MKT 315 Final Exam Review

Question 1

Building ties to customers based on a salesperson's attention & commitment to customer needs over time is referred to as

Accepted Answer

relationship selling.

Question 2

A company who has control over more than one stage of the supply chain is referred to as

Accepted Answer

Vertical Integration

Question 3

The personal selling process begins with the ________ stage and ends with the ________ stage.

Accepted Answer

prospecting; follow-up

Question 4

Laws refer to

Accepted Answer

society's values and standards that are enforceable in the courts.

Question 5

In a marketing context, the acronym IMC refers to

Accepted Answer

integrated marketing communications.

Question 6

The ________ concept is specifically focused on the future welfare of consumers.

Accepted Answer

societal marketing

Question 7

Promotion consists of communication tools, including advertising, personal selling, sales promotion, public relations, &

Accepted Answer

direct marketing.

Question 8

Which of the following types of distribution involves severely limiting the number of channel intermediaries?

Accepted Answer

exclusive

Question 9

____________ is when a sales professional actively seeks customers for a product or service.

Accepted Answer

Order getting

Question 10

The most prevalent form of promotion, which includes traditional media, Internet-based media, and specialized media.

Accepted Answer

Advertising

Question 11

Tariffs are limits on the amount of foreign imports that a country will accept in certain product categories

Accepted Answer

FALSE

Question 12

When consumers compare an observed price to an internal price they remember is known as a(n) ________ price.

Accepted Answer

reference

Question 13

The 2-way flow of communication between a buyer & seller, designed to influence the purchase decision is referred to as

Accepted Answer

personal selling.

Question 14

The promotional mix includes which of the following?

Accepted Answer

personal selling

Question 15

Ethics refers to the

Accepted Answer

moral principles & values governing the actions of an individual or group.

Question 16

Sales activities occurring before, during, & after the sale itself, and which consist of six stages, are referred to as

Accepted Answer

the personal selling process.

Question 17

Salesforce automation is the use of ________ to make the sales function more efficient and effective.

Accepted Answer

technology

Question 18

Variable Costs are

Accepted Answer

Costs that vary according to the quantity of goods produced, such as labor.

Question 19

When a product is offered across all different types of retail outlets in order to saturate market coverage we have

Accepted Answer

Omni ChannelDistribution

Question 20

Ethical exchanges between sellers and buyers should result in

Accepted Answer

both parties to the exchange being better off after a transaction.

Question 21

If demand hardly changes with a small change in price, the demand is said to be ________.

Accepted Answer

inelastic

Question 22

In marketing, the set of values, ideas, & attitudes that are learned & shared among members of a group is referred to as

Accepted Answer

culture.

Question 23

An individual who is part of the target audience for the message.

Accepted Answer

the receiver.

Question 24

The number of ads that are to be communicated in a promotional campaign is called

Accepted Answer

Frequency

Question 25

Price is one of the two elements of the marketing mix that produces revenue.

Accepted Answer

FALSE

Question 26

Reaching customers through smartphones, smartwatches, tablets, laptops, & other devices consumers might carry with them.

Accepted Answer

Mobility

Question 27

In the sales process, Prospecting means

Accepted Answer

generating a constant flow of customer leads into a company’s sales funnel

Question 28

The 1st step in the communication process, which uses words, pictures, & other elements appropriate for the receiver

Accepted Answer

encoding.

Question 29

The elements of communication that convey the ideas and information about a product or service.

Accepted Answer

the message.

Question 30

In general, personal selling is one of the most helpful tools for closing sales.

Accepted Answer

TRUE

Question 31

Using sales-related incentives aimed at consumers or distribution partners, for the purpose of an immediate sales

Accepted Answer

Sales promotion

Question 32

Significantly impacts how consumers receive messages & includes receivers’ attitudes, values, experiences, & perceptions

Accepted Answer

the fields of experience.

Question 33

The information sent by a source to a receiver during the communication process is referred to as

Accepted Answer

a message

Question 34

Which of the following is the first step in setting a pricing policy?

Accepted Answer

selecting the pricing objective

Question 35

The collective effort of all marketing within an organization to reinforce & support one another to achieve goals

Accepted Answer

Integrated Marketing Communications

Question 36

The elements of communication that convey the ideas and information about a product or service is

Accepted Answer

The Message

Question 37

Marketing channels are the set of pathways a product follows after production, ending in purchase/use by the end user.

Accepted Answer

TRUE

Question 38

The act of interpreting the message.

Accepted Answer

decoding.

Question 39

After determining pricing objectives, what is the next logical step a firm should take in setting its pricing policy?

Accepted Answer

It should determine the demand for its product.

Question 40

The study of similarities and differences among consumers in two or more nations or societies is referred to as

Accepted Answer

cross-cultural analysis

Question 41

Cultural symbols are

Accepted Answer

things that represent ideas and concepts.

Question 42

Which of the following is the most significant benefit of using intermediaries?

Accepted Answer

It lowers the producer's costs and prices.

Question 43

Personal selling can use all of the following modes of communication except which?

Accepted Answer

social networks such as Facebook

Question 44

Receivers of a message see a source as credible if they perceive them to have expertise, trustworthiness, and ________.

Accepted Answer

likability

Question 45

The art of gaining the top positions in the search engines is known as

Accepted Answer

SEO

Question 46

Multichannel conflicts are common when the members of one channel obtain a lower price based on larger-volume purchases.

Accepted Answer

TRUE

Question 47

Communication is the process of conveying a message to others. Which is one of the 6 required communication elements?

Accepted Answer

encoding

Question 48

In a ________ marketing system, 2 or more unrelated companies put together resources to exploit an emerging opportunity.

Accepted Answer

horizontal

Question 49

Shielding sectors of a country's economy from foreign competition through the use of tariffs or quotas is referred to as

Accepted Answer

protectionism.

Question 50

Communications using media, such as television &radio that typically are not always directly targeted but instead

Accepted Answer

advertising

MKT 315 Final Exam Review

Questions 50

MKT 315 Final Exam Review

Questions 50