Quiz 6/Wk7

Situational, Personal, Psychological and Social Factors influence a customer's buying decision. Which of the following is a Psychological factor?

Attitudes and Beliefs

When a company leases or rents the right to use a brand in association with a product or set of products for a defined period and within a defined market, geography, or territory, it is:

Brand Licensing

___________enables these retailers to differentiate themselves from one another and build customer loyalty around the unique experiences they provide.

Branding

__________________ the process of identifying and optimizing the elements of an offering that provide unique value to customers.

Differentiation

Which of the following is NOT a method of creating a value proposition?

Features: create a long list of benefits

Which one of the following is NOT a step to defining your target market?

Identify your customer

If Marketing communication includes all the messages, media, and activities used by an organization to communicate with the market and helps persuade target audiences to accept its messages and take action accordingly. ___________________is the process of coordinating all this activity across different communication methods.

Integrated marketing communication

___________is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others.

Marketing

An organization adopts the ___________ when it takes steps to know as much about the consumer as possible, coupled with a decision to base marketing, product, and even strategy decisions on this information.

Marketing Concept

_________________ is a systematic process for identifying marketing opportunities and solving marketing problems, using customer insights that come out of collecting and analyzing marketing information.

Marketing Research

Marketing is also responsible for the entire environment in which this exchange of value takes place. Which of the following is NOT true.

Marketing is responsible for communicating with vendors about products, explaining who is selling them.

The 4 P's of Marketing are:

Product, Place, Price, Promotion

________________________places an emphasis on the finances of the product and business. A business's profit is the money left after all costs are covered.

Profit-oriented pricing

What of the following is a component of "Place" in the Marketing Mix?

Retailers

The role of marketing role of marketing is to identify, satisfy, and ________ customers.

Retain

Which one of the following shopping categories are usually more expensive and are purchased occasionally?

Shopping Products

A retailer with a particularly strong identity, might use private label merchandise to compete against even the strongest brand leaders. This is an example of what type of branding strategy?

Store Branding

Marketing applies a customer-oriented mindset and, through particular marketing activities, tries to make initial contact with customers and move them through various stages of the relationship—all with the goal of increasing lifetime customer value. Which of the following would fall under the "Providing a Satisfying Experience" category?

Track how customers' needs and wants evolve

Which of the following statements is NOT true regarding value?

Value is simply a question of the financial costs and financial benefits.

Which stage of The Product Life Cycle sees new competitors enter the market, and larger companies acquire high-growth companies and products?

growth