Marketing Exam: Trivia Knowledge Quiz
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Welcome to the Marketing Exam: Trivia Knowledge Quiz! Businesses might have a hard time growing if they do not engage in at least one form of marketing. By choosing a marketing strategy for their goods and services, they stand a chance to attract new customers who see the need to purchase said products. Which marketing strategies do companies choose more often, and why? This quiz will help you learn more about attracting new customers.
- 1.________ is the amount of money charged for a product or service.
- A.
Experience curve
- B.
Demand curve
- C.
Price
- D.
Wage
- E.
Salary
- 2.Consumer perceptions of the product's value set the ________ for prices.
- A.
Demand curve
- B.
Floor
- C.
Ceiling
- D.
Variable cost
- E.
Image
- 3.________ uses buyers' perceptions of what a product is worth, not the seller's cost, as the key to pricing.
- A.
Value-based pricing
- B.
Target return pricing
- C.
Variable costs
- D.
Price elasticity
- E.
Product image
- 4.Value-based pricing is the reverse process of ________ pricing.
- A.
Variable cost
- B.
Cost-plus
- C.
Cost-based
- D.
Good-value
- E.
Value-added
- 5.Measuring ________ can be difficult. A company might conduct surveys or experiments to test this in the different products they offer.
- A.
Target returns
- B.
Fixed costs
- C.
Perceived value
- D.
Break-even pricing
- E.
Variable costs
- 6.________ involves charging a constant low price with few or no temporary price discounts.
- A.
High-low pricing
- B.
Target return pricing
- C.
Cost-plus pricing
- D.
Everyday low pricing
- E.
Penetration pricing
- 7.________ pricing involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for the company's efforts and risks.
- A.
Value-based
- B.
Fixed cost
- C.
Cost-based
- D.
Variable
- E.
Skimming
- 8.Costs that do not vary with production or sales level are referred to as ________ costs.
- A.
Fixed
- B.
Variable
- C.
Target
- D.
Total
- E.
Unit
- 9.Rent, electricity, and executive salaries are examples of ________ costs.
- A.
Fixed
- B.
Variable
- C.
Total
- D.
Accumulated
- E.
Marketing
- 10.The company designs what it considers to be a good product, totals the expenses of making the product, and sets a price that adds a standard mark-up to the cost of the product. This approach to pricing is called ________ pricing.
- A.
Value-based
- B.
Fixed cost
- C.
Cost-plus
- D.
Variable
- E.
Skimming
- 11.Which of the following presents the strongest reason that markup pricing generally does NOT make sense?
- A.
Sellers earn a fair return on their investment
- B.
By tying the price to cost, sellers simplify pricing
- C.
When al firms in the industry use the pricing method, prices tend to be similar
- D.
This method ignores demand
- E.
With a standard markup, consumers know when they are being overcharged
- 12.Break-even pricing, or a variation called ________, is when the firm tries to determine the price at which it will break even or make the profit it is seeking.
- A.
Competition-based pricing
- B.
Target return pricing
- C.
Fixed cost
- D.
Value-based pricing
- E.
Consumer based pricing
- 13.Which of the following is an external factor that affects pricing decisions?
- A.
The salaries of production management
- B.
Competition
- C.
The salaries of finance management
- D.
Overall pricing objectives
- E.
The company's overall marketing strategy
- 14.Of the following, a company would be LEAST likely to set prices low to ________.
- A.
Prevent competition from entering the market
- B.
Stabilize the market
- C.
Create excitement for a product
- D.
Prepare and easy exit from a market
- E.
Match a competitor
- 15.Price setting is usually determined by ________ in small companies.
- A.
Top management
- B.
Marketing departments
- C.
Sales departments
- D.
Divisional managers
- E.
Cross-functional teams
- 16.A company's total marketing communications mix consists of a special blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to communicate customer value and build customer relationships. This is also called ________.
- A.
Direct marketing
- B.
Integrated marketing
- C.
The promotion mix
- D.
Competitive marketing
- E.
Target marketing
- 17.Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called ________.
- A.
Sales promotion
- B.
Direct marketing
- C.
Advertising
- D.
Personal selling
- E.
Public relations
- 18.Which of the following is NOT a major category in the promotion mix?
- A.
Advertising
- B.
Sales promotion
- C.
Public relations
- D.
Strategic positioning
- E.
Direct marketing
- 19.Today's consumers do not need to rely on marketer-supplied information about products and services because they can use ________ to seek out a wealth of information.
- A.
Public relations
- B.
Direct marketing
- C.
The internet and other technologies
- D.
Mass market media
- E.
Informative advertising
- 20.Which of the following is NOT an example of a specialized and highly-targeted media that an advertiser might use to reach smaller customer segments?
- A.
Cable television channels
- B.
E-mail
- C.
Blogs
- D.
Network television
- E.
Online social networks
- 21.In the "chaos scenario" predicted by some advertising industry experts, the old mass-media communications model will be abandoned in favor of ________.
- A.
Public relations
- B.
Direct marketing
- C.
Push and pull strategies
- D.
New technologies
- E.
Buzz marketing
- 22.Which of the following best explains why companies often fail to integrate their various communications to consumers?
- A.
Historically, consumers have been able to distinguish between message sources.
- B.
Public relations is usually given priority over advertising.
- C.
Communications often come from different parts of the company.
- D.
Personal selling and sales promotion are in direct conflict.
- E.
Companies have failed to understand the concept of brand contact.
- 23.Advertising, sales promotion, personal selling, public relations, and direct marketing are all ________.
- A.
Communications channels that should be integrated under the concept of integrated marketing communications.
- B.
Communications channels focused more on narrowcasting than broadcasting
- C.
Promotional tools used for push strategies but not pull strategies
- D.
Promotional tools used for pull strategies but not push strategies
- E.
Promotional tools adapted for use in mass marketing
- 24.To produce better communications consistency, a unified company image, and greater sales impact, some companies employ a(n) ________.
- A.
Advertising agency
- B.
Marketing communications director
- C.
Public relations specialist
- D.
Personal sales force
- E.
Media buyer
- 25.________ is the company's most expensive promotion tool.
- A.
Advertising
- B.
Personal selling
- C.
Mass media
- D.
Public relations
- E.
Publicity
Questions: 100 | Attempts: 13970 | Last updated: Oct 7, 2020
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