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

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Question 71

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Target costing adds a profit margin to estimated cost of production to determine the optimal price.

A) True
B) False

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verified

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Question 72

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Electronic retailing is selling goods and services over the Internet to the final consumer.

A) True
B) False

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Question 73

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Cost-based pricing adds a desired profit margin to the cost of producing a product.

Many companies have found success in podcasting and creating videos for YouTube.

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

A firm's promotion mix refers to the combination of different promotional tools used to persuade consumers to participate in an exchange.

The image created by advertising is part of the total product offer of a product.

Department stores often use______pricing in which they have regular prices which are relatively high,but offer special sales where prices are set lower than competitors.

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

Admiral Motors is the dominant firm in the auto market.When Admiral announces an increase in the prices of its automobiles,the smaller firms in the market,usually quickly announce similar price increases for their own cars.This situation is an example of demand-oriented pricing.

All of the following are benefits of a brand name for a seller except :

The value associated with a brand is determined:

Charging high prices to earn large profits during a time when there is little competition represents a ______strategy.

The key to mobile marketing is to keep the message brief.

Psychological pricing utilizes high prices to create the image of a high quality product.

When consumers calculate the value of a product,they look at the benefits and then subtract the cost.

Many firms that want to use an intensive distribution strategy would find vending machines an attractive method of selling their goods.

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 major advantage of direct selling marketing is that it is a very convenient way for consumers to shop.

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.