S1 exam
Paul likes to snack on granola bars but he doesn't really care what brand of bar he eats there for paul demand for crunchy brand granola bar is inelastic T/F
F
Penetration pricing encourages volume sales with increase our company's profit margin but also increase it's fixed cost
F
Test marketing in specific geographic areas is in indispensable part of the product development process T/F
F
The retail price of handmade ceramic bowl is $60.75 The book cost the retail pottery store $45 therefore the percentage markup on retail price is 35% T/F
F
When a product is in its maturity stage manufactures never add any features or look for other target markets because it is not worth the effort T/F
F
During which step in the new product development process to product planners evaluate how well a product would fit into the firm product mix
Feasibility analysis
A factor in product or service planning affects product protection, image and identification lf the products brand
Package
Name a consideration for the product element of marketing
Packaging
The element of marketing that is concerned with having the selected product in the right place at the right time is
Place
The owners of the totally outrageous shoe store Decided to rent store space next to a music store where teenagers frequently shop what did the owners decision at to their product
Place utility
With what activity does marketing begin
Planning
Which economic utility increased when big eds 24 hour diner Mccanna setting visa and MasterCard
Possession utility
The element of marketing that requires marketers to the term in the mount of money that they will as in exchange for their product is
Price
Advertisers that use concept testing to obtain feedback from potential are conducting
Primary maeket research
Marketing can best be thought of as
Process
The element of marketing mix that is concerned with what goods, services, or ideas a business will offer its customers is
Product
And which step of the. New product development process the product planners estimate the cost of production and make plans for packaging, labeling, brand-name, promotion and distribution
Product development
The process of developing. The product ke service mix in response to market opportunities is know as
Product or services planning
Which marketing activity helps to create and stimulate demand for products
Promoting
The element of marketing that refers to the various types of communication that marketers you swim form, persuade, or remind customers of their product is
Promotion
If a marketer is marketing Golf Digest they will use
Psychographic
Why would existing products be monitored
to make changes in order to extend a product life cycle
A certain type of athletic shoes reatils for $159 per pair if the cost a retailer 72 the percentage markup on retail ks
55
A nonprofit organization plans to raise money by producing and selling a calendar of community events. The organization will produce 2000 calendars which if plans to be sell for $12 each. The cost of producing and marketing the calendars will be $3.75. the organization will have to sell ___ calendars before it begins to make profit
625
Attainable or physical item and the customer benefit that your offer is known ass
A good
By giving customers what they want, businesses or organizations should be able to
Achieve goals
Name a part of the promotional element of marketing
Advertising
Mass marketing is about
Aiming the product at the entire market
Analyzing and interpreting the data can be described as
Assigning meaning to the information collected
—— adv is illegal practices that occur when a company first advertises a very low price for one item but then requires its salespeople ro deny customers access to the low process item and to offer instead a higher priced item
Bait and switch
How do producers benefit from the exchanges which result from marketing
By gaining repeat business
Way that a product can be repositioned by changing its marketing strategy
Changing its design
Name a consideration in the place element of marketing
Chosing distribution channels
At what point in the new product development process does a product lifecycle begin
Commercialization
Which step in the new product development process involves seeking feedback from consumers in order to know what response they would give to propose product
Concept testing
A food product planning program enables a business to
Coordinate a product mix
How does most price planning begin
Cost and expenses analysis
It's not considered external data
Customer comments
Marketing strategies and tactics must always be planned and implemented with the companies ___ in mind
Customers
Martha's Sue bakery sells donuts for $.59 apiece or three for $1.50 this is an example of a promotional pricing T/F
F
Some marketers set prices based on what they believe consumers are willing rk pay for the item. What pricing concept are such marketers using?
Demond oriented pricing
I curse you switch of the following types of income segmentation to target market luxury vacations
Discretionary
Let money left over after our bills have been paid is called
Discretionary
Offering one customer one prive for a product and another customer a different price for the same product in a similar situation is called price
Discrimination
Marketers use which of the following types of income segmentation to target market necessities
Disposable income
Identify the term which refers to the activities involved in shipping, Handling and storing items on the way from the producer to the consumer
Distribution
Geographic segmentation is about
Dividing markets based on location
When a producer is someone other than the consumer some form of ___ is necessary
Exchange
A product that is brought to market quickly will be more likely to lose out to competitive products that are developed more throughly and introduced more slowly T/F
F
A promotional discount is a type of trade discount T/F
F
During special sales, the departments in some large departments stores offer graduated discount percentages based on the total amount of merchandise a customer buys from the department in one shopping visit. this discount policy is known as communicative T/F
F
It is not possible to set price too low because a target market will always be attracted to low cost items T/F
F
Name a utility that is not related to marketing
Form utility
The type of segmentationThat a marker used to market products like air-conditioning units
Geographic segmentation
Market research is a well organized collection and analysis of data about which of the following
Group of people, competitors and other market factors
Teenie Beanie Jelly Wellies are popular small candies. Currently sales of the Jelly wellies are increasing rapidly and the cost of making the candies is easily absorbed by the volume in what stage of the product life cycle os jelly wellies candy
Growth
Correct explanation of validity
How are the research measures what it should measure
Market segmentation Is that two-step process name them
Identify broad product market and segmentation
Market segmentation involves
Identify generic markets and sync Menting the generic markets in to target markets
And effective marketing research questionnaire includes questions or statements that are written
In an objective way
Whenever Jamie's two children have colds he always gives them all-better pediatric cold medicine. He tries the brand and will not buy any other over-the-counter cold medicine for his children. Jamie demand for all better pediatric cold medicine is
Inelastic
You have invited your perspective in law to dinner. you know they love chocolate soufflé and you promise to make one for them. An hour before their due. you realize you have no chocolate you run to the store eager to buy any brand of chocolate you can find prices that important at this moment you're the man for chocolate is
Inelastic
A marketer who changes the product element in the marketing make should be reevaluate the other marketing elements because the elements are
Interrelated
It's not considered a problem of interviews
Interviewers Selecting participants on the basis of demographics, product use And past consumer behavior
Why is the quality level of a product an important product or service planning decisions
It reflects the image of the business
By offering mail order services, telephone order services, and delivery services, marketers are
Making buying convenient
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives is known ass
Marketing
The business philosophy which focuses on giving customers what they want is known as the
Marketing concept
The combination of the four elements of marketing is known as
Marketing mix
Each marketing activity can fit into one of the 4Ps of marketing which mean That the marketing mix provides a framework for the businesses
Marketing planning
At the end of her one-week stay at a luxury hotel Ellena completed a form writing the hotel service, food, and accommodation. What is this an example of?
Marketing research
What is the difference between an item retail price and its cost
Markup
Are all product test marketed
No It can delay entry into full market
Name a benefit to consumers of the exchanges which occur as a result of marketing
Obtaining items when needed
When a business focuses on the number of times per month thatthat customers buy a specific product it is identifying the market on the basis of
Rate of use
The last step in the market research process
Reporting the research
When we sent that a business market that primary research rather than you secondary marketing information is because the
Secondary information may be outdated
What does the owner of a miniature golf business provide her customers with
Service
Products that cannot be tested, felt, seen, heard or smelled because they are performed rather than being produced are known as
Services
The manufactures of sparkle detergent sell 15% of the laundry detergent sold in the greater Miami area therefor 15% is the company market
Share
A consideration in the price element of marketing
Should the business offer discounts?
A manicure, a karate lesson, and a pencil are all products T/F
T
A net price is another name for sale price T/F
T
Customers who have developed brand loyalty for a product will use routine decision making T/F
T
Inventors are Ready Writers have designed a ballpoint pen that is very similar to an older pen but the barrel comes in variety of fashion colors. It has made it through the screeching process. The next step is developing a business proposal T/F
T
Lil stampers is a soter that features 527 varieties of signature, business and novelty stamps. The store also sells inked stamp pads in 64 different colors. Thus the store offers its customers great product depth. T/F
T
One disadvantage of flexible pricing is that it does not offer consistent profit T/F
T
Price lining makes it easier for salespeople to demonstrate chill customer the advantages of better quality Items T/F
T
The price of a product will often establish the image of the company that created the product T/F
T
When a customer wishes to purchase a product and price is no object that demand is in elastic T/F
T
Yoko miramoto Owns the area most popular Asian specialty market. Yoko is eligible for trade discounts on food and furniture T/F
T
Describes a specific group of consumer to Whom aims the selling of its products or services
Target market
The key elements of marketing are referred to as
The 4 Ps of marketing
Accurately describes market share
The percentage of the total sales at a specific product or service from a given company
What is a product floor price
The price at which cost and expenses are covered and a company earns a profit
Why must care be taken in eliminating weak product
To prevent damaging a companys image
Lifestyle segmentation is about
Understanding how people live and developing products or services that match that way of life
At a grocery store consumers can compare similar products even if the products are of different size or come in different packages compression is possible because of the_____ pricing the stores use to share price is in relation to a standard measures such as cost per oonces
Unit
Marta reviewed marketing data to determine if researchers follow the proper procedures during the data collection phase of the project what activity did Martha perform
Validation
What type of segmentation is used by groups in different generations
age
