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

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Question 241

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Restaurants, like other businesses, often find that the best way to succeed in the market is to:

A) listen to customers and adapt products to their needs.
B) create a product for which they could charge an exceptionally high price.
C) create a winning combination of advertising and personal selling for all of the stores in the chain.
D) open more stores in a single year than other food-service operators.

E) All of the above
F) A) and D)

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Question 242

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Persuading others to buy your product represents the only goal of effective selling.

A) True
B) False

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Question 243

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The popularity of the Internet has severely reduced the importance and effectiveness of word-of-mouth promotion.

Discount stores compete in the retail market mainly on the basis of price.

A skimming price strategy involves a low pricing policy intended to attract price-sensitive customers from competitors.

Successful firms coordinate pricing objective strategies with decisions regarding product design, packaging, branding, distribution, and promotion.

Miller Light Beer, Maxwell House Coffee, Jell-O brand gelatin, Kraft mayonnaise, and Marlboro Cigarettes, were all at one time products of the Philip Morris Company. These products represented a part of the product line Philip Morris offered.

Packaging is an important part of the total product offer.

Gill's Gadgets establishes the price it charges for its products by determining the cost of production and then adding on a desired profit margin. Gill's strategy is known as target costing.

Department stores offer a wide variety of products that are sold in separate departments.

A firm's product line refers to all of the different geographic markets in which it sells the same good or service.

Producers of shopping goods such as furniture, appliances, and clothing usually rely on an exclusive distribution strategy.

A retail sale is a sale to a consumer of products for his or her own use.

Unlike merchant wholesalers, ___________ never actually own the goods they help to distribute.

A (n) _________ is one type of marketing intermediary that brings together buyers and sellers and assists in negotiating an exchange, but does not take title to the goods.

Registration in Professor McNick's classes reaches maximum enrollment quickly. Students register immediately online just to insure their seat in her class. One student summed it up: "Everyone's heard she is the best teacher on campus." Professor McNick's classes benefit from:

The purpose of a brand name is to establish an image of generic goods or services.

Since Kazam Cleaners offers home and office cleaning services no different from competitors, the company cannot utilize a product differentiation strategy.

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

A bank's product line may include safety deposit boxes, car loans, and traveler's checks.