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Post MKT200 Unit 6 quiz 3 latest 2017

Question Unit 6 quiz 3 Question 1 Costs that do not change with production or sales levels is best described as: fixed costs variable costs cost-based pricing competition-based pricing Question 2 You want your customers to pay the existing price, or even a higher price, for the premium features and services you provide. This is an example of: good-value pricing cost-based pricing competition-based pricing value-added pricing Question 3 Total revenue equals total cost at: the markup price. the break-even point. the target return point. the point where total costs and variable costs are equal. Question 4 If demand changes greatly with a small change in product price, the demand is inelastic. True False Question 5 Which of the following statements about pricing strategies is false? Value-based pricing is the reverse of cost-based pricing. Cost-based pricing relies on consumer perception of value to drive pricing. Pricing a product mix is often difficult because various products have related demand and costs, and they face different degrees of competition. Major price-adjustment strategies include discount and allowance, segmented, reference, psychological, promotional, geographical, dynamic, and international pricing. Question 6 Which marketing channel is most likely to serve the business customer? producer > consumer producer > manufacturer s rep > retailer > customer producer > sales branch > business distributor > customer producer > wholesaler > retailer > consumer Question 7 A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity is called a: vertical marketing system administered VMS franchise organization horizontal marketing system Question 8 Stocking a product in as many outlets as possible is the goal of: exclusive distribution intensive distribution selective distribution intermediary distribution Question 9 The concept that emphasizes teamwork (inside the company and among all channel members) to maximize the performance of the entire distribution system is called: integrated logistics management mass marketing supply chain management multimodal transportation Question 10 Which one of the following statements about retailers is false? Retailers can be classified in terms of several characteristics, including the amount of service they offer, breadth and depth of their product lines, relative prices they charge, and how they are organized. Department stores carry narrow product lines with deep assortments within those lines. In a retailer cooperative, independent retailers contract with each other to set up a central buying operation and conduct joint promotional efforts. Retailers first must segment and define their target markets and then decide how they will position themselves in these markets. Question 11 Like a retailer, a wholesaler must decide on segmentation and targeting, differentiation and positioning, and the marketing mix. True False Question 12 A wholesaler who sends delivery trucks to grocery or pharmacy retailers, sets up displays, price the goods, and maintain inventories is called a: cash-and-carry wholesaler drop shipper rack jobber producer s cooperative Question 13 An advertising objective is a specific communication task to be accomplished with a specific target audience during a specific period of time. Advertising objectives can be classified by primary purpose: to inform, persuade, or remind. to influence, educate, or amuse. to compare, contrast, and communicate. to inform, educate, and compare. Question 14 Which of the following statements about promotional strategies is false? A company's marketing communications mix is also called its promotion mix. If the pull strategy is effective, consumers will demand the product from channel members, who will in turn demand it from producers. Integrated marketing communications encourages brand messages to be developed by different departments within an organization. Developments in communications technology are speeding the movement toward segmented marketing. Question 15 Any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor is called: publicity personal selling public relations advertising promotion mix Question 16 By far, the fastest growing ad-spending category is: personal selling digital marketing television and radio sales promotion Question 17 Which one of the following statements about promotion strategies is false? A specific communication task to be accomplished with a specific target audience during a specific period of time is called an advertising objective. A marketer needs to know the reach, frequency, and impact needed to achieve an advertising objective. When developing an advertising strategy, your company's creative department should first create good ads, and then the media department should select the best media for those ads. The objective-and-task method of setting a promotion budget is the most logical method because it forces management to articulate its assumptions about the relationship between dollars spent and promotion results. Question 18 Carefully coordinating the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands is called: integrated marketing communications mass marketing techniques downstream marketing communications push promotional strategy Question 19 Which of the following statements about personal selling is true? Today, most salespeople are well-educated, well-trained professionals working to build and maintain long-term customer relationships by listening to their customers, assessing their needs, and organizing the company's efforts to solve customer problems. Designing sales force strategy and structure is a minor element of sales force management, and as such is an aspect that most companies should not spend much time considering. When sales are high, there should be a de-emphasis on prospecting as it is a time-waster. Sales force automation systems have been developed for improving how salespeople feel about their opportunities and value. Question 20 You work for a small business and are deciding between personal selling and sales promotions. What is your best strategy for combining these options? business promotions trade promotions sales force promotions event marketing.

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