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Mizzou Marketing 3000 Exam 3 Questions And
Correct Answers
What's associated with automatic vending? - ANSWER Routine decision making
For the university, the Variable cost of adding another student to the class is - ANSWER Next to nothing
Benefits of _____ as a channel include matching or exceeding the convenience of catalogs, providing a great deal of info about products, and collecting info about how customers shop - ANSWER the internet
Involves customers paying for all shipping costs from the factory to the destination - ANSWER FOB origin pricing
Level of importance of new product development at apple - ANSWER extremely important
Demand is likely to be most sensitive to price increases - ANSWER one brand of soda
Flexible pricing strategy - ANSWER candy corn for halloween
Most important desired result from brainstorming is to produce - ANSWER large quantity of ideas
Julia wants firm to leading brand in the US market, when adopting share pricing strategy, she knows from studying consumer brands that - ANSWER rarely is lowest price offering the dominant brand in the market
International supply chains add layers of complexity to the flow of info merchandise, and payments. Neiman Marcus has been able to develop expedited shipments through customs, which gives it an advantage in having the most up to date merchandise by: - ANSWER using internet based info systems to ensure all paperwork and documentation are properly prepared on time
Favors penetration pricing strategy - ANSWER presence of standards issue
NOT an activity carried on in a distribution center - ANSWER distributing paychecks and paystubs for retail employees
Stage of product life cycle associated with competition coming mainly from substitute goods outside the product class - ANSWER decline
Favors skimming pricing strategy - ANSWER high degree of technological change
Some people don't like using debit cards because they prefer cash or have a bad credit history but doesn't mean they can't afford your product. If you want your product to appear to these customers, which channel would be the focus of your attention - ANSWER Store channel
Legal discriminatory pricing - ANSWER -VS Charging more for items on west coast then in Missouri
-senior citizens and students getting discounts
-car dealer charging one person more than another
(ALL OF THE ABOVE)
Example of product in growth stage of product life cycle - ANSWER -Cell phones
-Credit cards
-3D movies
Effective CPFR system manages: - ANSWER inventory levels
Tess is the marketing manager for a fast-food restaurant chain. She uses a target return pricing strategy because her firm's primary objective is to - ANSWER increase profits
At the end of summer, Smitty has a large inventory of swimsuits. He needs to sell them and not hold them for next season when the style changes so he offers them at 30% retail price. Smitty hopes demand for swimsuits at the end of the season is - ANSWER price elastic
In class, store that had all the available bottled water (following a tornado) was used to show: - ANSWER in the long run, its profitable to be socially responsible with regard to pricing
Many small manufacturers use bookkeeping and inventory management software and communicate with customers through email. As business expands, they will use ___ to receive sales data, initiate purchase orders, send and receive invoices, and receive returned merchandise documentation - ANSWER electronic data interchange
Among addicted smokers, a 10% increase in price resulted in a 1% decrease in quantity demanded. For these consumers, cigarettes have a __ price elasticity demand - ANSWER inelactic
RFID offers the participants in the supply chain a powerful tool for tracking inventory and reducing handling. The main reason why it has NOT been widely adopted is: - ANSWER expensive
Disadvantage (hinderer) of the internet vs a brick and mortar retailer is: - ANSWER lack of trial
Type of pricing you might expect from supermarkets like Schnuck's - ANSWER loss leader pricing
Many restaurants offer daily specials, appetizers, entrees, and desserts not listed on their standard menu. These daily specials primarily provide the new product benefit of - ANSWER satisfying the changing needs of current and new customers
Adverse effect of promotional pricing - ANSWER erosion of brand value as perceived by consumers
Suggests a move to distribute a product more intensively - ANSWER reduction in price of the product
Apple uses a _______ strategy for its hardware and a ________ strategy for its software - ANSWER high price/selective distribution; low price/intensive distribution
Example of market driver for Disney theme parks - ANSWER children
_________ offers an inconsistent assortment of brand name merchandise at low prices - ANSWER off price retailers
