Place refers to __________________.

the goods or the services of the business is selling.

how much people will pay for the product.

Price refers to _________.

How much people will to pay for the product

how the business tells people about the product

Promotion refers to _____________.

how the business tells people about the product

Marketing mix refers to ______________.

The activities that help a business to market a product.

The activities that help a business to make profit.

Which best describes marketing?

The process of identifying and satisfying customer needs and wants while making a profit

The process of making a product no one has ever come up with and bringing it straight to sale

The process of identifying customer wants while making a profit

Making a product and bringing it straight to sale

Which of the following best describes a product life cycle?

Introduction, Growth, Maturity, Saturation, Decline

Introduction, Maturity, Growth, Saturation, Decline

Growth, Introduction, Maturity, Decline, Saturation

Introduction, Growth, Maturity, Decline, Saturation

In the channels of distribution what does A and B represent?

Department store and supermarket

Define guerrilla marketing.

a surprise and interesting form of advertising

Marketing connects __________ to _____________.

Industrial products to consumer goods

Which one of the following is a benefit of new product development?

The latest technology can be a feature of the new product

It is cheaper to develop a new products

Customers will always prefer newly developed products

Which of these products is an example of a consumer good?

A washing machine repair service

The design of an advertisement for computers

Which of these products is an example of a producer good?

A washing machine repair service

The design of an advertisement for computers

Which of these products is an example of a consumer service?

A washing machine repair service

The design of an advertisement for computers

Which of the following is an advantage of a business having a well-known brand name?

It will have good consumer recognition of its products

It will not have to do any advertising.

It can charge lower prices as a result of brand recognition

It can produce low quality products and sell them

The best example of brand loyalty is

when a consumer keeps buying products from the same producer

when a consumer uses the same washing machine for many years

is when a manufacturer uses the same name for its products

Which of the options places the stages of a typical product life cycle in the correct order?

Introduction,growth, maturity, decline

Growth, maturity, decline, introduction

Introduction,maturity, growth, decline

Introduction,decline, growth, maturity

Which of the following definitions best explains the product life cycle?

Stages of sales that a product passes through

The length of time for consumers to use up all of a product

The length of time a product stays on a market

Length of time taken to make a new product

Which choices is not an extension strategy that could be used to lengthen a product life cycle?

The launch of a new product to replace the declining one

A new design of an existing product

The sale of the product in new markets e.g. other countries

The re-launch of the product with a new advertising campaign

Which one of the following products is likely to have the shortest product life cycle?

A new design of washing machine

Which combination of price and promotion could be used for a product in decline?

Lower the price and tell consumers with an advertisement

Raise the price and use an expensive advertising campaign

Raise the price and stop all advertising of the product

Lower price & use promotion to tell people to buy product

What is a disadvantage of Television advertising?

You can differentiate different target markets

Demand-based pricing is determined

by how much the consumer is willing to pay for a product or service

by using the wholesale cost of an item as the basis for the priced charged

by what competitors are charging for the same good

Why is customer satisfaction important to a business?

customers will become repeat buyers

The price elasticity of demand measures how much

quantity demanded responds to a change in price.

quantity demanded responds to a change in income.

price responds to a change in demand.

demand responds to a change in supply.

For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?

There are many substitutes for this good.

The market for the good is narrowly defined.

The relevant time horizon is long.

Income elasticity of demand measures how

the quantity demanded changes as consumer income changes.

consumer purchasing power is affected by a change in the price of a good.

the price of a good is affected when there is a change in consumer income.

many units of a good a consumer can buy given a certain income level.

The formula for calculating elasticity of demand is:

The % change in quantity demanded over the % change in price

The % change in price over the % change in quantity demanded

The change in price over the change in quantity demaned

The change in quantity demanded over the change in price

4P's

Quiz

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Business

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1st Grade

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Practice Problem

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Medium

Jay Patel

Used 3+ times

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