Question 1

Identify and briefly describe the 4 Ps of marketing.

Accepted Answer

- product: a good,service,or idea that s

Question 2

The value of a product,service,or idea to a consumer is based on the formula "benefits divided by costs."

Accepted Answer

A) True 
 B)False

Question 3

________ is the creation of a product or product image that differs enough from existing products to attract consumers.

Accepted Answer

A)  New product development 
B)  Product differentiation 
C)  Advertising 
D)  Product promotion 
E)  Product modification 
A)  New product development 
B)  Product differentiation 
C)  Advertising 
D)  Product promotion 
E)  Product modification

Question 4

Primary data are

Accepted Answer

A)  data gathered for primary areas of the firm,like marketing and production. 
B)  based on facts gathered from library research. 
C)  based on data newly collected for a specific research purpose. 
D)  any of the above,depending upon why the marketer is doing the research. 
E)  gathered by consulting Statistics Canada publications. 
A)  data gathered for primary areas of the firm,like marketing and production. 
B)  based on facts gathered from library research. 
C)  based on data newly collected for a specific research purpose. 
D)  any of the above,depending upon why the marketer is doing the research. 
E)  gathered by consulting Statistics Canada publications.

Question 5

Mary has just completed a detailed and focused strategy for gearing her company's marketing activities to meet consumer needs and wants.Mary has developed a ________.

Accepted Answer

A)  promotion plan 
B)  product positioning 
C)  sales plan 
D)  marketing plan 
E)  marketing mix 
A)  promotion plan 
B)  product positioning 
C)  sales plan 
D)  marketing plan 
E)  marketing mix

Question 6

What results are expected from a successful product differentiation program?

Accepted Answer

A)  The manner in which the product functions must be changed. 
B)  Differentiation requires that prices be mid-level in order to generate a high volume of sales. 
C)  Customer response to the product will change. 
D)  Differentiation requires that prices be high in order to generate a high volume of sales. 
E)  Promotional plans will not change. 
A)  The manner in which the product functions must be changed. 
B)  Differentiation requires that prices be mid-level in order to generate a high volume of sales. 
C)  Customer response to the product will change. 
D)  Differentiation requires that prices be high in order to generate a high volume of sales. 
E)  Promotional plans will not change.

Question 7

Describe the difference between consumer goods and industrial goods.

Accepted Answer

- consumer goods: for use by e

Question 8

What causes most pricing errors in small business firms?

Accepted Answer

A)  Owners select poor locations for service firms. 
B)  Owners don't know the price of their competitors' products. 
C)  Entrepreneurs introduce new products that they like but for which there is no market. 
D)  Over-reliance on word-of-mouth advertising results in potential customers who do not know about the product or service. 
E)  Failure to project operating expenses accurately 
A)  Owners select poor locations for service firms. 
B)  Owners don't know the price of their competitors' products. 
C)  Entrepreneurs introduce new products that they like but for which there is no market. 
D)  Over-reliance on word-of-mouth advertising results in potential customers who do not know about the product or service. 
E)  Failure to project operating expenses accurately

Question 9

What results should be expected if a firm uses a low price strategy for its products?

Accepted Answer

A)  Low prices lead to a larger volume of sales. 
B)  Low prices represent mid-level quality to consumers. 
C)  Low prices represent low quality to consumers. 
D)  Profits per unit are higher. 
E)  Low prices lead to a lower volume of sales. 
A)  Low prices lead to a larger volume of sales. 
B)  Low prices represent mid-level quality to consumers. 
C)  Low prices represent low quality to consumers. 
D)  Profits per unit are higher. 
E)  Low prices lead to a lower volume of sales.

Question 10

Which element of the marketing mix is illustrated by the use of premiums,trading stamps,and coupons meant to encourage consumers to buy more of a product?

Accepted Answer

A)  Price 
B)  Promotion 
C)  Production 
D)  Place 
E)  Productivity improvements 
A)  Price 
B)  Promotion 
C)  Production 
D)  Place 
E)  Productivity improvements

Question 11

What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?

Accepted Answer

- a segment is part of the total market

Question 12

What is product positioning?

Accepted Answer

Product positioning involves identifying

Question 13

Campbell Soup's use of the red and white label is a way of achieving

Accepted Answer

A)  product differentiation. 
B)  publicity. 
C)  relationship marketing. 
D)  industrial marketing. 
E)  market segmentation. 
A)  product differentiation. 
B)  publicity. 
C)  relationship marketing. 
D)  industrial marketing. 
E)  market segmentation.

Question 14

The Ford Focus is promoted to consumers on the basis of economy,while the Porsche is promoted on the basis of high performance.This is an example of

Accepted Answer

A)  relationship marketing. 
B)  product positioning. 
C)  product differentiation. 
D)  mass customization. 
E)  psychographic segmentation. 
A)  relationship marketing. 
B)  product positioning. 
C)  product differentiation. 
D)  mass customization. 
E)  psychographic segmentation.

Question 15

List the four elements in the marketing mix.

Accepted Answer

Product,pr

Question 16

Hansen Trucking Company transports detergent from a loading dock in Toronto to a supermarket shelf in Sherbrooke.This is the ________ element of the marketing mix.

Accepted Answer

A)  ownership 
B)  form 
C)  time 
D)  product 
E)  place 
A)  ownership 
B)  form 
C)  time 
D)  product 
E)  place

Question 17

What must a marketing manager do to successfully market products or services in an international market?

Accepted Answer

- managers must re-evaluate the 4 Ps of

Question 18

Identify four bases for market segmentation.

Accepted Answer

Geographic variables

Question 19

When Binney and Smith,the makers of Crayola,began marketing the brand "Crayola IQ" to the so-called "tweens" group,the company was practising

Accepted Answer

A)  product differentiation. 
B)  mass customization. 
C)  industrial marketing. 
D)  market segmentation. 
E)  customer identification. 
A)  product differentiation. 
B)  mass customization. 
C)  industrial marketing. 
D)  market segmentation. 
E)  customer identification.

Question 20

Marketing research is

Accepted Answer

A)  the study of consumer needs and wants,and the ways in which sellers can best meet them. 
B)  the process of collecting,storing,and retrieving data in electronic files. 
C)  the process of fixing,adapting,and communicating the nature of the product itself. 
D)  the process of dividing a market into categories of customer types. 
E)  a marketing strategy that emphasizes long-lasting relationships with customers. 
A)  the study of consumer needs and wants,and the ways in which sellers can best meet them. 
B)  the process of collecting,storing,and retrieving data in electronic files. 
C)  the process of fixing,adapting,and communicating the nature of the product itself. 
D)  the process of dividing a market into categories of customer types. 
E)  a marketing strategy that emphasizes long-lasting relationships with customers.

Identify and briefly describe the 4 Ps of marketing.

The value of a product,service,or idea to a consumer is based on the formula "benefits divided by costs."

________ is the creation of a product or product image that differs enough from existing products to attract consumers.

Primary data are

Mary has just completed a detailed and focused strategy for gearing her company's marketing activities to meet consumer needs and wants.Mary has developed a ________.

What results are expected from a successful product differentiation program?

Describe the difference between consumer goods and industrial goods.

What causes most pricing errors in small business firms?

What results should be expected if a firm uses a low price strategy for its products?

Which element of the marketing mix is illustrated by the use of premiums,trading stamps,and coupons meant to encourage consumers to buy more of a product?

What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?

What is product positioning?

Campbell Soup's use of the red and white label is a way of achieving

The Ford Focus is promoted to consumers on the basis of economy,while the Porsche is promoted on the basis of high performance.This is an example of

List the four elements in the marketing mix.

Hansen Trucking Company transports detergent from a loading dock in Toronto to a supermarket shelf in Sherbrooke.This is the ________ element of the marketing mix.

What must a marketing manager do to successfully market products or services in an international market?

Identify four bases for market segmentation.

When Binney and Smith,the makers of Crayola,began marketing the brand "Crayola IQ" to the so-called "tweens" group,the company was practising

Marketing research is

Understanding the Canadian Business System

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters

Exam 15: Understanding Marketing Processes and Consumer Behaviour

Identify and briefly describe the 4 Ps of marketing.

The value of a product,service,or idea to a consumer is based on the formula "benefits divided by costs."

________ is the creation of a product or product image that differs enough from existing products to attract consumers.

Primary data are

Mary has just completed a detailed and focused strategy for gearing her company's marketing activities to meet consumer needs and wants.Mary has developed a ________.

What results are expected from a successful product differentiation program?

Describe the difference between consumer goods and industrial goods.

What causes most pricing errors in small business firms?

What results should be expected if a firm uses a low price strategy for its products?

Which element of the marketing mix is illustrated by the use of premiums,trading stamps,and coupons meant to encourage consumers to buy more of a product?

What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?

What is product positioning?

Campbell Soup's use of the red and white label is a way of achieving

The Ford Focus is promoted to consumers on the basis of economy,while the Porsche is promoted on the basis of high performance.This is an example of

List the four elements in the marketing mix.

Hansen Trucking Company transports detergent from a loading dock in Toronto to a supermarket shelf in Sherbrooke.This is the ________ element of the marketing mix.

What must a marketing manager do to successfully market products or services in an international market?

Identify four bases for market segmentation.

When Binney and Smith,the makers of Crayola,began marketing the brand "Crayola IQ" to the so-called "tweens" group,the company was practising

Marketing research is

Understanding the Canadian Business System

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters