Principles of Marketing 6 weeks test – Flashcards
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Offerings are _____. Select one: a. products and services designed to deliver value to customers b. services designed to satisfy customer needs c. products designed to satisfy customer wants d. products and services designed to deliver value to a firm e. products and services designed to add value to the firms marketing mix
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a. products and services designed to deliver value to customers
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A product-dominant approach to marketing is based on the belief that Select one: a. enjoyment of a product and its disposal are important in understand consumer needs. b. marketers should consider what services it takes for the customer to acquire their offerings. c. sales personnel and marketing can drive consumerism. d. the best way to capture market share is to create and manufacture better products at lower prices. e. marketers should assess the value customers place on products in their daily lives.
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d. the best way to capture market share is to create and manufacture better products at lower prices. Correct
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A group of related offerings is known as a _____. Select one: a. technology platform b. product mix c. service mix d. product category e. product line
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e. product line
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_____ are typically thought of as commodities, so price and availability are very important in relation to the competition. Select one: a. Original equipment manufacturing offerings b. Capital equipment offerings c. Facilitating offerings d. Raw materials offerings e. Maintenance, repair, operations offerings
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d. Raw materials offerings
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A brand is _____. Select one: a. simply a label b. a name, picture, design, or symbol used by a seller to differentiate their offerings c. a picture that is similar to another company's design d. a slogan that conveys the firm's image e. an advertising campaign
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b. a name, picture, design, or symbol used by a seller to differentiate their offerings
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In the idea screening stage, companies evaluate new offerings by determining Select one: a. if the product cost more during idea generation than expected. b. the product's features. c. if the product fits with the image and corporate strategy. d. the product's specifications. e. if the product works like it is supposed to.
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c. if the product fits with the image and corporate strategy.
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The feature specifications process begins with a strong understanding of Select one: a. what risks are involved. b. what opportunity costs are entailed. c. what consumers want and need. d. what the financial feasibility of the product is. e. what the marketing mix should entail at launch.
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c. what consumers want and need.
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_____ not only tests whether the offering works as advertised, but it also tests the offering's delivery mechanisms, service processes, and other aspects of marketing the product. Select one: a. Concept testing b. Product testing c. Alpha testing d. Primary testing e. Beta testing
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e. Beta testing
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The stage in the product life cycle when the market is saturated with competitors is known as the _____ stage. Select one: a. maturity b. growth c. introduction d. decline e. downsizing
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a. maturity
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A(n) _____ is utilized to get back the money invested in creating a new product offering. Select one: a. investment pricing strategy b. skimming pricing strategy c. cost-based pricing strategy d. penetration pricing strategy e. competitor-based pricing strategy
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b. skimming pricing strategy
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Forming close, personal relationships with customers and giving them exactly what they want is known as _____. Select one: a. mass marketing b. niche marketing c. differentiated marketing d. one-to-one marketing e. psychographic marketing
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d. one-to-one marketing
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Choosing select groups of people to sell to is called _____. Select one: a. mass marketing b. niche marketing c. differentiated marketing d. one-to-one marketing e. psychographic marketing
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c. differentiated marketing
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This segmentation category answers the question, "How do my customers live their lives?" Select one: a. demographic b. behavioral c. geographic d. psychographic e. geodemographic
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d. psychographic
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Family life cycle refers to Select one: a. the stages families go through over time and how it affects people's buying behavior. b. the buying behavior of a family that results in a particular amount of buying power. c. how often the family purchases particular products in a month. d. how often a family travels together. e. the amount of time that passes between each having each child.
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a. the stages families go through over time and how it affects people's buying behavior.
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City size and population density are utilized in relation to which type of segmentation strategy? Select one: a. targeted segmentation b. geographic segmentation c. demographic segmentation d. geodemographic segmentation e. benefit segmentation
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b. geographic segmentation
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The different types of marketing communications an organization uses comprise its _____. Select one: a. promotional mix b. personal selling c. advertising d. publicity e. direct marketing
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a. promotional mix
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A(n) _____ involves promoting a product to final consumers. Select one: a. push strategy b. communication process c. pull strategy d. frequency e. IMC strategy
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c. pull strategy
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Marketers are concerned about _____ because they must ensure that you interpret the message as intended. Select one: a. perceptual retention b. feedback c. encoding d. perceptual distortion e. perceptual attention
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d. perceptual distortion
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A unique selling proposition is Select one: a. a specific benefit consumers will remember. b. a brand name. c. a repositioning technique. d. a discounted price. e. an alternative sales method.
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a. a specific benefit consumers will remember.
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_____ refers to demand for a specific brand while ____ refers to demand for a product category. Select one: a. Competitive parity; AIDA model b. Open-ended messaging; selective demand c. Primary demand; selective demand d. AIDA model; open-ended messaging e. Selective demand; primary demand
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e. Selective demand; primary demand
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• What functions do marketing channels perform? a-- form b-- time c-- place d-- possession e-- information exchange f- all of the above
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f- all of the above
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What is the simplest marketing channel
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a producer and a consumer
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What do Brokers, Agents, and Manufacturers' Representatives have in common? a-•Do not take title to goods or services b-•Match a buyer with a seller and receive a commission c- all of the above
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c- all of the above
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What is a direct channel a- consists of a user and a seller b- have many components
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a- consists of a user and a seller
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What is an indirect channel? a-Consists of intermediaries between the producer and the user. b- Sells direct to consumer
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a-Consists of intermediaries between the producer and the user.
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What is Disintermediation a- cutting out the middleman b- having many channels
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a- cutting out the middleman
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Why do companies outsource? A- Companies outsource activities to lower their costs. b- companies are lazy
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A- Companies outsource activities to lower their costs.
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What is the focus of insourcing and outsourcing? a- the company b- the customers c- all of the above
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b- the customers
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What are risks of outsourcing? A- Outsource activities can include a loss of control b- product quality c- safety issues. d- all of the above
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d- all of the above
