Marketing Management Quiz 2

What are the key components of the marketing mix?

• Product, Price, Place, Promotion

• Quality, Quantity, Feedback, Research

• Advertising, Distribution, Branding, Analysis

• Target, Strategy, Audience, Engagement

Explain the stages of the product life cycle.

• Launch, Expansion, Saturation, Withdrawal

• The stages of the product life cycle are Introduction, Growth, Maturity, and Decline.

• Creation, Acceleration, Plateau, Fade

• Development, Peak, Stabilization, Termination

What factors influence pricing decisions?

• Employee satisfaction

• Seasonal trends

• Brand loyalty

• Cost of production, market demand, competition, customer perception, economic conditions, regulatory environment.

List and describe three pricing methods.

• Dynamic Pricing: Adjusting prices based on demand fluctuations.

• Subscription Pricing: Charging a recurring fee for access to a product or service.

• 1. Cost-Plus Pricing: Adding a markup to the cost of goods. 2. Value-Based Pricing: Pricing based on perceived customer value. 3. Competitive Pricing: Setting prices based on competitors' prices.

• Freemium Pricing: Offering basic services for free while charging for premium features.

What is the role of wholesalers in the marketing channel?

• Wholesalers facilitate the distribution of goods by buying in bulk from manufacturers and selling in smaller quantities to retailers.

• Wholesalers are responsible for advertising products.

• Wholesalers only sell directly to consumers.

• Wholesalers manufacture products for retailers.

Differentiate between retailers and wholesalers.

• Retailers sell in bulk to consumers; wholesalers sell to manufacturers.

• Retailers and wholesalers both sell directly to consumers.

• Retailers sell to consumers; wholesalers sell in bulk to retailers.

• Wholesalers sell to consumers; retailers sell in bulk to businesses.

What are the main elements of physical distribution?

• Transportation, warehousing, inventory management, order fulfillment, logistics management

• Product design

• Market research

• Customer service management

Define personal selling and its importance in marketing.

• Personal selling is a direct communication method used to persuade customers to buy products or services, crucial for building relationships and closing sales.

• Personal selling is only about advertising products online.

• Personal selling is a method of mass communication to reach a large audience.

• Personal selling is irrelevant in today's digital marketing landscape.

What are the objectives of advertising?

• Reducing customer engagement

• Increasing production costs

• The objectives of advertising include informing, persuading, reminding, creating brand awareness, and stimulating demand.

• Limiting market reach

Describe two methods of sales promotion.

• Loyalty points

• Product bundling

• 1. Discounts 2. Contests or sweepstakes

• Free shipping