mrkt 4000 recall

When Apple first introduced its iPhone, it was priced at $599. This allowed Apple to earn the maximum amount of revenue from the various segments of the market. Two months after the introduction, the price had come down to $399. At the introduction stage of the product life cycle, what pricing objective did Apple have?

market skimming price

if demand changes a lot, with a change in price, the demand is said to be

elastic

Tammy’s Shoes purchased a fun summer sandal to sell on special. They bought 30 pair at $5 each. It cost them $50 to advertise the special buy. Tammy plans to sell the shoes at $10 each. How many does she need to sell at $10 to breakeven on her total investment?

20 pair

Based on question 3, how much profit will Tammy make if she sells all 30 pair at $10 each?

$100

H.T. Ardinger is a floral wholesaler who offers 1 case which is regularly priced at $80 each at $60 each, 2-9 cases at $50 each, and 10+ cases at $40 each if purchased in January. What type of incentive is this?

price off discount

Which element of the marketing mix produces revenue. Explain how. Additionally, explain how the other elements produce cost

Price. Price is the amount charged by the firm for the right to use or consume the offering. That amount times number of units equal sales revenues. The other elements including product, place, and promotion each require decisions that may add value for the customer, but the additional value comes at a cost.

Vic’s Produce Stands has a billboard on I-70 to remind customers that they are a farm-to-fork producer in mid-Missouri. This ad is an example of ___.

marketing communications

May is worried about her child’s health and is thinking about that while driving to work. She doesn’t hear any of the radio commercials because of

noise

The best method of establishing the marketing communications budget is the ____
method where the organization decides what they need to achieve and what they
have to do to achieve that and then sets the budget based on these goals and actions.

objective and task

Sending a message when customers are in a “zone” is an example of _____ marketing

mobile

In class, we watched videos of Terrie and @Barbie. Pick one of these and tell me what kind of appeal were these advertisers using in their creative? Explain this type of appeal

Transformational. These types of appeals are used to stir up emotion to motivate purchases by the target customer. The Terrie ad was a use of negative/fear emotion, while Barbie triggered positive emotion

Which of the advertising media options is generally considered to be the most powerful?

television

If General Electric paid for an imbedded ad on National Geographic’s website that matched the look and feel of the magazine, this is an example of __

native advertising

Lobbying legislators to defeat legislation that might harm the business of an organization is a job of _____

public realtions

A company that embraces the three core ______ principles of visibility, differentiation, and transparency will be more successful in the market

packaging

Explain Integrated Marketing Communication and predict what a Marketing Manager will realize if they approach their communication campaigns using IMC

IMC in a communication campaign involves a coordinated use of different communication tools that work in concert (together) and reinforce one another to enable the company to achieve its strategic goals. Use of IMC results in greater message consistency within the entire campaign, stronger brands overall, and more sales for the firm.

Avon sales agents hold house parties involving direct interaction with prospective buyers and at which they present the Avon product in use, answer question and take orders. The agents are engaged in:

personal selling

If Gina objects to the price of an item, this objection stems from:

logical resistance

When selecting motivational tools for a sales force, research shows that ____ is the most desirable reward.

pay

Throughout this class, we have been talking about the four pillars of Holistic Marketing. With Personal Selling, which pillar is particularly key? Explain why

realtionship marketing. Good
marketing means the company seeks not necessarily an immediate sale, but rather a long-term supplier-customer relationship, which results in customer loyalty, and more profit for the firm

Direct marketing is powerful because it can:

be useful in gaining the immediate sale

When a manufacturer uses their own salespeople for door-to-door sales, have a website for online ordering, and manufacturer-owned stores these are examples of ____ channel

0 level

Stihl power equipment does not sell their product through mass merchandisers and limits their distribution channels to independent U.S. distributors that may compete for the same customers, but do not directly compete with each other. Stihl is using ______distribution

selective

Because of the recognition and high regard that the other Broomer products have in the market, retailers are willing to stock items from the new "Inducer" line of clothing. This is an example of ________ power

referent

When the whole channel focuses on the same target at the end of the channel and acts as one unit, this is a(n) ____ marketing system

vertical

_____ inventory management saves the company money on warehousing costs

just in time

In a distribution channel, producers may choose to give up control over how, and to whom products are sold? Explain why they would do this

Because intermediaries may be able to disseminate goods more effectively and efficiently than the producing firm can. These partners provide important functions such as transportation, storage, bulk-breaking, assembling, demand stimulation, and financing.