Business

Tino, a salesperson, is talking to a potential customer he has just co

QUESTION Tino, a salesperson, is talking to a potential customer he has just contacted. What step will Tino most likely undertake next? A) closing B) approaching C) qualifying D) prospecting E) public relations   ANSWER Answer: C Explanation: C) When a salesperson qualifies someone, he or she determines if the prospect has the authority to […]

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Date: September 3rd, 2020

How does the place strategy differ from the promotion strategy? What

QUESTION How does the place strategy differ from the promotion strategy? What will be an ideal response?   ANSWER Answer: The place strategy asks: “How do we place (distribute) the product in the right locations?” The promotion strategy asks: “How do we communicate the benefits of the product?” Explanation: The place strategy focuses on placing […]

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Date: September 3rd, 2020

Why do you think many companies rely on intermediaries? What will be

QUESTION Why do you think many companies rely on intermediaries? What will be an ideal response?   ANSWER Answer: Intermediaries are important to many companies because they are the people or firms that move products between producer and customer. Without these intermediaries, many companies would be unable to get their products to the end users. […]

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Date: September 3rd, 2020

Give one example of how a wholesaler acts as an intermediary. What wi

QUESTION Give one example of how a wholesaler acts as an intermediary. What will be an ideal response?   ANSWER Answer: Makers of breakfast cereal, such as Kellogg’s, sell products to wholesalers, who in turn sell them to grocery stores, such as Whole Foods, who in turn sell them to customers. In this scenario, the […]

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Date: September 3rd, 2020

Which players are involved in a typical three-intermediary distributio

QUESTION Which players are involved in a typical three-intermediary distribution channel, and how does the process work? What will be an ideal response?   ANSWER Answer: A typical three-intermediary distribution channel consists of a producer that sells to an agent/broker, that in turn sells to a wholesaler, that in turn sells to a retailer, that […]

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Date: September 3rd, 2020

Which advertising method would MOST likely be used to sell customers l

QUESTION Which advertising method would MOST likely be used to sell customers life insurance? A) informational advertising B) competitive advertising C) direct-action advertising D) fear-appeal advertising E) reminder advertising   ANSWER Answer: D Explanation: D) Fear-appeal advertising attempts to stimulate the purchase of a product by motivating consumers through fear of loss or harm. This […]

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Date: September 3rd, 2020

What’s the difference between agents and brokers? What will be an ide

QUESTION What’s the difference between agents and brokers? What will be an ideal response?   ANSWER Answer: Agents tend to maintain long-term relationships with the people they represent. Brokers, on the other hand, are usually hired on a temporary basis. Their relationship with the buyer or the seller ends once the transaction is completed. Explanation: […]

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Date: September 3rd, 2020

If you want to advertise your product by comparing it more favorably t

QUESTION If you want to advertise your product by comparing it more favorably to another brand, which of the following types of advertising would you MOST likely use? A) competitive advertising B) direct-action advertising C) informational advertising D) persuasive advertising E) fear-appeal advertising   ANSWER Answer: A Explanation: A) Competitive advertising, which is also called […]

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Date: September 3rd, 2020

What is a rack jobber? What will be an ideal response?

QUESTION What is a rack jobber? What will be an ideal response?   ANSWER Answer: A rack jobber is a limited-function wholesaler who furnishes products and display racks or shelves in retail stores and shares profits with retailers. Explanation: A rack jobber is a limited-function wholesaler who furnishes products and display racks or shelves in […]

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Date: September 3rd, 2020