QUESTION In the definition of value, what is the most important word to note? A) customer B) perception C) costs D) benefits E) competitor ANSWER Answer: B
Date: September 3rd, 2020
QUESTION Which is an example of promotion done by a not-for-profit company? A) a church advertising a raffle for two gospel concert tickets B) a car dealership offering a $3,000 rebate with the purchase of a car C) a health spa offering three nights for the price of two D) a cereal maker printing a […]
Date: September 3rd, 2020
QUESTION Which of the following products is marketed today according to the mindset popular during the production era? A) clothing B) bottled water C) oil D) automobiles E) cell phones ANSWER Answer: C Explanation: C) Oil, which is in tremendous demand today, fits the definition of a product marketed under the production concept.
Date: September 3rd, 2020
QUESTION Idaho potatoes are likely sold all over the United States, but it is unlikely that the Idaho potato industry spends many marketing dollars to promote its potatoes in New England, due to the large potato production in Maine. This is an example of what kind of consumer marketing segmentation? A) demographic segmentation B) user-rate […]
Date: September 3rd, 2020
QUESTION Which of the following is defined as a customer’s perception that a certain product offers a better relationship between costs and benefits than competitors’ products do? A) selling concept B) customer satisfaction C) value D) marketing concept E) consumer buying behavior ANSWER Answer: C Explanation: C) Value is defined as a customer’s perception […]
Date: September 3rd, 2020
QUESTION Which era of marketing by name is correctly paired with its time frame? A) selling era: 1920s to 1950s B) marketing concept era: 1700s to 1920s C) production era: 1950s to 1990s D) selling era: 1990s to present E) production era: 1920s to 1950s ANSWER Answer: A Explanation: A) The selling era was […]
Date: September 3rd, 2020
QUESTION The marketing process starts with conducting research and determining a target market. Then it follows the four Ps of the marketing mix, in this order: product strategy > place strategy > promotion strategy > pricing strategy. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The four Ps are pursued […]
Date: September 3rd, 2020
QUESTION A company has an idea for a product. The first thing the company should do is establish whether there is a market for the product. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The first thing the company should do is conduct research to determine whether there is a […]
Date: September 3rd, 2020
QUESTION Test marketing is marketing research designed to solicit initial consumer reaction to new product ideas. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The definition given is for concept testing. Test marketing is the process of testing products among potential users.
Date: September 3rd, 2020
QUESTION Marketing researchers often submit data to data analysis to make it more useful. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Data analysis involves using statistical tools to determine data’s significance.
Date: September 3rd, 2020
