Marketing Fundamentals Quiz
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Questions and Answers

What is an example of a product feature for pillows?

  • The material used in construction (correct)
  • The brand of the pillow
  • The color of the pillowcase
  • The country of origin

Why do consumers perceive benefits in products and services?

  • Benefits are not relevant in decision-making
  • They help consumers understand the value (correct)
  • To determine their purchasing power
  • Because benefits are always obvious

Which of the following is considered a service that retail stores might provide?

  • Stocking only high-demand items
  • Selling branded merchandise
  • Offering discounts only
  • Delivery and installation (correct)

What can impact the success of a product in the market?

<p>The pricing decisions (A)</p> Signup and view all the answers

How can the right product/service mix benefit a store?

<p>It helps the store compete and attract new customers (B)</p> Signup and view all the answers

Which of the following is NOT a benefit of service features mentioned?

<p>Lower operational costs (A)</p> Signup and view all the answers

What characteristic distinguishes cocoa Krispies from Raisin Bran?

<p>The taste (B)</p> Signup and view all the answers

What aspect is critical if a consumer considers a product too expensive?

<p>The price point compared to perceived value (D)</p> Signup and view all the answers

What was one of the main reasons Diet Rite Cola is not as popular as Diet Coke?

<p>Diet Coke has been marketed more aggressively. (D)</p> Signup and view all the answers

Which of the following best describes the fundamental roles of marketing?

<p>To sell products and manage business brands. (D)</p> Signup and view all the answers

Which activity is NOT included in marketing?

<p>Producing goods and services. (A)</p> Signup and view all the answers

How did Coca-Cola's marketing budget in 2005 for Diet Coke compare to that of Diet Rite Cola?

<p>Diet Coke's budget was significantly higher than Diet Rite's. (C)</p> Signup and view all the answers

Why is marketing considered essential for businesses?

<p>It informs consumers about products and trends. (B)</p> Signup and view all the answers

Which of the following is included in the functions of marketing?

<p>Advertising and promotion. (C)</p> Signup and view all the answers

What impact does a strong marketing strategy have on a product?

<p>It significantly increases brand awareness and sales. (C)</p> Signup and view all the answers

What was unique about Diet Rite Cola at the time of its introduction?

<p>It was the first diet cola ever sold. (C)</p> Signup and view all the answers

What is a significant challenge for retailers of seasonal products?

<p>Managing inventory to avoid surplus of out-of-style products (A)</p> Signup and view all the answers

What happens to seasonal products when the season ends?

<p>They can become outdated or out of style for the next season (D)</p> Signup and view all the answers

What does effective inventory management help prevent for seasonal products?

<p>Financial loss from unsold, outdated inventory (B)</p> Signup and view all the answers

In the context of marketing, what differentiates successful companies like Apple from others like Sony?

<p>Facilitating connections between technology and consumers (C)</p> Signup and view all the answers

Which month signifies significant income for farmers with pumpkin fields?

<p>October (B)</p> Signup and view all the answers

During which months do ice cream parlours typically experience high customer demand?

<p>July to August (B)</p> Signup and view all the answers

What is one major consequence of poor inventory management for seasonal products?

<p>Outdated styles when the new season returns (D)</p> Signup and view all the answers

What change do Christmas ornaments typically undergo each year?

<p>They change in style with each new season (D)</p> Signup and view all the answers

What is one criticism leveled against Wal-Mart regarding its employment practices?

<p>It has been accused of failing to pay overtime. (D)</p> Signup and view all the answers

How does Wal-Mart typically attract consumers despite its employee practices?

<p>By maintaining low prices on merchandise. (A)</p> Signup and view all the answers

Why do retailers often choose to use wholesalers?

<p>Wholesalers offer storage space and smaller quantity purchases. (D)</p> Signup and view all the answers

What is a common reason smaller stores do not buy directly from producers?

<p>Manufacturers require a minimum order size. (C)</p> Signup and view all the answers

What demographic trend has Wal-Mart been criticized for regarding its employment practices?

<p>Laying off older workers in favor of younger employees. (D)</p> Signup and view all the answers

Which aspect of Wal-Mart's employee practices might some people regard as acceptable?

<p>Employees' choice to work there knowing the wages offered. (C)</p> Signup and view all the answers

What is the primary distribution method for companies that utilize catalogues?

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

What advantage do wholesalers provide to retailers related to transportation costs?

<p>Wholesalers are generally located closer to retailers. (C)</p> Signup and view all the answers

What advantage does e-commerce offer to manufacturers and retailers?

<p>Lower distribution costs (B)</p> Signup and view all the answers

What is a widely recognized outcome of Wal-Mart's low price strategies?

<p>Increased sales and customer loyalty for Wal-Mart. (B)</p> Signup and view all the answers

What is a typical annual exposure rate of coupons for Canadian consumers?

<p>1200 coupons (D)</p> Signup and view all the answers

How do businesses typically measure the effectiveness of coupon promotions?

<p>Redemption rate (B)</p> Signup and view all the answers

What is a requirement for businesses organizing contests?

<p>Anyone must be able to enter without purchase (B)</p> Signup and view all the answers

What is a common trend in online shopping today?

<p>Every item can be shipped within 24 hours (B)</p> Signup and view all the answers

What typically influences the redemption rate of coupons?

<p>The value of the coupon (A)</p> Signup and view all the answers

Which promotional method is primarily associated with consumer engagement through incentives?

<p>Sales promotion (A)</p> Signup and view all the answers

How do businesses utilize demographic variables?

<p>To target specific consumer segments. (A)</p> Signup and view all the answers

What role do gatekeepers play in the buying process?

<p>They make purchasing decisions on behalf of others. (A)</p> Signup and view all the answers

Which demographic factor influences product preferences related to health?

<p>Age group (C)</p> Signup and view all the answers

How do cereal makers approach their advertising strategy?

<p>They target both gatekeepers and children in their advertising. (B)</p> Signup and view all the answers

What has changed regarding gender roles in shopping?

<p>Both genders share the responsibility of shopping. (C)</p> Signup and view all the answers

Why do businesses market different product lines for men and women?

<p>Gender-specific marketing addresses distinct consumer preferences. (B)</p> Signup and view all the answers

What assertion about children's influence in purchasing is true?

<p>Children can influence purchases even when not directly buying. (A)</p> Signup and view all the answers

Which of the following is NOT a demographic variable mentioned?

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

Flashcards

Seasonal Products

Products that are popular only during a specific time or season.

Inventory Management

Balancing product quantity with sales, especially for seasonal products.

Product Life Cycle

The stages a product goes through from its introduction to its decline.

Marketing Mix

A combination of strategies that create a successful product launch.

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Effective Brand Identification

A multi-pronged approach focused on creating instant recognition

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Marketing Mix (4 Ps)

A core marketing tool involving product, price, place, promotion.

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Marketing's Role

Marketing's fundamental roles are selling products and managing the business's brand.

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Marketing Activities

Marketing encompasses research, development, sales, distribution, advertising, and promotion to get products to consumers.

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Marketing Impact Measurement

Key methods to evaluate the effectiveness of marketing strategies

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Marketing's Impact

Effective marketing leads to successful product sales and brand recognition; lack of marketing can result in a lesser-known brand.

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Portable Digital Technology

Technology designed for convenient mobility and portability.

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Diet Coke Success

Diet Coke's success demonstrates the significant impact of extensive marketing campaigns in making a product popular.

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Diet Rite Cola

A diet cola that was less successful than Diet Coke in the market place.

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Consumer Awareness

Marketing informs consumers about available products, trends, and improvements.

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Importance of Marketing to Producers

Marketing research informs manufacturers about what products to make.

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Marketing vs. Production

Marketing is about getting products to consumers; production is the creation of the products themselves.

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Product Features

Characteristics of a product, like material, scent, size, and taste.

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Service Features

Details of a service, such as pickup, window cleaning, or rental duration.

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Product Benefits

The positive outcomes consumers get from a product or service; why they buy it.

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Product/Service Mix

Combined products and services offered by a retailer or business.

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Pricing Decisions

Strategies for setting the price of a product affecting sales success or failure.

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Consumer Perception

How customers view the value of a product or service, influencing their purchasing decisions.

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Competitive Advantage

Making the business stand out from rivals.

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Value-added Services

Services that boost the value of a product for customers.

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Wal-Mart's pricing strategy

Wal-Mart aims to keep its prices low by paying low wages and discouraging labor unions.

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Wal-Mart's employee practices

Wal-Mart's employee practices include low wages, and a health insurance plan that many workers can't afford.

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Wholesaler

An intermediary that buys goods from producers and resells them to retailers.

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Wholesaler's role in retail

Wholesalers help retailers by providing storage, reducing transportation costs, and allowing smaller stores to buy goods in manageable quantities.

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Retailer

A business that sells goods directly to customers.

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Minimum purchase quantity

A manufacturer's requirement for a minimum amount of goods purchased by retailers.

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Proximity of Wholesalers

Wholesalers typically locate near retailers to minimize transportation costs and maximize efficiency.

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Criticisms of Wal-Mart

Wal-Mart has faced accusations of age discrimination, failure to pay overtime, and sex discrimination, among other issues.

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E-commerce

Selling products online using an electronic shopping cart, offering consumers convenience and competitive prices.

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Promotion

Any attempt to sell a product, including advertising, sales promotion, and other marketing strategies.

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Sales Promotion

Encouraging consumers to buy a product through techniques like coupons, contests, premiums, samples, and special events.

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Coupons

Offers that provide discounts on the price of a product, presented at checkout for cash value.

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Redemption Rate

The percentage of coupons that consumers actually use, measuring the effectiveness of a coupon promotion.

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Contests

Promotional events that increase brand recognition and sales, where anyone can enter without a purchase requirement.

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No Purchase Required

Contest rule stating that buying a product is not necessary to enter, ensuring fairness.

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Why are catalogues expensive to produce?

Catalogues are expensive to produce when they are printed in colour and include photos taken by professional photographers.

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Demographics

Characteristics of a population that businesses use to understand their target market, such as age, gender, income, and ethnicity.

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Gatekeeper

A person who influences buying decisions for others, often a parent deciding what products their child will buy.

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Product Targeting

When companies focus their marketing efforts on specific groups of people based on demographics to maximize effectiveness.

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Gender Roles

Societal expectations about how men and women should behave, which have changed over time.

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Market Differentiation

Creating distinct product lines for different genders or age groups, even though the underlying products might be similar.

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Influencers

Individuals who have a strong impact on the purchasing decisions of others, including children who can influence their parents' choices.

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Age-Based Marketing

Tailoring advertising and products specifically for people of different age groups, considering their unique needs, tastes, and interests.

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Shared Decision-Making

A trend where purchasing decisions are increasingly made collaboratively, with both men and women participating more equally.

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Study Notes

Marketing Overview

  • Marketing is the process of promoting and selling goods or services
  • It involves research, development, sales, distribution, advertising, and promotion..
  • Companies use marketing to create demand and increase brand recognition.

Specific Marketing Expectations

  • Explain the role and impact of marketing
  • Identify the four Ps (product, price, place, and promotion) and two Cs (competition and consumer)
  • Compare the advantages and disadvantages of advertising types
  • Design advertising appropriate for a good, service, or event
  • Identify/describe different marketing research tools
  • Design/implement a marketing research plan
  • Produce a report on results of the research plan

Research In Motion (RIM) Profile

  • RIM (BlackBerry) is a leading wireless technology manufacturer
  • Founded in 1984 by Mike Lazaridis and Douglas Fregin
  • Focused on integrating email, phone, SMS, and organizer features in first handheld electronic device.
  • Became successful after 10 years after its release
  • Employs 3500 people

Business Facts

  • The Howdy Company (7-Up) introduced its soda in 1929
  • Coca-Cola launched Diet Coke in 1982 after a 100-million dollar ad campaign.
  • Coca-Cola's 2005 fiscal earnings exceeded $200 million

Roles and Impact of Marketing

  • Marketing's two primary roles are to sell products and to manage brands
  • Essential for businesses to understand what is being sold and who is buying it.
  • This includes things like research, development, sales, distribution, advertising, and promotion.
  • Without marketing, consumers wouldn't know what is available
  • Companies wouldn't know consumer preferences.

Brand Identification

  • A brand name distinguishes a product from competitors' products
  • A logo or trademark is a symbol associated with a product. It can be a monogram, visual representation, or an abstract symbol.
  • Slogans are catch phrases used to help consumers remember a particular brand

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Chapter 8 - Marketing PDF

Description

Test your knowledge on the fundamental concepts of marketing, including product features, consumer perception, and service benefits. This quiz covers various aspects of marketing strategies and their impact on business success. Challenge yourself with questions that will enhance your understanding of crucial marketing principles.

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