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Unit 2 Review Flashcards | StudBud
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Unit 2 Review
Unit 2 Review
20 terms
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StudBud Administration
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Review of key marketing concepts from chapters 11, 12 & 13.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which type of product/service is purchased most frequently?
Economic Goods
Shopping Goods
Specialty Goods
Convenience Goods
2
Which of the below items is NOT part of the 7 step Product Development Process
Creation of Prototypes
Concept Testing
Bundling Strategy
Commercialization
3
What is the oldest and most expensive form of sales and promotion?
Personal Selling
Online Retailing
Sales Promotion
Bundling Strategy
4
Step in personal selling that involves salespeople identifying potential customers
Online Retailing
Utility
Data Mining
Prospecting
5
Which of the following is NOT an intangible product that can be purchased?
An activity
A Service
A communication device
Time and/or Expertise
6
Why is "Speed to Market" important?
Because fastest to market = more profitability
Because fast products hold customer interest
Because no one likes being last
Because second place is first loser
7
A detailed strategy for focusing marketing efforts on consumer needs and wants is called...
Distribution Plan
Product Development
Marketing Plan
Marketing Mix
8
Amount added to an item's purchase cost to sell it at a profit.
Fixed Cost
Markup
Variable Cost
Bundling Strategy
9
Which of the 4 distribution channels involves paying an intermediary a commission for sales
Direct Distribution
Retail Distribution
Distribution by Agents or Brokers
Wholesale Distribution
10
Marketing is primarily the advertising of a product or service for sell.
Yes, what else could there be?
No, advertising has no part in marketing
No, it also involves the creation, and delivery to consumers
Yes, that is the primary purpose of Marketing
11
After gathering ideas for a new product, what is the next step in the Development Process?
Commercialization
Screening
Prototype Development
Concept Testing
12
The ability of a product to satisfy a human want or need is called...
Utility
Futility
Convenience
Strategy
13
True/False: Economic conditions can greatly influence marketing plans for product offerings.
True
False
14
A Marketing Mix includes which of the following:
Pricing and Promotion strategies
Place strategies
Product Strategies
All of the above
15
What phrase describes creating a feature or image that makes a product stand out from others?
Product Differentiation
Marketing
Sales Promotions
Personal Selling
16
The application of electronic technologies for searching, sifting & reorganizing pools of data
Online Retailing
Utility
Data Mining
Prospecting
17
What type of retail outlet allows customers to view sample, place order and await its retrieval
Specialty Store
Catalog showroom
Cybermall
Convenience store
18
What type of competition is based on buyer perception of benefits from a specific company?
Brand Competition
Substitute Product Competition
Monopolistic Competition
International Competition
19
Which type of brand has a name the seller has purchased the rights to use?
National Brand
Loyalty Brand
Private Brand
Licensed Brand
20
What phrase refers to dividing a market into categories of customer types or segments?
Distribution Mix
Product differentiation
Target Marketing
Markup
