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Review for Marketing game #1 Flashcards | StudBud
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Review for Marketing game #1
Review for Marketing game #1
36 terms
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A brief overview of some of the key terms and concepts we have covered in the marketing unit
Flashcards
36 cards
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Practice quiz
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Host live
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Questions
36
Answers
1
What is the second step in the consumer decision-making process?
Gather information
Recognize a need
Evaluate alternatives
Select alternatives
2
Product promotion/placement is an example of a...
non-sustainable competitive advantage
sustainable competitive advantage
3
Who is a consumer?
Someone that makes the product
Someone that sells the product
Someone that buys the product
Someone that uses the product
4
What is a niche market?
Focusing on a small but specific section of a bigger market
Type of market that deals only with products and not service
A market that does not last long; similar to a fad
Products targeted towards a very large market
5
What are demographics?
The study of characteristics that categorize people
The study of age and gender in relation to marketing
Tools that help people find which product is right for them
Understanding which products are least and most popular
6
Unlimited wants and needs combined with limited resources results in
None of the above
Pure competition
Scarcity
An oligopoly
7
The following photo is an example of which type of non-sustainable advantage?
Quality
Benefit of use
Design feature
Placement
8
What is Starbucks' primary market?
Men and women 25-40 attracted by the hip and modern style
Young adults 18-24 who want a place to hang out and study
Teens 13-19 who enjoy the fun atmosphere
Males and females who are looking for coffee on a budget
9
A legally protected word, name or symbol is called
Trademark
Private brand
Generic
Licensed brand
10
Publicity is non-paid promotional communication presented by the media
True
False
11
Product costs + Operating expenses + profit =
Markdown
Selling price
Gross margin
Markup
12
Which of the following is NOT a demographic characteristic?
Religion
Personality
Job (occupation)
Gender
13
According to Maslow's hierarchy of needs, your basic needs include the following:
Confidence, achievement, independence
Morality, problem-solving, creativity
Food, clothing, shelter
Friendship, love, intimacy
14
Which of the following describes psychographics?
Measurable, statistical data of any given population
Ethnicity, age, education
Lifestyle, opinions, interests
The study of values and personality of a given population
15
A group of people identifies as those most likely to become customers
Target researchers
Target market
Rational buying motive
Market strategy
16
How will demand be affected if economy is doing poorly and unemployment goes up?
People will only buy what they need
Demand for goods and services will go up
People will only buy what they want
Demand for goods and services will go down
17
In developed countries, demand is more driven by wants than needs.
True
False
18
Which is not one of the Four P’s
Primary
Place
Price
Product
19
Prices for goods, services, and events are primarily determined by...
businesses
consumers and the free-market
the government
the value of the product
20
Hudson's Bay and Sears Canada are an example of...
direct competition
very serious competition
friendly competition
indirect competition
21
Which of the following is an example of a need?
Internet
Friendship
Safety
Cell phone
22
When there is less of a particular product (it becomes rare)...
the demand goes down
the demand goes up and down
the demand stays the same
the demand goes up
23
Who is a customer?
Someone that sells the product
Someone that uses the product
Someone that buys the product
Someone that makes the product
24
Which of the following is NOT a benefit of competition?
Encourages creativity and innovation
Cheaper prices for products and services
Products and services are of a higher quality
Could take advantage of workers and the environment
25
If there are too many sellers of the same product...
the demand goes up and down
the demand stays the same
the demand goes down
the demand goes up
26
Uber and Hertz are an example of...
Very serious competition
Direct competition
Indirect competition
Fun competition
27
When there is less of a particular product (it becomes rare)
The demand stays the same
The demand goes down
The demand goes up
The demand goes up and down
28
What does productivity refer to?
Being able to sell products quickly, regardless of the cost
Having a good reputation and a loyal customer base
To produce more or better products using the same resources
Workers that demand to be paid a higher wage
29
A store offers a popular product at a very low price to attract more customers is an example of
Super sizing
Everyday low prices
Price lining
Leader pricing
30
McDonalds and Starbucks are an example of...
indirect competition
friendly competition
serious competition
direct competition
31
Developing a unique selling proposition is an example of a...
sustainable competitive advantage
non-sustainable competitive advantage
32
What is the first step in the consumer decision-making process
Recognize a need
Select alternatives
Gather information
Evaluate alternatives
33
A product will probably have a relatively high price
If is unique and new
If its supply is low
All of the above
If it is hard to find
34
A consumer profile is...
a group of people that do not like to buy the same products
a group that shares common characteristics and buying habits
a group with different characteristics and interests
a group of people that are more likely to sell a product
35
This exam is going to be just as awesome as a round of ...
Never was
Fortnight
Fortnight
Fornight
36
A small number of consumers expressing opinions about a new product in a group discussion is a
Survey study
Experimental group
Focus group
Target market
