Deck 7: The Marketing Mix

Question 1

The set of tangible and intangible benefits customers receive from the products and services an agribusiness provides is called a -------------------------------.

Answer 1

value bundle

Question 2

The ratio of what customers receive (benefits) relative to what they give up (costs) is called -------------------------------

Answer 2

value

Question 3

The first opportunity for an agribusiness firm to exceed the customer's expectations in the total product concept is with the ------------------------------- product.

Answer 3

value - added

Question 4

When a product is offered at a low price in order to gain broad market acceptance quickly, it is called ------------------------------- pricing.

Question 5

Some individuals who adopt products more quickly than others tend to be -------------------------------

Question 6

The marketing mix includes all of the following, except

A) Product
B) Profit
C) Place
D) Promotion

Question 7

The total product concept looks at the product at four levels, one of which is a _________ ________.

A) General product
B) Exceptional product
C) Valuable product
D) Potential product

Question 8

A standard product with no special services or features is called a ____________ product.

A) Generic
B) Expected
C) Value-added
D) Potential

Question 9

Deliberate people who see themselves as progressive, but not generally leaders, and who make up 34 percent of new technology adopters are called

A) Early majority
B) Innovators
C) Late majority
D) Laggards

Question 10

Rogers suggested that ideas are diffused through the market in systematic stages. During the ________ stage the customer decides whether or not to try the product.

A) Awareness
B) Interest
C) Evaluation
D) Adoption

Question 11

The stage in the product life cycle characterized by slow growth or even some decline of sales as the market becomes saturated is known as the __________ stage.

A) Introductory
B) Growth
C) Maturity
D) Decline

Question 12

Adding a constant margin to the basic cost of an individual product or service is known as what type of pricing?

A) Cost or Cost-Plus
B) ROI
C) Discount
D) CTO

Question 13

When developing a promotion strategy, the first step is to

A) Determine the communications objective
B) Select the communications channel
C) Identify the target audience
D) Design the message

Question 14

The advertising strategy that is oriented toward the dealer or distributor is called a ____________ strategy.

A) Pull
B) Push
C) Demand
D) None of the above

Question 15

Advertising that is intended not to promote a particular product but rather to build goodwill for a total company or industry is called ______________ advertising.

A) Institutional
B) Product
C) Cooperative
D) None of the above

Question 16

A firm does not get a great deal of credit for providing an expected product, since it just meets the expectations of customers.

Question 17

The first stage of product adoption and diffusion is interest.

Question 18

Tradition-bound individuals who take so long to adopt new ideas that by the time they are adopted they are no longer new are called the late majority.

Question 19

Throughout the growth stage of the product life cycle, profits increase at an increasing rate.

Question 20

The product life cycle is the same length for all products.

Question 21

Most advertising is institutional advertising intended to build goodwill for a company or industry rather than promote a product.

Question 22

An example of psychological pricing would be "Two for $1.99."

Question 23

The term "2/10, net 30" refers to a 2 percent discount if paid in 10 days, but the full amount is due in 30 days, regardless.

Question 24

When manufacturers sell their products to dealers, who, in turn, sell products in their own local market, it is known as a dealer-distribution system.

Question 25

A nutritional education program for school children is an example of the public relations aspect of promotion.