Liberty University BUSI 330 Final Exam complete solutions correct answers A+ work
An expanded marketing mix for services that includes the four Ps (product, price, promotion, and place or distribution) as well as people, physical environment, and process, is referred to as the
Figure 105 above shows the sequential process of building brand equity. The third step is to elicit the proper consumer responses to a brand's identity and meaning. This step consists of two dimensions, "B" and "C," which stand for and
Figure 101 above represents the stages of the product life cycle. What does the portion of the curve labeled "D" represent?
Which of the following products would have a lowlearning product life cycle curve?
Xerox pioneered the first portable fax machine. In 1980, the price was $12,700. Xerox used a(n) (blank) pricing strategy to help recover its research and development costs
Which of the following occurs during the decline stage of the product life cycle?
The consumers represented by "E" in Figure 104 above are called
When most consumers who would buy a product are either repeat purchasers of the item or have tried and abandoned it, what stage of the product life cycle is the product in?
Which of the following products has the brand name that best suggests its benefit according to the five criteria for selecting a good brand name?
A strategy of harvesting may be employed in the decline stage of a product life to
In 1984, IBM launched the "PCjr," its first lowpriced, educational/home1p.5erosuotnoafl1.5 points computer. Sales were poor because IBM most likely violated which criterion of picking a good brand name?
Demand factors refer to
Using , many retailers deliberately sell products below their normal prices (and sometimes below cost) to attract attention and additional store traffic
When Sherman bought gas, he noticed the convenience store offered him a 2 percent reduction in price if he paid cash rather than if he used his credit card to pay for his purchase. The convenience store was offering him a
Price elasticity of demand (E) is expressed as (Δ means change):
Another name for a oneprice policy is
A manufacturer of a digital video recorder (DVR) is thinking of using a skimming pricing strategy for its new product. Which of the following conditions would argue AGAINST using a skimming pricing strategy for the DVR?
Which of the following statements regarding new car purchases in the U.S. is most accurate?
Airlines, hotels, and car rental firms all engage in by varying prices based on time, day, week, or season to match supply and demand
A shift of the demand curve from D1 to D2 in Figure 113B above indicates
Susan O'Rourke hired an attorney to represent her in a court case involving an auto accident. The attorney charged O'Rourke a fee for his services. Terry Thomas needed a haircut—the local stylist charged him $12 for her services. Aaron Mathison mowed his neighbor's lawn; in exchange, the neighbor rototilled Mathison's garden. The attorney fees paid by O'Rourke, the $12 charged by the hair stylist, and the exchange of lawn mowing for garden tilling are all examples of
At a price of $3.00 each, SHAPE magazine sells 1.25 million copies of its magazine targeted to young women seeking a healthier lifestyle. If the price per issue is increased to $3.25, only 1 million copies would be sold. Fixed costs are $1 million and unit variable costs are $0.50 per magazine. From the information provided here, what is SHAPE magazine's total revenue obtained at the lower price?
A contractual arrangement between a parent company and an individual or firm that allows the latter to operate a certain type of business under an established name and according to specific rules is referred to as
Customers currently link to Cisco's website to configure, price, and order its networking equipment. Cisco then sends orders back out across the Internet to producers and assemblers including Celestica, Flextronics, Jabil, and Solectron. Products are built and tested to Cisco's standards, sometimes with procedures run remotely by Cisco. Most items are then dropshipped to buyers, untouched by Cisco's employees. This is a description of Cisco's
When a producer owns an intermediary at the next level down in the marketing channel, it is referred to as
Figure 129 above indicates that supply chain managers must balance total logistics cost f customer service factors. The six total logistics cost factors ("A," "B," "C," "D," "E," and “F”) following EXCEPT:
As the number of intermediaries between a producer and buyer increases, the channel is viewed as increasing in
A(n) is an intermediary who sells to consumers
A contractual vertical marketing system refers to an arrangement whereby
A is common in the soft drink industry where the manufacturer sells its concentrate to wholesalers, who carbonate it, and market the finished product to retailers
Within the context of a supply chain, is the ability of a logistics system to satisfy users in terms of time, dependability, communication, and convenience
Supply chain management refers to
Dependability is the consistency of replenishment. This is important to all firms in a supply chain and to consumers. It can be broken into three elements: safe delivery, complete delivery, and
Four of the 30 largest businesses in the United States are retailers—Walmart, Costco, Home Depot, and
A variation of offprice retailing includes
The central business district refers to
Stores that carry a broad product line, with limited depth, are referred to as
The description of how new forms of retail outlets enter the market is referred to as the
A significant difference between the Mall of America and other regional shopping centers is that
Another term for gross margin is
A retailer bought a collectible Precious Moments figurine for $26. She sets the initial selling price at $60. The final selling price was $52. What was the original markup?
The distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet
There are three general forms of retail ownership: contractual system, corporate chain, and .
Which of the following statements regarding corporate chains is most accurate?
Direct orders refer to
Wasted coverage can be reduced by which of method of promotion?
Which of the following statements about advertising is most accurate?
A form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services is referred to as
Each year, advertisers spend millions of dollars during the Super Bowl halftime show. These marketers hope to reach the millions of sports enthusiasts tuned into the NFL's greatest spectacle. Unfortunately, during the halftime festivities, many viewers dash to the kitchen for a sandwich and a soda and do not see or hear the persuasive promotional messages of the advertisers. The desire for food and drink is an example of , which inhibits effective communication
In the communication process, ensure(s) that messages are decoded properly
Managers often use the promotiontosales ratio on their marketing dashboard to assess how effective the integrated marketing communications program expenditures were at generating
Figure 141 above depicts the communication process, which consists of ten key elements ("A" through "J"). The position labeled "B" is referred to as
Businesses vary as to the amount of security they require or can afford to access their computer files. A company that sells a complete line of firewalls, from a nofrills version to one that uses complex retinal scans, would most likely employ which promotional element to effectively promote its product to businesses?
A message is conveyed by means of a(n) such as a salesperson, advertising media, or public relations tools.
Which stage of the product life cycle is usually a period of phaseout for the product, when little money is spent in the promotional mix?
Tests conducted after an advertisement has been shown to the target audience to determine whether an ad accomplished its intended purpose, are referred to as .
One disadvantage of using newspapers as an advertising medium is
The most popular loyalty programs today are reward programs.
One of the disadvantages associated with radio as an advertising medium is that it
Studies indicate that comparative ads attract more attention and increase the perceived quality of the advertiser's brand although their impact may vary by product type, message content, and audience .
A sales promotion designed to encourage and reward repeat purchases by acknowledging each purchase made by a consumer and offering a premium as purchases accumulate is referred to as
All of the following statements are true about newspapers EXCEPT:
A sales promotion prominently displayed in a store aisle is called a(n) display
Which of the following statements describes a potential problem with using sex appeals in advertising?
According to Figure 151A above, which of the following media alternatives has the LEAST amount of advertising expenditures?
Sales promotion has become a key element of the promotional mix, which now accounts for (blank) in annual expenditures
Cost per action refers to
In classifying social media, selfdisclosure is
If a brand manager wanted to use LinkedIn to promote his/her brand, the best way would be to
A wiki is a
Web 2.0 is a term that describes
While brand managers use both traditional and social media to promote and advertise their products, traditional media , while social media
A business hopes to generate large online sales through posting ads on social networking sites but only wants to pay when an ad actually generates a sale. That firm should use the performance measure of
How does Facebook generate its sales revenue from ads?
To create a successful advertising campaign on Facebook, a good strategy a brand manager can use is to
Which of the following is the best marketing strategy for promoting Betty Crocker products using social media?
An unintended effect of the proliferation of social media is
A waitress at a Chili's restaurant uses a when she asks a family if "they have any room left for dessert."
Figure 173 above depicts the sales management process that involves three interrelated functions. “B” refers to
After completing an 18week sales training program, Joshua was told, "You will be paid 4 percent on net dollar volume up to $10 million. Sales in excess of $10 million command a rate of 6 percent." The company Joshua works for is using a for him after completing the sales training program.
An advantage of the straight salary compensation plan is
Which type of salesforce training is the most popular type of training?
Two selling styles associated with the needsatisfaction presentation format are
DavidsonUphoff & Company sells ironware accessories for home and garden to retailers. When its salesperson told the prospect, "For this week only, we will pay the all the shipping costs for new customers," the salesperson was using a(n)
The sales process at Xerox typically follows the six stages of the personal selling process. During the fourth stage, as the presentation begins, the salesperson
The tasks involved in managing personal selling include all of the following EXCEPT
A straight commission compensation plan is one
Identifying the buying role of the prospect would be typically done at the stage of the personal selling process
Pizza Hut's website and are integrated with the company's overall communications programs—including traditional media—with product innovations, promotions, and special events shared across platforms
Pizza Hut's management team uses a to monitor various aspects of the brand's marketing program and provide an almost constant stream of fresh information that it can use to optimize engagement with people or tweak various aspects of performance
When you view a selection at Amazon.com and see "Customers who bought this (item) also bought…", you are seeing the application of
Electronic booksellers like Amazon.com and barnesandnoble.com are likely to enjoy strong sales in the future because books are a product category that
What technology term would be used to describe the capability of capturing visitor information to a website such as expressed product preferences, personal data, passwords, and financial information, including credit card numbers?
Cookies refer to
Six (6) general product and service categories dominate online consumer buying. One category includes regularly purchased consumer packaged goods such as personal care items where
The solicitation of a consumer's consent (called "optin") to receive email and advertising based on personal data supplied by the consumer is referred to as .
The M&M'S® image above is an example of how Mars Chocolate has effectively used technology on its mymms.com website to allow its customers to personalize the candy wit and messages
Wolfermans.com is a company that sells gourmet English muffins, specialty breads, and exquisite desserts in gift assortments. When you access its website, you discover fourteen pictures that make lavish use of color. The Wolferman website design conveys the core consumer benefits provided by the company's offerings through the use of
iVillage.com is a website for women that encourages its users to discuss health and beauty, parenting, personal finances, career management and relationships. This website is an example of .
The view which holds that online shopping and buying avoids fighting traffic or standing in store checkout lines is an example of .
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