MTE Marketing 20/21 Quiz 3
MTE Marketing Quiz 20/21
Test your knowledge of marketing fundamentals with our comprehensive quiz designed for aspiring marketers and industry professionals alike. Challenge yourself with 76 multiple-choice questions covering topics such as pricing strategies, brand equity, and market dynamics.
- Assess your understanding of key marketing concepts
- Enhance your expertise in pricing and value-based strategies
- Gain insights into the latest marketing practices
39) Service means that services cannot be stored for later sale or use.
Consistency
Perishability
Variability
Intangibility
Inseparability
40) Brand is the differential effect that knowing the brand name has on customer response to the product and its marketing.
Differentiation
Knowledge
Equity
Personality
Relevance
1) refers to the amount of money charged for a product or service.
Value
Cost
Price
Wage
Salary
2) What sets the ceiling for product prices?
Product manufacturing costs
Sellers' perceptions of the product's value
Customer perceptions of the product’s value
Variable costs
Break-even volume
3) Effective pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value.
Competition-oriented
Cost-based
Time-based
Customer-oriented
Marketer-oriented
4) which of the following processes does value-based pricing reverse?
High-low pricing
Everyday low pricing
Cost based pricing
Good-value pricing
Value -added pricing
5) The perceived of different product offers can be reasonably assessed by
Conducting a swot analysis
Preparing demand curves
Conducting surveys and experiments
Collecting data about competitors' offers
Setting a benchmark for product quality
7) Pricing involves charging higher prices on an everyday basis but charging higher prices on an everyday pricing involves selected items.
High-low
Everyday low
Cost-plus
Break-even
Penetration
8) Companies that adopt value-added pricing
Consider value-added features as a fitting substitute for aggressive con
Set incredibly low prices to meet competition
Attach value-added features and services to differentiate their often support their higher prices
Overprice their products without any apparent justification
Underprice their products and lower quality to boost demand in the short-run
9) involves setting prices based on the costs for producing, distributing and selling the product plus a fair rate of return for effort and risk.
Value-based pricing
Competition-based pricing
Cost-based pricing
Penetration pricing
Break-even pricing
12)with accumulated production experience and a higher volume of production, not only become more efficient but also
Gain economies of scale incur higher overhead costs
Incur derived demand in the market
Create
Spend more per unit of produced output
Tend to routinely spend less on inputs
14) Cost-plus pricing
Is a complex pricing method
Involves pricing that accurately reflects production costs
Involves adding a standard markup for profit
Aims at breaking even on the costs of making and marketing a product
Is a value-based pricing method
15) Which of the following is a cost-based approach to pricing?
Value-based pricing
High-low pricing
Target return pricing
Good value pricing
Edlp
17) Price setting is usually determined by in small companies.
The top managers
The marketing department
The sales department
Divisional managers
Product managers
19) In which situation is the market dominated by one seller?
Pure monopoly
Monopolistic competition
Oligopolistic competition
Pure competition
Free market
20) refers to a measure of the sensitivity of demand to changes in price.
Price elasticity
A demand curve
Price-value equation
Marginal utility
Income elasticity of demand
21) when companies set prices, the government and social concerns are factors affecting pricing decisions.
External
Internal
Economic
Cultural
Organizational
22) is the only element in the marketing mix that produces revenue.
Price
Product
Place
Fixed costs
Variable costs
23) Which of the following is true with regard to price?
Historically, price has had the least perceptible impact on buyer choice.
Price is the least flexible element in the marketing mix.
Unlike product features and channel commitments, prices cannot be changed quickly.
Price is the sum of all the values that customers give up to gain the benefit of having a product.
Prices only have an indirect impact on a firm's bottom line.
24) pricing uses buyers' perceptions of value as the key to pricing.
Customer value-based
Cost-based
Time-based
Markup
Target return
25) Underpriced products
Produce less revenue than they would if they were priced at the level of perceived value
Sell poorly in the global marketplace
Produce more revenue than they would if they were priced at the level of perceived value
Mostly offer higher value than those with a high markup price
Are characterized by rapidly declining demand
26) pricing refers to offering just the right combination of quality and gratifying service at a fair price.
Markup
Good-value
Cost-plus
Target profit
Break-even
27) involves setting prices based on the costs for producing. Distributing and selling the product plus a fair rate of return for effort and risk.
Value -based pricing
Competition-based pricing
Cost-based pricing
Penetration pricing
Break-even pricing
28) Overhead costs as the number of units produced increases
Decrease steadily
Increase
Fluctuate
Remain the same
Increase rapidly
30) Costs that change with the level of production are referred to as
Fixed costs
Variable costs
Target costs
Total costs
Overhead costs
31) The learning curve is representative of the
Per unit cost of output in the long run
Drop in the average per-unit production cost that comes with accumulated production experience
Number of units the market will buy in a given time period, at different prices that might be charged
Total market demand resulting from different prices
Per unit cost of output in the short run
32) With accumulated production experience and a higher volume of production, companies not only become more efficient but also
Gain economies of scale
Incur higher overhead costs
Create derived demand in the market
Spend more per unit of produced output
Tend to routinely spend less on inputs
33) The simplest pricing method is pricing.
Value-based
Fixed cost
Cost-plus
Target return
Competition-based
35) companies can legitimately charge a higher price if
Consumers perceive that the company's product offers greater value
The demand for products manufactured by a firm is highly elastic
The cost of advertising is minimal
Derived demand remains constant
Consumers de-emphasize quality
36) If demand hardly changes with a small change in price, the demand is
Variable
Inelastic
Highly elastic
Derived
Negative
37) If demand changes greatly with a small change in price, the demand is
Variable
Inelastic
Derived
Elastic
Negative
39) Under --- the market consists of many buyers and sellers trading in uniform commodity.
Pure competition
Monopolistic competition
Oligopolistic competition
A pure monopoly
The dominant firm model
40) In which situation is the market dominated by one seller?
Pure monopoly
Monopolistic competition
Oligopolistic competition
Pure competition
Free market
1) A company's total marketing communications mix consists of a special blend of advertising. Sales promotion, public relations, personal selling. And direct-marketing tools that the company uses to communicate customer value and build customer relationships. Which of the following terms best describes this set of communications tools?
The product mix
Product line filling
The promotion mix
The price mix
Horizontal diversification
2) Which of the following is one of the five major promotion tools?
Market penetration
Strategic positioning
Product line filling
Market diversification
Direct marketing
3) Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called
Sales promotion
Advertising
Direct marketing
Personal selling
Public relations
4) The use of short-term incentives to encourage the purchase or sale of a product or service is called
Direct marketing
Sales promotion
Personal selling
Public relations
Publicity
5) Which of the following promotion tools involves building up a good corporate image and handling unfavorable stories and events?
Sales promotion
Personal selling
Direct marketing
Public relations
Advertising
6) A company's total marketing communications mix consists of a special blend of advertising, sales promotion, public relations, personal selling, and direct- marketing tools that the company uses to communicate customer value and build customer relationships. Which of the following terms best describes this set of communications tools?
The product mix
Product line filling
The promotion mix
The price mix
Horizontal diversification
7) Which of the following is one of the five major promotion tools?
Market penetration
Strategic positioning
Product line filling
Market diversification
Direct marketing
8) Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called
Sales promotion
Advertising
Direct marketing
Personal selling
Public relations
9) The use of short-term incentives to encourage the purchase or sale of a product
Or service is called
Direct marketing
Sales promotion
Personal selling
Public relations
Publicity
11) Which of the following promotion categories is most likely to include the use of displays, discounts, coupons, and demonstrations?
Sales promotion
Direct marketing
Horizontal diversification
Public relations
Advertising
12) includes sales presentations, trade shows, and incentive programs.
Direct marketing
Sales promotion
Personal selling
Public relations
Advertising
13)Which major promotion category uses catalogs, telephone marketing, kiosks, and the Internet?
Sales promotion
Direct marketing
Horizontal diversification
Public relations
Advertising
14) Which of the following promotion categories is most likely to use the promotion tools of press releases, sponsorships, events, and Web pages?
Sales promotion
Direct marketing
Advertising
Public relations
Advertising involves a personal presentation by the firm's sales force for the purpose of making sales and building customer relationships.
True
False
16) Sales promotion involves building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events.
True
False
17) Today's consumers do not need to rely on marketer-supplied information about products and services because they can use to seek out a wealth of information.
Push strategies
Direct marketing
The internet
Personal selling
Public relations
18) Shifting away from mass marketing, marketers are developing which are designed to build closer relationships with customers in more narrowly defined micromarkets.
Focused marketing programs
Horizontal diversification programs
Backward integration strategies
New pull strategies
New push strategies
19) Today, several companies are adopting the concept of which carefully combines and coordinates the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands.
Integrated marketing communications
Pull strategy
Vertical diversification
Nonpersonal communication channels
Buzz marketing
20) To carefully integrate and coordinate the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products, some companies appoint a(n)
Idea champion
Marketing communications director
Sales representative
Business analyst
Media planner
21) As mass markets have fragmented, marketers have shifted away from mass
Marketing.
True
False
The integrated marketing concept ties together all of the company's messages
And images.
True
False
23) In order to avoid shortsightedness, today marketers are moving toward viewing communications as managing the over time.
Organizational culture
Nonpersonal communication channels
Word-of-mouth influence
Customer relationship
Product life cycle
24) While using integrated marketing communications, the communications process should start with a(n)
Advertising strategy
Competitive-parity analysis
Long-term public relations plan
Audit of all potential customer touch points
Strategy for implementing a social media presence
25) Which of the following is one of the four major communication functions?
Coordination
Distribution
Noise
Response
Preference
26) refers to the process of putting thought into symbolic form.
Sending
Encoding
Decoding
Receiving
Feedback
27) a(n) is a set of symbols that the sender transmits.
Encoder
Feedback loop
Message
Media
Decoder
28) Good marketing communications can speed the demise of a poor product.
True
False
29) Buzz marketing involves cultivating opinion leaders and getting them to spread information about a product or service to others in their communities.
True
False
30) While using the method for setting an advertising budget, a company starts with total revenues, deducts operating expenses and capital outlays, and then devotes some portion of the remaining funds to advertising.
Integrated
Moving-average
Competitive-parity
Percentage-of-sales
Affordable
31) Which of the following methods is used by companies to set their advertisable budgets based on the industry average?
Percentage-of-sales method
Affordable method
Competitive-parity method
Objective-and-task method
Regression method
32) Which of the following is the most logical budget-setting method?
Percentage-of-sales method
Affordable method
Competitive-parity method
Objective-and-task method
Push method
33) Which budgeting method entails defining specific promotion goals, determining the necessary tasks, and estimating the costs to determine a promotion budget?
Percentage-of-sales method
Objective-and-task method
Affordable method
Exponential task method
Competitive-parity method
34) In most cases, what is the most expensive promotion tool?
Advertising
Personal selling media
Mass
Public relations
Publicity
35)Which of the following promotional tools is the most effective in beilding up buyers' preferences, convictions, and actions?
Mass-market advertising
Sales promotion
Segmented advertising
Personal selling
Public relations
36) consists of strong short-term incentives that invite and reward quick responses from customers.
Public relations
Personal selling
Advertising
Sales promotion
Direct marketing
37) is very believable because news stories, features, sponsorships, and events seem more real and believable to readers than ads do.
Differentiated marketing
Public relations
Direct marketing
Sales promotion
Personal selling
38) Which promotional tool is the most immediate, customized, and interactive?
Segmented advertising
Sales promotion
Direct marketing:
Horizontal diversification
Public relations
39) under which promotional mix strategy does the producer direct its marketing activities. Toward channel members to-induce them to carry the product and promote it to final consumers?
Pull strategy
Blitz strategy
Push strategy
Buzz strategy
Pulse strategy
40) Using a(n) strategy, the producer directs its toward final consumers to induce them to buy the product.
Pull
Blitz
Push
Buzz
Pulse
10) Cost-based pricing is often product driven.
True
False
11) Markup pricing is used when a firm tries to determine the price at which it will break even or make the target return it is seeking.
True
False
16) A demand curve shows the number of units the market will buy in a given time period at different prices that could be charged.
True
False
18) In customer value-based pricing. Price is considered along with all other marketing mix variables before the marketing program is set.
True
False
38) In a pure monopoly, the market consists of many buyers and sellers who trades over a range of prices rather than a single market price.
True
False
10) Which of the following promotion tools involves building up a good corporate image and handling unfavorable stories and events?
Sales promotion
Personal selling
Direct marketing
Public relations
Advertising
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