The four Ps are discussed as separate parts of a firm’s marketing strategy, but product, price, promotion, and place decisions are actually ________
Interdependent
What is the first step in the decision process to enter global markets?
Determining which markets to enter
The decision to buy a box of cereal is most likely considered ________ on the consumer decision-making continuum.
Habitual decision making
What is the primary purpose of strategic planning?
A. Day-to-day operations
B. Aligning resources and capabilities with market opportunities
C. Conducting focus groups
D. Setting product prices
B
Which planning stage focuses on short-term departmental objectives?
A. Strategic planning
B. Functional planning
C. Operational planning
D. Tactical marketing
B
Which analysis examines a company’s strengths, weaknesses, opportunities, and threats?
A. PESTLE
B. SWOT
C. BCG matrix
D. STP
B
Which PESTLE factor involves technology trends affecting marketing?
A. Political
B. Economic
C. Sociocultural
D. Technological
D
Which step comes first in the marketing plan process?
A. Set SMART objectives
B. Evaluate internal and external environment
C. Define and articulate the mission
D. Implement strategies
C
STP stands for:
A. Sales, Tactics, Pricing
B. Segmentation, Targeting, Positioning
C. Strategy, Technology, Promotion
D. Structure, Timing, Planning
B
A strategy aimed at a broad group with a single product is called:
A. Mass marketing
B. Differentiated marketing
C. Concentrated marketing
D. Niche marketing
A
Which segmentation variable is based on age, gender, or income?
A. Behavioral
B. Geographic
C. Demographic
D. Psychographic
C
Differentiated targeting involves:
A. One product for one segment
B. Multiple products for multiple segments
C. A single product for all consumers
D. Customized products for individual consumers
B
Positioning defines:
A. How a product is priced
B. A product’s unique place in consumers’ minds
C. Distribution strategy
D. Market entry strategy
B
The three layers of a product are:
A. Base, Core, Augmented
B. Core, Actual, Augmented
C. Tangible, Intangible, Functional
D. Primary, Secondary, Tertiary
B
A product with unique characteristics inspiring strong brand loyalty is a:
A. Convenience product
B. Shopping product
C. Specialty product
D. Unsought product
C
In the Product Life Cycle, which stage comes after introduction?
A. Growth
B. Maturity
C. Decline
D. Innovation
A
Full-line vs. limited-line strategies are part of:
A. Product mix strategy
B. Pricing strategy
C. Distribution strategy
D. Promotion strategy
A
Licensing allows a company to:
A. Sell a product in multiple countries
B. Use another company’s legally protected brand name
C. Increase product quality
D. Bundle products
B
Licensing allows a company to:
A. Sell a product in multiple countries
B. Use another company’s legally protected brand name
C. Increase product quality
D. Bundle products
B
Which pricing strategy sets a low initial price to gain market share?
A. Skimming
B. Penetration
C. Captive pricing
D. Trial pricing
B
A price ending in $9.99 is an example of:
A. Odd-even pricing
B. Prestige pricing
C. Price lining
D. Bundle pricing
A
Which factor describes how sensitive demand is to price changes?
A. Elasticity
B. Opportunity cost
C. Break-even
D. Cross-elasticity
A
Two products purchased together are:
A. Substitutes
B. Complements
C. Elastic
D. Inelastic
B
Setting prices too high may:
A. Attract wrong customers
B. Delay profitability
C. Limit sales and alienate buyers
D. Increase elasticity
C
