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Exam 15: Managing the Marketing Mix: Product, Price, Place, and Promotion

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Question 51

True/False

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Sometimes a firm will lower prices below their costs in order to build a customer base.

A) True
B) False

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Question 52

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Marketing intermediaries:

A) are unlikely to survive in a competitive global economy.
B) have survived because they often can perform marketing functions faster and at lower cost than producers.
C) create value,but this value is seldom great enough to justify the added cost they charge for their services.
D) tend to increase the number of exchange relationships producers and consumers must deal with in order to buy and sell goods.

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

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Question 53

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When consumers calculate the value of a product,they:

As a component of the promotion mix,advertising includes each of the activities marketers use to inform people about products and persuade them to participate in an exchange.

Retailers and wholesalers are two major types of marketing intermediaries.

Nightbrite's ________ relies heavily on advertising,personal selling,and limited use of sampling.

Sampling represents a quick and effective way to demonstrate a product's superiority at the time when consumers are making a purchase decision.

Virtual Electronics utilizes a strategy to charge a very high introductory price for their automobile video theatre.After identifying that their rival firms did not carry this new product,they chose this strategy to achieve maximum profits.Virtual Electronics has chosen a ________ strategy.

A brand includes practically all means of identifying a product.

Although Helpusell brings together buyers and sellers and helps negotiate exchanges,it does not actually take title to any of the goods being traded.Helpusell would be classified as an agent or broker.

As one of the tools included in a firm's promotion mix,public relations is intended to inform,remind and persuade people in the target market.

Helen is considering adding a rack of greeting cards to her product offerings at Litton Books Unlimited.Her fixed costs associated with adding the greeting cards would be $300.Variable costs per card are $1 each.The greeting cards will sell for $2 each.Helen's break-even point would occur at ________ cards sold.

Firms that rely on electronic retailing are almost guaranteed success because they give companies easy access to literally millions of consumers all over the world.

One of the benefits of advertising on the Internet is that it provides a way to link firms and customers so that they can learn more about each other.

Total fixed costs are those costs that change when the volume of production changes.

Different stages in the product life cycle call for different marketing strategies.

Marketing intermediaries charge a price for the functions they perform.Thus,a sure-fire way to reduce distribution costs is to eliminate marketing intermediaries from the channel of distribution.

__________ is the process used to determine the profitability of a product at various levels of sales.

The best way to reduce the cost of goods is to eliminate marketing intermediaries from the distribution channel.

The strategy of first determining what the market is willing to pay,then subtracting a desired profit margin to determine a desired cost of production is called: