Question

marketing i - unit 1 retest (no 1.03)
circle the best possible answer for each of the following questions.
question 11 (1.04) which of the following questions might marketers ask when they are working on the product element of marketing?

• where should the product be sold?
• what media should be used to promote the product?
• how much should the product cost?
• what level of quality should be produced?

question 12 (1.04) what concept of the marketing mix is the following statement an example of?
\even though lexus vehicles use many parts and design concepts created by their parent company toyota, lexus vehicles cost more than toyotas do. while some of this has to do with the fancier features you may find in a lexus, luxury companies know that customers expect luxury products cost more, and may even be suspicious that a luxury car that is cheap isnt actually luxurious. therefore, they set prices accordingly.\

• price
• place
• product
• promotion

question 13 (1.05) market segmentation is about dividing the market into groups that______.

• share similar characteristics
• are exactly the same age
• are filled with varieties of different people
• are made up randomly

question 14 (1.05) in order to be considered \in the market\ for a product, first a consumer...

• know every detail about the product.
• must be willing and able to buy the product.
• make sure the product is on sale.
• be able to find the product in a store.

question 15 (1.06) using data wisely can help a company save money by...

• spending more money.
• hiring fewer employees.
• running more efficiently.
• eliminating the competition.

Explanation:

Question 11: Quality is part of product - element in marketing.
Question 12: The statement is about setting prices for luxury products.
Question 13: Market segmentation groups by similar traits.
Question 14: To be in the market, consumer must have willingness and ability to buy.
Question 15: Using data well can enhance efficiency and save costs.

Answer:

Question 11: What level of quality should be produced?
Question 12: Price
Question 13: share similar characteristics
Question 14: must be willing and able to buy the product.
Question 15: running more efficiently.