Marketing 1
The marketing-originated company:
Gets the product right
The question “What’s in it for me?” would be answered in marketing involving what?
Benefits
Moore’s Convenience store has seen very little change in demand for gasoline although the price has risen 20% in the last year. This indicates the price of gasoline is
Inelastic
A business entity that is owned by a group of stockholders is called a:
Corporation
Which of the following would NOT be a way to test a new product that is expensive and risky?
Full scale introduction into a researched target market
A unique identifier used by marketers for each product purchased from the business is called:
SKU
From your weekly grocery shopping, you notice that Peter Pan peanut butter is more expensive than the store brand. After tasting both, you find no difference in the two, what could be used to explain the higher price paid for some products?
Brand Loyalty
What can effective marketing provide?
Fulfilling the needs of the business
Which of the following would be a disadvantage of a partnership, but not of a corporation?
Each partner is responsible for all financial risks
A penetration price strategy is more often used in which stage of the product life cycle?
Introduction
What would adding a plastic spout with a cap to a cardboard carton of orange juice improve?
Packaging functionality
Which one of the following consumer practices will result in an increase in price for a product?
coupons
Which one of the following is a reason a product will be successful?
Product meets consumer needs better than other choices
Controllable factors, such as product, price, and distribution, which are used to solve a marketing problem are parts of the:
Marketing mix
The complex set of all products a business offers to its market is a:
Product assortment
The value of a brand is called:
Brand equity
A pricing strategy that charges customers different prices for the same product or service.
Price discrimination
Determining the best methods and procedures to be used so prospective customers are able to locate, obtain, and use the products and services of an organization is referred to as:
Distribution
Which marketing mix element includes anything offered to a market by the business to satisfy
Product
What is the advantage to a company to extend an existing product line?
It is generally seen as a low cost, low risk way to meet customer needs.
Determining the amount of goods or services that must be sold at a given price to generate revenues to exactly over total costs is called:
Breakeven analysis
The practice of shielding one or more sectors of a county’s economy from foreign competition by adding a tax on goods entering a county is called a:
Tariff
This marketing function provides security for products, personnel, and customers.
Risk management
What are all of the hair care products produced by suave considered?
Product line
What is a trademark?
Word,symbol,or design,such as Nike which identifies and distinguishes the source of the goods or services