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3100 Final Exam Review
3100 Final Exam Review
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1
Value based Marketing means
Seeking out inexpensive marketing channels
Focusing marketing efforts on what consumers value
Employing marketing tactics that deliver the most value
Capturing as many dollars as possible for the least cost
2
Psychographic Segmentation ..............
based on behavioral,preference, choices and decision making
divides the audience on the basis of Their personality
divides the market on the basis of geography
can be conceivedanddeveloped in a variety of ways
3
What is Marketing?
analysing consumers in terms of age
identifying peoples hobbies
A place where we live
identifying and satisfying consumer needs
4
product definition
refers to goods, services, or even ideas
refers to what a company gives away
refers to the way a brand packages their goods
refers to a thing
5
Market-skimming pricing
A sufficient number of buyers have a high current demand
none of the above
The unit costs of producing a small volume
Setting a high price for a new product to skim maximum revenues
6
During the Maturity stage of the PLC,
The product is launched
Sales are stable and at their peak
Sales increase rapidly
Sales begin to decline
7
What is characteristics of the decline stage for PLC?
Low sales & low profit
Rapid revenue growth, & competitors enter the market
The most profitable & peak sales
Higher cost, low sales and negative profit.
8
In the AIDA plan for marketing, AIDA stands for:
attention, interest, desire, and action.
action, interest, direct benefits, and attention.
awareness, information, data, and alertness.
action, information, desire, and acknowledgement.
9
Situational decision making factors include:
Location
Beats and Scheduling
Racial composition
Experience
10
Psychological factors influecing buyer behaviour include:
Income
Personality
All of the above
Family influence
11
What is the purpose of branding?
allow an organisation to distinguish itself from others
to make a profit from your name
to create a monopoly and beat other companies
12
Brand extension occurs
as a company releases a new brand
as a start-up company creates a their brand
as a company uses an existing brand name to introduce products
as a large company separates into many smaller companies
13
Which is
not
one of the 4 pricing orientations?
Sales oriented
Customer-oriented
Competitor-oriented pricing
Breakeven-oriented
14
The business buyer makes the fewest decisions in the ________.
straight rebuy
regular buy
modified rebuy
new rebuy
15
Shopping products
Life insurance
Products that consumers buy frequently
Computers, mobile phones
Fast food
16
What does CSR stand for?
Corporate Success Relationships
Corporate Social Responsibility
Customer Service Relationship
Customer Service Responsibilities
17
How can marketing minimize Cognitive Dissonance?
Disregarding how customers feel when purchasing
Not providing warranties
Effective communication and follow-up
18
The personal selling process ends with?
Follow up
A contract
Negotiation
Closing sale
19
what is the last stage of the buyer decision making process?
there is no last stage
information search
post purchase behaviour
purchase decision
20
What is product breadth?
The number of product lines a business produces or retails
The number of product lines a business produces or retails
Product breadth is the number of products it produces annually
Product breath is the only way a company can make a profit
21
What's the lagged effect?
Is the process of ensuring a sale
Is the way brands spread awareness
delayed response to a marketing communication campaign.
Is the method used to promote the product or service
22
What is the 4th stage of Buyer Decision Making Process?
Information Search
None of the above
Purchase Decision
Alternative Evaluation
23
The new product development process includes:
Development
All of the above
Idea generation and evaluation
Screening
24
Primary Data
Is data collected by someone else
is data collected as a child
is data collected by yourself
is data taken from the official statistics
25
Demographic Segmentation is segmentation based on
age, race, religion, gender, ethnicity, income, education.
city, county, state, region
Beliefs, values, attitudes, interests, and lifestyles
Buying patterns
26
Cognitive dissonance in marketing is often referred to as _____.
buyer's lies
buyer's ignorance
buyer's remorse
buyer beware
27
Shopping products
don’t think of buying until a need or sudden problem arises
spend considerable effort in planning and making purchases
items the consumer seeks to purchase frequently
unique characteristics, spend considerable effort to obtain
28
What is the first stage in the buyer decision making process?
Information search
Purchase
Post Purchase Evaluation
Need recognition
29
what is product depth?
Allthe types of products a company makes or sells
numberof items offered within each product line
number of different product lines
numberof different product lines
30
Social factors influencing buyer behaviour include:
Reference groups
All of the above
Learning
Gender
31
Positioning is?
uses low pricing to help capture large market
four stages of a product
strategy used by company to differentiate its products
introduces new products at high prices
32
Convenience Products
don't really need at all (like blood donations)
often buy (daily or weekly)
rarely buy (it's too expensive!)
buy for your home - once in a while
33
Step of personal selling process
qualifying
sales nomination
pre-approach
prospecting
34
The Macro factors that impact marketing are Economic, ...
technological, world and social
legal, technological and world
legal, global and social
technological, legal and social
35
Secondary data is
when an investigation tests its hypothesis
collated from other sources
when repeated observations give similar results
collected by the investigator
36
How many steps are in the buyer decision making process?
4
6
3
5
37
Emotional appeals -
make the reader sad or afraid
all of the above
use words that evoke emotions
persuade the audience
38
The specific group of consumers an organization selects as the focus of its marketing plan:
industrial target
customer mark
target market
financial goal
39
The marketing research process includes
developing the research plan
Defining the problem
implementing the research plan
all of the above
40
Maturity is what stage in PLC
2
3
1
4
41
Describe the pricing strategy of 'market penetration'
Very low prices to undercut competitors
Extra high prices because the product will sell regardless
Lower prices and discounting
Competitive pricing
42
Growth stage of PLC is marked by ____ & _____ .
rising sales, rising profits
none of the above
rising profits, rising costs of production
rising demand, rising profits
43
What does a marketing strategy involve?
Striking the right balance between the 4 P's
ALL of these
Creating a plan of action to achieve a long-term aim
Setting shorter-term objectives
44
EDLP stands for
Every day luxury pricing
Every day left prices
Every day low prices
Every day low products
45
What is conscious marketing?
Being socially responsible.
Marketing with a lower purpose.
Not understanding ethics.
Marketing with a higher purpose.
46
Functional risk refers to ...
the risk of paying too much (e.g. future price reductions)
fear that a certain behavior is not accepted by the individual's peers
the risk of a product failure
47
In PLC in the Introduction phase profits are
Break even
Depends on cost of product
Negative
Very high
48
The best explanation of a marketing plan is:
the marketing objective for the business,
the plan to market a product in a new region of the country
the map of the areas that a firm’s product is sold in
the plan which creates the marketing mix to suit a product
49
What the four segmentation methods
Geographic, Videographers, Psychographic, and Behavioral
Geographic, Demographic, Psychographic, and Unruliness
Geographic, Demographic, Psychographic, and Behavioral
Typographic, Psychographic, Geographic, and Bad Manners
50
Direct Marketing Channel...
Has mostly the intermediates as the Manufacturer.
Has mostly the seller as the Manufacturer.
Spreads the manufacturing out equally.
Has mostly the consumer as the Manufacturer.
51
What personal factors does affect buyer's decision the least?
Family
Age
Lifestyle
Economic situation
52
A competitive advantage is
Feature of a company/product making it different to others
A product which is less well known
Features that are similar to other products and companies
A product which is cheaper than the competition
53
What is product line extension?
Existing brand name is applied to a new product in a different category
Adding a closely related product to the current product line
54
What are the four major psychological factors that influence consumer buyer behavior?
Motivation, perception, learning, and personality
Perception, learning, lifestyle, and social roles
Motivation, learning, personality, and self-concept
Motivation, perception, learning, and attitude or belief system
55
What is the first step of the business buyer decision process?
General need description
Performance review
Problem recognition
Proposal solicitation
56
________ are the social factors that influence consumer buyer behavior.
Small groups, social networks, family,social roles, and status
Motivation, perception, learning, beliefs, and attitudes.
Personality, self-concept, and lifestyle
Culture, subculture, and social class
57
A detailed marketing plan includes:
Situation analysis
All of the answers listed
Executive summary
Marketing mix
58
A buyer’s decisions are also influenced by personal factors such as :
Lifestyle
Age and life-cycle stage
All of the above
Personality and self-concept
59
How many stages are there in the business buyer decision process?
4
10
6
8
60
Cognitive dissonance in marketing…
is offered by the seller to influence the purchase
is also called product deletion or product elimination
is most likely to occur after a Routine product purchase
is when a customer feels insecure about his purchase
61
Which is demographic segmentation?
Regular Users
Gender
Social Class
Urban Users
62
Product Line Extensions involve...
Addition to current product lines
Remove all current product lines
Remove some product lines
Addition to obsolete product lines
63
Unsought products...
Willing to spend only minimal time and effort
Purchased frequently
Unaware of needing the product, sudden problem
Possess one or more unique chractersitic
64
The following are steps in Buyer Decision Making Process EXCEPT
Evaluation of Alternatives
Information Search
Need Recognition
Trial
65
Personal selling process is?
Closing & handling objections, and follow up
Approaching the prospect and presentation
All answers are correct
prospecting and gathering information
66
indirect marketing channel
the differences between the initial cost of a product and the price
a large building where goods can be stored
a third party that acts as a midleman between connecting people
products going through a series of stages before reaching the customer
67
Q
32: Which of the following factors does not belong to the micro marketing environment of the business?
A. Customer
B. Marketing intermediaries
C. Competitors
D. Annual inflation rate
68
New product development process starts with
Concept development
Business analysis
Test marketing
Idea generation
69
The 4E framework of social media includes
excite, educate, experience, engage
expect, emphasize, educate, engage
expand, engage, educate, emphasize
excite, educate, entertain, engage
70
Price elasticity of demand measures...
availability of substitutes
buyers ability to switch
how sensitive consumers are to a change in price
buyers knowledge of the product
71
What competitive advantage relates to costs?
Cost Leadership
Innovation
Expense minimisation
Economies of scale
72
What is High-low Pricing?
the price of a product is chosen by adding precentage to the products cost
companies package products togethe than offer them at a reduced price
based on the theory that certain prices may have a phsiological impact
setting high price for product then lowering it for a sale then increasing
73
The personal selling process starts by
Approach
Presentation and demonstration
Prospecting and qualifying
Follow-Up
74
convenience products
Rolex
furniture
toothbrush
clothes
75
Primary data is more reliable then secondary data because....
collected by another person, ensuring its authenticity
primary data requires less effort to obtain
it is collected by the user of the data and not processed
it sounds better
76
_________- A single marketing plan used to reach all consumers
Market
Market Segmentation
Mass Marketing
Target Market
77
Identify the third step of buyer decision-making process.
Evaluate alternatives
Purchase decision
Need recognition
Information search
78
The Marketing Mix includes...
product/ promotion/ packing/ parcels
product/ promotion/ place/ price
product/ place/ publicity/ price
79
Which term is NOT part of the marketing mix?
price
population
placement
product
