Strayer MKT 100 Week 9 Quiz 4 (2014)

Strayer MKT 100 Week 9 Quiz 4

Question 1

Early in the commercialization phase, marketers must make decisions about

Answer

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 2

After a company has created a prototype during the product development stage, its performance, or ____ must be tested.

Answer

appeal to customers

dependability

durability

functionality

pricing

Question 3

Questions such as "How often would you buy this product?" and "Which features are of little or no interest to you?" are often proposed during

Answer

concept testing.

product development.

screening.

idea generation.

test marketing.

Question 4

Product 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 marketing

Question 5

When marketers emphasize price as an issue and match or beat the prices of other companies, they are using

Answer

price competition.

nonprice competition.

comparative pricing strategies.

demand-based pricing.

supply-based pricing.

Question 6

The ____ prohibits price fixing among firms in an industry.

Answer

Sherman Antitrust Act

Federal Trade Commission Act

Wheeler-Lea Act

Robinson-Patman Act

Clayton Act

Question 7

The oldest form of exchange—trading of products—is known as

Answer

credit.

buying.

purchasing.

barter.

pricing.

Question 8

At the breakeven point,

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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 9

The three primary bases for developing prices are

Answer

profit, demand, and competition.

supply, demand, and marketing objectives.

demand, competition, and cost.

markup, cost, and cost-plus.

negotiation, periodicity, and randomness.

Question 10

When establishing prices, a marketer's first step is to

Answer

determine demand.

develop pricing objectives.

select a pricing policy.

evaluate competitors' prices.

determine a pricing method.

Question 11

A 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 quo

Question 12

Price skimming and penetration pricing are both strategies used for

Answer

product-line pricing.

business products only.

psychological pricing.

new-product pricing.

promotional pricing.

Question 13

A group of organizations and individuals that directs the flow of products from producers to the ultimate consumers is called a

Answer

free trade association

marketing channel

channel of suppliers

production line-up

chain of retailers

Question 14

What 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 trucks

Question 15

A single leader who controls and organizes a marketing channel is called a

Answer

channel champion.

distribution leader.

marketing maverick.

channel captain.

lead distributor.

Question 16

Long-term partnerships among channel members working together to reduce inefficiencies, costs, and redundancies in the entire marketing channel is called

Answer

supply chain management.

vertical channel integration.

industrial management.

industrial distribution.

marketing management.

Question 17

The primary purpose of a(n) ____ is to bring buyers and sellers together.

Answer

commission merchant

selling agent

manufacturers' agent

intermediary

broker

Question 18

The marketing of products to ultimate consumers through face-to-face sales presentations either at home or the workplace is called

Answer

direct marketing.

direct-response marketing.

telemarketing.

personal selling.

direct selling.

Question 19

A retailer is an organization that purchases products for the purpose of reselling them to

Answer

other retail organizations.

the government.

ultimate consumers.

wholesalers.

nonprofit organizations.

Question 20

Self-service, general merchandise stores such as Kmart are known as

Answer

discount stores.

warehouse showrooms.

catalog showrooms.

superstores.

specialty retailers.