What is conscious marketing?

Marketing with a higher purpose.

What are the four major psychological factors that influence consumer buyer behavior?

Motivation, perception, learning, and attitude or belief system

Value based Marketing means

Focusing marketing efforts on what consumers value

How can marketing minimize Cognitive Dissonance?

Effective communication and follow-up

What is product line extension?

Adding a closely related product to the current product line

In the AIDA plan for marketing, AIDA stands for:

attention, interest, desire, and action.

What is the purpose of branding?

allow an organisation to distinguish itself from others

What is High-low Pricing?

setting high price for product then lowering it for a sale then increasing

identifying and satisfying consumer needs

What's the lagged effect?

delayed response to a marketing communication campaign.

Unaware of needing the product, sudden problem

Price elasticity of demand measures...

how sensitive consumers are to a change in price

spend considerable effort in planning and making purchases

A competitive advantage is

Feature of a company/product making it different to others

Market-skimming pricing

Setting a high price for a new product to skim maximum revenues

Demographic Segmentation is segmentation based on

age, race, religion, gender, ethnicity, income, education.

The 4E framework of social media includes

excite, educate, experience, engage

Describe the pricing strategy of 'market penetration'

Very low prices to undercut competitors

indirect marketing channel

products going through a series of stages before reaching the customer

________ are the social factors that influence consumer buyer behavior.

Small groups, social networks, family,social roles, and status

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3100 Final Exam Review

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Questions 79

Answers

1
What is conscious marketing?
Marketing with a lower purpose.
Being socially responsible.
Marketing with a higher purpose.
Not understanding ethics.
2
_________- A single marketing plan used to reach all consumers
Market Segmentation
Mass Marketing
Target Market
Market
3
The personal selling process starts by
Follow-Up
Presentation and demonstration
Approach
Prospecting and qualifying
4
Personal selling process is?
Closing & handling objections, and follow up
All answers are correct
prospecting and gathering information
Approaching the prospect and presentation
5
What are the four major psychological factors that influence consumer buyer behavior?
Motivation, learning, personality, and self-concept
Perception, learning, lifestyle, and social roles
Motivation, perception, learning, and attitude or belief system
Motivation, perception, learning, and personality
6
Maturity is what stage in PLC
4
3
2
1
7
Value based Marketing means
Employing marketing tactics that deliver the most value
Capturing as many dollars as possible for the least cost
Focusing marketing efforts on what consumers value
Seeking out inexpensive marketing channels
8
Primary Data
Is data collected by someone else
is data taken from the official statistics
is data collected as a child
is data collected by yourself
9
The marketing research process includes
all of the above
implementing the research plan
Defining the problem
developing the research plan
10
Secondary data is
when an investigation tests its hypothesis
when repeated observations give similar results
collated from other sources
collected by the investigator
11
How can marketing minimize Cognitive Dissonance?
Disregarding how customers feel when purchasing
Effective communication and follow-up
Not providing warranties
12
Psychological factors influecing buyer behaviour include:
Personality
Income
Family influence
All of the above
13
What personal factors does affect buyer's decision the least?
Economic situation
Family
Age
Lifestyle
14
Cognitive dissonance in marketing is often referred to as _____.
buyer's remorse
buyer beware
buyer's ignorance
buyer's lies
15
How many stages are there in the business buyer decision process?
8
6
4
10
16
What is product line extension?
Adding a closely related product to the current product line
Existing brand name is applied to a new product in a different category
17
What does a marketing strategy involve?
Creating a plan of action to achieve a long-term aim
Striking the right balance between the 4 P's
Setting shorter-term objectives
ALL of these
18
A buyer’s decisions are also influenced by personal factors such as :
Lifestyle
All of the above
Personality and self-concept
Age and life-cycle stage
19
In the AIDA plan for marketing, AIDA stands for:
attention, interest, desire, and action.
action, information, desire, and acknowledgement.
action, interest, direct benefits, and attention.
awareness, information, data, and alertness.
20
What is the purpose of branding?
to make a profit from your name
to create a monopoly and beat other companies
allow an organisation to distinguish itself from others
21
In PLC in the Introduction phase profits are
Negative
Depends on cost of product
Break even
Very high
22
What is High-low Pricing?
setting high price for product then lowering it for a sale then increasing
companies package products togethe than offer them at a reduced price
based on the theory that certain prices may have a phsiological impact
the price of a product is chosen by adding precentage to the products cost
23
Which is not one of the 4 pricing orientations?
Breakeven-oriented
Customer-oriented
Competitor-oriented pricing
Sales oriented
24
What is Marketing?
analysing consumers in terms of age
A place where we live
identifying peoples hobbies
identifying and satisfying consumer needs
25
What's the lagged effect?
delayed response to a marketing communication campaign.
Is the method used to promote the product or service
Is the way brands spread awareness
Is the process of ensuring a sale
26
Unsought products...
Willing to spend only minimal time and effort
Unaware of needing the product, sudden problem
Purchased frequently
Possess one or more unique chractersitic
27
Price elasticity of demand measures...
how sensitive consumers are to a change in price
buyers ability to switch
buyers knowledge of the product
availability of substitutes
28
Which is demographic segmentation?
Urban Users
Gender
Regular Users
Social Class
29
Growth stage of PLC is marked by ____ & _____ .
rising demand, rising profits
none of the above
rising profits, rising costs of production
rising sales, rising profits
30
What is the first stage in the buyer decision making process?
Purchase
Information search
Post Purchase Evaluation
Need recognition
31
What competitive advantage relates to costs?
Economies of scale
Expense minimisation
Innovation
Cost Leadership
32
Identify the third step of buyer decision-making process.
Evaluate alternatives
Need recognition
Information search
Purchase decision
33
Shopping products
unique characteristics, spend considerable effort to obtain
spend considerable effort in planning and making purchases
don’t think of buying until a need or sudden problem arises
items the consumer seeks to purchase frequently
34
Social factors influencing buyer behaviour include:
All of the above
Gender
Reference groups
Learning
35
A competitive advantage is
Feature of a company/product making it different to others
A product which is cheaper than the competition
Features that are similar to other products and companies
A product which is less well known
36
Emotional appeals -
make the reader sad or afraid
persuade the audience
all of the above
use words that evoke emotions
37
Market-skimming pricing
Setting a high price for a new product to skim maximum revenues
A sufficient number of buyers have a high current demand
The unit costs of producing a small volume
none of the above
38
Step of personal selling process
sales nomination
qualifying
pre-approach
prospecting
39
The specific group of consumers an organization selects as the focus of its marketing plan:
financial goal
customer mark
industrial target
target market
40
Demographic Segmentation is segmentation based on
age, race, religion, gender, ethnicity, income, education.
city, county, state, region
Buying patterns
Beliefs, values, attitudes, interests, and lifestyles
41
The 4E framework of social media includes
excite, educate, experience, engage
expect, emphasize, educate, engage
excite, educate, entertain, engage
expand, engage, educate, emphasize
42
Describe the pricing strategy of 'market penetration'
Competitive pricing
Lower prices and discounting
Very low prices to undercut competitors
Extra high prices because the product will sell regardless
43
convenience products
Rolex
clothes
toothbrush
furniture
44
The business buyer makes the fewest decisions in the ________.
modified rebuy
new rebuy
straight rebuy
regular buy
45
indirect marketing channel
products going through a series of stages before reaching the customer
the differences between the initial cost of a product and the price
a third party that acts as a midleman between connecting people
a large building where goods can be stored
46
________ are the social factors that influence consumer buyer behavior.
Culture, subculture, and social class
Small groups, social networks, family,social roles, and status
Motivation, perception, learning, beliefs, and attitudes.
Personality, self-concept, and lifestyle
47
The personal selling process ends with?
Negotiation
Follow up
A contract
Closing sale
48
New product development process starts with
Test marketing
Concept development
Idea generation
Business analysis
49
Q32: Which of the following factors does not belong to the micro marketing environment of the business?
D. Annual inflation rate
A. Customer
B. Marketing intermediaries
C. Competitors
50
What is characteristics of the decline stage for PLC?
Higher cost, low sales and negative profit.
Rapid revenue growth, & competitors enter the market
Low sales & low profit
The most profitable & peak sales
51
The following are steps in Buyer Decision Making Process EXCEPT
Trial
Evaluation of Alternatives
Information Search
Need Recognition
52
Product Line Extensions involve...
Remove all current product lines
Addition to obsolete product lines
Addition to current product lines
Remove some product lines
53
Direct Marketing Channel...
Has mostly the consumer as the Manufacturer.
Has mostly the intermediates as the Manufacturer.
Spreads the manufacturing out equally.
Has mostly the seller as the Manufacturer.
54
During the Maturity stage of the PLC,
Sales increase rapidly
Sales begin to decline
Sales are stable and at their peak
The product is launched
55
What does CSR stand for?
Customer Service Relationship
Customer Service Responsibilities
Corporate Social Responsibility
Corporate Success Relationships
56
Which term is NOT part of the marketing mix?
product
price
population
placement
57
what is the last stage of the buyer decision making process?
information search
post purchase behaviour
there is no last stage
purchase decision
58
Functional risk refers to ...
the risk of a product failure
the risk of paying too much (e.g. future price reductions)
fear that a certain behavior is not accepted by the individual's peers
59
What the four segmentation methods
Geographic, Videographers, Psychographic, and Behavioral
Typographic, Psychographic, Geographic, and Bad Manners
Geographic, Demographic, Psychographic, and Behavioral
Geographic, Demographic, Psychographic, and Unruliness
60
What is the 4th stage of Buyer Decision Making Process?
Purchase Decision
Alternative Evaluation
Information Search
None of the above
61
EDLP stands for
Every day low products
Every day left prices
Every day luxury pricing
Every day low prices
62
product definition
refers to the way a brand packages their goods
refers to what a company gives away
refers to a thing
refers to goods, services, or even ideas
63
The new product development process includes:
Screening
All of the above
Development
Idea generation and evaluation
64
Convenience Products
rarely buy (it's too expensive!)
buy for your home - once in a while
often buy (daily or weekly)
don't really need at all (like blood donations)
65
Cognitive dissonance in marketing…
is also called product deletion or product elimination
is offered by the seller to influence the purchase
is when a customer feels insecure about his purchase
is most likely to occur after a Routine product purchase
66
What is the first step of the business buyer decision process?
Proposal solicitation
General need description
Performance review
Problem recognition
67
what is product depth?
numberof different product lines
number of different product lines
Allthe types of products a company makes or sells
numberof items offered within each product line
68
Positioning is?
four stages of a product
strategy used by company to differentiate its products
introduces new products at high prices
uses low pricing to help capture large market
69
Situational decision making factors include:
Beats and Scheduling
Experience
Location
Racial composition
70
The Macro factors that impact marketing are Economic, ...
technological, world and social
technological, legal and social
legal, global and social
legal, technological and world
71
What is product breadth?
Product breadth is the number of products it produces annually
The number of product lines a business produces or retails
The number of product lines a business produces or retails
Product breath is the only way a company can make a profit
72
The Marketing Mix includes...
product/ promotion/ packing/ parcels
product/ promotion/ place/ price
product/ place/ publicity/ price
73
How many steps are in the buyer decision making process?
6
3
4
5
74
Primary data is more reliable then secondary data because....
primary data requires less effort to obtain
it sounds better
collected by another person, ensuring its authenticity
it is collected by the user of the data and not processed
75
Brand extension occurs
as a large company separates into many smaller companies
as a start-up company creates a their brand
as a company releases a new brand
as a company uses an existing brand name to introduce products
76
Shopping products
Products that consumers buy frequently
Life insurance
Fast food
Computers, mobile phones
77
Psychographic Segmentation ..............
based on behavioral,preference, choices and decision making
can be conceivedanddeveloped in a variety of ways
divides the audience on the basis of Their personality
divides the market on the basis of geography
78
A detailed marketing plan includes:
Executive summary
Marketing mix
All of the answers listed
Situation analysis
79
The best explanation of a marketing plan is:
the map of the areas that a firm’s product is sold in
the plan to market a product in a new region of the country
the plan which creates the marketing mix to suit a product
the marketing objective for the business,

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