Marketing Methods and Techniques Quiz # 2

Why is it wrong to imitate the product of a company that has successfully launched a new product and created a market for it?

Only the company that enters the market first will reap profits

Imitating their product will saturate the market and the imitator will not have enough market share to thrive on

Imitators have to pay higher taxes

The marketing budget is wasted

Which of the following options would a company heavily involved in Research & Development most likely follow?

Product Focus Marketing

Customer Focus Marketing

Advertising

Direct Sales

How does Product Focus Marketing differ from Customer Focus Marketing?

PFM will always cost more to perform

PFM does not usually result in as many sales

PFM relies on changing pricing to gauge demand

PFM looks to create a market whereas CFM responds to the existing market

How might a company overcome the hurdle of demonstrating their services?

Write stronger language in the advertising campaign

Have clients sign a promise agreement

Provide demonstrations, customer testimonials, and case studies

Tell potential clients to take their word for it

What supplementary areas of study play into marketing?

Accounting and Finance

Psychology and Sociology

Geography

Computer Science

What does Predictive Modeling accomplish in the marketing mix?

It is subjective and allows for creativity in marketing

It replaces market research

It uses algorithms to solve marketing problems

It leaves marketing to the discretion of the management

Which of the following does Marketing Communication cover in general?

How advertisements should be worded

Where the company will market

What type of branding the company wants to accomplish

Breaking down the strategies for marketing messages into specific categories

Which of the following does Placement involve?

How the company is perceived in the market

How the product gets to the customer

How the marketing budget is allocated

How the company logo is placed on the packaging

What is meant by Process?

The process of ordering online

The designing of the product

How a product or service is delivered to a customer

How a product is manufactured

How did the term Marketing come into existence?

It evolved from the term Marketio used in Italy

It is a haphazard term created in the 1800s

It evolved from the original meaning, going to the market to sell products

None of the above

Who has control over a company's Advertising?

The company has complete control over what goes into an ad

The company has limited control over the ads

The customer and the company share it

The customer has complete control over a company's advertisements

What are the traditional four Ps of marketing?

Pricing, People, Performance, Promotion

Promotion, People, Pricing, Performance

Product, Pricing, Promotion, Placement

Product, Promotion, People, Performance

Would Pricing always be a monetary amount?

No, it is almost never monetary

No, it is what is exchanged for the product and could include time, energy, attention

Yes, but only when looking at the near term

Yes, it is always monetary

Which of the following would be considered the result of Product Focus Marketing?

Nintendo Wii video game system

Dell laptop

Campbell's Soup

Candle Manufacturing

What is the rationale for Product Focus Marketing?

Customers come first

Customers will buy whatever a company gives them as options

Customers may not know what they want, so it is up to the company to create products they would want

It costs less than Customer Focus Marketing

What do the four Ps reflect?

The steps required by law regarding marketing

The marketing equivalent of GAAP in accounting

The actions a company can take to motivate consumers to buy

The four sections of a marketing department

How does a Sales Promotion Campaign impact a customer's desire to buy?

It appeals to their desire for a deal and increases the speed at which they buy

It creates the apprehension the product will cost more later

It does not have any impact

It is just another form of advertising and has no impact on buying

What is meant by Product Focus Marketing?

Focusing on the customers and their wants

Focusing on selling the previous year's products

Trying to develop a market for a product

Diversifying the product mix

What are some of the steps in an advertising campaign?

Designing, Budgeting, Determining the point of sale

Assembly, Painting, Distribution

Market research, Budgeting, Choice of the media, Designing, Testing results

Financing, Operations, Accounting, Marketing

Why is marketing considered a progressive activity?

It has adapted over time to current trends and culture

It has set rules that are followed and can not be broken

It is a relatively new function of companies

It focuses on creating new age products and surprising customers

Which of the following would be part of successful advertising?

Attracting attention

Cost effectiveness

Using lots of colors

Prime Time TV placements

What would a breakthrough product which ends up being a failure be a child of?

SIVA

Four Ps

Market Research

Accounting Error

What is the nature of marketing?

A creative industry which uses several methods of delivery

A clear cut, black and white industry with set methods

A science involving the use of math

A loosely based industry with no real solid methods

Which of the following does Pricing involve?

Determining how to get the product to the customer

Setting a price which will create the maximum demand for the product

Setting a bill of materials for the product

Determining the end users preferred purchase place

Why would Product Focus Marketing almost not be considered marketing at all?

It is not as expensive as traditional marketing

Companies do not devote enough time to it

There is no head count involved

It does not look to the market to assess the customers' needs; instead, it pushes new products to the market

How does Personal Selling differ from Advertising?

It is more progressive than advertising

It allows for a direct, tailored message to be given to the potential client

It is cheaper

There is no real difference

What does 'Solution' look to accomplish?

Solves the problem of how much to spend on marketing

Solves the logistics problems on delivery to the customer

Anticipates how the customer will respond to pricing changes

Ensures the appropriateness of the product or service to the customer's problem

Which of the following would be included in the marketing process?

Order Fulfillment

Improving product features

Improving efficiency in the warehouse

Distribution

What is an example of Personalization?

Customizing the product for the users through the use of the internet

Offering three color variations instead of two

Setting different pricing levels based on the end users' ability to pay

Offering only one product in one color

What is meant by Customer Focus Marketing?

Selling only to past customers

Creating email campaigns for past customers

Focusing on customers and their relatives

Listening to the customers and tailoring the products and services to their demand