Question 1

Consumer Buying Process

Accepted Answer

1. Problem Recognition
2. Information Gathering
3. Evaluation of Solutions
4. Purchase Decision
5. Post Purchase Decision

Question 2

General Pricing Strategies

Accepted Answer

Value-based Pricing
Cost- based Pricing
Competition-based Pricing

Question 3

New- Product Pricing Startegies

Accepted Answer

Market Skimming Pricing
Market Penetration Pricing

Question 4

Product Mix Pricing Strategies

Accepted Answer

1. Product Line Pricing
2. Optional Product Pricing
3. Captive Product Pricing
4. Product Bundle Pricing

Question 5

Price Adjustment Strategies

Accepted Answer

1. Discount Pricing
2. Segmented Pricing
3. Psychological Pricing
4. Promotional Pricing

Question 6

Roles That Individual Costumers may Play During the consumer buying process

Accepted Answer

A. Initiator
B. Influencer
C. Decider
D. Buyer
E. User

Question 7

Organizational Buying Process

Accepted Answer

A. Users
B. Influencers
C. Deciders
E. Buyer
F. Gatekeepers

Question 8

Customer Segmentation variables

Accepted Answer

1. Geographic
2. Demographic
3. Psychographic
4. Behaviographic

Question 9

This is the first step in the process where the customer is having a problem that can be solved by purchasing a product or service

Accepted Answer

Problem Recognition

Question 10

Right after the consumer recognizes they have a problem or a need ( or a symptom of it), they will proceed to research a solution to the issue

Accepted Answer

Information Gathering

Question 11

In this stage, consumers usually make a shortlist of products or services for identified needs

Accepted Answer

Evaluation of solutions

Question 12

This is also when they start to look at specific solutions to their  problem

Accepted Answer

Evaluation of Solutions

Question 13

All your marketing efforts will lead to consumers choosing your brand at the purchase phase

Accepted Answer

Purchase Decision

Question 14

The last stage in the process, at this point,  you’ve successfully converted target consumers into buyer

Accepted Answer

Post Purchase Behavior

Question 15

Before creating any strategic or marketing plan, the company must first understand its position in the market, the current situation, industry trends, and other factors that may affect the performance of the business

Accepted Answer

Marketing Analysis

Question 16

Companies need to formulate strategic plans for its  business or products

Accepted Answer

Marketing Planning

Question 17

Is the process that turns plan into actions in order  to accomplish the companys objectives and strategic goals

Accepted Answer

Marketing Implementation

Question 18

Evaluates results of marketing strategies  and plans, and take corrective actions to ensure that the objectives are attained

Accepted Answer

Marketing Control

Question 19

The company starts identifying the needs and value perceptions of its consumers

Accepted Answer

Value based Pricing

Question 20

It bases the products value on the competitors products in the same category

Accepted Answer

Competition- based pricing

Question 21

Some brands with an established credibility and a huge following opt to introduce a new product with a high initial price to skim revenue layers from the market

Accepted Answer

Market Skimming Pricing

Question 22

The company decided to offer a new product at a low initial price to quickly penetrate the market

Accepted Answer

Market Penetration Pricing

Question 23

Involves determining price steps that takes into account cost differences between products in the line

Accepted Answer

Product line pricing

Principles of Marketing