Transcript Marketing Review

Marketing Review
Part 1
1. Which of the following descriptions provides the best definition of the
‘marketing mix’?
A. The way products are arranged in a retail store
to maximise sales
B. The way a business combines the main
marketing elements to sell products that meet
the needs and wants of customers
C. The way a business distributes its products
through retailers and wholesalers
D. The way products and priced and packaged
2. Which of the “4 P’s” of the marketing mix concerns the various outlets and
channels a business uses to distribute its products?
A.
B.
C.
D.
Promotion
Place
Price
Product
3. Which of the traditional “4 P’s” of the marketing mix concerns how much a
customer pays for the good or service being offered?
A.
B.
C.
D.
Promotion
Product
Place
Price
4. Which element of the marketing mix is the only one that directly affects
the value of sales achieved by a business?
A.
B.
C.
D.
Product
Promotion
Price
Place
5. The “4 P’s” of the marketing mix are closely linked and should not be
thought as separate from each other: True or False?
A. True
B. False
6. A business wishes to meet the needs and wants of customers better by
delivering a higher quality service. Which element of the marketing mix will
the business focus on to achieve this?
A.
B.
C.
D.
Price
Place
Promotion
Product
7. A business wants to build customer awareness of features and benefits in
its products that are better than the competition. Which element of the
marketing mix is most likely to help them achieve this?
A.
B.
C.
D.
Price
Product
Place
Promotion
8. The marketing mix does not apply to very small businesses: True or False?
A. True
B. False
9. The way in which products are sold is known as a:
•
– Distribution Channel
– Marketing Source
– Marketing Channel
– Promotional Route
10. Which of the following is most related to the marketing concept?
A.
B.
C.
D.
Make a profit
Satisfy Customers
Gain market share
Increase sales
11. The proportion of the market held by one
company or brand is known as:
A.
B.
C.
D.
market segment
market leadership
market share
market slice
12. A market segment at which a business aims its products and/or services is
known as the:
A.
B.
C.
D.
market leader
unique selling point
main market
target market
13. A subgroup of people or organizations sharing one or more characteristics
that cause them to have similar product needs.
A.
B.
C.
D.
market
market section
target
market segment
14. When a business divides up groups of customers using terms like "working
class", "middle class", "professionals",etc what kind of market segmentation
are they using?
A.
B.
C.
D.
demographic segmentation
religious segmentation
socio-economic segmentation
lifestyle segmentation
15. Which of the following is an advantage of using market segmentation?
A. It saves money by avoiding the need for TV
advertising.
B. It lets a business invest more in its
employees.
C. It allows a business to charge higher prices.
D. It allows a business to target its promotional
strategy more effectively.
16. The clothing retailer Top Shop tries to appeal to the style-conscious, independent girl- ie. the
"fashion junkie" who goes shopping every week in pursuit of the latest hot fashions. What kind of
market segmentation is being used by Top Shop?
A.
B.
C.
D.
socio-economic segmentation
lifestyle segmentation
religious segmentation
demographic segmentation
17. When segmenting markets by: region of the country/world, market size,
market density,or climate, you are using:
A.
B.
C.
D.
psychographics segmentation
demographic segmentation
geographic segmentation
lifestyle segmentation
18. Usage rate segmentation is:
A. dividing a market by the amount of product
bought or consumed.
B. grouping customers into market segments
according to the benefits they seek from the
product.
C. segmenting potential customers into
neighborhood lifestyle categories.
D. segmenting based of personality, motives,
lifestyles, and geodemographics.
19. What is the means of displaying or graphing, in two or more
dimensions, the location of products, brands, or groups of
products in customers’ minds?
A.
B.
C.
D.
seasonal forecasting
perceptual mapping
coordinate plotting
positioning charts
20. The marketing mix is:
A. the way products are priced and packaged.
B. the way products are arranged in a retail
store to maximize sales.
C. the way a business combines the main
marketing elements to sell products that
meet the needs and wants of customers.
D. the way a business distributes its products
through retailers and wholesalers.
21. Which of the 4 P's of the marketing mix concerns how much a customer
pays for the good of service being offered?
promotion
A.
B.
C.
D.
promotion
place
price
product
22. Which of the element of the marketing mix is the only one that directly
affects the value of sales achieved by a business?
A.
B.
C.
D.
product
place
price
promotion
23. The 4 P's of the marketing mix are closely linked and should
not be thought as separate from each other: true or false?
A. True
B. False
24. A business wishes to meet the needs and wants of customers better by
delivering a higher quality service. Which element of the marketing mix will
be the focus to achieve this?
A.
B.
C.
D.
price
product
promotion
place
25. Positioning is the placing of a product in a random markets to
get a spontaneous customer responses.
A. True
B. False
26. Cannibalization occurs when sales of a new product cut into sales of a
firm’s existing products.
A. True
B. False
27. How many marketing functions did we
cover in class?
A.
B.
C.
D.
2
3
5
7
28. Which principle states that 20 percent of all customers generate 80 percent of the
demand?
A.
B.
C.
D.
The hady principle
The 80/20 principle
The 20/80 principle
The 80's principle
29. Target’s customers completed a three-question survey at
checkout to determine if adding the American Express One card
would be a desired payment option. This is an example of:
A.
B.
C.
D.
Channel management
Marketing information management
Promotion
Selling
30. The owners of Toys R Us have a meeting to discuss what their
competitors are charging and what customers are willing to pay.
This demonstrates which marketing function?
A.
B.
C.
D.
Channel management
Marketing information management
Marketing
Pricing
31. The local newspaper is printing “buy one get one free” coupons for
Mountain Dew. This is an example of which marketing function?
A.
B.
C.
D.
Marketing information management
Product/service management
Promotion
Selling
32. Determining whether to use a truck or train to transport products is part
of which function of marketing?
A.
B.
C.
D.
Distribution
Marketing information management
Risk management
Selling
33. Bridgestone decided to offer a new line of snow
tires. Under which marketing function does this
decision fall?
A.
B.
C.
D.
Distribution
Product planning
Selling
Financing
34. Which marketing function helps marketers answer
the question, “What are we going to produce or sell?”
A.
B.
C.
D.
Pricing
Marketing Information Management
Product Planning
Financing
35. Many grocery stores have made the decision to accept credit cards for
payment of merchandise. Which marketing function does this decision
represent?
A.
B.
C.
D.
Pricing
Distribution
Purchasing
Financing
36. Which marketing function helps business people forecast how much will
be sold in a given period?
A.
B.
C.
D.
Marketing Information Management
MIM
Research
all of the above
37. Telemarketing is an example of
which marketing function?
A.
B.
C.
D.
Selling
Buying
Pricing
Storing
38. Macy's customers completed a survey that was sent through
their emails. This is an example of:
A.
B.
C.
D.
Channel management
Marketing information management
Promotion
Selling
39. The physical location of a business and he site where the
reservation for the hotel is made.
A.
B.
C.
D.
Product
Price
Place
Promotion
40. When you buy a piece of clothing or a digital camera, you are involved in
marketing.
A. True
B. False
41. The entire process of moving, handling, and storing goods from the
producer to the consumer is called:
A.
B.
C.
D.
packaging
distribution
production
marketing
42. Which marketing function helps business people forecast
how much will be sold in a given period?
A.
B.
C.
D.
risk management
distribution
MIM
promotion
43. The amount that a hotel charges for its product is
____________.
A.
B.
C.
D.
Product
Price
Place
Promotion
44. Which of the following descriptions provides the
best definition of the marketing mix?
A. The way products are arranged in a retail
store to maximize sales
B. The way a business combines the main
marketing elements to sell products that
meet the needs and wants of customers
C. The way a business distributes its products
through retailers and wholesalers
D. The way products and priced and packaged
45. The market segmentation based on your target market’s
personal characteristics.
A.
B.
C.
D.
product benefits
psychographics
demographics
geographics
46. Psychographics will analyze a consumer's _________________
A.
B.
C.
D.
income level.
local market.
stage in family life cycle.
activities they enjoy.
47. Market segmentation based on where your
target market lives.
A.
B.
C.
D.
demographics
psychographics
geographics
product benefits
48. Product benefits analyzes a consumer's ______________
A.
B.
C.
D.
income level.
local market.
stage in family life cycle.
activities they enjoy.
49. The marketing mix is based upon the ____ elements.
A.
B.
C.
D.
2
4
6
8
50. Which of the “4 P’s” of the marketing mix deals
with the communication of new and or existing
products/services?
A.
B.
C.
D.
Promotion
Place
Price
Product
Marketing Review
Part 2
51. Which of the following is not one of the three basic
economic questions?
A.
B.
C.
D.
What should we produce?
How much should it cost?
How should we produce it?
Who should get the products?
52. The period of the business cycle where there are more jobs
and greater production in the economy is referred to
as__________.
A.
B.
C.
D.
Depression
Recession
contraction
expansion
53. Which business management process measures performance, evaluates
results, and takes action to improve the business?
A.
B.
C.
D.
Organizing
Controlling
Leading
Planning
54. What is the main reason individuals and nations must make
economic choices?
A. It would be greedy to take everything.
B. They lack a clear economic plan.
C. There are not enough resources to meet all of
the needs and wants.
D. Making choices makes people and nations
stronger.
55. Which function of management makes computers from
plastic and metal?
A.
B.
C.
D.
Human Resources
Operations
Marketing
Management
56. An economic resource may be used__________.
A.
B.
C.
D.
at least twice
only once
endlessly
more than twice
57. What happens to supply when prices rise?
A.
B.
C.
D.
Supply falls
Supply stays the same
Supply rises
none of these
58. An advantage of a partnership is
A.
B.
C.
D.
you have limited liability.
you have unlimited liability
you keep all of the profit earned by the business.
it is inexpensive to form with few government
regulations.
59. What happens to price when demand is low, but supply is high?
A.
B.
C.
D.
Prices rise
Prices fall
Prices stay the same
none of these
60. Sales and receipts are examples of__________.
A.
B.
C.
D.
expenses
debt
revenue
interest
61. Play by the rules, obey laws, do your share,
respect authority, stay informed, vote, protect
your neighbors, pay your taxes, be charitable,
help your community, protect the environment,
and conserve resources is the definition of
____________.
A.
B.
C.
D.
responsibility
respect
citizenship
caring
62. The four main areas of business
management are:
A. planning, marketing, researching, and goal
setting.
B. planning, organizing, leading, and controlling.
C. setting goals, achieving goals, research, and
development.
D. finance, accounting, marketing, and operations.
63. What happens to supply when prices
fall?
A.
B.
C.
D.
Supply rises
Supply falls
Supply stays the same
none of these
64. Mobile marketing is
A. only used by “mom and pop” types of
businesses.
B. marketing on a mobile device.
C. becoming a thing of the past.
D. very expensive.
65. This function of management sets the prices for a
new product.
A.
B.
C.
D.
Marketing
Management
Human Resources
Operations
66. Soil, air, and water are examples of___________.
A.
B.
C.
D.
Human resources
Capital resources
Property resources
Natural resources
67. This function of management recruits, hires, and
trains employees.
A.
B.
C.
D.
Marketing.
Management
Human Resources
Operations
68. When a business needs money to expand, it will
most likely
A.
B.
C.
D.
set up a bank account
invest in stocks, bonds, and mutual funds.
buy insurance.
take out a loan.
69. What happens to demand when prices fall?
A.
B.
C.
D.
Demand rises
Demand falls.
Demand stays the same.
none of these.
70. The right of individuals to decide where to
work and what kind of work to do is an example
of ______.
A.
B.
C.
D.
enterprise.
market forces
economic freedom
a command economy
71. What happens to demand when prices rise?
A.
B.
C.
D.
Demand rises.
Demand falls.
Demand stays the same.
none of these.
72. Which of the following are the written and
unwritten codes of principles and values that govern
the decisions and actions within a company?
A.
B.
C.
D.
Business Ethics.
Functions of business
Corporate Responsibility
Business Activities
73. The equation income – (expenses + costs) =
profit is used to calculate the
A.
B.
C.
D.
Income statement
Interest statement
Budget
Balance Sheet
74. Why should a business use ethics in
their business?
A. It is cheap and easy to make ethical decisions.
B. Ethical practices will motivate employees to do
their best.
C. So business owners will learn to use ethics in
their own lives.
D. Ethical practices will tend to maximize profit and
minimize conflict.
75. Which of the following is not true about a
balance sheet?
A. A balance sheet uses a record of the company’s
assets and liabilities to calculate the company’s
value.
B. A balance sheet is based on the equation:
Assets + Liabilities = Net Worth (Equity)
C. A balance sheet is a financial record of the
company’s net worth.
D. A balance sheet has a standard format.
76. The labor force includes__________.
A. Retired people who receive a pension from their
last job.
B. children who think they want to work.
C. people who are capable of working and want to
work.
D. people who are capable of working but are not
currently looking for a job.
Which of the following is not true about an
income statement?
A. An income statement can be complicated
especially for larger companies.
B. An income statement is a financial record that
shows a company’s net worth.
C. An income statement is the same as a profit and
loss statement.
D. An income statement shows the revenue,
expenses, and profits for a stated time period.
Which business management process
communicates and motivates the
organization to achieve its goals?
A.
B.
C.
D.
Leading
Controlling
Planning
Organizing
What happens to price when demand
is high, but supply is low?
A.
B.
C.
D.
Price rises
Price stays the same
Price falls
none of these
All of the following are part of the business
cycle except
A.
B.
C.
D.
Recession
Recovery
Depression
Prosperity
Which business management process
defines the mission and goals of the
company?
A.
B.
C.
D.
Planning
Controlling
Organizing
Leading
Capital can be described as all of the following
except
A.
B.
C.
D.
Equipment
Capital goods
Raw materials
Financial capital
The business document which shows the profit of a business after all
expenses of running the business are paid is called __________.
A.
B.
C.
D.
an income statement
a balance sheet
a budget
accounts payable
Which of the following is not part of the
basic economic question “How should we
produce it?”
A.
B.
C.
D.
How much of each product should we produce?
Who should produce each type of product?
What production technique(s) should be used?
How should we use our natural resources?
___________uses a record of a company’s assets and
liabilities to calculate the value of a company.
A.
B.
C.
D.
A budget
Accounts Payable
A balance sheet
An income statement
Which of the following is not true about the
term liabilities?
A. Interest adds to the amount owed on a loan.
B. The most common liabilities are loans and
accounts payable.
C. Liabilities include money owed to the business.
D. Debt is another term for liability.
Why is competition good for consumers?
A. Competitors try to get more customers by
creating clever commercials.
B. Competitors imitate each other.
C. Competitors try to steal each other’s customers.
D. Competitors work hard to meet customers’
needs and improve productivity.
Which of the following is an example of a
service?
A.
B.
C.
D.
A new car.
A used cell phone.
Dry cleaners
Boys and Girls clubs
Which form of business ownership has limited
liability?
A.
B.
C.
D.
Corporation
Partnership
Not for Profit
Sole Proprietorship
Which of the following equation is used to
determine profit?
A.
B.
C.
D.
Profit= Sales – (Expenses + Costs)
Profit= Sales + Costs+ Expenses
Profit = Sales / Expenses + Costs
Profit = Expenses + Costs / Sales
When preparing for an interview, which of the
following is important to remember?
A.
B.
C.
D.
Be general when asked questions about salary.
Send a thank-you for the interview.
Practice answering questions with a friend.
Write down the interviewer’s information.
A budget is usually based on________
A. a breakdown of inventory into various accounts.
B. a summary of accounts receivable and cash on
hand.
C. an analysis of how the business performed over
the past year or two.
D. an overview of the company’s projected
earnings
Which of the following is a not for profit
business?
A.
B.
C.
D.
United Way
the Atlanta Falcons
Chic Fil A
Disney World
This function of management hires and
fires employees.
A.
B.
C.
D.
Marketing
Operations
Management
Human Resources
The aim to embrace responsibility for a
company’s actions and encourage a positive
impact through its activities on the
environment, consumers, employees,
communities, stakeholders, and all members of
the public sphere is called
A.
B.
C.
D.
social awareness
business ethics.
corporate social responsibility
public relations
• The political system in which citizens of the
country control the government through
voting is ______.
– Capitalism. b. Free Market. c. Democracy d.
Free Enterprise
The formula used to calculate simple interest is
A.
B.
C.
D.
I=PXRXT
I=PXRXI
I=PXR-T
I= P X R + T
Financial service include all of the following except
A.
B.
C.
D.
Investments
Insurance
Cash
Loans
Another term for debt is_______.
A.
B.
C.
D.
Liability
Asset
Expenses
Budget
Which of the following is the reason that the United States has a
mixed market economy?
A. The government owns and operates the major
industries.
B. The government controls the labor of the
individual.
C. The economy is allowed to succeed or fail
without government involvement.
D. The people wanted the government to help keep
the economy stable and assist those in need.