chapter 3 quiz

Question 1

Something that can be marketed
to customers because it
provides them with a benefit and
satisfies a need

Answer 1

Product

Question 2

An intangible product is
also known as this

Answer 2

Service

Question 3

If no product existed prior
to its invention, then the
product is _____.

Answer 3

“new-to-the-market”

Question 4

The value to a consumer
of having a good or service
available at a convenient
time

Answer 4

Time Utility

Question 5

The value to consumers
from changing the
composition
of a product

Answer 5

Form Utility

Question 6

A specific group of consumers
that have particular interests in a
product, access to it, and the
means to buy it

Answer 6

Target Market

Question 7

buyers who want the product for personal use

Answer 7

consumer market

Question 8

group of potential customers with common characteristics that influence their buying decisions

Answer 8

market segement

Question 9

a word letter sound or symbol that differentiates a products from similar products on the market

Answer 9

brand

Question 10

When the manufacturer attaches no branding information to a product except a description of its context

Answer 10

generic branding

Question 11

classifies consumers on the basis of individual lifesytles as they’re reflected in peoples interests activities and attitudes and values

Answer 11

psychographic segmentation

Question 12

process of dividing the market into groups based on such variables as age and income

Answer 12

demographic segmentation

Question 13

pricing strategy in which seller generates early profits by starting off charging the highest price that customers will pay

Answer 13

skimming pricing

Question 14

pricing strategy in which the seller charges a low price on a new product to discourage competition and market share

Answer 14

penetration pricing

Question 15

A narrowly defined group of potential customers with a fairly specific set of needs

Answer 15

niche

Question 16

electronic devices that are able to connect to the internet and share data with other internet-enabled devices

Answer 16

Internet of things

Question 17

very large collections of data that are analyzed by computers to reveal useful consumer information

Answer 17

big data

Question 18

a pricing strategy where the price of an item fluctuates frequently based on complicated algorithms

Answer 18

dynamic pricing

Question 19

intended to attract potential buyers by building a strong brand reputation through online content

Answer 19

content marketing

Question 20

consumer preference for particular brand that develops over time based on satisfaction

Answer 20

brand loyalty

Question 21

rider grad and moderator of the J&J panel

Answer 21

nicole addesso

Question 22

rider grad and founder of the LGS marketing services

Answer 22

laura glotzbach

Question 23

scientist, cosmonaut angel investor

Answer 23

greg olsen

Question 24

country of rocket lift off when Greg olsen went to the ISS

Answer 24

Kazakhstan

Question 25

laura Glotzbach said “identifying this is a fundamental, critical piece of your marketing strategy”

Answer 25

target market

Question 26

a series of activities by which a product idea is transformed into a final product

Answer 26

product development process

Question 27

buyers who want the product for use in making other products

Answer 27

industrial market

Question 28

pricing strategy that sets prices artificially high to give the impression of a high-quality product

Answer 28

prestige pricing

Question 29

the key to persuading customers to buy your products is delivering_?

Answer 29

value

Question 30

this gives customers a glimpse of the product, and it should be designed to attract their attention

Answer 30

packaging

Question 31

4 Ps of marketing

Answer 31

product(product, services, packaging), price(discount, offer price, credit policy), place(market, channel, distribution), promotion(advertising, publicity, sales promotion)

Question 32

4 types of utility

Answer 32

time(good or service available at a convenient time), place(good or service available at a convenient location), ownership(created by transferring a products ownership), Form (created by changing the composition of a product)

Question 33

what is utility

Answer 33

Utility refers to the benefits obtained from consuming an item or service.

Question 34

Pricing strategies and when each would be used

Answer 34

the pricing strategy a company would adopt
depends on whether its product is new or existing. depends on whether its product

Question 35

The Internet of Things is having a major impact on our lives in numerous
ways including:

Answer 35

how we interact with our homes, safter automobiles and future that includes driverless cars safer, and fitness and health

Question 36

How do companies use Big Data?

Answer 36

Data extracted from social networks and search engines help marketers create better ads geared to targeted customers

Question 37

what is product marketing

Answer 37

focuses on selling product to a specific demographic by using a traditional approach

Question 38

advantages of selling online?

Answer 38

reach people from all locations, less expensive
easier to capture data on customers

Question 39

disadvantages of selling online

Answer 39

consumers feel uncomfortable buying online, some want to see the product, lots of competition, especially from amazon.

Question 40

effective ways to drive sales with social media?

Answer 40

use social channels that your target market in using, create great content that doesn’t sound pushy, make it easy for people to buy, and consider paid ads.