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- 1. Multiple Choice
What is a product?
Something for sale that you can touch
The container or wrapping for an item
Anything offered to a market that might satisfy a want or need
Something for sale that cannot be touched
- 2. Multiple Choice
Which of these statements describes Time utility?
Put a product where it is convenient for a customer to purchase it
Provide the customer with more knowledge about the product
Change a raw material or assemble parts to make a product
Offer a product just as the need for it arises
- 3. Multiple Choice
What is the term that refers to a product's identity, as represented by its name and/or mark?
Brand
Generic
Advertising
Market segment
- 4. Multiple Choice
What is the difference between a customer and a consumer?
A customer buys products, while a consumer uses products.
A customer must be a business, while a consumer may be a private individual.
A consumer buys a product either to resell it or make it into another product.
A customer buys specialty products, while a consumer buys convenience products.
- 5. Multiple Choice
Which of these products are goods?
New tires
Taxi ride
Car repair
All of the above
- 6. Multiple Choice
What is the main factor to consider when classifying products?
The facility where the product is made
Why the product is being purchased
How long it takes to make the product
- 7. Multiple Choice
Which of these market segments include both psychographic and behavioral factors?
Large businesses who have internal marketing departments
Single men, 40 and under, who live in the Midwestern U.S.
Amateur photographers who prefer first-rate equipment to capture quality images
People between the ages of 16 and 30 who work at least part-time and are paid hourly
- 8. Multiple Choice
What is economic utility?
Sending financial information via phone or cable
Adding value to a product by making it more useful
Saving money on a product through a discount program
A type of marketing aimed toward financial institutions
- 9. Multiple Choice
What is the term for the path that the product follows from the producer to the customer?
Channel of distribution
Physical distribution
Public relations
Market share
- 10. Multiple Choice
At what stage of the product life cycle do sales start to grow at a slower pace, or even level off?
Introduction
Decline
Growth
Maturity
- 11. Multiple Choice
The "4 Ps" (product, pricing, place, promotion) make up which of these items?
Product Mix
Marketing Mix
Customer Relationship Management
Integrated Marketing Communication
- 12. Multiple Choice
What is the main reason why generic products can be sold at a reduced price?
They are lower in quality.
They have less competition.
Less money is spent to promote them.
They are available in more store locations.
- 13. Multiple Choice
What is the term for unprocessed natural resources that are refined into end products?
Component parts
Raw materials
Supplies
Process materials
- 14. Multiple Choice
At what stage in the product life cycle would it be most likely to make a decision about deleting the product?
Growth
Decline
Introduction
Maturity
- 15. Multiple Choice
Nutrition data is included on the packaging of a food product. What type of economic utility is shown in this example?
Form
Time
Information
Place
- 16. Multiple Choice
Why do you think a business would set the price of their product above the competition?
Higher prices usually lead to creating greater demand for a product.
It's the only way to make a profit with competition-oriented pricing.
A higher price often indicates higher quality to many customers.
It's the only way to increase market share, especially for new products.
- 17. Multiple Choice
For which pricing method is it crucial to perform a breakeven analysis?
Competition-oriented pricing
Cost-oriented pricing
Demand-oriented pricing
All of the above
- 18. Multiple Choice
Which of these items is typical of business buying behavior?
Has more frequent contact with the seller
More likely to negotiate on price
More likely to negotiate on price
All of the above
- 19. Multiple Choice
The consumer (B2C) market includes people who buy products to:
Make other products
Use or benefit from them
Resell them
Use them to make a profit
- 20. Multiple Choice
Which of these statements about publicity is NOT TRUE?
Publicity is free since the information appears in the news media
Marketers control how the information is presented
The information tends to be viewed as more credible
Publicity is one part of public relations
- 21. Multiple Choice
Which promotional method involves direct communication between the sales person and the customer?
Advertising
Sales promotions
Personal selling
Public relations
- 22. Multiple Choice
What is the term for a document that lays out the details for how to focus marketing efforts on meeting the customers' needs and wants?
Marketing Concept
Breakeven Analysis
Marketing Plan
Product Life Cycle
- 23. Multiple Choice
Which of these terms refers to the group of all the product lines offered for sale by a company?
Marketing mix
Brand
Target market
Product mix
- 24. Multiple Choice
It's important for all elements of the marketing mix to work together. In good marketing strategy, what's at the center of all the efforts?
The competitors
The business
The customer
The product
- 25. Multiple Choice
What is a sales promotion?
An ongoing effort to foster positive relationships with the public
A short-term incentive used to get people to buy a product
A paid advertisement to influence people about a product
Placing information about a product in the news media
- 26. Multiple Choice
What is the term for any form of communication that a business uses to inform, persuade, or remind potential customers about their products?
Packaging
Distribution
Marketing mix
Promotion
- 27. Multiple Choice
Which of these statements defines the philosophy of marketing?
Focus all of efforts on satisfying the wants and needs of the customer
Produce a large amount of goods as quickly as possible to increase supply
Use high-pressure sales tactics to increase profits for the business
Focus on selling through lots of advertising and large sales forces
- 28. Multiple Choice
What is distribution?
Communication directed toward customers to educate them about a product
A company's portion of the total industry sales for a certain type of product
Determining how to get the product to the right people, in the right amounts, at the right time and place
Adding value to a product by making it more useful
- 29. Multiple Choice
Agents, wholesalers, and retailers are examples of _______
Sales promotions
Product lines
Channels of distribution
Consumers
- 30. Multiple Choice
What does the term physical distribution refer to?
Business functions used to move a product through the channel to customers
The path that a product follows from the producer to the customer
The outlet, or place, where the customer can purchase the product
Selling a product directly to a customer, without using any intermediaries
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