Marketing Concepts Quiz

An item, service, or idea offered for exchange in a market.

Physical, tangible items that can be delivered to a customer.

Activities delivered over a period of time, not tangible.

Concepts or philosophies offered to a market.

Items bought by individuals for personal use.

Low-cost items with minimal decision-making involved.

Items that require more thought and comparison before purchasing.

Items purchased for production or business operations, not personal use.

Individuals who are adventurous and willing to take risks with new products, often acting as opinion leaders.

Consumers who are deliberate in their choices, aiming to minimize risks before adopting new products.

Skeptical consumers who adopt new products after most others have tried them, often due to social pressure.

The last group to adopt new products, usually resistant and prefer familiar options.

A collection of symbols that identifies and differentiates a seller’s products.

The added value a brand provides, influencing customer purchase decisions and loyalty.

Brands owned by producers, such as Tesla and Panadol.

Brands that are owned by resellers or retailers, often offering lower prices.

The design of bags, wrappers, or containers for products, enhancing convenience and protection.

Information on the package that identifies and promotes the product, including compulsory content.

The process of removing a product from the market.

A strategic tool for analyzing a product portfolio based on market growth and market share.

Goals that guide a company's pricing strategy.

Measures how quantity demanded changes with price changes.

Graph showing the relationship between price and quantity demanded.

Calculates the sales volume needed to cover total costs.

Setting prices based on production costs and desired profits.

The maximum price consumers are willing to pay.

A product sold at a loss to attract customers.

A goal to capture a specific percentage of total market sales.

High-value items like designer goods or medical services.

Products consumers don't think about until a need arises, such as funeral services.

Products that become part of another product, including raw materials and components.

Unprocessed natural resources used in production, like copper or nickel.

Processed items that are incorporated into a business's final product.

Hardware used in the production of goods, including capital and accessory equipment.

The progression of a product's sales and profits through its lifetime.

Creating distinct product features to stand out from competitors.

An 8-phase process for launching new products including idea generation and commercialization.

The sequence of stages a consumer goes through to adopt a new product: Awareness to Adoption.

How much better a new product is compared to existing options.

The process by which new ideas and technology spread, beginning with innovators.

Key features impacting adoption: Relative Advantage, Compatibility, Complexity, Trialability, Communicability.

The inventory level at which a new order should be placed to avoid stockouts.

The average number of units sold per day or time period.

The time it takes from placing an order until it is received.

Extra inventory kept to prevent stockouts during demand spikes or delays.

Unpredictable changes in customer demand that affect inventory levels.

Interruptions in the supply chain that affect product availability.

The challenge of maintaining enough inventory while minimizing holding costs.

Warehouses store goods; distribution centers focus on moving goods efficiently.

Using telecommunications technologies for efficiency in distribution processes.

Identifying market gaps and creating distinguishing features to attract customers.

The number of units that must be sold to cover all costs.

Evaluating the impact of producing one more unit on costs and revenues.

The selling price per unit minus variable costs per unit.

Setting price by adding a desired profit margin to production costs.

Setting the selling price by adding a percentage to the purchase cost.

Pricing based on the prices of competitors.

Setting a low price to attract a large number of customers quickly.

Charging the highest initial price customers are willing to pay, then lowering it.

Using a low-priced item to attract customers, then selling them a more expensive item.

Pricing strategy based on perceived value to the customer rather than just costs.

A structured approach to providing consistent service, exemplified by companies like Subway.

Tangible cues in the service environment that help customers evaluate service quality.

The characteristic that makes services difficult to evaluate before purchase due to their non-physical nature.

A unique feature or benefit that sets a service apart from competitors to attract customers.

The process of building and maintaining positive interactions with customers over time.

An intermediary engaged to negotiate on behalf of buyers or sellers.

Represents one party's interests in a transaction.

Buying products for resale or as inputs, not involving end consumers.

Independently owned wholesalers not affiliated with producers.

Wholesalers owned by the producer itself, selling their own products.

The amount added to the cost to determine the selling price.

Profit earned after considering all costs; measures profitability.

Marketing efforts to raise product awareness among consumers.

Coordinated promotional efforts for consistent messaging.

A strategic combination of advertising, public relations, sales promotion, and personal selling.

To influence consumer awareness, attitudes, and decisions for marketing success.

Building relationships to create a favorable image; can include both positive and negative publicity.

Short-term incentives to encourage the purchase of a product.

Any factor that distorts or interferes with the communication process.

Promotional efforts tied to a charitable cause, encouraging purchases for social good.

Offering different versions of a product at varied prices to match consumer segments.

The degree to which consumers believe a product is distinct from competitors, affecting their purchasing choices.

Path that products take from manufacturer to end-user, facilitated by intermediaries.

Organizations or individuals that help connect manufacturers to consumers.

A model where producers sell directly to consumers, managing logistics and delivery themselves.

Distributing products through all available channels to maximize exposure.

Products are sold through a single intermediary in a region to create an exclusive image.

Products are distributed through a few chosen intermediaries for specific reasons.

The process of moving products from producers to consumers through various logistics activities.

Managing stock levels to ensure product availability while minimizing costs.

The usual time between placing an order and receiving stock.

An inventory approach that reduces holding costs by aligning stock with production and sales schedules.

Choosing a distribution approach based on product nature and target market to optimize reach.

The process of receiving customer feedback on products, which can vary in speed depending on distribution layers.

The network involved in creating and distributing a product from producer to consumer.

Direct, one-to-one selling approach to persuade customers.

Paid promotion targeting a large audience to boost product awareness.

An organized plan for promoting a product across media channels.

Integrated marketing communication strategy considering all marketing elements as a whole.

Specific, Measurable, Achievable, Relevant, Time-bound goals for campaigns.

Efforts to manage an organization's image and relationship with stakeholders.

Media exposure gained through news coverage without payment.

Methods like discounts and samples used to encourage product trials.

Strategies used to counteract negative publicity or issues affecting reputation.

Choosing platforms to disseminate advertising messages to target audiences.

The process of assessing the effectiveness of an advertising or PR effort.

Regulations and restrictions regarding what can be advertised and how.

Structured approach for guiding the personal selling process.

Post-sale contact to ensure customer satisfaction and support.

The process of recruiting and training sales personnel.

Establishing objectives and targets for the sales force.

The ongoing evaluation of sales personnel's performance.

Assisting salespeople in managing their time effectively.

Incentivizing sales personnel to enhance performance.

Advertising during an event sponsored by another business.

Unconventional tactics to gain consumer attention.

Financial support given to an event or person for brand visibility.

Paid inclusion of products in entertainment media.

Spreading marketing messages through social media.

Obtaining consent to send marketing materials to customers.

Services are produced and consumed simultaneously.

Services cannot be stored for future use.

Customer's anticipated experience and delivery of service.