Final quiz smart book , Summaries of Business Economics

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R. Winer,

Final quiz smart book

Chapter 8

1. Which promotional tool is used in the advertising element of the promotion mix? a. social media
2. Which promotion mix element involves prospecting, presenting, closing, and follow-up? a. personal selling
3. A(n) strategy involves coordinating the various promotion mix elements to provide consumers with a clear and consistent message about a firm's products. a. integrated marketing communications
4. Mr. Wilson is a professor of marketing at the local university. In the student orientation program, he addressed the first-year students regarding the advantages of taking marketing as a major course and how marketing would benefit the students personally. What type of advertising did Mr. Wilson use? a. persuasive advertising
5. Informative advertising is especially important during the stage of the product life cycle as it helps to develop initial demand for a product. a. introductory
6. is best defined as the dissemination of information, often by television, to a fairly small, select audience that is defined by its shared values, preferences, or demographic attributes. a. narrowcasting
7. Refresh is a sports hydration drink. Its manufacturer is sponsoring a rugby match between the two most-popular local schools in Chicago. The rugby match will be shown on television and viewed by many. The company's logo will be shown as a banner on the TV announcers' broadcast table and the announcers will have Refresh drinks in front of them. What promotion technique is Refresh using in this case? a. product placement
8. Which promotion tool commonly involves problems due to misredemption practices? a. coupons
9. allow consumers to recoup a specified amount of money after making a single purchase. a. rebates
10. Marketers of a pet food company are distributing free samples of its newest line of dog

20. LumiNight is an outdoor home lighting system. The company's sales have declined by 30 percent over the past year due to an increase in competition. LumiNight must now decide about its promotional budget. According to the objective-and-task method, what would the best strategy for LumiNight to follow? a. it should define specific objectives, determine tasks required, and estimate the cost of each task Chapter 10
21. As it pertains to supply chains, what part of the supply chain only moves upstream? a. financial resources
22. Which statement is true of supply chains? a. Information flows both upstream and downstream in a supply chain.
23. A firm that has a orientation will consider upstream and downstream flows of goods, services, finances, and information across the supply chain as activities it would be involved in, even though they may be performed by other companies. a. supply chain
24. Which statement is true of supply-chain management? a. Supply-chain management decisions rarely involve trade-offs, if any.
25. Which scenario exemplifies a trade-off involved in a supply-chain management decision? a. a store manager offering a volume discount on a product that cannot be produced at that price
26. A manager with a supply-chain orientation is most likely to agree that a. individual firms should integrate their activities to such a degree that they function as one organization.
27. A firm that uses a push supply-chain strategy is most likely to a. manufacture products before it receives any orders for those products.
28. What is an advantage of a pull strategy? a. It reduces inventory carrying costs and allows customization of products.
29. One of the advantages of using a push-pull strategy is a. that companies can achieve economies of scale in purchasing, while engineering flexibility into manufacturing.
30. In which situation should a firm pick a push strategy? a. when customers want a short lead time

11. Which statement is true of logistics? a. Logistics can be a source of competitive advantage if they are executed effectively.
12. Telcon Enterprises is a firm that specializes in manufacturing automobile components. It uses software-controlled robots to help in the manufacturing process. Minute defects are detected by an inspection system that has infrared capabilities. The system can only be activated through a biometric login to which only permanent employees have access. In the event that the biometric system fails, employees can use their identity cards to activate the system. All the data from the manufacturing process including use of the inspection system, employees’ details, and inventory details are stored and made accessible to supervisors and the management by a software program called Unite. In this scenario, what would best described as an enterprise resource planning system? a. the Eclipse software program
13. Storage and handling expenses as well as property taxes and insurance are all examples of costs. a. inventory carrying
14. Players is a chain of toy stores across the United States that specializes in selling board games. The chain decides to offer a limited-period volume discount on its products for online customers. As a result, Players sells all of its discounted products and receives orders for more products than what it has in its inventory. This scenario exemplifies what concept? a. stockout
15. Howie is a middle-level manager at an apparel manufacturing company. He is in charge of sourcing raw materials from suppliers. Howie posts details of the required materials on the firm’s extranet portal, and suppliers respond to this with their bids. Howie selects the best offer and sends the supplier a confirmation for procuring the raw materials along with the expected date of delivery. This confirmation is referred to as a(n) a. purchase order.
16. The warehouse function that refers to moving goods to their temporary or semi permanent storage location and updating inventory records is called a. put-away.
17. As it pertains to transportation, refers to a carrier's ability to provide service from the source of the shipment to its destination.

The prices that consumers consider reasonable and fair for a product are termed prices. reference Lincoln’s landlord has included a clause in the rental contract that makes it possible for him to increase Lincoln’s monthly rent if taxes on the property go up. Which clause was included in the contract? escalator clause Which statement is true of markup pricing? It is not very effective at maximizing profits. The owner of a home furnishings store has decided to price the three types of clocks it sells at $24.99, $49.99, and $69.99. From this information, we can say that the owner is pursuing a(n) pricing strategy. odd is a pricing strategy that involves pricing a product higher than competitors to signal that it is of higher quality. Prestige pricing Arctic Treats is an ice-cream shop. Its marketing strategy from the month of November to February is “buy one get one free.” Which of the following best describes the strategy applied by Arctic Treats? seasonal discounts Comfort Scents, a manufacturer of scented products, has decided to sell a combination package of three fall-inspired candles: autumn breeze, falling leaves, and crackling fire. This package is priced marginally higher than the individual candles alone. Given this information, we can come to the conclusion that the marketers of Comfort Scents have applied the strategy. price bundling

Which statement is true regarding the influence of technology on pricing? Technology has helped to shift the balance of power from companies to customers. involves constantly updating prices to reflect changes in supply, demand, or market conditions. Dynamic pricing The term black market is best described as the illegal buying and selling of products outside of sanctioned channels. Which statement is true of gray markets? Gray market goods can be a boon for consumers. Tariffs are on imports and exports between countries. taxes Predatory pricing is considered illegal because it is considered an attempt to create a monopoly. Sam’s Ski Shop advertised a popular line of skis stating that the skis were “originally priced at $625” and that they are now on sale for $249. However, the manufacturer’s suggested retail price of the skis is only $515. Sam’s Ski Shop could be accused of deceptive pricing The is a law passed in 1914 that seeks to prevent practices that may cause injury to customers, that cannot be reasonably avoided Federal Trade Commission Act

12. The essence of marketing is the belief that if businesses deliver valuable information to buyers, customers will reward them with their business and loyalty. a. content
13. To help inform readers on a complex issue, a firm might use an authoritative guide called a white paper
14. Rashmi bought a kayak online, and after using it for a month, she went back to the site where she purchased it and submitted a product review. This is an example of content. a. user-generated
15. The process of broadcasting video footage in real-time is called a. live streaming
16. The process of identifying and assessing what is being said about a company, individual, product, or brand on the Internet is called a. social listening
17. The most common metric and the one that is the easiest to measure is a. volume
18. A visualization of performance metrics that allows marketers to see performance over time and across a range of measures can be obtained by the use of a. a marketing dashboard.
19. A key principle within marketing ethics, is the permission granted in the full knowledge of the likely consequences, otherwise known as a. informed consent
20. For marketers, which group would be considered a "vulnerable" population? a. children Chapter 14
21. Which statement is true of brand loyalty? a. Brand loyalty refers to consumers’ steadfast allegiances to a brand, displayed through repeat purchases.
22. Brand refers to the degree to which customers can identify a brand under a variety of circumstances. a. Recognition
23. Enliven, a beverage manufacturer, has a business strategy concentrated on developing environmentally friendly products. It uses green-colored packaging to indicate the eco- friendly component of its products. This helps Enliven's products to stand out and be recognized easily. This scenario exemplifies the use of a. brand marks
24. A brand image can best be defined as a. the unique set of associations that target customers make with a brand.

5. A firm with high brand equity a. facilitates the firm to expand into new markets.
6. Using qualitative research for measuring brand equity will a. help in identifying the sources of brand equity.
7. About 40 consumers are participating in a focus group moderated by marketers. They are asked to list terms and phrases that occur to them when they hear the brand name, ‘Mix Master.’ The marketers of the brand use the consumers’ responses to gain insight into what consumers think of the brand. This scenario is a typical example of a. free association
8. In an online survey, Urban Feel, an existing clothing brand, asked its consumers to compare the brand to a musician. The idea behind this is that the musician chosen by a consumer will reflect that consumer's perception of the brand. This kind of research exemplifies a. projective technique
9. Which statement is true of brand extension? a. It enables new products to profit from the recognition that a brand already enjoys.
10. Capitalizing on its high brand equity, Phonetastic, a manufacturer of cell phone accessories, introduces a new product, Retracto, which is a retractable cell phone charging cord. After the successful rollout and high sales of Retracto, the company soon discovers that the sales volume of its existing phone chargers have dropped significantly. Which phenomena does this scenario exemplify? a. Cannibalization
11. An advantage of co-branding is that a. it allows a firm to leverage the equity of another brand to increase its own brand equity.
12. AcheAway, a painkiller, is a low-cost product developed by Universal Pharmacy, a popular retail chain in the United States. It is sold exclusively in Universal's stores. In this case, AcheAway is an example of a brand. a. private label
13. Which statement is true of packaging? a. It can be used to reinforce brand image.
14. The vast majority of consumers interact with firms on social media to a. receive discounts or special promotions.
15. A Nielsen survey of 18 - to 34 - year-olds shows that when this group posts a question or complaint on social media, they expect an answer a. within 12 hours
16. Solo is a new restaurant chain in the United States. The chain has a strong online presence in the form of a website and on many review sites. Solo wants to capture its presence on