Which of the following best describes the purpose of marketing? Marketing exists to…
Explain how decisions are made.
Explain how commodities are sold.
Increase the likelihood that a product is sold.
Keep demand low so that it equals supply.
All of the above.
This “P” involves the public relations, sales, advertising, etc.
Product
Place
Price
Promotion
All of the Above
This “P” involves refers to how much you charge for your product or service.
Product
Place
Price
Promotion
All of the Above
This “P” involves the quality, features, options, services, warranties, and brand name in addition to the thing actually being purchased.
Product
Place
Price
Promotion
All of the Above
This “P” involves how the product will be distributed to the customers.
Product
Place
Price
Promotion
All of the Above
Options for this “P” include value-based, cost-plus, going-rate, and loss-leader.
Product
Place
Price
Promotion
All of the Above
Options for this “P” include retail or direct sales.
Product
Place
Price
Promotion
All of the Above
A coupon would this “P”.
Product
Place
Price
Promotion
All of the Above
The spot on a shelf in which a product is found involves this “P”.
Product
Place
Price
Promotion
All of the Above
Marketing involves this “P”.
Product
Place
Price
Promotion
All of the Above
This pricing strategy is based solely on the buyer’s perception of the worth of a good.
Value-based
Going-Rate
Skimming
Competitive
Cost-plus
The point of this strategy is to inflate your price to make it appeal to an affluent target market.
Going-Rate
Value-based
Skimming
Cost-plus
Competitive
This is the pricing process in which the price is actually determined by the market (such as for a commodity) and not by the firm.
Cost-plus
Competitive
Going-Rate
Value-based
Skimming
In this strategy, you determine what you think is the ideal profit percentage (e.g. 20%) and add this much once the cost of production is determined.
Cost-plus
Skimming
Going-Rate
Competitive
Value-based
This strategy involves keeping your price similar to your rivals (e.g. usually gas stations that are side by side will have the same price for gas).
Competitive
Cost-plus
Going-Rate
Skimming
Value-based
Abercrombie and Fitch would use this pricing strategy.
Loss-leader
Going-Rate
Discount
Skimming
Lobster in a restaurant is usually priced in this way.
Loss-leader
Discount
Going-Rate
Skimming
Walmart, Cost-Co, and other “big box’ stores use this strategy.
Going-Rate
Loss-leader
Skimming
Discount
Thanksgiving Turkeys are sold using this pricing strategy.
Skimming
Loss-leader
Discount
Going-Rate
Selling a product for $4.99 instead of $5.00 is an example of ______ pricing.
Discount
Loss-leader
Psychological
Skimming
This kind of sales involves opening your own store or selling online.
Intensive Distribution
Exclusive Distribution
Selective Distribution
Retail
Direct sales
This kind of sales involves selling your product to another company, who actually sells your product to the customer.
Exclusive Distribution
Selective Distribution
Retail
Direct sales
Intensive Distribution
This kind of coverage is best at making the product seem more prestigious but also limits the volume of sales.
Direct sales
Exclusive Distribution
Retail
Selective Distribution
Intensive Distribution
This kind of coverage involves selling the product in as many places as possible.
Exclusive Distribution
Selective Distribution
Retail
Intensive Distribution
Direct sales
This kind of coverage involves only selling the product at couple kinds of locations.
Exclusive Distribution
Retail
Selective Distribution
Direct sales
Intensive Distribution
This era of marketing occurred between 1920-1940, and involved a shift from one company producing a product to many companies competing to sell similar products.
Simple Trade Era
Production Era
Sales Era
Marketing Dept. Era
Marketing Co. Era
This era of marketing was highlighted by being the first time the customer was the focus of businesses; companies began to seek the needs of their customers leading to heightened levels of branding within the company.
Marketing Dept. Era
Simple Trade Era
Sales Era
Production Era
Marketing Co. Era
This era of marketing involves mostly exploration, bartering, and hand-made items.
Production Era
Simple Trade Era
Marketing Dept. Era
Sales Era
Marketing Co. Era
This era began in the 1960s and involved a shift from companies marketing their own products to companies hiring other companies whose only purpose was to sell someone else’s products.
Sales Era
Marketing Co. Era
Marketing Dept. Era
Simple Trade Era
Production Era
This era of marketing began at the start of the Industrial Revolution and involved marketing the existence of new products and new technologies.
Marketing Co. Era
Simple Trade Era
Marketing Dept. Era
Production Era
Sales Era
This best describes the Relationship Marketing Era.
Companies are focusing on an increase in product options, and heightened levels of branding.
Because companies are large, they need to reach out to separate companies to create their marketing strategies through professionally-made commercials, ads, and promotions (such as sales).
Customers are no longer loyal to a product and are less responsive to traditional marketing techniques such as commercials; this necessitates that companies reach out personally to their customers.
The customer is as much a marketer and has enhanced expectations, wants to be connected to the company and to other users, and use these connected experiences to inform their future purchases.
This best describes the Social/Mobile Marketing Era.
Customers are no longer loyal to a product and are less responsive to traditional marketing techniques such as commercials; this necessitates that companies reach out personally to their customers.
Because companies are large, they need to reach out to separate companies to create their marketing strategies through professionally-made commercials, ads, and promotions (such as sales).
The customer is as much a marketer and has enhanced expectations, wants to be connected to the company and to other users, and use these connected experiences to inform their future purchases.
Companies are focusing on an increase in product options, and heightened levels of branding.
Which of the following is NOT associated with changes as a result of the Social/Mobile Marketing Era?
Marketers will need to constantly learn new techniques as venues for marketing change regularly.
Firms are now less in control of the perception of the value and quality of their products.
Brands are more crucial as a result of an enormous amount of options available.
Customer loyalty is no longer necessary; discounts, privileges, and perks are unlikely to help with the sales of a product.
Goods that are low quality are less likely to sell than ever before.