Clep Principles Of Marketing Strategy Execution Success 6th Edition James E. Finch, James R. Ogden, Denise T. Ogden MBA, Anindya Chatterjee Ph.D. - Solutions

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Reciprocity means(D) Clayton Act(E) None of the above(A) buy from me and I'll buy from you(B) buy from me or I'll ruin your product's name(C) buy from me and I'll give you free samples(D) I'll buy from you no matter who you buy from(E) None of the above
Which of the following acts were enacted to reduce, or stop, the lessening of competition in the United States?(A) Pro-competition Act(B) Sherman Act(C) Magnuson-Moss Act
When designing a research study, the researcher must make sure that the research study actually measures what it is supposed to measure.This concept is called(A) reliability(B) validity(C) communication(D) observation(E) sampling statistics
The business philosophy that seeks a balance between satisfying short-run consumer wants and ensuring long-run consumer welfare is referred to as the(A) marketing concept(B) selling concept(C) societal marketing concept (D) product concept (E) production concept Test3
Which of the following is NOT part of the marketing mix?(A) Product(B) Price(C) Planning(D) Promotion(E) Channels of distribution
Environmental scanning is an important step in planning a market opportunity analysis. In relation to international marketing, which of the following environments deals with nationalism (putting a country's interests before everything else)?(A) Economic(B) Technological(C) Political(D) Legal(E)
From a consumer's viewpoint, what kind of innovation would an improved electric blanket be?(A) Innovation(B) Continuous innovation(C) Dynamically continuous innovation(D) Discontinuous innovation(E) None of the above
The failure of a new product is usually attributable to all of the following EXCEPT(A) Too small a target market(B) Bad timing(C) Poor execution of the marketing mix(D) Existence and quality of "protocol"(E) All of the above
In which of the following situations does a firm face an almost perfectly flat or horizontal demand curve?(A) Pure competition(B) Oligopoly(C) Monopolistic competition(D) Monopoly(E) None of the above since demand curves are always downward sloping.
Which of the following stages in the new product development process involves the firm estimating how many units must be sold in order to cover the cost of production?(A) Idea generation(B) Screening and evaluation(C) Business analysis(D) Test marketing(E) Development and testing
When doing positioning, a good marketing manager should(A) focus on the needs of baby boomers(B) avoid target marketing strategies(C) plan on making physical product changes rather than image changes(D) rely on customers' perceptions of existing and/or proposed brands(E) focus on what he or she
For which of the following consumer goods would an individual most likely compare price, quality, and/or style?(A) Convenience goods(B) Shopping goods(C) Specialty goods(D) Industrial goods(E) Unsought goods
The Horilla Company recently changed its operation to intermesh transporting functions with other marketing functions rather than handling it as an afterthought. By doing this Horilla could focus on minimizing costs for a given level of service. What approach did Horilla Company change to?(A) Total
Pillsbury has one manufacturing plant for each of their products.Which of the following would they utilize in order to get a mixture of their products to individual stores?(A) Distribution centers(B) Public warehouses(C) Private warehouses(D) Freight forwarders(E) Air distribution
Which of the following would be the worst choice when transporting a bulky product, such as coal?(A) Water(B) Rail(C) Air(D) Truck(E) All of the above would be equal choices.
A toy manufacturer needs to store inventory. It would MOST likely use which of the following?(A) Private warehouses(B) Public warehouses(C) Distribution centers(D) Containerization(E) They do not need storage; they ship when they manufacture the product.
Baby's Notion and Lotion shop requires a minimum markup of 50%at retail on a new line of lotions. If Baby feels that the line of lotions should retail for $20 per lotion, which of the following is the maximum amount she should pay for each lotion she buys?(A) $12 (B) $14 (C) $15 (D) $16.80 (E) None
The AIDA model in marketing communication refers to four promotion tasks that include(A) getting attention, holding interest, creating demand, and obtaining action(B) getting attention, holding interest, creating desire, and obtaining action(C) becoming aware, holding interest, arousing desire, and
An invoice states terms of 2110 net 30, where the invoice amount is$100. What is the cash discount for someone paying the invoice in 25 days?(A) $2(B) $4(C) $6(D) $1(E) There is no cash discount.
Which of the following is an example of sales promotion?(A) Price-off coupons distributed to consumers' homes(B) A trade show for wholesalers(C) A contest to motivate a company's sales force Test3(D) Point-of-purchase displays at the checkout counters of a retail store(E) All of the above are
An ad that shows a family seated in a restaurant enjoying a meal after a kids' soccer game and using the advertised product during their meal would be an example of which of the following advertising execution styles?(A) Slice of life(B) Fantasy(C) Mood or imagery(D) Personality symbol(E)
If the regular selling price of a product at Johnson Industries is$500, and the owner, Bit Johnson, decides he wants to mark the product down to $480, what is the dollar amount markdown?(A) $480(B) $200(C) $75(D) $20(E) There is no real markdown because the cost of the product is unknown.
An ad for Chevy's new truck claimed that it is tougher, gives better mileage, and costs less than its leading competitor's truck. The ad specifically named the competing truck. This is an example of what kind of advertising?(A) Cooperative(B) Direct competitive(C) Pioneering(D) Institutional(E)
If there is a markup on a retail selling price of $95 where the selling price is $3,400, what is the percent markup on selling price?(A) 100%(B) 2.7%(C) 2.9%(D) 3.95%(E) 2.8%
Freight forwarders can often charge shippers lower rates than basic carriers because they(A) will only deliver to selected locations(B) only handle large shipments(C) combine the small shipments of many shippers into more economical shipping quantities(D) do not deal with international shipments
Johanna wants to start a new dance studio and needs to calculate the cost and selling price she should charge for lessons. Her accountant told her that the markup percent ON COST should be 15%, and that the amount of markup should be $17.00. What should her cost and selling price be?(A) cost = $1
Kenmore appliances (sold by Sears) are an example of a(n)(A) dealer brand(B) manufacturers' brand(C) licensed brand(D) individual brand(E) family brand
Storing is the marketing function of holding goods. Which economic utility(ies) does it provide?(A) Time(B) Place(C) Possession(D) Ownership(E) All of the above
If Mark pays Hershey Foods Corporation for the right to use its name on his line ofT -shirts, then Mark is using which strategy?(A) Manufacturer's branding(B) Licensed branding(C) Co-branding(D) Private branding(E) Line extension
A coupon on a bottle of Pepsi offering a deal on a bag of potato chips is called(A) cross-ruff coupon (B) scanner-delivered coupon (C) instant redemption coupon Test 1 (D) response offer coupon (E) bounce back coupon
Within the industrial mix, the product variable places a great deal of emphasis on(A) pnce(B) services(C) environmental influences(D) distribution(E) sales promotion
Pake Productions wants to markdown a new line of speakers that they have in the stores. After they are marked down, Pake Productions wants to calculate the markdown percentage. If the original price of the speakers was $200, and the new price of the speakers is$160, what is the markdown percent?(A)
If Bob Peters sells a set of steak knives for $1,000, and he has a markup (or selling price) of $600, what is his markup percent?(A) 10%(B) 20%(C) 50%(D) 60%(E) Cannot be determined from the information given.Test 1
Which of the following is NOT part of the Multiple Buying Influence, when maldng a decision to buy a new copy machine in a business?(A) General public(B) Influencer(C) Buyer(D) Decider(E) Gatekeeper
If a firm were to obtain information about light, medium, and heavy users of a product as a means to segment their market, the firm would be practicing what kind of segmentation?34.(A) Geographic (D) Psychographic(B) Behavioral (E) Geodemographic(C) Demographic Positioning is(A) giving a product
The Y earous Group saw an increase in total revenue when they decreased the price of their golf bags. The marketing manager can assume that the demand is(A) unitarily elastic(B) elastic(C) inelastic(D) All of the above(E) None of the above
Which statement is correct about the market growth stage?(A) Industry profits tend to increase in the beginning of the stage.(B) Industry profits decrease toward the end of the stage.(C) More companies enter into the industry.(D) Industry sales increase.(E) All the above are correct statements.Test
A capital item (a necessary element in setting price) is(A) a building or other type of major equipment(B) office supplies purchased by the individuals(C) raw materials that become part of the physical good(D) long-lasting products that can be depreciated(E) Both (A) and (D)
The role of price in a market-directed economy is to(A) determine the sale prices of clearance items in a retail store(B) serve as a rough measure of the value of resources used tc produce goods and services(C) ensure no consumer pays prices that are too high(D) determine the amount of losses that
Use channel innovation strategies. In essence, this means constantly thinking about the best ways to reach customers— knowing where you need to be given where the customers actually are. For example, in addition to traditional channels you may have to include a direct-to-consumer (D2C) channel.
Try to leverage your channel strategy as a competitive advantage either in the form of creating and delivering superior customer value or as a way to “lock out” potential competitors.
Design your channel from “the market back.” In other words, focus on the needs and requirements of your target customer first and then allow this to dictate your channel design.
You will know you have pricing problems if (1) there is poor customer response, (2) your channel members complain, (3) intense price bargaining is the norm, (4) there is high elastic demand, and/or (5) you are forced into chronic markdowns. When this occurs, you must take corrective action.
Do not use the same price margin for all your products/services. There is no rule that says all products/services need to be priced the same. You can afford a smaller margin for products/services with a high sales volume, but slower moving items might need higher margins.8
Add value instead of price discounting. Frankly, discounting can kill your business. Just a 10 percent discount on prices may require you to sell 50 percent more units to keep the same bottom-line profit. So, instead, focus on giving the customer more value, such as a more satisfying experience.7
7. Leverage the principle of just noticeable difference (JND). JND is the point at which a customer notices a change in your pricing. If you wish to disguise an increase in your prices, change your price but do so below the JND point. If you want to drop your price and show the customers you are
If you can build your entrepreneurial brand and develop high brand equity, you can command premium prices for your products/services. And this illustrates the importance of branding we pointed out in Chapter
Your price strategy should always be connected to the customer segment you are seeking. There is no such thing as an average price because there is no such thing as an average customer. If you wish to seek a price-sensitive customer, then you may have to be the low-cost provider. But remember,
If you enter a competitive environment and find competitors are beginning to drop prices, you do not have to necessarily follow suit. Yes, there is a natural tendency to price match, but this may be a foolish move, especially if you offer a better product, a superior service, or a memorable
Your final price does not have to be tied to your cost! Yes, you need to know your costs to understand the profitability implications of price, but do not overrely on your costs as a way to set prices!4
If your venture is selling a high-quality product or service, do not under-price that offering. Often, this underpricing is rationalized as a requirement to gain market share. But this may cause two problems: (1) the customer perceiving the product as not being a high-quality offering and (2)
Make your pricing just one small part of your overall revenuegenerating strategy. In other words, try to be as independent of price as possible. It is better to look at other ways to make money such as adding new products, expanding distribution, and improving your marketing rather than trying to
The final and most difficult step is to create a customer brand resonance—an intense, active loyalty relationship between customers and the brand. A deep psychological bond characterizes customer brand resonance and the personal identification customers have with the brand. Examples of brands
The third step is to elicit the proper customer response to the brand. Here, attention is placed on how customers think and feel about a brand. Thinking focuses on a brand's perceived quality, credibility, and superiority relative to other brands. Feeling relates to the consumer's emotional
Next, you must establish a brand's meaning in the minds of customers. Meaning arises from what a brand stands for and has two dimensions—a functional, performance-related dimension and an abstract, imagery-related dimension. Gatorade has achieved both dimensions by combining the promise of
The first step is to develop positive brand awareness and an association of the brand in the customers’ minds. Virgin has done this at the corporate or branded house level, while P&G has done so at the house of brands level (e.g., Tide, Pantene).
Why is the product/service purchased?
When is it purchased?
How much is purchased?
How is the product/service purchased?
Where is it purchased?
Who is purchasing?
What is purchased?
Talk to some of your competitors’ customers. Find out if they are happy or unhappy and if they might be happier doing business with you.
Do a thorough Internet search.
Talk to suppliers and ask about what the competition does well and what it does poorly.
Use competitive intelligence-gathering databases (e.g., Hoover's online at www.hoovers.com; Galileo Internet Resource; 10kwizard.com).
Read your competitors’ annual reports, newsletters, and so on.
The entrepreneur must understand the answers provided.
The respondent must answer the questions truthfully.
The respondent must actually answer the questions.
The respondent must know the answers to the questions.
The respondent has to understand the questions.
You have to ask the right questions.
You have to talk to the right potential customer.
How do I get it faster than anyone else?
What do I need to provide to get the money?
How do I get the money?
Who has the money?
Where is the money?
How will the enterprise position itself in the marketplace?
What is the enterprise's internal source of sustainable competitive advantage?
For whom will the enterprise create value?
How will the enterprise create value?
How will the enterprise make money?
Annie loves her Guess jeans. She wants another pair of Guess jeans, but if there is a brand that has a lower price with similar quality, she will buy that pair instead. This is an example of(A) brand recognition(B) brand preference(C) brand insistence(D) nonrecognition(E) None of the above
The “law of diminishing returns” states that(A) the demand for any product will tend to decline over time(B) the more of a product a person buys, the less utility that particular product offers him(C) if the price of a product is lowered, a smaller quantity will be demanded(D) if the price of a
ABC Company segmented its broad product market and decided to target two segments, offering each segment a different marketing mix. Which approach is ABC Company following?(A) Differentiated segmentation(B) Concentrated segmentation(C) Mass marketing(D) Green marketing(E) Societal marketing
Sylvia Garcia brings buyers and sellers together. She is called a(A) selling agent(B) commission merchant(C) broker(D) manufacturers’ agent(E) rack jobber
Some of the features of cash-and-carry wholesalers include(A) catering to retailers too small to be served profitably by service wholesalers(B) accepting only cash(C) delivering products that they stock in their own trucks(D) taking title to the products they sell, but not actually handling
Market segmentation(A) assumes that most markets can be satisfied by the same marketing mix(B) is the same thing as positioning(C) tries to identify homogeneous submarkets within a larger market(D) means the same thing as marketing mix(E) identifies homogeneous and heterogeneous submarkets
A service wholesaler that carries a wide variety of nonperishable items such as hardware, electrical supplies, furniture, drugs, etc., is called a(A) single-line wholesaler(B) general merchandise wholesaler(C) specialty wholesaler(D) rack jobber(E) limited-function wholesaler
Service wholesalers provide all the wholesaling functions.Service wholesalers include(A) general merchandise wholesaler(B) single-line (general-line) wholesaler(C) specialty wholesaler(D) All of the above(E) None of the above
Marine-Unlimited buys tropical fish from local fish growers. The company takes title to the tropical fish for some period of time before selling to the many pet shops around the area on a cash or credit basis. Marine Unlimited is called a(A) cash-and-carry wholesaler(B) rack jobber(C) producers’
Which of the following activities do wholesalers perform?(A) Store inventory(B) Supply capital(C) Reduce credit risk(D) Provide market information(E) All of the above
The most risky and challenging marketing opportunities involve(A) product development(B) diversification(C) market penetration(D) market development(E) All of the above are equally risky
According to the U.S. Census Bureau, wholesalers are defined as those who sell to(A) retailers and other merchants(B) industrial users(C) institutional users(D) commercial users(E) All of the above
Price fixing falls under which act or amendment?(A) Robinson-Patman Act(B) Wheeler Lea Amendment(C) Sherman Act(D) Unfair Trade Practice Acts(E) Lanham Act
Which of the following makes illegal selling the same products to different buyers at different prices?(A) Wheeler Lea Amendment(B) Unfair Trade Practice Acts(C) Robinson-Patman Act(D) Magnuson-Moss Act(E) Lanham Act
Which of the following terms allows a buyer to take a 4 percent discount off the face value of the invoice if the invoice is paid within 20 days, and if not, the full face value of the invoice becomes due in 60 days?(A) 20/60, net 4(B) 2/10, net 60(C) 2/10, net 30(D) 10/4, net 60(E) 4/20, net 60

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Clep Principles Of Marketing Strategy Execution Success 6th Edition James E. Finch, James R. Ogden, Denise T. Ogden MBA, Anindya Chatterjee Ph.D. - Solutions

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