Exam (elaborations)
MKTG.3213 Exam 2 Study Guide questions with complete solutions(12)
- Course
- Institution
MKTG.3213 Exam 2 Study Guide questions with complete solutions(12)
[Show more]
Content preview
MKTG.3213 Exam 2 Study Guidequestions with complete solutions(12)
Which of these is not a step in the personal selling process? - correct answer ✔✔prospecting
When does initial contact with the potential consumer occur? - correct answer ✔✔approach
What happens in the Presentation stage of the personal selling process? - correct answer ✔✔determine
prospect needs and present benefits; handle objections
SPIN selling is about asking questions of potential customers. - correct answer ✔✔True
What is the point of SPIN selling? - correct answer ✔✔position your product or service as the solution to
the customer's problems
The most successful salespeople focus on the beginning aspects of the SPIN method (e.g. Situational and
Problem questions). - correct answer ✔✔False
What is the definition of Price? - correct answer ✔✔what is exchanged for the product, service, or idea
_______ is not about what we put into our product, it's what our customers get out of it. - correct
answer ✔✔Value
The "value created" of a product or service is determined from the perspective of the: - correct answer
✔✔customer
Small changes in price do not have a very large impact on bottom line profits. - correct answer ✔✔False
, Which of these does not happen in a "smart industry"? - correct answer ✔✔companies fight with price
only
What is the first step in strategic pricing? - correct answer ✔✔Knowing how your industry behaves
What is the key difference between cost-based pricing and value-based pricing? - correct answer
✔✔where you start the process
Value-based pricing will always be more profitable than cost-based pricing. - correct answer ✔✔True
What is price skimming? - correct answer ✔✔setting a high price for a new product to skim maximum
revenues
What is dynamic pricing? - correct answer ✔✔variable rate for each customer
What is flat-rate pricing? - correct answer ✔✔single rate per time period
Which of the following describes peak load or congestion pricing? - correct answer ✔✔variable rate
depending on time of day or week
You do not need to understand margin and markup if you are using value-based pricing. - correct answer
✔✔False
What is the main difference between the equations for margin and mark-up? - correct answer
✔✔Margin is (Price - Cost)/Price and Mark-up is (Price - Cost)/Cost
Mark-up can be greater than 100%. - correct answer ✔✔True
A grocer has purchased a truckload of frozen dinners for $3 each. The grocer operates on a margin of
30% for frozen food items. What is the retail price to the consumer? - correct answer ✔✔$4.29
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82956 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
