BM350 EXAM 6 & 7

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School

Ashworth College *

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350

Subject

Marketing

Date

Feb 20, 2024

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docx

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Uploaded by JudgeMaskMoose29

95/100 95 / 100 - 95 % Overall Grade (Highest Attempt) 95 / 100 - 95 % Question 1 2.5 / 2.5 points The zone of __________ is a range where a service dimension is deemed satisfactory, anchored by the minimum level consumers are willing to accept and the level they believe can and should be delivered. Question options: a) immunity b) tolerance c) reliability d) assurance Question 2 2.5 / 2.5 points 2.5 / 2.5 points Regular maintenance and repair costs are known as _____ costs. Question options: a) service contract

b) out-of-pocket c) fixed d) facilitating services Question 3 2.5 / 2.5 points 2.5 / 2.5 points __________ refer(s) to logos, symbols, characters, and slogans that service providers use in order to make the service and its key benefits more tangible. Question options: a) Brand engagement b) Brand orientation c) Brand elements d) Brand loyalty Question 4 2.5 / 2.5 points 2.5 / 2.5 points

What types of goods are purchased frequently, immediately, and with minimum effort by the consumers? Question options: a) Specialty goods b) Shopping goods c) Convenience goods d) Durable goods Question 5 0/5 0 / 2.5 points A consumer products firm manufactures and sells over 200 different sizes and varieties of jams and jellies. We can say that this manufacturer's product mix has high: Question options: a) consistency. b) depth.

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c) intensity. d) range. (wrong answer) Question 6 2.5 / 2.5 points 2.5 / 2.5 points Industrial goods can be classified as __________, capital items, or suppliers and business services based on their relative cost and how they enter the production process. Question options: a) service components b) sub-assemblies c) accessories d) materials and parts Question 7 2.5 / 2.5 points 2.5 / 2.5 points The way the user performs the tasks of getting and using products and related services is the user's total _____ system.

Question options: a) consumption b) consumable c) consistent use d) augmented Question 8 2.5 / 2.5 points 2.5 / 2.5 points A customer judges a product offering by three basic elements: product features and quality, services mix and quality, and: Question options: a) performance. b) utility. c) tangibility.

d) price. Question 9 2.5 / 2.5 points 2.5 / 2.5 points A(n) __________ is defined as a distinct unit within a brand or product line distinguishable by size, price, appearance, or some other attribute. Question options: a) stock-keeping unit b) inventory turn c) individual brand d) product type Question 10 2.5 / 2.5 points 2.5 / 2.5 points __________ is the level at which the product's primary characteristics operate. Question options: a) Design

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b) Conformance quality c) Reparability d) Performance quality Question 11 2.5 / 2.5 points 2.5 / 2.5 points Which of the following is an example of a hybrid service? Question options: a) Teaching b) Car c) Restaurant meal d) Soap Question 12 2.5 / 2.5 points 2.5 / 2.5 points

__________ is a measure of the probability that a product will not malfunction or fail within a specified time period. Question options: a) Reparability b) Durability c) Reliability d) Specialty Question 13 0/5 points 0 / 2.5 points Cocktail lounges in restaurants are examples of: Question options: a) differential pricing. (wrong answer) b) cultivating nonpeak demand.

c) complementary services. d) reservation systems. Question 14 2.5 / 2.5 points 2.5 / 2.5 points Capital items are long-lasting goods that facilitate developing or managing the finished product. They include two groups: Question options: a) installations and natural products. b) installations and component materials. c) installations and operating supplies. d) installations and equipment. Question 15 2.5 / 2.5 points 2.5 / 2.5 points Marketers have traditionally classified products on the basis of three characteristics: __________, tangibility, and use.

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Question options: a) availability b) affordability c) aesthetics d) durability Question 16 2.5 / 2.5 points 2.5 / 2.5 points The __________ of the product mix refers to the total number of items in the mix. Question options: a) width b) length c) depth

d) breadth Question 17 2.5 / 2.5 points 2.5 / 2.5 points How a consumer shops for organic foods and how he or she uses and disposes of the product is part of the consumers' __________ that is important for marketers to consider. Question options: a) value proposition b) consumption system c) value system d) quality perception Question 18 2.5 / 2.5 points 2.5 / 2.5 points A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a: Question options:

a) product type. b) product class. c) need family. d) product line. Question 19 2.5 / 2.5 points 2.5 / 2.5 points Companies may wish to implement a(n) __________ to achieve more growth, to realize higher margins, or simply to position themselves as full-line manufacturers. Question options: a) up-market stretch b) rebranding plan c) outsourcing strategy

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d) disintermediation policy Question 20 2.5 / 2.5 points 2.5 / 2.5 points Customers today want separate prices for each service element and they also want the right to select the elements they want. The customers are said to be pressing for _____ services. Question options: a) complementary b) perishable c) variable d) unbundled Question 21 2.5 / 2.5 points 2.5 / 2.5 points Companies that aim to __________ strive to be affordable luxuries. Question options:

a) survive in the market b) partially recover their costs c) maximize their market share d) be product-quality leaders Question 22 2.5 / 2.5 points 2.5 / 2.5 points Many consumers are willing to pay $100 for a perfume that contains $10 worth of scent because the perfume is from a well-known brand. What kind of a pricing is the company depending on? Question options: a) Going-rate pricing b) Image pricing c) Market-skimming pricing

d) Target pricing Question 23 2.5 / 2.5 points 2.5 / 2.5 points A manufacturer has invested $750,000 in a new product and wants to set a price to earn a 15 percent ROI. The cost per unit is $18 and the company expects to sell 50,000 units in the first year. Calculate the company's target-return price for this product. Question options: a) $20.25 b) $18.23 c) $18.10 d) $20.70 Question 24 2.5 / 2.5 points 2.5 / 2.5 points While shopping at the mall, Jane is asked by one of the sales representatives at the cosmetics counter to try out a new lipstick that her company is test marketing. The company representative asks her how much she would be willing to pay for the

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lipstick. After trying it out, Jane is of the opinion that $5 is just the right price for it. What type of a reference price is Jane using? Question options: a) Usual discounted price b) Fair price c) Maximum retail price d) Last price paid Question 25 2.5 / 2.5 points 2.5 / 2.5 points The key to perceived-value pricing is to: Question options: a) reengineer the company's operations. b) deliver more unique value than competitors.

c) adopt subtle marketing tactics compared to competitors. d) deliver more value but at a lower cost. Question 26 2.5 / 2.5 points 2.5 / 2.5 points The decline in the average cost of production with accumulated production experience is called the: Question options: a) demand curve. b) supply chain. c) learning curve. d) value chain. Question 27 2.5 / 2.5 points 2.5 / 2.5 points A retailer who holds on to a(n) __________ policy charges a constant low price with little or no price promotions and special sales.

Question options: a) everyday low pricing b) high-low pricing c) low cost d) going-rate pricing Question 28 2.5 / 2.5 points 2.5 / 2.5 points __________ cost is the cost per unit at that level of production. Question options: a) Target b) Average c) Marginal

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d) Opportunity Question 29 2.5 / 2.5 points 2.5 / 2.5 points A market-penetration pricing strategy is most suitable when: Question options: a) a low price slows down market growth. b) production and distribution costs fall with accumulated production experience. c) a high price dissuades potential competitors from entering the market. d) the market is characterized by inelastic demand. Question 30 2.5 / 2.5 points 2.5 / 2.5 points The reservation price or the maximum that most consumers would pay for a given product is known as the __________ price. Question options: a) expected future

b) usual discounted c) upper-bound d) typical Question 31 2.5 / 2.5 points 2.5 / 2.5 points __________ price refers to what the consumers feel the product should cost. Question options: a) Fair b) Typical c) Usual discounted d) List Question 32 2.5 / 2.5 points 2.5 / 2.5 points

A firm that is plagued with overcapacity, intense competition, or changing wants would do better if it pursues __________ as its major objective. Question options: a) market skimming b) product-quality leadership c) survival d) profit maximization Question 33 2.5 / 2.5 points 2.5 / 2.5 points Deducting the desired profit margin from the price at which a product will sell, given its appeal and competitors' prices, is known as: Question options: a) overhead costing. b) target costing.

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c) activity based costing. d) benefit analysis. Question 34 2.5 / 2.5 points 2.5 / 2.5 points In which of the following auctions does the auctioneer first announce a high price for a product and then slowly decrease the price until a bidder accepts? Question options: a) A Dutch auction with one buyer and many sellers b) An English auction with one seller and many buyers c) An ascending bid auction d) A Dutch auction with one seller and many buyers Question 35 2.5 / 2.5 points 2.5 / 2.5 points The first step in estimating demand is to: Question options:

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a) analyze competitors' cost. b) select a pricing method. c) understand what affects price sensitivity. d) calculate fixed costs. Question 36 2.5 / 2.5 points 2.5 / 2.5 points __________ auctions let would-be suppliers submit only one bid; they cannot know the other bids. Question options: a) Descending bid b) Sealed-bid c) English

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d) Dutch Question 37 2.5 / 2.5 points 2.5 / 2.5 points __________ costs consist of the sum of the fixed and variable costs for any given level of production. Question options: a) Total b) Average c) Opportunity d) Learning Question 38 2.5 / 2.5 points 2.5 / 2.5 points Which of the following is the most elementary pricing method? Question options: a) Value pricing

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b) Going-rate pricing c) Markup pricing d) Target-return pricing Question 39 2.5 / 2.5 points 2.5 / 2.5 points Which of the following is TRUE regarding price elasticity? Question options: a) The higher the elasticity, the lesser is the volume growth resulting from a 1 percent price reduction. b) Within the price indifference band, price changes have little or no effect on demand. c) If demand is elastic, sellers will consider increasing the price. d) Price elasticity does not depend on magnitude and direction of the contemplated price change. Question 40 2.5 / 2.5 points 2.5 / 2.5 points

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Companies that believe that a higher sales volume leads to lower unit costs and higher long-run profits are attempting to: Question options: a) maximize their market share. b) skim the market. c) become a product-quality leader. d) merely survive in the market.

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BM350 EXAM 6 & 7

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