Final Exam Review Ch 12-21

Question 1

What are three forms of shopping centers?

Answer 1

1) Neighborhood center
2) Community center (Lifestyle variant)
3) Regional center (Power center)

Question 2

Typically combine outdoor shopping areas composed of upscale vendors

Answer 2

Community center (lifestyle variant)

Question 3

Marketing communication activities other than advertising, personal selling, and public relations, in which a short-term incentive motivates consumers or members of the distribution channel to purchase a good or service immediately

Answer 3

Sales promotion

Question 4

The integration and coordination of the promotion mix to deliver a clear,
consistent, and compelling message about the organization and its product (the careful coordination of all promotional messages for a product or a service to assure the consistency of messages at every contact point where a company meets the consumer)

Answer 4

IMC Concept

Question 5

“Oral presentation in a conversation with one or more prospective purchasers for the purpose of making a sale” (a purchase situation involving a personal paid-for communication between two people in an attempt to influence each other)

Answer 5

Personal selling

Question 6

“Any paid form of non-personal presentation and promotion of
ideas, goods or services by an identified sponsor” (impersonal, one-way mass
communication about a product or organization that is paid for by a marketer)

Answer 6

Advertising

Question 7

“Non-paid forms of non-personal presentation of ideas, goods and services” (public information about a company, product, service, or issue
appearing in the mass media as a news item)

Answer 7

Publicity

Question 8

“The passing of information by verbal means, especially recommendations, but also general information, in an informal, person-to-person
manner”

Answer 8

Word-of-mouth

Question 9

“Direct communication with carefully targeted individual consumers to obtain an immediate response” (techniques used to get consumers to make a purchase from their home, office, or another non-retail setting)

Answer 9

Direct marketing

Question 10

“company/organization sponsored activities and programs designed to create daily or special brand-interactions”

Answer 10

Events and Experiences

Question 11

Specially promoted price deals to mislead consumers

Answer 11

Deceptive Pricing

Question 12

An agreement between two or more firms on the price they will charge for the product

Answer 12

Price fixing

Question 13

The practice of charging a very low price for a product with the intent of driving competitors out of business or out of the market

Answer 13

Predatory pricing

Question 14

A model that outlines the process fro achieving promotional goals in terms of stages of consumer involvement with the message

Answer 14

AIDA

Question 15

What doe the acronym AIDA mean?

Answer 15

Attention
Interest
Desire
Action

Question 16

What are three types of AIDA?

Answer 16

1) Memorized
2) Stimulus response
3) Need satisfaction

Question 17

The cost of reaching one member of the target market

Answer 17

Cost per contact, cost per thousand (CPM)

Question 18

What is the objective of promotional advertising?

Answer 18

To shift the demand curve

Question 19

What are three criteria that your advertising media decision should be based on?

Answer 19

1) Reach
2) Frequency
3) Impact

Question 20

While Competitive Parity is not a viable promotion budgeting strategy, the Podcast indicated Competitive Parity is an appropriate budgeting tactic for?

Answer 20

Sales promotion

Question 21

What are the four steps in the selling process?

Answer 21

1) Prospecting and Qualifying
2) Pre-Approach
3) Approach
4) Presentation and Demonstration

Question 22

What is the formula for Markup % on cost?

Answer 22

(Dollar markup)/(Cost)

Question 23

What is the formula for Markup % on selling?

Answer 23

(Dollar markup)/(Selling price)

Question 24

Is a market structure in which there are so many buyers and sellers that none has
a significant influence on price

Answer 24

Pure competition

Question 25

which typifies most retailing, is a market structure with large numbers of buyers and sellers. It involves a heterogeneous product and product differentiation, which allows the
marketer some degree of control over prices

Answer 25

Monopolistic competition

Question 26

A market structure in which there are relatively few sellers

Answer 26

Oligopoly

Question 27

A market structure with only one predominant seller of a product and no close substitutes for the product

Answer 27

Monopoly

Question 28

The extra revenue associated with selling an extra unit of output or the change in total revenue with a one unit change in output

Answer 28

Marginal revenue (MR)

Question 29

Pricing tactic that has fast transactions and creates confidence

Answer 29

One-price policy

Question 30

What is the formula for average cost pricing?

Answer 30

costs / units

Question 31

The entity that determines the channel pricing structure

Answer 31

Price Determiner

Question 32

Identifies the most profitable customers and prospects

Answer 32

Data mining