Question 1

What results are expected from a successful product differentiation program?
The manner in which the product functions must be changed.
Differentiation requires that prices be mid-level in order to generate a high volume of sales.
Customer response to the product will change.
Differentiation requires that prices be high in order to generate a high volume of sales.
Promotional plans will not change.

Accepted Answer

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Question 2

Which term is used to identify the division of a market into categories of customer types?
Industrial marketing
Marketing mix
Customer marketing
Market segmentation
Market de-categorization

Accepted Answer

The answer of Which term is used to identify the...

Question 3

The four elements in the marketing mix are
advertising, sales promotion, publicity, and public relations.
marketing managers, a marketing plan, relationship marketing, and profit.
price, place, promotion, and product.
profit, price, place, and promotion.
demographics, psychographics, geographics, and product-use.

Accepted Answer

The answer of The four elements in the marketing mix...

Question 4

It is the middle of August, and Bob has been driving for the last three hours without air conditioning. He is hot and thirsty and would like to find something cold to drink. Bob would consider ________ the most important element in the marketing mix for a soft drink marketer.
promotion
profit
place
price
product

Accepted Answer

The answer of It is the middle of August, and...

Question 5

If you were the manager for Track & Wheels, a local backhoe dealer, which promotion would likely be the best method to sell high-priced backhoes?
Product placement
Price placement
Product differentiation
Personal selling
New product development

Accepted Answer

The answer of If you were the manager for Track...

Question 6

When Maytag created the perception that its products were more reliable (by showing a lonely repair person with nothing to do) it was using a(n) ________ strategy.
product differentiation
promotion
every-day-low-prices
new product development
market segmentation

Accepted Answer

The answer of When Maytag created the perception that its...

Question 7

Which of the following is correct with regard to price?
It refers only to the actual amount of money that consumers pay for a product.
It is generally the second-most important element in the marketing mix.
In some cases, high prices will actually attract customers by implying that the product is unusually good.
It is more important for industrial goods than it is for consumer goods.
All of these

Accepted Answer

The answer of Which of the following is correct with...

Question 8

Hansen Trucking Company transports detergent from a loading dock in Toronto to a supermarket shelf in Sherbrooke. This is a(n) ________ element of the marketing mix.
ownership
form
time
product
place

Accepted Answer

The answer of Hansen Trucking Company transports detergent from a...

Question 9

________ must support the firm's operating costs, administrative costs, research costs, and marketing costs such as advertising and sales salaries.
Product differentiation
Price
Product
Place
Promotion

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The answer of ________ must support the firm's operating costs,...

Question 10

Which element of the marketing mix is illustrated by the use of premiums, trading stamps, and coupons meant to encourage consumers to buy more of a product?
Price
Promotion
Production
Place
Productivity improvements

Accepted Answer

The answer of Which element of the marketing mix is...

Question 11

The importance of ________ in marketing can be seen in the example of the introduction of "Crayola IQ" colour pencils because crayons were seen as too "babyish" by 8 to 12 year olds.
language
geography
demographics
history
psychology

Accepted Answer

The answer of The importance of ________ in marketing can...

Question 12

________ is the most highly visible component of the marketing mix.
Promotion
Place
Profit
Product
Price

Accepted Answer

The answer of ________ is the most highly visible component...

Question 13

A TD Canada Trust advertisement that emphasizes non-traditional extended banking hours is an example of
product differentiation.
market research.
industrial marketing
relationship marketing
market segmentation

Accepted Answer

The answer of A TD Canada Trust advertisement that emphasizes...

Question 14

Groups of people with similar wants and needs that can be expected to show interest in the same products are called
customers.
prospects.
homogeneous segments.
potential customers.
target markets.

Accepted Answer

The answer of Groups of people with similar wants and...

Question 15

A detailed and focused strategy for gearing marketing activities to meet consumer needs and wants is called a
promotion plan.
product positioning.
sales plan.
marketing plan.
marketing mix.

Accepted Answer

The answer of A detailed and focused strategy for gearing...

Question 16

The ________ is a good, service, or idea that is marketed to fill consumer needs and wants.
product
place
profit
promotion
price

Accepted Answer

The answer of The ________ is a good, service, or...

Question 17

Which of the following is correct with regard to the elements in the marketing mix?
Of the four elements, "product" is generally least important.
The elements are all equally important, regardless of the product being sold.
Price plays a small role in fresh meat, but a relatively larger role in selling newspapers.
Distribution is not very important in marketing gasoline, but it is important for lumber.
Promotion is vital in selling toys, but much less important in selling nails.

Accepted Answer

The answer of Which of the following is correct with...

Question 18

What is the fundamental goal of product differentiation?
To increase profit margins
To set the company's products apart from competitive products in the market
To maximize market share
To more effectively market to industrial consumers
To more effectively market to certain demographic segments of the market

Accepted Answer

The answer of What is the fundamental goal of product...

Question 19

Mass customization is an important production method to marketers because
it promotes loyal customers.
it allows marketers to provide products that satisfy specific needs of consumers.
it speeds the production cycle, providing time utility to customers.
its focus on delivering quality products leads to customer satisfaction.
it ensures profitability.

Accepted Answer

The answer of Mass customization is an important production method...

Question 20

The 4 P's of marketing include all of the following except
product.
place.
price.
promotion.
profit.

Accepted Answer

The answer of The 4 P's of marketing include all...

Quiz 12: Understanding Marketing Principles and Developing Products

Which term is used to identify the division of a market into categories of customer types? Industrial marketing Marketing mix Customer marketing Market segmentation Market de-categorization

If you were the manager for Track & Wheels, a local backhoe dealer, which promotion would likely be the best method to sell high-priced backhoes? Product placement Price placement Product differentiation Personal selling New product development

When Maytag created the perception that its products were more reliable (by showing a lonely repair person with nothing to do) it was using a(n) ________ strategy. product differentiation promotion every-day-low-prices new product development market segmentation

Hansen Trucking Company transports detergent from a loading dock in Toronto to a supermarket shelf in Sherbrooke. This is a(n) ________ element of the marketing mix. ownership form time product place

________ must support the firm's operating costs, administrative costs, research costs, and marketing costs such as advertising and sales salaries. Product differentiation Price Product Place Promotion

Which element of the marketing mix is illustrated by the use of premiums, trading stamps, and coupons meant to encourage consumers to buy more of a product? Price Promotion Production Place Productivity improvements

The importance of ________ in marketing can be seen in the example of the introduction of "Crayola IQ" colour pencils because crayons were seen as too "babyish" by 8 to 12 year olds. language geography demographics history psychology

________ is the most highly visible component of the marketing mix. Promotion Place Profit Product Price

A TD Canada Trust advertisement that emphasizes non-traditional extended banking hours is an example of product differentiation. market research. industrial marketing relationship marketing market segmentation

Groups of people with similar wants and needs that can be expected to show interest in the same products are called customers. prospects. homogeneous segments. potential customers. target markets.

A detailed and focused strategy for gearing marketing activities to meet consumer needs and wants is called a promotion plan. product positioning. sales plan. marketing plan. marketing mix.

The ________ is a good, service, or idea that is marketed to fill consumer needs and wants. product place profit promotion price

The 4 P's of marketing include all of the following except product. place. price. promotion. profit.