MTE Marketing 20/21 Quiz 2

________ involves designing and producing the container or wrapper for a product.

A product's ________ identifies the product or brand, describes several things about the product, and promotes the brand.

________ refers to the amount of money charged for a product or service.

________ is the only element in the marketing mix that produces revenue.

Which of the following is true with regard to price?

What sets the ceiling for product prices?

What sets the floor for product prices?

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.

________ pricing uses buyers' perceptions of value as the key to pricing.

Which of the following is true of value-based pricing?

A pharmaceutical company in Utah recently released a new and expensive anti-ulcer drug in the market. The company justifies the high price of the drug by claiming that it is highly effective for treating all kinds of ulcers. The company also claims that the new drug will help bring down the need for invasive surgeries, an additional benefit for patients. Which of the following pricing strategies is the pharmaceutical company most likely using in this instance?

The perceived value of different product offers can be reasonably assessed by ________.

Underpriced products ________.

Which of the following involves introducing less-expensive versions of established, brand name products?

________ pricing refers to offering just the right combination of quality and gratifying service at a fair price.

When McDonald's and other fast food restaurants offer "value menu" items at surprisingly low prices, they are most likely using ________ pricing.

Azure Air, an airline company, offers attractive prices to customers with tighter budgets. A no-frills airline, it charges for all other additional services, such as baggage handling and in-flight refreshments. Which of the following best describes Azure Air's pricing method?

Retailers such as Costco and Walmart charge a constant, daily low price with few or no temporary price discounts. This is an example of ________ pricing.

Bon Vivant offers an assortment of exclusive French wines at incredibly low prices. These prices are neither limited-time offers nor special discounts, but represent the daily prices of products sold by Bon Vivant. This reflects Bon Vivant's ________ pricing strategy.

________ pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items.

In an effort to differentiate its offerings from its competitors, Pegasus Computers decided to add an extra USB port in all its laptops besides providing a free pair of Delphi power bass headphones with every Pegasus laptop. Although the additional features increased the price of the laptops by $500, Pegasus was confident that the strategy would help boost demand for its laptops substantially. This is an example of ________.

________ involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk.

Companies with lower costs ________.

Fixed costs ________.

Costs that change with the level of production are referred to as ________.

With accumulated production experience and a higher volume of production, companies not only become more efficient but also ________.

1 - Which of the following is NOT an accurate description of modern marketing?

2 - According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

3 - According to the five-step model of the marketing process, a company should before designing a customer-driven marketing strategy.

4 - are human needs that are shaped by culture and individual personality.

5 - Marketing is managing profitable customer relationships

6 - When backed by buying power, wants become

7) is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

8) Which of the following terms refers to sellers being preoccupied with their products and losing sight of underlying consumer needs?

9) is the act of obtaining a desired object from someone by offering something in return.

10) a(n) is the set of actual and potential buyers of a product or service.

11) Human needs are shaped by culture and individual personality.

12) The difference between human needs and wants is that needs are not created by

13) Market offerings are limited to physical products.

14) An experience such as a vacation can be defined as a market offering.

15) The art and science of choosing target markets and building profitable relationships with them is called

16) Selecting which segments of a population to serve is called

17) Which of the following refers to a set of benefits that a company promise to deliver to customers to satisfy their needs?

18) Which of the following marketing management orientations focuses primary on improving efficiencies along the supply chain?

19) Which of the following marketing management concepts is most likely to lead to marketing myopia?

20) Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?

21) The selling concept is typically practiced

22) Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

23) A firm that uses the selling concept takes a(n) approach.

24) The marketing concept takes a(n). It starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers.

25) When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is marketing.

26) The societal marketing concept seeks to establish a balance between

27) The set of marketing tools a firm uses to implement its marketing strategy is called the

28) Market segmentation is the process of seeking fewer customers and reduced

29) Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called

30) is determined by a customer's evaluation of the benefits and costs of market offering relative to those of competing offers.

31) It is most accurate to say that when customers purchase products they act on as they judge values and costs.

32) The final step in the marketing process is

33) The portion of the customer's purchasing that a company gets in its product categories is known as

34) Which of the following refers to the total combined customer lifetime value of

35) In the context of customer relationship groups, a potentially profitable and

36) Customers can be classified into four relationship groups based on theip profitability and projected loyalty. Which customer type is associated with high profitability and long-term loyalty?

37) The meaning of value is perceived identically by all consumers.

38) To increase its "share of customer, " a firm concentrates on retaining as many customers as possible over its lifetime.

1)Which of the following is true with regard to products ?

2) Are a form of product that consists of activities , benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything

3) Product planners need to consider products and services on three levels. End level adds more customer value. The most basic level is the…. , which addresses the question , what is the buyer buying ?

4) Product planners need to consider products and services on three levels, at the third level , product planners must build .

5) Are industrial products

6) Consumer products refer to

7) Are consumers products and services that customers usually buy frequently , immediately , and with minimal comparison and buying effort.

8) are less frequently purchased consumer products and services that consumers compare carefully on suitability , quality, price and style

9) Are consumer products and services with unique characteristic or brand identification for which a significant group of buyers is willing to make special purchase effort

10) Are consumer products that the consumer either does not know about or knows about but does not normally think about buying

11) Products are those products purchased for further processing or for use in conducting a business

12) Are the major marketing factors in the sale of most manufactured materials and parts .

13) Are industrial products that aid in the buyer’s production or operations , including installation and accessory equipment

14) marketing consists of activities undertaken to create, maintain, or change the attitudes and behaviors of target consumers toward an organization.

15) marketing consists of activities undertaken to create, maintain, or change attitudes toward particular people. People ranging from presidents, and sports figures to professionals sueh as doetors, lawyen, asd nrs ct ase it te build their reputations. irects

16) marketing involves activities undertaken to ereate, maintain, or attitudes toward particular cities, states, or regions. change

17) Advertising campaigns involving issues ranging from health care, education, and environmental sustainability to human rights and personal safety can be classified under marketing.

18) A service refers to an activity, benefit, or satisfaction offered for sale that essentially intangible and does not result in the ownership of anything.

19) Convenicnce products are less frequently purchased consumer produets and senices that customers compare carefully on suitability, quality, price, and style.

20) The augmented product is the actual product plus the various services and benefits offered with it, such as a warranty, free delivery, installation, and maintenance.

21) Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered by

22) refers to the characteristies of a product or service that bear on its ability to satisfy stated or implied customer needs.

23) is an approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes.

25) refers to freedom from defects and consistency in delivering a targeted level of performance.

26) Style simply deseribes the of a product.

27) contributes to a product's usefulness as well as to its looks.

28) that identifies the maker or sollue sign, symbol, design, or a combination of these.

29) involves designing and producing the container or wrapper for a produet.

30) The first step in designing support services is to

31) is a group of products that are closely related because they funetion in a similar manner, are sold to the same customer groups, are marketed through the same type of outlets, or fall within given price ranges.

32) The major product line decision invelves product the number. Items in the product line.

33) $\quad$ involves adding more items within the present range of the prodyct Fine.

34) occurs when a company lengthens its product line beyond its current range.

36) Product mix refers to the number of different product lines the carries. company

37) Branding decisions include determining a produet price.

38) Service means that the quality of services depends on who provides