Marketing Review
Explore the fundamental concepts of the marketing mix, including the 4 Ps - product, price, place, and promotion. Learn how these elements work together to meet customer needs, enhance product value, and drive sales in the competitive marketplace.
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Presentation Transcript
Marketing Review Part 1
1. Which of the following descriptions provides the best definition of the marketing mix ? A. The way products are arranged in a retail store to maximise sales B. The way a business combines the main marketing elements to sell products that meet the needs and wants of customers C. The way a business distributes its products through retailers and wholesalers D. The way products and priced and packaged
2. Which of the 4 Ps of the marketing mix concerns the various outlets and channels a business uses to distribute its products? A. Promotion B. Place C. Price D. Product
3. Which of the traditional 4 Ps of the marketing mix concerns how much a customer pays for the good or service being offered? A. Promotion B. Product C. Place D. Price
4. Which element of the marketing mix is the only one that directly affects the value of sales achieved by a business? A. Product B. Promotion C. Price D. Place
5. The 4 Ps of the marketing mix are closely linked and should not be thought as separate from each other: True or False? A. True B. False
6. A business wishes to meet the needs and wants of customers better by delivering a higher quality service. Which element of the marketing mix will the business focus on to achieve this? A. Price B. Place C. Promotion D. Product
7. A business wants to build customer awareness of features and benefits in its products that are better than the competition. Which element of the marketing mix is most likely to help them achieve this? A. Price B. Product C. Place D. Promotion
8. The marketing mix does not apply to very small businesses: True or False? A. True B. False
9. The way in which products are sold is known as a: Distribution Channel Marketing Source Marketing Channel Promotional Route
10. Which of the following is most related to the marketing concept? A. Make a profit B. Satisfy Customers C. Gain market share D. Increase sales
11. The proportion of the market held by one company or brand is known as: A. market segment B. market leadership C. market share D. market slice
12. A market segment at which a business aims its products and/or services is known as the: A. market leader B. unique selling point C. main market D. target market
13. A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. A. market B. market section C. target D. market segment
14. When a business divides up groups of customers using terms like "working class", "middle class", "professionals",etc what kind of market segmentation are they using? A. demographic segmentation B. religious segmentation C. socio-economic segmentation D. lifestyle segmentation
15. Which of the following is an advantage of using market segmentation? A. It saves money by avoiding the need for TV advertising. B. It lets a business invest more in its employees. C. It allows a business to charge higher prices. D. It allows a business to target its promotional strategy more effectively.
16. The clothing retailer Top Shop tries to appeal to the style-conscious, independent girl- ie. the "fashion junkie" who goes shopping every week in pursuit of the latest hot fashions. What kind of market segmentation is being used by Top Shop? A. socio-economic segmentation B. lifestyle segmentation C. religious segmentation D. demographic segmentation
17. When segmenting markets by: region of the country/world, market size, market density,or climate, you are using: A. psychographics segmentation B. demographic segmentation C. geographic segmentation D. lifestyle segmentation
18. Usage rate segmentation is: A. dividing a market by the amount of product bought or consumed. B. grouping customers into market segments according to the benefits they seek from the product. C. segmenting potential customers into neighborhood lifestyle categories. D. segmenting based of personality, motives, lifestyles, and geodemographics.
19. What is the means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers minds? A. seasonal forecasting B. perceptual mapping C. coordinate plotting D. positioning charts
20. The marketing mix is: A. the way products are priced and packaged. B. the way products are arranged in a retail store to maximize sales. C. the way a business combines the main marketing elements to sell products that meet the needs and wants of customers. D. the way a business distributes its products through retailers and wholesalers.
21. Which of the 4 P's of the marketing mix concerns how much a customer pays for the good of service being offered? promotion A. promotion B. place C. price D. product
22. Which of the element of the marketing mix is the only one that directly affects the value of sales achieved by a business? A. product B. place C. price D. promotion
23. The 4 P's of the marketing mix are closely linked and should not be thought as separate from each other: true or false? A. True B. False
24. A business wishes to meet the needs and wants of customers better by delivering a higher quality service. Which element of the marketing mix will be the focus to achieve this? A. price B. product C. promotion D. place
25. Positioning is the placing of a product in a random markets to get a spontaneous customer responses. A. True B. False
26. Cannibalization occurs when sales of a new product cut into sales of a firm s existing products. A. True B. False
27. How many marketing functions did we cover in class? A. 2 B. 3 C. 5 D. 7
28. Which principle states that 20 percent of all customers generate 80 percent of the demand? A. The hady principle B. The 80/20 principle C. The 20/80 principle D. The 80's principle
29. Targets customers completed a three-question survey at checkout to determine if adding the American Express One card would be a desired payment option. This is an example of: A. Channel management B. Marketing information management C. Promotion D. Selling
30. The owners of Toys R Us have a meeting to discuss what their competitors are charging and what customers are willing to pay. This demonstrates which marketing function? A. Channel management B. Marketing information management C. Marketing D. Pricing
31. The local newspaper is printing buy one get one free coupons for Mountain Dew. This is an example of which marketing function? A. Marketing information management B. Product/service management C. Promotion D. Selling
32. Determining whether to use a truck or train to transport products is part of which function of marketing? A. Distribution B. Marketing information management C. Risk management D. Selling
33. Bridgestone decided to offer a new line of snow tires. Under which marketing function does this decision fall? A. Distribution B. Product planning C. Selling D. Financing
34. Which marketing function helps marketers answer the question, What are we going to produce or sell? A. Pricing B. Marketing Information Management C. Product Planning D. Financing
35. Many grocery stores have made the decision to accept credit cards for payment of merchandise. Which marketing function does this decision represent? A. Pricing B. Distribution C. Purchasing D. Financing
36. Which marketing function helps business people forecast how much will be sold in a given period? A. Marketing Information Management B. MIM C. Research D. all of the above
37. Telemarketing is an example of which marketing function? A. Selling B. Buying C. Pricing D. Storing
38. Macy's customers completed a survey that was sent through their emails. This is an example of: A. Channel management B. Marketing information management C. Promotion D. Selling
39. The physical location of a business and he site where the reservation for the hotel is made. A. Product B. Price C. Place D. Promotion
40. When you buy a piece of clothing or a digital camera, you are involved in marketing. A. True B. False
41. The entire process of moving, handling, and storing goods from the producer to the consumer is called: A. packaging B. distribution C. production D. marketing
42. Which marketing function helps business people forecast how much will be sold in a given period? A. risk management B. distribution C. MIM D. promotion
43. The amount that a hotel charges for its product is ____________. A. Product B. Price C. Place D. Promotion
44. Which of the following descriptions provides the best definition of the marketing mix? A. The way products are arranged in a retail store to maximize sales B. The way a business combines the main marketing elements to sell products that meet the needs and wants of customers C. The way a business distributes its products through retailers and wholesalers D. The way products and priced and packaged
45. The market segmentation based on your target markets personal characteristics. A. product benefits B. psychographics C. demographics D. geographics
46. Psychographics will analyze a consumer's _________________ A. income level. B. local market. C. stage in family life cycle. D. activities they enjoy.
47. Market segmentation based on where your target market lives. A. demographics B. psychographics C. geographics D. product benefits
48. Product benefits analyzes a consumer's ______________ A. income level. B. local market. C. stage in family life cycle. D. activities they enjoy.
49. The marketing mix is based upon the ____ elements. A. 2 B. 4 C. 6 D. 8
