Question 1

Which of the following assessments of electronic retailing is most accurate?

Accepted Answer

A)   Electronic retailing has two major advantages over traditional businesses: simplicity and very low start-up costs.
B)   One of the reasons electronic retailing firms have been so successful has been their ability to deal with customer complaints and provide personalized services more efficiently than traditional firms.
C)   Traditional retailers seldom find much success when they attempt to incorporate online selling into their businesses.
D)   The line between electronic retailing and traditional retailing is blurring as traditional retailers go online.E) None of the above
F) B) and D)

Question 2

Discount stores owe much of their success to a competitive strategy based on:

Accepted Answer

A)   low prices.
B)   extra service.
C)   special credit arrangements.
D)   a wide selection in a limited number of categories of goods.E) B) and C)
F) None of the above

Question 3

The activity that evaluates public attitudes, changes policies and procedures in response to the public's requests, and executes a program of action and information to earn public understanding and acceptance is called:

Accepted Answer

A)   public research.
B)   public relations.
C)   public communication.
D)   public advocacy.E) B) and C)
F) A) and D)

Question 4

Which of the following would be the best example of a broker?

Accepted Answer

A)   Tri-State Lumber Supply does not actually store, handle, or deliver lumber, but rather solicits orders from retail hardware and home improvement stores, takes title to the lumber, then arranges for it to be shipped directly from sawmills to the retail stores.
B)   Jill Moon helps buyers and sellers of used heavy construction equipment negotiate the terms and conditions of their transactions, but does not actually take title to any of the equipment, nor does she develop long-term relationships with the buyers or sellers.
C)   Hal Hinton is not an employee of Hyloft Golf Clubs, but he does solicit sales for their products at golf and sporting goods stores in a fairly large sales territory.
D)   Spence Coker is employed by a vacuum cleaner company, and goes door-to-door selling products produced by his company.E) A) and D)
F) All of the above

Question 5

Coupons, contests, and sampling are examples of sales promotion activities.

Accepted Answer

A) True 
 B)False

Question 6

As a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires:

Accepted Answer

A)   a different marketing strategy.
B)   a consistent application of fundamental marketing practices.
C)   an increase in the amount spent on advertising.
D)   more emphasis on personal selling.E) B) and C)
F) A) and D)

Question 7

Price leadership is a demand-based pricing strategy.

Accepted Answer

A) True 
 B)False

Question 8

Merchant wholesalers do not take title to the goods they handle.

Accepted Answer

A) True 
 B)False

Question 9

_________ uses price points to establish prices that help create the impression that the product is less expensive than it is.

Accepted Answer

A)   High-low pricing
B)   Everyday low pricing (EDLP) 
C)   Bundling
D)   Psychological pricingE) B) and C)
F) A) and D)

Question 10

The key to demand-oriented pricing is the recognition that not all producers face the same costs of production.

Accepted Answer

A) True 
 B)False

Question 11

When consumers calculate the value of a product, they look at the benefits and then subtract the cost.

Accepted Answer

A) True 
 B)False

Question 12

Telemarketing, catalog sales, and online shopping are all examples of direct marketing.

Accepted Answer

A) True 
 B)False

Question 13

Organizations that assist in moving goods and services from producers to business and consumer users are called supply-side transition specialists.

Accepted Answer

A) True 
 B)False

Question 14

One of the reasons marketers emphasize nonprice differences in their competitive strategies is because:

Accepted Answer

A)   consumers aren't concerned about prices.
B)   these methods have no impact on the cost of production.
C)   nonprice differences are tax deductible.
D)   relatively similar products can be enhanced.E) A) and B)
F) B) and C)

Question 15

Firms utilizing an everyday low pricing (EDLP) strategy establish a policy of special sales on a regular basis.

Accepted Answer

A) True 
 B)False

Question 16

A product line is a group of products that are physically similar or are intended for a similar market.

Accepted Answer

A) True 
 B)False

Question 17

Discount stores and department stores sell different brands of products that are usually priced about the same.

Accepted Answer

A) True 
 B)False

Question 18

The average cost of a single sales call to a potential B2B buyer is expensive, costing as much as $500.

Accepted Answer

A) True 
 B)False

Question 19

To execute an effective promotional strategy, firms are required to choose between a push strategy and a pull strategy.

Accepted Answer

A) True 
 B)False

Question 20

Companies can implement global marketing by developing a product and promotional strategy that:

Accepted Answer

A)   is tailored to each individual market.
B)   can be implemented worldwide.
C)   requires low-cost production through outsourcing.
D)   motivates intermediaries (i.e. wholesalers and retailers)  to actively stock and sell the firm's goods and services.E) A) and B)
F) B) and C)

Exam 21: Managing the Marketing Mix: Product, Price, Place and Promotion

As a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires:

Correct AnswerverifiedShow Answer

The average cost of a single sales call to a potential B2B buyer is expensive, costing as much as $500.

Correct AnswerverifiedShow Answer

Firms utilizing an everyday low pricing (EDLP) strategy establish a policy of special sales on a regular basis.

Correct AnswerverifiedShow Answer

When consumers calculate the value of a product, they look at the benefits and then subtract the cost.

Correct AnswerverifiedShow Answer

A product line is a group of products that are physically similar or are intended for a similar market.

Correct AnswerverifiedShow Answer

Discount stores and department stores sell different brands of products that are usually priced about the same.

Correct AnswerverifiedShow Answer

_________ uses price points to establish prices that help create the impression that the product is less expensive than it is.

Correct AnswerverifiedShow Answer

Which of the following assessments of electronic retailing is most accurate?

Correct AnswerverifiedShow Answer

Discount stores owe much of their success to a competitive strategy based on:

Correct AnswerverifiedShow Answer

One of the reasons marketers emphasize nonprice differences in their competitive strategies is because:

Correct AnswerverifiedShow Answer

The activity that evaluates public attitudes, changes policies and procedures in response to the public's requests, and executes a program of action and information to earn public understanding and acceptance is called:

Correct AnswerverifiedShow Answer

Coupons, contests, and sampling are examples of sales promotion activities.

Correct AnswerverifiedShow Answer

Companies can implement global marketing by developing a product and promotional strategy that:

Correct AnswerverifiedShow Answer

Price leadership is a demand-based pricing strategy.

Correct AnswerverifiedShow Answer

Organizations that assist in moving goods and services from producers to business and consumer users are called supply-side transition specialists.

Correct AnswerverifiedShow Answer

To execute an effective promotional strategy, firms are required to choose between a push strategy and a pull strategy.

Correct AnswerverifiedShow Answer

Merchant wholesalers do not take title to the goods they handle.

Correct AnswerverifiedShow Answer

Which of the following would be the best example of a broker?

Correct AnswerverifiedShow Answer

The key to demand-oriented pricing is the recognition that not all producers face the same costs of production.

Correct AnswerverifiedShow Answer

Telemarketing, catalog sales, and online shopping are all examples of direct marketing.

Correct AnswerverifiedShow Answer

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