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Marketing chapter one
quizzes for final
Terms in this set (20)
________ refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product, compared with the cost associated with obtaining the product.
Danley's, a chain of discount stores across the United States, has many store brands including Shotz, a line of sports shoes. Danley's is a popular brand among regular store customers and they vouch for its quality being as good as other top brands. Facing competition from other shoe brands, Danley's reduced the prices on Shotz products by 30 percent. While it sold an average of 800 units per day at a price of $30 per unit amounting to $24,000 before the discount, it sold 1,000 units per day amounting to $21,000 after the discount. In analyzing this scenario, it can be said that
a reduction in pricing does not necessarily increase overall revenue earned from a product.
What is the role of the promotion element in the marketing mix?
communicating the value of a product to customers
Why is it important for companies to market globally?
Most of the world's population lives outside the United States.
It is absolutely essential that nonprofit organizations engage in marketing efforts because
successful marketing helps attract membership and much-needed funds.
Which action can be considered a product decision?
determining the features of a product
The name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products is referred to as
Needs are states of felt deprivation that
are created when customers lack something useful or desirable.
While out shopping one day, Kylie and her friends visit a new restaurant in town called Tango. Kylie and her friends like the ambience, décor, as well as the food. Kylie is surprised when she finds out that the restaurant has been open for two years and neither her friends nor she knew of it until that day. At which of the following aspects of marketing has Tango failed?
communicating value to potential customers
What did firms such as Ford do during the Great Depression when product sales decreased?
They resorted to personal selling and advertising.
Once a company has created value, the next thing that the company must do is to
communicate that value.
________ are moral standards expected by a society.
Why should marketers distinguish between needs and wants?
It helps them provide products that fulfill customers' wants and satisfy their underlying needs.
How does a new good or service create value?
It satisfies a perceived marketplace demand.
What tool would a company use if it wants to justify how its advertising dollars are being spent or how to utilize its collection of consumer data?
Customer orientation is a key characteristic of
the marketing concept.
What led to the development of the marketing concept strategy?
the surplus of products in the market beginning in the early 1950s
During the rainy season, people look to buy raincoats and umbrellas. Elements, an apparels manufacturer, caters to this need. Which action would represent the conversion of this need into a want?
Elements introduces a line of see-through umbrellas that glow in the dark.
Chill is an ice-cream manufacturer in a predominantly agrarian nation. Chill does not spend too much on marketing its products. Instead, it focuses on improving the processes through which it manufactures ice cream. Chill believes that the quality of the ice cream alone is enough to differentiate itself from other manufacturers and generate sales. In this scenario, Chill's marketing strategy is
Which statement is a useful guideline when making ethical decisions?
It is possible to avoid ethical problems if the ethical issue is clearly identified.
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