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. (D)</p> Signup and view all the answers

Which of the following is NOT a recognized brand strategy?

<p>Creating a brand alliance (B)</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 (D)</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 (B)</p> Signup and view all the answers

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

<p>Lifestyle (C)</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. (A)</p> Signup and view all the answers

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

<p>Promotion (D)</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 (D)</p> Signup and view all the answers

In the context of marketing, who are gatekeepers?

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

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

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

What defines direct competition?

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

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

<p>Lowering production costs through efficiency (D)</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 (A)</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? (D)</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 (B)</p> Signup and view all the answers

Which of the following is an example of indirect competition?

<p>Coke and Pizza Pizza (A), Colossus and Wonderland (D)</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 (D)</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 (A)</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 (D)</p> Signup and view all the answers

Which factor does not influence the need for packaging?

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

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

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

Which of the following describes a fixed cost?

<p>Consistent cost that remains unchanged regardless of sales (A)</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 (C)</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 (D)</p> Signup and view all the answers

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

<p>Personalized marketing (B)</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 (A)</p> Signup and view all the answers

Flashcards

What is direct competition?

Products in the same product category that are very similar. For example, Coke vs. Pepsi.

What is indirect competition?

Products in different product categories that are not directly related. For example, Coke vs. Pizza.

What is a sustainable competitive advantage?

An advantage that is difficult or impossible for competitors to copy. Examples include unique features, lower production costs, or strong customer loyalty.

What is a non-sustainable competitive advantage?

An advantage that competitors can easily copy. Examples include promotions, product placement, or pricing strategies.

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What is a tariff?

A tax imposed on imported or exported goods between countries.

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What is secondary research?

Collecting existing data already published by others.

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What is an invention?

A new concept or method developed through research and experiments.

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What is an innovation?

A way to use a new technology, product, or process to change how things are made or sold.

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What is primary research?

Gathering new, unanalyzed information directly from the source for a specific purpose.

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What is qualitative research?

Focuses on understanding people's opinions, feelings, and experiences about a topic, using language and exploring emotions.

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What are the stages of product development?

The process of bringing a new product to market, involving steps like idea generation, market research, and product design.

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What is quantitative research?

Measures objective data using numbers, surveys, experiments, or statistical analysis on a representative sample.

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What is cost-benefit analysis?

A systematic way to evaluate the pros and cons of a decision, project, or policy.

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What is a feasibility study?

A preliminary assessment used to determine if a new product or business opportunity is viable, feasible, and practical.

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What is a corporate-dominant brand name?

A brand strategy where the company's name is prominently featured in the brand name or product name.

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What do marketers do?

The activities involved in planning, pricing, promoting, distributing, and selling goods and services to meet consumer needs and wants.

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Good vs. Service

A good is a tangible (physical) product, while a service is an intangible (non-physical) act or performance.

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Marketing Concept Steps

The marketing concept focuses on identifying opportunities, ensuring there's a market for the product, and developing effective marketing strategies for successful sales.

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Who are gatekeepers?

Gatekeepers are individuals or groups targeted by a product's marketing but who don't directly purchase it. For example, children are gatekeepers for toys because they influence parents' buying decisions.

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What are the 4 Ps?

The 4Ps of marketing: Product, Price, Place, Promotion

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What are the 2 Cs?

The 2 Cs of marketing: Competition and Consumerism. These are external factors that marketers must consider.

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Consumer vs. Customer

A consumer is someone for whom a product is intended, while a customer is the person who actually purchases it.

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Traditional Product Life Cycle Stages

The traditional product life cycle includes Research & Development, Introduction, Growth, Maturity, Decline, and Decision Point stages.

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Demographics, Geographics & Psychographics

Demographics study observable characteristics like age, gender, and income. Geographics categorize people based on location. Psychographics examine beliefs, opinions, and interests.

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Maslow's Hierarchy of Needs

Maslow's Hierarchy of Needs suggests that people are motivated to fulfill basic needs (physiological, safety) before pursuing higher-level ones (affiliation, esteem, self-actualization).

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What is co-branding?

Combining two or more brands to benefit both parties. Think of a joint effort for mutual success.

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What is the break-even point (BEP)?

The number of units a business must sell at a specific price to cover its costs. It's the point where revenue equals expenses.

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What is a variable cost?

Costs that change depending on how much you sell or produce. Imagine the cost of ingredients for a bakery based on how many cakes they make.

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What is a fixed cost?

Costs that remain constant, regardless of how much you sell or produce. Think of rent or utilities, which are consistent each month.

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What is double ticketing?

When a business places two prices on the same product and charges the higher one. It's an unethical practice.

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What is price fixing?

When businesses agree to set the same prices for their products. It's illegal and prevents fair competition.

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What are some types of sales promotions?

A promotional strategy that includes contests, sweepstakes, refunds, rebates, coupons, premiums, samples, special sales, and point-of-purchase displays, all aimed at encouraging customers to buy.

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What are some types of media?

Books, print, recordings, radio, movies, television, internet, and out-of-home advertising. Imagine the different ways you can reach your audience.

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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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