Unit 3 Review Questions

The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is ___. Question

Marketing Answer

Any form of communication used to inform, persuade, or remind is ___. Question

Promotion Answer

___ is the amount of money available after all costs and expenses have been paid. Question

Profit Answer

No frills low price is called ___. Question

Economy Pricing Answer

___ is a temporary high price charged because there is a substantial competitive advantage for a limited amount of time. Question

Price Skimming Answer

A set of promotional activities designed to generate sales in the retail setting is ___. Question

Merchandising Answer

___ is the difference between the selling price and the product costs. Question

Gross Margin Answer

___ is a specific group of consumers who have similar wants and needs. Question

Target Market Answer

An ongoing program of non-paid and paid communications is ___. Question

Public Relations Answer

___ is the amount added to the cost of a product to set the selling price. Question

Markup Answer

___ uses a high price where there is a uniqueness about the product or service. Question

Premium Pricing Answer

Communicating directly with potential customers to determine and satisfy their needs is called ___. Question

Selling Answer

___ is unique identification for a company’s products. Question

Brand Name Answer

The blending of four marketing elements – product, distribution, price, and promotion is called ___. Question

Marketing Mix Answer

___ is any paid form of communication through mass media directed at identified consumers to provide information and influence their actions. Question

Advertising Answer

___ is a non-paid promotional communication presented by the media rather than by the business. Question

Publicity Answer

___ is the final business organization in an indirect channel of distribution for consumer products. Question

Retailer Answer

Direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services is called ___. Question

Personal Selling Answer

___ is an artificially low price set to gain market share. Question

Penetration Pricing Answer

Locations and methods used to make a product or service available to the target market is called ___. Question

Distribution Answer

Which of the following target market represents the general personality, behavior, life-style, rate of use, repetition of need, benefits sought, and loyalty characteristics of your customers? Question

Psychographics Answer

Which stage of the product planning process produces and tests the product in a small part of the market and analyzes/modifies results as needed? Question

Limited Production & Test Marketing Answer

Which pricing strategy attempts to increase the amount customers spend once they’ve started to buy? Question

Optional product pricing Answer

What are the 4 Ps? Question

Product Price Place Promotion Answer

What are the 7 marketing functions (name 3 for points)? Question

Answer Product & Service Management Distribution Selling Marketing Information Management Financial Analysis Pricing Promotion Answer

Which type of research study collects information by recording the actions of consumers rather than asking them questions? Question

Observation Answer

Which of the 7 marketing functions communicates information about products and services to potential customers? Question

Promotion Answer

Which of the following target market represents the location, size of the area, density, and climate zone of your customers? Question

Geographic's Answer

What are the five steps in the consumer decision making process What are the five steps in the consumer decision making process? (Name two) Question

1. Recognize a need 2. Gather information 3 1. Recognize a need 2. Gather information 3. Select and evaluate alternatives 4. Make a purchase decision 5. Determine the effectiveness of the decision Answer

Which of the 7 marketing functions obtains, manages, and uses market information to improve business decision-making and the performance of marketing activities? Question

Marketing-Information Management Answer

What are the five steps in marketing research? (name two) Question

Answer Define the marketing problem Study the situation Develop a data collection procedure Gather and analyze information Propose a solution Answer

What affects price? (Name 3) Question

Supply and Demand Uniqueness Age Season Complexity Answer

What provides protection and security for a product before it is used? Question

Packaging Answer

Which of the 7 marketing functions designs, develops, maintains, improves, and acquires products and services that meet consumer needs? Question

Product and Service Management Answer

A(n) __________________ is an example of a Business to Business service. (Hint: Ring, Ring!!) Question

Telecommunications Answer

Which stage of the product planning process studies the target market and develops the full marketing strategy? Question

Idea Screening Answer

Which type of research study presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results? Question

Experiments Answer

All of the expenses of running a business that are associated with the product are called ___. Question

Operating Expenses Answer

Which type of message gets consumers attention and gives simple information? Question

Early Messages Answer

Why do so many new products fail? (Name three) Question

Answer No competitive point of difference Unexpected reactions from competitors Poor positioning Product didn't deliver promised benefits Too little marketing support Bad estimates of market potential (or other marketing research mistakes) Improper channels selected Rapid change in the market or economy after launch Answer

____ is the easiest of the 4 Ps to change. Question

Price Answer

____ promotion is the most expensive form of communication. Question

Personalized Answer

Highly complex and technical products typically have higher ___ than simple products. Question

Prices Answer

Products that are in high demand typically have a ___ price. Question

Higher Answer

McDonald’s Value Meals are an example of ____ pricing. Question

Value Answer

In ____, products are called merchandise. Question

Retailing Answer

_____ use a small number of consumers to take part in group discussions and talk about the experiences with a product. Question

Focus Groups Answer

A ___ is the amount added to the cost of a product to set the selling price. Question

Markup Answer

_____ is the most effective form of promotion. Question

Personalized Promotion Answer

Services are ____ and are consumed at the same time they are produced. Question

Intangible Answer