MGT 103 Final UPDATED ACTUAL
Questions and CORRECT Answers
What does value in pricing emphasize?
A) Features
B) Benefits
C) Costs
D) Discounts - CORRECT ANSWER - Benefits
Which of the following is NOT one of the Seven Ps of Services Marketing?
A) Product (Service)
B) Branding
C) Price
D) Place (Distribution) - CORRECT ANSWER - Branding
What pricing strategy involves setting a high price initially and then gradually lowering it over
time?
A) Skimming Pricing
B) Penetration Pricing
C) Prestige Pricing
D) Price Lining - CORRECT ANSWER - Skimming Pricing
Which of the following is NOT a function performed by intermediaries in marketing channels?
A) Transactional Function
B) Logistical Function
C) Facilitating Function
D) Distribution Function - CORRECT ANSWER - Distribution Function
,Off-Peak Pricing is mentioned in one of the Seven Ps of Services Marketing.
True
False - CORRECT ANSWER - True; falls under price
off-peak pricing: charging different prices during different seasons of the year and different times
of the day or days of the week to reflect variations in demand for service
Value-Pricing focuses on stressing features rather than benefits.
True
False - CORRECT ANSWER - False
Value-pricing focuses on emphasizing the benefits rather than just the features of a product or
service. The idea is to highlight how the product or service provides value to the customer,
addressing their needs and solving their problems, rather than just listing its features.
Intensive Distribution aims to provide the best coverage of the target market.
True
False - CORRECT ANSWER - True
The Planning Phase of the Strategic Marketing Process: An effective marketing plan should have
simple, clear, and specific plans.
True
False - CORRECT ANSWER - True
The concept that links internal service quality to customer satisfaction and company profitability
is known as the __________. - CORRECT ANSWER - Service-Profit Chain
One of the four approaches for selecting an approximate price level is __________ pricing. -
CORRECT ANSWER - demand-oriented
The Multichannel Marketing Multiplier involves the blending of different __________ and
delivery channels. - CORRECT ANSWER - communication
,One of the five elements of the promotional mix is __________. - CORRECT ANSWER -
advertising
In the growth phase of the product life cycle, profits peak.
True
False - CORRECT ANSWER - False
In the growth phase of the product life cycle, sales increase rapidly and profits start to rise
significantly.
In the __________ stage of the product life cycle, the product gets old or gets replaced. -
CORRECT ANSWER - decline
Which of the following is NOT typically measured on a marketing dashboard?
A) Sales per week
B) Customer retention
C) Employee satisfaction
D) Brand awareness - CORRECT ANSWER - Employee satisfaction
Marketing dashboards can include metrics such as sales per week and customer retention.
True
False - CORRECT ANSWER - True
Gatorade is known for its continuous product development and official drink branding with
which of the following sports leagues?
A) NBA
B) NFL
C) MLB
D) All of the above - CORRECT ANSWER -D
, Which stage of the product life cycle is characterized by rapid sales growth and increasing
competition?
A) Introduction
B) Growth
C) Maturity
D) Decline - CORRECT ANSWER - Growth
During the maturity stage of the product life cycle, industry/product sales slow and profit
declines.
True
False - CORRECT ANSWER - True
Which pricing strategy is used to help recover the costs of development and capitalize on price
insensitivity of early buyers?
A) Skimming strategy
B) Penetration pricing
C) Value pricing
D) Cost-plus pricing - CORRECT ANSWER - Skimming strategy
In the introduction stage, the focus is on creating selective demand for a specific brand.
True
False - CORRECT ANSWER - True
Introduction stage:
- Stimulate trial: the initial purchase of a product by the consumer
- Creates demand through antecedent effects (sight, smell, etc.)
- Primary demand: the desire for the product class rather than for a specific brand, since there are
few competitors with the same product
Questions and CORRECT Answers
What does value in pricing emphasize?
A) Features
B) Benefits
C) Costs
D) Discounts - CORRECT ANSWER - Benefits
Which of the following is NOT one of the Seven Ps of Services Marketing?
A) Product (Service)
B) Branding
C) Price
D) Place (Distribution) - CORRECT ANSWER - Branding
What pricing strategy involves setting a high price initially and then gradually lowering it over
time?
A) Skimming Pricing
B) Penetration Pricing
C) Prestige Pricing
D) Price Lining - CORRECT ANSWER - Skimming Pricing
Which of the following is NOT a function performed by intermediaries in marketing channels?
A) Transactional Function
B) Logistical Function
C) Facilitating Function
D) Distribution Function - CORRECT ANSWER - Distribution Function
,Off-Peak Pricing is mentioned in one of the Seven Ps of Services Marketing.
True
False - CORRECT ANSWER - True; falls under price
off-peak pricing: charging different prices during different seasons of the year and different times
of the day or days of the week to reflect variations in demand for service
Value-Pricing focuses on stressing features rather than benefits.
True
False - CORRECT ANSWER - False
Value-pricing focuses on emphasizing the benefits rather than just the features of a product or
service. The idea is to highlight how the product or service provides value to the customer,
addressing their needs and solving their problems, rather than just listing its features.
Intensive Distribution aims to provide the best coverage of the target market.
True
False - CORRECT ANSWER - True
The Planning Phase of the Strategic Marketing Process: An effective marketing plan should have
simple, clear, and specific plans.
True
False - CORRECT ANSWER - True
The concept that links internal service quality to customer satisfaction and company profitability
is known as the __________. - CORRECT ANSWER - Service-Profit Chain
One of the four approaches for selecting an approximate price level is __________ pricing. -
CORRECT ANSWER - demand-oriented
The Multichannel Marketing Multiplier involves the blending of different __________ and
delivery channels. - CORRECT ANSWER - communication
,One of the five elements of the promotional mix is __________. - CORRECT ANSWER -
advertising
In the growth phase of the product life cycle, profits peak.
True
False - CORRECT ANSWER - False
In the growth phase of the product life cycle, sales increase rapidly and profits start to rise
significantly.
In the __________ stage of the product life cycle, the product gets old or gets replaced. -
CORRECT ANSWER - decline
Which of the following is NOT typically measured on a marketing dashboard?
A) Sales per week
B) Customer retention
C) Employee satisfaction
D) Brand awareness - CORRECT ANSWER - Employee satisfaction
Marketing dashboards can include metrics such as sales per week and customer retention.
True
False - CORRECT ANSWER - True
Gatorade is known for its continuous product development and official drink branding with
which of the following sports leagues?
A) NBA
B) NFL
C) MLB
D) All of the above - CORRECT ANSWER -D
, Which stage of the product life cycle is characterized by rapid sales growth and increasing
competition?
A) Introduction
B) Growth
C) Maturity
D) Decline - CORRECT ANSWER - Growth
During the maturity stage of the product life cycle, industry/product sales slow and profit
declines.
True
False - CORRECT ANSWER - True
Which pricing strategy is used to help recover the costs of development and capitalize on price
insensitivity of early buyers?
A) Skimming strategy
B) Penetration pricing
C) Value pricing
D) Cost-plus pricing - CORRECT ANSWER - Skimming strategy
In the introduction stage, the focus is on creating selective demand for a specific brand.
True
False - CORRECT ANSWER - True
Introduction stage:
- Stimulate trial: the initial purchase of a product by the consumer
- Creates demand through antecedent effects (sight, smell, etc.)
- Primary demand: the desire for the product class rather than for a specific brand, since there are
few competitors with the same product
