MKTG2304 Test #1 Review

Question 1

Break-even analysis is often used to relate revenues and costs.

Accepted Answer

True

Question 2

The degree to which consumers insist on purchasing a specific brand is known as what?

Accepted Answer

Brand Loyalty

Question 3

What stage in The Product Life Cycle is the TACKLA QuikBlade Shift251?

Accepted Answer

Introduction

Question 4

What does this diagram represent?

Accepted Answer

The Total Product Concept

Question 5

Deliberately adjusting the product's composition and features to achieve a specific price is:

Accepted Answer

Target pricing

Question 6

What is the profit equation?

Accepted Answer

Total Revenue - Total Cost

Question 7

A digital 'sport' experience consists of:

Accepted Answer

All of the above

Question 8

Funeral services or life insurance are examples of which category of Consumer Products?

Accepted Answer

Unsought

Question 9

Price is critical to the marketing mix because it has a direct effect on a firm's profits.

Accepted Answer

True

Question 10

The heart of sport service delivery (the primary product) is known as what?

Accepted Answer

Live Event or Experience

Question 11

Setting prices a few dollars or cents under an even number is what Demand-Oriented Approach?

Accepted Answer

Odd-Even Pricing

Question 12

What is the first step in the New Product Development Process?

Accepted Answer

New Product Development Strategy

Question 13

We classify Sport Product Categories in two ways:

Accepted Answer

Tangible Products & Intangible Services

Question 14

Snack foods, toiletries, food products, and razors are examples of what Consumer Goods product.

Accepted Answer

Convenience

Question 15

What type of innovation is the TACKLA QuikBlade Shift251?

Accepted Answer

Continuous Innovation, Radical Innovation

Question 16

Selling the product on a limited basis to determine potential success is known as:

Accepted Answer

Test Marketing

Question 17

Which of the following is NOT a part of The Product Life Cycle?

Accepted Answer

Death

Question 18

A group of related products under a single brand sold by the same company is:

Accepted Answer

Product Line

Question 19

Retailers deliberately set a product's price lower to attract customers. This is known as:

Accepted Answer

Loss-Leader pricing

Question 20

Price Elasticity involves which two elements?

Accepted Answer

Elastic Demand & Inelastic Demand

Questions 20