What does a SWOT analysis include?

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

Why do companies provide discounts?

to save product from discontinuation

How is the use of financing vital in any economic system?

It allows companies to buy products out of immediate reach

Product popular for a short period of time

What is the STP Process?

Links a market and how a company competes in that market

How would Blockchain affect banks?

It would eliminate banks accounts and all bank services

What are the Segmented Pricing strategies

Purchase Location, Product Design, Buyer Identification, Time of Purchase

What is a seasonal item?

Higher demand during certain times of the year

What is shoppable content?

A direct opportunity to buy a product in a few clicks

What are the five C's of marketing?

Company, customers, competitors, collaborators, and climate

What is a type of brand?

Generic Brand, Private Distributor Brand, National Brand

What is the aim of promotion?

Increase awareness, interest, sales or brand loyalty

What are the main stages of the product life cycle?

Introduction, Growth, Maturity, Decline

What does the STP in STP Process stand for?

Segmentation, Targeting, Positioning

Which of the following are criteria for forming a market segment? (There are multiple answers)

Be identifiable and measurable, Be substantial and have enough potential customers, Be accessible to marketing efforts, Respond to marketing efforts in a distinguishable way

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MHMS Marketing Dual Credit Exam Review

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Questions 161

Answers

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

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