Exam 14: Creating Marketing Strategies

Which of the following is the dividing of large shipments of similar merchandise into smaller, more usable quantities that can be sold to consumers and end users?

The idea behind bundling is to reach a segment of the market that would not be reached as effectively if the product were sold separately.

Which of the following is a product pricing strategy of raising the price of a product so consumers will perceive it as being of higher quality, status, or value?

Integrated marketing communications is the coordination of all marketing activities.

Which of the following is a common pricing objective in which the price of a product is set so as to give the company the desired profitability in terms of return on its money?

Prestige pricing is the pricing strategy of selling a new product at a low price in hopes of achieving a large sales volume and prestige for the product.

In traditional mass-market manufacturing, production begins when forecasts call for additional products to be made or inventory control systems signal low inventory levels.

What is a distribution system in which a manufacturer tries to sell its products wherever potential customers?

A relatively inexpensive item that requires very little shopping effort called a convenience item.

Penetration pricing is a product pricing strategy of offering new products at low prices in the hope of achieving a large sales volume.

Windshields purchased by Ford to build Ford Focus cars are industrial products called component parts.

What is a warehouse that specializes in breaking down bulk goods to small shipment sizes but not in storing goods?

When Katherine Cozzine graduated from high school, she chose a university that would provide her a strong business foundation even though she would have preferred to major in music. Cozzine did not know that there are over 200 music-business programs that would have allowed her to continue her music and prepare for a career in the industry. To Cozzine, the music-business programs were which of the following products?

Which of the following products would be correctly described as being in the decline stage of their product life cycle?

Supply chain management plays a dual role. Its first role is as a communicator of customer demand that extends from the point of sale all the way back to the supplier. The second role is as a physical flow process that engineers timely and effective movement of products.

What is a person who works as a sales representative for a manufacturer or wholesaler and is paid a commission on any sales?

List the elements of the promotional mix.

An intermediary that takes possession and title of goods is called an agent or broker.

When Maurice Tsaki went online to plan his vacation to Australia, he learned that he could buy plane tickets, rent a car, and pay for a hotel in a reduced-price tourist package, which made it very convenient for him to book his trip. The website Tsaki visited used which of the following strategies to make trip planning easier and more economical?

When an entire organization is coordinated in the process of planning, purchasing, allocation, replenishment, promotion, and other aspects with more of a customer focus this is called a strategic channel alliance.