Question 1

A product is something that exists in nature or is made by human industry, usually to be sold, whereas a service is ________.

Accepted Answer

A service is intangible, meaning it cannot be held or touched, unlike a physical product. Services often involve actions or performing a task for someone else, such as providing healthcare or offering financial advice, rather than selling a physical item. Additionally, services are frequently charged for, so they are not free.

Question 2

Although there are numerous pricing strategies to use in the beginning, it really doesn't matter since price is really guess work.

Accepted Answer

While pricing can involve some degree of trial and error, it is important to base it on research, analysis of competitors, and understanding of customer demand and willingness to pay. Pricing can have a significant impact on profitability and should not be treated solely as guess work.

Question 3

Pricing strategies include ________.

Accepted Answer

All three pricing strategies listed (penetration, skimming, and cost plus) are commonly used by businesses and can be effective in different situations. Therefore, choosing all of the above is the best choice.

Question 4

Which of the following is one of the four Ps of marketing?

Accepted Answer

The four Ps of marketing are product, price, place, and promotion. Product refers to the goods or services offered by a company.

Question 5

Location and distribution are major components of the "place" component.

Accepted Answer

Location and distribution are indeed major components of the "place" component in geography and marketing.

Question 6

Finding a retail site that has more than ample parking, excellent access and walk-in trade potential is an example of maximizing which of the marketing Ps?

Accepted Answer

Maximizing the retail site's parking, access, and walk-in trade potential is an example of maximizing the "place" element of the marketing mix. Place refers to the distribution channels or locations where customers can purchase a product, and maximizing the location of a retail site can increase its accessibility and attractiveness to customers.

Question 7

Define promotion, advertising and publicity.

Accepted Answer

The answer of Define promotion, advertising and publicity....

Question 8

When you build a brand, try to focus tightly on one key ________.

Accepted Answer

It is important to focus on one key benefit that your brand can provide to your customers. This makes it easier for them to understand what your brand stands for and how it can solve their problems or meet their needs. Focusing on a feature, product, or product line may not be as effective in creating a clear and memorable brand identity.

Question 9

Which of the following is not an example of successful branding?

Accepted Answer

Customers confusing a business's logo with that of another business is not an example of successful branding as it can cause confusion and hinder the company's identity and reputation. Successful branding should create a strong and easily recognizable identity for the company or product. A, B, and D are all examples of successful branding as they create a positive association between the brand and desirable qualities such as luxury, ethics, and philanthropy.

Question 10

Promotion consists of ________.

Accepted Answer

Promotion consists of various devices such as discount coupons and giveaways (option A), advertising (option B), and publicity (option C). Therefore, the best choice is D, as it includes all of the above options.

Question 11

Ford's Edsel is an example of a product that failed because it lacked ________.

Accepted Answer

Ford's Edsel failed mainly due to a lack of focus on the target market and customer needs. It was marketed as a premium brand, but its features and design did not align with the target market's preferences. Additionally, its release was poorly timed, coinciding with a recession and increasing competition from other car manufacturers.

Question 12

What is the smartest price strategy?

Accepted Answer

Choosing a pricing strategy that incorporates the psychology of pricing, such as pricing just below a round number or emphasizing the value of the product, can effectively influence customers' perception of the price and increase sales. Option B and D may not be feasible or sustainable in the long run, and option C may lead to low profit margins or even losses.

Question 13

________ is free (non-purchased) mention of your business or brand in newspapers, magazines, radio or TV.

Accepted Answer

Publicity refers to the free (non-purchased) mention of your business or brand in media outlets such as newspapers, magazines, radio, or TV. It is different from advertising, which involves paying for space or time in these outlets to promote your business or brand. Promotion and product marketing are broader terms that can refer to any marketing activities aimed at promoting a product or service, including both publicity and advertising.

Question 14

According to author Jay Levinson, when consumers in the furniture industry rated factors affecting their purchase decision, ________.

Accepted Answer

Jay Levinson, in his discussions on marketing strategies, particularly in the context of Guerrilla Marketing, highlights that consumers often rate factors other than price as more significant in their purchasing decisions. In the furniture industry, this insight is reflected by the fact that price was ranked as the ninth most important variable, suggesting that other factors such as design, quality, brand reputation, and customer service play a more crucial role in influencing consumer choices.

Question 15

Nike's "swoosh" is an example of a(n) ________.

Accepted Answer

The "swoosh" is a logo, specifically the logo of the Nike brand.

Question 16

Explain why a business should focus on its brand.

Accepted Answer

The answer of Explain why a business should focus on...

Question 17

How is penetration pricing different from skimming pricing?

Accepted Answer

The answer of How is penetration pricing different from skimming...

Question 18

________ pricing is offering "more for less" by underscoring a product's quality, while at the same time featuring its price.

Accepted Answer

Value pricing is a strategy that offers customers more value for their money. This means that the product's quality is highlighted, which sets it apart from the competition. At the same time, the price is displayed to show that the product is affordable and a good deal for the customer.

Question 19

What is a banner ad?

Accepted Answer

A banner ad is an advertisement that appears on a web page. It typically includes an image or animation, as well as a call-to-action to attract clicks and drive traffic to a specific website or landing page.

Question 20

The key to building a successful brand is to focus tightly on the primary benefit you want customers to associate with your business.

Accepted Answer

Focusing on a primary benefit helps create a clear and memorable image in the minds of customers, which can lead to stronger brand recognition and loyalty.

Quiz 5: Developing the Right Marketing Mix and Plan