Which statement BEST describes the strategic objective of volume maximization?
To generate as much profit (revenue) as possible in the near term.
To generate as much sales volume as possible over time.
To generate as much sales volume as possible in the near term.
To generate as much profit as possible over the life of an offering. (The answer can be found in Section 5.2, Pricing Strategies in Basic Principles of Marketing)
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Which of the following represents the BEST response to the increasingly complex task of establishing effective pricing strategies?
Opting for a fixed price strategy in order to avoid complexity.
Foregoing the use of sales promotions to avoid angering customers who pay full price.
Tracking the effectiveness of strategies currently in use.
Using high-low pricing to strategically raise consumers’ reference price expectations. (The answer can be found in Section 5.5, Challenges to Effective Pricing Strategies in Basic Principles of Marketing)
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Which of the following statements was NOT described as a means by which marketers can help consumers have positive experiences with their brands?
Create consistent messages about the brand that generate interaction between traditional advertising and social media.
Participate in consumer conversations about the brand within social media channels, typically through brand advocates.
Consistently deliver an excellent consumer experience and satisfy expectations for authenticity and trustworthiness.
Persuade customers to purchase the company brand regardless of where they are in their purchase decision process. (The answer can be found in Section 6.1, Branding: The DNA of Promotions in Basic Principles of Marketing)
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Which term applies to the model that estimates the actual profit made on sales of an item after transactional costs have been applied?
Maintenance profit analysis
Retained revenue analysis
Price waterfall analysis (The answer can be found in Section 5.3, Inputs to the Pricing Decision in Basic Principles of Marketing)