What is the concept of "Marketing?"

The action used to promote and sell their product or service

The purpose of the 7 marketing functions is to:

Create a product in response to market opportunities

What are the 4 target market segmentations?

Demographic, psychographic, geographic, behavioral

Product Service Management is:

A process of planning, improving, & adding to a product line

Name the 4 P’s of the marketing mix:

Product, place, price, promotion

Which of the following is most related to the “Marketing Concept?”

A philosophy of making profit by meeting consumer want/need

Identify a product’s life cycle in its correct order:

Development, introduction, growth, maturity, decline

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Marketing Principles: U3 Concepts

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Marketing Concepts

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Questions 17

Answers

1
Which of the following makes a product available at the right time or a convenient time of day?
Time Utility
Form Utility
Information Utility
Place Utility
2
Changes in the tangible parts of a product or service affect a product’s.
Information Utility
Possession Utility
Form Utility
Time Utility
3
What is the concept of "Marketing?"
A way to communicate an upcoming sale to the general public
A way to communicate pricing strategies to the public
What a business uses to create a sales program
The action used to promote and sell their product or service
4
Which of the following utility includes finding the right location for your product?
Form
Possession
Time
Place
5
Which of these utilities includes effective ways to communicate a product to a target market?
Place
Time
Possession
Information
6
The purpose of the 7 marketing functions is to:
Create a product to build a higher profit margin
Create a product to take advantage of the consumer
Create a product in response to market opportunities
Create a product to eliminate competition
7
Market opportunity is often affected by:
Timing
Location
Rewards
Methodology
8
What are the 4 target market segmentations?
Mass, demographic, geographic, psychographic
Demographic, psychographic, geographic, behavioral
Monographic, mass, geographic, psychographic
Psychographic, geographic, monographic, behavioral
9
What is the purpose of extending a product’s life cycle?
To rebrand an existing product
To eliminate competition
To introduce a new product
To retire the product altogether
10
Product Service Management is:
Communicating with consumers to help them purchase products.
Informing, reminding or persuading customers about a product
Collecting/analyzing information to make business decisions
A process of planning, improving, & adding to a product line
11
Name the 4 P’s of the marketing mix:
Packaging, place, price, promotion
Product, place, price, promotion
Product, packaging, place, price
Patent, product, place, promotion
12
Dunkin’ Donuts decided to sell its products & merchandise in local grocery stores.
Place
Price
Promotion
Product
13
Which of the following utilities includes the ability to aide customers in owning goods?
Form
Information
Possession
Time
14
Which of the following is most related to the “Marketing Concept?”
How the consumer perceives a product or service’s value
To understand the importance of having the right location
A philosophy of making profit by meeting consumer want/need
A way to gain market share, increase sales, & make a profit
15
Frito Lay introduces a new version of potato chips to the public. This is:
Distribution
Financing
Product Service Management
Pricing
16
Sonny’s BBQ markets a new sauce that includes spices inspired by Asian cuisine.
Behavioral Segmentation
Demographic Segmentation
Psychographic Segmentation
Geographic Segmentation
17
Identify a product’s life cycle in its correct order:
Development, growth, introduction, maturity decline
Introduction, growth, maturity, decline, development
Introduction, development, growth, maturity, decline
Development, introduction, growth, maturity, decline

Marketing Principles: U3 Concepts Flashcards | StudBud