Product positioning refers to

The place a product occupies in consumers minds on important attributes

Market share refers to the ratio of

Sales revenue of firm to total sales revenue of all firms in the industry

Indirect channels for consumer products

Include intermediaries that are between the producer and consumer

Word of mouth refers to

The influencing of people during conversations

A competitive advantage refers to a

Unique strength against competitors based on quality, time, cost/innovation

Evaluative criteria refer to the

Objective and subjective attributes that consumers use to compare products

Which of the following statements about test marketing is most accurate?

Involves exposing products to perspective consumers to see if they buy

The target market refers to

Specific groups of customers that a firm directs its marketing program.

The term branding refers to

A firms use of name, phrase, design, symbol, and to identify its products

Intangible activities/benefits that firms provide to satisfy consumer needs

All of the following are true about marketing EXCEPT:

marketing persuades people to buy the wrong things.

In marketing research, a firm might consider using secondary data over primary data because

secondary data usually cost less

Brand equity is the added value a brand name gives a product, it has two advantages: creates a competitive advantage and

Customers are often willing to pay a higher price.

The best segmentation approach is one that

Maximizes the opportunity for future profit and ROI.

Effective marketing benefits society because it

Enhances competition, improves the quality of products and lowers prices

Social responsibility refers to the view

That firms are part of a larger society and are accountable to that society

Franchising refers to

A contractual arrangement between a parent company and an individual/firm

Product life cycle refers to

Concept that describes the stages a product goes through in the marketplace

Promotional mix refers to

Combination of one or more communication tools to inform consumers

Which list presents the Maslow hierarchy of needs in its correct order, from the lowest level to the highest level?

Physiological, safety, social/belonging, esteem and self-actualization

The primary purpose of a trademark is to

Legally protect a brand name or trade name and prevent others from using it

Prestige pricing refers to

Setting a high price to attract quality or status conscious consumers

Which one of the following statements regarding bundle pricing is most accurate?

It provides lower total cost to buyers and lower marketing costs to sellers

Product mix refers to

All of the different product lines offered by an organization.

studbud

Major Field Test practice exam

50 termsStudBud Administration55 plays

You are not timed through this Quiz activity. You will find some questions not explicitly covered in class, these questions are to help you review marketing concepts. Feel free to use available resource to research for answers. Your grade will be based on how many you get right

Flashcards50 cardsFPractice quizPHost liveL

Questions 50

Answers

1
Product positioning refers to
Changing the place a product occupies in a consumers mind
The competitive advantage of one product over another.
The place a product occupies in consumers minds on important attributes
A concept that assigns product value by association with social class.
2
A rep for TIM Chef utensils invites friends over and demonstrates the superiority of the products, she is engaging in?
Coercive selling.
Sales promotion.
Personal selling.
Primary sales.
3
Product, price, promotion, and place are all components of
the firm s required ongoing activities
the marketing mix
people with both the desire and the ability to buy a specific offering
factors used to examine competitors products
4
Which of the following terms best describes the marketing concept?
Production-oriented
Society-oriented
Consumer-oriented
Competition-oriented
5
Comparison with expectations & evaluation as satisfied/ dissatisfied is the __of the consumer purchase decision process?
Postpurchase behavior
Alternative evaluation
Purchase decision
Information search
6
Market share refers to the ratio of
Profits of all the firms in an industry to the profits of the firm.
Sales revenue of the firm plus all profits
Profit of the firm to the total profit of all firms in the industry
Sales revenue of firm to total sales revenue of all firms in the industry
7
To increase value, marketers may ________, decrease price, or do both.
Increase advertising
Decrease benefits
Increase benefits
Increase price
8
Indirect channels for consumer products
Occur when firms marketing channels are used to sell another firms products
Include intermediaries that are between the producer and consumer
Include producers and end users dealing directly with each other.
Occurs when a retailer sells its product in a store and on the internet.
9
Word of mouth refers to
Subjective misconceptions that are passed from one person to another
The influencing of people during conversations
Casual or unconstrained conversation about other people or offerings
The individuals who exert direct or indirect social influence over others
10
Oral-B toothbrush connects to smartphone. This is an example of how __forces help improve or replace existing products
Competitive
Legal
Regulatory
Technological
11
Aggregating perspective buyers into groups that have common needs and will respond similarly to a market action is
Market segmentation.
Psychographics.
Consumer differentiation
Market delineation
12
The first decision in developing the promotion program is to
Set the budget.
Identify the target audience.
Select the media.
Select the appeal.
13
A competitive advantage refers to a
Cluster of benefits that a firm promises customers to satisfy their needs.
Unique strength against competitors based on quality, time, cost/innovation
Added value given to a product beyond the functional benefits provided.
Firms actions with the sole intent of putting a competitor out of business.
14
Consumer sales promotion that involves the use of a brand-name product in a movie, television show, video is referred as
Co-branding.
Product placement.
Product parallelism.
A subliminal tie-in.
15
Evaluative criteria refer to the
Attributes from which a consumer will not waiver regardless of incentives
Attributes of a product that a manufacturer wishes to promote
Attributes of a brand that are based exclusively on objective criteria
Objective and subjective attributes that consumers use to compare products
16
Directing the promotional mix at ultimate consumers to encourage them to ask retailers for the product is referred to as
A pull strategy
An inertia strategy.
A push strategy.
An exclusivity strategy
17
Firm conducting a scan of marketplace might uncover key __such as popularity of bloggers and connectivity of consumers.
Responsibilities
Codes
Idealisms
Trends
18
A favorable attitude toward and consistent purchase of a single brand over time is referred to as
Behavioral loyalty.
Attitudinal discrimination.
Brand loyalty.
Consumer allegiance.
19
_____ it the process of satisfying a customer's needs or wants while making a profit.
Advertising
Marketing
Promotion
Targeting
20
In marketing, each ___consists of people who are similar to each other in terms of their consumption behavior.
Ultimate consumer group
Organizational buyer group
Market segment
Demographic cluster
21
Which of the following statements about test marketing is most accurate?
Standard test markets are the least expensive and fastest type
Test marketing is especially useful for new services.
Test marketing is essential for new, expensive industrial products
Involves exposing products to perspective consumers to see if they buy
22
Promotional expenses at the maturity stage of the product life cycle are often designed to
Convince those who have abandoned the brand to try it again
Create a sense of nostalgia.
Maintain market share.
Attract more price-conscious consumers.
23
The target market refers to
Specific groups of customers that a firm directs its marketing program.
Cluster of benefits that organizations develop to satisfy consumers needs
People who could purchase a product regardless of who ultimately uses it.
Former customers who now use competitors products
24
The term branding refers to
Establishment of a commercial, legal name by which a company does business.
Additional features given to a product beyond it functional attributes.
the identification of an organizations products based upon individual SKUs
A firms use of name, phrase, design, symbol, and to identify its products
25
Services are
Intangible activities/benefits that firms provide to satisfy consumer needs
Activity required for the production of a good
The human component that is part of the manufacturing process
Activities provided to complement a tangible good
26
All of the following are true about marketing EXCEPT:
marketing is a broader activity than advertising.
marketing it should also create value for its partners and society.
marketing persuades people to buy the wrong things.
marketing is a broader activity than personal selling.
27
Personal selling requires the ________ flow of communication between the buyer and seller
Recursive
Two-way
One-way
Indirect
28
As a marketing term, _______ generally includes not only physical goods, but also services and ideas.
Invention
Product
Merchandise
Concept
29
In marketing research, a firm might consider using secondary data over primary data because
secondary data usually cost less
primary data are likely to be outdated
secondary data are more accurate
primary data are usually non specific
30
The preference for a specific brand is called _______ demand.
Generic
Selective
Secondary
Derived
31
Brand equity is the added value a brand name gives a product, it has two advantages: creates a competitive advantage and
Decision making becomes easier for consumers.
It guarantees the lowest prices.
Customers are often willing to pay a higher price.
New market segments are easily added to the market-product grid.
32
The best segmentation approach is one that
Makes it easiest to reach the segment.
Is simplest and least costly in assigning potential buyers to segments.
Maximizes the opportunity for future profit and ROI.
Recognizes different needs of buyers among different segments.
33
To serve both buyers and sellers marketing seeks to discover and _________ the needs & wants of perspective customers.
manipulate
change
satisfy
create
34
Effective marketing benefits society because it
Reduces competition, making the playing field more even.
Allows companies to charge whatever price they want on their products.
Improves the quality of products and services regardless of the cost.
Enhances competition, improves the quality of products and lowers prices
35
__the intangible value of a brand based on the relationships with its stakeholders and its intellectual property value
Brand proposition
Brand equity
Brand value
Brand weight
36
Social responsibility refers to the view
Of the behavior of individuals based on legislation governing bodies
That considers individual rights or duties as universal
That firms are part of a larger society and are accountable to that society
That focuses on the greatest good for the greatest number
37
Franchising refers to
Selling an idea to a larger company and letting it do all the manufacturing
Purchasing the name, branding, and raw materials from one firm to another
When a firms marketing channel is used to sell another firms product
A contractual arrangement between a parent company and an individual/firm
38
Product life cycle refers to
Time it takes for the business to breakeven
Concept that describes the stages a product goes through in the marketplace
Time it takes a product innovation to completely diffuse in the marketplace
The average life span of a product.
39
A News Yearbook had same stories but 17 different covers to appeal to baseball fans in 9 of the US regions. This is__
Geographic segmentation
Behavioral segmentation
Demographic segmentation
Psychographic segmentation
40
"We hit fact, price high, and get the heck out when the me-too products pour in." 3M Co. uses____ pricing strategy.
Penetration
Skimming
Market-oriented
ROI
41
Promotional mix refers to
The underlying appeals used that make promotions effective
Combination of both paid and unpaid marketing tools
Composition of the objectives of the promotion
Combination of one or more communication tools to inform consumers
42
Which list presents the Maslow hierarchy of needs in its correct order, from the lowest level to the highest level?
Self-actualization, social/belonging, safety, physiological, and esteem
Physiological, safety, social/belonging, esteem and self-actualization
Safety, personal, self-actualization, physiological, and esteem
esteem, social, psychological, physiological, and safety
43
The primary purpose of a trademark is to
Allow company use of a brand name on multiple products in its product line
Legally protect a brand name or trade name and prevent others from using it
Help consumers identify a genuine product from a counterfeit product.
Capitalize on the brand equity a consumer associates with the symbol
44
Prestige pricing refers to
Setting a high price to attract quality or status conscious consumers
Setting a low initial price on a new product to appeal to the mass market
Setting a price that is dictated by tradition
Charging different prices to different buyers for goods of like quality.
45
A firm's profit equation demonstrates that profit equals
Total revenue / Marginal cost.
Price x Quantity.
Total cost + Total revenue.
Total revenue -Total cost
46
A good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs is a
Utility.
Service.
Product.
Marketing program.
47
Which one of the following statements regarding bundle pricing is most accurate?
It provides lower total cost to buyers and lower marketing costs to sellers
Bundle pricing is often associated with a skimming strategy.
Bundle pricing is intended to benefit the consumer, not the seller.
Bundle pricing is based on the idea that consumers value individual items
48
A paid form of nonpersonal communication about an firm, product, service, or idea by an identified sponsor is
Mass communication.
Advertising.
Publicity.
Direct marketing.
49
A _______ is a need that is shaped by a person's knowledge, culture, and personality.
craving
product
want
feeling
50
Product mix refers to
The entire product category or industry.
All of the different product lines offered by an organization.
The variations within a product class.
A specific product SKU that has a unique brand, size, or price.

Major Field Test practice exam Flashcards | StudBud

Major Field Test practice exam

50 termsStudBud Administration55 plays

Flashcards50 cardsFPractice quizPHost liveL

Questions 50

Answers

1
Product positioning refers to
Changing the place a product occupies in a consumers mind
The competitive advantage of one product over another.
The place a product occupies in consumers minds on important attributes
A concept that assigns product value by association with social class.
2
A rep for TIM Chef utensils invites friends over and demonstrates the superiority of the products, she is engaging in?
Coercive selling.
Sales promotion.
Personal selling.
Primary sales.
3
Product, price, promotion, and place are all components of
the firm s required ongoing activities
the marketing mix
people with both the desire and the ability to buy a specific offering
factors used to examine competitors products
4
Which of the following terms best describes the marketing concept?
Production-oriented
Society-oriented
Consumer-oriented
Competition-oriented
5
Comparison with expectations & evaluation as satisfied/ dissatisfied is the __of the consumer purchase decision process?
Postpurchase behavior
Alternative evaluation
Purchase decision
Information search
6
Market share refers to the ratio of
Profits of all the firms in an industry to the profits of the firm.
Sales revenue of the firm plus all profits
Profit of the firm to the total profit of all firms in the industry
Sales revenue of firm to total sales revenue of all firms in the industry
7
To increase value, marketers may ________, decrease price, or do both.
Increase advertising
Decrease benefits
Increase benefits
Increase price
8
Indirect channels for consumer products
Occur when firms marketing channels are used to sell another firms products
Include intermediaries that are between the producer and consumer
Include producers and end users dealing directly with each other.
Occurs when a retailer sells its product in a store and on the internet.
9
Word of mouth refers to
Subjective misconceptions that are passed from one person to another
The influencing of people during conversations
Casual or unconstrained conversation about other people or offerings
The individuals who exert direct or indirect social influence over others
10
Oral-B toothbrush connects to smartphone. This is an example of how __forces help improve or replace existing products
Competitive
Legal
Regulatory
Technological
11
Aggregating perspective buyers into groups that have common needs and will respond similarly to a market action is
Market segmentation.
Psychographics.
Consumer differentiation
Market delineation
12
The first decision in developing the promotion program is to
Set the budget.
Identify the target audience.
Select the media.
Select the appeal.
13
A competitive advantage refers to a
Cluster of benefits that a firm promises customers to satisfy their needs.
Unique strength against competitors based on quality, time, cost/innovation
Added value given to a product beyond the functional benefits provided.
Firms actions with the sole intent of putting a competitor out of business.
14
Consumer sales promotion that involves the use of a brand-name product in a movie, television show, video is referred as
Co-branding.
Product placement.
Product parallelism.
A subliminal tie-in.
15
Evaluative criteria refer to the
Attributes from which a consumer will not waiver regardless of incentives
Attributes of a product that a manufacturer wishes to promote
Attributes of a brand that are based exclusively on objective criteria
Objective and subjective attributes that consumers use to compare products
16
Directing the promotional mix at ultimate consumers to encourage them to ask retailers for the product is referred to as
A pull strategy
An inertia strategy.
A push strategy.
An exclusivity strategy
17
Firm conducting a scan of marketplace might uncover key __such as popularity of bloggers and connectivity of consumers.
Responsibilities
Codes
Idealisms
Trends
18
A favorable attitude toward and consistent purchase of a single brand over time is referred to as
Behavioral loyalty.
Attitudinal discrimination.
Brand loyalty.
Consumer allegiance.
19
_____ it the process of satisfying a customer's needs or wants while making a profit.
Advertising
Marketing
Promotion
Targeting
20
In marketing, each ___consists of people who are similar to each other in terms of their consumption behavior.
Ultimate consumer group
Organizational buyer group
Market segment
Demographic cluster
21
Which of the following statements about test marketing is most accurate?
Standard test markets are the least expensive and fastest type
Test marketing is especially useful for new services.
Test marketing is essential for new, expensive industrial products
Involves exposing products to perspective consumers to see if they buy
22
Promotional expenses at the maturity stage of the product life cycle are often designed to
Convince those who have abandoned the brand to try it again
Create a sense of nostalgia.
Maintain market share.
Attract more price-conscious consumers.
23
The target market refers to
Specific groups of customers that a firm directs its marketing program.
Cluster of benefits that organizations develop to satisfy consumers needs
People who could purchase a product regardless of who ultimately uses it.
Former customers who now use competitors products
24
The term branding refers to
Establishment of a commercial, legal name by which a company does business.
Additional features given to a product beyond it functional attributes.
the identification of an organizations products based upon individual SKUs
A firms use of name, phrase, design, symbol, and to identify its products
25
Services are
Intangible activities/benefits that firms provide to satisfy consumer needs
Activity required for the production of a good
The human component that is part of the manufacturing process
Activities provided to complement a tangible good
26
All of the following are true about marketing EXCEPT:
marketing is a broader activity than advertising.
marketing it should also create value for its partners and society.
marketing persuades people to buy the wrong things.
marketing is a broader activity than personal selling.
27
Personal selling requires the ________ flow of communication between the buyer and seller
Recursive
Two-way
One-way
Indirect
28
As a marketing term, _______ generally includes not only physical goods, but also services and ideas.
Invention
Product
Merchandise
Concept
29
In marketing research, a firm might consider using secondary data over primary data because
secondary data usually cost less
primary data are likely to be outdated
secondary data are more accurate
primary data are usually non specific
30
The preference for a specific brand is called _______ demand.
Generic
Selective
Secondary
Derived
31
Brand equity is the added value a brand name gives a product, it has two advantages: creates a competitive advantage and
Decision making becomes easier for consumers.
It guarantees the lowest prices.
Customers are often willing to pay a higher price.
New market segments are easily added to the market-product grid.
32
The best segmentation approach is one that
Makes it easiest to reach the segment.
Is simplest and least costly in assigning potential buyers to segments.
Maximizes the opportunity for future profit and ROI.
Recognizes different needs of buyers among different segments.
33
To serve both buyers and sellers marketing seeks to discover and _________ the needs & wants of perspective customers.
manipulate
change
satisfy
create
34
Effective marketing benefits society because it
Reduces competition, making the playing field more even.
Allows companies to charge whatever price they want on their products.
Improves the quality of products and services regardless of the cost.
Enhances competition, improves the quality of products and lowers prices
35
__the intangible value of a brand based on the relationships with its stakeholders and its intellectual property value
Brand proposition
Brand equity
Brand value
Brand weight
36
Social responsibility refers to the view
Of the behavior of individuals based on legislation governing bodies
That considers individual rights or duties as universal
That firms are part of a larger society and are accountable to that society
That focuses on the greatest good for the greatest number
37
Franchising refers to
Selling an idea to a larger company and letting it do all the manufacturing
Purchasing the name, branding, and raw materials from one firm to another
When a firms marketing channel is used to sell another firms product
A contractual arrangement between a parent company and an individual/firm
38
Product life cycle refers to
Time it takes for the business to breakeven
Concept that describes the stages a product goes through in the marketplace
Time it takes a product innovation to completely diffuse in the marketplace
The average life span of a product.
39
A News Yearbook had same stories but 17 different covers to appeal to baseball fans in 9 of the US regions. This is__
Geographic segmentation
Behavioral segmentation
Demographic segmentation
Psychographic segmentation
40
"We hit fact, price high, and get the heck out when the me-too products pour in." 3M Co. uses____ pricing strategy.
Penetration
Skimming
Market-oriented
ROI
41
Promotional mix refers to
The underlying appeals used that make promotions effective
Combination of both paid and unpaid marketing tools
Composition of the objectives of the promotion
Combination of one or more communication tools to inform consumers
42
Which list presents the Maslow hierarchy of needs in its correct order, from the lowest level to the highest level?
Self-actualization, social/belonging, safety, physiological, and esteem
Physiological, safety, social/belonging, esteem and self-actualization
Safety, personal, self-actualization, physiological, and esteem
esteem, social, psychological, physiological, and safety
43
The primary purpose of a trademark is to
Allow company use of a brand name on multiple products in its product line
Legally protect a brand name or trade name and prevent others from using it
Help consumers identify a genuine product from a counterfeit product.
Capitalize on the brand equity a consumer associates with the symbol
44
Prestige pricing refers to
Setting a high price to attract quality or status conscious consumers
Setting a low initial price on a new product to appeal to the mass market
Setting a price that is dictated by tradition
Charging different prices to different buyers for goods of like quality.
45
A firm's profit equation demonstrates that profit equals
Total revenue / Marginal cost.
Price x Quantity.
Total cost + Total revenue.
Total revenue -Total cost
46
A good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs is a
Utility.
Service.
Product.
Marketing program.
47
Which one of the following statements regarding bundle pricing is most accurate?
It provides lower total cost to buyers and lower marketing costs to sellers
Bundle pricing is often associated with a skimming strategy.
Bundle pricing is intended to benefit the consumer, not the seller.
Bundle pricing is based on the idea that consumers value individual items
48
A paid form of nonpersonal communication about an firm, product, service, or idea by an identified sponsor is
Mass communication.
Advertising.
Publicity.
Direct marketing.
49
A _______ is a need that is shaped by a person's knowledge, culture, and personality.
craving
product
want
feeling
50
Product mix refers to
The entire product category or industry.
All of the different product lines offered by an organization.
The variations within a product class.
A specific product SKU that has a unique brand, size, or price.