Why do companies provide discounts?

to save product from discontinuation

What are the four target segment strategies?

Mass, differentiated, niche, and direct marketing

What are the 4 P's of marketing?

Product, Price, Place, Promotion

Which of the following are B2B class purchases?

Modified Rebuy, Straight Rebuy, New Buy

Competition, Consumer perceptions, Supply & demand, Costs and expenses

What is One-Price Policy

All customers are charged the same price

Which of the following are major classes of B2C purchases?

Convenience, Shopping, Specialty

What does a SWOT analysis include?

Strengths, weaknesses, opportunities, and threats, An analysis of the internal and external environments

"Customers will buy only so much of a given product, even if the price is low"

law of diminishing marginal utility

Which function involves a chain of businesses that a good passes through to reach the consumer?

Channel Management or Distribution

What is Odd-Even Pricing?

odd numbers convey a bargain image

What is a seasonal item?

Higher demand during certain times of the year

What is the STP Process?

Links a market and how a company competes in that market

A positioning statement describes the customer and paints a picture of:

how you want the market to perceive your brand

These executives must know how to choose transportation to set up facilities to manage assets

Supply chain logistics executives

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MHMS Marketing Dual Credit Exam Review

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Questions 161

Answers

1
When a marketer markets a single product to a single segment?
Niche marketing
Differentiated marketing
Direct marketing
Mass marketing
2
When a marketer uses constant analysis of digital data to stay ahead of the competition?
Direct marketing
Differentiated marketing
Mass marketing
Niche marketing
3
Why do companies provide discounts?
worker incentives
to save product from discontinuation
too many customer complaints on a product
they love the customers
4
What is it called when all the partners within a channel work as 1 entity to prevent conflict?
Labor Association
Trade association
Channel union
Co-Op of Channels
5
Businesses involved in transactions that move products from the manufacturer to the final use
Intermediaries
Agents
Retailers
Wholesalers
6
What are the four target segment strategies?
Mass, service, niche, and promotional marketing
Mass, direct, service, and social marketing
Differentiated, direct, media, and social marketing
Mass, differentiated, niche, and direct marketing
7
What are the 4 P's of marketing?
Product, Position, People, Promotion
Product, Price, Place, Promotion
Print, Paper, Pen, People
Person, Product, Place, Price
8
Tiger Woods appears on a set of golf clubs in a store. What kind of brand strategy is this?
Co-Branding
Licensing Brand
Mixed Branding
Brand Extension
9
Known as backbone of global trade it is a network of transportation warehousing and inventory
Trade Flow
Supply Chain Logistics
Distribution Channel
Barter Channel
10
A pricing method that allows consumers to compare prices in relation to a standard unit/measure
Price fixing
Unfair trade practices
Price advertising
Unit pricing
11
What is the Diffusion of Innovation category where a company convinces you to buy a product?
Knowledge
Decision
Confirmation
Persuasion
12
What is By-Product Pricing?
gets rid of excess materials
setting prices for accessories
several products in a package that are sold at one price
sets a limited number of prices for certain groups
13
Which of the following are B2B class purchases?
Modified Rebuy
Straight Rebuy
New Buy
Promotional Buy
14
If the consumer accepts the idea that a product is innovative, they are LESS likely to engage.
False
True
15
In the diffusion of innovation theory, what is the first group of people to try a new product?
Laggards
Early majority
Early adopters
Innovators
16
What is a brand name/mark, trade character, or a combination that is given legal protection?
Brand name
Brand mark
Trade character
Trademark
17
What affects price?
Competition
Consumer perceptions
Supply & demand
Costs and expenses
18
What is One-Price Policy
All customers are charged different prices
All customers are charged the same price
All customers purchase the same product
All sellers charge the same price
19
Cost consumers pay for a product and is linked to the product's real and perceived value
Product
Place
Promotion
Price
20
In what step do you decide what information your customer needs when viewing your solution?
Evaluation of alternatives
Post Purchase evaluation
Purchase and Outlet selection
Information research
21
A pricing strategy used by wholesalers/retailers, uses the concept of markup...
Industry pricing
Cost-oriented pricing
Demand-oriented pricing
Competition-oriented pricing
22
Which of the following are major classes of B2C purchases?
Convenience, Shopping, Specialty
Convenience, Sale, Investment
Sale, Shopping, Investment
Shopping, Bundle, Specialty
23
What is a change to a brand's name, logo or image of a product or company?
Rebranding
Co-branding
Brand Licensing
Mixed Brands
24
What does a SWOT analysis include?
Strengths, weaknesses, opportunities, and threats
The political, economic, social, and technological climate
An analysis of the internal and external environments
A review of Mrs. Lewis' Crash Course PowerPoint
25
"Customers will buy only so much of a given product, even if the price is low"
law of diminishing returns
law of lewis
law of diminishing marginal utility
law of limited demand
26
Which function involves a chain of businesses that a good passes through to reach the consumer?
Selling
Channel Management or Distribution
Product/Service Management
Marketing Information Management
27
What is Odd-Even Pricing?
Low prices set on a consistent basis without raising them
Selling multiples is better than selling similar cheap items
odd numbers convey a bargain image
higher prices to suggest high quality to consumers
28
What is a brand mark with human form or characteristics?
Trademark
Trade character
Brand name
Brand mark
29
This type of conflict includes the same level within the channel
Vertical conflict
Mutichannel conflict
Horizontal channel conflict
Single channel conflict
30
What is a seasonal item?
Higher demand during certain times of the year
Mass movement towards a style or value
Small section of market with little competition
Product popular for a short period of time
31
What is the STP Process?
Develops a product idea and target market
Links a market and how a company competes in that market
Connects promotional materials to the best generation
Assigns a salesperson to each home in a neighborhood
32
Which C involves a PEST (Political, Economical, Social, and Technological) analysis?
Company
Climate
Competition
Customers
33
A positioning statement describes the customer and paints a picture of:
how this customer relates to your brand
how you plan to market your product to the customer
how you want the market to perceive your brand
how your brand serves that consumer market
34
They are interested in trying something new, but want someone else to try it before them
The early adopters
The innovators
The late majority
The early majority
35
What is the name, term, design, symbol, or combination of these that distinguishes a product?
Brand promise
Slogan
Brand
Logo
36
Which marketing function involves relationship building, closing, and product retention?
Marketing Information Management
Promotion
Pricing
Selling
37
When each party presents to an unbiased party who makes a final decision, they're using ______.
Mediation
Arbitration
Diplomacy
None of the above
38
Which market segment includes purchase, usage, intent, occasion, engagement, and buyer stage?
Demographic
Geographic
Psychographic
Behavioral
39
Sell goods to the final consumer for personal use. Also known as brick-and-morter or e-tailers
Brokers
Intermediaries
Independent Manufacture' Reps
Retailers
40
Which C is an analysis of the product line, culture, goals, objectives, image, and experience?
Company
Culture
Collaborators
Climate
41
What is the first method of New Product Introduction?
Search Pricing
Absolute Pricing
Skimming Pricing
Penetration Pricing
42
T/F: "Pull Policy" uses promotion to convince a specific retailer to show interest in a product
False
True
43
A website that is optimized for search engines, but focuses on relevancy/organic ranking uses:
Organic SEO
Blue hat SEO
White hat SEO
Nonorganic SEO
44
The final link in the supply chain between manufacturers and consumers are the ________.
Retailers
Customers
Employees
Distributors
45
Includes advertising, public relations and promotional strategy
Product
Promotion
Place
Price
46
When the channel partners such as manufacturer wholesaler retailer compete for sale with brand
Distribution Conflict
Transportation conflict
Management conflict
Channel conflict
47
What is it when the marketer aims a single product at the whole market?
Niche marketing
Differentiated marketing
Mass marketing
Direct marketing
48
Which of the following is NOT done in the decision point?
Sold or licensed product
Product is discounted
Costs lowered
Recommitted product line
49
These executives must know how to choose transportation to set up facilities to manage assets
Network executives
Supply chain logistics executives
Management flow executives
Distribution channel executives
50
In which step do you determine how to share your product/service?
Post purchase evaluation
Information research
Problem recognition
Purchase and outlet selection
51
True or False: Costs are very high during the "Maturity" stage of the product life cycle?
True
False
52
How would Blockchain affect banks?
It would not affect banks
Improve their revenue by buffing up their services
It would eliminate banks accounts and all bank services
53
What aspect of a product plays a large hand in its success or failure?
Pricing
Date of release
Packaging
Competition
54
A distribution channel can involve which of the following?
Wholesalers, distributors, and the consumer.
The internet, marketing personnel, and wholesalers.
Wholesalers, retailers, distributors, and the internet.
Retailers, Distributors, the internet, and the consumer.
55
These people would be described the “followers” (they really need proof that something works)
The late majority
The early adopters
The early majority
The innovators
56
A company lets a trademarked brand, brand mark, or character be used by another for a royalty
Brand Licensing
Brand Extension
Co-Branding
Mixed Brand
57
The policy designed to create customer interest and demand by enticing them is a ______ policy.
Direct Marketing
Push
Pull
Promotional
58
What strategy relies on supply-and-demand elasticity?
Cost-oriented pricing
Inelastic demand oriented pricing
Competition oriented pricing
Demand-oriented pricing
59
A Branding Strategy involving the use of an existing brand on a new product
Brand Licensing
Brand Extension
Mixed Brand
Co-Branding
60
What is it called when a business aims their product towards a specific segment?
Marketing
Promotion
Targeting
Segmentation
61
What are the five C's of marketing?
Company, collaborators, competitors, computer, and chip
Company, customers, competitors, collaborators, and climate
Company, cool, climate, customers, and chocolate
Customers, competitors, cooper, competitors, and cancel
62
Campbell’s Soup makes an agreement with Walmart to make a generic brand of soup for them
Co-Branding
Brand Licensing
Mixed Branding
Brand Extension
63
What is a type of brand?
Private Distributor Brand
Generic Brand
National Brand
Local Brand
64
Geico uses Endgame in its advertisements. This is:
Mixed Branding
Brand Extension
Co-Branding
Brand Licensing
65
What brand is owned and initiated by wholesalers and retailers?
National brand
Generic brand
Private distributor brand
Local brand
66
What are the main stages of the product life cycle?
Demographics, Psychographics, Geographics, Behavioral
Introduction, Growth, Maturity, Decline
Product, Price, Place, Promotion
Product Item, Line, Mix, and Width & Depth
67
What market segment includes lifestyle, activity, interest, opinion, concerns, and personality?
Psychographics
Demographics
Geographics
Behavioral
68
A plan used to increase sales of a product brand and maximize company products
Marketing strategy
Brand strategies
Product plan
SWOT Analysis
69
Works with several related manufacturers and they are paid by commission on what they sell.
Agents
Independent Manufacturers Reps
Intermediaries
Brokers
70
Which C involves researching market size, growth, segments, purchasing, and seasonal factors?
Company
Climate
Customers
Collaborators
71
Ben and Jerry’s begin using Oreos in their ice would be:
Co-Branding
Brand Licensing
Mixed Branding
Brand Extension
72
What illustrates the customer perception of a business’ offerings versus competitors'?
Life cycle diagram
Political affiliation matrix
Competition venn diagram
Positioning map/matrix
73
A specific version that can be designated as a distinct offering is a:
Product width/depth
Product item
Product line
Product mix
74
What is the point at which enough products are sold to where they equal their total cost?
raw profit point
demand elasticity point
break-even point
cost equality point
75
What is a fad?
Mass movement towards a style or value
Higher demand during certain times of the year
Product popular for a short period of time
Small section of market with little competition
76
What is the part of the brand that is an unspoken symbol or design?
Trade character
Trademark
Brand mark
Brand name
77
This type of channel conflict includes different level in the same channel
Single Channel conflict
Horizontal conflict
Vertical conflict
Multichannel conflict
78
Which function involves obtaining, developing, maintaining, and improving the product/service?
Selling
Marketing Information Management
Product/Service Management
Promotion
79
Blockchain helps authors make more money by increasing the royalties they obtain from purchases
True
False
80
What is a niche?
Small section of market with little competition
Mass movement towards a style or value
Higher demand during certain times of the year
Product popular for a short period of time
81
What is a word or group of words, letters, or numbers that can be spoken?
Brand mark
Trade character
Trademark
Brand name
82
What strategy involves pricing above, below, or in line with competition?
Relevancy pricing
Competition-oriented pricing
Cost-oriented pricing
Demand-oriented pricing
83
Which brand does not carry a company or brand name?
Private distributor brand
National brand
Generic brand
Local brand
84
Which method of managing conflicts consists of each party sending someone to resolve the issue?
Congregation
Mediation
Arbitration
Diplomacy
85
A product is offered as a combination of manufacturer, private distributor, and generic brands
Brand Extension
Mixed Brand
Brand Licensing
Co-Branding
86
Which function collects accurate data about market needs, competition and environment?
Selling
Marketing Information Management
Product/Service Management
Promotion
87
What are the Segmented Pricing strategies
Product Design
Time of Purchase
Buyer Identification
Purchase Location
88
What is the aim of promotion?
Generate more hashtags about your product on social media
Increase awareness, interest, sales or brand loyalty
To become more popular than the Kardashians
Increase unawareness, disinterest, returns or brand loyalty
89
Involves the use of all suitable outlets to sell a product.
Moderate
Intensive
Selective
Exclusive
90
A limited number of outlets in a given geographic area sell a manufacturer’s product
Moderate
Exclusive
Intensive
Selective
91
This type of channel conflict includes different market channels
Horizontal channel conflict
Single channel conflict
Multichannel conflict
Vertical channel conflict
92
What is the number of product lines an organization offers?
Product item
Product width
Product mix
Product depth
93
In what step do you ask what problem you have/solution you offer?
Problem recognition
Evaluation of alternatives
Purchase and Outlet selection
Information research
94
Buy large amounts of good from manufacturers, store the goods, and resell them to retailers
Brokers
Retailers
Intermediaries
Wholesalers
95
The type of demand when factors (i.e. price) have an effect on the quantity consumers buy
Inelastic demand
Elastic demand
96
Which of the following is NOT one of the five adopter categories in diffusion of innovation
Persuasion
Decision
Generation
Implementation
97
Google is ran by what new trend in the global and digital marketplace?
Blockchain
Shoppable Social
White Hat SEO
Artificial Intelligence
98
What emphasizes the real or perceived differences between competing products or services?
Marketing
Product positioning
Promotion
Product differentiation
99
Bring buyers and sellers together get a commission and move on without a long-term relationship
Wholesalers
Agents
Intermediaries
Brokers
100
What do the qualities in this chart comprise?
A business' mission and vision
A business' product differentiation
A company's market offering
A company's marketing plan
101
A situation that occurs when competitors agree on certain price ranges for themselves?
Price discrimination
Price advertising
Unit pricing
Price fixing
102
What is the Diffusion of Innovation category where a company convinces you to keep a product?
Decision
Knowledge
Persuasion
Implementation
103
Orville Redenbacher creates a Target specific brand of popcorn. This is
Mixed Branding
Brand Extension
Co-Branding
Brand Licensing
104
What is shoppable content?
Something that is available to be purchased at all times
Products that are rising in popularity
Anything that can be bought on the internet
A direct opportunity to buy a product in a few clicks
105
Blockchain does which of the following for music artists?
Makes artists lose money
Makes music profitable
106
What does the STP in STP Process stand for?
Selling, Targeting, Positioning,
Segmentation, Targeting, Positioning
Stormi Jenner, Tiger Woods, Penelope Cruz
Segmentation, Titrating, Pricing
107
Which of these is NOT a characteristic of the "Introduction" stage of the product life cycle?
Often experience losses
Sales volume low
Very profitable
High costs
108
Which of the following are the purposes of branding?
To become famous on social media
To ensure quality and consistency
To capitalize on brand exposure
To build product recognition and customer loyalty
109
What market segment includes country, city, density, language, climate, area, and population?
Demographics
Behavioral
Psychographics
Geographics
110
When would a "Product Extension" come into the product life cycle?
Decline
Growth
Introduction
Maturity
111
Which is NOT a step in product development?
Test Marketing
Idea Screening
Idea Generation
Idea Execution
112
How is the use of financing vital in any economic system?
It turns a failing business into a profiting business
It allows companies to buy products out of immediate reach
It allows businesses to create successful financial plans
It turns entrepreneurs into millionaires without fail
113
Why is co-optation a good method for preventing conflict within a channel?
It prevents the power of one partner to overwhelm a channel.
It allows the channel members to think creatively w/ ideas.
It allows for faster communication between channel members.
It shares the expert opinions of leaders inside the channel.
114
What is a group of closely- related products offered by an organization?
Product width/depth
Product mix
Product item
Product line
115
Which C involves businesses that can help the company achieve its goals and objectives?
Collaborators
Customers
Competition
Company
116
What is diving a market into smaller groups of potential buyers with common characteristics?
Marketing Information Management
Advertising
Marketing
Market Segmentation
117
What is an example of a trend in digital marketing?
Purchasing goods over the internet
Snapchat's Visual Search feature
Popups
Creating ads that target certain consumers
118
When a supplier markets a different product to each different segment?
Niche marketing
Mass marketing
Differentiated marketing
Direct marketing
119
Why do companies recommit to the product line?
more profit
company wants to change product image completely
to help expand company
item is declining and sales need to be boosted
120
Which of the following are criteria for forming a market segment? (There are multiple answers)
Be substantial and have enough potential customers
Be identifiable and measurable
Respond to marketing efforts in a distinguishable way
Be accessible to marketing efforts
121
Which function refers to communication used to inform, persuade, and remind a target market?
Selling
Pricing
Promotion
Financing
122
Refers to what a company offers, should meet a consumer demand, and goes through a life cycle
Price
Place
Product
Promotion
123
Involves product distribution in protected territories in a given geographic area.
Selective
Intensive
Exclusive
Moderate
124
What does advertising mostly focus on during the "Growth" stage of the product life cycle?
Product Features
Customer Satisfaction
125
Dove decides to get to make chocolate Easter bunnies. This is an example of:
Brand Licensing
Brand Extension
Co-Branding
Mixed Branding
126
What happens when a firm charges different prices to similar customers in similar situations?
Unit pricing
Price fixing
Price discrimination
Resale price management
127
Which function involves providing funds for business activities, purchasing, or investing?
Pricing
Marketing Information Management
Financing
Selling
128
What band is owned and initiated by national manufacturers?
Local brand
National Brand
Generic brand
Private distributor brand
129
What is a company or brand’s value based on customer perception and experiences with the brand?
Brand strategy
Brand Equity
Re-branding
Co-branding
130
Which marketing function is determined by demand, market conditions, and competition prices?
Promotion
Product/Service Management
Pricing
Selling
131
What is the Diffusion of Innovation category where the consumer buys or doesn't buy a product?
Persuasion
Confirmation
Decision
Implementation
132
What is a similarity between a corporate brand and a product brand?
They both reflect quality
They both reflect a company
They both reflect a product
They both identify a business
133
Taco Bell offering the Doritos Locos is an example of:
Co-Branding
Mixed Branding
Brand Licensing
Brand Extension
134
Donald Trump, puts his name on steaks, casinos, and colleges, heavily:
Brand Extensio
Brand Licensing
Mixed Branding
Co-Branding
135
Co. will sell/license product to risk companies; try to rejuvenate it by keeping image the same
True
False
136
What is this?
Brand Equity
Product Life Cycle
4 Ps of Marketing
Product Line
137
What must a brand do in order to be included in Interbrand's Best Global Brands?
Expands across the established economic centers of the world
The brand must be truly global
Successfully transcends geographic and cultural boundaries
Make apples
138
How many steps are there in the consumer buying decision making process?
3
5
6
4
139
These people are the very LAST in line to buy a product
The early adopters
The later majority
The early majority
The laggards
140
What includes all of the products an organization sells?
Product line
Product mix
Product width
Product depth
141
What are the three major stages of consumption?
Promotional, Purchasing, and Returning stage
Pre-Purchase, Purchase, and Review stage
Pre-purchase, Service encounter, Post-purchase stage
Advertising, Service encounter, and Follow up stage
142
Distribution intensity/selectivity depends on what
How a service will be preformed
How widely a product will be distributed.
How a product will be selected
The size and shape of a product
143
A Branding Strategy where one or more brands are combined into a single product
Co-Branding
Brand Licensing
Brand Extension
Mixed Branding
144
These wait to get it until a CLEAR MAJORITY of people have tried a product and approve of it
The early adopters
The laggards
The early majority
The later majority
145
In which step do you follow up with customers?
Post purchase evaluation
Information research
Evaluation of alternatives
Problem recognition
146
True or false: After diplomacy, mediation, and arbitration fail, a lawsuit may be filed
True
False
147
Which market segment includes age, gender, income, education, family, occupation, and status?
Demographic
Behavioral
Psychographic
Geographic
148
In this phase, companies must get the word out about a new product
Persuasion
Implementation
Knowledge
Decision
149
In the decision point step of the product life cycle, what does modernizing the product do?
Discount the product
Sell product
Drop the product
Redesign or repackage product
150
The process to a natural placement on organic search engine result pages is...
Organic SEO
Implementation
White hat SEO
Confirmation
151
Act as mediaries by bringing buyers and sellers together, but do not own the goods themselves.
Brokers
Agents
Retailers
Intermediaries
152
Why may channel partners swap employees?
So channel partners can come up with new ideas
So they can increase profits in all sectors of the channel
So channel partners can increase productivity in all sectors
So they can understand eachothers roles, preventing conflict
153
What is the number of product items in a product line?
Product width
Product mix
Product depth
Product item
154
In which step do you determine the cost, effectiveness, and number of solutions available?
Evaluation of alternatives
Purchase and outlet selection
Problem recognition
Post purchase evaluation
155
What is the marketing strategy that aims to make a brand distinct in the mind of the customer?
Branding
Marketing
Positioning
Purchasing
156
What decision is NOT made during product planning?
Packaging
Services
Labeling
Generic Brand
157
What is a POSITIVE of regionalizing the product?
generates more profit
people everywhere want the product
eliminates national advertising costs
creates customer loyalty
158
Which of the following is NOT an example of a suboordinate goal?
Channel partners increasing the number of employees
Channel partners increasing market share
Channel partners improving customer satisfaction
Channel partners increasing profit maximization
159
Outlines where a company sells a product and how it delivers the product to the market
Price
Product
Promotion
Place
160
What is a trend?
Product popular for a short period of time
Higher demand during certain times of the year
Mass movement towards a style or value
Small section of market with little completion
161
What is the Diffusion of Innovation category where the consumer reviews a purchased product?
Confirmation
Persuasion
Implementation
Knowledge

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