Strayer MKT 100 Week 9 Quiz 4 (2014)

Strayer MKT 100 Week 9 Quiz 4Question 1Early in the commercialization phase, marketers must make decisions aboutAnswer warranties, repairs, and replacement parts. product features and breakeven points. functionality, safety, and convenience. the proposed marketing mix variables. which ideas to further pursue.Question 2After a company has created a prototype during the product development stage, its performance, or ____ must be tested.Answer appeal to customers dependability durability functionality pricingQuestion 3Questions such as “How often would you buy this product?” and “Which features are of little or no interest to you?” are often proposed duringAnswer concept testing. product development. screening. idea generation. test marketing.Question 4Product failure is a concern of all marketers. Which of the following phases of new-product development is best able to measure this concern?Answer Screening Concept testing Business analysis Product development Test marketingQuestion 5When marketers emphasize price as an issue and match or beat the prices of other companies, they are usingAnswer price competition. nonprice competition. comparative pricing strategies. demand-based pricing. supply-based pricing.Question 6The ____ prohibits price fixing among firms in an industry.Answer Sherman Antitrust Act Federal Trade Commission Act Wheeler-Lea Act Robinson-Patman Act Clayton ActQuestion 7The oldest form of exchange—trading of products—is known asAnswer credit. buying. purchasing. barter. pricing.Question 8At the breakeven point,Answer the money a company brings in from selling products equals the amount spent producing the products. the total fixed costs are exactly equal to the total variable costs. profits are exactly equal to the difference between revenue and total variable costs. the marginal revenue of a product is exactly equal to the marginal cost of producing one more unit. the marginal cost curve and the average cost curve will be identical for a particular product.Question 9The three primary bases for developing prices areAnswer profit, demand, and competition. supply, demand, and marketing objectives. demand, competition, and cost. markup, cost, and cost-plus. negotiation, periodicity, and randomness.Question 10When establishing prices, a marketer’s first step is toAnswer determine demand. develop pricing objectives. select a pricing policy. evaluate competitors’ prices. determine a pricing method.Question 11A firm establishes which of the following pricing objectives to maintain or increase its product’s sales in relation to total industry sales?Answer Cash flow Sales potential Product quality Market share Status quoQuestion 12Price skimming and penetration pricing are both strategies used forAnswer product-line pricing. business products only. psychological pricing. new-product pricing. promotional pricing.Question 13A group of organizations and individuals that directs the flow of products from producers to the ultimate consumers is called aAnswer free trade association marketing channel channel of suppliers production line-up chain of retailersQuestion 14What two modes of transportation are used when containers are shipped by piggyback?Answer Railroads and airways Trucks and airways Pipelines and trucks Waterways and railroads Railroads and trucksQuestion 15A single leader who controls and organizes a marketing channel is called aAnswer channel champion. distribution leader. marketing maverick. channel captain. lead distributor.Question 16Long-term partnerships among channel members working together to reduce inefficiencies, costs, and redundancies in the entire marketing channel is calledAnswer supply chain management. vertical channel integration. industrial management. industrial distribution. marketing management.Question 17The primary purpose of a(n) ____ is to bring buyers and sellers together.Answer commission merchant selling agent manufacturers’ agent intermediary brokerQuestion 18The marketing of products to ultimate consumers through face-to-face sales presentations either at home or the workplace is calledAnswer direct marketing. direct-response marketing. telemarketing. personal selling. direct selling.Question 19A retailer is an organization that purchases products for the purpose of reselling them toAnswer other retail organizations. the government. ultimate consumers. wholesalers. nonprofit organizations.Question 20Self-service, general merchandise stores such as Kmart are known asAnswer discount stores. warehouse showrooms. catalog showrooms. superstores. specialty retailers.