MARK 201 Exam Questions with Correct Answers Latest Update 2025/2026

MARK 201 Exam Questions with Correct Answers Latest Update 2025/2026 4 I's of Services - Answers Intangibility Inconsistency Inseparability Inventory 6 steps to Setting Prices - Answers *Identify pricing objectives and constraints *Estimate demand and revenue *Determine cost, volume, and profit relationships *Select an approximate price level. *Set list or quoted price. *Make special adjustments to list or quoted price. 3 Key Factors That Influence Demand - Answers *Consumer tastes. (want) *Price and availability of similar products. (want) *Consumer income. (can) 4 Approaches to Price Setting - Answers *Demand oriented *Cost oriented *Profit oriented *Competition oriented 7Ps of Services Marketing - Answers Product Price Place(distribution) Promotion People Physical Environment Process 3 Basic Functions of Intermediaries - Answers *Transactional *Logistical *Facilitating Function 3 Steps for Choosing a Supply Chain - Answers *Understand the customer *Understand the supply chain *Harmonize the supply chain with the marketing Value Pricing - Answers the practice of simultaneously increasing product and service benefits while maintaining or decreasing price Price Elasticity of Demand / Price Sensitivity - Answers The percentage change in quantity demanded relative to a percentage change in price. *Quantity demanded usually decreases as price increases. Break-even quantity - Answers (Fixed Cost)/(Unit Price-Unit Variable Cost) Marketing Channel - Answers Individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users. 6 Logistics Cost Factors - Answers *Transportation costs. *Materials handling and warehouse costs. *Inventory costs. *Stockout costs. *Order processing costs. *Return products handling costs. Non-store retailing - Answers *Automatic vending *Direct mail and catalogs *Online retailing *Television home shopping *Telemarketing *Direct (door-to-door) selling 7 Core Website Design Elements - Answers *Context *Content *Customization *Connection *Communication *Community *Commerce 6 Reasons Consumers Buy Online - Answers *Convenience *Choice *Customization *Communication *Cost *Control Interactive Marketing - Answers Involves two-way buyer-seller electronic communication in which the buyer controls the kind and amount of information received from the seller. Choiceboard - Answers An interactive, digitally enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes (or components), prices, and delivery options. Collaborative Filtering - Answers A process that automatically groups people with similar buying intentions, preferences and behaviors and predicts future purchases. Marketing Attribution - Answers The practice and techniques used to credit or value a particular channel and consumer touchpoint. Merchandise Line - Answers Describes how many different types of products a store carries and in what assortment. Independent Retailer - Answers Owned by and individual. Corporate Chain - Answers Owned by a corporation that has multiple outlets. Contractual System - Answers When Independently owned stores band together to act like a chain. Manufacturers' Agents/Representatives - Answers Work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory. Brokers - Answers Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales.