Liberty University BUSI 330 Final Exam Complete Solution Correct Answer Key

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Liberty University BUSI 330 Final Exam Complete Solution Correct Answer Key - Page 1 preview image

Liberty University BUSI 330 Final ExamCompleteSolutionCorrectAnswerKeyAnexpandedmarketingmixforservicesthatincludesthefourPs(product,price,promotion,andplaceordistribution)aswellaspeople,physicalenvironment,andprocess,isreferredtoastheFigure10-5aboveshowsthesequentialprocessofbuildingbrandequity.Thethirdstepistoelicittheproperconsumerresponsestoabrand'sidentityandmeaning.Thisstepconsistsoftwodimensions,"B"and"C,"whichstandforandFigure10-1aboverepresentsthestagesoftheproductlifecycle.Whatdoestheportionofthecurvelabeled"D"represent?Whichofthefollowingproductswouldhavealow-learningproductlifecyclecurve?Xeroxpioneeredthefirstportablefaxmachine.In1980,thepricewas$12,700.Xeroxuseda(n)(blank)pricingstrategytohelprecoveritsresearchanddevelopmentcostsWhichofthefollowingoccursduringthedeclinestageoftheproductlifecycle?Theconsumersrepresentedby"E"inFigure10-4abovearecalledWhenmostconsumerswhowouldbuyaproductareeitherrepeatpurchasersoftheitemorhavetriedandabandonedit,whatstageoftheproductlifecycleistheproductin?Whichofthefollowingproductshasthebrandnamethatbestsuggestsitsbenefitaccordingtothefivecriteriaforselectingagoodbrandname?AstrategyofharvestingmaybeemployedinthedeclinestageofaproductlifetoIn1984,IBMlaunchedthe"PCjr,"itsfirstlow-priced,educational/home1p.5erosuotnoafl1.5pointscomputer.SaleswerepoorbecauseIBMmostlikelyviolatedwhichcriterionofpickingagoodbrandname?DemandfactorsrefertoUsing,manyretailersdeliberatelysellproductsbelowtheirnormalprices(andsometimesbelowcost)toattractattentionandadditionalstoretrafficWhenShermanboughtgas,henoticedtheconveniencestoreofferedhima2percentreductioninpriceifhepaidcashratherthanifheusedhiscreditcardtopayforhispurchase.TheconveniencestorewasofferinghimaPriceelasticityofdemand(E)isexpressedas(Δmeanschange):Anothernameforaone-pricepolicyisAmanufacturerofadigitalvideorecorder(DVR)isthinkingofusingaskimmingpricingstrategyforitsnewproduct.Whichofthefollowingconditions wouldargueAGAINSTusingaskimmingpricingstrategyfortheDVR?WhichofthefollowingstatementsregardingnewcarpurchasesintheU.S.ismostaccurate?Airlines,hotels,andcarrentalfirmsallengageinbyvaryingpricesbasedon

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time,day,week,orseasontomatchsupplyanddemandAshiftofthedemandcurvefromD1toD2inFigure11-3Babove indicatesSusanO'Rourkehiredanattorneytorepresentherinacourtcaseinvolvinganautoaccident.TheattorneychargedO'Rourkeafeeforhisservices.TerryThomasneededahaircut—thelocalstylistchargedhim$12forherservices.AaronMathisonmowedhisneighbor'slawn;inexchange,theneighborroto-tilledMathison'sgarden.TheattorneyfeespaidbyO'Rourke,the$12chargedbythehairstylist,andtheexchangeoflawnmowingforgardentillingareallexamplesofAtapriceof$3.00each,SHAPEmagazinesells1.25millioncopiesofitsmagazinetargetedtoyoungwomenseekingahealthierlifestyle.Ifthepriceperissueisincreasedto$3.25,only1millioncopieswouldbesold.Fixedcostsare$1millionandunitvariablecostsare$0.50permagazine.Fromtheinformationprovidedhere,whatisSHAPEmagazine'stotalrevenueobtainedatthelowerprice?AcontractualarrangementbetweenaparentcompanyandanindividualorfirmthatallowsthelattertooperateacertaintypeofbusinessunderanestablishednameandaccordingtospecificrulesisreferredtoasCustomerscurrentlylinktoCisco'swebsitetoconfigure,price,andorderitsnetworkingequipment.CiscothensendsordersbackoutacrosstheInternettoproducersandassemblersincludingCelestica,Flextronics,Jabil,andSolectron.ProductsarebuiltandtestedtoCisco'sstandards,sometimeswithproceduresrunremotelybyCisco.Mostitemsarethendrop-shippedtobuyers,untouchedbyCisco'semployees.ThisisadescriptionofCisco'sWhenaproducerownsanintermediaryatthenextleveldowninthemarketingchannel,itisreferredtoasFigure12-9aboveindicatesthatsupplychainmanagersmustbalancetotallogisticscostfcustomerservicefactors.Thesixtotallogisticscostfactors("A,""B,""C,""D,""E,"and“F”)followingEXCEPT:Asthenumberofintermediariesbetweenaproducerandbuyerincreases,thechannelisviewedasincreasinginA(n)isanintermediarywhosellstoconsumersAcontractualverticalmarketingsystemreferstoanarrangement wherebyAiscommoninthesoftdrinkindustrywherethemanufacturersellsitsconcentratetowholesalers,whocarbonateit,andmarketthefinishedproducttoretailersWithinthecontextofasupplychain,istheabilityofalogisticssystemtosatisfyusersintermsoftime,dependability,communication,andconvenienceSupplychainmanagementreferstoDependabilityistheconsistencyofreplenishment.Thisisimportanttoallfirmsinasupplychainandtoconsumers.Itcanbebrokenintothreeelements:safedelivery,completedelivery,andFourofthe30largestbusinessesintheUnitedStatesareretailers—Walmart,Costco,HomeDepot,andAvariationofoff-priceretailingincludesThecentralbusinessdistrictreferstoStoresthatcarryabroadproductline,withlimiteddepth,arereferredtoas

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ThedescriptionofhownewformsofretailoutletsenterthemarketisreferredtoastheAsignificantdifferencebetweentheMallofAmericaandotherregionalshoppingcentersisthatAnothertermforgrossmarginisAretailerboughtacollectiblePreciousMomentsfigurinefor$26.Shesetstheinitialsellingpriceat$60.Thefinalsellingpricewas$52.Whatwastheoriginalmarkup?Thedistinguishesretailoutletsbasedonwhetherindependentretailers,corporatechains,orcontractualsystemsowntheoutletTherearethreegeneralformsofretailownership:contractualsystem,corporatechain,and.Whichofthefollowingstatementsregardingcorporatechainsismostaccurate?DirectordersrefertoWastedcoveragecanbereducedbywhichofmethodofpromotion?Whichofthefollowingstatementsaboutadvertisingismostaccurate?Aformofcommunicationmanagementthatseekstoinfluencethefeelings,opinions,orbeliefsheldbycustomers,prospectivecustomers,stockholders,suppliers,employees,andotherpublicsaboutacompanyanditsproductsorservicesisreferredtoasEachyear,advertisersspendmillionsofdollarsduringtheSuperBowlhalf-timeshow.ThesemarketershopetoreachthemillionsofsportsenthusiaststunedintotheNFL'sgreatestspectacle.Unfortunately,duringthehalf-timefestivities,manyviewersdashtothekitchenforasandwichandasodaanddonotseeorhearthepersuasivepromotionalmessagesoftheadvertisers.Thedesireforfoodanddrinkisanexampleof,whichinhibitseffectivecommunicationInthecommunicationprocess,ensure(s)thatmessagesaredecodedproperlyManagersoftenusethepromotion-to-salesratioontheirmarketingdashboardtoassesshoweffectivetheintegratedmarketingcommunicationsprogramexpenditureswereatgeneratingFigure14-1abovedepictsthecommunicationprocess,whichconsistsoftenkeyelements("A"through"J").Thepositionlabeled"B"isreferredtoasBusinessesvaryastotheamountofsecuritytheyrequireorcanaffordtoaccesstheircomputerfiles.Acompanythatsellsacompletelineoffirewalls,fromano-frillsversiontoonethatusescomplexretinalscans,wouldmostlikelyemploywhichpromotionalelementtoeffectivelypromoteitsproducttobusinesses?Amessageisconveyedbymeansofa(n)suchasasalesperson,advertisingmedia,orpublicrelationstools.Whichstageoftheproductlifecycleisusuallyaperiodofphase-outfortheproduct,whenlittlemoneyisspentinthepromotionalmix?Testsconductedafteranadvertisementhasbeenshowntothetargetaudiencetodeterminewhetheranadaccomplisheditsintendedpurpose,arereferredtoas.OnedisadvantageofusingnewspapersasanadvertisingmediumisThemostpopularloyaltyprogramstodayarerewardprograms.

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OneofthedisadvantagesassociatedwithradioasanadvertisingmediumisthatitStudiesindicatethatcomparativeadsattractmoreattentionandincreasetheperceivedqualityoftheadvertiser'sbrandalthoughtheirimpactmayvarybyproducttype,messagecontent,andaudience.AsalespromotiondesignedtoencourageandrewardrepeatpurchasesbyacknowledgingeachpurchasemadebyaconsumerandofferingapremiumaspurchasesaccumulateisreferredtoasAllofthefollowingstatementsaretrueaboutnewspapersEXCEPT:Asalespromotionprominentlydisplayedinastoreaisleiscalleda(n)displayWhichofthefollowingstatementsdescribesapotentialproblemwithusingsexappealsinadvertising?AccordingtoFigure15-1Aabove,whichofthefollowingmediaalternativeshastheLEASTamountofadvertisingexpenditures?Salespromotionhasbecomeakeyelementofthepromotionalmix,whichnowaccountsfor(blank)inannualexpendituresCostperactionreferstoInclassifyingsocialmedia,self-disclosureisIfabrandmanagerwantedtouseLinkedIntopromotehis/herbrand,thebestwaywouldbe toAwikiisaWeb2.0isatermthatdescribesWhilebrandmanagersusebothtraditionalandsocialmediatopromoteandadvertisetheirproducts,traditionalmedia,whilesocialmediaAbusinesshopestogeneratelargeonlinesalesthroughpostingadsonsocialnetworkingsitesbutonlywantstopaywhenanadactuallygeneratesasale.ThatfirmshouldusetheperformancemeasureofHowdoesFacebookgenerateitssalesrevenuefromads?TocreateasuccessfuladvertisingcampaignonFacebook,agoodstrategyabrandmanagercanuseistoWhichofthefollowingisthebestmarketingstrategyforpromotingBettyCrockerproductsusingsocialmedia?AnunintendedeffectoftheproliferationofsocialmediaisAwaitressataChili'srestaurantusesawhensheasksafamilyif"theyhaveanyroomleftfordessert."Figure17-3abovedepictsthesalesmanagementprocessthatinvolvesthreeinterrelatedfunctions.“B” referstoAftercompletingan18-weeksalestrainingprogram,Joshuawastold,"Youwillbepaid4percentonnetdollarvolumeupto$10million.Salesinexcessof$10millioncommandarateof6percent."ThecompanyJoshuaworksforisusingaforhimaftercompletingthesalestrainingprogram.

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AnadvantageofthestraightsalarycompensationplanisWhichtypeofsalesforcetrainingisthemostpopulartypeoftraining?Twosellingstylesassociatedwiththeneed-satisfactionpresentationformatareDavidson-Uphoff&Companysellsironwareaccessoriesforhomeandgardentoretailers.Whenitssalespersontoldtheprospect,"Forthisweekonly,wewillpaythealltheshippingcostsfornewcustomers,"thesalespersonwasusinga(n)ThesalesprocessatXeroxtypicallyfollowsthesixstagesofthepersonalsellingprocess.Duringthefourthstage,asthepresentationbegins,thesalespersonThetasksinvolvedinmanagingpersonalsellingincludeallofthefollowingEXCEPTAstraightcommissioncompensationplanisoneIdentifyingthebuyingroleoftheprospectwouldbetypicallydoneatthestageofthepersonalsellingprocessPizzaHut'swebsiteandareintegratedwiththecompany'soverallcommunicationsprograms—includingtraditionalmedia—withproductinnovations,promotions,andspecialeventssharedacrossplatformsPizzaHut'smanagementteamusesatomonitorvariousaspectsofthebrand'smarketingprogramandprovideanalmostconstantstreamoffreshinformationthatitcanusetooptimizeengagementwithpeopleortweakvariousaspectsofperformanceWhenyouview aselectionatAmazon.comandsee"Customerswhoboughtthis(item)alsobought…",youareseeingtheapplicationofElectronicbooksellerslikeAmazon.comandbarnesandnoble.comarelikelytoenjoystrongsalesinthefuturebecausebooksareaproductcategorythatWhattechnologytermwouldbeusedtodescribethecapabilityofcapturingvisitorinformationtoawebsitesuchasexpressedproductpreferences,personaldata,passwords,andfinancialinformation,includingcreditcardnumbers?CookiesrefertoSix(6)generalproductandservicecategoriesdominateonlineconsumerbuying.OnecategoryincludesregularlypurchasedconsumerpackagedgoodssuchaspersonalcareitemswhereThesolicitationofaconsumer'sconsent(called"opt-in")toreceivee-mailandadvertisingbasedonpersonaldatasuppliedbytheconsumerisreferredtoas.TheM&M'S®imageaboveisanexampleofhowMarsChocolatehaseffectivelyusedtechnologyonitsmymms.comwebsitetoallowitscustomerstopersonalizethecandywitandmessagesWolfermans.comisacompanythatsellsgourmetEnglishmuffins,specialtybreads,andexquisitedessertsingiftassortments.Whenyouaccessitswebsite,youdiscoverfourteenpicturesthatmakelavishuseofcolor.TheWolfermanwebsitedesignconveysthecoreconsumerbenefitsprovidedbythecompany'sofferingsthroughtheuseofiVillage.comisawebsiteforwomenthatencouragesitsuserstodiscusshealthandbeauty,parenting,personalfinances,careermanagementandrelationships.Thiswebsiteisanexample

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