Answered: 1. The marketing concept states that…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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1. The marketing concept states that a firm must put consumer needs first, even if it means foregoing satisfactory profits. a. True b. False 2. John wants to start his own fruit juice and beverage company. He is aware of the large number of competitors in this industry and of the fact that his product should not be very costly. To differentiate his product from that of his competitors, he decides to sell his beverages in specially designed containers that keep the juice fresh for 7 days even without refrigeration. John is focusing on the _____component of the marketing mix. a. Place b. Pricing c. Packaging d. Product 3. The sales of a product are rising rapidly and profits are peaking. This product is in the _____ stage of the product life cycle. a. Introduction b. Growth c. Maturity d. Decline 4. A(n) _____ is given to customers for accepting less of something or as an adjustment for variation in quality. a. Discount b. Rebate c. Allowance d. Subsidy 5. When customers walk out of the store without buying anything, it may be an indication that a business is in trouble. a. True b. False 6. _____ are reductions from a product's normal list price and are given to customers as an inducement to buy more of the same product. a. Discounts b. Allowances c. Subsidies d. Trade-ins 7. A _____ price is one which is set relatively high initially in order to obtain the "cream" of the target market before competitors enter. a. Skimming b. Penetration c. Predatory d. Bait 8. What is meant by the term competitive edge? a. It refers to a particular characteristic that makes one firm more attractive to customers than other firms. b. It refers to a concept that two or more people, working together in a coordinated way, can accomplish more than the sum of their independent efforts. c. It refers to an organized effort to gather information about markets or customers. d. It refers to an assessment of the strengths and weaknesses of current and potential competitors. 9. Market segmentation refers to the: a. change in a brand's status due to its failure in the marketplace. b. mix of the uncontrollable elements of a marketing plan. c. simulation of the conditions under which a product is to be marketed. d. process of identifying and evaluating various layers of a market. 10. _____ involves prodding businesses to improve the quality of their products and to expand consumer knowledge. a. Consumerism b. Promotion c. Diversification d. Segmentation 11. Marketing mix refers to the _____. a. proper blending of the basic elements of product, price, promotion, and place into an integrated marketing program b. process of identifying and evaluating the various layers of a market c. part of the total market toward which promotional efforts are concentrated d. process of acquiring customers that involves obtaining individual-level consumer information

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