120 Questions
Which of the following is a major tool of marketing communications?
Personal selling
Which of the following is a risk associated with advertising?
It is very expensive
Which of the following is an example of sales promotion?
Sampling
Which of the following is a long-term goal of personal selling?
To build a relationship
Which of the following is true about marketing ethics?
Organizational ethics can conflict with personal values
Which marketing management philosophy focuses on determining needs and wants and delivering better satisfaction than the competition?
Marketing Concept
What is the difference between needs and wants?
Needs are physical requirements, while wants are shaped by culture and individual personality.
What is customer value?
The difference between the values the customer gains from owning and using a product and the cost of obtaining the product.
Which marketing management philosophy focuses on producing cheap and accessible products?
Production Concept
What is customer satisfaction?
The extent to which a product's perceived performance matches a buyer's expectations.
Which of the following is NOT one of the four P's of the marketing mix?
Positioning
Which of the following is a characteristic of a cash cow product?
High market share and low marketing growth rate
According to Roger's Model for the Adoption and Diffusion of Innovations, which group of consumers usually has the most influence to decide what becomes a market success?
Early adopters
Which factor does NOT influence innovation diffusion?
Complexity of transition
Which stage of the product life-cycle is characterized by a decline in sales and profits?
Decline
Which step of the International Marketing Research Process involves finding out things you didn't know before?
Developing a research plan
According to Abraham Maslow's pyramid of needs, which need is considered the most important?
Physiological
According to Sigmund Freud, which part of the mind represents the need for morality and rules?
Superego
What is cognitive dissonance in the context of consumer decision-making?
The comparison between expectations and results after a purchase
Which type of buying behavior involves seeking variety and trying different brands?
Variety-seeking buying behavior
Which of the following is NOT a criterion for targeting a market segment?
Compatibility with the company's overall objectives
Which of the following is an example of concentrated marketing?
Winterhalter, a German dishwasher company for hotels
Which of the following is an example of market penetration?
Toothpaste companies convincing consumers to brush twice a day
Which of the following is a pricing strategy that involves starting with a low price and gradually increasing it?
Start low to gain shares and slowly go up
Which of the following is a type of utility created by marketing channels?
Form utility
Which of the following best defines globalization?
The integration of economics and societies all over the world
What is the difference between cognitive dissonance and customer satisfaction?
Cognitive dissonance refers to the difference between our thoughts and our experience with the product, while customer satisfaction refers to the level of satisfaction a customer feels towards a product
What is the definition of marketing?
Creating value for customers by improving benefits or reducing price
What is the difference between a product and a service?
A product is tangible, while a service is intangible
What does the PEST analysis in strategic planning include?
Political, Economic, Societal, Technological
Which of the following is a characteristic of a cash cow product?
High market share and low marketing growth rate
According to Roger's Model for the Adoption and Diffusion of Innovations, which group of consumers usually has the most influence to decide what becomes a market success?
Early adopters
Which factor does NOT influence innovation diffusion?
Complexity of transition
Which of the following is a type of utility created by marketing channels?
Possession utility
Which marketing management philosophy focuses on determining needs and wants and delivering better satisfaction than the competition?
Marketing concept
Which of the following is NOT a step in the consumer decision-making process?
Post-purchase behavior
According to Abraham Maslow's pyramid of needs, which need is considered the least important?
Self-actualization needs
Which of the following is NOT a type of perceived risk before purchasing?
Emotional risk
Which of the following is NOT a type of buying behavior?
Impulsive buying behavior
Which of the following is NOT one of the four P's of the marketing mix?
Positioning
Which of the following is NOT a component of international marketing practices?
Strategic decisions to compete in domestic markets
What is the formula for calculating value in marketing?
Benefits/Price
Which of the following is NOT a step in the International Marketing Research Process?
Analyzing data
What is the purpose of qualitative research in marketing?
To study marketing phenomena
What is the main difference between primary data and secondary data in marketing research?
Secondary data provides exact answers to research problems
Which of the following is NOT a factor that influences market segmentation?
Psychographic traits
What is the purpose of positioning in marketing?
To develop a distinct image for the product
Which of the following is an example of differentiated marketing?
Volkswagen offering cars for various target groups
What is market penetration?
Convincing current consumers to consume more of an existing product
What is the pricing strategy of starting low to gain market share and gradually increasing the price?
Price as a method of gaining market share
Which of the following is NOT a primary function of wholesaling?
Making contact
Which of the following is NOT a major tool of marketing communications?
Public relations
Which of the following is NOT a risk associated with advertising?
Creating awareness
Which of the following is NOT a characteristic of a cash cow product?
Requires heavy investment
Which of the following is NOT a criterion for targeting a market segment?
Profitable
Which marketing management philosophy focuses on delivering better satisfaction than the competition?
Marketing concept
What is the difference between customer value and customer satisfaction?
Customer value refers to the difference between the values the customer gains from owning and using a product and the cost of obtaining the product, while customer satisfaction refers to the extent to which a product's perceived performance matches a buyer's expectations.
What is cognitive dissonance in the context of consumer decision-making?
The difference between our thoughts (customer value) and our experience with the product (satisfaction).
What is the definition of globalization?
The integration of economics and societies all over the world.
What is the difference between a product and a service?
A product is tangible and can be physically owned, while a service is intangible and involves an act or performance.
Which of the following is NOT a product life-cycle stage?
Introduction
What is the main characteristic of a cash cow product?
High market share and low marketing growth rate
Which group of consumers in Roger's Model for the Adoption and Diffusion of Innovations usually provides legitimization of the innovation?
Early majority
Which factor influences innovation diffusion by increasing adoption if the innovation has clear advantages?
Relative advantage
What is the most important factor that influences adoption of an innovation?
Relative advantage
Which of the following is NOT a primary function of retailing?
Negotiating
What is the purpose of marketing communications?
To create awareness about a product or service
What is the major risk associated with sales promotion?
Short-term effectiveness
Which of the following is NOT a factor that affects the choice of channels?
Competition
What is the primary function of wholesaling?
Selling
Which of the following is NOT a theory of consumer behavior mentioned in the text?
B.F. Skinner's theory of operant conditioning
Which of the following is NOT a type of perceived risk before purchasing mentioned in the text?
Emotional risk
Which of the following is NOT a type of buying behavior mentioned in the text?
Impulse buying behavior
Which of the following is NOT one of the four P's of the marketing mix mentioned in the text?
Place
Which of the following is NOT a factor that influences market segmentation mentioned in the text?
Economic factors
Which of the following is NOT a factor considered in targeting a market segment?
Current size of the segment
Which of the following is an example of differentiated marketing?
Volkswagen offering cars for various target groups
Which of the following is NOT a type of market penetration?
Offering a new product to a new customer base
Which of the following is NOT a pricing strategy mentioned in the text?
Price as a method of gaining market share
Which of the following is NOT a function of marketing channels?
Determining product pricing
Which of the following is NOT a component of the marketing mix?
Promotion
What is the purpose of PEST analysis in strategic planning?
To analyze the political, economic, sociological, and technological factors that can impact a project or organization
What is the main difference between qualitative research and quantitative research in market research?
Qualitative research involves focus groups and one-on-one interviews, while quantitative research involves surveys and questionnaires
What is the purpose of pricing research in marketing?
To project demand and determine pricing strategies
What is the Circle of Knowledge in market research?
The belief that there are certain things we know, certain things that we are aware of but don't know, and many things we aren't aware of
Which marketing management philosophy focuses on determining needs and wants and delivering better satisfaction than the competition?
Marketing concept
What is the difference between customer value and customer satisfaction?
Customer value is the difference between the values the customer gains from owning and using a product and the cost of obtaining the product, while customer satisfaction is the extent to which a product's perceived performance matches a buyer's expectations.
What is the pricing strategy of starting low to gain market share and gradually increasing the price?
Skimming pricing
What is cognitive dissonance in the context of consumer decision-making?
The difference between our thoughts (customer value) and our experience with the product (satisfaction)
What is the definition of globalization?
The integration of economics and societies all over the world
Which of the following is NOT a component of international marketing practices?
Product development
Which of the following is an example of a tangible product?
Software
What is the formula for calculating value in marketing?
Benefits/Price
Which of the following is NOT a component of the PEST analysis in strategic planning?
Technological
What is the first step in the international marketing research process?
Identifying the research problem
Which of the following is a product that has high market share but a low marketing growth rate?
Cash cow
Which of the following is a product that has low market share and low marketing growth rate?
Dog
Which of the following is a product that has low market share but a high marketing growth rate?
Question mark
Which of the following is a product that has high market share and high marketing growth rate?
Star
Which of the following is NOT one of the five groups of consumers in Roger's Model for the Adoption and Diffusion of Innovations?
Late majority
Which of the following is NOT a major tool of marketing communications?
Public relations
Which of the following is NOT a risk associated with advertising?
Creates awareness
Which of the following is NOT a function of wholesaling?
Making contact
Which of the following is NOT a factor that affects the choice of channels?
Character
Which of the following is NOT a step in the consumer decision-making process?
Product development
Which of the following is NOT a type of utility created by marketing channels?
Information utility
According to Abraham Maslow's pyramid of needs, which need is considered the least important?
Esteem needs
According to Sigmund Freud, which part of the mind represents immediate desires and impulses?
Id
Which type of perceived risk is associated with the fear of losing money?
Financial risk
Which of the following is NOT one of the four P's of the marketing mix?
Place
Which of the following is NOT a factor considered in targeting a market segment?
Compatibility with the company's overall objectives
Which of the following is an example of differentiated marketing?
Two or more different segments with different marketing mixes
What is market penetration?
Convincing current consumers to consume more of an existing product
What is market development?
Selling a current product in a new market
What is product development?
Offering a new product to current customers
Which of the following marketing management philosophies focuses on targeting wealthier customers with higher-end products?
Client customization concept
What is the difference between customer value and customer satisfaction?
Customer value is the difference between the values the customer gains from owning and using a product and the cost of obtaining the product, while customer satisfaction is the extent to which a product's perceived performance matches a buyer's expectations.
What does globalization refer to?
The integration of economics and societies all over the world.
What is the purpose of the marketing concept?
To determine needs and wants and deliver better satisfaction than the competition.
What is cognitive dissonance in the context of consumer decision-making?
The difference between our thoughts (customer value) and our experience with the product (satisfaction).
Test your knowledge on the Marketing Mix and BCG Matrix with this quiz! Explore the four P's of marketing strategy and understand how to analyze market growth rates and relative marketing share.
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