Transcript Chapter 10 Review

Chapter 10 Review
True or False
• A farmer selling tomatoes she grew in her own garden at a roadside
stand is an example of a direct channel of distribution.
• TRUE
True or False
• Product packaging is the least important part of product planning
because consumers simply throw away the packaging before using
the product.
• FALSE
Define
• Marketing
• An organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the organization and its
stakeholders
Multiple choice
• A small number of consumers expressing opinions about a new
product or service in a group discussion is a:
• A) target market
• B) Focus group
• C) survey group
• D) experimental group
•B
Multiple choice
• A product will probably have a relatively high price:
• A) if it is hard to find
• B) if its supply is high
• C) if it has been on the market for a long time
• D) if it has many features and options
•D
Define
• Marketing strategy
• A company’s plan that identifies how it will use marketing to achieve
its goals
Define
• Target market
• A specific group of consumers who have similar wants and needs.
Multiple choice
• This marketing function involves setting and communicating the value
of products and services
• A) financial analysis
• B) distribution
• C) pricing
• D) selling
True or False
• All businesses must complete some marketing activities even if that is
not their focus.
•T
Define
• Marketing mix
• The blending of the four marketing elements: product, distribution,
price and promotion.
True or false
• Advertising is any form of communication used to inform, persuade,
or remind.
•F
Multiple choice
• Businesses usually specialize in producing a specific type of product,
while consumers want to purchase a variety of products. This
illustrates differences in:
• A) assortment
• B) quantity
• C) location
• D) timing
•A
Define
• Final consumer
• Persons who buy products and services mostly for their own use.
Define
• Consumer decision-making process
• The specific sequence of steps consumers follow to make a purchase.
Multiple choice
• What is the first step in the consumer decision-making process?
• A) gather information
• B) select alternatives
• C) evaluate alternatives
• D) recognize a need
•D
True or false
• The first step in new product planning is to develop a full marketing
strategy.
•F
True or false
• A markup should be thought of as a pricing mistake because ir
reduces the amount of money the business has to cover operating
expenses profits.
•F
Multiple choice
• Product costs + Operating expenses + Profit =
• A) gross margin
• B) selling price
• C) markup
• D) markdown
•B
Define
• Intangible
• Services that have no physical form.
True or false
• Finding solutions to problems through carefully designed studies
involving consumers is called marketing research.
•T
True or false
• A target market is a group of consumers that have similar wants and
needs.
•T
Define
• Price
• The money a customer must pay for a product or service.
True or false
• Effective marketing begins with a good product.
•F
Define
• Channel of distribution
• The route a product follows and the businesses involved in moving a
product from the producer to the final consumer.
Multiple choice
• The simplest form of a product is called the
• A) basic product
• B) brand name
• C) product
• D) option
Multiple choice
• Services are
• A) easier than products to examine to see if they will meet your needs
• B) consumed that the same time they are produced
• C) the same no matter who provides them
• D) easier than products to store
•B
Multiple choice
• Which of the following is an example of personalized promotion?
• A) advertising
• B) publicity
• C) personal selling
• D) sales promotion
•C
Define
• Promotion
• Any form of communication used to inform, persuade, or remind.
Multiple choice
• Non-paid promotion presented by the media rather than be a
business is:
• A) telemarketing
• B) advertising
• C) sales promotion
• D) publicity
•D
Define
• Advertising
• Any paid form of communication through mass media directed at
identified consumers to provide information and influence their
actions.
Additional terms to know:
• Financial analysis
• Emotional buying motive
• Selling
• Business consumers
• Distribution
• Promotion
• Final consumers
• Effective communication
• Marketing-information
management
• Rational buying motive
• Product and service agreement
• Marketing strategy
• Product, distribution, price,
promotion
• Primary research
• Gross margin