A positioning statement describes the customer and paints a picture of:

how you want the market to perceive your brand

What is Odd-Even Pricing?

odd numbers convey a bargain image

Which of the following are B2B class purchases?

Straight Rebuy, Modified Rebuy, New Buy

Which of the following is NOT an example of a suboordinate goal?

Channel partners increasing the number of employees

Mass movement towards a style or value

Which of the following are major classes of B2C purchases?

Convenience, Shopping, Specialty

What is One-Price Policy

All customers are charged the same price

What does a SWOT analysis include?

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

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

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

What is the STP Process?

Links a market and how a company competes in that market

What are the 4 P's of marketing?

Product, Price, Place, Promotion

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MHMS Marketing Dual Credit Exam Review

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Questions 161

Answers

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

MHMS Marketing Dual Credit Exam Review Flashcards | StudBud