BUSML 3250 Final Exam 2025

BUSML 3250 Final Exam 2025 Which type of retailer usually carries more specialty goods at high prices and is more likely to provide customers with assistance in every phase of the shopping process? - Correct Ans-Full- Service Retailer Today, ________ are flourishing due to the increased use of market segmentation and market targeting. - Correct Ans-Specialty Stores ________ retailers in the United States are growing faster than product retailers - Correct Ans-Service A retailer that carries narrow product lines with deep assortments within those lines is classified as what type of retailer? In response to increasing the use of market segmentation, market targeting, and product specialization, there is a greater need for stores in this classification that focus on specific products and segments. - Correct Ans Specialty Stores ________ are two or more outlets that are commonly owned and controlled - Correct Ans-Corporate Chains Daizy's is a shop that carries only plus-size clothing. According to this information, Daizy's differentiates itself from its competitors based on ________. - Correct Ans Product Assortment In-store demonstrations, displays, sales, and loyalty programs are examples of ________. - Correct Ans-Sales Promotion A recent retail trend is to create limited-time retail facilities that let firms promote their brands to seasonal shoppers and create buzz in busy areas. What are these short-term establishments called? - Correct Ans-Pop-Up Stores The lighting in Jake's Steak Restaurant is dim. The chairs are covered in leather and each table is covered with a white linen cloth. The colors are limited to earth tones with an occasional splash of red. Patrons cannot hear any kitchen noises, only a pleasant melody that seems familiar but unrecognizable. The smells are extraordinarily varied. This is a description of the restaurant's ________. - Correct Ans-Atmosphere ________ buy mostly from producers and sell to retailers and industrial consumers. - Correct Ans-Wholesalers When a phone company releases its greatly anticipated new phone models at a premium price, only to discount them slowly over time, this is an example of a ________ pricing strategy. - Correct Ans-Market-Skimming BUSML 3250 BUSML 3250 Companies that set a low initial price in order to attract a large number of buyers quickly and win a large market share are employing a ________ pricing strategy. - Correct Ans Market-Penetration Combo meals at fast-food restaurants are an example of ________ pricing. - Correct Ans-Product-Bundle ________ pricing is an appropriate strategy for companies that offer multiple products within a given category with varying levels of quality or functionality. - Correct Ans Product-Line A grocery store places its store brand picante salsa, priced at $2.49, directly next to bottles of national brand Pace picante salsa, priced at $3.19. In so doing, the store is encouraging the use of the higher priced item as a ________ price. - Correct Ans Reference ________ is typically considered the most flexible of the marketing mix elements. - Correct Ans-Price Even as frugal consumer spending habits linger in the wake of the recession, some movie theater chains are adding amenities, such as upgraded leather seating and seat side service, and charging more for tickets rather than cutting services to maintain a lower admission price. This example illustrates the concept of ________ pricing strategy. - Correct Ans-Value-Added For companies such as Walmart or Southwest Airlines, which have worked hard to position themselves as the low-cost producers in their industries, it makes great sense to set prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for the company's effort and risk. This approach is known as ________ pricing strategy - Correct Ans-Cost-Based The ________ shows the number of units the market will buy in a given time period at different prices that might be charged. - Correct Ans-Demand Curve The term ________ refers to how responsive demand will be to a change in price. - Correct Ans-Price Elasticity From the economic system's point of view, the role of ________ is to transform the assortments of products made by producers into the assortments wanted by consumers. - Correct Ans-Marketing Intermediaries In which of the following situations is the channel a direct marketing channel? - Correct Ans-A consumer stops at Dunkin Donuts on the way to work to buy a dozen donuts for the office. BUSML 3250 BUSML 3250 A(n) ________ consists of one or more independent producers, wholesalers, and retailers, each seeking to maximize its own profits, sometimes even at the expense of the system as a whole. - Correct Ans-Conventional Distribution Channel A ________ VMS consists of independent firms at different levels of production and distribution who join together through formal agreements to obtain more economies or sales impact than each could achieve alone. - Correct Ans-Contractual ________ VMS is a vertical marketing system that coordinates successive stages of production and distribution through the size and power of one of the parties. - Correct Ans-Administered Apple Computer sells its products such as iTunes and iMovies online, and sells its hardware through its own stores and through other retailers, such as Best Buy and Costco, and through vending machines. How is the Apple distribution system described? - Correct Ans-Multichannel Marketing Why do firms have difficulty accessing potential market areas in developing countries, such as China and India? - Correct Ans-Inadequate Distribution Systems ________ management refers to the management of upstream and downstream value added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers. - Correct Ans-Supply Chain Piggyback and fishyback are forms of what logistics element? - Correct Ans-Multimodal transportation ________ occurs when product or service producers cut out intermediaries and go directly to final buyers or when radically new types of channel intermediaries displace traditional ones. - Correct Ans-Disintermediation High-end department stores, such as Nordstrom and Neiman Marcus, which offer buyers more specialty products and actively seek to assist customers in every phase of the shopping process, are often referred to as ________. - Correct Ans-Full-Service Retailers Bass Pro Shop is in the process of converting a landmark 32-story, stainless steel basketball arena in Memphis, formerly known as the Pyramid, into a huge Bass Pro Shops Outdoor World retail store. The facility will include a restaurant, aquarium, waterfall, as well as a hotel and museum. Shoppers will even be able to test drive watercraft from an adjoining marina on the banks of the Mississippi River. This is an example of a growing retail marketing trend known as ________. - Correct Ans Experiential Retailing BUSML 3250 BUSML 3250 Retailers such as Walmart, Costco, ALDI, and Family Dollar are known for maintaining low prices and rarely offering sales or other discounts, a practice known as ________. - Correct Ans-Everyday Low-Pricing The Brazilian sandal maker Havaianas is known for opening temporary stores, or ________, at beaches, festivals, and other summer hot spots around the world. - Correct Ans-Pop-Up Shops With increased availability of smartphones and mobile computing, many shoppers now check out merchandise at physical stores but then buy products online using a computer or mobile device, sometimes even while they are in the store. This practice is widely known as ________. - Correct Ans-Showrooming Which of the following is considered a traditional form of direct marketing? - Correct Ans-Face-to-Face Selling Which term best describes sites such as the New York Times on the Web and ESPN.com? - Correct Ans-Content Site The key to a successful Web site is to create enough __________ in order to get consumers to come to the site, stick around, and come back again. - Correct Ans-Value and Engagement Firms, such as Staples, Walmart, and Macy's, are increasing their share of online sales as a percentage of total sales. In which type of marketing are these firms engaging? - Correct Ans-Multichannel Marketing Mattel, the toy manufacturer, has created a very clever video to present a contest for a winning contestant to experience a "Barbie Dream Day." At the end of the 5-minute video, the viewer is asked to share it with friends. What is this marketing tactic called? - Correct Ans-Viral Marketing Which of the following best describes permission-based e-mail marketing? - Correct Ans-Sending e-mail pitches only to customers who "opt-in" ________ involves creating a Web site, video, e-mail, mobile message, advertisement, or other marketing event that is so infectious that customers will seek it out or pass it along to their friends. - Correct Ans-Viral Marketing ________ marketing features marketing messages and promotions delivered to on-the go consumers through their handheld devices. - Correct Ans-Mobile Joanna uses her smartphone to accomplish many tasks everyday. She is also an avid shopper. Which online marketing tool will benefit Joanna the most to help her shop? -