Intro to Marketing Final

Total Flash Cards » 58
 
1. 

A company that manages apartments decides to buy 15 new dishwashers at a list price of $550 each as replacements for old dishwashers in a small apartment complex it owns. Because the company is buying more than 10 dishwashers, it is eligible for a $150-per-unit quantity discount. Financing charges total $20 per unit. The company gets $10 per dishwasher for the 15 dishwashers traded in. What is the final price the company will pay for each dishwasher?

 

$410

 
2. 

Tara is enrolled for spring semester at college. The tuition is $6,000, but she has a scholarship for $1,000 as well as a work-study grant of $1,500. The health fees and student activity fees are $150 for the semester. What is the final price that Tara will pay for the spring semester?

 

$3650.

 
3. 

When Pizza Hut announced it was going to add 25 percent more toppings to its Meat Lover’s line of pizzas without increasing prices, what consumer motivation was it appealing to?

 

Value.

 
4. 

The ratio of the firm’s sales revenues or unit sales to those of the industry (competitors plus the firm itself) is referred to as ______________.

 

Market Share.

 
5. 

The ___________ equation = (Unit price × Quantity sold) − Total cost.

 

Profit.

 
6. 

Rents, executive salaries, and insurance are typical examples of ___________.

 

Fixed Costs.

 
7. 

Variable cost refers to __________.

 

the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold. (Example: Direct labor and direct materials used in producing the product and the sales commissions that are tied directly to the quantity sold)

 
8. 

Break-even analysis refers to __________.

 

A technique that analyzes the relationship between total revenue and the total cost to determine profitability at various levels of output.

 
9. 

Ace Shoe Company sells heel replacement kits for men’s shoes. It has fixed costs of $6 million and unit variable costs of $5 per pair. Ace would like to earn a profit of $2 million; how many pairs must they sell at a price of $15?

 

Cost + Profit = Revenue 6million + 5x + 2 million = 15 x
X = 800,000 Pairs

 
10. 

The difference between the retailer’s cost and the initial selling price is referred to as __________.

 

Markup

 
11. 

Large strip malls that often have two to five anchor stores, a supermarket, and are designed to bring shoppers on a weekly basis are referred to as _______.

 

Power Center

 
12. 

An indicator used to compare the increase in sales of stores that have been open for the same period of time is called ___________.

 

Comp Store Sales

 
13. 

The four stages of the retail life cycle are ________________.

 

Early growth, acceletated development, maturity, decline

 
14. 

Retailers that integrate and leverage their stores, catalogs, and websites have seen __________.

 

Increased Revenues

 
15. 

The ___________ element of the marketing mix consists of communication tools, including advertising, personal selling, sales promotion, public relations, and direct marketing.

 

Promotion.

 
16. 

The promotional mix can be used to: (1) inform prospective buyers about the benefits of the product, (2) persuade them to try it, and (3) __________.

 

Remind them about benefits of the product

 
17. 

Integrated marketing communications (IMC) programs coordinate a variety of promotion alternatives to provide ________,

 

Consistent message across all audiences

 
18. 

Advertising, personal selling, sales promotion, public relations, and direct marketing are marketing
communications alternatives that make up a firm’s __________.

 

?

 
19. 

Which of the following statements about advertising is most accurate?

 

?

 
20. 

A push strategy is when a manufacturer _________.

 

?

 
21. 

Which of the following statements regarding direct marketing is most accurate?

 

?

 
22. 

The primary purpose of a competitive advertisement is ________.

 

?

 
23. 

Which of the following statements about comparative advertising is MOST accurate?

 

(Know competitive advertising too)

 
24. 

An ad for Campbell’s soup reads, “We haven’t changed that great taste your family’s always loved.” This is an example of __________ advertising.

 

?

 
25. 

Which of the following is an important guideline provided in the text for using a fear appeal?

 

?

 
26. 

While many commercials that use sex appeals gain the attention of the audience, they __________.

 

?

 
27. 

The decision on media selection is related to the target audience, the type of product, the nature of the message, campaign objectives, available budget, and __________.

 

?

 
28. 

One advantage of using the Internet as an advertising medium is ________.

 

?

 
29. 

Another term sometimes used interchangeably with “social media” is __________.

 

?

 
30. 

A blog is __________, whereas a wiki is __________.

 

??

 
31. 

Which of the following statements about user generated content (UGC) is MOST accurate?

 

?

 
32. 

A favorable image is affected by the degree of self-disclosure of a person’s thoughts, feelings, likes, and dislikes. Greater self-disclosure is likely to __________ the influence on those reached.

 

?

 
33. 

Figure 19-2
Based on the social media identified in Figure 19-2 above, a social media site that has elaborate visuals, graphics, and animation but where the users disclose very little personal information about themselves or their feelings would most likely be located in which cell of the chart?

 

Virtual Game Worlds

 
34. 

Based on the social media identified in Figure 19-2 above, the social media site rated highest in media richness and lowest in self-disclosure is ___________.

 

(Not answer A)

 
35. 

Based on the social media identified in Figure 19-2 above, the social media site rated highest in self-disclosure but lowest in media richness is ________.

 

?

 
36. 

The convergence of real and digital worlds is the result of __________.

 

?

 
37. 

Internet users ages 15 and older are expected to buy _________ worth of products and services online in 2015 (excluding travel, automobiles, and prescription medications).

 

$270 billion

 
38. 

Which of the following examples demonstrates how electronic commerce creates customer value through form utility?

 

?

 
39. 

Interactive marketing refers to __________.

 

?

 
40. 

The solicitation of a consumer’s consent (called “opt-in”) to receive e-mail and advertising based on personal data supplied by the consumer is referred to as ____________.

 

Permission Marketing.

 
41. 

Wolfermans.com is a website that sells delectable muffins, rich desserts, smoked turkeys, and other food attractively packaged and ready for gift-giving. All a visitor has to do is decide what to buy. Wolfermans.com is an example of a(n) _________ website.

 

?

 
42. 

Websites designed to advertise a company’s products and provide information on how items can be used and where they can be purchased are referred to as __________ websites.

 

?

 
43. 

A threat arising from the introduction of an Internet channel and the potential harm to trade relationships with a manufacturer’s retailing intermediaries is referred to as _______.

 

Channel Conflict.

 
44. 

Eddie Bauer has leveraged its store, website, and catalog channels with impressive results. At Eddie Bauer, every effort is made to make the apparel shopping and purchase process for its customers the same as in its retail stores, catalog, and website. An Eddie Bauer marketing manager says, “We don’t distinguish between channels because it’s all Eddie Bauer to our customers.” Eddie Bauer is likely following a(n) _____________ strategy.

 

Multi Channel

 
45. 

JCPenney has leveraged its store, website, and catalog channels with impressive results. A JCPenney customer who shops in all three channels—store, catalog, and website—spends four to eight times as much as a customer who shops in only one channel. JCPenney is likely following a(n) __________ strategy.

 

?

 
46. 

Lockheed Martin’s Skunk Works is a leader in delivering world-class aircraft. About 50 engineers and designers and 100 expert machinists closely follow this guideline for organizational structure and implementation: Use a small number of good people who ________.

 

?

 
47. 

The actions taken in a situation (SWOT) analysis or Step 1 of the planning phase include: (1) __________, (2) analyze competitors, (3) assess own company, and (4) research customers.

 

?

 
48. 

The more a marketing plan is based on __________, the less uncertainty and fewer risks are associated with executing it.

 

Facts and marketing assumptions

 
49. 

The most senior executive responsible for a firm’s marketing activities is called the ___________.

 

Chief Marketing Officer.

 
50. 

SHORT ANSWER QUESTION: 1. What are the six major steps involved in setting prices?

 

???????

 
51. 

2. What is the difference between fixed costs and variable costs?

 

????

 
52. 

3. What changes will likely occur in the future of retailing?

 

?????????

 
53. 

4. List the key elements of the promotional mix. Why are they used?

 

??????

 
54. 

5. List and briefly define the four forms of institutional advertising.

 

?????

 
55. 

6. Suppose the following: The cost of a full-page color ad in the U.S. national edition of The Wall Street Journal (newspaper) is $312,286 and its U.S. audience size is 1,613,062. The cost of a full-page color ad in the U.S. national edition of USA Today (newspaper) is $207,720 and its U.S. audience size is 1,778,934. The cost of a full-page color ad in the U.S. national edition Bloomberg Businessweek (magazine) is $156,900 and has an audience size of 980,000. The cost of a full-page color ad in the U.S. national edition Sports Illustrated (magazine) is $238,000 and has an audience size of 3,150,000. The cost of a 30-second ad on the most recent Super Bowl (television) is $3,250,000 and has an audience size of 112,500,000. Using this information amd show & order the five alternatives from highest to lowest CPM

 

?????????

 
56. 

7. Discuss the differences between traditional print media and social media with regard to expense and access, permanence and credibility, and social authority.

 

?

 
57. 

8. List the six reasons why consumers shop and buy online.

 

?

 
58. 

9. Define marketing ROI (return on investment).

 

?