Anything offered to a market that might satisfy a want or need

Which of these statements defines the philosophy of marketing?

Focus all of efforts on satisfying the wants and needs of the customer

Why do you think a business would set the price of their product above the competition?

A higher price often indicates higher quality to many customers.

Which of these market segments include both psychographic and behavioral factors?

Amateur photographers who prefer 1st rate equipment to take quality images

What does the term physical distribution refer to?

Business functions that move a product through the channel to customers

What is the difference between a customer and a consumer?

A customer buys products, while a consumer uses products.

What is a sales promotion?

A short-term incentive used to get people to buy a product

What is distribution?

How product gets to people, in right amounts, at the right time and place

Which of these statements about publicity is NOT TRUE?

Marketers control how the information is presented.

What is the main reason why generic products can be sold at a reduced price?

D. Less money is spent to promote them.

What is the main factor to consider when classifying products?

Why the product is being purchased

What is economic utility?

Adding value to a product by making it more useful

Which of these statements describes Time utility?

Offer a product just as the need for it arises

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Marketing EOPA 1

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Questions 30

Answers

1
Agents, wholesalers, and retailers are examples of _______.
Channels of Distribution
Sales Promotions
Product lines
Consumers
2
Any form of communication that a business uses to inform, persuade, or remind potential customers about their products?
Packaging
Distribution
Marketing Mix
Promotion
3
What is a product?
Something for sale that cannot be touched
The container or wrapping for an item
Anything offered to a market that might satisfy a want or need
Something for sale that you can touch
4
A document that lays out the details for how to focus marketing efforts on meeting the customers' needs and wants?
Breakeven analysis
Marketing Concepts
Marketing Plan
Product Life Cycle
5
Which of these terms refers to the group of all the product lines offered for sale by a company?
Marketing Mix
Product Mix
Target Market
Brand
6
Which of these statements defines the philosophy of marketing?
Focus all of efforts on satisfying the wants and needs of the customer
Use high-pressure sales tactics to increase profits for the business
Focus on selling through lots of advertising and large sales forces
Produce a large amount of goods as quickly as possible to increase supply
7
Why do you think a business would set the price of their product above the competition?
It's the only way to make a profit with competition-oriented pricing.
It's the only way to increase market share, especially for new products.
A higher price often indicates higher quality to many customers.
Higher prices usually lead to creating greater demand for a product.
8
The consumer (B2C) market includes people who buy products to:
Resell them
Use them to make a profit
Use or benefit from them
Make other products
9
What is the term for the path that the product follows from the producer to the customer?
Public Relations
Physical Distribution
Market Share
Channel of Distribution
10
For which pricing method is it crucial to perform a breakeven analysis?
Competition oriented pricing
Demand Oriented pricing
Cost oriented pricing
All of the Above
11
Which of these market segments include both psychographic and behavioral factors?
Large businesses who have internal marketing departments
Amateur photographers who prefer 1st rate equipment to take quality images
People btw 16 and 30 who work at least part-time and are paid hourly
Single men, 40 and under, who live in the Midwestern U.S.
12
Which of these items is typical of business buying behavior?
All of the Above
Commonly buys in larger amounts
Has more frequent contact with seller
More likely to negotiate on price
13
What does the term physical distribution refer to?
The path that a product follows from the producer to the customer
The outlet, or place, where the customer can purchase the product
Business functions that move a product through the channel to customers
Selling a product directly to a customer, without using any intermediaries
14
What is the difference between a customer and a consumer?
Customer buys specialty products, while a consumer buys convenience product
Consumer buys a product either to resell it or make into another product.
A customer must be a business, while a consumer may be a private individual
A customer buys products, while a consumer uses products.
15
Nutrition data is included on the packaging of a food product. What type of economic utility is shown in this example?
Possession
Place
Time
Information
16
What is a sales promotion?
A short-term incentive used to get people to buy a product
Placing information about a product in the news media
An ongoing effort to foster positive relationships with the public
A paid advertisement to influence people about a product
17
At what stage in the product life cycle would it be most likely to make a decision about deleting the product?
Growth
Decline
Introduction
Maturity
18
What is distribution?
Adding value to a product by making it more useful
Communication directed toward customers to educate them about product
A company’s portion of total industry sales for certain type of product
How product gets to people, in right amounts, at the right time and place
19
What is the term for unprocessed natural resources that are refined into end products?
Supplies
Component Parts
Raw materials
Process materials
20
Which of these statements about publicity is NOT TRUE?
Marketers control how the information is presented.
Publicity is one part of public relations.
The information tends to be viewed as more credible.
Publicity is free since the information appears in the news media.
21
What is the main reason why generic products can be sold at a reduced price?
D. Less money is spent to promote them.
A. They are lower in quality.
C. They are available in more store locations.
B. They have less competition.
22
Which promotional method involves direct communication between the sales person and the customer?
Sales Promotions
Personal selling
Public relations
Advertising
23
What is the main factor to consider when classifying products?
How long it takes to make the product
Why the product is being purchased
The price of the product
The facility where the product is made
24
What is economic utility?
Sending financial information via phone or cable
Adding value to a product by making it more useful
A type of marketing aimed toward financial institutions
Saving money on a product through a discount program
25
What is the term that refers to a product's identity, as represented by its name and/or mark?
Market segment
Generic
Advertising
Brand
26
Which of these statements describes Time utility?
Put a product where it is convenient for a customer to purchase it
Provide the customer with more knowledge about the product
Change a raw material or assemble parts to make a product
Offer a product just as the need for it arises
27
The "4 Ps" (product, pricing, place, promotion) make up which of these items?
Marketing Mix
Customer Relationship Management
Product Mix
Integrated Marketing Communication
28
In good marketing strategy, what's at the center of all the marketing mix efforts?
The product
The business
The competitors
The customer
29
Which of these products are goods?
All of the Above
New tires
Taxi ride
Car repair
30
At what stage of the product life cycle do sales start to grow at a slower pace, or even level off?
Introduction
Decline
Growth
Maturity

Marketing EOPA 1 Flashcards | StudBud