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WKU MKT220 exam 5 fall 2014




Question;QUESTION 1When determining markup as a percentage of cost, divide the markup amount bya.100.b.price.c.revenue.d.quantity.e.cost.2 points QUESTION 2The "White Sale" that many department stores have every year a few weeks after Christmas is an example pricing.b.secondary pricing.c.periodic discounting.d.captive pricing.e.random discounting.2 points QUESTION 3A sale that advertised prices "up to 65 percent off" the original price usesa.bait pricing.b.psychological pricing.c.periodic discounting.d.tensile pricing.e.random discounting.2 points QUESTION 4If Kroger Food Stores advertises 2-liter bottles of Pepsi for 89 cents to generate store traffic that will purchase other items at regular prices, the grocer is usinga.special-event pricing.b.reference pricing.c.a price leader.d.professional pricing.e.comparison discounting.2 points QUESTION 5Price leaders, comparison discounting, and special-event pricing are applications ofa.professional pricing.b.product-line pricing.c.bait-and-switch.d.promotional pricing.e.psychological pricing.2 points QUESTION 6Most pricing objectives based on ____ are achieved by trial and error because not all cost and revenue data are available when prices are set.a.return on sharee.profit2 points QUESTION 7A problem associated with ____ is that consumers can predict when prices will be lowered and delay purchases until that time.a.periodic discountingb.random discountingc.reference pricingd.penetration pricinge.everyday low pricing2 points QUESTION 8What type of pricing objective would an organization use if it were in a favorable position and desired nothing more?a.Survivalb.Cash flowc.Status quod.Return on investmente.Profit2 points QUESTION 9Markup is measured either as a percentage of ____ or a percentage of ____.a.demand, competitionb.revenue, contribution marginc.selling price, costd.cost, profite.resources used, cost2 points QUESTION 10Kohls pays $16.50 for a six-ounce bottle of cologne and sells it for $25.95. Its markup as a percentage of cost is approximately ____ percent for this product.a.45b.18c.64d.36e.572 points QUESTION 11A product is a price leader whena.its price maximizes profits.b.its price leads the industry in is sold at the highest increase or decrease in price leads to increased revenue or lower is sold at less than cost in the hope that sales of other products will increase.2 points QUESTION 12A manager at Kohls discovers that Macy?s has reduced the price of its children's Levi's from $31.99 to $24.99, according to an advertisement in the Sunday newspaper. She immediately phones her store and instructs the salesperson on duty to put a sign up next to their children's Levi's that reads, "SALE: $24.99." This is an example of what pricing strategy?a.Reference pricingb.Secondary-market pricingc.Random discountingd.Comparison discountinge.Bait-pricing2 points QUESTION 13A Macy's manager designs the casual clothing department such that one of Macy's private label pairs of jeans, priced at $24.99, is positioned next to a national brand of jeans, such as Levis, priced at $39.99. What is the manager attempting to accomplish?a.Odd-even pricing strategyb.Prestige pricing strategyc.Special-event pricing strategyd.Reference pricing strategye.Everyday low prices strategy2 points QUESTION 14Companies that focus on particular product categories and rely on everyday low pricing to acquire a large market share through aggressive and competitive pricing strategies are often referred to asa.comparison discounters.b.category killers.c.pioneers.d.price leaders.e.category leaders.2 points QUESTION 15To attract customers into a store, Safeway advertises its milk at less than cost, hoping that customers will purchase other groceries as well. This pricing strategy is calleda.price lining.b.differential pricing.c.price leader pricing.d.special-event pricing.e.comparison discounting.2 points QUESTION 16Products such as light bulbs, canned soft drinks, and ice cream sandwiches are usually priced using ______ usually resulting in a ____a.multiple-unit pricing, lower per unit price.b.bundle pricing, lower per unit price.c.multiple-unit pricing, more convenient package.d.bundle pricing, more convenient package.e.reference pricing, lower per unit price.2 points QUESTION 17A price-skimming strategy assumes thata.the initial demand is highly elastic.b.all consumers have homogeneous tastes.c.the initial demand is highly will be difficult to recoup development costs.e.the product is efficient.2 points QUESTION 18A company may determine how many sales calls per year it needs to serve customers effectively and divide that by the average number of sales calls made by one salesperson in order toa.determine sales force size.b.compensate salespeople fairly.c.train its salespeople.d.recruit appropriate salespeople.e.set sales force calling objectives.2 points QUESTION 19Sales objectives can do all of the followingexcepta.give the sales force direction and to control the sales force.c.let the sales force know what is expected of them.d.serve as a standard for evaluating salesperson performance.e.serve as a deterrent both to salespeople and their clients.2 points QUESTION 20A salesperson finds and analyzes information about each prospect's specific product needs, current use of and feeling about brands, and personal characteristics duringa.presentation preparation.b.overcoming objections.c.the approach.d.prospecting.e.the preapproach.2 points QUESTION 21When Levi's agrees to pay JC Penney's money for providing television advertising and Sunday newspaper sales fliers emphasizing Levi's jeans, Levi's is offeringa.a buying allowance.b.cooperative advertising.c.a dealer loader.d.a merchandise allowance.e.premium money.2 points QUESTION 22The salesperson must attract and hold the prospect's attention, stimulate interest, and spark a desire for the product during thea.approach.b.prospecting.c.follow up.d.preapproach.e.sales presentation.2 points QUESTION 23Which of the followingbestcharacterizes the function of recruiting and selecting a sales force?a.After interviewing applicants, the manager should attempt to find a position that can be tailored to fit applicants' qualifications.b.Sources of applicants should be limited, since the recruitment process is expensive and more applicants mean greater expense.c.It is a process that should be set up that incorporates at least two steps: an interview and a written application.d.It should be a continuous, systematic attempt to match applicants' characteristics to the firm's needs.e.It should not be made from personnel in other departments in the firm, as this would necessitate training two people rather than one.2 points QUESTION 24The final stage of the selling process isa.follow-up.b.overcoming objections.c.trial close.d.presentation.e.closing.2 points QUESTION 25Sales objectives for individual salespeople can be stated in several ways. Which of the following wouldleast likelybe used for stating an individual salesperson's goal?a.Average order sizeb.Dollar volume salesc.Unit volume salesd.Ratio of profits relative to number of sales callse.Average number of calls per time period2 points QUESTION 26Creating a favorable impression and developing rapport with prospective customers is a critical part of the ____ step of personal selling.a.prospectingb.approachc.following upd.preapproache.making the presentation2 points QUESTION 27Jin Xiao, a trained engineer, is a salesperson for a chemical manufacturer. He provides current customers with advice about a product's characteristics and applications. He is a(n) salesperson.b.field order taker.c.missionary salesperson.d.technical salesperson.e.inside order taker.2 points QUESTION 28Rick is a sales representative for Lucent Technologies. He has reviewed a prospect's account and credit history, identified product needs, and gathered the appropriate literature he needs. Rick feels he is ready for the ____ step of the personal selling process.a.sales-planningb.objectionsc.preapproachd.presentatione.approach2 points QUESTION 29During his presentation to Mrs. French about a high-end gourmet oven, Brian asks, "Would you prefer black or stainless steel?" This is an example of aa.closing argument.b.follow up.c.recommendation.d.referral.e.trial close.2 points QUESTION 30Which of the following is an example of a trade sales promotion method?a.Money refundsb.Point-of-purchase displaysc.Frequent-user incentivesd.Free merchandisee.Retailer coupons2 points QUESTION 31Tony tells his wife, Camilla, that his last sales call of the day at DuPont was a disaster. He explains that he never really figured out what the purchasing agent was looking for. Camilla, a sales trainer for another firm, hands Tony a book ona.product demonstrations.b.prospect evaluation.c.listening skills.d.overcoming objections.e.closing.2 points QUESTION 32Dylan is a sales person for Whole Foods. In his position, he is primarily responsible for seeking repeat sales. Dylan is most likely a(n)a.order getter..b.missionary salesperson.c.order taker.d.follow-up salesperson.e.order recorder.2 points QUESTION 33Doug travels around to various established customers to see what new office supplies they need. His customers have come to depend on him to check their supplies. Doug is a(n) salesperson.b.field order taker.c.current customer order getter.d.inside order taker.e.missionary salesperson.2 points QUESTION 34The most common sales force evaluation practices are for sales managers to compare a salesperson's performance with other salespeople operating under similar selling conditions, or to comparea.current performance with past performance.b.selling expenses by various members of the sales force.c.the amount of new business generated.d.the ratio of costs to profits.e.the size of sales territories.2 points QUESTION 35The amount of profit a channel member expects depends ona.what the intermediary could earn if it were handling a competing product instead.b.the number of channel support activities provided by the producers.c.the amount of discounts for large orders provided by the producers.d.the type of distribution channels involved.e.the amount of effort required to carry the product.2 points QUESTION 36Which of the following isnota discount provided to business customers?a.Differentiatedb.Cumulativec.Seasonald.Cashe.Trade2 points QUESTION 37Laura Spangler, of North Central Novelties, reduces the price of games sold to Robertson's Entertainment by 10 percent to allow for expenses associated with Robertson's promoting the games to consumers. This is an example of a ____ discount.a.quantityb.cashc.complementaryd.tradee.seasonal2 points QUESTION 38If Wilson Sporting Goods faces a standard demand curve that exists for most products, as it raises the price of its tennis rackets, thea.quantity demanded goes down.b.demand increases.c.breakeven increases.d.quantity demanded increases.e.demand remains constant.2 points QUESTION 39Abby is marketing consultant who specializes in small businesses. Her current client is very interested in estimating the costs for the coming year, in order to find the breakeven point. Abby knows this is an important financial statistic because below the breakeven point, the firm is operatinga.with no revenue.b.with minimal profit.c.with fixed costs only.d.with minimal variable a loss.2 points QUESTION 40At what point does a firm maximize profit?a.The breakeven point plus the adjusted marginal costb.The point at which marginal cost equals marginal revenuec.The point at which marginal profits equal marginal revenued.The point at which the firm sells its product at the highest pricee.The point at which marginal cost equals marginal profits2 points QUESTION 41For most consumers, there is an assumed relationship betweena.price and quality.b.value and price consciousness.c.internal and external reference prices.d.prestige prices and value.e.value and cost.2 points QUESTION 42In the long run, the J. F. Smucker Company must view ____ as the absolute lowest price for its Jif brand peanut butter.a.advertising costsc.product development costsd.a 10 percent return on investmente.Nestl?'s prices2 points QUESTION 43What equation shows organizations the relationship between price and profit?a.(Price?Quantity Sold)-Total Costs = Profitsb.Total Variable Costs + Total Fixed Costs = Sales-Profitc.Total Costs = (Price?Quantity Sold)-Profitsd.Price = Profit per Item?Number of Units Solde.(Price-Profits)?Total Costs = Sales2 points QUESTION 44Jared is developing a business plan for a new type of bicycle helmet. He is interested in finding the point at which the costs of producing the helmet will equal the revenue earned from selling the product. Jared is interested in finding thea.variable costs.b.elasticity of demand.c.price elasticity.d.breakeven point.e.the sum of fixed costs.2 points QUESTION 45A concession in price in business markets to achieve a desired goal is called a(n)a.cumulative discount.b.objective-oriented discount.2 points QUESTION 46Which of the following statements about price elasticity isfalse?a.If marketers can determine price elasticity, then setting prices at optimum levels is much easier.b.Elasticity of demand is the relative responsiveness of a change in quantity demanded to changes in price.c.Steak is an example of a product that has an elastic demand for most people, because when price goes up quantity demanded goes down proportionally more.d.When price is raised on a product that has an inelastic demand, then total revenue will decrease.e.A product like electricity has an inelastic demand.2 points QUESTION 47Buyers who focus on purchasing products that signify prominence and status area.socially elite buyers.b.prestige-sensitive buyers.c.value-conscious consumers.d.price-conscious consumers.e.brand aware consumers.2 points QUESTION 48A product under nonprice competition would most likelynotsucceed in the market is easy to duplicate.b.its quality has been is priced near the competitors' is packaged differently from similar products.e.a new advertising campaign is established for it.2 points QUESTION 49If Ralph Lauren offers to reduce the price of its women's blazers when retailers buy more than 100 pieces, the designer is offering a ____ discount.a.tradeb.cashc.quantityd.seasonale.complementary2 points QUESTION 50French Quarter Inns drops the price of a suite from $225 to $195 per night and experiences a reduction in the quantity of rooms demanded of an average of five per night. This is an indication that suites at this hotel are apparently an example of a(n) ____ product.a.prestigeb.inferiorc.standardd.reverse-demande.secondary-demand


Paper#46603 | Written in 18-Jul-2015

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