MARK 3000 - Test 3 - UGA Grantham 2024/2025 Questions and Answers with complete solution

A brand-sponsored competition that requires some form of skill or effort - Contest A common model of the series of mental stages through which consumers move as a result of marketing communications. - AIDA Model A company objective based on belief that increasing sales will help the firm more than will increasing profits. - Sales Orientation A company objective based on the premise that the firm should measure itself primarily according to whether it meets its customer's needs - Customer Orientation A company objective based on the premise that the firm should measure itself primarily against its competition. - Competitor Orientation A company objective that can be implemented by focusing on target profit pricing, maximizing profits, or target return pricing - Profit Orientation A competitor-based pricing method by which the firm deliberately prices a product above the prices set for competing products to capture those consumers who always shop for the best or for whom price does not matter. - Premium Pricing A consumer discount in which a portion of the purchase price is returned to the buyer in cash The Manufacturer issues the refund - Rebates A deceptive practice of luring customers into the store with a very low advertised price on an item, only to aggressively pressure them into purchasing a higher prices model by disparaging the low-priced item, comparing it unfavorably with the higher-priced model, or professing an inadequate supply of the lower priced item - Bait-and-switchA delayed response to a marketing communication campaign - Lagged effect A firm's practice of setting a very low price for one or more of its products with the intent to drive its competition out of business. Illegal under the Sherman act and federal trade commission act - Predatory Pricing A firm's strategy of setting prices that are similar to those of majors competitors - Competitive Parity A form of sales promotion that offers prizes based on a chance drawing of entrants' names - Sweepstakes A good technique for practicing the sales presentation prior to meeting with a customer, the salesperson acts out a simulated buying situation while a colleague or manager acts as the buyer - Role Playing A growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers - Market Penetration Strategy A list of potential customers - Leads A merchandise display located at the point of purchase, such as the checkout counter in a grocery store. - Point-of-purchase Display (POP) A method of prospecting in which salespeople telephone or go to see potential customers without appointments - Cold Calls A method of prospecting in which salespeople telephone potential customers - Telemarketing A metric used to determine how useful an advertisement is to the consumer - Relevance