Marketing Concepts Review

Why are the “Seven Pillars (functions) of Marketing” important to marketing strategies? 

• Help overcome separations and discrepancies between producers and consumers
•  Helps companies focus on specific consumers 

 Which of the following is NOT an example of demographic segmentation? 

• Segmentation by income
• Segmentation by ethnicity 
• Segmentation by location
•  Segmentation by occupation 

 The marketing mix includes place, price, positioning and promotion. 

• True
• False

Market segmentation involves which of the following? 

•  A. Identifying generic markets 
•  B. Collecting information to carry out marketing activities
•  C. Segmenting the generic markets into target markets 
•  A and C

Marketers look at disposable income and discretionary income when marketing to consumers. 

• True
• False

 What is NOT a type of pricing? 

•  Prestige pricing 
•  Bait pricing 
• Distributing pricing

Mass markets are a homogeneous group of consumers to which producers wish to appeal. 

• True
• False

The success of negative driven products relies on consumers __________. 

• A. Fears of the consequences of not owning them 
• D. Negative views on products they replace
• C. Ability to absorb risks associated with them 

It is rare for a completely new product to enter markets and be successful. 

• True
• False

Which of the following is NOT considered a trend in marketing?

• Relationship marketing
•  Distributive marketing
• Mobile marketing