06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1601. Pick the correct statement that accurately brings out the difference between advWe also discuss several other topics like when you multiply expressions with the same base, you ______ the exponents.
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ertising and publicity. 1602. Which of the following is an example of paid media? 1603. A brand's product website, blog, and social media pages like Facebook or Instagram are examples of ________ media. 1604. When an independent journalist writes a movie review on a magazine, it represents ________ media. 1605. Promotional messages for a firm generated by independent journalists or other customers is called ________ media. 1606. In a recent online survey of over 29,000 Internet consumers from 58 countries, what percentage of respondents trusted recommendations from people they knew? 1607. Which of the following is a characteristic of owned media? 1608. When a firm depends on paid media for its mass selling, what would be one likely disadvantage? 1609. SweetSpot Inc., a beverage producer, uses the promotional messages generated by its internal team and communicates through its website and Facebook page. What is an advantage SweetSpot derives by this approach? 1610. According to Jonah Berger’s STEPPS for making an idea or message contagious, when the sharer looks good by sharing, ________ occurs. 1611. What is true of the term “Triggers” in Jonah Berger’s STEPPS to increase pass-along? 1612. When a brand introduces a product with exciting and new features in a market and draws huge attention among customers, which of the characteristics of STEPPS of Jonah Berger is represented? 1613. When an Apple customer tells a friend how much she likes her new iPhone, what type of consumer communication is this? 1614. Through this type of owned media, 1) customers can search for solutions to problems, and 2) advertising can drive traffic to relevant content. 1615. Which of the following types of owned media regularly delivers value to keep customers coming back with the promotion objective to maintain interest? 16. When Intuit, a tax and financial planning software company, creates a website where its QuickBooks customers can interact about problems faced by their small businesses, it is an example of a ________. 1 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1617. Identify the true statement regarding the role of white papers in business solutions. 1618. QT Corp., a reputed courier service firm, publishes a success story how it helped a needy customer in a flood affected area by delivering his medicines parcel on time. The customer expressed his satisfaction for the timely service. Pick the type of owned media adopted by QT Corp. in this scenario. 1619. The owned media that focuses on moving a customer along in the purchase process by addressing the customer’s needs and minimizing click-away is ________. 1620. When a firm publishes the success stories about how it helped another customer in addressing an issue, the type of owned media involved is called ________. 1621. A visual image such as a chart or diagram used to represent information or data is called ________. 1622. ActiveLearner produces an educational software product that runs on the iPad and delivers active learning exercises for elementary school children. The company produced a large image that included several charts and diagrams showing why active learning was important to elementary school kids – but ActiveLearner was only mentioned in small type on the bottom of the page. Many elementary school teachers shared the image with colleagues. ActiveLearner is using an ________ in its promotion blend. 1623. Which of the following is true about earned editorial coverage of companies? 1624. Which of the following is true about bloggers in promoting a firm’s product? 1625. What is the most likely role of a public relations (PR) group in product promotion? 1626. A customer who shares his or her views of a firm’s product and gets attention from other customers who respect the views is referred to as a(n) ________. 1627. Brandon, after using a newly-introduced shaving lotion, expresses his dissatisfaction about the product on his Facebook page. This gets more attention from his friends who do not want to try the product now. Identify the role of Brandon in this scenario. 1628. What is true about the functioning of BzzAgent in marketing? 1629. Which of the following truly represents the referral programs followed by online companies? 1630. Which of the following is true of social media? 1631. Identify the scenario that best represents the use of earned media for promotion activities. 1632. Which of the following is true about the role of social media in promotion? 1633. In the United States, ________ percent of the population used Facebook in 2014. 2 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1634. The fastest growing of the five major social media platforms during the period 2012-2014 is ________. 1635. In 2014, ________ percent of the population used Twitter in the United States. 1636. Select the correct statement about the use of Twitter. 1637. What is significant about the service of Twitter? 1638. Identify the major social media platform that was least popular in the United States in 2014 among those older than 65 years. 1639. Which of the following statements is true about Instagram? 1640. Which of the following is a website that permits users to create pinboards of ideas and images around a wide range of topics for sharing with fellow users? 1641. Jose, a salesperson for a pharmaceutical products distributor, creates a profile of his company in a business-oriented social networking website. He uploads his detailed business information in the network to get more business opportunities. Which of the following social media is used by Jose? 1642. What is the role of LinkedIn in promotion of business activities? 1643. Which of the following is true about social networks? 1644. When a pizza store announces a huge reduction in the prize of pizza based on how many people tweeted in time for lunch, the type of social media content involved is ________. 1645. When a reputed marketing firm posts articles and white papers on Facebook and allows people to download and use them for free, what type of content does the social media deliver in this scenario? 1646. When a reputed jewelry store maintains many different pinboards in Pinterest with topics ranging from “precious stones” to “the art of jewelry making”, what type of social media content is involved in this scenario? 1647. When a music production house releases its new video album on Snapchat and targets young people, identify the type of social media content the firm focuses to deliver. 1648. Which of the following statements is true about Hootsuite? 1649. The social media management dashboard that allows marketing managers submit messages to social media on a scheduled basis and also collect and analyze data from social media is called ________. 1650. Which of the following is NOT true about managing and measuring online media? 3 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1701. Pricing objectives should flow from, and fit in with, 1702. A pricing objective that seeks a specific level of profit is a ________. 1703. Target return pricing objectives 1704. A sales-oriented objective may seek all of the following except 1705. Sales-oriented pricing objectives 1706. Which of the following statements would be most likely to be made by a manager with a status quo pricing objective? 1707. Faced with many "me-too" competitors, Sonic Burgers, Inc. has set its price level to "meet competition"-while emphasizing nonprice competition. Sonic Burgers' pricing objective seems to be a ______________ objective. 1708. Mercedes, the European luxury car-maker, does not mention price in its magazine advertising. Instead, the ad copy focuses on the quality and performance of the Mercedes product line. What pricing objective is Mercedes pursuing? 1709. At Priceline's website, visitors can specify the desired price they're willing to pay for a hotel in Chicago. Priceline then electronically forwards the price to hotels until one accepts the offer. What pricing policy is Priceline using? 1710. White Sands Heavy Equipment Co. produces industrial equipment that it sells through its national sales force. Its sales reps often must negotiate with customers to match the low prices of foreign competitors. Apparently, the firm has 1711. Trying to get the "cream" of a market (i.e., the top of a demand curve) at a high price before aiming at the more price-sensitive customers is consistent with a(an) ________. 1712. Which of the following is the primary difference between introductory price dealing and low penetration price policy? 1713. If a producer's marketing manager doesn't know the shape of the demand curve for a new product, the initial price level policy should probably be a(n) ________ policy. 1714. Which pricing policy would probably be best for a profit-oriented producer introducing a really new product with a very inelastic demand curve? 1715. A _____ price policy tries to sell the top of the demand curve at a high price before aiming at more price-sensitive customers. 1716. When Apple first introduced its iPhone in the U.S. market, it priced it at $600. Several months later, Apple reduced the price to $400. And several months after that, it reduced the price again to $200. What pricing policy was Apple using in its initial price strategy? 4 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1717. Trying to sell a firm's new product to a large market at one low price is known as ________. 1718. A penetration pricing policy 1719. The use of temporary price cuts to speed new products into a market and encourage trial by customers is 1720. Unilever is introducing a new brand of car window cleaner in market maturity. To speed its entry into the market-without encouraging price competition-Unilever should use: 1721. Which of the following observations concerning introductory price dealing is true? 1722. When setting a price level policy, a good marketing manager knows that 1723. A British firm selling in the U.S. prices its product at $100. The initial exchange rate is 0.80 pounds per dollar. If the new exchange rate is 0.75 pounds per dollar, the revenue for the British firm from a single sale would drop by ________. 1724. Cady ClayWorks offers its customers a 10 percent discount if they buy at least $200,000 worth of products during a year. The products may be bought in one order-or spread out over several orders. Cady ClayWorks is offering a 1725. Offering a NONCUMULATIVE quantity discount seeks to 1726. The Ivory Islands Resort offers a forty percent discount on lodging from September through December every year due the dramatic fall in the number of visitors during the period, largely because of unfavorable weather conditions. This type of price reduction is called ________. 1727. The following terms appeared on an invoice dated May 20 which was sent by a manufacturer to a retail store: 2/10, net 30. The amount of the invoice was $2,000. Assuming the retailer paid the invoice on May 30 (10 days after the products were delivered), how much should he have paid? 1728. When a buyer receives an invoice for $100 with terms of "2/15 net 30" he can expect to pay ________. 1729. To get the sale price, customers 1730. Everyday low pricing of consumer convenience products: 1731. It is not uncommon for sales personnel at The Electronics Showroom to use aggressive sales tactics to encourage customers to buy Giant-Size brand televisions. Giant-Size has encouraged this behavior by using: 1732. "Push money" is most likely to be offered to 5 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1733. By presenting a coupon to a retailer, the consumer is 1734. Which of the following is true of "Deal-of-the-Day" websites? 1735. Freight absorption pricing 1736. Regarding geographic pricing policies, 1737. Which of the following statements concerning "value pricing" is FALSE? 1738. Honda Motor Co. prices its whole line (from the $15,000 Honda Fit economy sedan to the $40,000 Pilot SUV) so that it offers high quality at reasonable prices. What pricing policy is Honda using? 1739. Wendy's was one of the first fast-food restaurants to offer a "dollar menu" on some of its food items. What pricing policy was Wendy's pursuing? 1740. Antidumping laws ________. 1741. If a manufacturer in China offers a product in the U.S. market at a lower price than in China, this may be a violation of a(n) 1742. Recently, some executives for highway construction companies agreed to stop competing with each other on price and to meet every three months to decide their price for the next quarter. In this situation, 1743. Which of the following laws specifically makes illegal any price discrimination which injures competition? 1744. A large producer who offers no discounts and the same prices to all customers in the U.S.: 6 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1801. An item costs a retailer $140. If a 30 percent markup is desired, what should the retail selling price be? 1802. The Horizons Cycle Shop bought 3 motorcycles for $2,100, and sold each one for $1,000. The markup percent was: 1803. Gross margin is expressed as ______. 1804. A markup chain: 1805. The stockturn rate is ______. 1806. A firm with a stockturn rate of 5 that sells products that cost it $150,000 per year is keeping an average of _____ worth of inventory. 1807. "Stockturn rate" means: 1808. A high stockturn rate: 1809. Regarding markups and turnover: 1810. 200 units of a good were produced at a total cost of $4,000. Given that total fixed cost was equal to $1,800, the average total cost per unit will be equal to _____. 1811. A disadvantage of average-cost pricing is that it ______. 1812. Mark is trying to determine his firm's average cost per unit of production. He finds that the cost for all labor and materials is $80,000 and fixed overhead expenses are $40,000. If the company produces 20,000 items in the time period, the average cost is ______. 1813. Total fixed cost: 1814. The sum of those costs that do not change in total-no matter how much is produced-is called: 1815. Which of the following would NOT be included in a producer's total fixed cost? 1816. The sum of those changing expenses which are closely related to output is called: 1817. Total variable cost: 1818. Total cost: 1819. Which of the following statements is true about average cost-pricing? 1820. Average fixed costs: 7 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1821. A company that produces baseball caps has fixed costs of $100,000, total variable costs of $40,000 for a production volume of 20,000 units. The average variable cost per unit is: 1822. The big problem with average-cost pricing is that: 1823. The major weakness of "average-cost pricing" is that: 1824. Identify a weakness of the average-cost approach. 1825. Which of the following statements is true about break-even point (BEP)? 1826. In a typical break-even analysis, a firm's fixed-cost contribution per unit ______. 1827. Spruce Pine Mfg. Co. has total fixed costs of $300,000 a year. The owner estimates that average variable costs for its product will be about $30 next year. The selling price to wholesalers will be $50. The break-even point is ______. 1828. You are considering opening a fast-food store. Your fixed costs for the required land, building, parking lot paving, kitchen equipment, and neon sign will be $1,000,000. The variable cost will be $1.89 for servings which will sell for $2.89. How many servings must you sell to break even? 1829. Given the following data, determine the break-even point in units: Total fixed cost = $120,000 Variable cost per unit = $0.60 Selling price per unit = $1.10 1830. Which of the following observations is true? 1831. Break-even analysis can be useful for ______. 1832. Which of the following statements is true about break-even analysis? 1833. Which of the following pricing approaches specifically considers the concept of elasticity of demand? 1834. Customers are likely to be less price sensitive ______. 1835. Customers are likely to be more price sensitive when: 1836. The Roulette Corporation, a video game manufacturer, sets a single price for a set of 5 video games, a video game console, and a pair of speakers. This pricing strategy is called _____. 1837. Which of the following statements is a characteristic of leader pricing? 1838. Walgreens Drugstores advertises that its Tylenol prices are "the lowest in town" in order to stimulate sales of other products along with Tylenol. This is an example of ______. 8 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1839. A retail store advertises an SLR digital camera for $350. Once bargain hunters come to the store, salespeople point out the disadvantages of the low-priced camera and try to convince them to trade up to a better, and more expensive, unit. This is an example of ______. 1840. Gabriella Sax believes that customers in her dress shop find certain prices very appealing. Between these price levels, all prices are seen as roughly the same-and price cuts in these ranges generally do not increase the quantity sold (i.e., the demand curve tends to drop vertically within these price ranges). Therefore, Sax prices her items as close as possible to the top of each such price range. This is ______. 1841. Some retailers commonly use prices that end in certain numbers. They seem to assume that their customers see prices with these numbers as substantially lower. This is: 1842. Identify the main advantage of price lining. 1843. The idea that people will pay extra for "quality" and status is the idea behind ______. 1844. When Nintendo sets a relatively low price on its game units to stimulate more demand for its game cartridges, it is using ______. 1845. In order to stand apart, the airline Fly High Air offers low airfares and heavy seasonal discounts. However, it charges its passengers for in-flight meals, water, and baggage service as opposed to its competitors who offer these services for free. Fly High Air is following a(n) _____ pricing strategy. 1846. A firm is looking to construct a new office. It puts out a request for proposals from contractors inviting their price quotations given certain defined specifications. This is an example of ______. 9 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1901. A market-directed economic system implies that: 1902. The basic objective of the U.S. market-directed economic system is to: 1903. Given the U.S. economy's basic objective, the best measure of the effectiveness of the U.S. macro-marketing system is: 04. Given the American economy's basic objective of meeting consumers' needs as THEY-the consumers-see them, it is sensible to evaluate our MACRO-marketing system in terms of: 1905. Alia was satisfied with the old television that she had owned for years. But after watching a few shows on her friend's big, flat-screen, HD television, she felt that she should buy a newer model for herself. Which of the following limitations of macro-marketing effectiveness does this illustrate? 1906. In a market-directed system: 1907. Consumer satisfaction: 1908. When evaluating macro-marketing: 1909. Macro-marketing: 1910. Satisfaction with a firm's marketing efforts can be roughly measured by 1911 A study revealed that when consumers are dissatisfied with a product or an individual business 1912. Marketing inefficiencies are due to all of the following reasons EXCEPT 1913. Which of the following does NOT support the idea that "micro-marketing often does cost too much"? 1914. A firm faces the high cost of missed opportunities when: 1915. The reason that micro-marketing costs too much in many firms is that: 1916. Advertising can: 1917. To meet the new competition, prices of the old products usually 1918. Advertising 1919. Regarding our macro-marketing system: 1920. According to your text, critics of advertising 1921. A market-directed economy 10 06 Exam – Chapters 16, 17, 18, 19 plus Appendix B - STUDY GUIDE 1922. Which of the following area does not relate to "Place" in the Four Ps? 1923. Flexibility, geographic terms, and allowances are all related to 1924. In the development of a marketing plan, blending the marketing mix would not generally involve 1925. A marketing plan will: 1926. A marketing plan that included sections on transportation requirements, inventory product handling requirements, and facility requirements would include those sections under the area of ________. 1927. Which of the following is a demographic pattern that affects marketing strategy planning? 1928. As macro-marketing systems improve worldwide: 1929. Which of the following is NOT a trend affecting marketing strategy planning in the area of Demographic Patterns? 1930. Which of the following is NOT a trend affecting marketing planning strategy in the area of Business and Organizational Customers? 1931. Which of the following is NOT a trend affecting marketing strategy planning in the Channels and Logistics area? 1932. Which of the following is NOT a trend affecting marketing strategy planning in the area of International marketing? 1933. Which of the following is NOT a trend affecting marketing strategy planning in the area of Sales Promotion? 1934. Which of the following is NOT a trend affecting marketing strategy planning in the area of Mass Selling? 1935. Which of the following is NOT a trend affecting marketing strategy planning in the Pricing area? 1936. Which of the following is NOT a trend affecting marketing strategy planning in the area of International Marketing? 1937. Which of the following is an unethical behavior on the part of a consumer? 1938. Many companies police the Internet: 1939. Regarding our MACRO-marketing system, the text suggests that: 11