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Exam 21: Managing the Marketing Mix: Product, Price, Place and Promotion

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Question 31

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American Building Products is the largest cement company in the Midwest. When the firm raised its prices by 8 percent, all of its competitors soon announced they too were raising their prices by 8 percent. It appears this industry is influenced by a ________ strategy.

A) price skimming
B) price leadership
C) market pricing
D) price discrimination

E) A) and B)
F) None of the above

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Question 32

Multiple Choice

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Which of the following is a consumer sales promotion activity?

A) Contests
B) Advertising
C) Vending sales
D) Direct mail

E) B) and C)
F) B) and D)

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Question 33

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Vending machines are used primarily to sell goods where consumers have little interest in convenience.

Magazines such as People, Sports Illustrated, and Bloomberg Businessweek pay for much of the cost of producing their publications by selling advertising space in the magazines.

The total annual expenditures on advertising in the United States:

A competition-based pricing strategy in which all the competitors in an industry follow the pricing practices of one or more dominant firms is known as:

__________ refers to any information about a product or an organization that is communicated to the public through the media and is not paid for or controlled by the sponsor.

___________ would probably be distributed using an intensive strategy.

Despite the fact that microeconomic theory places a great deal of emphasis on price, marketers often try to find ways to compete on product attributes other than price.

As a graphic artist, Nate has just finished producing a new calendar. His calendar cost him $1.00 for the shiny paper, $2.00 for the six color production, and $.25 for the plastic wire that holds it together at the top. The labor in developing the design was 4 hours of work at $50/hour, and labor is being added to the rest of the fixed costs of $400.00. At a price of $12.00 per calendar, how many calendars will Nate need to produce and sell in order to break even (cover all his costs, but not make a profit) ?

In evaluating the promotion mix, it's fair to say that large organizations are best reached through personal selling.

From a marketing management perspective, what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

Producers of snack foods (such as candy bars or potato chips) are most likely to use a(n) _____________ distribution strategy for their products.

In marketing today, packaging carries the added responsibility of:

Derek's company was bidding on the construction of a new penguin display at a world-famous zoo. When putting together his bid, Derek began by determining what the zoo would be willing to pay for the structure, and then subtracting a reasonable profit for the company. The result would be the cost of production. For example: If price to zoo = $6 million, and company profit margin = $2 million, the cost to produce cannot exceed $4 million. [$6 million - $2 million = $4 million.] The demand-based pricing strategy in this example is called ___________.

A distribution strategy that puts the product into as many retail outlets as possible is known as an intensive distributive strategy.

Paper 'N More sells a variety of office supplies to small businesses and local offices. The fact that it sells only to other firms and not consumers indicates that Paper 'N More engages only in:

As customers walk into Phat Pat's clothing store, they are greeted by a salesperson who asks the question, "May I help you?" Studies indicate that this is an effective opening in the B2C sales process.

Which of the following statements is the most accurate?

Mini-Case The Xer-Wise Corporation manufactures and markets high quality home exercise equipment. The firm has just developed a new piece of equipment that top executives believe will be a big seller if promoted correctly. The new product uses a system of adjustable weights that can be arranged in various ways to allow the user to perform exercises that tone all major muscle groups. Additionally, unlike other strength building machines, this equipment also incorporates a recumbent bicycle to provide a complete cardio workout. The entire piece of equipment is easy to assemble, and when not in use it can be folded into a compact unit that is easy to store. A group of fitness experts have tested the equipment and have provided rave reviews. Company executives believe that this product, called the MuscleMaster, will appeal to busy young adults living in relatively small apartments. Melody Fitt and Tom Trym have been assigned the responsibility of developing a promotion mix for this product. The team of Fitt and Trym is convinced that they can develop a successful promotion mix for this outstanding product. -Before they look at specific promotional tools, Melody and Tom agree that they want a promotion mix that is both comprehensive and unified. They want to use all of the promotional tools at their disposal to create a consistent message that promotes a favorable product image. Melody and Tom want to implement a(n) :