Exam 10: Marketing: Providing Value to Customers

Your uncle has been selling eyeglasses and contact lenses for more than 30 years.The introduction of LASIK surgery as an alternative to eyeglasses and contacts poses a threat to your uncle's business.Which of the following external environmental factors is your uncle concerned with?

Stevens Outdoor Furniture has just introduced a new line of products in the southeastern United States. Owner James Bilby discovered the new line, which includes outdoor furniture and other lawn items, on a recent vacation to California. The market is extremely promising because none of his main competitors stocks this type of furniture. He’s concerned, however, about pricing because shipping costs will drive his prices higher than those charged by stores closer to the manufacturer’s West Coast factory. Initial promotion and advertising costs, as well as warehousing expenses, are also on Bilby’s mind. He’s called a teleconference with his ten store managers to develop a pricing strategy that must take effect immediately. -The traditional practice of cost-based pricing is worth a try if Bilby thinks it important to establish a market for his ten stores.

With penetration pricing,a company would initially charge a low price on a product to "get its foot in the door." Over time,this approach will encourage others to enter the market.

Marketers generally begin the research process by gathering _____ data.

All of the following are psychological influences except _____.

When Toyota offers a premium car under the brand name Lexus,it is using which of the following branding approaches?

With odd-even pricing,marketers price a product according to its cost to the manufacturer plus a reasonable profit.

By making a decision to sell snow shovels in Alaska you are dividing your market using a geographics segmentation variable.

If you're using a product and aren't sure if you're happy with it,you're engaged in _____ evaluation.

Sales promotions encourage customers to buy something quickly.

The following are true about social media marketing except

Stevens Outdoor Furniture has just introduced a new line of products in the southeastern United States. Owner James Bilby discovered the new line, which includes outdoor furniture and other lawn items, on a recent vacation to California. The market is extremely promising because none of his main competitors stocks this type of furniture. He’s concerned, however, about pricing because shipping costs will drive his prices higher than those charged by stores closer to the manufacturer’s West Coast factory. Initial promotion and advertising costs, as well as warehousing expenses, are also on Bilby’s mind. He’s called a teleconference with his ten store managers to develop a pricing strategy that must take effect immediately. -It appears that,at this point,penetration pricing is Bilby's best strategy.

Customer value triad consists of three factors: quality,service,and price.

The customer value triad is based on all of the following except _____.

If a company has to store a large volume of its product over an extended period,it will probably store the product in a distribution center.

The process of integrating all the activities in a firm's supply chain is called _____.

Although repeat customers tend to spend less,they're much more likely to recommend a company to other people.

_____ is the most productive way to conduct surveys.

When a manufacturer sells a product to a retailer,the retailer's cost is _____ what the consumer pays for it.

When you buy something as a reflection of your economic status,you're acting under social influences.