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essentials of marketing

Questions and Answers of Essentials Of Marketing

A strategy that seeks to avoid the consequences of problems is called:(A) A defence strategy.(B) An accommodation strategy.(C) A reaction strategy
What needs might a mother meet by buying a child sweets?
A strategy that aims to produce a perfect product that will suit everybody is called:(A) Production orientation.(B) Marketing orientation.(C) Product orientation.
A strategy that aims to produce the maximum amount of goods at the lowest possible selling price is called:(A) Selling orientation.(B) Societal marketing.(C) Production orientation.
Someone who has responsibility for marketing decisions concerning a group of products is:(A) A sales manager.(B) A product manager.(C) A brand manager.
Which of the following is true?(A) Price is always lower than value.(B) Cost is always lower than price.(C) Value is what consumers are prepared to pay.
The marketing concept should be central to business strategy because:(A) Companies have a moral responsibility to care for their customers.(B) Customers will only spend money with firms that look
Which of the following statements is true, from a marketer’s perspective?(A) A need is something that is necessary for life.(B) A want is something that is ‘just for fun’.(C) A want is
Demand is created when:(A) A significant group of people want to buy something.(B) People who can afford something want to buy it.(C) Marketers persuade people to want something.
The four Ps of marketing are:(A) Product, price, place and promotion.(B) Product, price, persuasion and place.(C) Product, price, promotion and profit.
Physical evidence refers to:(A) Those features of a product that can be seen.(B) Those features of a service that are tangible.(C) Those features of a product that can be proved to exist.
Process refers to:(A) The way a product is made.(B) The way a service is delivered.(C) The way a product is disposed of.
Factors that are common to society as a whole are called:(A) The micro-environment.(B) The external environment.(C) The macro-environment.
STEP stands for:(A) Strengths, Technical ability, Energy and Power.(B) Style, Trying, Effort and Presentation.(C) Socio-cultural, Technological, Economic and Political.
Which of the following is not part of the micro-environment?(A) Government economic policy.(B) Competitors’ activity.(C) Customers’ preferences.
Firms that distribute the firm’s goods are called:(A) Customers.(B) Suppliers.(C) Intermediaries.
The study of population factors is called:(A) Economics.(B) Demographics.(C) Sociology.
Employees of the firm are considered to be:(A) Part of the macro-environment.(B) The internal publics.(C) Part of the socio-economic environment.
Grouping customers with similar needs is called:(A) Segmentation.(B) Targeting.(C) Marketing.
A manager who regards environmental factors as uncontrollable is:(A) Proactive.(B) Reactive.(C) Realistic.
Monopolistic competition arises when:(A) One company has the whole of a market.(B) Two or three companies control the market.(C) One company has a large market share.
A situation where only a few companies have almost total control of the market is called:(A) Perfect competition.(B) Oligopoly.(C) Monopoly
How can a marketer use interrupts to influence consumer behaviour?
What is meant by assortment depletion?(A) The consumer owns very few possessions.(B) The consumer has worn out or used up some of his or her possessions.(C) The consumer has decided to concentrate on
Hedonic needs refer to:(A) The practical aspects of owning something.(B) Unnecessary purchases.(C) The cult of pleasure.
Utilitarian needs refer to:(A) Only buying things that are strictly necessary.(B) The practical aspects of living.(C) Products that are plain or boring.
Remembering information about products is part of:(A) The internal search.(B) The external search.(C) Interrupts.
Affective states are:(A) Emotional feelings about products.(B) Emotions that dictate heuristics.(C) Circumstances that change behaviour patterns.
A consideration set is:(A) A group of products that would meet the consumer’s needs.(B) All the available products within a given group.(C) The criteria by which a consumer will judge products.
The point at which anticipation becomes uncomfortable is called:(A) The optimum stimulation level.(B) The affective state.(C) The ideal performance.
A decision-making rule is called:(A) An interrupt.(B) A heuristic.(C) Dissonance.
Deciding whether a product met expectations is called:(A) Post-purchase dissonance.(B) Post-purchase evaluation.(C) Post-purchase verbal response.
Complaints that are expressed to friends and acquaintances are called:(A) Private responses.(B) Verbal responses.(C) Third-party responses.
What might be the segmentation bases for the home computer market?
Dividing markets into groups of customers with similar needs is called:(A) Segmenting.(B) Targeting.(C) Perceptual mapping.
Positioning is the process of:(A) Putting the product in the right shops.(B) Putting the product in the right place in the customer’s mind.(C) Putting the product in the right place within a retail
The purpose of segmentation is:(A) To ensure that resources are used in the most effective way.(B) To make it easier to find customers.(C) To help customers understand what our products are.
Segmenting a market according to where people shop is an example of:(A) Geographic segmentation.(B) Psychographic segmentation.(C) Behavioural segmentation.
Which of the following is inappropriate for segmenting industrial markets?(A) Psychographic segmentation.(B) Geographical segmentation.(C) Behavioural segmentation.
Niche marketing is an example of:(A) Differentiated marketing.(B) Undifferentiated marketing.(C) Concentrated marketing.
Delphi is used for:(A) Segmenting.(B) Targeting.(C) Sales forecasting.
The proportion of single-person households in the UK is:(A) 50%(B) 30%(C) 40%
Australia’s influx of Asian immigrants will cause:(A) Demographic changes.(B) Increased markets.(C) Psychographic changes.
A low-resource company in a mass market containing high-differentiation consumers should:(A) Follow an undifferentiated strategy.(B) Follow a differentiated strategy.(C) Follow a concentrated
A management information system is typically an example of:(A) Secondary research.(B) Primary research.(C) Customer research.
Primary research is:(A) The research that is carried out first.(B) Research that is original.(C) The most important research.
Which of the following is not an example of qualitative research?(A) A self-administered survey.(B) A focus group.(C) A cartoon test.
A random sample is:(A) A sample chosen in a way that the interviewer does not control.(B) A sample that represents the whole population.(C) A sample in which each member of the population has an
People who participate in market research exercises are called:(A) Respondents.(B) Interviewers.(C) Surveyors.
Product research is carried out in order to:(A) Find new uses for old products.(B) Identify new customers.(C) Identify new ways to distribute products.
Which of the following is not a test of statistical confidence?(A) A t-test.(B) A chi-square test.(C) A cartoon test.
Testing a questionnaire before running it is called:(A) Piloting.(B) Conferencing.(C) Sampling.
A research exercise which investigates a number of different issues at once with the same respondents is called:(A) A decision-support system.(B) An omnibus study.(C) A panel.
Environment research is concerned with:(A) Green issues.(B) Investigating pressure groups.(C) Investigating the general business climate within which the firm operates.
Why does the Enis, Lagrace and Prell version of the product life cycle differ from the traditional version?
A product is defined as:(A) A manufactured article, most of whose features are tangible.(B) A bundle of benefits.(C) A coherent set of attributes, some of which are tangible and some of which are
A brand is:(A) A name given to a firm’s product to distinguish it from its competitors.(B) A feature of the packaging of a product.(C) A focus for the firm’s marketing activities around a
Brand extension is:(A) Creating linked products which relate to the basic brand.(B) Promoting the brand into new markets.(C) Promoting the brand into new distributors.
A product that has a large share of a mature market is called:(A) A Star.(B) A Cash Cow.(C) A Dog.
A product that has a small share of a shrinking market is called:(A) A Dog.(B) A War Horse.(C) A Dodo.
Someone who is among the very first to buy a new product is called:(A) An early adopter.(B) A laggard.(C) An innovator.
A shopping product is:(A) A product that is bought on a regular basis.(B) A product that requires a lengthy decision-making process.(C) A product that is bought from a retail shop.
Accessory equipment is:(A) Equipment bought by a firm for its peripheral needs.(B) Extra products that complement a main product purchase.(C) Equipment used to access other equipment.
Which of these is untrue?(A) Service products are intangible.(B) Service products are bundles of benefits.(C) Service products are luxuries.
Tamper resistance is an aspect of:(A) Packaging design.(B) Product design.(C) Promotion design.
What is the difference between margin and mark-up?
Pricing which is based on how much it costs to produce a product is called:(A) Cost-plus pricing.(B) Demand pricing.(C) Customary pricing.
What is the difference between mark-up and margin?(A) Mark-up is based on customers’ perceptions, margin is based on producers’ perceptions.(B) Mark-up is based on bought-in price, margin is
Setting a high price which gradually reduces as competitors enter the market is called:(A) Penetration pricing.(B) Competitive pricing.(C) Skimming.
Selling a product at one price in one market and a lower price in another is called:(A) Second-market discounting.(B) Penetration pricing.(C) Competitive pricing.
Predatory pricing is:(A) Setting a price below the costs of production so as to bankrupt competitors.(B) Setting a price low to capture a large share of a new market.(C) Setting prices high to give
Which of the following is not an assumption underpinning the economist’s model of price setting by supply and demand?(A) That price is the only issue that concerns consumers.(B) That supply will
Having to choose between alternatives when one has limited resources is called:(A) The economic choice.(B) The decision-making unit.(C) The value chain.
Demand pricing is used because:(A) It is easiest to apply.(B) It is consumer-orientated.(C) It gives the most profit per unit of production.
Ending a price with 99¢ is an example of:(A) Psychological pricing.(B) Demand pricing.(C) Customary pricing.
A reverse auction is one in which:(A) Buyers compete against each other to buy an item.(B) The price gets higher as more people enter the market.(C) Buyers combine to force prices down.
What are the main reasons for the growing share of the service sector in all major economies of the world?
What are the five powerful forces transforming the service landscape, and what impact do they have on the service economy?
Why would growth in business services help individual firms and entire economies become more productive?
“A service is rented rather than owned.” Explain what this statement means, and use examples to support your explanation.
Describe the four broad “processing” categories of services, and provide examples for each.
Why does services marketing need a special approach?
“The 4 Ps are all a marketing manager needs to create a marketing strategy for a service business.”Prepare an argument that opposes this statement, and support it with examples.
Why do the marketing, operations, human resource management, and IT functions need to be closely coordinated in service organizations?
What are the implications of the service–profit chain for service management?
What are the key elements in the framework for developing effective service marketing strategies?
Visit the websites of the following national statistical bureaus: U.S. Bureau of Economic Analysis (www.bea.gov); Eurostat (ec.europa.eu/eurostat); and the respective websites for your country if
Give examples of how AI, analytics, robotics, apps and mobile technologies (e.g., m-commerce and apps) have changed some of the services you use.
Choose a service company you are familiar with, and show how each of the 7 Ps of services marketing applies to one of its service products.
Explain how the concepts in Chapter 1 are relevant to the marketing of a religious institution or a non-profit organization such as World Wildlife Fund.
Explain the three-stage model of service consumption.
How can customer choice between services in their consideration set be modeled?
What is the difference between the linear compensatory rule and the conjunctive rule?
Describe search, experience, and credence attributes, and give examples of each.
Explain why services tend to be harder for customers to evaluate than goods.
Why do consumer’s perceptions of risk play an important role in choosing between alternative service offers? How can firms reduce consumer risk perceptions?
How are customers’ expectations formed? Explain the difference between desired service and adequate service with reference to a service experience you’ve had recently.
What are “moments of truth”?
Describe the difference between high-contact and low-contact services, and explain how the nature of a customer’s experience may differ between the two.
How do the concepts of theater, role theory, and script theory help to provide insights into consumer behavior during the service encounter?

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