1. Unit 3
Review Questions

2. 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

3. Marketing
Answer

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

5. Promotion
Answer

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

7. Profit
Answer

8. No frills low price is called ___.
Question

9. Economy Pricing
Answer

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

11. Price Skimming
Answer

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

13. Merchandising
Answer

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

15. Gross Margin
Answer

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

17. Target Market
Answer

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

19. Public Relations
Answer

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

21. Markup
Answer

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

23. Premium Pricing
Answer

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

25. Selling
Answer

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

27. Brand Name
Answer

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

29. Marketing Mix
Answer

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

31. Advertising
Answer

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

33. Publicity
Answer

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

35. Retailer
Answer

36. 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

37. Personal Selling
Answer

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

39. Penetration Pricing
Answer

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

41. Distribution
Answer

42. 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

43. Psychographics
Answer

44. 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

45. Limited Production & Test Marketing
Answer

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

47. Optional product pricing
Answer

48. What are the 4 Ps?
Question

49. Product
Price
Place
Promotion
Answer

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

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

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

53. Observation
Answer

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

55. Promotion
Answer

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

57. Geographic's
Answer

58. 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

59. 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

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

61. Marketing-Information Management
Answer

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

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

64. What affects price? (Name 3)
Question

65. Supply and Demand
Uniqueness
Age
Season
Complexity
Answer

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

67. Packaging
Answer

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

69. Product and Service Management
Answer

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

71. Telecommunications
Answer

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

73. Idea Screening
Answer

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

75. Experiments
Answer

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

77. Operating Expenses
Answer

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

79. Early Messages
Answer

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

81. 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

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

83. Price
Answer

84. ____ promotion is the most expensive form of communication.
Question

85. Personalized
Answer

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

87. Prices
Answer

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

89. Higher
Answer

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

91. Value
Answer

92. In ____, products are called merchandise.
Question

93. Retailing
Answer

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

95. Focus Groups
Answer

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

97. Markup
Answer

98. _____ is the most effective form of promotion.
Question

99. Personalized Promotion
Answer

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

101. Intangible
Answer