just are multiple choices please for my class of principles of marketing and ana

Question

just are multiple choices please for my class of principles of marketing and analysis

QUESTION 1

Oscar Mayer has recently developed a new snack product that's targeted to kids and young adults as a healthy, protein-based after-school or pre-dinner snack. They expect the product to complement their Lunchables product line and appeal to teen-age or college-age consumers who think of Lunchables as just for younger kids. In order to promote product trial and subsequent adoption, the company plans to use a relatively low entry price compared to the competition. What type of pricing strategy does Oscar Mayer plan to utilize?

skimming

penetration

competitive pricing

everyday low pricing

1 points   

QUESTION 2

You are the head of pricing strategy for your firm. You are very excited about a new point-of-sale system that has just been installed in all your firm’s retail outlets. The system is a state-of-the-art real-time information system that captures the details of every sale made in your retail outlets. You have up-to-the-minute data-on-demand elements for your entire product line.

Required:

In using your new data-on-demand elements to make pricing decisions, how would you handle the limitations of this approach?

Be prepared for unpredictable changes in demand because actual purchase data do not allow estimation of future trends.

Tell decision-making executives that you cannot produce an accurate estimation of current trends.

Change the way that the firm's accounts payable employees record information.

Change the way that the firm's accounts receivable employees record information.

Post charts of predicted future buying trends in the sales department as motivational incentives.

1 points   

QUESTION 3

You begin every work day by stopping by the local premium coffee shop for a latte. They recognize you when you come in and just hand you your regular order. Recently, a number of events happened at the same time: you got a promotion with a higher salary; your regular coffee shop increased its prices; and a competitor moved into the same shopping center, offering lower prices.

Required:

During your vacation, you have the luxury of time to reflect on your workday pattern of coffee consumption. Looked at from a marketing perspective, which action could you choose to show that your demand is more elastic?

returning to the comfort of your established routine

asking for a good-customer discount from your regular place

discovering that you enjoy the taste of the competitor's coffee

spending some of your higher income after the promotion

demonstrating that you are a loyal customer of your current coffee shop

1 points   

QUESTION 4

You work in the procurement department of a large hospital. While training a new assistant, you realize that he has limited knowledge of competitive bidding, the major purchasing procedure you use. Choose the key point(s) you must convey to him.

It is helpful to develop accurate specifications, but this is not a key procurement task.

Before soliciting bids for surgical supplies, we develop detailed specifications for the items we want to buy.

When we need surgical supplies, we advertise the price we want to pay in medical journals.

It is illegal for a hospital to negotiate contracts with favored suppliers.

After receiving bids for surgical supplies, we develop detailed specifications of the items that vendors can offer.

1 points   

QUESTION 5

“Buy three shock absorbers and get the fourth free,” as advertised by an auto repair shop, is an example of _____ pricing.

variable

promotional

product-line

unit

1 points   

QUESTION 6

A car manufacturer has developed different models of a car to suit the pricing needs of different classes of customers. It offers a low-end version for price conscious customers and luxury cars for high-end customers. This is an example of _____ pricing.

psychological

product-line

promotional

leader

1 points   

QUESTION 7

A committee of city council members is searching for a new vendor for trash and recyclables removal in the community. Which mechanism provides the committee with information about the prices vendors charge to perform this service?

negotiated bidding

promotional bidding

competitive bidding

product-line bidding

leader bidding

1 points   

QUESTION 8

A cosmetics company offers incentives to its retailers for advertising its new shampoo by placing it in a special display unit near the billing counters. This incentive offered by the manufacturer is an example of a _____.

promotional allowance

trade-in

rebate

cash discount

1 points   

QUESTION 9

A flooring manufacturer has experienced an increase in sales of laminate flooring in the stores located in the southeastern region of the United States. A recent marketing plan identifies that cork flooring will be introduced in the same stores before rolling out to the rest of the country. What effect is this manufacturer at risk of experiencing with this strategy?

bundling

shop bot

price fixing

cannibalization

dual pricing

1 points   

QUESTION 10

A local apparel shop sets prices by adding a 45 percent markup to the invoice price charged by the supplier. This method of pricing is known as _____ pricing.

incremental-cost

breakeven

cost-plus

full-cost

1 points   

QUESTION 11

A local eye doctor is seeking to expand its practice and entice new customers to visit for their annual eye exam and purchase glasses or contacts if prescribed. The office is offering 2 pairs of glasses for $69 with the goal of attracting a large number of new patients. What type of pricing objective is utilized by the office?

meeting competition

volume

profitability

prestige

1 points   

QUESTION 12

A manufacturer of tablet computers has designed a unique new product that can network with satellites to access streaming video and television channels. This device does not need a Wi-Fi connection and can be accessed anywhere in the world by logging onto the site. Besides serving as a portable computer, this device bypasses the need for a consumer to purchase cable or personal satellite dish access. Which approach to pricing makes the most sense for the company to use first?

set the price extremely high until competing products are developed

set the price extremely low in order for consumers to purchase it without needing a coupon

set the price to match the manufacturing of the device under a private label

set the price to match other computer and television devices sold by competitors

set the price extremely low in order to capture more of the current market share

1 points   

QUESTION 13

A newly opened seafood restaurant advertises various deals on meal packages and special prices on dinner packages to attract customers. This is an example of _____ pricing.

promotional

competitive

list

leader

1 points   

QUESTION 14

A promotional allowance is an incentive offered by manufacturers to retailers to:

refund the shipping costs paid by the retailer for home-delivery of products.

reward a retailer for not advertising a product below a certain price.

return a certain amount spent by the retailers on advertising and providing sales support.

provide one-time reductions in the list price of products for purchasers of large quantities.

1 points   

QUESTION 15

A skimming pricing strategy is more commonly used by firms to:

set stable wholesale prices that undercut offers competitors make to retailers.

set a relatively low price for a product when they enter new markets characterized by dozens of competing brands.

reduce the raised prices of products to the original level.

set a market-entry price for distinctive goods or services with little or no initial competition.

1 points   

QUESTION 16

ADS stores, a supermarket chain, receives discounts from its suppliers for the bulk purchases of the merchandise at its stores. This is an example of a _____ discount.

quantity

trade

cash

functional

1 points   

QUESTION 17

Burlan Paints, manufacturer of paints for both interiors and exteriors, prices its products differently in various international markets to suit the requirements of local customers. Burlan Paints is implementing the _____ pricing strategy for pricing products.

dual

market-differentiated

standard

zone

1 points   

QUESTION 18

Firms that adopt volume objectives believe that:

companies should offer huge discounts even at the cost of running into losses with their products.

companies should focus on maximizing profits rather than maximizing sales.

companies should continue to expand sales as long as their total profits do not drop below a specified minimum return.

companies should focus on the image and prestige associated with their products.

1 points   

QUESTION 19

Jennifer is looking for a wedding present for her fiance and is considering buying him a watch. She likes luxury items and is willing to spend between $4,000 and $10,000 on the gift. She visits several jewelry stores and realizes that the prices are the same for Rolex and Philippe Patek brand watches and each store tells her these brands are never discounted. What type of pricing objective is utilized by Rolex and Philippe Patek?

prestige

volume

profit

meeting competitors

1 points   

QUESTION 20

Komatsu is a global firm known for its earth moving equipment utilized in construction. Since its products are sold around the globe, Komatsu has developed a unique approach to pricing where prices are set according to the market conditions within each geographic region. For example, an excavator might be significantly less expensive in India than in the United States in order to reflect the local marketplace conditions. What type of pricing strategy is Komatsu utilizing?

dual pricing

market-differentiated pricing

standard worldwide pricing

competitive pricing

1 points   

QUESTION 21

Online marketers run the risk of cannibalization when they:

differently price the same products sold in their retail outlets to be sold online.

compete with off-price houses on the Internet.

construct new stores alongside their websites.

hold on to tradition in the face of new technology.

1 points   

QUESTION 22

Paisley Lane Soaps recently contracted with a chain of grocery stores to provide organic bar soap to the chain. These volume orders are the company's first commercial venture as they have primarily sold directly to consumers. Typically, Paisley Lane Soaps charges $6 per bar of soap but has contracted with the grocery store chain for $3.50 per bar. In addition, Paisley Lane Soaps has negotiated a 2% discount on the order if the grocery store chain pays in full within 10 days of product delivery. This practice is called:

trade discounts

promotional allowances

noncumulative quantity discounts

cash discounts

1 points   

QUESTION 23

Penetration pricing works best for goods or services:

that involve high production and operational costs.

that offer a unique advantage over competitors’ brands.

that face little or no competition in the market place.

that are characterized by highly elastic demand.

1 points   

QUESTION 24

Psychological pricing is based on the premise that:

one-price policies appeal to most people and suit mass-marketing programs.

setting a limited number of prices for a selection of merchandise has a certain appeal.

lower-than-normal prices as part of recurring marketing initiatives creates demand.

certain prices or price ranges make products more appealing to buyers than others.

1 points   

QUESTION 25

The Robinson-Patman Act specifically prohibits:

price discrimination in sales to wholesalers, retailers, and other producers.

imposing taxes on the products that are being exported to other countries.

charging the same price to everyone for everything you sell.

earning excess profits, that is, more than the average for an industry.

1 points   

QUESTION 26

The breakeven point is the point at which:

marginal cost runs above the marginal revenue curve.

total revenue from sales equals total cost.

revenue from sales equals the variable cost of the product.

the supply curve intersects the demand curve.

1 points   

QUESTION 27

Under which of the following conditions is a product most likely to have an elastic demand?

A large portion of a person’s budget is spent on the product.

The fixed costs associated with producing the product are higher than the variable costs associated with it.

The marginal cost of producing the product is equal to its marginal revenue.

Consumers can easily find close substitutes for the product.

1 points   

QUESTION 28

Which of the following is employed by theatrical productions when they charge higher prices for their weekend shows than for the shows on weekdays even though the cost of producing the show remains the same on all days?

Incremental pricing

Yield management

Marginal pricing

Modified breakeven analysis

1 points   

QUESTION 29

Which of the following products would most likely have an inelastic demand curve?

pencils

paper towels

HP genuine ink for an HP printer

photocopier paper

1 points   

QUESTION 30

You are head of sales and marketing for your cowboy boots manufacturing firm. It has been a chaotic product year, with a great deal of input from many stakeholders: consumer advocacy groups, employees, competitors, and shareholders. You are meeting with the CEO to establish pricing objectives for the upcoming product year.

Required:

Which of the following factors will you consider as you establish your firm’s pricing objectives?

consumer advocacy groups’ concerns

competitors’ complaints

dissident shareholders’ complaints

sales reps’ compensation packages

the firm’s survival

a.

skimming

b.

penetration

c.

competitive pricing

d.

everyday low pricing

Explanation / Answer

1. b. penetration
2. a. Be prepared for unpredictable changes in demand because actual purchase data do not allow estimation of future trends.
3. c. discovering that you enjoy the taste of the competitor's coffee
4. d. It is illegal for a hospital to negotiate contracts with favored suppliers.
5. b. promotional
6. b. product-line
7. c. competitive bidding
8. a. promotional allowance
9. d. cannibalization
10. c. cost-plus

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