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

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Question 91

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Jian has entered into a contract with the federal government to design a computer simulation model for training helicopter pilots.The contract calls for the final price to be set at a fixed percentage profit over and above her cost of production.This seems to represent a:

A) price leadership.
B) supply and demand formula.
C) cost-based pricing strategy.
D) demand-based pricing.

E) C) and D)
F) A) and D)

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Question 92

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The reputation of the manufacturer and the retail store surroundings are considered part of the value enhancers of a total product offer.

A) True
B) False

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Question 93

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The costs added by marketing intermediaries usually outweigh the values they create.

Brand names help sellers with new-product introductions and create an opportunity for higher prices.

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

Mailing ads to nearby residents helps grocery stores reach their target market with information of special sales.This represents direct marketing.

Economists say that intermediaries add value and that value greatly exceeds the cost of a product.

The main difference between selective distribution and exclusive distribution is the number and type of market segments the firm chooses.In a selective strategy,a variety of profitable niche markets are selected,while in an exclusive strategy one specific market segment is targeted,and all others are excluded.

Radio advertising offers businesses an opportunity to reach a specific target market.

Variable costs are costs that change with the level of production.

Coupons,contests,and sampling represent sales promotion activities.

What sales promotion efforts can companies use to motivate people to buy now rather than later?

Saul-Mart is the name of a new chain of discount stores.A major part of Saul-Mart's competitive strategy is likely to be based on keeping its prices lower than those of other types of retailers.

Why would marketers use a skimming price strategy?

Marketing intermediaries have survived because they have been able to perform marketing functions more efficiently and effectively than a manufacturer or consumer could perform these functions.

Combining a firm's promotional tools and resources to create a favourable brand image is the goal of integrated marketing communication.

Anything that encourages people to talk favourably about an organization is effective word-of-mouth promotion.

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

A strategy that encourages people to pass on a marketing message to others is known as what?

Community Catering Services,Inc.advertises that they are the "friendliest caterers in town." Their prices are no lower than the rates charged by competing caterers,but they put a lot of emphasis on getting to know the needs of their customers.They tailor their efforts to meet these needs,providing a unique dining experience that exactly matches the customer's expectations.Community Catering is likely to find that this approach is more effective in achieving its goals than the use of aggressive price cutting.