REVIEW

Question 1

The only “P” in the marketing mix that provides revenues to a firm.

Answer 1

PRICE

Question 2

The pricing strategy that a company uses depends on whether its operation is domestic or international market.

Answer 2

PRODUCT PRICING

Question 3

PRICING OBJECTIVES

Answer 3

1. MEET THEIR PROFIT OBJECTIVE
2. MAINTAIN OR IMPROVE MARKET SHARE
3. CONTROL ENTRY OF NEW PLAYERS IN THE MARKET OFFERING COMPETING BRANDS

Question 4

IMPORTANCE OF PRICE

Answer 4

1. Price dictates product demands.
2. Price influences buyer’s decision whether to buy the product or not.

Question 5

PRODUCT IN RELATION TO PRODUCT QUALITY

Answer 5

PREMIUM PRICING STRATEGY
ECONOMY PRICING STRATEGY
VALUE PRICING STRATEGY
OVERCHARGING PRICING STRATEGY

Question 6

involves setting the price low because the product is low quality

Answer 6

ECONOMY

Question 7

involves setting a high price to products produced with high quality

Answer 7

PREMIUM

Question 8

OTHER PRICING STRATEGIES

Answer 8

PENETRATION PRICING STRATEGY
MARKET SKIMMING PRICING STRATEGY
BUNDLE PRICING STRATEGY
GEOGRAPHICAL PRICING STRATEGY

Question 9

involves setting low initial price for new products offered in the market

Answer 9

PENETRATION PRICING STRATEGY

Question 10

involves setting high initial price for a product and after a definite period of time, companies either lower or maintain the price

Answer 10

MARKET SKIMMING PRICING STRATEGY

Question 11

involves setting one price for a set or complimentary products

Answer 11

BUNDLE PRICING STRATEGY

Question 12

involves setting prices differently in different locations

Answer 12

GEOGRAPHICAL PRICING STRATEGY

Question 13

a type of geographical pricing where the seller sets up zones where markets within the zone pay the same price for the products.

Answer 13

ZONING PRICING

Question 14

In order to penetrate the market and to maintain existing customers, some sellers shoulder part

Answer 14

FREIGHT ABSORPTION PRICING

Question 15

COMPANIES CUT PRICE WHEN:

Answer 15

1. There is excess capacity.
2. There is a continuous decrease in market share.
3. Competitors lower their price offering and companies believe that it is advantageous to their companies to follow price decreases.
4. Company desires to regain lost market share and gain more customers.
5. Company is anticipating a new product model or design.

Question 16

COMPANIES INCREASE PRICE WHEN:

Answer 16

1. There is a desire to increase profit.
2. There is a high demand for the product.
3. There is an increase in the cost of raw materials or labor cost.

Question 17

Is a critical factor in the efficient distribution of products from the manufacturer to the final users of the products.

Answer 17

PRODUCT DISTRIBUTION

Question 18

Compose the distribution channel

Answer 18

MARKETING INTERMEDIARIES

Question 19

EXAMPLES OF INTERMEDIARIES

Answer 19

Sales Agent
Advertising Agencies
Wholesalers
Retailers

Question 20

Those that purchase products from manufacturers and sell these products to retailers.

Answer 20

WHOLESALING INTERMEDIARIES

Question 21

Those that purchase products and resell them to final users or market for their own use.

Answer 21

Retailers

Question 22

The final stage in the channel distribution.

Answer 22

RETAILING

Question 23

Starts when there is an order from customers.

Answer 23

PHYSICAL DISTRIBUTION

Question 24

LEVELS OF CHANNEL DISTRIBUTION

Answer 24

zero-level channel
one-level channel
two-level channel
three-level channel

Question 25

DISTRIBUTION STRATEGY USED BY COMPANIES

Answer 25

INTENSIVE DISTRIBUTION SELECTIVE DISTRIBUTION EXCLUSIVE DISTRIBUTION

Question 26

The person involved in wholesaling is called

Answer 26

WHOLESALER

Question 27

FUNCTIONS OF WHOLESALER

Answer 27

1. They buy in large quantities and break these into smaller numbers for resale to retailers. 2. They provide product knowledge to the retailers as they promote and sell the products. 3. They provide the manufacturer the necessary feedback or market information about his product.

Question 28

The process of selling products to the end users.

Answer 28

RETAILING

Question 29

RETAILING IS AN IMPORTANT INDUSTRY BECAUSE:

Answer 29

1. It helps the economy by creating jobs and providing employment. 2. Majority of the market patronizes retail purchases. 3. It serves as links between the wholesalers' products and the customers. 4. It sells products that end users can afford. 5. Retail stores are commonly accessible to the market.

Question 30

CLASSIFICATION OF RETAILERS

Answer 30

SELF-SERVICE RETAILERS FULL-SERVICE RETAILERS LIMITED-SERVICE RETAILERS PERSONAL-SERVICE RETAILERS

Question 31

One of the important "Ps" in marketing, involves communicating to the public something about the product.

Answer 31

PROMOTION

Question 32

An important marketing effort of any company, organization, or group is making the public aware of the existence of a product or a service.

Answer 32

PRODUCT PROMOTION

Question 33

TYPES OF PRODUCT PROMOTION

Answer 33

ADVERTISING PERSONAL SELLING SALES PROMOTION PUBLIC RELATIONS

Question 34

It is one of the widely used promotions and it is done using broadcast media.

Answer 34

ADVERTISING

Question 35

ADVERTISING MEDIUMS

Answer 35

BROADCAST MEDIA PRINT MEDIA OUTDOOR ADVERTISEMENT TRANSIT ADVERTISEMENT

Question 36

A medium used by advertisers when they choose to have ad exposure on television, radio, or cinema.

Answer 36

BROADCAST MEDIA

Question 37

A promotional ad placed inside or outside public transport.

Answer 37

TRANSIT ADVERTISEMENT

Question 38

A kind of promotion that targets either the channel distribution, like wholesalers or distributors, or the market.

Answer 38

SALES PROMOTION

Question 39

MAJOR PUBLIC RELATIONS

Answer 39

a. New Release b. Press Conference c. Public Service Activities d. Special Events e. Sponsorship

Question 40

TYPES OF PROMOTIONAL STRATEGIES

Answer 40

1. Pull Strategy 2. Push Strategy

Question 41

The task of planning, organizing, supervising, or controlling products that a company produces

Answer 41

PRODUCT MANAGEMENT

Question 42

Some companies call this position as

Answer 42

Brand Manager

Question 43

Responsible for monitoring the quality and stability of firm's product

Answer 43

PRODUCT SPECIALIST

Question 44

Most common entry-level position in the field of marketing and job that can be very demanding as well.

Answer 44

PERSONAL SELLING

Question 45

Field where vital role of informing the public of the company's product offering

Answer 45

PROMOTION MANAGEMENT

Question 46

Involves a close coordination with the client and with the other members of advertising team

Answer 46

ACCOUNT MANAGER

Question 47

Should have the skills to match the needs of a specific client with the competency of an account manager

Answer 47

DIRECTOR OF ACCOUNTS

Question 48

Is responsible for taking good care of the clients' promotional budget by proper media scheduling

Answer 48

MEDIA PLANNER OR BUYER

Question 49

Responsible for the operation of the entire department, planning, staffing, work scheduling...

Answer 49

DEPARTMENT MANAGER

Question 50

Deals with the merchandise suppliers

Answer 50

DEPARTMENT PURCHASER

Question 51

He is responsible for the smooth flow of the store operations.

Answer 51

STORE MANAGERS

Question 52

He is responsible for developing strategies, overseeing the operations of entire marketing activities of the company

Answer 52

MARKETING MANAGER

Question 53

Is the percentage of the industries sales that particularly exist.

Answer 53

MARKET SHARE

Question 54

involves managerial functions, recruitment, and selection

Answer 54

SALES MANAGEMENT