S1 exam

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Paul likes to snack on granola bars but he doesn't really care what brand of bar he eats there for paul demand for crunchy brand granola bar is inelastic T/F

F

Penetration pricing encourages volume sales with increase our company's profit margin but also increase it's fixed cost

F

Test marketing in specific geographic areas is in indispensable part of the product development process T/F

F

The retail price of handmade ceramic bowl is $60.75 The book cost the retail pottery store $45 therefore the percentage markup on retail price is 35% T/F

F

When a product is in its maturity stage manufactures never add any features or look for other target markets because it is not worth the effort T/F

F

During which step in the new product development process to product planners evaluate how well a product would fit into the firm product mix

Feasibility analysis

A factor in product or service planning affects product protection, image and identification lf the products brand

Package

Name a consideration for the product element of marketing

Packaging

The element of marketing that is concerned with having the selected product in the right place at the right time is

Place

The owners of the totally outrageous shoe store Decided to rent store space next to a music store where teenagers frequently shop what did the owners decision at to their product

Place utility

With what activity does marketing begin

Planning

Which economic utility increased when big eds 24 hour diner Mccanna setting visa and MasterCard

Possession utility

The element of marketing that requires marketers to the term in the mount of money that they will as in exchange for their product is

Price

Advertisers that use concept testing to obtain feedback from potential are conducting

Primary maeket research

Marketing can best be thought of as

Process

The element of marketing mix that is concerned with what goods, services, or ideas a business will offer its customers is

Product

And which step of the. New product development process the product planners estimate the cost of production and make plans for packaging, labeling, brand-name, promotion and distribution

Product development

The process of developing. The product ke service mix in response to market opportunities is know as

Product or services planning

Which marketing activity helps to create and stimulate demand for products

Promoting

The element of marketing that refers to the various types of communication that marketers you swim form, persuade, or remind customers of their product is

Promotion

If a marketer is marketing Golf Digest they will use

Psychographic

Why would existing products be monitored

to make changes in order to extend a product life cycle

A certain type of athletic shoes reatils for $159 per pair if the cost a retailer 72 the percentage markup on retail ks

55

A nonprofit organization plans to raise money by producing and selling a calendar of community events. The organization will produce 2000 calendars which if plans to be sell for $12 each. The cost of producing and marketing the calendars will be $3.75. the organization will have to sell ___ calendars before it begins to make profit

625

Attainable or physical item and the customer benefit that your offer is known ass

A good

By giving customers what they want, businesses or organizations should be able to

Achieve goals

Name a part of the promotional element of marketing

Advertising

Mass marketing is about

Aiming the product at the entire market

Analyzing and interpreting the data can be described as

Assigning meaning to the information collected

—— adv is illegal practices that occur when a company first advertises a very low price for one item but then requires its salespeople ro deny customers access to the low process item and to offer instead a higher priced item

Bait and switch

How do producers benefit from the exchanges which result from marketing

By gaining repeat business

Way that a product can be repositioned by changing its marketing strategy

Changing its design

Name a consideration in the place element of marketing

Chosing distribution channels

At what point in the new product development process does a product lifecycle begin

Commercialization

Which step in the new product development process involves seeking feedback from consumers in order to know what response they would give to propose product

Concept testing

A food product planning program enables a business to

Coordinate a product mix

How does most price planning begin

Cost and expenses analysis

It's not considered external data

Customer comments

Marketing strategies and tactics must always be planned and implemented with the companies ___ in mind

Customers

Martha's Sue bakery sells donuts for $.59 apiece or three for $1.50 this is an example of a promotional pricing T/F

F

Some marketers set prices based on what they believe consumers are willing rk pay for the item. What pricing concept are such marketers using?

Demond oriented pricing

I curse you switch of the following types of income segmentation to target market luxury vacations

Discretionary

Let money left over after our bills have been paid is called

Discretionary

Offering one customer one prive for a product and another customer a different price for the same product in a similar situation is called price

Discrimination

Marketers use which of the following types of income segmentation to target market necessities

Disposable income

Identify the term which refers to the activities involved in shipping, Handling and storing items on the way from the producer to the consumer

Distribution

Geographic segmentation is about

Dividing markets based on location

When a producer is someone other than the consumer some form of ___ is necessary

Exchange

A product that is brought to market quickly will be more likely to lose out to competitive products that are developed more throughly and introduced more slowly T/F

F

A promotional discount is a type of trade discount T/F

F

During special sales, the departments in some large departments stores offer graduated discount percentages based on the total amount of merchandise a customer buys from the department in one shopping visit. this discount policy is known as communicative T/F

F

It is not possible to set price too low because a target market will always be attracted to low cost items T/F

F

Name a utility that is not related to marketing

Form utility

The type of segmentationThat a marker used to market products like air-conditioning units

Geographic segmentation

Market research is a well organized collection and analysis of data about which of the following

Group of people, competitors and other market factors

Teenie Beanie Jelly Wellies are popular small candies. Currently sales of the Jelly wellies are increasing rapidly and the cost of making the candies is easily absorbed by the volume in what stage of the product life cycle os jelly wellies candy

Growth

Correct explanation of validity

How are the research measures what it should measure

Market segmentation Is that two-step process name them

Identify broad product market and segmentation

Market segmentation involves

Identify generic markets and sync Menting the generic markets in to target markets

And effective marketing research questionnaire includes questions or statements that are written

In an objective way

Whenever Jamie's two children have colds he always gives them all-better pediatric cold medicine. He tries the brand and will not buy any other over-the-counter cold medicine for his children. Jamie demand for all better pediatric cold medicine is

Inelastic

You have invited your perspective in law to dinner. you know they love chocolate soufflé and you promise to make one for them. An hour before their due. you realize you have no chocolate you run to the store eager to buy any brand of chocolate you can find prices that important at this moment you're the man for chocolate is

Inelastic

A marketer who changes the product element in the marketing make should be reevaluate the other marketing elements because the elements are

Interrelated

It's not considered a problem of interviews

Interviewers Selecting participants on the basis of demographics, product use And past consumer behavior

Why is the quality level of a product an important product or service planning decisions

It reflects the image of the business

By offering mail order services, telephone order services, and delivery services, marketers are

Making buying convenient

The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives is known ass

Marketing

The business philosophy which focuses on giving customers what they want is known as the

Marketing concept

The combination of the four elements of marketing is known as

Marketing mix

Each marketing activity can fit into one of the 4Ps of marketing which mean That the marketing mix provides a framework for the businesses

Marketing planning

At the end of her one-week stay at a luxury hotel Ellena completed a form writing the hotel service, food, and accommodation. What is this an example of?

Marketing research

What is the difference between an item retail price and its cost

Markup

Are all product test marketed

No It can delay entry into full market

Name a benefit to consumers of the exchanges which occur as a result of marketing

Obtaining items when needed

When a business focuses on the number of times per month thatthat customers buy a specific product it is identifying the market on the basis of

Rate of use

The last step in the market research process

Reporting the research

When we sent that a business market that primary research rather than you secondary marketing information is because the

Secondary information may be outdated

What does the owner of a miniature golf business provide her customers with

Service

Products that cannot be tested, felt, seen, heard or smelled because they are performed rather than being produced are known as

Services

The manufactures of sparkle detergent sell 15% of the laundry detergent sold in the greater Miami area therefor 15% is the company market

Share

A consideration in the price element of marketing

Should the business offer discounts?

A manicure, a karate lesson, and a pencil are all products T/F

T

A net price is another name for sale price T/F

T

Customers who have developed brand loyalty for a product will use routine decision making T/F

T

Inventors are Ready Writers have designed a ballpoint pen that is very similar to an older pen but the barrel comes in variety of fashion colors. It has made it through the screeching process. The next step is developing a business proposal T/F

T

Lil stampers is a soter that features 527 varieties of signature, business and novelty stamps. The store also sells inked stamp pads in 64 different colors. Thus the store offers its customers great product depth. T/F

T

One disadvantage of flexible pricing is that it does not offer consistent profit T/F

T

Price lining makes it easier for salespeople to demonstrate chill customer the advantages of better quality Items T/F

T

The price of a product will often establish the image of the company that created the product T/F

T

When a customer wishes to purchase a product and price is no object that demand is in elastic T/F

T

Yoko miramoto Owns the area most popular Asian specialty market. Yoko is eligible for trade discounts on food and furniture T/F

T

Describes a specific group of consumer to Whom aims the selling of its products or services

Target market

The key elements of marketing are referred to as

The 4 Ps of marketing

Accurately describes market share

The percentage of the total sales at a specific product or service from a given company

What is a product floor price

The price at which cost and expenses are covered and a company earns a profit

Why must care be taken in eliminating weak product

To prevent damaging a companys image

Lifestyle segmentation is about

Understanding how people live and developing products or services that match that way of life

At a grocery store consumers can compare similar products even if the products are of different size or come in different packages compression is possible because of the_____ pricing the stores use to share price is in relation to a standard measures such as cost per oonces

Unit

Marta reviewed marketing data to determine if researchers follow the proper procedures during the data collection phase of the project what activity did Martha perform

Validation

What type of segmentation is used by groups in different generations

age


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