Question 1

New developments in technology have a big impact on the production area of a business,but much less impact on the marketing area.

Accepted Answer

New developments in technology have a significant impact on the marketing area of a business as it allows for more personalized and targeted advertising, improved customer communication, and the use of social media and digital platforms for promotion.

Question 2

Geographic variables are less important to Pepsi than to Coke.

Accepted Answer

Pepsi has a more universal appeal and marketing strategy, while Coke often tailors its marketing and product offerings to specific regions and cultures.

Question 3

The term "product" includes goods,services,or the ideas that attempt to meet a consumer's needs.

Accepted Answer

The term "product" is not limited to physical goods; it includes services and intangible products like ideas, too.

Question 4

Marketing plans,decisions,and strategies are not determined unilaterally by any business.Rather,they are strongly influenced by powerful environmental forces.

Accepted Answer

Environmental forces such as political, economic, social, and technological factors affect the marketing plans, decisions, and strategies of a business. These forces are often beyond the control of the business and require careful consideration and adaptation in order to stay competitive.

Question 5

The four Ps of the marketing mix are product,pricing,promotion,and place,and the most important of these is price.

Accepted Answer

While pricing is an important aspect of the marketing mix, it is not necessarily the most important. The importance of each element can vary depending on the product, industry, and target market. For example, for luxury brands, product and promotion may be more important than price.

Question 6

The marketing plan is a detailed and focused strategy for gearing marketing activities to meet consumer needs and wants.

Accepted Answer

The statement correctly defines a marketing plan as a strategic approach that addresses the needs and wants of the target audience.

Question 7

Since a person's cholesterol level can be controlled with either a physical-fitness program or a drug regimen,this means that fitness programs and cholesterol drugs compete as substitute products.

Accepted Answer

A physical-fitness program and a drug regimen for controlling cholesterol levels are substitute products, meaning that one can be used as an alternative to the other. Therefore, they compete with each other in the market.

Question 8

Segmentation is a strategy for analyzing consumers,not products.

Accepted Answer

Segmentation involves dividing a larger market into smaller subgroups of consumers with similar characteristics and needs. It is a consumer-focused strategy aimed at understanding and meeting the unique needs of different groups of consumers, rather than simply analyzing products or services.

Question 9

When marketers segment markets based on demographics,they are doing so on the basis of factors like age,education,family size,and income,but not on the basis of factors like nationality,race,and religion.

Accepted Answer

Demographic segmentation includes factors like age, education, family size, income, nationality, race, and religion.

Question 10

Burberry,whose plaid-lined gabardine raincoats have been a symbol of British tradition since 1856,is repositioning itself as a global luxury brand like Gucci and Louis Vuitton.This is an example of segmentation based on product-use variables.

Accepted Answer

Burberry's repositioning as a global luxury brand is an example of segmentation based on demographic and psychographic variables, rather than product-use variables.

Question 11

When Campbell's markets its soups in distinctive red-and-white cans,it is practicing product differentiation.

Accepted Answer

Product differentiation is the process of distinguishing a product or service from others to make it more attractive to a particular target market. Campbell's use of distinctive red-and-white cans is a form of product differentiation, as it makes their soup easily recognizable and more appealing to customers.

Question 12

Successful pricing strategies are often created to meet a firm's profit objectives regardless of the buyers' purchase objectives.

Accepted Answer

Successful pricing strategies take into account both the firm's profit objectives and the buyers' purchase objectives to create a win-win situation. Prioritizing only the firm's profit objectives without considering the value proposition for customers may lead to decreased sales and customer loyalty.

Question 13

Psychographic and geographic variables are similar in that neither can generally be changed by marketing efforts.

Accepted Answer

Psychographic variables can be influenced by marketing efforts as they relate to consumer lifestyles, values, and attitudes, which can be shaped by targeted marketing strategies.

Question 14

In terms of the 4 Ps,promotion is more important in selling toys than it is in selling nails.

Accepted Answer

Toys are typically purchased by consumers who need to be convinced of their value and appeal through marketing efforts such as advertising, sales promotions, and social media campaigns. In contrast, nails are often purchased for their functional utility and are less dependent on promotional efforts to drive sales.

Question 15

Factors such nationality,race,and religion are psychographic variables in market segmentation.

Accepted Answer

Psychographic variables in market segmentation include factors such as personality, values, interests, and lifestyle. Nationality, race, and religion are considered demographic variables.

Question 16

In terms of the 4 Ps,the product is probably more important in selling toothpaste than in selling cars.

Accepted Answer

In selling cars, the product (features, quality, brand) is crucial due to the high cost and long-term investment, whereas for toothpaste, other factors like price and promotion might play a more significant role in consumer decision-making.

Question 17

Changing social values have forced companies to develop and promote new products for individual consumers,but industrial customers have not been affected nearly as much.

Accepted Answer

Industrial customers are also affected by changing social values, as these can influence corporate sustainability goals, procurement practices, and the demand for environmentally friendly or ethically sourced materials, leading companies to adapt their offerings for both individual consumers and industrial clients.

Question 18

With respect to the 4 Ps,"price" refers only to the actual amount of money that consumers must pay for a product or service.

Accepted Answer

While price does refer to the actual amount of money that consumers must pay for a product or service, it also includes other factors such as discounts, promotions, and pricing strategies.

Question 19

The four most important ways of segmenting markets are by geographic,demographic,psychographic,and product-use variables.

Accepted Answer

These are the four most commonly used methods of market segmentation. Geographic segmentation is based on location, demographic segmentation is based on age, gender, income, and other demographic factors, psychographic segmentation is based on personality traits, values, and lifestyles, and product-use segmentation is based on patterns of product usage and benefits sought.

Question 20

Campbell's Soup has discovered that millennials are buying less soup than the population as a whole.This is an illustration of the importance of demographic variables in marketing.

Accepted Answer

Demographic variables, such as age, gender, income, and education level, can greatly affect consumer behavior and purchasing decisions. In this case, the fact that millennials are buying less soup than the population as a whole illustrates the importance of understanding the preferences and habits of different demographic groups in order to successfully market products to them.

Quiz 15: Understanding Marketing Processes and Consumer Behaviour