ࡱ> [ :+bjbj77 .TU\U\#78H$l@0$p&IIIIIIs("6q*p0@ fIH@> : Which of the following descriptions provides the best definition of the marketing mix? The way products are arranged in a retail store to maximise sales The way a business combines the main marketing elements to sell products that meet the needs and wants of customers The way a business distributes its products through retailers and wholesalers The way products and priced and packaged Which of the 4 Ps of the marketing mix concerns the various outlets and channels a business uses to distribute its products? Promotion Place Price Product Which of the traditional 4 Ps of the marketing mix concerns how much a customer pays for the good or service being offered? Promotion Product Place Price Which element of the marketing mix is the only one that directly affects the value of sales achieved by a business? Product Promotion Price Place The 4 Ps of the marketing mix are closely linked and should not be thought as separate from each other: True or False? True False A business wishes to meet the needs and wants of customers better by delivering a higher quality service. Which element of the marketing mix will the business focus on to achieve this? Price Place Promotion Product A business wants to build customer awareness of features and benefits in its products that are better than the competition. Which element of the marketing mix is most likely to help them achieve this? Price Product Place Promotion The marketing mix does not apply to very small businesses: True or False? True False The way in which products are sold is known as a: Distribution Channel Marketing Source Marketing Channel Promotional Route Which of the following is most related to the marketing concept? Make a profit Satisfy Customers Gain market share Increase sales The proportion of the market held by one company or brand is known as: market segment market leadership market share market slice A market segment at which a business aims its products and/or services is known as the: market leader unique selling point main market target market A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. market market section target market segment When a business divides up groups of customers using terms like "working class", "middle class", "professionals",etc what kind of market segmentation are they using? demographic segmentation religious segmentation socio-economic segmentation lifestyle segmentation Which of the following is an advantage of using market segmentation? It saves money by avoiding the need for TV advertising. It lets a business invest more in its employees. It allows a business to charge higher prices. It allows a business to target its promotional strategy more effectively. The clothing retailer Top Shop tries to appeal to the style-conscious, independent girl- ie. the "fashion junkie" who goes shopping every week in pursuit of the latest hot fashions. What kind of market segmentation is being used by Top Shop? socio-economic segmentation lifestyle segmentation religious segmentation demographic segmentation When segmenting markets by: region of the country/world, market size, market density,or climate, you are using: psychographics segmentation demographic segmentation geographic segmentation lifestyle segmentation Usage rate segmentation is: dividing a market by the amount of product bought or consumed. grouping customers into market segments according to the benefits they seek from the product. segmenting potential customers into neighbourhood lifestyle categories. segmenting based of personality, motives, lifestyles, and geo-demographics. What is the means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers minds? seasonal forecasting perceptual mapping coordinate plotting positioning charts The marketing mix is: the way products are priced and packaged. the way products are arranged in a retail store to maximize sales. the way a business combines the main marketing elements to sell products that meet the needs and wants of customers. the way a business distributes its products through retailers and wholesalers. Which of the 4 P's of the marketing mix concerns how much a customer pays for the good of service being offered? promotion place price product Which of the element of the marketing mix is the only one that directly affects the value of sales achieved by a business? product place price promotion The 4 P's of the marketing mix are closely linked and should not be thought as separate from each other: true or false? True False A business wishes to meet the needs and wants of customers better by delivering a higher quality service. Which element of the marketing mix will be the focus to achieve this? price product promotion place Positioning is the placing of a product in a random markets to get a spontaneous customer responses. True False Cannibalization occurs when sales of a new product cut into sales of a firms existing products. True False How many marketing functions did we cover in class? 2 3 5 7 Which principle states that 20 percent of all customers generate 80 percent of the demand? The hady principle The 80/20 principle The 20/80 principle The 80's principle Targets customers completed a three-question survey at checkout to determine if adding the American Express One card would be a desired payment option. This is an example of: Channel management Marketing information management Promotion Selling The owners of Toys R Us have a meeting to discuss what their competitors are charging and what customers are willing to pay. This demonstrates which marketing function? Channel management Marketing information management Marketing Pricing The local newspaper is printing buy one get one free coupons for Mountain Dew. This is an example of which marketing function? Marketing information management Product/service management Promotion Selling Determining whether to use a truck or train to transport products is part of which function of marketing? Distribution Marketing information management Risk management Selling Bridgestone decided to offer a new line of snow tires. Under which marketing function does this decision fall? Distribution Product planning Selling Financing Which marketing function helps marketers answer the question, What are we going to produce or sell? Pricing Marketing Information Management Product Planning Financing Many grocery stores have made the decision to accept credit cards for payment of merchandise. Which marketing function does this decision represent? Pricing Distribution Purchasing Financing Which marketing function helps business people forecast how much will be sold in a given period? Marketing Information Management MIM Research all of the above Telemarketing is an example of which marketing function? Selling Buying Pricing Storing Macy's customers completed a survey that was sent through their emails. This is an example of: Channel management Marketing information management Promotion Selling The physical location of a business and he site where the reservation for the hotel is made. Product Price Place Promotion When you buy a piece of clothing or a digital camera, you are involved in marketing. True False The entire process of moving, handling, and storing goods from the producer to the consumer is called: packaging distribution production marketing Which marketing function helps business people forecast how much will be sold in a given period? risk management distribution MIM promotion The amount that a hotel charges for its product is ____________. Product Price Place Promotion Which of the following descriptions provides the best definition of the marketing mix? The way products are arranged in a retail store to maximize sales The way a business combines the main marketing elements to sell products that meet the needs and wants of customers The way a business distributes its products through retailers and wholesalers The way products and priced and packaged The market segmentation based on your target markets personal characteristics. product benefits psychographics demographics geographics Psychographics will analyze a consumer's _________________ income level. local market. stage in family life cycle. activities they enjoy. Market segmentation based on where your target market lives. demographics psychographics geographics product benefits Product benefits analyzes a consumer's ______________ income level. local market. stage in family life cycle. activities they enjoy. The marketing mix is based upon the ____ elements. 2 4 6 8 Which of the 4 Ps of the marketing mix deals with the communication of new and or existing products/services? 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