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It's important for all elements of the marketing mix to work together. In good marketing strategy, what's at the center of all the efforts?
A. The customer B. The competitors
C. The product D. The business
A. The customer
Which of these statements defines the philosophy of marketing? A. Focus all of efforts on satisfying the wants and needs of the customer B. Use high-pressure sales tactics to increase profits for the business C. Focus on selling through lots of advertising and large sales forces D. Produce a large amount of goods as quickly as possible to increase supply
A. Focus all of efforts on satisfying the wants and needs of the customer
Which of the following are services?
A. Hair cut B. Flight to New York
C. Lawn mowing D. All of the above
D. All of the above
What is a sales promotion? A. An ongoing effort to foster positive relationships with the public B. A short-term incentive used to get people to buy a product C. Placing information about a product in the news media D. A paid advertisement to influence people about a product
B. A short-term incentive used to get people to buy a product
Which of these products are goods?
A. Car repair B. New tires
C. Taxi ride D. All of the above
B. New tires
What is distribution? A. Adding value to a product by making it more useful B. A company’s portion of the total industry sales for a certain type of product C. Communication directed toward customers to educate them about a product D. Determining how to get the product to the right people, in the right amounts, at the right time and place
D. Determining how to get the product to the right people, in the right amounts, at the right time and place
What is the term for any form of communication that a business uses to inform, persuade, or remind potential customers about their products?
A. Promotion B. Distribution C. Packaging D. Marketing mix
A. Promotion
What is a product? A. Anything offered to a market that might satisfy a want or need
B. Anything offered to a market that might satisfy a want
C. The container or wrapping for an item
D. Something for sale that cannot be touched
A. Anything offered to a market that might satisfy a want or need
What is the term for a document that lays out the details for how to focus marketing efforts on meeting the customers' needs and wants?
A. Marketing Concept B. Breakeven Analysis
C. Marketing Plan D. Product Life Cycle
C. Marketing Plan
The "4 Ps" (product, pricing, place, promotion) make up which of these items? A. Marketing Mix
B. Product Mix
C. Integrated Marketing Communication
D. Customer Relationship Management
A. Marketing Mix
The consumer (B2C) market includes people who buy products to:
A. Make other products B. Use them to make a profit C. Use or benefit from them D. Resell them
C. Use or benefit from them
At what stage in the product life cycle would it be most likely to make a decision about deleting the product? A. Introduction B. Growth C. Maturity D. Decline
D. Decline
What is economic utility? A. Saving money on a product through a discount program B. A type of marketing aimed toward financial institutions C. Adding value to a product by making it more useful D. Sending financial information via phone or cable
C. Adding value to a product by making it more useful
Which of the following factors affect price?
A. Cost of making the product and running the business B. Demand for the product
C. Competition price D. All of the above
D. All of the above
What is the main reason why generic products can be sold at a reduced price? A. They are available in more store locations. B. They are higher in quality. C. Less money is spent to promote them. D. They have less competition.
C. Less money is spent to promote them.
Nutrition data is included on the packaging of a food product. What type of economic utility is shown in this example? A. Form B. Possession C. Time D. Information E. Place
D. Information
At what stage of the product life cycle do sales start to grow at a slower pace, or even level off?
A. Introduction B. Growth C. Maturity D. Decline
C. Maturity
Why do you think a business would set the price of their product above the competition? A. It's the only way to make a profit with competition-oriented pricing. B. Higher prices usually lead to creating greater demand for a product. C. A higher price often indicates higher quality to many customers. D. It's the only way to increase market share, especially for new products.
C. A higher price often indicates higher quality to many customers.
What is the difference between a customer and a consumer? A. A customer buys specialty products, while a consumer buys convenience products. B. A customer buys products, while a consumer uses products. C. A customer must be a business, while a consumer may be a private individual. D. A consumer buys a product either to resell it or make it into another product.
B. A customer buys products, while a consumer uses products.
Which of these market segments include both psychographic and behavioral factors? A. Large businesses who have internal marketing departments B. Single men, 40 and under, who live in the Midwestern U.S. C. People between the ages of 16 and 30 who work at least part-time and are paid hourly D. Amateur photographers who prefer first-rate equipment to capture quality images
D. Amateur photographers who prefer first-rate equipment to capture quality images
Which of these statements describes Time utility? A. Provide the customer with more knowledge about the product B. Put a product where it is convenient for a customer to purchase it C. Offer a product just as the need for it arises D. Change a raw material or assemble parts to make a product
C. Offer a product just as the need for it arises
For which pricing method is it crucial to perform a breakeven analysis?
A. Demand-oriented pricing B. Competition-oriented pricing C. Cost-oriented pricing D. All of the above
C. Cost-oriented pricing
What is the term for the path that the product follows from the producer to the customer? A. Public relations B. Market share C. Physical distribution D. Channel of distribution
D. Channel of distribution
Which of the following factors is NOT a factor of consumer market segmentation: A. Geographic B. Customer- based C. Product-use-based D. Psychographic
D. Psychographic
Which of these terms refers to the group of all the product lines offered for sale by a company? A. Brand B. Marketing mix C. Product mix D. Target market
C. Product mix