Which one of the following four statements is correct?
Marketing is essentially about selling goods and services.
True marketing is linked to rational approaches in management and to the development of market research.
Organizational marketing involves promoting goods and services by emphasising the quality and reputation of the firm.
Globalization has meant that global products can be marketed in much the same way around the world.
Which one of the following four statements is correct?
Market research is primarily involved in testing whether potential customers react favourably to a new product.
A focus group is a small group of consumers or potential customers who are brought together to establish customer reaction to a product.
A product mix refers to the number of variations of the same product.
Free delivery should be part of any product offering and has been shown to increase sales in most cases.
Which one of the following four statements is correct?
A fall in price will invariably lead to an increase in demand for a product.
Prices are best set by establishing the true cost of production and then applying a standard mark-up.
Exchange rates influence prices and hence the sales volume of international goods. However, other factors, such as distribution and management decisions will also influence sales.
Price setting is a rational exercise involving the consideration of a number of variables such as cost, consumer choice, the state of the economy and so on.
Which one of the following four statements is correct?
Advertising is the most common form of promotion used in the retail industry.
A big advertising campaign in the national press is probably the most appropriate method that a supermarket chain can use to announce price cuts on a number of items.
Below the line advertising relates to that advertising that focuses on sending subliminal messages to the consumer.
The growth of direct marketing is associated with developments in e-commerce.
Which one of the following four statements is correct?
Theories of buyer behaviour can never offer a complete explanation due to the complexities of the purchase decision.
For all types of product, early adopters tend to be younger, more affluent and more cosmopolitan than the national average.
A proven link exists between customer satisfaction and repeat purchases.
The use of loyalty cards is a key strategy in increasing customer satisfaction and customer loyalty.
Which one of the following four statements is correct?
The main reason for a firm to have a number of brands within the same product market is to spread the risk.
Generic brands refer to a type of brand that covers a wide range of different products as with the Ralph Lauren brand.
The key purposes of branding are product differentiation and customer attraction.
A strong brand established in one product market is an obstacle to a firm wishing to expand in a different market.
Which one of the following four statements is correct?
Most markets are highly differentiated into a number of market segments.
A profitable strategy for most companies involves offering a large number of products and services to many different market segments.
Different aspects of the marketing mix can be manipulated in different ways for different segments of the market to enhance sales.
Repositioning usually involves going down-market to appeal to a wider customer base.
Which one of the following four statements is correct?
The four phases of the product life cycle, introduction, growth, maturity and decline, apply in roughly the same way to all products.
During the growth phase of the product life cycle high profits can be made by pioneering firms.
The product life cycle model offers a rigorous analysis of product market behaviour and is an essential tool in product planning.
The product life cycle model is a useful tool to indicate where promotion and price strategies can be used to halt declining sales. However, the model has little use in product design.
Which one of the following four statements is correct?
Consumerism is exclusively a phenomenon associated with the affluent middle classes.
Consumerism is largely a media phenomenon and has little impact of the decision-making process in organizations.
The law plays a more significant role than do consumer groups in protecting the public against dishonest traders.
The consumer movement in many countries has been instrumental in getting laws changed to give the public greater protection in consumer affairs.
Which one of the following four statements is correct?
Many firms restrict their business unnecessarily by focusing narrowly on the product rather than on what the market needs.
The relationship between operations and marketing is one of inevitable conflict. Operations management focuses on operating efficiency, whilst marketing focuses on satisfying customer needs.
Skimming is a pricing strategy that literally skims the market by offering products at a price slightly higher than cost.
Most people are now happy to use the Internet to make a wide range of purchases.