Marketing
The study of a population based on age, income, gender and education.
A) Demographics
B) Behavioral
C) Psychographics
D) Geographics
A) Demographics
A fast food restaurant being open 24 hours would be an example of this form of utility
A) Possession
B) Time
C) Place
D) Price
B) Time
A psychological pricing strategy where prices end in odd numbers rather than round numbers, which is believed to make the price seem lower.
A) Penetration Pricing
B) Dynamic Pricing
C) Predatory Pricing
D) Odd Even Pricing
D) Odd Even Pricing
True or False: A positive or negative brand perception could impact the sales of a company.
True
True or False: Growing very quickly can be detrimental to a business
True
What are the 4 P’s of marketing?
A) Product, Plan, Place, and Promotion
B) Product, Price, Place, and Promotion
C) Plan, Product, Place, and Price
D) Price, Product, Place, Potential
B) Product, Price, Place, and Promotion
Taking raw materials and turning them into actual, useful goods.
A) Information Utility
B) Product Utility
C) Possession Utility
D) Form Utility
D) Form Utility
A dynamic pricing strategy where prices increase in response to higher demand or limited availability.
A) Penetration Pricing
B) Surge Pricing
C) Predatory Pricing
D) Odd Even Pricing
B) Surge Pricing
The act of making a product, organization, person, or place easy to recognize as different from others by connecting it with a particular name, design, symbol, set of qualities, etc.
Branding
A systematic process that involves identifying, assessing, and reducing the impact of threats to an organization.
Risk Management
Analysis of consumers based on personality, values, attitudes, interests and lifestyles.
A) Demographics
B) Behavioral
C) Psychographics
D) Geographics
C) Psychographics
Having a wide range of products available online makes it more convenient for customers to purchase products with a click of a button. This would be an example of
A) Information Utility
B) Possession Utility
C) Place Utility
D) Product Utility
C) Place Utility
A strategy where a product is priced higher than similar products in the market, often to convey exclusivity or luxury.
A) Penetration Pricing
B) Surge Pricing
C) Premium Pricing
D) Seasonal Pricing
C) Premium Pricing
The general public's or customers' collective feelings, beliefs, and opinions about a brand.
A) Brand Perception
B) Brand Equity
C) Brand Awareness
D) Brand Image
A) Brand Perception
What does SWOT stand for
Strengths, Weaknesses, Opportunities, and Threats
Using a single marketing strategy to reach all customers.
Mass Marketing
Being able to take ownership of a good or service through payment is what form of utility?
A) Information Utility
B) Possession Utility
C) Place Utility
D) Product Utility
B) Possession Utility
A strategy where a product is priced lower than competitors to quickly gain market share and attract a large number of customers.
A) Penetration Pricing
B) Loss Leader Pricing
C) Premium Pricing
D) Seasonal Pricing
A) Penetration Pricing
The value a company gains from its name recognition and its perceived benefits and admirable qualities.
A) Brand Perception
B) Brand Equity
C) Brand Awareness
D) Brand Image
B) Brand Equity
Analysis of consumers based on local, national, international, and regional characteristics.
A) Demographics
B) Behavioral
C) Psychographics
D) Geographics
D) Geographics
A particular group of consumers at which a company aims its products and services.
Target Market
when a customer is able to communicate with a company during a purchase transaction.
A) Information Utility
B) Possession Utility
C) Place Utility
D) Product Utility
A) Information Utility
A strategy where a product is sold at a very low price (often below cost) to attract customers, with the expectation they will purchase other higher-margin products.
A) Penetration Pricing
B) Loss Leader Pricing
C) Premium Pricing
D) Seasonal Pricing
B) Loss Leader Pricing
List at least 3 ways a company can build brand equity
Brand Awareness, Consistent Brand Image, Quality Products/Services, Customer Loyalty Programs, Emotional Connection, Differentiation and Innovation, Strong Customer Experience, Positive Brand Associations
What pricing strategy would be best for a discount store focusing on budget conscious customers
A) Premium Pricing
B) Odd Even Pricing
C) Surge Pricing
D) Seasonal Pricing
B) Odd Even Pricing