Marketing Principles Quiz 3
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Marketing Principles
Quiz #3
Each question is worth 4 points
(1)
If you where advising someone on developing a “marketing communications plan”, what factors would you address in this selection process?
Determine your target market, Determine your objectives, Design your message, Select promotional channels, Determine a budget, Mix measure the result and adjust.
(2)
Different media provide different advantages to different types of businesses – what are the different mediums that we have to use in establishing our promotional efforts?
The traditional mediums include print, radio, television, direct mail and telephone; while
the online mediums include email, social media, pay per click marketing, search engine marketing, and mobile marketing.
(3)
No single pricing formula will work for all businesses, nor is there a formula that
will assure maximum profits in all situations.
True
F
(4)
Promotion is a form of persuasive communication, or getting others to do what you want them to do. Its function is that of informing consumers about a product or service and influencing them to buy that product or service.
True
F
(5)
What is the name of the pricing strategy where a low price is set so that a firm can increase its share of the market?
A.
Discount Pricing
B.
Prestige Pricing
C.
Penetration Pricing
D.
Psychological Pricing
(6)
Which of the following descriptions provides the best definition of the “marketing
mix”?
A.
The way products are priced and packaged.
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 are arranged in a retail store to maximize sales.
(7)
Physical distribution starts with understanding consumer needs and finding low-cost solutions to getting goods to consumers. True
F
(8)
What are the 5 elements of promotion?
The 5 elements of promotion are advertising, personal selling, sales promotions, direct
marketing, and public relations (PR).
1
Marketing Principles
Quiz #3
Each question is worth 4 points
(9) What is meant by a competitive advantage and what is one means of identifying
that in fact you have one?
What’s meant by a company's competitive advantage is
the way it excels compared to its rivals. This advantage may be through cost leadership, differentiation, or focus.
(10) Firm’s must consider the product’s stage in the life cycle, its
importance to the firm’s portfolio, the competitor’s intentions and resources, the product’s price and quality sensitivity, when responding to a competitors price change.
True
F
(11) To use the Marketing Concept, a business should do the following 5 things:
To use the Marketing Concept, a business/company should consider the 5 things below:
Production
- The focus is on producing large amounts of a product with this marketing concept. It also focuses on the product being readily available to the customer at a low cost. The thought process of the buyer could be, ''It's right here and it's affordable, so why not buy it?''
Product
- In this concept, the emphasis is on updating and improving the quality of the product. These actions, along with providing features that are useful and appeal strongly to customers, allow for the product to be offered at a higher price. The thought process of the customer could be, ''It's so special, it's worth buying.''
Selling
- This concept relies on strong persuasion or even aggressive selling to convince as many customers as possible to buy. There is less emphasis on the needs of the purchaser and more emphasis on making the sale. The thought process of the consumer might be, ''Ok, ok! You've convinced me. I'll buy it.''
Marketing
- This concept focuses on the needs and desires of the customer. The goal is to deliver a high-value product that satisfies the consumer. The thought process of the purchaser might be, ''It's just what I need and want! I'm pleased to buy it.''
Societal – This concept differs from the others. The aim is not only profits, but also social responsibility. The thought process of the buyer might be, “It feels good
to buy what I want, while making the world a better place.”
(12)
The aim of market research is to find out who the customers are, what the customers need and/or want, where and when they want it.
True
F
(13) Strategic Planning is the process which involves the review of:
a.
Market Conditions
b.
Customer Needs
c.
Competitive Strengths and Weaknesses
d.
Sociopolitical, Legal and Economic Conditions
2
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