marketing flashcards 3 (126)

A bookstore purchased a special display for the children's area for $400. The books on the display will be sold for $12. The cost of the books was $10. Calculate the breakeven point for the sale. Round up to the nearest dollar

$200

A career plan identifies which of the following

-a progression of jobs

-required education, training, and experience

-a tentative time schedule

A catalog company advertised a special rate on art supplies. Each new customer was given a 10 percent discount. In her first order, Michelle ordered $60.00 in canvases. After the discount was applied, how much did Michelle pay for her order

$54

A component of the marketing mix that provides protection and security for the product until the consumer

can use it is

packaging

A group of similar products with slight variations in the marketing mix to satisfy different needs in a market is known as

a product line

A limited-line store

offers products from one category of merchandise

A product sells for $1.80. Variable costs are $1.07 per unit and the fixed cost is $10,200. How many units would the company need to sell to break even? Round up to the nearest whole unit

13,973

A salesperson will study the customer and his or her needs during the

preapproach step

A small gift shop determined that its sales have grown 10% in the past year. Calculate the number of years required to double its sales. Round to the nearest tenth

7.2

Accounts receivable are

sales for which the company has not yet been paid

Advertising plans are carefully developed because

They involve huge sums of money

All of the consumers who will purchase a particular product or service comprise a(n)...

Economic market

Based on the target market, advertising can be customized by

changing the words

Big Company sells Big Squares for $42 each and earns a gross profit of $6. It has developed a new product, Little Squares. The cost of making Little Squares is only $2 less than the cost of making Big Squares. To make the same gross profit, what should Big Company charge for each Little Square

$40.00

Changes in the tangible parts of a product or service affect a product's...

Form utility

Combining the price of several related services is

bundling

Companies develop e-mail lists for advertising by

using addresses of current customers. using addresses of consumers who have sent inquiries.

c. purchasing e-mail lists from other companies

Competition among businesses is beneficial because

it encourages product improvements

Consumers typically do not compare other products or brands when they are purchasing

convenience goods

Convenience goods include

-staple goods

-emergency goods

-impulse goods

For managers and other decision-makers, the most important part of a marketing information system is the

output

If 500 units cost $120,500 and 1000 units cost $200,000, what is the incremental cost per unit of the second 500 units? Round to the nearest cent

$159.00

If the customer is dissatisfied with any part of the marketing mix or if competing products appear to meet customer needs better, the salesperson can

inform the company

If the producer does not want to perform all of the marketing functions, some functions may be performed by

-the consumer

-another individual

-another business

In a preindustrial country it is difficult to

-produce products.

-sell products.

-distribute products.

In the early part of the 20th century, the primary way to sell more products was

To be able to deliver them to a larger number of customers

In the month of January, a gift shop had 3,000 people who visited the store. The owner calculated that 76 percent of the visitors made a purchase. How many visitors made a purchase

2,280

In which type of economic system does the government attempt to own and control important resources and make the decisions about the about what will be produced and consumed...

Controlled economy

Information about consumers that will help a business make effective marketing decisions includes

Product purchases

Information developed from activities that occurred within your organization is known as

Internal information

Internal information that can help you make decisions can be found in

marketing plans.

performance information.

customer records and sales information

Internet advertisements are measured in

pixels

Inventory records should include

the source of the product

Jane wants to donate $500 to a local organization. She decides to do this by donating some of her products, Tastee Salsa Powder. The cost of making each package is $1.18. How many packages can Jane donate

423

Little Feet currently charges $18 for a pair of shoes. If the store raises the price of shoes to $25, what is the percentage change in price? Round to the nearest percent

39%

Long-term expenses include

vehicles

Manufacturers usually make their profits from the sale of products and services to

wholesalers

Many of the marketing functions during the distribution process are provided by

Channel members

Marketing assists in international trade by

Determining where products can be sold

Money provided to a business to assist in the development and sale of its products is

a subsidy

Most of the major purchases made by consumers are

shopping goods

Multinational companies hire employees, including managers, from

-the main country where they operate

-countries where they hope to do business

-all countries where they operate

New products are often expensive because

the cost of development is passed on to consumers

Often, business might decide not to enter the international market because

the process appears to be complicated and difficult

People who are self sufficient

Do not rely on others

People who run their own businesses are at which level of marketing employment

executive/entrepreneur-level

Prices can be changed by

Allowances

Reasons to purchase based on feelings, beliefs, or attitudes are known as

emotional motives

Shop at your competitor's business to

find information about current pricing and promotions

Short-term expenses include

operating expenses

Some activities in the action plan will include

responsibilities for marketing activities responsibilities for risk reduction

responsibilities for the marketing strategy

Successful overseas marketing assignments generally require

- basic information about the host country

- foreign language skills.

-awareness of cultural differences

The accounting and finance function includes

Developing budgets

The acronym "MBA" stands for

Master of Business Administration

The assortment and quantities of products the company maintains for sale to customers is its

inventory

The concept that people who live in the same physical location might have the same wants and needs is referred to as

geographic segmentation

The correct sequence of stages that businesses follow as they develop their e-commerce presence on the

Internet is

information, interaction, integration

The cost of manufacturing whistles is 75 cents. The company charges $1.25 for a whistle. What is the gross profit the company earns if it sells 10 whistles?

.$5.00

The demand curve for a business in a monopoly...

Appears straight

The demand curve for a business in a purely competitive market...

Appears straight

The earliest use of marketing was

To move products from the producer to the consumer

The final business organization in an indirect channel of distribution for consumer products is

the retailer

The goals of a not-for-profit organization that delivers services may be

-public service

-public awareness of a message or idea

-knowledge

The government wants to encourage the development of new products and services so

consumers have additional choices to satisfy their needs

The highest possible price that can be charged is determined by the

target market

The information obtained from the market analysis is used primarily to enable the marketer to determine

the target market

The Internet Advertising Bureau has established standards for

the size and appearance of Internet advertisements

The lifestyle, values, and beliefs that are common to a group of people are known as

social class

The major advantage of publicity is the

goodwill it can create

The major disadvantage of publicity is the

lack of control over the content

The most difficult purchasing situation occurs when

a new product or service is purchased

The most difficult type of competition businesses face is a market in which they compete with other businesses offering

Similar products

The most effective way to develop the budget for marketing expenses is to

calculate the costs of performing the necessary marketing tasks

The sale of products and services to people in other countries is known as

international trade

The selling process will be much more productive if the salesperson knows

the needs of the prospective customer

how to contact each customer

-the location of the prospective customer

The series of mental stages followed by a consumer preparing to make a purchase includes

conviction

The success rate for new products is

50 percent

The two types of inventory systems are the

physical inventory and perpetual inventory