How do heuristics affect a consumer's decision-making process? Give two examples of heuristics you might use when shopping
What will be an ideal response?
Hueristics are decision guidelines, or mental rules-of-thumb, that help consumers evaluate the merits of competing brand claims. The more heuristics a consumer has, the easier the consumer decision-making process is. For example, if you know that a particular brand of jeans always fits just right, then you will not spend time looking at other brands. Brand loyalty is the most commonly used heuristic. Other common heuristics include country-of-origin preferences and "price = quality."
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If Milt Alden focuses on overall costs of manufacturing plus profit in setting product prices, which strategy would he employ?
A) break-even pricing B) competition-based pricing C) value-added pricing D) cost-plus pricing E) good-value pricing
Return on marketing investment (ROMI) looks at marketing as an investment, not an expense.
Answer the following statement true (T) or false (F)
A company can calculate its days-in-inventory ratio by dividing the 365 days per year by its ____________________
Fill in the blank(s) with correct word
Which of the following would be the BEST opening sentence for an application letter for a sales trainee job that was advertised on a company website?
a. Your job posting for an entry-level salesperson describes my background and education quite accurately. b. I believe that my education (I majored in marketing) and work experience (I worked as a sales clerk the last three summers) come fairly close to the qualifications that you listed in your job posting for a sporting goods salesperson. c. Please consider me a candidate for the sales trainee position you posted on your career opportunities web page. d. After reading about the exciting opportunity available at KayStar, I am determined to join this exciting team and desire the chance to convince you that my educational background, leadership abilities, and internship experience qualify me for a sales position with your firm.