Quiz 5
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Quiz 5

Course Number: EAC 2221, Spring 2011

College/University: FIT

Word Count: 1564

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QUESTION 1 [QUESTION BANK ID: 3106] TYPE: MULTIPLE CHOICE CORRECT In ________, price is considered along with the other marketing mix variables before the marketing program is set. << HIDE ANSWERS A Variable costs B Mark-up pricing C Cost-based pricing D Value-based pricing E Price elasticity QUESTION 2 [QUESTION BANK ID: 16384] TYPE: MULTIPLE CHOICE CORRECT Which of the following is an example of a...

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1 [QUESTION QUESTION BANK ID: 3106] TYPE: MULTIPLE CHOICE CORRECT In ________, price is considered along with the other marketing mix variables before the marketing program is set. << HIDE ANSWERS A Variable costs B Mark-up pricing C Cost-based pricing D Value-based pricing E Price elasticity QUESTION 2 [QUESTION BANK ID: 16384] TYPE: MULTIPLE CHOICE CORRECT Which of the following is an example of a manufacturer-sponsored retailer franchise system? << HIDE ANSWERS A Fast-food restaurants such as McDonald's and Burger King B Ford and its network of independent franchised dealers C Motels such as Holiday Inn and Ramada Inn D Licensed bottlers that bottle and sell Coca-Cola to retailers E Starbucks operating within Target stores QUESTION 3 [QUESTION BANK ID: 113976] TYPE: MULTIPLE CHOICE CORRECT An advantage of a channel of distribution over selling direct to consumers is that each channel member plays a ________ in the channel. << HIDE ANSWERS A Decisional role B Disciplinary role C Specialized role D Informational role E Time-saving part QUESTION 4 [QUESTION BANK ID: 103975] TYPE: MULTIPLE CHOICE CORRECT Which of the following is an example of a multichannel distribution system? << HIDE ANSWERS A Starbuck's location inside of book stores B J. C. Penney's catalog and retail store sales C Wal-Mart locating to several countries D A hotel providing guest privileges at a health spa across the street E Avon's door-to-door distribution QUESTION 5 [QUESTION BANK ID: 128517] TYPE: MULTIPLE CHOICE CORRECT Companies usually develop ________ rather than ________. << HIDE ANSWERS A Product lines; single products B Product families; product lines C Single products; product families D Product brands; product images E Product images; product brands QUESTION 6 [QUESTION BANK ID: 114933] TYPE: MULTIPLE CHOICE CORRECT Why is it important for manufacturers to be sensitive to the needs of their dealers? << HIDE ANSWERS A Manufacturers cannot break commitments to channel B Dealers have few legal rights C Dealer support is essential to creating value for the customer D Dealers can easily be replaced by third-party logistics providers E Manufacturers have few legal rights QUESTION 7 [QUESTION BANK ID: 76279] TYPE: MULTIPLE CHOICE CORRECT Johnson Boats wants to introduce a new model of boat into mature markets in highly developed countries with the goal of quickly gaining mass-market share. As a consultant, you should recommend a ________ pricing strategy. << HIDE ANSWERS A Market-penetration B Captive-product C Loss-leader D Market-skimming E Zone QUESTION 8 [QUESTION BANK ID: 113795] TYPE: MULTIPLE CHOICE CORRECT All of the institutions in a channel are connected by flows, including physical flow, flow of ownership, payment flow, information flow, and ________ flow. << HIDE ANSWERS A Promotion B By-product C Return product D Customer E Acquisition QUESTION 9 [QUESTION BANK ID: 82247] TYPE: MULTIPLE CHOICE INCORRECT When faced with a competitor who has cut its product's price, which of the following is typically the most cost-effective way for a company to maintain its own price but raise the perceived value of its offer? << HIDE ANSWERS A Bundling the offer with add-ons B Introducing a higher-priced premium brand C Altering the company's marketing communications D Distributing the product through less costly channels E Improving the quality of the product QUESTION 10 [QUESTION BANK ID: 37943] TYPE: MULTIPLE CHOICE CORRECT Some companies are reversing the fixed pricing trend and using ________. << HIDE ANSWERS A Geographical pricing B Segmented pricing C Dynamic pricing D Promotional pricing E Captive pricing QUESTION 11 [QUESTION BANK ID: 114724] TYPE: MULTIPLE CHOICE CORRECT A marketer must be familiar with the five major product mix pricing situations. Which of the following is not one of them? << HIDE ANSWERS A Optional product pricing B Product line pricing C By-product pricing D Captive product pricing E Unbundled product pricing QUESTION 12 [QUESTION BANK ID: 99203] TYPE: MULTIPLE CHOICE CORRECT Marketing logistics involves getting the right product to the right customer in the right place at the right time. Which one of the following is not included in this process? << HIDE ANSWERS A Planning the flow of logistics information to meet customer requirements at a profit B Implementing the plan for the flow of goods and services C Planning the physical flow of goods and services D Controlling the physical flow of goods, services, and information E Gathering customer's ideas for new products QUESTION 13 [QUESTION BANK ID: 66229] TYPE: MULTIPLE CHOICE CORRECT Which of the following is a risk a company takes when building a strategy around the experience curve? << HIDE ANSWERS A Aggressive pricing may give the product a cheap image, causing customers to lose interest B Existing technologies are likely to become more expensive as the company expands C The method may cause consumers to become frustrated with changing prices D Competitors will likely not be able to meet the company's price cuts E The method does not take competitors' prices into account QUESTION 14 [QUESTION BANK ID: 89085] TYPE: MULTIPLE CHOICE CORRECT All of the following are typical ways a buyer might form a reference price except ________. << HIDE ANSWERS A Being influenced by sellers B Remembering past prices C Identifying value D Noting perceived current prices E Assessing the buying situation QUESTION 15 [QUESTION BANK ID: 6493] TYPE: MULTIPLE CHOICE CORRECT ________ involves charging a constant, everyday low price with few or no temporary price discounts. << HIDE ANSWERS A Cost-plus pricing B EDLP C Target pricing D Penetration pricing E High-low pricing QUESTION 16 [QUESTION BANK ID: 29277] CORRECT The learning curve is also referred to as the ________. << HIDE ANSWERS A Break-even curve B Price elasticity curve TYPE: MULTIPLE CHOICE C Experience curve D LRAC E Demand curve QUESTION 17 [QUESTION BANK ID: 89899] TYPE: MULTIPLE CHOICE CORRECT A company building its pricing strategy around the experience curve would be most likely to ________. << HIDE ANSWERS A Engage in break-even pricing B Engage in value-added pricing C Avoid cost-based pricing D Price its products high E Price its products low QUESTION 18 [QUESTION BANK ID: 1600] TYPE: MULTIPLE CHOICE CORRECT Big Mike's Health Food Store sells nutritional energy-producing foods. The price of the products sold varies according to individual customer accounts and situations. For example, long-time customers receive discounts. This strategy is an example of ________. << HIDE ANSWERS A Cost-plus pricing B Penetration pricing C Dynamic pricing D Everyday low pricing E Price elasticity QUESTION 19 [QUESTION BANK ID: 121012] TYPE: MULTIPLE CHOICE CORRECT Jimmy's Hardware, an independent local retailer, is losing business to Wal-Mart. This is most likely because he cannot match WalMart's pricing strategy of ________. << HIDE ANSWERS A EDLP B EFGF C Skimming pricing D Value-added pricing E Fixed prices QUESTION 20 [QUESTION BANK ID: 4000] TYPE: MULTIPLE CHOICE CORRECT Low-interest financing and longer warranties are both examples of ________. << HIDE ANSWERS A Allowances B Promotional pricing C Discounts D Segmented pricing E Product-form pricing QUESTION 21 [QUESTION BANK ID: 117099] TYPE: MULTIPLE CHOICE CORRECT A corporate VMS has the advantage of controlling the entire distribution chain through ________. << HIDE ANSWERS A Single ownership B A profit-maximizing strategic plan C Contracts among separate members D Franchise agreements E Mass distribution QUESTION 22 [QUESTION BANK ID: 109068] TYPE: MULTIPLE CHOICE CORRECT SRAC is the acronym for which concept related to costs at different levels of production? << HIDE ANSWERS A Short-run average cost B Strategic revenues and costs C Strategic reasoning and costs D Short-run accounting costs E Strategic rights and company QUESTION 23 [QUESTION BANK ID: 35315] TYPE: MULTIPLE CHOICE INCORRECT Brown Baby Tanning Salon offers weekly tanning sessions for $15 and season passes with unlimited tanning for $150. Brown Baby Tanning Salon is offering ________ pricing. << HIDE ANSWERS A Product bundling B By-product C Captive product D Discount E Psychographic QUESTION 24 [QUESTION BANK ID: 64081] CORRECT Which of the following is a cost-based approach to pricing? TYPE: MULTIPLE CHOICE << HIDE ANSWERS A Target return pricing B Value-based pricing C Good value pricing D Going-rate pricing E A and C QUESTION 25 [QUESTION BANK ID: 36072] TYPE: MULTIPLE CHOICE CORRECT Staples Office Supply opened an online store that created competition with many of its dealers. The corporate office created a ________ conflict. << HIDE ANSWERS A Logistics B Horizontal C Vertical D Intermediation E Conventional channel QUESTION 26 [QUESTION BANK ID: 62810] TYPE: MULTIPLE CHOICE CORRECT Which of the following is an external factor that affects pricing decisions? << HIDE ANSWERS A The salaries of production management B Demand C The salaries of finance management D Funds expensed to clean production equipment E A, B, and C QUESTION 27 [QUESTION BANK ID: 5648] TYPE: MULTIPLE CHOICE INCORRECT Which of the following is not an effective action that a company can take to combat a competitor's price cut on a product? << HIDE ANSWERS A Launch a low-price "fighter brand" B Improve quality and increase price C Raise perceived value D Improve quality and decrease price E Reduce price QUESTION 28 [QUESTION BANK ID: 20833] TYPE: MULTIPLE CHOICE CORRECT Under ________, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price. << HIDE ANSWERS A Monopolistic competition B Pure competition C A pure monopoly D Socialism E Oligopolistic competition QUESTION 29 [QUESTION BANK ID: 96022] TYPE: MULTIPLE CHOICE CORRECT Using ________, retailers can share real-time data on sales and current inventory levels with suppliers who take responsibility for ordering and delivering products to retailers, thereby saving time and money. << HIDE ANSWERS A An Intranet B Dual distribution modes C Intensive distribution D Continuous inventory replenishment systems E Integrated distribution QUESTION 30 [QUESTION BANK ID: 21823] TYPE: MULTIPLE CHOICE INCORRECT Caterpillar, the famous heavy equipment manufacturer, has a reputation for working in harmony with its worldwide distribution network of independent dealers. Caterpillar has shared its successes with its dealers and protected its dealers during difficult economic times. This is an example of ________. << HIDE ANSWERS A 3PL B Integrated logistics management C Intensive distribution D Disintermediation E PRM
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