Marketing 2nd Exam Quizzes

Wingate Outfitters sets product prices so that revenues will equal manufacturing and marketing costs. The pricing strategy used by the store is referred to as ________ pricing.

target return

What type of pricing strategy is based on the costs of the product including distributing, producing and selling?

Cost-based

People in a reference group who, has special skills, knowledge, personality, or other characteristics, and therefore has social influence on others are referred to as ________.

Opinion leaders

________ is a product form that consists of benefits, activities, or satisfactions offered for sale that is intangible.

Services

What can be true about social class?

Social classes show distinct product preferences in areas such as clothing.

Of the following examples, which one could be a good quality for a brand name?

The name should translate easily into foreign languages.

________ pricing is a pricing strategy where extra amenities are provided to differentiate and add to high-priced products.

Value-added

A person liking or disliking certain things represents that person's _______ towards those things.

attitude

A ________ is by definition a name, sign, term, design, or symbol, or a mix of these, that establishes the founder or seller of a product.

brand

Which of the following sources of product information can marketers control completely?

commercial

Taqueria La Unica, a Mexican restaurant, has set up shop across the street from El Vallarta. Which of the following pricing strategies will Taqueria La Unica most likely use?

competition-based

What is the third step of the consumer buyer decision process?

evaluation of alternatives

Culture is ________.

learned

What is "width" in the product mix?

number of different product lines the company carries

Apple sells two different sizes of iPhones at two different prices. Apple's pricing strategy is referred to as ________ pricing.

product line

Pricing a product based on consumers' reference prices is referred to as ________ pricing.

psychological

A ________ pricing strategy for an offering begins with an assessment of customer needs and perceptions. Then a target price is set based on customer perceptions of worth.

value-based

Costs that change directly with the level of production are referred to as ________ costs.

variable

Consistency of a product mix refers to the ________.

ways in which the various product lines are related