Marketing utility is the idea that the best way to sell a product to a consumer is to show them how the product could provide value to their life.
Market Utility consists of
Distribution
Financing
Place
Marketing Information Management
Pricing
Product And Service Management
Promotion
Selling
2. A place for buying and selling activities is called ________.
Market
Marketing
Market research
Market information
Answer.1. Market
Explanation:
A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.
Markets can be physical like a retail outlet, or virtual like an e-retailer.
Other examples include illegal markets, auction markets, and financial markets.
Markets establish the prices of goods and services that are determined by supply and demand.
3. The exchange value of good service in terms of money is_________.
Price
Product
Buying
Selling
Answer.1. Price
Explanation:
Price is the exchange value of goods or services in terms of money. The price of a product or service is what the seller feels it is worth, in terms of money, to the buyer.
Exchange of the goods or services takes place only when the prices are agreed upon by the seller and the buyer. Price can decide the success or failure of a firm. Prices are important economic regulators.
4. Selling the same product at different prices is known as________.
Price lining
Dual pricing
Geographical pricing
Monopoly pricing
Answer.2. Dual pricing
Explanation:
Dual pricing is the practice of setting different prices in different markets for the same product or service. This tactic may be used by a business for a variety of reasons, but it is most often an aggressive move to take market share away from competitors. Dual pricing is similar to price discrimination.
5. The words used to convey the advertisement idea is ____________.
Advertisement.
Advertisement Research.
Advertisement copy
Advertisement budget
Answer.3. Advertisement copy
Explanation:
The words used to convey the advertisement idea is Advertisement copy.
An advertisement copy is all the written or spoken matter in an advertisement expressed in words or sentences and figures designed to convey the desired message to the target consumers.
6. Advertisement promotes_________.
Purchases
Production
Sales
Price
Answer.3. Sales
Explanation:
Advertising promotion can increase sales by telling potential and current customers about your new product launches, special offers, and improvements. Apart from reminding current customers about your business, advertising can also help to create or develop a distinctive brand for your business.
7. Agricultural products are_________.
Perishable.
Highly price
Low-quality products
Homogeneous goods
Answer.4. Homogeneous goods
Explanation:
The Homogeneous Product assumption states that one firm’s product is identical to the product sold by all other firms in the industry.
Most agricultural markets are “perfectly competitive,” meaning (ideally) that a homogeneous product is produced by and for many sellers and buyers, who are well informed about prices. The market is characterized by free entry and exit, with producers obligated to be price takers.
8. The social aspect of marketing is to ensure_________.
Price
Deman
Low price with high quality
Service goods
Answer.3. low price with high quality
Explanation:
Social marketing involves using all of the Marketing Mix i.e: Product, Price, Place, Promotion, Process, Physical Evidence, and People.
The social aspect of marketing is to ensure low prices with high quality. Social marketing enables you to target your resources cost-effectively, and select interventions that have the best impact over time.
9. The orange juice manufacturers know that orange juice is most often consumed in the mornings. However, they would like to change this and make the drink acceptable during other time periods during the day. Which form of segmentation would they need to work with and establish a strategy reflective of their desires?
Gender segmentation
Benefit segmentation
Occasion segmentation
Age and life cycle segmentation
Answer.3. Occasion segmentation
Explanation:
Occasion segmentation is the process of dividing the market into groups according to specific occasions related to the customer. Occasion segmentation focuses on slicing the market based on certain specific events during a particular time when a customer is in a need of a product or a service.
Customers can be distinguished according to the occasions when they purchase a product. For example, orange juice is most often consumed at breakfast, but orange growers have promoted drinking orange juice as a cool and refreshing drink at other times during the day.
In contrast, Coca-Cola’s ‘Coke in the Morning campaign attempts to increase Coke consumption by promoting the beverage as an early morning pick-me-up (Kotler and Armstrong, 2009).
10. The typical method of retail operation used by supermarkets and catalog showrooms is called:
Self-service retailing
Limited service retailing
Full service retailing
Service merchandiser
Answer.3. Full service retailing
Explanation:
In Self-service retailing, the customer generally serves himself which means he or she chooses their own products and makes their own decision. There is no involvement of the retail store. Examples of Self-service stores are Supermarkets like Walmart or Tesco or others.
Supermarkets are large, departmentalized, self-service retailers that specialize in food and some non-food items.
11. Marketing creates profit by creating _____ to the buyer.
Value
Money
Product
Price
Answer.1. Value
Explanation:
Marketing creates profit by creating Value to the buyer.
Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others. In business, the function of marketing is to bring value to customers, whom the business seeks to identify, satisfy, and retain.
In marketing, the act of obtaining a desired object from someone by offering something of value in return is called the exchange process.
12. _____ needs the interest of the buyer.
Product
Sales
Production
Manufacturing
Answer.1. Product
Explanation:
The product needs the interest of the buyer. The buyers now recognize that the product may provide benefits in whatever form: health, satisfaction, cash, opportunity, or whatever.
The buyers spend some thought on the product or service, whether it is beneficial, whether the price is acceptable, or whether the product might fill a need. In the interest stage, the buyer actively collects some information.
13. _____ includes the configuration of benefits, value, cost, and satisfaction.
Demand
Innovation
Creativity
Invention
Answer.4. Invention
Explanation:
The invention includes the configuration of benefits, value, cost, and satisfaction. For example, the invention has been made and works as a mosquito repellent as promised. Patent examiners may only grant a patent if scientific evidence supporting the invention is presented in the specification and beneficial for the consumer.
Customers actually buy the benefits, not the product”. So the marketer’s job doesn’t end when the product is bought. The relationship between the customer’s expectations and the product’s perceived performance determines whether the buyer is satisfied or dissatisfied. If the product meets expectations, the customer is satisfied and if it exceeds expectations, the customer is delighted.
14. All companies strive to build _____ strength.
Brand
Image
Customer
Employee
Answer.1. Brand
Explanation:
Companies address needs by offering a value proposition, a set of intended benefits to satisfy their customers’ needs. A brand is an offering from a known source. The associations that customers have with a brand name such as McDonald’s, including hamburgers, fun, children, fast food, convenience, and golden arches, make up the brand image.
All companies strive to build brand strength-that is a strong, favorable, and unique brand image.
15. Which one of the following is not one of the P s of marketing?
Product
Price
Place
Production
Answer.4. Production
Explanation:
The four Ps of marketing is the key factors that are involved in the marketing of a good or service. They are the product, price, place, and promotion of a good or service.
