Test 1
Promotion, Product, Place, Price
With price inelasticity, consumers are less sensitive to price increases.
True
A firm ____ with its pricing.
Captures
A firm will likely target ____ through print media, not social media.
Baby Boomers
What is the Marketing Mix?
Controllable set of decisions or activities that a firm uses to respond to the wants of its target markets.
What is Unique Value?
How is it better than other products/services
With a(n)_______ inventory system, less merchandise is delivered more frequently.
JIT
The 4E framework of social media includes:
excite, educate, experience, engage
Who is in the immediate environment?
Company, Competitors, Corporate partners, and physical environment
Which of the following most accurately describes laggards?
Consumers who are the last to adopt a new product if at all.
Juan is asked to conduct an STP analysis for their firm. The first step they should perform in this analysis is to
divide the market into segments
All of the following are included in the five Cs of pricing except:
a. customers
b. channel members
c. cost
d. corporate executives
e. None of the responses are correct.
The Wheel of Social Media Engagement includes the following five effects as drivers of social media: Information, Connected, Network, Dynamic, and Timeliness.
True
What are the macro marketing strategies?
Customer Excellence, locational excellence, operational excellence and product excellence.
Strong supplier relations and efficient supply chains help firms such as Walmart achieve product excellence.
Offers something better than the competitors, not easily copied, and can be maintained over a long period of time
With _______ pricing strategies, prices are temporarily reduced to encourage purchases.
high/low
A functional need refers to
Performance of a product
Price gouging refers to businesses which drop their prices significantly to drive out competitors.
Regan gave the manager of her convenience store a set of binoculars so they could see the gasoline prices charged by the other convenience store across the street. Regan told the manager to always match the gasoline prices of that other store. Regan is using a _______ pricing strategy.
status quo
Which of the following is not one of the four macro-marketing strategies to develop customer value and build a sustainable competitive advantage?
planning excellence
When marketers state that services are_________, they are referring to the fact that services are not always of the same quality from one time period to another or from one service provider to another.
heterogeneous
Hadley is assessing the attractiveness of potential market segments. She should carefully consider if a market segment is
substantial
An example of an extreme-value retailer is:
a. Dollar General
b. TJ Maxx
c. Walmart
d. Kohls
e. None of the above
Parents of young children have been known to drive out of their way so their kids will not see McDonald's Golden Arches and then plead with their parents to stop for a Happy Meal. For McDonald's, the Golden Arches are a positioning method in the form of
a symbol