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Exam 15: Managing the Marketing Mix: Product, Price, Place, and Promotion

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Question 51

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Webster Industries is one of the first producers of a unique consumer product.The company has chosen a low price strategy,hoping this will enable them to quickly attract many customers while discouraging potential competitors from entering the market.Webster's approach to pricing is a classic example of the skimming strategy.

A) True
B) False

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Question 52

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Which of the following represents a pricing strategy that establishes a low price in hopes of attracting a great number of customers and attempts to discourage competitors?

A) Skimming strategy.
B) Price lining strategy.
C) Penetration strategy.
D) Odd pricing strategy.

E) None of the above
F) B) and C)

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Question 53

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What does a break-even point of 100 units mean?

Which of the following is the best example of a product line?

Firms use brand managers or brand teams to give them greater control over both new-product development and product promotion.

The only way to increase the break-even point is to increase the selling price.

Wholesalers are marketing intermediaries who sell goods or services to ultimate consumers.

One drawback of kiosks is that their high overhead costs result in low profit margins.

Changes in packaging can transform the product in the minds of consumers and open larger market opportunities.

Successful firms maintain consistency in the short-run and long-run pricing objectives.

Currently,Halperin Electrical sells directly to thousands of industrial customers.Halperin could reduce the number of exchange relationships by including wholesalers in its channel of distribution.

In the long run,the price of a product is determined by the producer.

Nina owns a card shop in a small shopping center where she sells cards produced by a national company.Nina sells to final customers,so she is a:

Pricing is:

is the process used to determine the profitability of a product at various levels of sales.

As restaurant chains that specialize in Mexican cuisine,Fernando's and Carmelita's offer similar items on their menus.However,Fernando's restaurants are positioned in the market as elegant establishments with high prices.Carmelita's restaurants,on the other hand,are located in middle class neighbourhoods,with a casual atmosphere that welcomes families with young children.The prices at Carmelita's are in the moderate range.When evaluating the marketing strategies used by these restaurants,we can conclude that:

Jessica is a real estate agent who brings together the buyers and sellers of houses and commercial property.Jessica helps the parties negotiate the terms and conditions of real estate sales,but she does not take title to the property,provide credit,or assume any risks associated with the exchanges she helps negotiate.Because Jessica provides only limited services,she is not a true marketing intermediary.

Telemarketing is the sale of goods and services by telephone.

An advantage of a selective distribution strategy is that consumers are able to find the product at a wide variety of retailers.

Marketers utilize pricing,advertising,and packaging to successfully differentiate their products from competitors' products even when actual differences are quite small.