Revision Chapter 13&14

The marketing mix program which is also known as the four Ps includes:

• product, price, place, promotion

• product, price, place, people

• place, people, process, physical evidence

• product, price, process, people

Which of the following would be considered part of a firm's marketing mix?

• Identifying the best source of funds to finance a firm's marketing activities

• Determining the best pricing strategy for a product

• Establishing a production schedule that enables the firm to meet forecasted sales

• Designing the most efficient production plan

A firm gathers ________ data by conducting surveys, interviewing customers, or mailing out questionnaires.

• primary

• secondary

• non-referenced

• unbiased

The two major types of markets are the

• primary market and the secondary market.

• B2B market and the C2C market.

• B2C and the B2B market.

• target market and the niche market.

The factor that determines whether a product is classified as a consumer product or an industrial product is

• the end use of the product.

• the decision-making process used to purchase the good or service.

• who the buyer represents.

• whether the good is new or used.

Which of the following refers to the process of dividing the total market into several groups with similar characteristics?

• market segmentation

• market differentiation

• market determinants

• market partitioning

Which of the following correctly identifies why companies would use a market segmentation strategy?

• They can avoid antitrust laws by selecting a small slice of a larger market.

• This strategy enables a firm to identify common traits in different consumer groups.

• With limited resources, firms can better satisfy the wants and needs of a smaller target market.

• Government regulations require firms to maintain accurate records to show that the firm has not discriminated against a market segment

A firm that uses ________ segmentation divides a market into groups based on age, income, or level of education.

• demographic

• psychographic

• perceived value

• econometric

Which of the following refers to a marketing strategy in which the focus is on small but profitable market segments?

• micro targeting

• narrowcast marketing

• focused marketing

• niche marketing

A ________ marketing strategy develops products and promotions designed to please large groups of people.

• volume

• mass

• relationship

• value