Marketing

Question 1

Consumer buyer behaviour

Answer 1

The buying behaviour of final consumers- individuals and households that buy goods and services for personal consumption

Question 2

Consumer market

Answer 2

All the individuals and households that buy or acquire good and services for personal consumption

Question 3

What questions do companies ask when researching consumer buying decisions?

Answer 3

What they buy
Where they buy
How and how much they buy
When they buy
Why they buy

Question 4

which pricing approach works on the basis that the most important element in pricing offering is cost of productions?

Answer 4

cost oriented approach

Question 5

what is the strategic advantage of market segmentation?

Answer 5

it enables organizations to allocate limited resources efficiently by tailoring the marketing mix to specific customer needs

Question 6

what describes the fundamental goal of market segmentation?

Answer 6

to identify segments with clear differences between them while maintaining similarities within each segment

Question 7

how does the build up method of market segmentation differ from the breakdown method?

Answer 7

the build up method assumes all customers are different and looks for similarities , while the breakdown method assumes customers are the same and identifies differences

Question 8

which of the following best describes behavioural criteria in market segmentation?

Answer 8

it examines when, where and how consumers behave in the market , including shopping habits and media consumption

Question 9

what is relevant to psychological criteria in market segmentation?

Answer 9

why do consumers have certain attitudes towards a product or brand

Question 10

how do profile criteria help in market segmentation?

Answer 10

they provide insights into who the consumers are, including demographic and geographic location

Question 11

why is it important for market segments to be accessible?

Answer 11

to ensure that marketing efforts and distribution channels can effectively reach the target audience

Question 12

what are the three main criteria for segmenting business markets?

Answer 12

firmographic criteria
geographic criteria
economic criteria

Question 13

what is the main goal of targeting in market segmentation?

Answer 13

to evaluate segment attractiveness and select the most suitable target segments for the company

Question 14

what best describes the key differences between an undifferentiated strategy and the differentiated strategy in market segmentation?

Answer 14

The undifferentiated strategy treats the market as one large segment with one marketing mic, whereas the differentiated strategy strategy creates separate marketing mixes for each identified segment

Question 15

in the context of the concentrated approach, what does the strategy focus on?

Answer 15

focusing on one or more segments of the market, offering seperate marketing mixes for each

Question 16

what best describes the balanced approach in market segmentation?

Answer 16

it combines elements of both effectiveness and efficiency by identifying segments with similar needs and serving them with a reasonable level of customization

Question 17

what is the primary objective of positioning in market segmentation?

Answer 17

to create a unique perception of the product for eahc target segment and develop a tailored marketing offering

Question 18

name repositioning strategies

Answer 18

1- change the way a product is communicated to the original market
2-change the target market and deliver the same product
3-change the tangible attributes and then communicate the new proposition to the same market

Question 19

which type of goods are bought frequently , immediately and with minimal effort?

Answer 19

convenience goods

Question 20

what is a key characteristic of shopping goods?

Answer 20

consumers compare them based on quality , price and style

Question 21

which type of goods require consumers to make a special purchasing effort due to unique characteristics or brand identification

Answer 21

speciality goods

Question 22

what does the core proposition of a product refer to?

Answer 22

the primary benefit a product or service provides, whether functional - what it does or emotional - how it makes people feel

Question 23

what does the embodied proposition refer to?

Answer 23

the physical product or service that provides the expected benefit, including design, features and packaging

Question 24

what does the augmented proposition include?

Answer 24

extra features that enhance perceived value

Question 25

during which stage of the product lifecycle does a company typically invest heavily in research and development?

Answer 25

development stage

Question 26

in the growth stage of a product lifecycle, what is usually true?

Answer 26

slaes grow enough to cover expenses, and advertising efforts decrease

Question 27

what is a common strategy during the maturity stage to combat increased competition?

Answer 27

increase advertising efforts or lower prices

Question 28

in which stage of the product lifecyle do advertising efforts become minimal

Answer 28

decline stage

Question 29

which groups of consumers is the first to adopt a new product and is often willing to take financial and other risks?

Answer 29

innovators

Question 30

what category are consumers more cautious than innovators but still eager to try new products - esp those endorsed by innovators

Answer 30

early adopters

Question 31

the late majority is characterised by what traits?

Answer 31

risk averse and price sensitive

Question 32

which group of consumers adopts a product only when the majority of consumers have already moved on to newer solutions?

Answer 32

Laggards

Question 33

true or false? One of the reasons why companies increasingly rely on emotional or hedonic benefits to differentiate themselves from competitors is that technological advances have made it easier to replicate functional benefits.

Answer 33

true

Question 34

true or false? Emotional differences are considered more sustainable than functional differences because functional differences are more expensive to maintain.

Answer 34

false

Question 35

why do consumers prefer brands?

Answer 35

they assist in identifying preferred products and assessing quality

Question 36

what is one of the key benefits of branding for manufacturers and retailers?

Answer 36

it enables premium pricing and improves consumer loyalty

Question 37

True or false? Different people may ascribe different meanings to the same product.

Answer 37

true

Question 38

true or false? Brand names are often used as decision-making cues for low-involvement products, but not for high-involvement products.

Answer 38

false

Question 39

what does financial risk refer to when buying an unfamilar brand?

Answer 39

the risk of money being lost when purchasing a brand

Question 40

What is the primary concern associated with time risk in purchasing an unfamiliar brand?

Answer 40

The risk of having to waste time replacing the brand

Question 41

What does performance risk refer to in the context of an unfamiliar brand?

Answer 41

The risk that it might not meet expectations for the given product category

Question 42

What type of risk involves concern about whether an unfamiliar brand will meet the approval of a respected peer group?

Answer 42

Social risk

Question 43

How does psychological risk affect consumers when choosing an unfamiliar brand?

Answer 43

It involves concerns that the brand might not fit well with one’s self-image

Question 44

What are distributor brands also known as?

Answer 44

Own-label brands, store brands, or private labels

Question 45

What does individual branding (or a multi-brand policy) require?

Answer 45

Each product offered by the organisation is branded independently

Question 46

which pricing strategy focuses on pricing an offering to indicate its distinctiveness in the marketplace?

Answer 46

Premium pricing

Question 47

Intermediaries increase exchange complexity - true or false

Answer 47

False

Question 48

which is true about competitor oriented pricing approach

Answer 48

it is based on the prices of its competitors it is associated with going rate it is also called me-too pricing

Question 49

which type pf price discrimination is best described by the following: the seller charges less to buyers of larger volumes.

Answer 49

Second - degree discrimination

Question 50

peoples willingness to pay higher prices for properties or art pieces if they expect their value to increase in the future is associated with...

Answer 50

expected future price

Question 51

lower prices always lead to higher demand, therefore, higher revenues - true or false

Answer 51

false

Question 52

when price skimming strategy is used, the price is initially set low, then increased in sequential steps - true or false

Answer 52

false

Question 53

what best describes the economy pricing strategy?

Answer 53

the prices are set at the bare minimum at attract price sensitive customers

Question 54

when are pricing cues more influential?

Answer 54

consumers price knowledge is poor they purchase the item infrequently or are new to the category products designs vary over time, prices vary seasonally or quality or sizes vary across stores

Question 55

what are the marketing tactics focused on pricing companies use to drive profit?

Answer 55

- many sellers believe prices should end in 9, as they tend to process prices "left to right" rather than by rounding - prices that end with 0-5 are thought to be easier for consumers to process and retrieve from memory - limited availability also can spur sales among consumers actively shopping for a product

Question 56

examples of references prices:

Answer 56

- fair price - typical price, usual discounted price or last price paid - upper-bound price and lower bound price

Question 56

in case of third degree price discrimination, the seller charges different amounts to different classes of buyers, depending on....

Answer 56

location time customer segment

Question 57

what does third degree price discrimination not depend on?

Answer 57

number of items purchased

Question 58

when a company uses a penetration pricing strategy, it sets the price low relative to the competition to gain market share - true or false

Answer 58

true

Question 59

which pricing approach is base don how much customers will pay?

Answer 59

Demand oriented approach

Question 60

in case of first degree price discrimination, the seller charges a separate price to each customer depending on the intensity of his or her demand - true or false

Answer 60

true

Question 61

full service wholesalers and limited service wholesalers are the two broad types of....

Answer 61

merchant wholesalers

Question 62

discount stores sell standard merchandise at lower prices by accepting lower margins and selling higher volume - true or false

Answer 62

true

Question 63

...... distribution is executed when producers purposefully limit the number of intermediaries handling their products and give only a small number of dealers the exclusive right to distribute their products

Answer 63

exclusive

Question 64

what retailers are the main types of off price retailers

Answer 64

independent off price retailers factory outlets warehouse clubs

Question 65

what is NOT a type of off price retailer?

Answer 65

Discount stores

Question 66

what type of conflict occurs between different levels of the same channel

Answer 66

vertical

Question 67

name a retailer that is classified as a category killer?

Answer 67

IKEA

Question 68

What involves the gathering and distributing marketing research and intelligence about different elements and forces in the marketing environment needed for planning and aiding market exchange?

Answer 68

information utility

Question 69

name some key type of retailers

Answer 69

limited line retailers off-price retailers service retailers

Question 69

when two or more companies at one level join efforts together to follow a new marketing opportunity, what type of marketing system do they create?

Answer 69

Horizontal

Question 70

Intermediaries increase exchange complexity - true or false?

Answer 70

false

Question 71

from the producers point of view, which type of channel structure ensures greater control?

Answer 71

direct

Question 72

eliminating intermediaries may improve the profit margins for producers or other intermediaries, making the functions performed by the eliminated channel members unnecessary - true or false?

Answer 72

false

Question 73

in what way do intermediaries help manufacturers financially?

Answer 73

by sharing the ownership of goods and the risks associated with new products

Question 75

distributors usually connect producers with other intermediaries and dealers usually connect consumers with other intermediaries - true or false?

Answer 75

True

Question 76

what type of retailers serve customers who are willing to perform their own "locate compare select" process to save time or money?

Answer 76

self service retailers