Marketing Quiz

Which of the following was NOT included in types of retail stores discussed in this chapter? All of these were included in the chapter as types of retail stores Big-Box Store Department store Supermarket

All of these were included in the chapter as types of retail stores

Which one of these companies would be an example of using the price skimming strategy? McDonald's Apple Chick Fil A Walmart

Apple

One way to get a clear picture of how consumers view your brand is to build a _____ of their brand associations. Diagram Brand Map Matrix Comparison

Brand Map

_____ is the way that a company wishes to be portrayed. Brand identity Brand image Branding Brand position

Brand identity

_____ is packaging two or more goods or services together to sell them for a single packaged price. Multiple-unit pricing Loss leader Bundle pricing Prestige pricing

Bundle pricing

A _____ is a tool used by marketers to bring their target market to life. Customer persona Buyer sheet Buyer Persona Buyer Profile

Buyer Persona

Which answer below is an example of psychographic segmentation? Marketing to women Marketing to ages 45-55 Marketing to an engineer Marketing to regular gym goers

Marketing to regular gym goers

What is an added percentage or dollar amount added to the cost to determine its selling price? Sales tax Markup Price increase Overhead

Markup

Which tool is useful when trying to visualize how the product is positioned compared to competitors? Matrix Diagram Chart Sketch

Matrix

In the _____ stage, product sales have leveled off and profits are beginning to decrease. Decline Maturity Product development Growth

Maturity

How should you decide what to divide the market based on? What your coworker told you to Meaningful characteristics Customers' income What you think will sell the most

Meaningful characteristics

Which one of these is NOT an example of a common positioning error? Under-positioning Mixed positioning Irrelevant positioning Doubtful positioning

Mixed positioning

Which of the following is not included as a characteristic of service? Perishability Reliability Intangibility Inseparability

Reliability

What are all the details inside the retail store's physical environment that influence consumer behavior? Store layout Visual merchandising Visual atmospherics Retail atmospherics

Retail atmospherics

True or False: Customer behavior is the most important thing that marketers attempt to measure through market research True False

True

True or False: Dan Ariely describes a phenomenon he discovered called the third "decoy" option, which says adding an inferior option will make the original product more attractive. False True

True

True or False: Focus groups or in-depth interviews are both good ways to get the information necessary for journey mapping effectively. False True

True

True or False: Marketing research is used when marketers need insights into customer needs, product preferences, buying behavior, satisfaction, and many other things and the data is not readily available.

True

True or False: One of the biggest mistakes a brand can make is having a product positioning that is inconsistent with the brand's positioning. True False

True

True or False: Surveys are a type of market research. False True

True

True or False: The customer should ideally be at the center of the marketing process. False True

True

True or False: The marketing mix framework shows that promotion is not all that marketing is. True False

True

True or False: With prestige pricing, elasticity in demand can be a positive number. This means when the price goes up, instead of demand decreasing, demand actually False True

True

"According to Nielsen research, 40 percent of U.S. consumers are responsible for 75 percent of music spending" This quote is an important example to remember why we segment the market by _____. Psychographic Demographic Usage rate Geographic location

Usage rate

One of the mistakes marketers can make is positioning product around features or technical aspects of products, rather than positioning around the _____ products create. Revenue Value Attention Differentiation

Value

True or False: Consumption can be either actual physical consumption or consuming a service. False True

True

According to the most recent marketing mix, how many Ps are there in total? 10 6 4 7

7

Positioning is _____. An advertising copy A space in a market for which a product is ideally suited When a product claims benefits or differentiation that no group of customers care about A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs

A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs

What is a positioning statement? A succinct expression of a product's market position A detailed description of where the product sits in the market All of these options An explanation of how they chose that position

A succinct expression of a product's market position

Differentiated marketing is defined as _____. The marketer uses only one strategy or marketing mix for the entire market The process of selecting one or more market segments for focused marketing efforts A targeted marketing strategy where a company chooses only one segment to target and customizes a marketing mix for that target market A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately

A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately

The evaluation of services occurs almost exclusively _____ purchasing and experiencing the service. During After Before None of these

After

Brand awareness and brand differentiation can add value to the brand through _____. All of these Customers perceiving less risk in the product and choosing it Customer sharing product through word of mouth Customers paying a premium price

All of these

Services are _____. Often purchased with physical goods All of these Provided by a person or technology for benefit of another person Intangible

All of these

The chapter discussed a few specific subtypes of convenience products. Which of the following is considered a subtype of convenience product? Staple product Impulse product All of these Consumer packaged good (CPG)

All of these

What is it called when marketers brand an entire group of products? Family branding All of these Umbrella branding Branded house

All of these

Which of these is NOT an example of price? Frequent-customer discounts Odd pricing (.99) All of these are examples of price Bundle pricing

All of these

Which of these is NOT a common failure in creating surveys? All of these are common failures in creating surveys Asking too many questions Forgetting to introduce your survey Failing to understand the survey population

All of these are common failures in creating surveys

Why are relationships important in marketing? Happy customers are willing to pay more for solutions from the brands they love. Happy customers are more immune to competing offers. All of these are reasons why relationships are important in marketing. Happy customers will readily advocate for their favorite brands through word-of-mouth marketing.

All of these are reasons why relationships are important in marketing.

Which of the questions below is NOT a valuable research question? Which new product ideas would customers most likely purchase? All of these are valuable research questions. How do customers rate our solutions against competing solutions? What criteria do customers use when making purchase decisions? How likely are our customers to recommend our solutions?

All of these are valuable research questions.

What items are generally listed for a buyer persona? All of these items are generally listed for a buyer persona Goals General demographic information Pain points

All of these items are generally listed for a buyer persona

Types of retail stores of often distinguished by their _____. Store size Both product assortment and store size Product assortment Neither product assortment or store size

Both product assortment and store size

What do brands gain when they position their products well? Competitive advantage Both sustainable advantage and competitive advantage Neither sustainable advantage or competitive advantage Sustainable advantage

Both sustainable advantage and competitive advantage

The added value delivered by the brand over the functional benefits or book value of the product, service, or company is _____. Market Value Brand Equity Brand Awareness Service Surplus

Brand Equity

How does market segmentation provide value to marketers? By communicating one message to all existing segments By marketing with the least amount of advertising funds possible By reaching the broadest group of customers possible By allowing more efficient marketing and by bringing more value to the customer

By allowing more efficient marketing and by bringing more value to the customer

Which type of good is consumed quickly and often? Consumer packaged good Impulse product Staple product Emergency product

Consumer packaged good

Which of the following is NOT included in the process of making a service "failsafe"? Identifying fail points Identifying potential fail points Creating coupons in case of failure Constantly improving the quality and reliability of the service

Creating coupons in case of failure

Orchestrating a great _____ is a powerful way to differentiate a service for which there are alternatives. Marketing concept Buyer process Customer experience Advertisement

Customer experience

What is the satisfaction a customer has with every aspect of a brand — its messages, people, service processes, technology, and physical environment — through every service encounter across the entire life of the relationship? Post-purchase evaluation Customer experience Customer satisfaction Customer lifetime value

Customer experience

What type of retail store is divided up into departments of similar types of product lines? Department store Big-box store Specialty store Supermarket

Department store

_____ positioning occurs when the way a product is positioned touts benefits that are simply not believable or too good to be true. Doubtful Over Confused Under

Doubtful

With _____ pricing, a variable rate is used for each customer, often based on a product's or a service's demand. A la carte Dynamic Market-based Value-based

Dynamic

What are the product attributes that are important to consumers called? Evaluative criteria Significant qualities Alternative consideration Consideration set

Evaluative criteria

The basic attributes that are necessary to deliver the benefits are called? Core benefits Add-on attributes Expected attributes Both expected attributes and core benefits

Expected attributes

What DOES still draw consumers to a physical store? Persuasion Experience Square Footage Public Relations

Experience

What is a trigger in the environment that signals a need? Need recognition Esteem needs Internal cue External cue

External cue

True or False: A brand cannot carry negative equity. False True

False

True or False: A name is the only thing that makes a brand distinctive that can be trademarked. True False

False

True or False: A product life cycle describes the typical pattern that an unsuccessful new product takes, from development to the end of its life. True False

False

True or False: A smaller market segment will always be more effective. False True

False

True or False: Different store layouts cannot be combined or used together. False True

False

True or False: Price skimming is when a marketer introduces a product into the market at an initially low price then incrementally raises the price over time. False True

False

True or False: Routine purchases are an example of high-involvement purchases. False True

False

True or False: The buying process can be much shorter for B2B purchases. False True

False

_____ products have a short life cycle that is cyclical. Fashion Fad Low-learning High-learning

Fashion

_____ are the costs associated with the operating and marketing expenses of a company. _____ are the per-unit costs associated with the product. Fixed costs; Product costs Fixed costs; Variable costs Marketing expenses; Variable costs Operating expenses; Product costs

Fixed costs; Variable costs

Which of these is not a responsibility of marketing? Ensuring that a firm understands its customers Finding the best ways of reaching those customers with product information Encouraging customers to make purchase decisions Fulfilling product shipments

Fulfilling product shipments

At the most basic level, a brand serves to _____ a seller. Identify Overlook Select Convince

Identity

Which of the factors below do NOT suggest you have chosen a desirable target market? If it is controversial If it is accessible If it is sizable If it is stable

If it is controversial

Which one of these is not included in Maslow's Hierarchy of Needs? Safety needs Self-actualization needs Interactive needs Esteem needs

Interactive needs

A company uses the _____ pricing strategy when it sells a popular item at an artificially low price. Odd-even Anchor Loss leader Bundle

Loss leader

_____ are easily explained and quickly adopted by consumers. High-learning products Low-learning products Convenience products Benefits

Low-learning products

Exploratory research is useful when _____. Marketers have many broad research questions and need to narrow them down into more precise questions Marketers want to do something brand new Marketers aren't sure what to research Marketers have plenty of data but aren't sure what it means

Marketers have many broad research questions and need to narrow them down into more precise questions

A survey which often is just a single question, "How likely is it that you would recommend [brand] to a friend or colleague?" and measures customer experiences is called a _____. Brand Awareness Survey Customer Satisfaction Survey NPS or Net Promoter Score Survey Brand Image Survey

NPS or Net Promoter Score Survey

Which of the following is NOT included in the product attribute levels? Core benefit Expected attributes Add-on attributes Necessary attributes

Necessary attributes

What is it called when retailers make different purchasing options available to consumers? None of these Omni-channel Purchase options Multi-Purchase

Omni-channel

When services are created or produced at the time consumers need them, they fall under the characteristic of _____. Inseparability Variability Perishability Intangibility

Perishability

A restaurant's decor would be considered which of the 7 Ps? Physical Evidence Price Product Place

Physical Evidence

Consider a candy bar sold in a vending machine. The vending machine would represent which of the Ps of the marketing mix? Place Process Promotion Product

Place

What is the most important thing a marketer can do to ensure success of product? Make the most creative advertising material Position it well Have the coolest product features Acquire the biggest marketing budget

Position it well

The formula, Percent Change in Quantity Sold divided by Percent Change in Price, is used to calculate which pricing concept? Break-even price Price elasticity Markup percentage Break-even quantity

Price elasticity

Which data is more expensive to collect? Qualitative data Quantitative data Primary data Secondary data

Primary data

The research question, when referred to in marketing research, is the _____. The only question being asked in market research Primary goal of the market research The question asked in surveys All of these can be used to define a research question

Primary goal of the market research

The service blueprint contains all of the following elements EXCEPT _____. Process People Physical evidence Sequence

Process

What is also called the merchandise mix? Product line Product width Product assortment Product depth

Product assortment

What represents the range of choice offered to the consumer within a particular classification of merchandise? Product depth Product width Product line Product assortment

Product assortment

Which of the following is NOT an industry term that describes the variation of products offered? Product reach Product depth Product assortment Product width

Product reach

Pre-existing data is also known as _____. Free data Primary data Secondary data Online data

Secondary data

What kind of packaging holds a number of individual units to form a wholesale unit? Primary packaging None of these Tertiary packaging Secondary packaging

Secondary packaging

Demographic Segmentation is defined as _____. Segmenting the market according to statistics such as age, gender, income, ethnicity, and education Segmenting the market based on location Segmenting the market by consumer activities, values, interests, and opinions Segmenting the market based on rate of usage

Segmenting the market according to statistics such as age, gender, income, ethnicity, and education

Which of these is NOT true about the 7 Ps of marketing? The pieces are interdependent The mix of the 7 Ps can provide differentiation The customer is at the center The 7 Ps focus on advertising

The 7 Ps focus on advertising

What is top of mind awareness? The last brand that comes into a consumer's mind The brands consumers already know The brands a consumer first recalls from memory The most recent interaction a consumer had with a brand

The brands a consumer first recalls from memory

Which of these is NOT a reaction hoped for by a marketer? The entire experience would cause the customers to repurchase in the future The customer forgets about the product The product or service exceeds customer expectations The customers will tell others about the product through positive word out of mouth

The customer forgets about the product

Which of these is correct about a low involvement purchase? It is a seldom purchase The decision isn't risky The purchase is expensive The buyer goes through all the stages of the buyer behavior process

The decision isn't risky

How do the selling concept and the marketing concept differ? They do not differ. The marketing concept focuses on advertising while the selling concept focuses on frontline employees. The marketing concept focuses on creating a product around demand. The selling concept focuses on creating demand around a product. The marketing concept focuses on creating demand for a product. The selling concept focuses on creating products around demand.

The marketing concept focuses on creating a product around demand. The selling concept focuses on creating demand around a product.

What is the buyer behavior process? The detailed thoughts of consumers during purchase The stages that consumers go through when deciding to purchase and consume a product The strategic process of a brand to convince consumer to make purchase When a consumer recognizes a need

The stages that consumers go through when deciding to purchase and consume a product

What is a legally protected brand name, brand mark, or a combination of these? Copyright Trademark Patent Logo

Trademark

True or False: A brand association map is a visual illustration that shows the different associations that a consumer has with a brand. True False

True

True or False: A great product comes from having good differentiation. False True

True

True or False: A key component of a product - especially in consumer goods - is the product packaging. True False

True

True or False: Because services have different characteristics than products, marketing services requires a different approach than does product marketing. False True

True