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WorksheetsLONG QUIZ_PRINCIPLES OF MARKETING
Total questions: 65
Worksheet time: 49mins
What is marketing?
is the total combined customer lifetime values of all of the company’s current and potential customers
is to determine the needs, wants, and interests of a target market and to deliver the desired satisfactions more effectively than competitors.
is the set of actual and potential buyers of a product
is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is customer equity?
is a product or service that a company provides to customers to meet their needs
is the total combined customer lifetime values of all of the company’s current and potential customers
an act of giving one thing and receiving another in return
is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service
What is true about the customer relationship groups?
-strangers: high profit, high loyalty.
-butterflies: high profit, low loyalty.
-true friends: low profit, high loyalty
-barnacles: low profit, high loyalty.
-strangers: low profit, low loyalty.
-butterflies: high profit, low loyalty.
-true friends: high profit, high loyalty
-barnacles: low profit, high loyalty.
-strangers: low profit, high loyalty.
-butterflies: low profit, high loyalty.
-true friends: low profit, high loyalty
-barnacles: low profit, low loyalty.
-strangers: low profit, little loyalty.
-butterflies: high profit, high loyalty.
-true friends: high profit, low loyalty
-barnacles: high profit, high loyalty.
What are the concepts in marketing?
Consumer markets, business markets, reseller markets, government markets, international markets
Production concept, product concept, selling concept, marketing concept, social marketing concept
Psychological factors, personal factors, social factors, cultural factors, economic factors
Demographic segmentation, psychographic segmentation, geographic segmentation, behavioral segmentation
What is need?
A thing that is required
A desire for something
is a product or service that a company provides to customers to meet their needs
is the set of actual and potential buyers of a product
What is want?
the set of actions, or tactics, that a company uses to promote its brand or product in the market
an idea about how to sell a product
a desire for something
fulfilment of customer's wishes, expectations, or needs
What is demand?
Wants, when they backed by buying power
worth of an asset, good, or service
the way in which two or more people or things are connected
is a product or service that a company provides to customers to meet their needs
What is market offering?
the idea of satisfying the needs of the customer by anymeans
is a product or service that a company provides to customers to meet their needs
worth of an asset, good, or service
a desire for something
What is value?
is the set of actual and potential buyers of a product
fulfilment of customer's wishes, expectations, or needs
a desire for something
worth of an asset, good, or service
What is satisfaction?
an act of giving one thing and receiving another in return
fulfilment of customer's wishes, expectations, or needs
is a product or service that a company provides to customers to meet their needs
the way in which two or more people or things are connected
What is exchange?
is the practice of dividing your target market into groups.
is the set of actual and potential buyers of a product.
is a group of potential customers that you identify to sell products or services to
an act of giving one thing and receiving another in return
What is relationship?
fulfilment of customer's wishes, expectations, or needs
is a product or service that a company provides to customers to meet their needs
the activities undertaken by the firm to establish and maintain the profitability and the long-term relationship with the customers.
the set of actions, or tactics, that a company uses to promote its brand or product in the market
What is market?
is a group of potential customers that you identify to sell products or services to
is the set of actual and potential buyers of a product.
is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
is a process by which a consumer identifies, organizes, and interprets information to create meaning
What is marketing mix?
the set of actions, or tactics, that a company uses to promote its brand or product in the market.(product,price,place,promotion)
refers to the actions taken by consumers before buying a product or service
is a group of potential customers that you identify to sell products or services to
is the practice of dividing your target market into groups.
What consumer markets do?
buy goods and services for their businesses
buy for public services
buy goods and services for personal use
buy goods & services to sell at profit
What business markets do?
sell and buy from other countries
buy goods & services to sell at profit
buy for public services
buy goods and services for their businesses
What reseller markets do?
buy goods & services to sell at profit
sell and buy from other countries
buy goods and services for personal use
buy for public services
What government markets do?
buy goods and services for their businesses
buy for public services
sell and buy from other countries
buy goods and services for personal use
What international markets do?
buy goods and services for personal use
buy goods & services to sell at profit
buy goods and services for their businesses
sell and buy from other countries
What are the elements of an organization's microenvironment?
-Consumer Markets
-Business Markets
-Reseller Markets
-Government Markets
-International Markets
-Customers and Consumers.
-Competitors.
-Organization.
-Market.
-Suppliers.
-Intermediaries.
-Need, want, and demand
-value and satisfaction
-market offering
-exchange and relationship
-market
-production concept
-product concept
-marketing concept
-selling concept
-social marketing
concept
What is consumer?
any system, body or group of people working together to achieve common goals
Other businesses who can offer the same or similar goods
who buys or purchases a product.
is someone who consumes a product
What is customer?
the group of consumers or organizations that is interested in the product
who buys or purchases a product
firms which assist in the flow of goods and services from producers to end-users
Other businesses who can offer the same or similar goods
What is competitor?
the group of consumers or organizations that is interested in the product
is someone who consumes a product
firms which assist in the flow of goods and services from producers to end-users
Other businesses who can offer the same or similar goods
What is organization?
the group of consumers or organizations that is interested in the product
firms which assist in the flow of goods and services from producers to end-users
any system, body or group of people working together to achieve common goals
Other businesses who can offer the same or similar goods
What is market?
the group of consumers or organizations that is interested in the product
who buys or purchases a product.
an entity that supplies goods and services to another organization
someone who consumes a product
What is supplier?
any system, body or group of people working together to achieve common goals
an entity that supplies goods and services to another organization
firms which assist in the flow of goods and services from producers to end-users
Other businesses who can offer the same or similar goods
What is intermediary?
Other businesses who can offer the same or similar goods
the group of consumers or organizations that is interested in the product
any system, body or group of people working together to achieve common goals
firms which assist in the flow of goods and services from producers to end-users
What is demography?
is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service
is to determine the needs, wants, and interests of a target market and to deliver the desired satisfactions more effectively than competitors.
is the statistical study of human populations
is the set of actual and potential buyers of a product.
Who are millennials?
Anyone born between 1977 and 2000
Anyone born between 1940 and 1967
Anyone born between 2000 and 2022
Anyone wil be born between 2023 and 2043
What is consumer buyer behavior?
is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service
is the total combined customer lifetime values of all of the company’s current and potential customers
refers to the actions taken by consumers before buying a product or service
is the practice of dividing your target market into groups.
What are the stages of buyer decision process?
-Complex Buying Behavior
-Dissonance Reducing Buying Behavior
-Habitual Buying Behavior
-Variety Seeking Buying Behavior
-Measurable
-Accessible
-Substantial
-Differentiable
-Actionable
-Product differentiation
-Services differentiation
-Channel differentiation
-People differentiation
-Image differentiation
-Need Recognition
-Information Search
-Evaluation of Alternatives
-Purchase Decision
-Postpurchase Decision
What is need recognition?
A consumer searches for internal or external information.
The buyer recognizes a problem or need.
Consumers evaluate all of their product and brand options on a scale of attributes.
is the buyer's decision about which brand to purchase
What is information search?
Consumers evaluate all of their product and brand options on a scale of attributes
is the buyer's decision about which brand to purchase.
The way a person thinks, feels, and acts after they make a purchase
A consumer searches for internal or external information.
What is evaluating of alternatives?
is the buyer's decision about which brand to purchase.
The buyer recognizes a problem or need
Consumers evaluate all of their product and brand options on a scale of attributes.
The way a person thinks, feels, and acts after they make a purchase
What is purchase decision?
is the buyer's decision about which brand to purchase. Generally, it is the most preferred brand.
The way a person thinks, feels, and acts after they make a purchase
The buyer recognizes a problem or need.
A consumer searches for internal or external information.
What is postpurchase decision?
A consumer searches for internal or external information.
The way a person thinks, feels, and acts after they make a purchase
The buyer recognizes a problem or need
Consumers evaluate all of their product and brand options on a scale of attributes.
What factors that affecting consumer buyer behavior?
-Undifferentiated Marketing Strategy
-Differentiated Marketing Strategy
-Concentrated Marketing Strategy
-Micromarketing Strategy
-Complex Buying Behavior.
-Dissonance Reducing Buying Behavior.
-Habitual Buying Behavior.
-Variety Seeking Buying Behavior.
-Groups and social networks
-Word-of-mouth influence
-Opinion leaders
-Buzz marketing
-Online social networks
-Family
-Roles and status
-Geographic Segmentation
-Demographic Segmentation
-Psychographic Segmentation
-Behavioral Segmentation
What are groups and social networks?
creating opinion leaders to serve as “brand ambassadors” who spread the word about a company’s products
are online communities where people socialize or exchange information and opinions.
are people within a group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others.
A person’s behavior is influenced by many small groups
What is word-of-mouth influence?
is the most important consumer buying organization in society.
A role consists of the activities people are expected to perform
Impact of the personal words on buying behavior.
are online communities where people socialize or exchange information and opinions.
What is opinion leader?
A person’s behavior is influenced by many small groups
are people within a group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others.
A role consists of the activities people are expected to perform
are online communities where people socialize or exchange information and opinions.
What is buzz-marketing?
is the most important consumer buying organization in society.
A role consists of the activities people are expected to perform
Impact of the personal words on buying behavior.
creating opinion leaders to serve as “brand ambassadors” who spread the word about a company’s products
What is online social networks?
are online communities where people socialize or exchange information and opinions.
Impact of the personal words on buying behavior.
are people within a group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others
A person’s behavior is influenced by many small groups
What is family?
Impact of the personal words on buying behavior.
A role consists of the activities people are expected to perform
A person’s behavior is influenced by many small groups
is the most important consumer buying organization in society.
What is role and status?
A role consists of the activities people are expected to perform
creating opinion leaders to serve as “brand ambassadors” who spread the word about a company’s products
A person’s behavior is influenced by many small groups
Impact of the personal words on buying behavior.
What are the types of buying behavior?
-Geographic Segmentation
-Demographic Segmentation
-Psychographic Segmentation
-Behavioral Segmentation
-Complex Buying Behavior.
-Dissonance Reducing Buying Behavior.
-Habitual Buying Behavior.
-Variety Seeking Buying Behavior.
-Selective attention
-Selective distortion
-Selective retention
-Undifferentiated Marketing Strategy
-Differentiated Marketing Strategy
-Concentrated Marketing Strategy
-Micromarketing Strategy
What is true about complex buying behavior?
involvement is high differences are few.
involvement is low, differences are few.
involvement is high, differences are significant.
involment is low, differences are significant.
What is true about dissonance reducing buying behavior?
involvement is high differences are few.
involment is low, differences are significant.
involvement is high, differences are significant.
involvement is low, differences are few.
What is true about variety seeking buying behavior?
involvement is high, differences are significant
involvement is high, differences are few
involvement is low, differences are few
involvement is low, differences are significant
What is true about habitual buying behavior?
involvement is high, differences are few
involvement is low, differences are few
involvement is high, differences are significant
involvement is low, differences are significant
What is the meaning of consumer products?
refers to the actions taken by consumers before buying a product or service
are materials used in the production of other goods
refers to a particular good or service that a company makes and markets to customers
are products and services bought by final consumers for personal consumption
What are the consumer products?
-Convenience products
-Shopping products
-Specialty products
-Unsought products
-Product attributes,
-Branding,
-Packaging,
-Labeling,
-Product support services.
-Materials and parts
-Capital items
-Supplies and services
-Line extensions
-Brand extensions
-Multibrands
-New brands
What is convenience products?
products and services with unique characteristics
products and services that customers usually buy frequently
less frequently purchased consumer products
products that the consumer does not know about.
What is shopping products?
less frequently purchased consumer products
products and services with unique characteristics
products and services that customers usually buy frequently
products that the consumer does not know about.
What is specialty products?
products that the consumer does not know about.
less frequently purchased consumer products and services
products and services with unique characteristics
products and services that customers usually buy frequently
What is unsought products?
products that the consumer does not know about.
less frequently purchased consumer products and services
products and services with unique characteristics
products and services that customers usually buy frequently
What is the meaning of industrial products?
are products and services bought by final consumers for personal consumption
are materials used in the production of other goods
refers to a particular good or service that a company makes and markets to customers
is the amount of money charged for a product or service
What are the industrial products?
-Product attributes,
-Branding,
-Packaging,
-Labeling,
-Product support services.
-Convenience products
-Shopping products
-Specialty products
-Unsought products
-Line extensions
-Brand extensions
-Multibrands
-New brands
-Materials and parts
-Capital items
-Supplies and services
What is a product line?
is a group of people with some shared characteristics that a company has identified as potential customers for its products.
is the amount of money charged for a product or service.
is the process of charging different prices for the same or similar product or service
refers to a particular good or service that a company makes and markets to customers
What are the branding strategies?
-Line extensions
-Brand extensions
-Multibrands
-New brands
-Idea generation
-Concept development and testing
-Marketing strategy development
-Business analysis
-Product development
-Test marketing
-Commercialization
-Pure competition
-Monopolistic competition
-Oligopolistic competition
-Pure monopoly
-Product development
-Introduction
-Growth
-Maturity
-Decline
What are the steps in the new-product development process?
-Customer-segment pricing
-Product-form pricing
-Location-based pricing
-Time-based pricing
-Product development
-Introduction
-Growth
-Maturity
-Decline
-Idea generation
-Concept development and testing
-Marketing strategy development
-Business analysis
-Product development
-Test marketing
-Commercialization
-Line extensions
-Brand extensions
-Multibrands
-New brands
What are the product life cycle stages?
-Product attributes,
-Branding,
-Packaging,
-Labeling,
-Product support services.
-Product development
-Introduction
-Growth
-Maturity
-Decline
-Pure competition
-Monopolistic competition
-Oligopolistic competition
-Pure monopoly
-Line extensions
-Brand extensions
-Multibrands
-New brands
What is price?
an act of giving one thing and receiving another in return
worth of an asset, good, or service
is the amount of money charged for a product or service.
is the set of actual and potential buyers of a product.
What is the pricing in different types of markets?
-Discounts
-Specialevent pricing
-Limited-time offers
-Cash rebates
-Pure competition
-Monopolistic competition
-Oligopolistic competition
-Pure monopoly
-Advertising
-Sales promotion
-Personal selling
-Public relations
-Direct and social-media marketing
-Customer-segment pricing
-Product-form pricing
-Location-based pricing
-Time-based pricing
What is segmented pricing?
is the process of charging different prices for the same or similar product or service
is a product or service that a company provides to customers to meet their needs
is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
the set of actions, or tactics, that a company uses to promote its brand or product in the market
What are the forms of promotional pricing ?
-Discounts
-Specialevent pricing
-Limited-time offers
-Cash rebates
-Customer-segment pricing
-Product-form pricing
-Location-based pricing
-Time-based pricing
-Advertising
-Sales promotion
-Personal selling
-Public relations
-Direct and social-media marketing
-Product development
-Introduction
-Growth
-Maturity
-Decline
