

Problems in one area may be offset by good performance in other areas – and thus the problems may not be visible on the surface.

92
Q

__________are the two basic approaches to handling marketing costs allocation problems.

A

The full-cost approach and the contribution-margin approach.

93
Q

A systematic, critical, and unbiased review and appraisal of the basic objectives and policies of the marketing function – and of the organization, methods, procedures, and people employed to implement the policies – is called a:

A

marketing audit.

Marketing (6 decks)

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