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Marketing Fundamentals Flashcards | StudBud
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Marketing Fundamentals
Marketing Fundamentals
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Questions
38
Answers
1
Why is it important for companies to identify their target market?
Marketing efforts can be very expensive
Everyone wants to feel targeted
Every product is not for everyone
Most people do not like advertisements
2
What are the four marketing strategies businesses use to determine customer needs?
Product, process, place, promotion
Product, price, place, promotion
Product, price, place, process
Price, place, promotion, process
3
Place is also described as which of the following?
Distribution
Market location
Selling venue
Establishment
4
Targeting teenagers is an example of which type of segmentation?
Behavioraphic
Demographic
Geographic
Psychographic
5
If the marketing concepts in the mix are strategically coordinated, they can work together to create which ?
Products tailored to customers
Superior employees
Prestige and prominence for a business
Cohesive business decisions
6
The marketing mix must be which of the following?
Customer driven
Profit driven
Driven by the economy
Driven by the industry
7
Jordan is making a decision about how the products his business sells are transported to his store. Which 4 P is it?
Product
Place
Promotion
Price
8
Which of the 4 Ps relates to packaging?
Product
Price
Place
Promotion
9
Analyzing and interpreting the data can be described as which of the following?
Calculating the cost of generating each response
Deciding what changes need to be made to current business operations
Assigning meaning to the information collected
Determining the most successful research methods used
10
Which of the following is a consideration associated with product?
Determining which retail outlet will carry specific products
Deciding when the product will be marked down
Naming and packaging products
Creating activities to increase sales of a product
11
Pricing strategies must relate to which of the following to be successful?
Advertising
The economy
Customer habits
Competitors’ pricing strategies
12
Customers can often provide which of the following?
Motivation for employees
Obstacles which hinder growth
Opportunities to work with other companies
Helpful and needed suggestions
13
Products must do which of the following?
Include accessories and batteries
Have a low price
Satisfy a customer want or need
Be appealing to young people
14
Which of the following is NOT one of the seven functions of marketing?
Economics
Distribution
Selling
Financing
15
Carrie has decided to offer her customers financing for the products in her store. This considered part of which?
Creating a sales price
Calculating mark-up price
Understanding pricing laws
Determining available payment methods
16
A store’s location may impact which of the following?
Customers’ buying decisions
Inventory available
The production process
Salespeople’s attitudes
17
Customers do not buy products, they buy which of the following?
Features
Packaging
Services
Benefits
18
Which of the following is NOT a promotional decision?
Public Relaions
Media Budgeting
Personal Selling
Packaging
19
Which of the following is sometimes referred to as the “fifth P”?
Passion
Publicity
People
Profit
20
Which of the following are used to create customer loyalty?
A unique name, logo and slogan
Bright, colorful packaging
Advertising
Extended services and warranties
21
Budget analysis is part of which step in the market research process?
Collecting the data
Developing the approach
Identifying the research design
Defining the problem
22
Age, gender, income and education level are examples of __________ information.
Projective
Demographic
Industrious
Dependent
23
Which of the following is NOT a basic pricing decision?
Determining suggested retail price
Creating volume discounts
Determining packaging
Producing price bundles
24
The marketing mix should relate directly to who?
The company’s top salespeople
The company’s competitors
The company’s managers
The company’s target market
25
Which of the following is the last step in the market research process?
Analyzing and interpreting the data
. Collecting the data
Preparing the research report
Identifying the design
26
Which of the following describes the estimating of future results of sales by looking at current and past sales?
Calculating
Anticipating
Forecasting
Envisioning
27
Which of the following is NOT a basic place decision?
Distribution channels
Warehousing
Inventory management
Repairs and Support
28
The marketing mix defines which of the following?
The best way for salespeople to approach customers
The key management decisions needed to be successful in marketing
The most efficient production plan possible
The type of advertising which will make a business successful
29
Which of the following is NOT a basic pricing decision?
Implementing a pricing strategy
Creating volume discounts
Generating seasonal pricing
Determining sales associate pay rates
30
Which of the following describes a specific group of consumers to whom a company aims the selling of its goods?
Target market
Dream customer
Aim customer
Customer base
31
How many steps are in the marketing research process?
7
4
6
5
32
What are the two main types of data?
Fiction and nonfiction
Formal and informal
Primary and secondary
Technical and modern
33
Which of the 4 Ps would include offering credit arrangements?
Product
Price
Place
Promotion
34
Which of the 4 Ps relates to warehouse inventory?
Place
Product
Price
Promotion
35
Which of the following is the most powerful form of buying suggestion?
Low prices
Unique advertising
Knowledgeable sales staff
Word-of-mouth
36
Which of the following topics within a company should NOT be addressed by research?
Market share
Employee intelligence
Company image
Market potential
37
When you see an advertisement for a store and decide to shop there, which element of the marketing mix has succeeded?
Product
Place
Presentation
Promotion
38
Which of the following is NOT a discussed method of segmenting markets?
topographic
Geography
Psychographics
Demographics
