Can You Excel In The Marketing Quiz Test? Trivia

For example, if a customer buys product C which is made by company X, not because of the attributes or benefits of the product, but because he or she had a favorable experience with product D - another product made by company X, the purchased item is said to be prospering because of the halo effect.

A captive market refers to a situation where consumers have limited or no alternative options for purchasing a particular product or service. In the context of food markets in cinemas, the term "captive market" is most suitable because moviegoers typically have limited choices for purchasing food and beverages within the cinema premises. They are essentially a captive audience, as they cannot easily access other food options while watching a movie. This term accurately describes the situation where the cinema has a monopoly or near-monopoly on providing food to its customers.

The Benefit and Lifestyle Study is performed in marketing for the purpose of segmentation. This study helps marketers identify and understand different segments of the target market based on their needs, preferences, and lifestyles. By segmenting the market, marketers can tailor their marketing strategies and offerings to better meet the specific needs and desires of each segment, ultimately increasing the effectiveness of their marketing efforts.

Brand equity refers to the value and perception that consumers have towards a particular brand. It encompasses factors such as brand reputation, brand awareness, customer loyalty, and brand associations. When a company has strong brand equity, it can command a higher buyout price because the brand is seen as valuable and has the potential for future growth. On the other hand, if a company has weak brand equity, it may result in a lower buyout price as the brand is not considered as valuable or has a negative reputation. Therefore, brand equity can greatly affect the buyout price of a company.

Backward invention refers to the process of simplifying or downgrading a product or technology to make it more affordable or accessible to a different market segment. In this case, the company that manufactures washing machines in Japan is opening a unit in Africa to manufacture and sell manual operating washing machines. Manual operating washing machines are simpler and less expensive compared to the fully automated ones typically manufactured in Japan. This backward invention allows the company to cater to the needs and affordability of the African market.

Backward integration refers to a situation where a company acquires or merges with a supplier or distributor in its supply chain. In this case, the motorcycle manufacturer buying the company that supplies clutch wires is an example of backward integration. By acquiring the clutch wire supplier, the motorcycle manufacturer gains control over its supply chain and ensures a steady supply of clutch wires, potentially reducing costs and improving efficiency.

Channel conflict refers to the disagreements or issues that arise within the distribution channel of a product or service. It involves conflicts between different levels of the channel, such as manufacturers, wholesalers, and retailers. Since channel conflict is directly related to the distribution or placement of a product, the correct answer is "Place".

Tariff works as an access barrier because it is a tax imposed on imported goods, making them more expensive and less competitive in the domestic market. This discourages foreign companies from entering the market and protects domestic industries from foreign competition. Tariffs restrict access to foreign products, thereby acting as a barrier to trade.

The explanation for the given correct answer is that Colgate Toothpaste and Colgate Tooth Brush are both products of the same brand, Colgate. By using direct marketing, the company can eliminate the need for a distribution channel and directly reach out to their target customers. This can help in creating a stronger brand image, increasing customer loyalty, and maximizing profits by cutting out the middlemen involved in the distribution process.

Lead Generation in marketing refers to the process of identifying and attracting potential customers or leads for a business. It involves strategies and techniques aimed at capturing the interest and contact information of individuals who may be interested in the products or services offered by the company. The ultimate goal of lead generation is to convert these leads into actual customers, either through direct sales or by nurturing them through the sales funnel. Therefore, the correct answer is "Generating a Sale".