Unit 1 Product & Service Development & Planning

What encompasses all the techniques businesses use to build awareness around their products and is generally what people think of when they think about marketing?

• price bargaining

• promotion

• • 
    

    quality

• distribution

What term best refers to the act of creating a name, symbol, or design that is easily identifiable by customers of a company?

• segmentation

• code of conduct

• branding

• distribution

Because _____ is not an ideal situation for many businesses, most of them try to get around price competition by focusing on differentiating their products and offering more value to customers than their competitors.

• quality control

• brand equity

• • 
    

    price reduction

• life-cycling

Examples of the four most common and effective promotional techniques used marketing include advertising, direct marketing, telemarketing, and _____.

• 
  

• price increases

• word of mouth

• public relations

• osmosis

What function of marketing deals with how businesses gather and interpret information about their customers?

• pricing

• service management

• distribution strategy

• marketing information management

Question

The financing function of marketing deals with the flow of _____ within a business.

• equity

• products

• advertising

• revenue

What part of a product mix describes how closely related each of the company's product lines are to each another, not just in terms of production but also in terms of use and distribution?

• width

• length

• depth

• consistency

Elliot runs a car wash that does pretty good business; however, three new car washes have opened up all within three blocks of his business. This means that Elliot’s business now has a lot of competitors and will likely face ______ that may result in him having to lower his prices?

• stiff price competition

• • 
    

    mild price competition

• minor consumer competion

• slight branding competition

In 2004, what did Mark Zuckerberg create to help students at Harvard stay connected?

Responses

• 
  

• Linkedin

• Facebook

• Instagram

• Snapchat

If companies want to create an effective marketing campaign, what do they need to create first?

• a hiring team

• a website

• a product and/or service

• a PowerPoint presentation