Marketing Concepts Quiz

Price Elasticity (E) = Percent change in Q / Percent change in P

<p>The sum of expenses of the firm that are stable and do not change with the quantity produced and sold.</p> Signup and view all the answers

<p>The sum of expenses that vary directly with the quantity produced and sold.</p> Signup and view all the answers

<p>Variable costs expressed on a per unit basis.</p> Signup and view all the answers

<p>The total expense incurred by a firm in producing and marketing a product.</p> Signup and view all the answers

<p>The change in total cost that results from producing one additional unit.</p> Signup and view all the answers

<p>A trade-off of incremental costs against incremental revenues.</p> Signup and view all the answers

<p>A technique that analyzes the relationship between total revenue and total cost to determine profitability.</p> Signup and view all the answers

<p>The quantity at which total revenue and total cost are equal.</p> Signup and view all the answers

<p>A graphic presentation of the breakeven analysis.</p> Signup and view all the answers

<p>Setting the highest initial price that customers willing to pay.</p> Signup and view all the answers

<p>Setting a low initial price on a new product to attract the mass market.</p> Signup and view all the answers

<p>Setting a high price to attract quality or status-conscious customers.</p> Signup and view all the answers

<p>Pricing different products at specific pricing points.</p> Signup and view all the answers

<p>Setting prices just below even numbers.</p> Signup and view all the answers

<p>Manufacturers estimate what consumers will pay and work backwards.</p> Signup and view all the answers

<p>Marketing of two or more products in a single package price.</p> Signup and view all the answers

<p>Charging different prices to maximize revenue for set capacity.</p> Signup and view all the answers

<p>Adding a fixed percentage to the cost of items in a product class.</p> Signup and view all the answers

<p>Summing the total unit cost and adding a specific amount to set a price.</p> Signup and view all the answers

<p>Pricing based on the learning effect where costs decline with experience.</p> Signup and view all the answers

<p>A firm sets an annual target for a specific dollar volume of profit.</p> Signup and view all the answers

<p>Setting a price to achieve a profit that is a specified percentage of sales volume.</p> Signup and view all the answers

<p>Setting a price to achieve an annual target return on investment.</p> Signup and view all the answers

<p>Business Products</p> Signup and view all the answers

<p>Convenience Products, Shopping Products, Specialty Products, Unsought Products</p> Signup and view all the answers

<p>Sales of business products are derived from the sale of consumer products.</p> Signup and view all the answers

<p>Components and Support Parts</p> Signup and view all the answers

<p>Installations, Accessory Equipment, Supplies</p> Signup and view all the answers

<p>By people or equipment, business firms or nonprofit organizations, government agencies</p> Signup and view all the answers

<p>All the product lines offered by an organization.</p> Signup and view all the answers

<p>The industry to which items belong.</p> Signup and view all the answers

<p>A specific product that has a unique brand, size, or price.</p> Signup and view all the answers

<p>A unique identification number for ordering or inventory purposes.</p> Signup and view all the answers

<p>A product up to six months after it enters regular distribution.</p> Signup and view all the answers

<p>Innovation that does not require customers to learn new behaviors.</p> Signup and view all the answers

<p>Innovation that requires minor changes in behavior from customers.</p> Signup and view all the answers

<p>Innovation that requires customers to learn entirely new consumption patterns.</p> Signup and view all the answers

<p>A defined target market, specific customer needs, and the product's purpose.</p> Signup and view all the answers

<p>Significant point of difference, complete market protocol, meeting customer needs, good timing, economically accessible, good quality, effective marketing mix, and market attractiveness.</p> Signup and view all the answers

<ol> <li>New-product strategy development, 2. Idea generation, 3. Screening and evaluation, 4. Business analysis, 5. Development, 6. Market testing, 7. Commercialization</li> </ol> Signup and view all the answers

<p>Introduction, Growth, Maturity, Decline</p> Signup and view all the answers

<p>To manage marketing efforts for a family of products or brands.</p> Signup and view all the answers

<p>Altering one or more of a product's characteristics to increase its value.</p> Signup and view all the answers

<p>Finding new customers or uses for a product.</p> Signup and view all the answers

<p>Changing the place a product occupies in consumers' minds relative to competitors.</p> Signup and view all the answers

<p>Length of life, shape of sales curves, variation with different levels of products, rate of consumer adoption.</p> Signup and view all the answers

<p>The commercial, legal name under which a company does business.</p> Signup and view all the answers

<p>Human characteristics associated with a brand name.</p> Signup and view all the answers

<p>The added value a brand name gives to a product beyond functional benefits.</p> Signup and view all the answers

<p>A contract allowing one company to use another company's brand names or trademarks.</p> Signup and view all the answers

<p>Suggests product benefits, memorable, fits the product image, has no restrictions, simple yet emotional.</p> Signup and view all the answers

<p>A company uses one name for all its products in a product class.</p> Signup and view all the answers

<p>A company gives each product a distinct name.</p> Signup and view all the answers

<p>Manufacturer sells products under the brand name of a wholesaler or retailer.</p> Signup and view all the answers

<p>A firm markets products under its name and that of a reseller.</p> Signup and view all the answers

<p>Communication, functional, perceptual benefits.</p> Signup and view all the answers

<p>A statement indicating the manufacturer's liability for product deficiencies.</p> Signup and view all the answers

<p>Express Warranties, Implied Warranties</p> Signup and view all the answers

<p>Intangible activities that satisfy consumer needs in exchange for value.</p> Signup and view all the answers

<p>Airline trips, financial advice, automobile repair</p> Signup and view all the answers

<p>Intangibility, inconsistency, inseparability, inventory</p> Signup and view all the answers

<p>Managing periods when the service provider is available but there's no demand.</p> Signup and view all the answers

<p>Integrating service components of the marketing mix to influence consumer demand.</p> Signup and view all the answers

<p>Delivery by people or equipment, for-profit and nonprofit organization, government-sponsored.</p> Signup and view all the answers

<p>Assessing service quality based on expectations and the actual experience.</p> Signup and view all the answers

<p>Product, Price, Place, Promotion, People, Physical environment, Process</p> Signup and view all the answers

<p>Changing prices in real-time based on supply and demand conditions.</p> Signup and view all the answers

<p>Charging different prices during different times to reflect variations in demand.</p> Signup and view all the answers

<p>Reliability, Tangibility, Responsiveness, Assurance, Empathy</p> Signup and view all the answers

<p>Tuition, rent, interest, fee, fare, commission, salary, wage, premium</p> Signup and view all the answers

<p>Price = List Price - Incentives and Allowances + Extra Fees</p> Signup and view all the answers

<p>Final Price = List Price - Incentives + Extra Fees</p> Signup and view all the answers

<p>Finding suppliers with efficiencies or entering new markets.</p> Signup and view all the answers

<p>The ratio of perceived benefits to price.</p> Signup and view all the answers

<p>Increasing product benefits while maintaining or decreasing price.</p> Signup and view all the answers

<ol> <li>Identify pricing objectives, 2. Estimate demand, 3. Determine cost relationships, 4. Select price level, 5. Set list price, 6. Make adjustments.</li> </ol> Signup and view all the answers

<p>Managing long-run profit and maximizing current profit; Profit = Total Revenue - Total Cost.</p> Signup and view all the answers

<p>The ratio of a firm's sales to those of the industry.</p> Signup and view all the answers

<p>The quantity produced or sold.</p> Signup and view all the answers

<ol> <li>Demand for the product, 2. Newness of the product, 3. Cost of production, 4. Cost of changing prices, 5. Single vs product line, 6. Type of competitive market, 7. Competitors' prices, 8. Legal considerations.</li> </ol> Signup and view all the answers

<ol> <li>Pure Competition, 2. Monopolistic Competition, 3. Oligopoly, 4. Pure Monopoly.</li> </ol> Signup and view all the answers

<p>A graph showing the relationship between quantity sold and price.</p> Signup and view all the answers

<ol> <li>Consumer tastes, 2. Price of similar products, 3. Consumer income.</li> </ol> Signup and view all the answers

<p>Changes in demand assuming other factors remain constant.</p> Signup and view all the answers

<p>The total money received from the sale of a product.</p> Signup and view all the answers

<p>The average amount of money received for one unit sold.</p> Signup and view all the answers

<p>The change in total revenue from producing one additional unit.</p> Signup and view all the answers

<p>The percentage change in quantity demanded relative to a percentage change in price.</p> Signup and view all the answers

<p>Price elasticity = % change in quantity demanded / % change in price.</p> Signup and view all the answers