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

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Question 21

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Admiral Motors is the dominant firm in the auto market. When Admiral announces an increase in the prices of its automobiles, Chord and Frysler, 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.

A) True
B) False

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Question 22

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From a strategic marketing viewpoint, a total product offer includes all of the tangible attributes of a good or service, and excludes any intangible attributes.

A) True
B) False

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Question 23

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Producers often use ________ as a primary basis for setting prices on the goods and services they offer the public.

Informing consumers about goods and services represents advertising's only benefit to society.

Angie owns a small company that markets high-quality office supplies to businesses. Angie faces stiff competition from some much larger firms like Office Depot. Which of the following competitive strategies would probably work best for Angie?

Today, packaging is:

Discount stores, supermarkets, and department stores are all common types of:

It's just as important to generate employee enthusiasm about a product as it is to attract potential customers.

In order to succeed in today's tough economic times all retailers must compete with low prices.

Firms with a very limited advertising budget would be very unlikely to use ________ advertising.

Category killer stores tend to compete mainly on the basis of carrying a wide array of products, superior service, and low prices.

Sales promotion programs can be used as a means to generate employee enthusiasm.

The product life cycle presents a theoretical model describing what happens to sales and profits for a class of products over time.

One function of effective packaging is to attract the attention of consumers.

Robbie Veath brings together buyers and sellers of used heavy construction equipment, and helps them negotiate the terms of the sale. However, Robbie never actually takes title to any of the equipment himself, nor does he provide any financing for the buyer. Robbie is acting as a:

Retail distribution strategies can take three different forms. Identify the three forms and give examples of products that would be marketed using each strategy.

One way a small firm can succeed against larger competitors is to:

A penetration strategy calls for a firm to charge low prices with the intent of attracting a large number of customers and discouraging competition.

Demand-based pricing is another name for cost-based pricing.

Candy, gum, cigarettes, and popular magazines are usually distributed using a selective distribution strategy.