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Section 1

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Perhaps the best way to address retail product or service failures is to: • a. dimiss customer complaints. • b. train employees on how to appropriately apologize to customers. • c. offer customers a percentage off discount. • d. have a plan in place to deal with any issues that may arise.

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Mar 1, 2020

Cards (40)

Section 1

(40 cards)

Perhaps the best way to address retail product or service failures is to: • a. dimiss customer complaints. • b. train employees on how to appropriately apologize to customers. • c. offer customers a percentage off discount. • d. have a plan in place to deal with any issues that may arise.

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d. have a plan in place to deal with any issues that may arise.

Back

Which of the following statements best defines mass communication? • a. It is the direct, face-to-face communication between two or more people. • b. It is the communication of a concept or message to large audiences. • c. It is the communication that takes place between two end consumers. • d. It is the paid-for communication between two people in an attempt to influence each other.

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It is the communication of a concept or message to large audiences.

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Reachall is a web page that allows its users to post messages through their registered accounts. They can post pictures, short videos, and text that do not exceed 200 characters. In this case, Reachall is a _____. • a. social bookmarking site • b. review site • c. social news site • d. microblog

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d. microblog

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Commercials for a new and innovative tablet computer demonstrate the product's capabilities and benefits. The commercials promote the product by advertising the ease of multitasking on the tablet. Since this new product is one of a kind, the commercials aim to project the benefits of the tablet through dramatic advertising. These commercials are an example of _____. • a. pioneering advertising • b. institutional advertising • c. advocacy advertising • d. comparative advertising

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a. pioneering advertising

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Elastic demand is a situation in which • a. consumer demand always exceeds the supply. • b. an increase or a decrease in price does not significantly affect the demand for a product. • c. consumer demand is sensitive to price changes. • d. demand is created for new products by aggressive brand awareness campaigns.

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a. an increase or a decrease in price does not significantly affect the demand for a product.

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Asterix Inc., an electronics store, sells gadgets of various brands at heavily discounted prices. It dominates its narrow merchandise segment because it offers a complete selection of merchandise. In this scenario, Asterix Inc. is an example of a _____. • a. category killer • b. factory outlet • c. warehouse club • d. supermarket

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category killer

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Which of the following statements is true of price skimming? • a. Firms often believe it is better to test the market at a lower price and then raise the price if sales are too slow. • b. A skimming strategy will discourage competitors from entering a market. • c. Successful skimming strategies are limited to products and do not extend to services. • d. A successful skimming strategy enables management to recover its product development costs quickly.

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d. A successful skimming strategy enables management to recover its product development costs quickly.

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In the context of advertising media, which of the following statements is true of infomercials? a. They are more expensive to produce and air than commercial spots. b. They are suitable for magazine advertising. c. They are the ideal way to present complicated messages to potential customers. d. They are short and less than 10 minutes.

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c. They are the ideal way to present complicated messages to potential customers.

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Fournotts Corp. launched a new line of toothpastes last year. Even when the company significantly increased the toothpastes' price, its sales did not drop. In this scenario, which of the following is the reason behind this behavior of consumers? • a. Other products can be used instead of toothpaste. • b. Toothpaste is a perishable product. • c. The demand for common items like toothpaste is in equilibrium with its supply. • d. The price of toothpaste is inconsequential to the consumers who buy them.

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d. The price of toothpaste is inconsequential to the consumers who buy them.

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Social media monitoring • a. can involve sentiment analysis and text mining specific key words on social networking websites. • b. reduces the importance of negative comments and complaints. • c. focuses on positive comments and ignores negative comments from consumers. • d. projects the positive aspects and withholds the defects of a product.

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a. can involve sentiment analysis and text mining specific key words on social networking websites.

Back

Zack & Marlo Inc. earns heavy profits through its online retail division. Its website offers several unique features such as allowing users to ask for suggestions and rate or recommend its products. Such functionalities help Zack & Marlo Inc. to expand its customer base rapidly. This is an example of _____. • a. text mining • b. sentiment analysis • c. social commerce • d. crowdsourcing

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c. social commerce

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Which of the following is true of franchisees? • a. They own the brand and grant licenses to franchisors to operate and sell products under the franchisee's name. • b. They decide the trade name, product, and methods of operation. • c. They receive a pay from the franchisor to use the franchisee's name, product, and business methods. • d. They take advantage of the franchisor's brand equity and operational expertise.

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d. They take advantage of the franchisor's brand equity and operational expertise.

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Ivan, a salesperson at a computer manufacturing firm, tries to persuade his customers to buy a particular computer by explaining its features and comparing it with the other models in the market. Moreover, he always maintains communication with customers who visit the firm. He does this to build long-lasting relationships with customers. In this scenario, Ivan is using _____. • a. e-mail marketing • b. content marketing • c. sales promotion • d. personal selling

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d. personal selling

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Which of the following statements is true of price? • a. Price means the same thing for both consumers and sellers. • b. Organizations successfully manage prices by creating pricing infrastructure within a company. • c. Price refers solely to the monetary value of a good or service. • d. The information effect of price emphasizes the negative correlation between price and quality.

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b. Organizations successfully manage prices by creating pricing infrastructure within a company.

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_____ is that which is given up in an exchange to acquire a good or service. • a. Revenue • b. Price • c. Value • d. Cost

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b. Price

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A difference between in-store retailing and nonstore retailing is that unlike • a. nonstore retailing, in-store retailing is currently growing fast. • b. in-store retailing, nonstore retailing only sells tangible, customized products. • c. nonstore retailing, in-store retailing takes a long time in order processing. • d. in-store retailing, nonstore retailing adds a level of convenience for customers who wish to shop from their current locations.

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d. in-store retailing, nonstore retailing adds a level of convenience for customers who wish to shop from their current locations.

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A(n) _____is a series of related ads focusing on a common theme, slogan, and set of advertising appeals. • a. advertising protocol • b. advertising campaign • c. media mix • d. unique selling proposition

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b. advertising campaign

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In the context of ownership arrangement, a chain store is • a. a large discount store that specializes in a single line of merchandise and becomes the dominant retailer in its category. • b. a group of retailers, of one or more brand names, owned and operated by a single organization. • c. a retail business where an operator is granted a license to sell a product under a larger brand name. • d. owned by a person or group and is not operated as part of a larger network.

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a group of retailers, of one or more brand names, owned and operated by a single organization.

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Which of the following statements is true of rebates? a. Rebates are good at enticing purchase but most consumers never bother to redeem them. b. Manufacturers have less control over rebate promotions because they take a lot of time to be rolled out and shut off. c. Manufacturers offer price cuts for selected customers. d. Rebates offer more immediate rewards than coupons.

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a. Rebates are good at enticing purchase but most consumers never bother to redeem them.

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Which of the following is an example of a routine buying decision? • a. Shaina purchasing the soap she has been using for the last 20 years • b. Kevin buying a cell phone after doing extensive research about various brands on gadget websites • c. Patrick purchasing a dishwasher after receiving detailed information about its features from the company representative • d. Latika buying a particular brand of noodles after seeing various advertisements on television

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d. Latika buying a particular brand of noodles after seeing various advertisements on television

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Although it is difficult to measure the ROI of a social media campaign, marketers can measure interest through: • a. the number of "likes," fans, or followers. • b. click-through rates on websites. • c. the number of media mentions. • d. the number of comments, uploads, or downloads.

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d. the number of "likes," fans, or followers.

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A _____ includes any promotional display set up at a retailer's location to build traffic, advertise a product, or induce impulse buying. a. sampling-based advertisement • b. point-of-purchase display • c. point-of-contact display • d. segment-based advertisement

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c. point-of-purchase display

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The intent of unfair trade practice acts is to • a. impose high tax rates on the products that consumers buy on a periodic basis. • b. give greater profits to well-established firms, which operate on low product costs and high discounts. • c. allow sellers or manufacturers to sell perishable products below cost. • d. protect small local firms from giants, which operate very efficiently on razor-thin profit margins.

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d. protect small local firms from giants, which operate very efficiently on razor-thin profit margins.

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Ken, a talented musician, often uses YouTube to share video recordings of the songs he composes. He also blogs about musical styles across various countries. In this case, Ken comes under the category of _____. • a. collectors • b. spectators • c. inactives • d. creators

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creators

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Which of the following statements is the main function of promotional strategy? • a. To sell products at higher prices to reinforce the prestigious image of retailers • b. To convince target customers that the goods and services offered provide a competitive advantage over the competition • c. To provide a wide assortment of merchandise • d. To understand how a brand's target consumers behave as shoppers in different channels and formats

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b. To convince target customers that the goods and services offered provide a competitive advantage over the competition

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Which of the following reflects the information effect of price? • a. Alice, an avid reader, spends most of her money buying books as she does not have much interest in spending on other items of leisure. • b. Mandy saves money by cutting down on her daily expenses to buy her dream car. • c. John, a businessman, wears watches exclusively from luxury brands as he feels it enhances his status and class among his peers. • d. Bryan always relies on the brand Woodens for buying his furniture as it offers the best warranty scheme.

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c. John, a businessman, wears watches exclusively from luxury brands as he feels it enhances his status and class among his peers.

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Which of the following statements is true of the integrated marketing communications concept? • a. It helps consumers distinguish between the five elements of the promotional mix in an advertisement. • b. It allows each element of the promotional mix to convey a different message about a product to the target market. • c. It focuses on the careful coordination of all promotional messages for a product or service to maintain the consistency of messages. • d. It increases the rift between personal selling and the other elements of the promotional mix.

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c. It focuses on the careful coordination of all promotional messages for a product or service to maintain the consistency of messages.

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In thinking about different types of sales promotions, winning a depends on chance and participation or entry is free while a requires some skill or ability to compete for prizes. • a. rebate; sweepstakes • b. contest; loyalty rewards program • c. sweepstakes; contest • d. loyalty rewards program; premium

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c. sweepstakes; contest

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Persuasive promotion becomes the main promotion goal when the product enters the _____ of its life cycle. • a. decline stage • b. introduction stage • c. growth stage • d. maturity stage

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c. growth stage

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Electric World, an electronics manufacturing company, sells goods and accessories through its website. It also uses social media platforms to advertise its products to prospective customers. In this scenario, Electric World is an example of a(n) _____. • a. online retailer • b. direct retailer • c. automatic vendor • d. telemarketer

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a. online retailer

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Bryan is active user on Yelp, leaving reviews and ratings of restaurants he visits. Bryan is likely a: • a. critic. • b. collector. • c. spectator. • d. joiner.

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a. critic.

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Andrew, a product developer at the industrial technology firm Magnira Solutions, has designed a new tool that has extremely high energy efficiency. The tool is proclaimed as a noteworthy invention by many researchers and scientists. In order to improve its image among its customers, Magnira Solutions tells the community in which it operates and its suppliers about the new tool's efficiency. This is an example of _____. • a. advertising • b. personal selling • c. sales promotion • d. public relations

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d. public relations

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Bookworm, a small retailer of books, offers old books to its customers at a discounted price. It has a huge collection of books in a small room. This gives the impression that the owners are giving away the books for free. In this scenario, which of the following factors has led to this perception of the store's atmosphere? • a. Visual factors • b. Fixture type and density • c. Merchandise type and density • d. Employee density

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c. Merchandise type and density

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A break-even point is reached when • a. total costs equal total revenue. • b. an optimal price results in peak sales. • c. total revenue is equal to total profit. • d. actual sales figures meet projected sales figures.

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a. total costs equal total revenue.

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Which of the following is true of a convenience store? • a. It carries a deeper but narrower assortment of merchandise within a single category of interest. • b. It carries an extensive line of high-turnover convenience goods. • c. It competes on the basis of low prices, high turnover, and high volume. • d. It offers long hours and fast service in exchange for premium prices.

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It offers long hours and fast service in exchange for premium prices.

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Using consumers to develop and market products is known as _____. • a. brandjacking • b. text mining • c. personal selling • d. crowdsourcing

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d. crowdsourcing

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Krackle, a food manufacturing company, added two new flavors to its famous line of potato chips. After introducing the flavors, Krackle advertised the new variations of chips through advertisements for a period of six months. This was done to stimulate the interest of consumers in the new products. In this scenario, Krackle employed _____. • a. informative promotion • b. reminder promotion • c. connective promotion • d. persuasive promotion

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a. informative promotion

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According to social media expert Brian Solis, the term social media refers to _____. • a. a marketing medium that uses visual representation on paper • b. a communication channel that depends on nonverbal cues • c. any tool or service that uses the Internet to facilitate conversations • d. any communication channel that depends on face-to- face interaction

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c. any tool or service that uses the Internet to facilitate conversations

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Identify a true statement about a flighted media schedule. • a. It has less impact than other types of media schedules. • b. It is the same as continuous scheduling. • c. It varies the frequency of ads to achieve greater impact. • d. It uses light advertising for two months.

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c. It varies the frequency of ads to achieve greater impact.

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Unlike profit maximization, satisfactory profits • a. strive for a level of profits consistent with the level of risk an organization faces. • b. involve setting prices so that total revenue is as large as possible relative to total costs. • c. might be high in a low-risk industry and low in a high-risk industry. • d. depend on the competitive environment a firm faces.

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a. strive for a level of profits consistent with the level of risk an organization faces.

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