Marketing Exam Review: Chapters 1 & 2
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Questions and Answers

Which of the following accurately describes a product-dominant brand name?

  • The brand name is not associated with the manufacturing company. (correct)
  • The brand name is usually short and easy to remember.
  • The brand name includes the manufacturing company's name.
  • The brand name is typically related to a specific feature or benefit of the product.

    • Which of the following is NOT a stage in the product development process?

  • Feasibility study
  • Product design
  • Profit maximization (correct)
  • Market entry

    • What is the primary difference between an invention and an innovation?

  • Inventions are usually developed in research labs, while innovations are developed in marketing departments.
  • Inventions are protected by patents, while innovations are not.
  • Inventions are new ideas, while innovations focus on applying these ideas to create products or processes. (correct)
  • Inventions are more complex than innovations.

    • What does a cost-benefit analysis involve?

    <p>Comparing the potential benefits of a project to its potential costs.</p> Signup and view all the answers

    Which of the following is NOT a recognized brand strategy?

    <p>Creating a brand alliance</p> Signup and view all the answers

    What are the four stages in the traditional product life cycle, in the correct order?

    <p>Research &amp; Development, Introduction, Growth, Maturity, Decline</p> Signup and view all the answers

    Which of the following is NOT a motivational theory discussed in the text?

    <p>Herzberg's Two-Factor Theory</p> Signup and view all the answers

    Which of the following is an example of a psychographic characteristic?

    <p>Lifestyle</p> Signup and view all the answers

    What is the main difference between a consumer and a customer?

    <p>A consumer uses the product, while a customer purchases it.</p> Signup and view all the answers

    Which of the '4 Ps' focuses on the methods used to communicate with customers?

    <p>Promotion</p> Signup and view all the answers

    Which of the following is a characteristic of a free market society?

    <p>Prices determined by supply and demand</p> Signup and view all the answers

    In the context of marketing, who are gatekeepers?

    <p>People who influence the target audience.</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a niche product life cycle?

    <p>High market penetration and long-term stability</p> Signup and view all the answers

    According to Maslow's Hierarchy of Needs, which of the following needs is considered the MOST important?

    <p>Physiological needs</p> Signup and view all the answers

    What is the main objective of the marketing concept?

    <p>To identify and meet consumer needs and wants.</p> Signup and view all the answers

    What type of research involves gathering information that has already been published by others?

    <p>Secondary research</p> Signup and view all the answers

    Which of the following best describes qualitative research?

    <p>In-depth analysis of people's emotions and responses</p> Signup and view all the answers

    What defines direct competition?

    <p>Products that are very similar within the same category</p> Signup and view all the answers

    Which of the following describes a sustainable competitive advantage (SCA)?

    <p>Lowering production costs through efficiency</p> Signup and view all the answers

    What is the purpose of a test market survey?

    <p>To assess a new product or service in a limited release</p> Signup and view all the answers

    What are the two critical questions that must be addressed by production and marketing teams?

    <p>Can we produce it? Can we sell it?</p> Signup and view all the answers

    Which element is NOT a characteristic of a non-sustainable competitive advantage?

    <p>Provides long-term differentiation in the market</p> Signup and view all the answers

    Which of the following is an example of indirect competition?

    <p>Coke and Pizza Pizza</p> Signup and view all the answers

    Which of the following is a characteristic of closed-ended questions?

    <p>Allow multiple choices for the respondent to select from</p> Signup and view all the answers

    What is the purpose of a tariff in international markets?

    <p>To encourage domestic competition by taxing imports</p> Signup and view all the answers

    What is the main purpose of co-branding?

    <p>To combine two or more brands for mutual benefit</p> Signup and view all the answers

    Which factor does not influence the need for packaging?

    <p>Promotion strategies</p> Signup and view all the answers

    What formula is used to calculate the break-even point (BEP)?

    <p>BEP = fixed cost/gross profit</p> Signup and view all the answers

    Which of the following describes a fixed cost?

    <p>Consistent cost that remains unchanged regardless of sales</p> Signup and view all the answers

    What is double ticketing in pricing?

    <p>Placing two prices on the same product and charging the higher price</p> Signup and view all the answers

    Which type of media is NOT one of the eight recognized types?

    <p>Directions on a product label</p> Signup and view all the answers

    Which of the following is NOT a type of sales promotion?

    <p>Personalized marketing</p> Signup and view all the answers

    Which of the following best describes a premium in sales promotions?

    <p>An item given for free or at a reduced price with the purchase of another</p> Signup and view all the answers

    Study Notes

    Marketing Exam Review

    • Chapter 1: What is Marketing?

      • Marketing activities encompass planning, pricing, promoting, distributing, and selling goods/services to meet consumer needs.
      • The marketing concept involves identifying market opportunities, ensuring the opportunity isn't already met, implementing successful strategies.
      • Gatekeepers are secondary markets; individuals the product targets but aren't the primary buyers (e.g., children).

    • Chapter 1 (continued): Marketing Activities

      • Marketing encompasses understanding the 4Ps (product, price, place, promotion) and 2Cs (competition, consumerism).

    • Chapter 2: The Consumer

      • Consumers are individuals for whom a product is intended. Customers are individuals who purchase the product.
      • The product life cycle includes stages like research/development, introduction, growth, maturity, decline, decision point, and different non-traditional cycles like fad, trend, niche and seasonal.
      • Consumers are categorized by demographics, geographics, and psychographics.

    • Chapter 3: The Competitive Market

      • Free market economies depend on supply and demand with limited government controls.
      • Direct competition involves similar products in the same category (e.g., Coke vs. Pepsi). Indirect competition involves different product categories (e.g., Colossus vs. Wonderland).
      • Competitive advantages (SCA) are hard to replicate, such as unique selling propositions (USPs), while non-sustainable (non-SCA) advantages can be replicated. Some examples include cost reduction, service and quality, or niche or loyal customer creation.
      • Service industries compete through convenience, selection, reputation, pricing, and value-added services.

    • Chapter 4: Marketing Research

      • Secondary research utilizes pre-collected data. Primary research involves gathering raw, unprocessed data.
      • Qualitative research focuses on feelings and reactions (language-based). Quantitative research involves numerical data analysis.
      • Open-ended questions require respondent input. Closed-ended questions offer pre-defined response options.
      • Test market surveys involve a limited release before wider market introduction.

    • Chapter 5: Product Development

      • A feasibility study evaluates if a business opportunity is viable.
      • Invention refers to the creation of new devices or processes. Innovation relates to modifying existing products/processes to improve them or produce new ones.
      • Stages of product development include idea generation, screening, concept development, market strategy, feasibility study, product design, test marketing, and market launch.

    • Chapter 6: Positioning and Branding

      • Positioning involves defining a product's place in the market based on benefit, target market, distribution, and service.
      • Branding differentiates a product; corporate-dominant names incorporate the manufacturer's name (e.g., Coca-Cola). Product-dominant names are independent (e.g., Häagen-Dazs).
      • Co-branding involves multiple brands working together.

    • Chapter 7: Pricing

      • Break-even pricing is the point where revenue covers costs. Variables like fixed costs, variable costs, and gross profit factors determine pricing.
      • Price fixing involves businesses agreeing on a common pricing structure. Double ticketing is using two or more price tags on the same product.

    • Chapter 9: Advertising, Promotion, and Sales

      • Various media (print, online, TV, radio) have different advantages and disadvantages.
      • Sales promotions include contests, sweepstakes, coupons, premiums, samples, and special sales.

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    Description

    This quiz covers key concepts from Chapters 1 and 2 of marketing, including the definition of marketing, marketing activities, and the life cycle of products. Understand the 4Ps, 2Cs, and the differences between consumers and customers to ace your exam!

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