Final marketing review ( short question)

Question 1

1) What is a product?

Answer 1

• Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

Question 2

2) How do consumers see products?

Answer 2

• As complex bundles of benefits that satisfy their needs

Question 3

3) Identify the two broad classes that products and services fall into based on the types of consumers that use them.

Answer 3

• Consumer products and industrial products

Question 4

4) Identify the three groups of industrial products and services.

Answer 4

-Materials and parts
-Capital items
-Supplies and services

Question 5

5) What does organization marketing consist of?

Answer 5

• Activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization

Question 5

6) What is the most distinctive skill of marketers?

Answer 5

• Their ability to build and manage their brands

Question 5

7) What is the amount of money charged for a product or service called?

Answer 5

• Price

Question 5

8) What does dynamic pricing offer marketers?

Answer 5

– Many advantages such as an increase in revenue, lowered prices for customers who buy at unpopular

Question 5

9) What determines the price companies can charge?

Answer 5

• Costs

Question 6

10) What is retailing?

Answer 6

• All activities involved in selling goods or services directly to final consumers

Question 6

11) What type of product lines do specialty stores carry?

Answer 6

-Narrow product lines

Question 6

12) What are convenience stores?

Answer 6

• Small stores located near residential areas that have long hours and carry limited lines or high-turnover convenience goods

Question 6

13) What are off-price retailers?

Answer 6

-Retailers that buy at less than regular wholesale prices and sell at less than retail.

Question 6

14) Identify the three major wholesaler groups.

Answer 6

-Merchant wholesalers
-Agents and brokers
-Manufacturers’ sales and branch offices.

Question 7

15) Identify the wholesale marketing mix.

Answer 7

-Product and service assortment
-Prices
-Promotion
-Places

Question 8

16) What is a paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor?

Answer 8

-Advertising

Question 9

17) What impacts the amount of advertising needed?

Answer 9

-Market share

Question 10

18) What is the purpose of advertising messages?

Answer 10

– To gain and hold attention

Question 11

19) What is the first step in creating effective advertising messages?

Answer 11

-Message strategy

Question 11

20) What influences people’s wants and values?

Answer 11

-Marketers
-Family
-Peer groups
-Religion
-Ethnicity
-Education

Question 12

1) What are the four choices when it comes to developing brands?

Answer 12

The four choices when it comes to developing brands are line extensions, brand extensions, multibrands, or new brands.

Line extension: involves extending an existing product to new types - new color, size, flavor, shape, form, or ingredient
Example: Diet Coke and Coke Zero are line extensions of the original Coca-Cola soft drink.

Brand extension: When an existing brand seeks to widen its reach by launching and introducing new products in a new market under an existing brand name.
Example: When digital music grew popular, Apple created the iPod, and when the market needed a great smartphone, Apple stepped forward with the iPhone.

Multi-brand: involves introducing several brands within the same product category and helps brands reach different customer segments.
Example: Nestlé has a multi-brand portfolio including Nespresso and KitKat.
Coca-Cola company doesn’t just sell Coke products; it also owns other “mini brands,” like Fanta, Sprite, Dasani, and Smart Water.

New brand: Companies introduce a new brand for a new product. when they think they need a fresh start in the market to gain customer attention.Example: Starbucks created the ready-to-drink chilled coffee category which is a huge hit.

Question 13

2) What are the four special service characteristics that companies must consider when designing marketing programs?

Answer 13

-Intangibility: Services are intangible. It means that services can not be seen, tasted, felt, heard, or smelled before they are bought.
For example: you can touch your Smartphone. But, you cannot hold or touch your telecom service.

-Inseparability: services can not be separated or divided from their providers. Customers commonly purchase and use a service at the same time.
Ex: Restaurant providing food and customer consuming food as both things happen at the same time.

-Variability: The quality depends on the service provider, as well as how, where, and when it is performed
Ex: Yesterday you had a coffee at Brown. Today, you are again at Brown to have a coffee, but you have a different place to sit today, the person serving you coffee is different today, and other people having coffee are also different today. Hence, your coffee experience today is different compared to yesterday.

-Perishability: services can not be stored for later use or sale. You can store goods, but it is not so in the case of services.
Ex: A ticket for the evening show of a movie can not be used for watching the night show.

Question 14

4) Name and describe the type of retail store.

Answer 14

Types of Retailers
* Specialty stores: are stores that sell narrow product lines with a wide selection.
Examples: Clothing store, Furniture store, Bookstore, Sports shop

*Department stores: Often found in malls, they sell a variety of goods and have different departments.
Ex: Macy’s, Sears.

• Supermarkets: it’s a large, low-cost, self-service shop that sells foods and household products
  Ex: Bayon supermarket, Lucky Supermarket.
• Convenience stores: small stores located near residential areas that have long hours and carry limited lines of convenience goods. Also often found in gas stations Ex: 7-Eleven, Circle-k…
• Discount stores: stores that sell standard merchandise that, compared to normal retail stores, have
  lower prices and margins in higher volumes. Retailers aim to give the feel of offering all their products for less than the average retail price.
  Ex: Walmart
• Off-price retailers: are stores that sell high-quality products at low prices. They’re often leftover,
  overrun, or irregular goods.
  Ex: Factory outlets, independent off-price retailers, Warehouse (wholesale) clubs.
• Superstores: a massive store that basically sells almost everything. They offer a variety of sales,
  too.
  Ex: Walmart, Target.