Marketing IRC Exam Questions with Complete Answers.
what are the two types of channels? - Correct Answer direct, indirect
define manufacturer - Correct Answer a person or company that makes good for sale
define producer - Correct Answer responsible for creating new business through various
advertising and public relations efforts
define retailer - Correct Answer promote awareness and interest of their goods and
services in an effort to generate sales from their consumers
define wholesaler - Correct Answer complete flow of goods and information from the
manufacturer to the end-user
what are the three types of distribution - Correct Answer intensive, selective, exclusive
intensive - Correct Answer a producer attempts to sell its products or services in as many
retail outlets as possible within a geographical area without exclusively
selective - Correct Answer involves using more than one, but lesser than all the
intermediaries and distributors who carry the company's on a basis of a company specific
set of rules
exclusive - Correct Answer a manufacturer or supplier authorizes only one distributor to
carry out within a definite region
what is marketing-information manager? - Correct Answer refers to the system by which
marketing operations teams gather, organize, and evaluate internal data, competitive
intelligence, and marketing research
what is database marketing? - Correct Answer form of direct marketing using databases of
customers or potential customers to generate personalized communications in order to
promote a product or service for marketing purposes
what are ways to collect data? - Correct Answer survey, interviews, focus groups
define database and what the information is used for - Correct Answer an organized
collection of data, generally stored and accessed electronically from a computer system
what is consumer privacy - Correct Answer involves the handling and protection of the
sensitive information provided by customers in the course of everyday transactions
what are the 6 elements of a market plan? - Correct Answer description, market analysis,
marketing goals / objectives, pricing details, advertising plan, and marketing budget
, define market plan - Correct Answer outlines a business's specific marketing strategy and
includes concrete actions to be taken and anticipated results
define market segmentation - Correct Answer the process of dividing a target market into
smaller, more defined categories. it segments customers and audiences into groups that
share similar characteristics
define demographics - Correct Answer statistical study of populations and particular
groups within it
define geographics - Correct Answer involve the compartmentalization of the consumer
market into smaller, more manageable segments using geographic location as the main
determining factor
define psychographics - Correct Answer the qualitative methodology of studying
consumers based on psychological characteristics and traits such as values, desires,
goals, interests, and lifestyle choices
define mass marketing - Correct Answer a market strategy in which a firm decides to
ignore market segment differences and appeal the whole market with one offer or one
strategy, which supports the idea of broadcasting a message that will reach the largest
number of people possible
define marketing - Correct Answer activities a company undertakes to promote the buying
or selling of a product, service, or good
define goods - Correct Answer items that satisfy human wants and provide utility
define services - Correct Answer a transaction in which no physical goods are transferred
from the seller to the buyer
define marketing concept - Correct Answer the use of marketing data to focus on the needs
and wants of customers in order to develop marketing strategies that not only satisfy the
needs of the customer but also accomplish the goals of the organization
what are the economic benefits of marketing? - Correct Answer marketing drives a
consumer economy, promoting goods and services and targeting consumers most likely to
become buyers. higher sales for a business that employs successful marketing strategies
translate into expansion, job creation, higher tax revenue = overall economic growth
define utility - Correct Answer value / total satisfaction that you get from consuming a
product or service
5 types of utility - Correct Answer form, place, time, possession, task
what are the two types of channels? - Correct Answer direct, indirect
define manufacturer - Correct Answer a person or company that makes good for sale
define producer - Correct Answer responsible for creating new business through various
advertising and public relations efforts
define retailer - Correct Answer promote awareness and interest of their goods and
services in an effort to generate sales from their consumers
define wholesaler - Correct Answer complete flow of goods and information from the
manufacturer to the end-user
what are the three types of distribution - Correct Answer intensive, selective, exclusive
intensive - Correct Answer a producer attempts to sell its products or services in as many
retail outlets as possible within a geographical area without exclusively
selective - Correct Answer involves using more than one, but lesser than all the
intermediaries and distributors who carry the company's on a basis of a company specific
set of rules
exclusive - Correct Answer a manufacturer or supplier authorizes only one distributor to
carry out within a definite region
what is marketing-information manager? - Correct Answer refers to the system by which
marketing operations teams gather, organize, and evaluate internal data, competitive
intelligence, and marketing research
what is database marketing? - Correct Answer form of direct marketing using databases of
customers or potential customers to generate personalized communications in order to
promote a product or service for marketing purposes
what are ways to collect data? - Correct Answer survey, interviews, focus groups
define database and what the information is used for - Correct Answer an organized
collection of data, generally stored and accessed electronically from a computer system
what is consumer privacy - Correct Answer involves the handling and protection of the
sensitive information provided by customers in the course of everyday transactions
what are the 6 elements of a market plan? - Correct Answer description, market analysis,
marketing goals / objectives, pricing details, advertising plan, and marketing budget
, define market plan - Correct Answer outlines a business's specific marketing strategy and
includes concrete actions to be taken and anticipated results
define market segmentation - Correct Answer the process of dividing a target market into
smaller, more defined categories. it segments customers and audiences into groups that
share similar characteristics
define demographics - Correct Answer statistical study of populations and particular
groups within it
define geographics - Correct Answer involve the compartmentalization of the consumer
market into smaller, more manageable segments using geographic location as the main
determining factor
define psychographics - Correct Answer the qualitative methodology of studying
consumers based on psychological characteristics and traits such as values, desires,
goals, interests, and lifestyle choices
define mass marketing - Correct Answer a market strategy in which a firm decides to
ignore market segment differences and appeal the whole market with one offer or one
strategy, which supports the idea of broadcasting a message that will reach the largest
number of people possible
define marketing - Correct Answer activities a company undertakes to promote the buying
or selling of a product, service, or good
define goods - Correct Answer items that satisfy human wants and provide utility
define services - Correct Answer a transaction in which no physical goods are transferred
from the seller to the buyer
define marketing concept - Correct Answer the use of marketing data to focus on the needs
and wants of customers in order to develop marketing strategies that not only satisfy the
needs of the customer but also accomplish the goals of the organization
what are the economic benefits of marketing? - Correct Answer marketing drives a
consumer economy, promoting goods and services and targeting consumers most likely to
become buyers. higher sales for a business that employs successful marketing strategies
translate into expansion, job creation, higher tax revenue = overall economic growth
define utility - Correct Answer value / total satisfaction that you get from consuming a
product or service
5 types of utility - Correct Answer form, place, time, possession, task
