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Unit 3 AICE Business AS
Define marketing
What are the Product Attributes?
Unit 3 AICE Business AS
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1
What are the Product Attributes?
Characteristics of a material
There are not product attributes
Characteristics of the finished product
2
Define marketing
literature
a person explaining a product.
the action or business of promoting and selling products or services.
food and culture
3
what is a marketing objectives?
a used by a business to guide its marketing process
the five marketing strategies used to reach a market
the process of developing to satisfy customers
a business wants to accomplish through its marketing efforts
4
The purpose of marketing research is to
gain customers
solve product problems
monitor product sales
identify marketing opportunities
5
Cluster Sampling is...
SRS from entire population
trying bee honey
using different sampling methods, create smaller groups.
to put a population into pre-existing groups or clusters
6
the quantity of a product that firms are prepared to supply at a given price in a time frame
demand
share
supply
growth
7
What are the four P’s of Marketing?
Package, Payment, Population, Product
Promotion, Place, Practice, Package
Place, Practice, Product, Payment
Product, Place, Price, Promotion
8
Define Demographics in marketing
Very Realistic Pictures on a video Game.
Someone who consistently uses crude and vulgar language.
Common characteristics of a group e.g. age, gender, income.
A car race where the last car still running wins.
9
advertising is just explaining a product
True
False
10
A marketing plan is a set of procedures for:
Increasing employee productivity
Achieving marketing goals
Attracting the target customers to a business
Decreasing overhead costs
11
Why could dynamic pricing be a necessary measure?
Provides maximum capacity at minimum price at full demand
To follow the market more efficiently
Provides maximum capacity at maximum price at full demand
Provides opportuneties to increase capacity
12
What is stratified sampling?
Sample every nth person or thing
drawing names out of a hat
Separate into smaller groups then sample each group randomly
Ask your friends
13
The quantity of a product or service that consumers are willing & able to buy at a given price
supply
worker productivity
public goods
demand
14
What is mark-up pricing?
Selling higher quality products at higher prices
Setting a price that covers costs and gain profit
Gradually heightening the prices of products
Setting a higher price after establishing a foothold
15
An identifying symbol, name image or trademark tht distinguishes a product from its competitors
Mission statement
Logo
Slogan
Brand
16
The percentage change in the total size of a market (volume or value) over a period of time
Market demographics
Market share
Market growth
Market size
17
penetration pricing
a low price to put competitor out of business
a high price for a limited time
a price based on cost
a low price to get a foothold in the market
18
Marketing....
Is defined as selling things using a variety of methods
Insures the effective exchange of goods & services
Involves advertising in different mediums
Is defined as promoting goods or services
19
The marketing mix is composed of...
4 Bs
4 Ts
4 Ps
4 Cs
20
Mass marketing is
info that can be measured such as age and gender.
focuses on attitudes toward products/services.
an attempt to appeal a large group of consumers.
divides markets into physical locations.
21
When positioning your product, marketers have to be aware that..
They will make lots of money
It is hard
They will appeal to all consumers
They may alienate some consumers
22
How might marketing NOT affect consumer behaviour?
It focuses on multiple companies offering a product
It persuades the consumer that they should not purchase
It encourages the consumer to conduct market research
It increases consumer knowledge of a product or service
23
What are consumer goods?
Any anwers is correct
Products that are use to a long perio of time
Products wich are used to manufacture consumer goods
Products wich satisfy the needs of the consumer
24
Quota sampling is
not
likely to be
Very representative of the population
Selecting a specific number of people in a market segment
A non-randomly selected sample
Relatively inexpensive to select the sample
25
The percentage of sales in the total market sold by one organisation is termed
The market
Market share
Market size
Market growth
26
What Is Promotion?
Price.
Various Types Of Communication That Marketers use To Inform.
Location.
Getting An Increased Amount Of Money On Your Pay Check.
27
What's the order of the product life cycle?
Growth, introduction, maturity, decline
Maturity, introduction, growth, decline
Introduction, growth, maturity, decline
Decline, maturity, growth, introduction
28
What is the equilibrium price?
amount quantity supplied is higher than quantity demanded
amount by which the quantity demanded is higher
where the price is neither a surplus nor a shortage
29
Outward-looking approach basing product decisions on consumer demand and market research
Product orientation
An animal's change of position in response to the market
Consumer orientation
Consommé orientation
30
What are the Four P's i n Marketing?
Promotion, Price, Place, Product
Price, Protection, Printing, Pets
Mets, Pets, Jets, Nets
Promotion, Sales, Management, Marketing
31
The total level of sales of producers within a market is termed
Market share
Market growth
Marketsize
The market
32
Brand personality can be defined as
a characteristic of the marketer
Carbon footprint
the businesses target audience
a human characteristics to which a customer can relate
33
What is personal selling
When you buy something at a store
When you buy something online
Direct contact between seller and buyer
When aliens sell you something
34
The difference between the highest value and the lowest value.
Mode
Midrange
parameter
Range
35
What does the product life cycle do?
It shows how well a product sells
It shows what customers think of products
It shows the journey and sales of a product
Helps you to learn what consumers want in a product
36
An example of public relations might be...
Sponsoring a local youth football team
Using billboards to make a new product public
Sending brochures to customers in the post
Calling customers directly to persuade them to buy a product
37
What can a business do with market research?
See how much profit they will make
Nothing
Make a gap in the market
See customers needs and preferences
38
Which are the types of marketing research?
media & association
attitude & consumer
market intelligence & association
attitude & media
39
What is niche marketing?
A product designed for children
Products designed for specific people
A product designed for the public
A product designed for adults
40
What are the characteristics of qualitative research?
field research provides a broader perspective on theory
field research provides a relationship between variables
Pursuit of theory development can be in an economical manner
It uses deductive approach in reasoning
41
Which would
not
help to phase in full-cost pricing of gasoline?
Lower payroll taxes
Subsidies for oil companies
Lower income taxes
Higher gasoline taxes
42
What is price elasticity of demand?
The measure between surplus and shortage
The effect of an indirect tax
The measure between demand and change in price
The effect of a subsidy
43
What is sponsorship?
To spend money on a product
provides products, services to support the team and the item
To create a new logo
44
Stratified sampling is a biased sampling method.
false
true
45
E-commerce is ...
stock trading.
purchasing software.
the ability to buy and sell online.
economics of the internet.
46
Portfolio Analysis
Is using models to develop the best strategy for each product in the range
Refers to the product range of a firm
Is looking at all the products in the market
Uses models to minimise revenue for the firm
47
What are the ways we segment the market?
Psychographic
Demograohic
Geographic
Behavioral
48
What is product differentiation?
Strategy to offer unique features for competitive advantage
Product with a dominant market share in a fast growth market
A strategy involving a technological breakthrough
A unique feature of a product
49
extension strategies are designed to
make the maturity stage shorter
make the maturity stage longer
50
Market Segmentation is:
Expensive
Dividing the target market into smaller, manageable sections
More precise
Complex
51
a marketing strategy that involves creating a differentiated name and image
naming rights
branding
licensing
appearance
52
What is mode?
Found by adding all scores and dividing by the # of scores.
The score in the middle of ordered data.
The average.
The score that occurs the most frequently.
53
What are sponsorship benefits?
the cost of the logo
Increase sales and profits
making less money
cost of selling the sponsorship
54
What does it mean to have a Competition-Based pricing method?
To offer Coupons
To work harder to beat your competition at selling something
To compete for customers by lowering/raising the prices
Betting on the Competition
55
Businesses that operate in the tertiary sector provide -
social services
manufactured products
national resources
services
56
Product positioning is important to a company's
branding
customers
success
image
57
This is the attributes of a product...
placement
benefits
logistics
features
58
An example of mass marketing is _______.
A product advertisement shown on tv.
Verbally telling people about your product.
A booth set up a festival.
A flyer in a few downtown shops.
59
Open questions;
Are always the best questioning method.
Are good for obtaining a quick confirmation of fact.
Encourage people to express opinions on a topic.
Invite a limited response, such as yes or no.
60
Calculated by totaling all the results and dividing by the number of results
Arithmetic Mode
None of the answers are correct
Arithmetic mean
Median
61
Random sampling is:
Every member of a population has a chance to be elected
Individuals who have chosen to be involved in the study
Dividing the target population into important sub-categories
Simply selecting those people that are available at the time
62
What is Distribution by channel?
plan of what % will be contributed to each channel
The last page visited before the current web page
A small piece of information sent from a web server
Characteristics such as age, sex, income
63
What is a market segment?
A market that likes eating fruits cut into segments
Identifiable sub-group of a market who have the same wants
A slice of the market
Women
64
quantitative research is most often reported as
long lists of numbers
graphs and charts
descriptions of behavior
all of the above
65
What is secondary research?
The second time a business does research
Research that is done every second
Always in a survey form
Collecting information that already exists
66
Viral Marketing is
Big budget billboard, magazine & TV advertising
Internet advertising campaign passed on by social media
Films referencing other films in their advertising
crashing out websites to get famous
67
Which Items are in the Marketing Mix?
Income Statements Balance Sheets, & Statement of Cash Flows
Price, Product, Promotion, and Placement.
Addition, Subtraction, Multiplication & Division.
The Rock, Paper, Scissors
68
the end result of the production process sold on the market to satisfy a customer need
consumer durables
product
brand
promotion
69
Closed questions are (Check all that apply)
vary in degree of openness
limiting the choices of answers
narrow in focus and restrict the interviewee’s freedom
always good questions
70
An approach to marketing that bases strategy on the firm’s existing strengths and resources
Economies of scale follow
It can lead to market leadership
A reduction in the number of competitors
Productivity gains follow
71
ALL OF THESE ARE UNDER PROMOTION MIX, EXCEPT ?
CUSTOMER PRODUCT
DIRECT MARKETING
ADVERTISING
PERSONAL SELLING
72
A unique selling point is......
Allowing competitors to copy your ideas
Having something different to competitors
Having the same as competitors
Working with competitors
73
Customer relationship marketing
Click me baby
Using marketing activities to get successful customer relat
using activities to establish successful loyalty
74
An example of systematic sampling would be...
Sample every 3rd person
Sample the whole population
Use more than one method to sample
Assign people to numbers then draw from them
75
What is median?
The middle of the road.
The middle point of an ordered set of data.
The number that occurs most often.
The average of a distribution.
76
What is primary research?
First-hand data collected by a business
Qualitative and Quantitative Data
Data that is already available to use
Secondary data
77
What is mass marketing?
Appealing to one person
Directing marketing activities to appeal to the whole market
Appealing to everyone on earth
Appealing to a target market
78
Market research is...
A game on the App Store
Finding out about other businesses finances
Where a business gathers information about customers
Very fun to do
79
A penetration pricing strategy
Frequently encourages other businesses to enter market
Used by a business to attract a large share of the market
Usually results in high profit levels for the company
Used in maturity stage of the Product Life Cycle
80
Define Promotion
information
using a variety of communication forms
assess and satisfy their needs
any direct and personal communication
81
What is an example of below-the-line promotion?
A commercial billboard on the side of a main road
Sponsorship of a local sports team
A television advertising campaign
A product slogan developed by an advertising agency
82
Surveys and focus groups are examples of:
Primary Research
Secondary Research
83
Which of these would be suitable extension strategies?
Increasing production
Advertising
Introduce the product abroad
Increasing sales cost
84
What is the definition of Marketing
Creating, Interpreting and analyzing financial statments
Hanging out with your friend Mark Ting.
Creating and maintenance of satisfying exchange relatioships
Selling Different items in the grocery store produce section
85
What is Quantitative Research?
Uses numers and stats in the collection and analysis of data
Uses mainly words & other non-numeric symbols in collection & analysis
Uses mainly words and lego
