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1.BUSML 3250 Final Exam Questions with Correct Answers
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1.BUSML 3250 Final Exam Questions with Correct Answers
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1.BUSML 3250 Final Exam Questionswith Correct Answers
Which type of retailer usually carries more specialty goods at high prices and is more
likely to provide customers with assistance in every phase of the shopping process? -
Answer-Full- Service Retailer
Today, ________ are flourishing due to the increased use of market segmentation and
market targeting. - Answer-Specialty Stores
________ retailers in the United States are growing faster than product retailers -
Answer-Service
A retailer that carries narrow product lines with deep assortments within those lines is
classified as what type of retailer? In response to increasing the use of market
segmentation, market targeting, and product specialization, there is a greater need for
stores in this classification that focus on specific products and segments. - Answer-
Specialty Stores
________ are two or more outlets that are commonly owned and controlled - Answer-
Corporate Chains
Daizy's is a shop that carries only plus-size clothing. According to this information,
Daizy's differentiates itself from its competitors based on ________. - Answer-Product
Assortment
In-store demonstrations, displays, sales, and loyalty programs are examples of
________. - Answer-Sales Promotion
A recent retail trend is to create limited-time retail facilities that let firms promote their
brands to seasonal shoppers and create buzz in busy areas. What are these short-term
establishments called? - Answer-Pop-Up Stores
The lighting in Jake's Steak Restaurant is dim. The chairs are covered in leather and
each table is covered with a white linen cloth. The colors are limited to earth tones with
an occasional splash of red. Patrons cannot hear any kitchen noises, only a pleasant
melody that seems familiar but unrecognizable. The smells are extraordinarily varied.
This is a description of the restaurant's ________. - Answer-Atmosphere
________ buy mostly from producers and sell to retailers and industrial consumers. -
Answer-Wholesalers
, When a phone company releases its greatly anticipated new phone models at a
premium price, only to discount them slowly over time, this is an example of a ________
pricing strategy. - Answer-Market-Skimming
Companies that set a low initial price in order to attract a large number of buyers quickly
and win a large market share are employing a ________ pricing strategy. - Answer-
Market-Penetration
Combo meals at fast-food restaurants are an example of ________ pricing. - Answer-
Product-Bundle
________ pricing is an appropriate strategy for companies that offer multiple products
within a given category with varying levels of quality or functionality. - Answer-Product-
Line
A grocery store places its store brand picante salsa, priced at $2.49, directly next to
bottles of national brand Pace picante salsa, priced at $3.19. In so doing, the store is
encouraging the use of the higher priced item as a ________ price. - Answer-Reference
________ is typically considered the most flexible of the marketing mix elements. -
Answer-Price
Even as frugal consumer spending habits linger in the wake of the recession, some
movie theater chains are adding amenities, such as upgraded leather seating and seat-
side service, and charging more for tickets rather than cutting services to maintain a
lower admission price. This example illustrates the concept of ________ pricing
strategy. - Answer-Value-Added
For companies such as Walmart or Southwest Airlines, which have worked hard to
position themselves as the low-cost producers in their industries, it makes great sense
to set prices based on the costs of producing, distributing, and selling the product plus a
fair rate of return for the company's effort and risk. This approach is known as ________
pricing strategy - Answer-Cost-Based
The ________ shows the number of units the market will buy in a given time period at
different prices that might be charged. - Answer-Demand Curve
The term ________ refers to how responsive demand will be to a change in price. -
Answer-Price Elasticity
From the economic system's point of view, the role of ________ is to transform the
assortments of products made by producers into the assortments wanted by
consumers. - Answer-Marketing Intermediaries
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