BUSI 330 Final Examcomplete solutions correct answers key Liberty University

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Anexpanded marketing mixforservicesthatincludesthefourPs(product,price, promotion,andplaceordistribution)aswellaspeople,physicalenvironment,andprocess, isreferredtoasthe

Figure10­5aboveshowsthesequentialprocessofbuildingbrandequity.Thethirdstepis toelicittheproperconsumerresponsestoabrand'sidentityand meaning.Thisstep consistsoftwodimensions,"B"and"C,"whichstandfor and

Figure10­1aboverepresentsthestagesoftheproductlifecycle.Whatdoestheportionof thecurvelabeled"D"represent?

Whichofthefollowingproductswouldhavealow­learningproductlifecyclecurve?

Xeroxpioneered the firstportable faxmachine.In 1980,the price was$12,700.Xeroxused a(n)  (blank) pricingstrategytohelprecoveritsresearchanddevelopmentcosts

Whichofthefollowingoccursduringthedeclinestageoftheproductlifecycle?

Theconsumersrepresentedby"E"inFigure10­4abovearecalled

Whenmostconsumerswhowouldbuyaproductareeither repeatpurchasersofthe itemor havetriedandabandonedit,whatstageoftheproductlifecycleistheproductin?

Whichofthefollowingproductshasthebrandnamethatbestsuggestsitsbenefit accordingtothefivecriteriaforselectingagoodbrandname?

Astrategyofharvesting maybeemployedinthedeclinestageofaproductlifeto

In1984,IBMlaunchedthe"PCjr,"itsfirstlow­priced,educational/home1p.5erosuotnoafl1.5pointscomputer.SaleswerepoorbecauseIBMmostlikelyviolatedwhichcriterionofpickinga goodbrandname?

Demandfactorsreferto

Using ,manyretailersdeliberatelysellproductsbelow theirnormalprices(and sometimesbelow cost)toattractattentionandadditional storetraffic

WhenShermanboughtgas,henoticedtheconveniencestoreofferedhima2percent reductioninpriceifhepaidcashratherthanifheusedhiscreditcardtopayforhis purchase.Theconveniencestorewasofferinghima

Priceelasticityofdemand(E)isexpressedas(Δmeanschange):

Anothernameforaone­pricepolicyis

Amanufacturerofadigital videorecorder(DVR)isthinkingofusingaskimmingpricing strategyforitsnew product.Whichofthefollowingconditions would argue AGAINSTusingaskimmingpricingstrategyfortheDVR?

Whichofthefollowingstatementsregardingnew carpurchasesintheU.S.ismost accurate?

Airlines,hotels,andcarrentalfirmsallengagein byvaryingpricesbasedon time,day,week,orseasonto matchsupplyanddemand

AshiftofthedemandcurvefromD1toD2inFigure11­3Babove indicates

SusanO'Rourkehiredanattorneytorepresentherinacourtcaseinvolvinganauto accident.TheattorneychargedO'Rourkeafeeforhisservices.TerryThomasneededa haircut—thelocal stylistchargedhim$12forherservices.AaronMathison mowedhis neighbor'slawn;inexchange,theneighborroto­tilledMathison'sgarden.Theattorneyfees paidbyO'Rourke,the$12chargedbythehairstylist,andtheexchangeoflawn mowing forgardentillingareallexamplesof

Atapriceof$3.00each,SHAPEmagazinesells1.25 millioncopiesofitsmagazine targetedtoyoungwomenseekingahealthierlifestyle.Ifthepriceperissueisincreased to$3.25,only1 millioncopieswouldbesold.Fixedcostsare$1 millionandunitvariable costsare$0.50permagazine.Fromtheinformationprovidedhere,what isSHAPEmagazine'stotalrevenueobtainedatthelowerprice?

Acontractualarrangementbetweenaparentcompanyandanindividualorfirmthatallows thelattertooperateacertaintypeofbusinessunderanestablishednameandaccording tospecificrulesisreferredtoas

CustomerscurrentlylinktoCisco'swebsitetoconfigure,price,andorderitsnetworking equipment.CiscothensendsordersbackoutacrosstheInternettoproducersand assemblersincludingCelestica,Flextronics,Jabil,andSolectron.Productsarebuiltand testedtoCisco'sstandards,sometimeswithproceduresrunremotelybyCisco.Most itemsarethendrop­shippedtobuyers,untouchedbyCisco'semployees.Thisisa descriptionofCisco's

Whenaproducerownsanintermediaryatthenextleveldowninthe marketingchannel,it isreferredtoas

Figure 12­9 above indicatesthatsupplychain managersmustbalance totallogisticscostfcustomer servicefactors.Thesixtotallogisticscostfactors("A,""B,""C,""D,""E,"and “F”) following EXCEPT:

Asthenumberofintermediariesbetweenaproducerandbuyerincreases,thechannelis viewedasincreasingin

A(n) isanintermediarywhosellstoconsumers

Acontractual verticalmarketingsystemreferstoanarrangement whereby

A iscommoninthesoftdrinkindustrywherethe manufacturersellsits concentratetowholesalers,whocarbonateit,and marketthefinishedproducttoretailers

Withinthecontextofasupplychain, istheabilityofalogisticssystemto satisfyusersintermsoftime,dependability,communication,andconvenience

Supplychain managementrefersto

Dependabilityistheconsistencyofreplenishment.Thisisimportanttoallfirmsina supplychainandtoconsumers.Itcanbebrokenintothreeelements:safedelivery, completedelivery,and

Fourofthe30largestbusinessesintheUnitedStatesareretailers—Walmart,Costco, HomeDepot,and

Avariationofoff­priceretailingincludes

Thecentralbusinessdistrictrefersto

Storesthatcarryabroadproductline,withlimiteddepth,arereferredtoas

Thedescriptionofhow new formsofretailoutletsenterthe marketisreferredtoasthe

Asignificantdifferencebetweenthe MallofAmericaandotherregional shoppingcenters isthat

Anothertermforgrossmarginis

AretailerboughtacollectiblePreciousMomentsfigurinefor$26.Shesetstheinitial sellingpriceat$60.Thefinal sellingpricewas$52.Whatwastheoriginalmarkup?

The distinguishesretailoutletsbasedonwhetherindependentretailers, corporatechains,orcontractual systemsowntheoutlet

Therearethreegeneralformsofretailownership:contractual system,corporatechain, and.

Whichofthefollowingstatementsregardingcorporatechainsismostaccurate?

Directordersreferto

Wastedcoveragecanbereducedbywhichofmethodofpromotion?

Whichofthefollowingstatementsaboutadvertisingismostaccurate?

Aformofcommunication managementthatseekstoinfluencethefeelings,opinions,or beliefsheldbycustomers,prospectivecustomers,stockholders,suppliers,employees, andotherpublicsaboutacompanyanditsproductsorservicesisreferredtoas

Eachyear,advertisersspend millionsofdollarsduringtheSuperBowlhalf­timeshow. These marketershopetoreachthe millionsofsportsenthusiaststunedintotheNFL's greatestspectacle.Unfortunately,duringthehalf­timefestivities,manyviewersdashto thekitchenforasandwichandasodaanddonotseeorhearthepersuasivepromotional messagesoftheadvertisers.Thedesireforfoodanddrinkisanexampleof , whichinhibitseffectivecommunication

Inthecommunicationprocess, ensure(s)thatmessagesaredecoded properly

Managersoftenusethepromotion­to­salesratioontheirmarketingdashboardtoassess how effectivetheintegrated marketingcommunicationsprogramexpenditureswereat generating

Figure14­1abovedepictsthecommunicationprocess,whichconsistsoftenkey elements("A"through"J").Thepositionlabeled"B"isreferredtoas

Businessesvaryastotheamountofsecuritytheyrequireorcanaffordtoaccesstheir computerfiles.Acompanythatsellsacompletelineoffirewalls,fromano­frillsversionto onethatusescomplexretinal scans,would mostlikelyemploywhichpromotionalelement toeffectivelypromoteitsproducttobusinesses?

Amessageisconveyedbymeansofa(n) suchasasalesperson,advertising media,orpublicrelationstools.

Whichstageoftheproductlifecycleisusuallyaperiodofphase­outfortheproduct,when little moneyisspentinthepromotionalmix?

Testsconductedafteranadvertisementhasbeenshowntothetargetaudienceto determinewhetheranadaccomplisheditsintendedpurpose,arereferredtoas .

Onedisadvantageofusingnewspapersasanadvertising mediumis

The mostpopularloyaltyprogramstodayare rewardprograms.

Oneofthedisadvantagesassociatedwithradioasanadvertising mediumisthatit

Studiesindicatethatcomparativeadsattractmoreattentionandincreasetheperceived qualityoftheadvertiser'sbrandalthoughtheirimpactmayvarybyproducttype,message content,andaudience .

Asalespromotiondesignedtoencourageandrewardrepeatpurchasesbyacknowledging eachpurchase madebyaconsumerandofferingapremiumaspurchasesaccumulateis referredtoas

Allofthefollowingstatementsaretrueaboutnewspapers EXCEPT:

Asalespromotionprominentlydisplayedinastoreaisleiscalleda(n)  display

Which ofthe following statementsdescribesa potentialproblemwith using sexappealsin advertising?

AccordingtoFigure15­1Aabove,whichofthefollowing mediaalternativeshas the LEASTamountofadvertisingexpenditures?

Salespromotionhasbecomeakeyelementofthepromotionalmix,whichnow accounts for        (blank)inannualexpenditures

Costperactionrefersto

Inclassifyingsocialmedia,self­disclosureis

Ifabrand managerwantedtouseLinkedIntopromotehis/herbrand,thebestwaywould be to

Awikiisa

Web2.0isatermthatdescribes

Whilebrand managersusebothtraditionalandsocialmediatopromoteandadvertisetheir products,traditionalmedia ,whilesocialmedia

Abusinesshopesto generate large online salesthrough posting adson socialnetworking sitesbutonlywantstopaywhenanadactuallygeneratesasale.Thatfirmshoulduse theperformance measureof

How doesFacebookgenerateitssalesrevenuefromads?

TocreateasuccessfuladvertisingcampaignonFacebook,agoodstrategyabrand managercanuseisto

Whichofthefollowing isthebestmarketingstrategyfor promotingBettyCrocker products usingsocialmedia?

Anunintendedeffectoftheproliferationofsocialmediais

AwaitressataChili'srestaurantusesa whensheasksafamilyif"theyhave anyroomleftfordessert."

Figure17­3abovedepictsthesalesmanagementprocessthatinvolvesthreeinterrelatedfunctions. “B” refers to

Aftercompletingan18­weeksalestrainingprogram,Joshuawastold,"Youwillbepaid4 percentonnetdollarvolumeupto$10 million.Salesinexcessof$10 millioncommanda rateof6percent."ThecompanyJoshuaworksforisusinga forhimafter completingthesalestrainingprogram.

Anadvantageofthestraightsalarycompensationplanis

Whichtypeofsalesforcetrainingisthe mostpopulartypeoftraining?

Twosellingstylesassociatedwiththeneed­satisfactionpresentationformatare

Davidson­Uphoff&Companysellsironwareaccessoriesforhomeandgardentoretailers. Whenitssalespersontoldtheprospect,"Forthisweekonly,wewillpaytheallthe shippingcostsfornew customers,"thesalespersonwasusinga(n)

ThesalesprocessatXeroxtypicallyfollowsthesixstagesofthepersonal selling process.Duringthefourthstage,asthepresentationbegins,thesalesperson

Thetasksinvolvedin managingpersonal sellingincludeallofthefollowing EXCEPT

Astraightcommissioncompensationplanisone

Identifyingthebuyingroleoftheprospectwouldbetypicallydoneatthe           stageofthepersonal sellingprocess

PizzaHut'swebsite and areintegratedwiththecompany's overall communicationsprograms—includingtraditionalmedia—withproductinnovations, promotions,andspecialeventssharedacrossplatforms

PizzaHut'smanagementteamusesa to monitorvariousaspectsofthe brand'smarketingprogramandprovideanalmostconstantstreamoffreshinformation thatitcanusetooptimizeengagementwithpeopleortweakvariousaspectsof performance

Whenyouview aselectionatAmazon.comandsee"Customerswhoboughtthis(item) alsobought…",youareseeingtheapplicationof

ElectronicbooksellerslikeAmazon.comandbarnesandnoble.comarelikelytoenjoy strongsalesinthefuturebecausebooksareaproductcategorythat

Whattechnologytermwouldbeusedtodescribethecapabilityofcapturingvisitor informationtoawebsitesuchasexpressedproductpreferences,personaldata, passwords,andfinancialinformation,includingcreditcardnumbers?

Cookiesreferto

Six(6)generalproductandservicecategoriesdominateonlineconsumerbuying.One categoryincludesregularlypurchasedconsumerpackagedgoodssuchaspersonal care itemswhere

Thesolicitationofaconsumer'sconsent(called"opt­in") toreceivee­mailandadvertising basedonpersonaldatasuppliedbytheconsumerisreferredtoas .

The M&M'S®imageaboveisanexampleofhow MarsChocolatehaseffectivelyused  technologyonitsmymms.comwebsitetoallow itscustomerstopersonalizethecandywit and messages

Wolfermans.comisacompanythatsellsgourmetEnglish muffins,specialtybreads,and exquisitedessertsingiftassortments.Whenyouaccessitswebsite,youdiscover fourteenpicturesthatmakelavishuseofcolor.TheWolfermanwebsitedesignconveys thecoreconsumerbenefitsprovidedbythecompany'sofferingsthroughtheuseof

iVillage.comisawebsiteforwomenthatencouragesitsuserstodiscusshealthand beauty,parenting,personalfinances,careermanagementandrelationships.Thiswebsite isanexampleof .

Theview whichholdsthatonlineshoppingandbuyingavoidsfightingtrafficorstanding instorecheckoutlinesisanexampleof .

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Anexpanded marketing mixforservicesthatincludesthefourPs(product,price, promotion,andplaceordistribution)aswellaspeople,physicalenvironment,andprocess, isreferredtoasthe

sevenPsofservices

Figure10­5aboveshowsthesequentialprocessofbuildingbrandequity.Thethirdstepis toelicittheproperconsumerresponsestoabrand'sidentityand meaning.Thisstep consistsoftwodimensions,"B"and"C,"whichstandfor and

consumerjudgments;consumerfeelings

Figure10­1aboverepresentsthestagesoftheproductlifecycle.Whatdoestheportionof thecurvelabeled"D"represent?

Decline

Whichofthefollowingproductswouldhavealow­learningproductlifecyclecurve?

Fusionrazor

Xeroxpioneered the firstportable faxmachine.In 1980,the price was$12,700.Xeroxused a(n)  (blank) pricingstrategytohelprecoveritsresearchanddevelopmentcosts

Skimming

Whichofthefollowingoccursduringthedeclinestageoftheproductlifecycle?

Salesdecreasesubstantially

Theconsumersrepresentedby"E"inFigure10­4abovearecalled

Laggards

Whenmostconsumerswhowouldbuyaproductareeither repeatpurchasersofthe itemor havetriedandabandonedit,whatstageoftheproductlifecycleistheproductin?

Maturity

Whichofthefollowingproductshasthebrandnamethatbestsuggestsitsbenefit accordingtothefivecriteriaforselectingagoodbrandname?

MatchLightcharcoal

Astrategyofharvesting maybeemployedinthedeclinestageofaproductlifeto

maintaintheabilityto meetongoingcustomers'requests

In1984,IBMlaunchedthe"PCjr,"itsfirstlow­priced,educational/home1p.5erosuotnoafl1.5pointscomputer.SaleswerepoorbecauseIBMmostlikelyviolatedwhichcriterionofpickinga goodbrandname?

Thenamedidnotfitthecompanyimage

Demandfactorsreferto

consumers'willingnessandabilitytopayforgoodsandservices

Using ,manyretailersdeliberatelysellproductsbelow theirnormalprices(and sometimesbelow cost)toattractattentionandadditional storetraffic

loss­leaderpricing

WhenShermanboughtgas,henoticedtheconveniencestoreofferedhima2percent reductioninpriceifhepaidcashratherthanifheusedhiscreditcardtopayforhis purchase.Theconveniencestorewasofferinghima

cashdiscount

Priceelasticityofdemand(E)isexpressedas(Δmeanschange):

E=Percentagechangeinquantitydemanded(%ΔinQ)÷Percentage changeinprice(%ΔinP).

Anothernameforaone­pricepolicyis

fixedpricing

Amanufacturerofadigital videorecorder(DVR)isthinkingofusingaskimmingpricing strategyforitsnew product.Whichofthefollowingconditions would argue AGAINSTusingaskimmingpricingstrategyfortheDVR?

increasingvolumereducesproductioncostssubstantially Option 3

Whichofthefollowingstatementsregardingnew carpurchasesintheU.S.ismost accurate?

African­Americans,women,andHispanicspayhigherpricesthanthe averagepricepaidforanew car

Airlines,hotels,andcarrentalfirmsallengagein byvaryingpricesbasedon time,day,week,orseasonto matchsupplyanddemand

yield managementpricing

AshiftofthedemandcurvefromD1toD2inFigure11­3Babove indicates

moreunitsaredemandedatagivenprice

SusanO'Rourkehiredanattorneytorepresentherinacourtcaseinvolvinganauto accident.TheattorneychargedO'Rourkeafeeforhisservices.TerryThomasneededa haircut—thelocal stylistchargedhim$12forherservices.AaronMathison mowedhis neighbor'slawn;inexchange,theneighborroto­tilledMathison'sgarden.Theattorneyfees paidbyO'Rourke,the$12chargedbythehairstylist,andtheexchangeoflawn mowing forgardentillingareallexamplesof

Price

Atapriceof$3.00each,SHAPEmagazinesells1.25 millioncopiesofitsmagazine targetedtoyoungwomenseekingahealthierlifestyle.Ifthepriceperissueisincreased to$3.25,only1 millioncopieswouldbesold.Fixedcostsare$1 millionandunitvariable costsare$0.50permagazine.Fromtheinformationprovidedhere,what isSHAPEmagazine'stotalrevenueobtainedatthelowerprice?

$3,750,000

Acontractualarrangementbetweenaparentcompanyandanindividualorfirmthatallows thelattertooperateacertaintypeofbusinessunderanestablishednameandaccording tospecificrulesisreferredtoas

Franchising

CustomerscurrentlylinktoCisco'swebsitetoconfigure,price,andorderitsnetworking equipment.CiscothensendsordersbackoutacrosstheInternettoproducersand assemblersincludingCelestica,Flextronics,Jabil,andSolectron.Productsarebuiltand testedtoCisco'sstandards,sometimeswithproceduresrunremotelybyCisco.Most itemsarethendrop­shippedtobuyers,untouchedbyCisco'semployees.Thisisa descriptionofCisco's

supplychain

Whenaproducerownsanintermediaryatthenextleveldowninthe marketingchannel,it isreferredtoas

forwardintegration

Figure 12­9 above indicatesthatsupplychain managersmustbalance totallogisticscostfcustomer servicefactors.Thesixtotallogisticscostfactors("A,""B,""C,""D,""E,"and “F”) following EXCEPT:

Within the contextofa supplychain,totallogisticscostfactorsinclude transphandling and warehousing,inventory,stockouts(being outofinventory),order returnproductshandling.Customerserviceistheabilityoflogisticsmanagemin termsoftime,dependability,communication,and convenience.Asupplychtaskistobalancethesixtotallogisticscostfactorsagainstthefour customer

Asthenumberofintermediariesbetweenaproducerandbuyerincreases,thechannelis viewedasincreasingin

Length

A(n) isanintermediarywhosellstoconsumers

Retailer

Acontractual verticalmarketingsystemreferstoanarrangement whereby

independentproductionanddistributionfirmsintegratetheir efforts,ona contractualbasis,toobtaingreater functionaleconomiesandmarketing impactthantheycouldachievealone

A iscommoninthesoftdrinkindustrywherethe manufacturersellsits concentratetowholesalers,whocarbonateit,and marketthefinishedproducttoretailers

manufacturer­sponsoredwholesalefranchisesystem

Withinthecontextofasupplychain, istheabilityofalogisticssystemto satisfyusersintermsoftime,dependability,communication,andconvenience

customerservice

Supplychain managementrefersto

theintegrationandorganizationofinformationandlogisticactivitiesacross firmsforthepurposeofcreatinganddeliveringgoodsandservicesthat providevaluetoultimateconsumers

Dependabilityistheconsistencyofreplenishment.Thisisimportanttoallfirmsina supplychainandtoconsumers.Itcanbebrokenintothreeelements:safedelivery, completedelivery,and

consistentleadtime

Fourofthe30largestbusinessesintheUnitedStatesareretailers—Walmart,Costco, HomeDepot,and

Target

Avariationofoff­priceretailingincludes

outletstores

Thecentralbusinessdistrictrefersto

theoldestretailingsetting,locatedinacommunity'sdowntownarea

Storesthatcarryabroadproductline,withlimiteddepth,arereferredtoas

generalmerchandisestores

Thedescriptionofhow new formsofretailoutletsenterthe marketisreferredtoasthe

wheelofretailing

Asignificantdifferencebetweenthe MallofAmericaandotherregional shoppingcenters isthat

MOAhasnearlytwiceasmuchspacedevotedtospecialtystoresthanto anchorstores

Anothertermforgrossmarginis

maintained markup

AretailerboughtacollectiblePreciousMomentsfigurinefor$26.Shesetstheinitial sellingpriceat$60.Thefinal sellingpricewas$52.Whatwastheoriginalmarkup?

$26

The distinguishesretailoutletsbasedonwhetherindependentretailers, corporatechains,orcontractual systemsowntheoutlet

formofownership

Therearethreegeneralformsofretailownership:contractual system,corporatechain, and.

independentretailer

Whichofthefollowingstatementsregardingcorporatechainsismostaccurate?

Corporatechainsare multipleoutletsundercommonownership

Directordersreferto

theresultofoffersthatcontainalltheinformationnecessaryforaprospective buyerto makeadecisiontopurchaseandcompletethetransaction.Option3

Wastedcoveragecanbereducedbywhichofmethodofpromotion?

personal selling

Whichofthefollowingstatementsaboutadvertisingismostaccurate?

Advertisingcancommunicatespecificproductbenefitstoprospective buyers

Aformofcommunication managementthatseekstoinfluencethefeelings,opinions,or beliefsheldbycustomers,prospectivecustomers,stockholders,suppliers,employees, andotherpublicsaboutacompanyanditsproductsorservicesisreferredtoas

publicrelations

Eachyear,advertisersspend millionsofdollarsduringtheSuperBowlhalf­timeshow. These marketershopetoreachthe millionsofsportsenthusiaststunedintotheNFL's greatestspectacle.Unfortunately,duringthehalf­timefestivities,manyviewersdashto thekitchenforasandwichandasodaanddonotseeorhearthepersuasivepromotional messagesoftheadvertisers.Thedesireforfoodanddrinkisanexampleof , whichinhibitseffectivecommunication

Noise