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BUSI 520 QUIZ 3 – QUESTION AND ANSWERS – SET 3|Liberty University Online

BUSI 520 Quiz 3 with Answers A low-price buys market share but not market loyalty. The same customers will shift to any lower-priced product that may come along. This is called the ________ trap. ________ pricing takes into account a host of inputs, such as the buyer’s image of the product performance, the channel deliverables, the warranty quality, customer support, and attributes such as the supplier’s reputation, trustworthiness, and esteem. When hotels drop their rates on the weekends, this form of price discrimination is known as ________ pricing. Everyday low pricing is most suitable if ________. Armac Ltd. is a sluice-box manufacturer based in China. A sluice-box is used for gold prospecting. Armac is interested in selling a few of its machines to an American mining company, but it wants 95 percent of the machines’ price in gold and the rest in ores recovered by using the machines. This is an example of a ________. When a company maintains its price but removes or prices separately one or more elements that were part of the former offer, such as free delivery or installation, it is known as ________. The prices of tickets to the opera vary depending on where the person would like to be seated — in the gallery or in the stalls. This is an example of ________ pricing. In which of the following auctions does the auctioneer first announce a high price for a product and then slowly decreases the price until a bidder accepts? The most advanced supply-distributor arrangements for ________ vertical marketing systems rely on distribution programming. A(n) ________ vertical marketing system combines successive stages of production and distribution under single ownership. A manufacturer uses the company’s sales force and trade promotions to carry, promote, and sell products to end users. Which of the following strategies is this manufacturer using? Co-optation is an effort by one organization to win the support of the leaders of another by ________. Winstar is a large-scale manufacturer with more than a hundred partners across the globe. When making decisions concerning distribution and channel optimization, the company invites members from its channel partners to be part of its advisory committee. This helps the company maintain harmony with its partners. Which of the following conflict resolution techniques is Winstar using? An Internet service provider (ISP) is a(n) ________ company. In addition to its store brands and nationally well-known brands of detergents, Reynold’s also carries much cheaper varieties of detergents that are not advertised and have little-known names. They are often manufactured from lower-quality ingredients and save on packaging and advertising costs. These are known as ________. ________ encompass sales forecasting, production planning, and inbound materials transportation. Which of the following is considered a wholesaler? A brand developed by a retailer and/or wholesaler that is available only in selected retail outlets is called a ________ brand. Which of the following is a postpurchase service offered by retailers? Which of the following types of retailing generally entails the highest costs? Advertising and publicity tools play the most important roles in influencing buying decisions at the ________ stage of buyer readiness. Which of the following circumstances are best suited for personal selling? Which of the following statements is true of the two-step approach to mass communications? LCH is a leading electronics company that produces and markets its own brand of desktop and laptop computers, for both individual consumers and businesses. During the planning process, LCH conducts a ________, which profiles all interactions customers in the target market may have with LCH, its computers, and its services. Which of the following is an example of a trade promotion? Which of the following marketing communications tools is most effective at influencing customers at the conviction stage of buyer readiness? ________ advertising aims to convince current purchasers that they made the right choice. Pepe Homes manufactures a range of bathroom accessories and fittings that include bathtubs, shower stalls, etc. While deciding on an effective advertising media vehicle for its planned advertising campaign, the marketing department decides that its advertising objectives would be best achieved if they used a medium that would portray their brand as prestigious and a symbol of luxury. To this effect, the medium should offer marketers a high degree of audience selectivity and high-quality reproduction. Which of the following advertising media would best serve the advertising purposes of Pepe Homes? Becoming part of a personally relevant moment in consumers’ lives through ________ can broaden and deepen a company or brand’s relationship with the target market. Which of the following parameters forms the basis for measuring sponsorship effectiveness using demand-side methods? An advertising ________ is a specific communications task and achievement level to be accomplished with a specific audience in a specific period of time. The weighted number of exposures (WE) of an advertising message over a given medium is given by ________. Which of the following is NOT a limitation of online reviews? When Johnson & Johnson’s Tylenol headache reliever would pop up on brokers’ Web sites whenever the stock market fell by 100 points or more, they were using a(n) ________. When it comes to ad design and copy, mobile ads should use which of the following guidelines? Which of the following is NOT one of the four distinctive characteristics of a mobile device? ________ operates an international word-of-mouth media network powered by 1 million demographically diverse, ordinary people who volunteer to talk up the products they deem worth promoting. When another customer complains about the hair salon where Georgeanna is a loyal customer, she defends it because she feels responsible for the continued success of the hair salon. This behavior suggests she has reached the ________ rung of the loyalty ladder. A salesperson who is contacting possible buyers by mail or phone to assess their level of interest and financial capacity is in the ________ step of the selling process. Your company has customer-service representatives who provide you with leads, write up proposals, fulfill orders, and provide post-sales support. Your responsibilities are to concentrate on the larger accounts with more complex and customized needs. Your company most likely has a ________ salesforce. Robert is hired as a sales representative for a company that manufactures fire extinguishers. His job description reads as follows: “The key duty of the sales representative is to unravel the customer’s problems using the company’s products.” Which of the following positions would best describe Robert’s profile? Today’s customers expect a salesperson to have extensive product knowledge, to be efficient and reliable, and to provide ideas to improve the customer’s operations. These demands are forcing companies to make higher investments in ________. Randi is most motivated when there is no ceiling or caps on her commissions, she can earn overachievement commissions for exceeding quotas, and benefits from prize structures that allow multiple winners. She is probably a ________. In IBM’s BANT acronym, T stands for ________. ________ is market share in comparison to the largest competitor. Cause-related marketing is part of ________. The purpose of strategic control is to ________. Marketing effectiveness rating instruments and marketing audits are approaches to ________ control. ________, or reducing the number of organizational levels to get closer to the customer, is one of the important shifts in marketing and business practices. Top and middle management are primarily responsible for ________ control.

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