Practice Test 2 Flashcards
(30 cards)
Marketing is best defined as:
A. Selling products and services
B. Advertising and promotion
C. Creating customer value and building relationships
D. Maximizing profits
C. Creating customer value and building relationships
The process of segmenting a market based on shared characteristics and needs is known as:
A. Targeting
B. Positioning
C. Market research
D. Market segmentation
D. Market segmentation
Which of the following is NOT a factor that influences consumer behavior?
A. Cultural factors
B. Social factors
C. Psychological factors
D. Competitive factors
D. Competitive factors
A unique blend of product, price, promotion, and place (distribution) strategies designed to meet the needs of a specific target market is called:
A. Market segmentation
B. Market positioning
C. The marketing mix
D. Market penetration
C. The marketing mix
Which of the following is NOT a component of the marketing mix?
A. Product
B. Price
C. Promotion
D. Profit
D. Profit
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers is known as:
A. Marketing
B. Advertising
C. Selling
D. Public relations
A. Marketing
A company’s unique value proposition refers to:
A. The lowest price offered in the market
B. The most innovative product in the market
C. The unique benefits and value that it offers to customers
D. The company’s advertising and promotional strategies
C. The unique benefits and value that it offers to customers
Which of the following is an example of a product’s augmented benefits?
A. The physical features and attributes of the product
B. The emotional satisfaction and status associated with the product
C. The convenience of purchasing the product online
D. The price and affordability of the product
C. The convenience of purchasing the product online
Market segmentation is based on:
A. Demographic factors
B. Psychographic factors
C. Geographic factors
D. All of the above
D. All of the above
Which of the following is NOT a stage in the product life cycle?
A. Introduction
B. Growth
C. Maturity
D. Retraction
D. Retraction
Which of the following pricing strategies involves setting prices based on the perceived value of the product or service to the customer?
A. Cost-based pricing
B. Competition-based pricing
C. Value-based pricing
D. Market skimming pricing
C. Value based pricing
The process of developing and maintaining long-term relationships with profitable customers is known as:
A. Customer acquisition
B. Customer retention
C. Customer lifetime value
D. Customer satisfaction
D. Customer satisfaction
Which of the following is NOT a primary source of marketing research data?
A. Surveys and questionnaires
B. Focus groups
C. Government publications
D. Observational research
C. Government publications
SWOT analysis refers to an assessment of a company’s:
A. Strengths, weaknesses, opportunities, and threats
B. Sales, workforce, operations, and technology
C. Segmentation, targeting, positioning, and differentiation
D. Product, price, promotion, and place
A. Strengths, weaknesses, opportunities and threats
The process of selecting one or more market segments to enter and developing marketing strategies to reach them is known as:
A. Market segmentation
B. Market targeting
C. Market positioning
D. Market development
B. Market targeting
Which of the following is NOT a component of the marketing environment?
A. Internal environment
B. Macroenvironment
C. Competitive environment
D. Technological environment
A. Internal environment
The process of creating a distinctive image and position in the minds of the target market is known as:
A. Market segmentation
B. Market targeting
C. Market positioning
D. Market development
C. Market positioning
The process of influencing, informing, and persuading potential customers to purchase a product or service is known as:
A. Advertising
B. Public relations
C. Personal selling
D. Promotion
D. Promotion
Which of the following is NOT a component of the promotional mix?
A. Advertising
B. Sales promotion
C. Public relations
D. Packaging
D. Packaging
Which of the following refers to the systematic gathering, recording, and analyzing of data to provide information useful for marketing decision-making?
A. Marketing research
B. Market analysis
C. Competitive intelligence
D. Market segmentation
A. Market research
Which of the following is an example of a psychological factor that influences consumer behavior?
A. Social class
B. Culture
C. Family
D. Perception
D. Perception
Which of the following is an example of a direct marketing channel?
A. Manufacturer → Wholesaler → Retailer → Consumer
B. Manufacturer → Consumer
C. Manufacturer → Agent → Retailer → Consumer
D. Manufacturer → Distributor → Wholesaler → Retailer → Consumer
B.
A marketing channel consists of:
A. The product, price, promotion, and place
B. All the organizations involved in the process of getting a product or service from the producer to the end consumer
C. The physical distribution and logistics activities involved in delivering a product or service to the end consumer
D. The communication activities used to promote a product or service to the target market
B.
A market-oriented organization:
A. Focuses on maximizing short-term profits
B. Puts its own needs and capabilities ahead of customer needs
C. Is responsive to customer needs and seeks to deliver superior value
D. Relies on mass production and economies of scale to gain a competitive advantage
C. Is responsive to customer needs and seeks to deliver superior value
