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72 Cards in this Set

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A(n) ____ consists of the marketing intermediaries that transport and store goods as they move through their path from producer to final user.
channel of distribution
A ____ sells a wide selection of goods in one category.
specialty store
Appliance manufactures such as Whirlpool are most likely to use a(n) _____ distribution strategy for their products.
selective
In ____, salespeople are independent contractors who not only sell the product, but also recruit additional salespeople.
multilevel marketing
C.J. Computers is a major computer manufacturer that also owns all of the organizations in the channel of distribution for its computers, including a chain of C.J. Direct retail stores. C.J. is using a:
corporate distribution system (Sherwin Williams)
_______ involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit.
Logistics
Those organizations that assist in the movement of goods and services from producer to industrial and consumer users are known as:
marketing intermediaries
A _____ is a marketing intermediary that sells to ultimate consumers.
retailer
A(n)____ is one type of marketing intermediary that brings together buyers and sellers and assists in negotiating an exchange, but does not take title to the goods.
agent
Marketing intermediaries:
add value that exceeds the cost.
Chad Johnson owns a card shop in a small shopping center where he sells cards produced by a national company. Chad sells to final customers, so he is a(n):
retailer
______ is the value or want-satisfying ability that is added to products by organization that make the product more useful or accessible to consumers.
Utility
____ utility is usually provided by producers
Form
The types of utility commonly provided by marketing intermediaries include:
time, place, possession, information, and service.
Placing ads in newspapers and having knowledgeable salespeople to answer customers' questions are ways marketing intermediaries can provide:
information utility
Marketing intermediaries add _____ utility to products by having them available when consumers want them.
time
____ means selling goods and services to ultimate consumers over the internet.
Electronic retailing
_____ manages the movement of raw materials, parts,work in progress, finished goods and related information throughout the supply chain, as well as managing the return of goods when necessary and the recycling of goods when appropriate
Supply chain management
When the truck trailers are placed on ships, the process is called:
Fishyback
Which of the following activities would be most closely associated with inbound logistics?
working with suppliers to establish a more frequent delivery system that will enable the manufacturing firm to hold smaller inventories of parts and materials.
One of the toy manufacturers has discovered that some of its toys have high toxic chemicals that may cause serious illness in the children. The company believes it must quickly develop and implement a recall program. It is likely that the Toy manufacturer soon will be placing a great deal of emphasis on:
reverse logistics
Jen Carter is trying to find ways to improve her firm's movement of materials and goods from its warehouse to the factory floor. Jen is looking into ways of making her firm's ________ more efficient.
materials handling
Shoestars producers top-quality high-fashion shoes, designed for the person concerned about style. Shoestars gives only a few preferred retailers in a given market area the right to market its product. Shoestars uses:
selective distribution.
The goal of _______ is to combine all the promotional tools used by a firm into one comprehensive and unified promotional strategy.
integrated marketing communication.
TV programs devoted exclusively to promoting goods and services are called:
infomercials
The last stage of the selling process is:
follow up
Sarah is a new salesperson for a company that publishes college textbooks. She is currently developing a list of professors at a college in her sales district that teach courses that might make use of one or more of the books her company publishes. She then plans to determine which of these professors are involved in the textbook selection process so that she can visit them in the near future. The task Sarah is preforming is know as:
prospecting and qualifying.
The management function that evaluates public attitudes and executes a program of action to earn public understanding and acceptance is called:
public relations.
_____ is the term now used to describe such tactics as paying people to say good things about a product on the internet or setting up multilevel selling schemes that reward people for directing their friends to a company's website.
Viral marketing
The goal of ______ is to inform and remind people in a target market about a specific products, eventually persuading them to participate in an exchange.
promotion
The combination of advertising, personal selling, public relations, and sales promotion activities traditionally used by an organization represents its:
promotion mix.
A promotional campaign begins by:
identifying a target market.
Which of the following statements is the most accurate?
New promotional efforts create a more interactive approach, developing a dialogue between the firm and its customers.
______ refers to the face-to-face presentation and promotion of goods and services. This also includes searching for prospects and providing follow-up services.
Personal selling
An online diary that looks like a Web page but is easier to create and update is called a
blog
The medium that accounts for the largest share of total advertising expenditures is:
cable and broadcast television.
Which of the following is a major strength of direct mail advertising?
ability to accurately target specific markets
The preparation of financial statements for people outside the firm (creditors, unions, suppliers, and others) is the goal of:
financial accounting
Men Casual, a chain of retail clothing stores, wants to assure investors and other outsiders that its financial statements are accurate. One way to do so would be to hire a public accounting firm to:
perform an independent audit.
One of the major financial statements prepared in the fifth step of the accounting cycle is the:
statement of cash flows.
John works as an accountant for a mid-sized retail store. He has just completed a trial balance that turned up no unexpected problems. John's next major task is likely to be:
preparing the store's financial statements.
Which financial statement represents what the company owns and owes as of a specific date?
balance sheet
The fundamental accounting equation states that assets equal ______.
liabilities plus owner's equity
A major purpose of any accounting is to:
provide financial information that is useful to decision makers.
Michelle wants to start her own business, but knows little about how to set up an accounting system or interpret financial information. "I'm not worried about accounting," she tells her friends, "I'll just hire a part-time bookkeeper to handle all that type of stuff, and focus my attention on what I like - finding ways to satisfy my customers." Which of the following is the best response to Michelle's comments?
Although you can hire someone to keep your books, you'll still need to know how to read, understand, and interpret basic accounting reports in order to make good business decisions.
The accounting profession is divided into 5 key working areas, two of which are:
auditing and tax accounting.
Amanda ________ provides accounting services to individuals or firms on a fee basis. Amanda is a:
public accountant
_______ involves the review and evaluation of the records that are used to prepare the organization's financial statements.
Auditing
The individuals in a firm that are responsible for the development of strategies to minimize taxes are called:
tax accountants.
The three key financial statements of a business are the:
Income statement, balance sheet, and the statement of cash flows.
Which financial statement reports the company's revenues and selling costs over a period of time?
income statement
The "bottom line" of an income statement shows the firm's:
net income or net loss
Accounting recognizes that assets, such a machinery and buildings, lose value over time. Accountants will record a portion of the cost of an asset as an expense each year through the use of:
depreciation
The financial ratios that measure a firm's ability to pay its short-term debts are called:
liquidity ratios.
Earning per share, return on sales, and return on equity are all examples of:
profitability ratios
Part of the net income that is reinvested in the firm represents:
retained earnings.
To effectively run a business, it is necessary to:
understand and use accounting information.
The accounting statement that reports cash receipts and disbursements for a business is called the:
statement of cash flows.
______ is the degree to which consumers are satisfied with the brand and are committed to further purchases.
Brand Loyalty
A group of products that are physically similar or are intended for a similar market is called _______.
Product Line
__________ means promoting the product to distributors and retailers to get wide distribution and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers.
Commercializtion
Phil asks you to calculate the break-even point for his firm. You respond that you will need the following information:
total fixed costs, selling price per unit, and variable costs per unit.
______ uses price points to establish prices that help create the impression that the product is less expensive than it is.
Psychological pricing
A skimming pricing strategy:
establishes a high price in order to earn the highest possible profit while there is little competition.
Department stores often use _______ pricing in which they have regular prices which are relatively high, but offer special sales where prices are set lower than competitors.
high-low
Producers often use _______ as a primary basis for setting prices on the goods and services they offer the public.
costs
Ben, Litong, and Jared's promotional efforts are intended to increase the public's awareness of their new product's benefits and uses. This effort is consistent with the _______ stage of the product life cycle model.
introduction
Sales of iPhones are still increasing, but the rate of growth has slowed. Sales are expected to peak later this year. Based on this information, iPhones are in what stage of the product life cycle?
maturity
Which stage of the product life cycle is characterized by rapidly rising sales, very high profit levels, and a growing number of competitors?
growth
The ______ is a theoretical model that describes the sales and profit performance of a product class over time.
product life cycle
When the total revenue equals the total cost, a company experiences a:
Break- even Point
The management function that evaluates public understanding and acceptance is called:
public relations.