Midterm 1 Practice
Chapter 1: Introduction
1. Value is the customer's perception of all of the benefits of a product or service weighed against all the costs of acquiring and consuming it. The mileage of a car would be considered as a(n):
ANSWER: FUNCTIONAL BENEFITS
Value is the customer's perception of all of the benefits of a product or service weighed against all the costs of acquiring and consuming it. Benefits can be functional (the performance of the product), experiential (what it feels like to use the product), and/or psychological (feelings such as self-esteem or status that result from owning a particular brand).
2. How did integrated marketing communications (IMC) revolutionize the role of marketing?
ANSWER: IT LEF TO THE RAPID GROWTH AND DEVELOPMENT OF DATABASE MARKETING
Major characteristics of this marketing revolution include: the growth and development of database marketing. Many companies now have extensive databases containing customer names; geographic, demographic, and psychographic profiles, purchase patterns; media preferences, credit and other financial information; and other relevant characteristics
3. Which of the following statements is true about branding?
ANSWER: A WELL-KNOWN BRAND HAS A COMPETITVE ADVANTAGE IN THE MARKET
With more and more products and services competing for consideration by customers who have less and less time to make choices, well-known brands have a major competitive advantage in today's marketplace.
4. ___ advertising would focus on creating a demand for MilkBone, a brand of dog biscuits, among consumers.
ANSWER: SELECTIVE-DEMAND
Primary-demand advertising is designed to stimulate demand for the general product class or entire industry. Selective-demand advertising focuses on creating demand for a specific company's brands.
5. The ad for Gills onions in Fresh Cut, a publication for people in the grocery business, encouraged store managers to stock up on the product. The ad is an example of _____ advertising.
ANSWER: TRADE
1. Value is the customer's perception of all of the benefits of a product or service weighed against all the costs of acquiring and consuming it. The mileage of a car would be considered as a(n):
ANSWER: FUNCTIONAL BENEFITS
Value is the customer's perception of all of the benefits of a product or service weighed against all the costs of acquiring and consuming it. Benefits can be functional (the performance of the product), experiential (what it feels like to use the product), and/or psychological (feelings such as self-esteem or status that result from owning a particular brand).
2. How did integrated marketing communications (IMC) revolutionize the role of marketing?
ANSWER: IT LEF TO THE RAPID GROWTH AND DEVELOPMENT OF DATABASE MARKETING
Major characteristics of this marketing revolution include: the growth and development of database marketing. Many companies now have extensive databases containing customer names; geographic, demographic, and psychographic profiles, purchase patterns; media preferences, credit and other financial information; and other relevant characteristics
3. Which of the following statements is true about branding?
ANSWER: A WELL-KNOWN BRAND HAS A COMPETITVE ADVANTAGE IN THE MARKET
With more and more products and services competing for consideration by customers who have less and less time to make choices, well-known brands have a major competitive advantage in today's marketplace.
4. ___ advertising would focus on creating a demand for MilkBone, a brand of dog biscuits, among consumers.
ANSWER: SELECTIVE-DEMAND
Primary-demand advertising is designed to stimulate demand for the general product class or entire industry. Selective-demand advertising focuses on creating demand for a specific company's brands.
5. The ad for Gills onions in Fresh Cut, a publication for people in the grocery business, encouraged store managers to stock up on the product. The ad is an example of _____ advertising.
ANSWER: TRADE