MKT 100 Quiz 3

This quiz consists of 20 multiple choice questions and covers the material in Chapters 11 through 15. There are 4 questions per chapter.

Please write the correct answers or higlight it so I can see it clear. Thanks.

Question 1

Any human or mechanical effort that adds value to a product is called

Answer

[removed]		a service.
[removed]		an intangible.
[removed]		overhead.
[removed]		customer service.
[removed]		service marketing.

Question 2

A suggested approach to deleting products, in which each product is evaluated periodically to determine its impact on the overall effectiveness of the firm's product mix, is called a(n)

Answer

[removed]		evaluation study.
[removed]		formal evaluation.
[removed]		product inspection.
[removed]		systematic review.
[removed]		reassessment examination.

Question 3

Questions such as "How often would you buy this product?" and "Which features are of little or no interest to you?" are often proposed during

Answer

[removed]		concept testing.
[removed]		product development.
[removed]		screening.
[removed]		idea generation.
[removed]		test marketing.

Question 4

Product failure is a concern of all marketers. Which of the following phases of new-product development is best able to measure this concern?

Answer

[removed]		Screening
[removed]		Concept testing
[removed]		Business analysis
[removed]		Product development
[removed]		Test marketing

Question 5

Price is a key element in the marketing mix because it relates directly to

Answer

[removed]		the size of the sales force.
[removed]		the speed of an exchange.
[removed]		quality controls.
[removed]		the generation of total revenue.
[removed]		brand image.

Question 6

At what point does a firm maximize profit?

Answer

[removed]		The point at which marginal cost equals marginal revenue
[removed]		The point at which the firm sells its product at the highest price
[removed]		The breakeven point plus the adjusted marginal cost
[removed]		The point at which marginal profits equal marginal revenue
[removed]		The point at which marginal cost equals marginal profit

Question 7

A marketer sometimes uses temporary price reductions to

Answer

[removed]		increase the number of competitors.
[removed]		gain market share.
[removed]		decrease volume sold.
[removed]		increase revenue per item.
[removed]		control demand.

Question 8

Buyers who focus on purchasing products that signify prominence and status are

Answer

[removed]		value-conscious consumers.
[removed]		price-conscious consumers.
[removed]		socially elite buyers.
[removed]		prestige-sensitive buyers.
[removed]		brand aware consumers.

Question 9

A firm establishes which of the following pricing objectives to maintain or increase its product's sales in relation to total industry sales?

Answer

[removed]		Cash flow
[removed]		Sales potential
[removed]		Product quality
[removed]		Market share
[removed]		Status quo

Question 10

Goods that are priced primarily based on the way they have always been priced are examples of

Answer

[removed]		traditional pricing.
[removed]		professional pricing.
[removed]		everyday low prices.
[removed]		price lining.
[removed]		customary pricing.

Question 11

A cost-based pricing method commonly used in retail is called

Answer

[removed]		value pricing.
[removed]		cost-plus pricing.
[removed]		cost discounting.
[removed]		differential pricing.
[removed]		markup pricing.

Question 12

A problem associated with ____ is that consumers can predict when prices will be lowered and delay purchases until that time.

Answer

[removed]		random discounting
[removed]		penetration pricing
[removed]		reference pricing
[removed]		everyday low pricing
[removed]		periodic discounting

Question 13

The driving force behind marketing channel decisions should be

Answer

[removed]		convenience.
[removed]		cost reduction.
[removed]		environmental concerns.
[removed]		customer satisfaction.
[removed]		quality.

Question 14

When companies operate their own facilities for storing and shipping products, these facilities are known as

Answer

[removed]		distribution centers.
[removed]		product storehouses.
[removed]		public warehouses.
[removed]		megawarehouses.
[removed]		private warehouses.

Question 15

An independent business that takes title to products and carries inventories is a(n)

Answer

[removed]		industrial distributor.
[removed]		intermediary.
[removed]		agency.
[removed]		wholesaler.
[removed]		producer.

Question 16

Freight transportation companies that offer several different shipment methods are called

Answer

[removed]		megacarriers.
[removed]		intermodal transporters.
[removed]		freight forwarders.
[removed]		shipping experts.
[removed]		superfreighters.

Question 17

A retailer is an organization that purchases products for the purpose of reselling them to

Answer

[removed]		other retail organizations.
[removed]		the government.
[removed]		ultimate consumers.
[removed]		wholesalers.
[removed]		nonprofit organizations.

Question 18

An agent that receives goods on consignment from local sellers and negotiates sales in large, central markets is called a

Answer

[removed]		commission merchant.
[removed]		sales branch agent.
[removed]		selling agent.
[removed]		manufacturers' agent.
[removed]		broker-agent.

Question 19

Which of the following is a common feature of a warehouse club?

Answer

[removed]		Concrete floors and wide aisles
[removed]		Wide range of products
[removed]		Good customer service
[removed]		Moderate prices
[removed]		Pleasant atmosphere