this is not Finance! its Marketing QUESTION 23 In class we defined an economic p

Question

this is not Finance! its Marketing

QUESTION 23

In class we defined an economic pricing strategy as a product that has:

A high price and low quality

A low price and high quality

A high price and high quality

A low price and low quality

6.25 points   

QUESTION 24

In class, Professor Miller told us a story about a colleague of his at Nissan that gave him this advice for selling cars to dealerships...

Triple their number and call them a "monster" if they take half.

Double their number call them a "Juggernaut" if they take more than half.

Double their number call them a "kitty cat" if they don't take half.

Make them take their number, end of story.

6.25 points   

QUESTION 25

Purchasing a hotel room, rental car, and a flight all from the same travel website where these related goods are sold collectively for one price, best illustrates which pricing strategy?

Unit pricing

Portfolio product pricing

Price bundling

Two-part pricing

6.25 points   

QUESTION 26

Which of the following promotional mix elements offers the least control over its message content?

Advertising

Direct marketing

Public relations

Sales promotions

6.25 points   

QUESTION 27

Which of the following is not one of Cialdini's six principles of persuasion?

Social Proof

Scarcity

Reverse Psychology

Reciprocity

6.25 points   

QUESTION 28

Given the following information... What is the Manufacturer's selling price and the Retailer's selling price?

Manufacturer’s cost = $9

Manufacturer’s markup = 10%

Wholesaler’s markup = 20%

Retailer’s markup = 30%

Manufacturer SP = 10

Retailer SP = 17.86

Manufacturer SP = 10.31

Retailer SP = 17.86

Manufacturer SP = 10.31

Retailer SP = 21.21

Manufacturer SP = 10

Retailer SP = 21.21

6.25 points   

QUESTION 29

Suggesting new uses for a product, describing how a product works, and building company image are examples of which type of promotional objective?

Traffic building

Reminding

Persuading

Informing

6.25 points   

QUESTION 30

Marginal analysis contends that we should continue to decrease advertising spending if:

The increased cost is less than the incremental marginal return

The increased cost is equal to the incremental marginal return

The increased cost is more than the incremental marginal return

The increased cost is less than the cost of an average advertisement

6.25 points   

QUESTION 31

Pioneering ads are most likely descriptive of ads for products that are in which stage of the product life cycle?

Introduction

Growth

Maturity

Decline

6.25 points   

QUESTION 32

Ordering a value meal (sandwich, fries and a drink) at a fast-food restaurant where these related goods are sold collectively for one price, best illustrates which pricing strategy?

Unit pricing

Portfolio product pricing

Price bundling

Two-part pricing

A high price and low quality

A low price and high quality

A high price and high quality

A low price and low quality

Explanation / Answer

1) high quality,high price

2)make them take their number end of story

3) price bundling

4) public relation

5)reverse psychology

6)manufacture SP = 10.31

retailer SP = 21.21

7)persuading

8)increase cost is more than the incremental marginal return

9)introduction

10) price bundling

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