Marketing pretests
A station across the street is offering gasoline for five cents cheaper per gallon. The other stations in the area decide to lower their prices as well. This is an example of __________ pricing.
Competitive
Which characteristic of useful marketing information is represented by the statement "The benefits of using the information should be greater than the expense of gathering the data used to generate this information"?
Cost-effectiveness
Marketing links producers to
Costumers
____ influences the process of determine price
Customer's perception of value
Product/Service management should be approached from the angle of the
Customer's point of view
What might happen if a business's customers feel that they are not getting the most value for their money?
Customers spend money elsewhere
Marketing described as creating
Exchanges
To set prices, businesses must price the physical product and all of its associated
Features
According to the marketing concept, which option demonstrated customers orientation?
Finding out what a buyer wants
A downturn in the economy has forced a home builder to lower its prices. This company has __________ prices.
Flexible
There are many activities in marketing that are interrelated and similar in purpose. These activities are referred to as marketing ______?
Functions
A new car that provides you the benefit of transporting you to work is known as a(n)
Good
_____ controls such new-product considerations as warranties and safety standards
Government regulations
How does the marketing function of selling benefit society?
Helps to increase employment
When companies increase the quality of materials used in the production of their products, their prices will tend to be
Higher
____ item cannot be marketed
Hopefulness
A marketing-information management system should meet the requirements of the
Individual business
What function of a marketing-information management system involves the distribution of marketing information to those who make marketing decisions?
Information reporting
The following statement is true of product/service management:
It involved discovering new-product opportunities
In which of the following businesses is the business owner usually responsible for setting prices:
Java Joe's Coffee Shop
Overall, what does marketing allow us to do?
Live our daily lives
According to the marketing concept, keeping company goals in mind means
Maintained the firms purpose
Ryan is working with his marketing team to set goals and create a budget for the upcoming year. Which marketing function is Ryan performing?
Market planning
The marketing function that includes creating strategies to attract the target customer to a business is
Market planning
____ statement regarding marketing research is true
Marketing research is component of marketing-information management
_______ is a stage of a products life cycle
Maturity
______ is most likely to help a marketer in setting up the marketing budget
Next quarters sale forecast
Are all products test marketed?
No; it can delay entry into the full market
When a competing product that offers additional benefits enters the market, a business's product may become
Obsolete
Sellers must carefully set prices so that buyers feel they are receiving __________ value for their money.
Optimum
_____ is a method used to communicate with customers
Personal selling
A company decides to save money by shipping its products by truck instead of by plane. Which marketing mix element is pricing influencing in this example?
Place
Product/Service management plays an important role in marketing because it affects a business's strategy to create a certain impression of a product in the minds of customers. This strategy is known as
Positioning
Making both buyers and sellers feel they are getting good value is part of the ____function of marketing.
Pricing
The determination of an exchange price acceptable to both the buyer and the seller of a product is called
Pricing
Which function of marketing determines how much gross profit a business will make on a good or a service?
Pricing
The Thirst Quenchers beverage company is surveying prospective customers to determine demand for its newest soft drink. Thirst Quenchers is collecting __________ data.
Primary
Corinne, a product/service manager, is in charge of figuring out her product's cost of production, as well as making plans for packaging, labeling, brand name, promotion, and distribution. Which step of the new-product development process is Corinne working on?
Product development
Services that include delivery, instruction, or maintenance are referred to as __________ services
Product-related
Which marketing function involves creating the correct product mix for a business?
Product/service management
When a marketing-information management system compares financial information from one time period with the financial data from another time period, it provides a picture of the business's
Profitability
A company with a high profit margin decides to advertise with a full-page, high-cost magazine ad. This is an example of how pricing influences
Promotion
Identify the marketing function illustrated in the following situation: Martha wants a winter coat and sees a style she likes in a magazine advertisement.
Promotion
Marketers at GG Unlimited are using the company's marketing-information management system (MkIS) to learn more about the effectiveness of the company's latest advertising campaign. This is an example of how the MkIS can be used to evaluate
Promotional strategies
A service that is not attached to any tangible good is known as a __________ service
Pure
Can prices be set too low?
Quality
Brandy is reviewing marketing information about the possible demand for a new product. In this instance, Brandy's marketing-information management system is most likely to be helping her to
Reduce the risk of product failure
What characteristic of useful marketing information requires the information to be closely related to the situation to be of the most use?
Relevancy
The marketing function which involves the matching and satisfying of customer wants and needs available good or services is _____
Selling
Massages, cooking lessons, and Internet connections are known as
Services
According to the marketing concept, ____ shows company commitment?
Setting aside funds to research what customers want
Identify the marketing function in the following situation: while shopping at the mall, Susan is asked her opinion of different brands of shampoo
Specialty advertising
Why should existing products be monitored?
To make changes to extend a product's life cycle
Why must care be taken in eliminating weak products?
To prevent damaging a company's image
Marketing encourages people from different countries to __________ frequently.
Trade
In an overall sense, where does marketing occur?
Wherever customers are
Can pricing affect a business's image?
Yes; a business with low prices may have a discount image.
Does pricing affect the amount of money a business spends on product research?
Yes; companies will not spend as much on research for lower priced products.
Can prices be set too low?
Yes; customers may feel quality is too low.
the purpose of communicating with customers is to
attract customers' interest
Product/Service Management can help to decrease
business risk
In the marketing concept, whose point of view matters most?
buyers
Which of the following marketing functions enables businesses to have their products in the right place at the right time?
channel management
One basic requirement of a marketing-information management system is that it should be able to
collect, process, and store data
Which step in the new-product development process involves seeking feedback from customers to know what response they would give to a proposed product?
concept testing
A buyer is willing to pay $9.99 for a product. If the seller is willing to accept that amount, then $9.99 is the
exchange price
The goal of channels of distribution is to move products from producers to
final consumers
One advantage of information generated by a marketing-information management system is that the information
is presented in an organized fashion.
Product/Service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to
market opportunities
What can help product/service managers predict whether a new product will be successful before a business makes a major investment?
market research
Gathering, accessing, synthesizing, evaluating, and disseminating data for use in making business decisions is the responsibility of
marketing information management
Jerry, a computer salesperson, asks each interested customer to tell him what her/his experiences have been at competing computer stores. Jerry is gathering __________ about the competition from his customers.
marketing intelligence
Costs and available resources are especially important factors for product/service managers to examine during which phase of product/service management?
new product development
What provides the basis for all marketing goals and actions
planning
When Mariah sets prices for her company, she strives to maximize profit, which is considered a(n)
pricing objective
A hair care company cannot afford to spend millions of dollars on research for the new, inexpensive shampoo it is developing, so the company must choose a less expensive form of research. This is an example of how pricing affects which of the following elements of the marketing mix:
product
In what marketing activity do businesses engage to meet the wants and needs of consumers?
product/service management
Covering costs is a pricing objective related to
profitability
Communicating information to consumers or clients about products, images, or ideas to achieve a desired outcome is the __________ function.
promotion
Which marketing function can remind customers of items that they want to purchase?
promotion
External marketing data comes from sources outside the business such as
trade journals
The Phineas Corporation is using internal and external information from its marketing- information management system to determine the strength of the company's current business position. What is the company conducting?
A situation analysis
A product being in great demand is a factor that might encourage businesses to
Adjust prices
_____ is the most common reason for businesses to search for ways to make their products better and cheaper
Competition
How can Tracy make sure that her marketing campaigns support her company's goals?
Engage in market planning
______ is a good source of internal data:
Enterprise resources planning systems
Which area of promotion will pricing affect?
Advertising budget
In which of the following businesses would a separate department most likely be responsible for establishing prices:
Chain store
The marketing function that is responsible for the flow of goods or services from the producers to the customer is
Channel management
Which marketing function involves determining where products will be sold?
Channel management
____ is a durable good
Coffee mug
At what point in the new-product development process does a product's life cycle begin?
Commercialization
_____ is a marketing activity
Communicating with customers
What is the relationship between data and information?
Data are used to create information.
Which function of a marketing-information management system involves collecting facts and figures from internal and external sources on an ongoing basis?
Data gathering
____ function of marketing-information management system involves changing format of facts and figures to make them more useful
Data processing
____ is an aspect of marketing a service
Determine how much to charge for a haircut
An effective marketing-information management function enables marketers to
Determine what products customers want
Without marketing, producers and customers would be
Disconnected from each other
A marketing-information management system can help businesses to
Discover new markets
