Ch. 10 (finals)

What is penetration pricing?

setting price to maximize market share

The five basic types of consumers are listed below. Identify the order in which people adopt new goods by ranking the consumer types from 1 (first adopters) to 5 (last adopters).

1. innovators 2.early adopters 3. early majority 4. late majority 5. laggards

In the marketing shift from the 4Ps to the 4Cs, price shifts to choice and promotion shifts to communities.

True

The 4Ps of marketing include all the following except:

principle

Pricing in the social media age is sometimes based on a model that offers basic levels of service for free.

true

Social media marketing is the application of online collaborative media for marketing purposes.

true

Marketing information that has already been compiled is known as secondary data.

True

Marketing research involves the gathering of information about a particular market, followed by analysis of the information.

True

A market is

a group of consumers who have purchasing power and unsatisfied needs.

All of the following techniques are used in gathering primary data except

analysis of financial records

What is skimming

setting price to maximize profit

What is meant by pricing for the life cycle?

that pricing needs to be adjusted at each stage in a product's life cycle

Of the following pricing models, which is not indicative of pricing in the social media age?

the growth stage model

Market segmentation is

the process of identifying a specific set of characteristics that differentiate one group of consumers from the rest

The 4Cs of marketing include all the following except:

continuity

The textbook recommends that social media marketers consider three aspects of social media when using social media tools for marketing purposes. What are they?

creating something of value, enabling customer promotion, and encouraging participation

Of the following, which does the textbook identify as critical to the marketing planning process?

marketing research

It is usually more expensive to gather secondary data than primary data.

False

Only major strategic decisions need to be supported through marketing research.

False

Inhibitors to marketing research include all of the following except:

distribution

Secondary data consists of

existing information.

Pricing procedures are the same for all types of ventures.

false

Skimming is setting prices at such a low level that products are sold at a loss.

false

Of the following, which is not associated with entrepreneurial tactics in market research?

in-person interviews

When developing a survey, you should consider

including questions only pertaining to the study.

Mobile social media applications can be differentiated based on location-sensitivity as well as on time-sensitivity.

true