Marketing Fundamentals Quiz

False (B)

Design, features, brand name, quality, services, experience

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

<p>Allowances = Reductions in price for certain groups Discounts = Temporary reductions in price Rebates = Partial refunds to customers Payment period = Time allowed for payment after purchase</p> Signup and view all the answers

<p>When purchasing complexity increases (D)</p> Signup and view all the answers

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

<p>Products that are difficult for the customer to value, even after purchase.</p> Signup and view all the answers

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

<p>Time pressure = Increases reliance on price Purchasing complexity = Complicates decision-making Price transparency = Reduces the visibility of price information Trust in information = Enhances the credibility of price as quality</p> Signup and view all the answers

<p>Inform potential customers and persuade them to buy (B)</p> Signup and view all the answers

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

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

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

<p>Social Media = Promotion Mix Transport = Distribution Mix Email = Promotion Mix Inventory Control = Distribution Mix</p> Signup and view all the answers

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

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

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

<p>They have an immediate effect and require no upfront costs. (C)</p> Signup and view all the answers

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

<p>It requires little upfront capital.</p> Signup and view all the answers

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

<p>Immediate price changes = Shifts in market shares can happen quickly Requires no upfront costs = Allows for quicker profit realization Compared to other marketing instruments = Has a 10-20 times stronger influence on sales than others Competitors can react quickly = Leads to potential market volatility</p> Signup and view all the answers

<p>10-20 times (A)</p> Signup and view all the answers

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

<p>Market shares</p> Signup and view all the answers

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

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

<p>Functional, Emotional, Symbolic, Ethical</p> Signup and view all the answers

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

<p>Luxury = Highest price and exclusivity Ultra-low = Very affordable with basic features Medium = Average price range with balanced features Premium = Higher quality with a higher price</p> Signup and view all the answers

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

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

<p>The desire for change or escape</p> Signup and view all the answers

<p>Competition among companies offering similar products (D)</p> Signup and view all the answers

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

<p>Identifying the relevant competitor</p> Signup and view all the answers

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

<p>Monitoring competition systematically (B)</p> Signup and view all the answers

<p>Current prices of competitors</p> Signup and view all the answers

<p>Narrow sphere = Similar/identical products Broader sphere = Same types of products Outer sphere = Similar/related kinds of value</p> Signup and view all the answers

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

<h1>=</h1> <h1>=</h1> Signup and view all the answers

The product is the starting point of all marketing efforts. It's not just a physical thing but a solution that meets customer needs and solves problems.

Product decisions involve choices about design, features, brand name, quality, services, and customer experience. These choices directly influence how the product is perceived and valued by customers.

Price captures the monetary value created by a product or service. It reflects what a customer is willing to pay for the value they receive.

Pricing decisions impact profit margins directly. By setting the right price, businesses can maximize revenue without sacrificing too much profit.

Pricing decisions involve selecting methods, policies, and strategies. This can include offering discounts, rebates, payment terms, and credit options to influence customer choices.

Price changes can quickly impact sales, but competitors can react just as fast.

The fastest way to increase profits: changing prices.

Price changes are the only marketing tool that doesn't require upfront investments.

Prices influence sales much more than other marketing efforts such as advertising or research.

Price changes can significantly shift market shares in a short time.

Price changes can affect customer demand instantly.

Competitive price responses happen quickly, meaning companies need swift reactions.

Price changes are a valuable tool for managing profitability.

When brands and manufacturer names don't heavily influence purchasing decisions; direct experience with the product is lacking or impossible; or customers lack recent experience with the product and don't share their experiences with others.

Products whose quality is difficult for customers to assess even after purchase, due to complexity or reliance on long-term factors like durability.

Price becomes more powerful when customers face time pressures, complex purchasing processes, reduced price transparency, and increased trust in the source of price information.

Price can be a good indicator of product quality when it's within the buyer's familiar price range, allowing them to compare.

Promotion involves informing potential customers about a product and persuading them to buy it.

A promotion mix includes various strategies to achieve promotion goals. Examples include online marketing, print advertising, personal selling, and public relations.

Place refers to how a product is distributed and made available to customers. This involves factors like channels, warehousing, and transportation.

A distribution mix involves elements like channels, warehousing, and transportation, to effectively reach customers.

The 4Ps of marketing are Product, Price, Promotion, and Place. They are interconnected and influence each other, shaping a product's positioning.

The 4Ps of marketing are interdependent, meaning decisions made in one area affect the others. For example, a high price might require a high-quality product.

By understanding the interdependency of the 4Ps, marketers can make informed decisions that align with their product's positioning and target market.

The 4Ps guide decision making by shaping a product's positioning in the market. They are not independent but work together synergistically.

The companies competing for the same customer pool.

Analyzing the current prices of competitors to understand their pricing strategies and market positioning.

Predicting how competitors might adjust their prices in the future.

Companies that offer similar or identical products.

Companies that offer products within the same category, but not necessarily identical.

Companies that offer products or services that meet similar customer needs, but through different means.

Understanding the competitive landscape helps businesses make informed pricing decisions and adapt to changing market dynamics.

By anticipating competitor price changes, companies can proactively adjust their pricing strategies to maintain market share and profitability.

The price of a product influences how customers perceive its value and position it in relation to competitors.

Luxury products are positioned at the highest price point, often associated with exclusivity, craftsmanship, and prestige.

Premium products offer a higher price point compared to average products, often emphasizing quality, features, and brand reputation.

Medium-priced products cater to a broad market, striking a balance between value and price.

Low-priced products are positioned to be affordable and accessible to most customers, often emphasizing practicality and value for money.

Ultra-low-priced products are positioned at the lowest price point, focusing on the most budget-conscious customers and emphasizing basic functionality.

A product's functional attributes relate to its practical features and how effectively it meets core customer needs.

Emotional product attributes refer to how a product triggers positive feelings, desires, and experiences.