Test 3 - FTCE Marketing 6-12 SOLUTION LATEST 2023 EDITION GUARANTEED GRADE A+

To both generate business and remove stock. Why do companies use pricing markdowns? receptiveness / Receptiveness is more of a precondition to delegation than a guideline in delegating in classic management. The advantages of delegation are only obtainable if a number of preconditions exist. Receptiveness to a subordinate's ideas and methods is one of these preconditions. Delegation is the process by which managers assign tasks and the authority and responsibility to complete them. Classic management urges three guidelines for delegation. Which of the following is NOT one of these guidelines? distribution intensity / Distribution intensity refers to the number of intermediaries through which a manufacturer distributes its goods. The decision about distribution intensity should ensure adequate market coverage for a product. In general, distribution intensity varies along a continuum with three general categories: intensive distribution, selective distribution, and exclusive distribution. Which of the following terms refers to the number of intermediaries through which a manufacturer distributes its goods? Random entries. / Sales promotion is a type of marketing that is used to emphasize a product. It is directed at the consumer or distribution channel. Sales promotions are usually in the form of sales incentives. Contests and sweepstakes are both types of promotions. Contests require entrants to perform a specified task. A contest also needs to be judged to determine a winner. Sweepstakes are random or chance contests. A benefit of sweepstakes is that they have a low cost. Sweepstakes also have a higher participation rate then contests do. When promoting a product, which of the following is associated with sweepstakes? high cost / High cost is the primary disadvantage of personal selling. With increased competition, higher travel and lodging costs, and higher salaries, the cost per sales contract continues to increase. The primary disadvantage of personal selling is which of the following? harvesting / Harvesting is when a company retains the product but reduces marketing support costs. The product continues to be offered, but salespeople do not allocate time in selling, nor are advertising dollars spent. The purpose of harvesting is to maintain the ability to meet customer requests. Different strategies are used to handle a declining product. The strategy that involves retaining the product but reducing marketing support costs is which of the following? product flow / The product flow refers to the actual physical movement of the product from the manufacturer through all of the parties who take physical possession of the product, from its point of production to final consumers. The five typical flows in the marketing channel include: product flow, negotiation flow, ownership flow, information flow, and promotion flow. When a marketing channel has been developed, a series of flows emerges. These flows provide the links that tie channel members and other agencies together in the distribution of goods and services. The type of flow which refers to the actual physical movement of the product from the manufacturer through all of the parties who take physical possession of the product to the final consumer is: Pre-approach. / The second step in the selling process is pre-approach. As soon as the salesperson is equipped with a list of prospective buyers or potential customers for the purpose of approaching them (prospecting), the next step in the selling process is pre-approach. The phase of the selling process in which salespersons gather as much information about the prospective client before the sale call is made is called channel richness / The capacity of a communication channel to convey information effectively is called channel richness. Face-to-face communication is the most effective. The capacity of a communication device to convey information effectively is called: All of the above. Which of the following is true for excess demand? limited liability company Which of the following organizational structures is a hybrid of a corporation and a partnership while still offering the advantages of a corporation? GE Matrix / The GE Matrix analyzes market attractiveness and competitive strength to determine the overall strength of an SBU. External factors of market attractiveness that affect a business include market size, market growth, entry barriers, segmentation, and overall risk. Internal factors of competitive strength include assets, competencies, brand strength, profit margins, innovation, and quality. Which of the following is the analysis used to determine market attractiveness and competitive strength to determine the overall strength os a strategic business unit (SBU)? Both verbal and visual. / Branding is associated with names, symbols, designs, and terms. Branding gives product a distinct identity among other products in the marketplace. When creating a branding strategy it is important to consider who, what, where, why, when, and how to communicate the brand's message. Brand strategies can be both verbal and visual. A brand strategy can be which of the following? All of the above. Which of the following is a type of trade promotion? The customer must complete some sort of act in order to obtain the premium in the mail. What must occur for a customer to receive a mail premium? Sample size. / A sampling plan is used for research which contains 3 parts, sampling unit, sample size, and sampling procedure. The sampling unit includes defining the target population that will be part of the sample. The sample size determines the amount of people that will be part of the survey. Larger samples give researchers more reliable information than smaller samples. Sampling procedures are used to decide how the people in the sample are chosen. Probability sampling limits sampling errors. What part of the sampling plan determines the amount of people that will be part of the survey? They help reduce the likelihood of competitors taking over the market. / Sales promotion is a type of marketing that is used to emphasize a product. It is directed at the consumer or distribution channel. Sales promotions are usually in the form of sales incentives. An advantage of continuity programs is they retain brand customers for long periods of time. With this type of promotion, customers must continue purchasing a product, in order to get a premium down the road. An example of continuity programs is frequent shopper programs. These programs help reduce the likelihood of competitors taking over the market. They reward long standing customers. Which of the following is true about continuity programs? Likely competitor actions. / There are many important steps in determining a price for a new product. They include: developing a marketing strategy, making marketing mix decisions, estimating the demand curve, calculating costs, understanding environmental factors, setting pricing objectives, and finalizing a price. When pricing a new product, it is important to think about what? Products may be complex, expensive, and/or perishable. / Complex, expensive, and/or perishable items demand a short channel marketing strategy. Short channels are geographically concentrated. When channel control is important short channels are preferred. Which of the following is a characteristic of a short channel marketing strategy? Prices of other commodities. / Supply and demand is a term used frequently in economics. It is associated with the relationship between the amount of a commodity produced and the amount consumers want to purchase. In the demand curve the amount of a commodity is dependent on the price of that particular quantity. It also is based on the prices of other commodities, seasonal effects, incomes of buyers, and buyer preferences. Which of the following is associated with the demand curve? 4. / The marketing research process is constructed of four steps. They are defining a problem or research objectives, creating a research plan, implementing that research plan, and interpreting all research. Report a problem with this question The marketing research process has how many steps? All activities are emphasized equally. / This is not a feature of structure. Structure in an organization allows selected activities to be emphasized as needed. Structure arranges for differences in emphasis and status among various activities by positioning them at different levels in the hierarchy. Which of the following features would NOT be a characteristic of structure in an organization? Marketing network. / A marketing network is comprised of a company and all the stakeholders with whom it has built relationships. This includes consumers, suppliers, distributors, and other firms such as advertisers. A company and all its supporting stakeholders - suppliers, distributers, consumers, and so forth - constitute which of the following? Pepsi and coke. Which of the following is an example of a substitute? Markets with a large amount of both buyers and sellers. Competitive markets are: Know their own qualifications before and after the training. To succeed in career and technical education training, students should: All of the above. Logos should be incorporated into which of the following? Exclusive distribution. What type of distribution restricts product distribution to a single retailer inside of a market? dealer loaders / Dealer loaders are one of the trade promotion techniques, along with trade allowances, trade contests, bonus commissions or functional discounts. All of the other choices are consumer promotion techniques. Which of the following is a commonplace trade promotion technique? Estimating the demand curve. / There are many important steps in determining a price for a new product. They include: developing a marketing strategy, making marketing mix decisions, estimating the demand curve, calculating costs, understanding environmental factors, setting pricing objectives, and finalizing a price. For pricing, which of the following is important? Development / There are many steps that must be followed to help avoid failures when it comes to new products. Of the preceding: Development - Product prototypes are created and tested in the lab and on consumers. Market testing - Product is tested as well as the marketing strategy in the marketplace on a small scale. Commercialization - Product is positioned and offered in the marketplace. During what stage of the new product process are product prototypes created and tested in the lab and on consumers? Selling a product for 99 cents instead of $1.00. / Pricing is an important element in marketing. Company's goals are to generate the highest margin possible. Psychological pricing is associated with a marketer using tactics to have the consumer respond on an emotional level instead of a rational level. An example of this is price point perspective or PPP. The product will be sold for 99 cents instead of a whole dollar. Which of the following is an example of PPP? To understand customers, better than the company's direct competition does. Which of the following is the main idea of market segmentation? Price discrimination leads to an equity in pricing for all buyers. / Price discrimination does not lead to an equity in pricing for all buyers. Price discrimination's effects on social efficiency are unclear, however, such behavior leads to lower prices for some consumers and higher prices for others. Which of the following statements about price discrimination is least accurate? self-motivation Keeping the momentum going when job seeking presents setbacks and rejections is part of which of the following? to measure the impact of proposed marketing campaigns and any other static market conditions / Proposed marketing campaigns and the static environment of market conditions are not part of perceptual mapping. On the contrary, perceptual maps are used to measure the impact of recent marketing campaigns and any other marketing mix changes. Which of the following is least likely to be a benefit of using perceptual maps in product positioning studies? maximize capital charge on average inventory Which of the following would NOT be a valid purpose of inventory management? Elastic. / Price elasticity is receptiveness of supply and demand to changes in price. It is calculated by using a ratio. It is Percent change in quantity supplied to Percent change in price. Products that have readily available substitutes are considered elastic. If a product can be easily replaced if the price increases, it is elastic. Products that do not have substitutes have an inelastic demand. Inelastic prices can be raised because consumers have no choice. Elastic prices cannot be raised because consumers have many choices. Products that have readily available substitutes are which of the following? channel structure, channel intensity, and channel intermediaries The elements to be covered in marketing channel design are: macromarketing The term for marketing which looks at the aggregate flow of a nation's goods and services to benefit society is which of the following? A logo. In regards to branding, which of the following is crucial to create? job-shadowing A work experience in which students learn about a job by accompanying a competent worker through the work day is known as which of the following? Entire curve will shift to the left. / When product prices rise, or ceteris paribus, sellers generally offer more product for sale. Cost of production is one of the main influences on supply. Other influences include: input prices, technology, and expectations. On the supply curve, supply represents the whole curve. The whole curve will shift if supply changes or the cost of production changes. When supplies decrease at a given price, the entire curve will shift to the left. It will shift to the left normally because of increased costs of production or the amount of sellers decreases. Increased costs of production and a lack of sellers does what to the supply curve? Business analysis. / There are many steps that must be followed to help avoid failures when it comes to new products. Of the preceding: New product strategy development - New product niches are identified CONTINUED...