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Marketing Essentials Midterm Prep Flashcards | StudBud
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Marketing Essentials Midterm Prep
Marketing Essentials Midterm Prep
25 terms
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StudBud Administration
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Test your knowledge and discover the key concepts and strategies of marketing
Flashcards
25 cards
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Questions
25
Answers
1
Which generation is known as digital natives?
Silent Generation
Millennials
Baby Boomers
Generation X
2
Psychographic Segmentation ..............
divides the market on the basis of geography
can be conceivedanddeveloped in a variety of ways
divides the audience on the basis of Their personality
based on behavioral,preference, choices and decision making
3
Ansoff Matrix analyses
possible product/ market growth stretegies
Opportunities and threats within the market
Strengths and weaknesses of the firm
the firms competitive position in the market
4
What is the focus of behavioral segmentation?
Demographics
Geographic location
Psychographics
Consumer habits
5
True or false: The private sector includes government services.
False
True
6
A public sector is...
owned by a group of people
owned by the government
a sole proprietor or partnership
owned by individuals
7
What economic utility increased when fast-food restaurants began accepting credit cards?
Information Utility
Place Utility
Possession Utility
Form Utility
8
What does 'form utility' focus on?
Customer needs
Product location
Product promotion
Product pricing
9
True or false: Marketing only involves selling products.
False
True
10
What is the purpose of market segmentation?
To increase prices
To understand customers
To limit choices
To confuse customers
11
What is a trademark?
Protection of an original work
A medicine to prevent the common cold
Protection of a logo or artwork
Protection of ideas
12
What is a key benefit of international marketing?
Access to new customers
Less competition
Higher local taxes
Reduced product quality
13
Categories of economic utility do
not
include
finance
place
possession
information
14
What is the main goal of pricing strategy?
Increase competition
Maximize profit
Reduce product quality
Minimize costs
15
What type of target marketing is it when the main customer characteristic identified is age?
Psychographic
Demographic
Market segmentation
Geographic
16
True or false: Tariffs are taxes on exports.
True
False
17
What is the role of the consumer?
Sells the product
Purchases the product
Creates the product
Distributes the product
18
Place Utility
How will the consumer buy your product/service.
Transforming raw material into a finished product.
When a product or service is available to the consumer to purchase.
Where the consumer can buy the product.
19
Complimentary Goods . . .
Are used Together
Are on the PPC together
Demand is opposite
Replace other goods
20
What does the marketing mix consist of?
3 R's of Marketing
5 C's of Marketing
2 S's of Marketing
4 P's of Marketing
21
What is a Copyright?
A copy of your rights
legal protection provided to the public
legal protection provided to an author
The Bill of Rights
22
4 P's of Marketing
Promotion, Product, People, Price
Place, People, Product, Price
People, Product, Promotion, Price
Product, Price, Promotion, Place
23
True or false: Economic utility measures product value.
True
False
24
What is the main purpose of marketing?
To increase prices
To reduce competition
To satisfy needs
To create products
25
True or false: Services are tangible items.
True
False
