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chapter 5 test review
What are marketing concepts?
Which of the following is not a pricing objective?
chapter 5 test review
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entreprenurship
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Answers
1
Which of the following is not a pricing objective?
To increase profits.
To decrease expenses.
To maximize sales
To attract customers.
2
What are marketing concepts?
when customers pick your concepts
when needs of a customer are the primary focus
none of the above
going the extra mile to get as much money as you can
3
What is a business’s %of the total sales generated by all companies in the same market?
Features
R.O.I.
Market Share
product mix
4
True or false marketing is NOT all of the processes (planning, pricing, promoting, etc)
true
false
5
True or false? Businesses do not need to identify their target markets to succeed.
false
true
6
True or false? Longer questionnaires are always better because you can collect more information
true
false
7
TRUE/FALSE-Product characteristics that satisfy customers needs are features.
true
false
8
What is Discount pricing?
none of the above
prices that are raised
Prices that are reduced
it is for free
9
The name, symbol, or design, used to identify your product
marketing plan
branding
product design
logo
10
Creating an image of a product in the customer’s mind.
return on investment
Marking Plan
Positioning
Product mix
11
What is an example of what your marketing strategy should address?
goals
pricing
data
executive summary
12
What is the amount earned as a result of the investment?
Demand based marketing
Market share investment
none of the above
Return on investment (ROI)
13
What is demand-based pricing?
Charging less than competitors.
prices that rely on how much the customer is willing to pay
The using of wholesale cost of an item.
14
True or false? Two disadvantages of collecting primary data are the costs and time involved.
false
true
15
To use the marketing concept successfully, businesses must be able to
develop/ market products/services that customers like better
Operate profitably
identify what will satisfy customers’ needs and wants
All of the above
16
What is an investment Return?
when you make an investment
The amount earned as a result of investment
all of the above
when you return an investment
17
TRUE/FALSE- Branding is creating an image of a product in the customer’s mind
true
false
18
Pricing options should be in your business plan.
false
true
19
A markup price is a price determined by subtracting a percentage amount from the retail price
true
false
20
What is NOT an example of pricing objectives?
increase profits
none of the above
maximize sales
marketing
21
What is the difference between short and medium term goals
short is two years and medium is three to five years
short term is 5 months and medium is 5 years
short term is a year and medium term is two to five years.
no difference
22
what identifies marketing goals that will be achieved?
positioning
marketing mix
marketing plan
features
23
what is The abbreviation for Return on investment
RIO
ROI
PIO
RIO
24
What is a long-term goal?
1-2 years
5-10 years even 20
3-6 years
2-5 years
25
What is pricing determined by using the wholesale cost of an item as the basis for the pricing?
Cost-based pricing
competition-based pricing
demand -based pricing
