Marketing Studying Plan
Which of the following is an example of a leading remark?
"The event space we typically use seems smaller lately, as our number of attendees keeps growing."
What is a common guaranty you see in weight loss commercials?
"You'll lose two pant sizes, or it's free!"
What is something important to remember when having business talks in Japan?
"yes" may mean "no"
George has 3 hours of free time, and decides to study for his DECA competition. With those three hours, George could have also watched his favorite TV show, which he figures, has a value of $40, or went fishing, which he values at $25. What is the Opportunity Cost to George of studying for his DECA competition?
$40
A Business who takes out a loan at 7% would benefit the most if the inflation rate was which of the following?
10%
Credit card processing fees typically range from ________ % to _______ % per transaction.
2 to 3
What function would you use in a spreadsheet to determine the numerical value associated with your letter grade?
=IF
Which of the following is most important for a promotional plan to have?
A budget
Which of the following best defines a color scheme or harmony?
A combination of two or more colors with a fixed relation on the color wheel
A certain soda company has been publicly well-known for decades. Every Christmas they air a commercial showing Santa Claus drinking their soda. The brand features a catchy tagline and creates funny advertisements featuring the company's well-known black and white logo that are published in popular magazines. As another form of promotion, the company airs commercials during major sporting events. All of these combined elements make up which of the following?
A corporate brand
What is a letter of application?
A document that introduces a person and their resume to a potential employer
A selling point is defined as:
A feature or benefit of a product/service that makes it attractive to customers
Which of the following is a wholesaler for candy bars?
A grocery distribution center
Print materials have a ______ texture, while digital materials have a ______ texture.
Actual; Implied
Intermediaries facilitate and negotiate the movement of a product through the channel of distribution, or channel management. Those intermediaries are
Agents or brokers
Alexa is a salesperson at XYZ Furnishings. Recently, one of Alexa's new customers called her with a complaint and said, 'The carpets you provided for our corporate building are ripping and fraying at the edges. We cannot believe this is happening. There has to be something you can do about it!" Alexa replied with, "I am sorry, there is nothing I can do about that right now. I will have to talk with my manager and she can contact you within a few days to fix the situation." What is wrong with this situation?
Alexa has not been provided with enough information or power to handle complaints.
A sports franchise comes to different employees in your company and offers to sell them season tickets. Your company is in the process of doing business with the sports franchise. Amy respectfully declines, telling them she doesn't like sports. Brandon accepts the tickets, then passes them on to another friend. Cathy accepts the tickets and enjoys the game from the 50 yard line. Dalton sits in the sky box with the executives after going to the game. Which employee acted in an ethical way?
Amy
Which technological program allows a company to keep track of its inventory and order products via a computer connection that it shares with its vendors?
An electronic data interchange (EDI) system
When choosing the "right" color for a brand or advertisement, the most important consideration is the color's _________ in relation to the brand.
Appropriateness
Which of the following could a business do to help build clientele?
Ask for referrals
Persuasive communication creates trust between you and the prospect through all of the following ways, except which one?
Avoiding questions
Which of the following can increase a company's financing risk?
Being Publicly Traded
The number of people who go to your website then leave without looking at any other web page or taking any action is known as:
Bounce Rate
A company may implement product extensions to leverage its __________ within the industry.
Brand Recognition
How should Dayton physically show the speaker, Janice, he is actively listening?
By having an open and inviting posture.
The practice of charging one customer demographic more or less than another demographic is a violation of which federal law?
Clayton Act
Complete the analogy: Direct questions are to ________, as Non-directive questions are to __________.
Closed; Open
In recent years, the use of product placement has increased due to the use of:
Commercial-skipping and online-streaming technology
A product's ___________ is/are an essential component of an effective marketing strategy because it sets the product apart from the competition.
Competitive Advantage
In order to monitor the safekeeping of the petty-cash funds and ensure the custodian is effectively doing their job, the business should:
Conduct unannounced reviews of the petty-cash funds
Above all, when developing a new product, companies must focus on their __________.
Consumers
In this step, the consumer believes your product and company will best fit their needs and wants.
Conviction
A company's ____________ efforts may include involvement in community activities and volunteer work.
Corporate Social Responsibility
Drawing techniques, such as ____________, are used to add texture to an illustration.
Cross Hatching
Repeat customers have a higher ________, than new or one-time customers.
Customer Lifetime Value
__________ is used to process marketing data in order to create personalized marketing communications and programs.
Data Coding
All of the following are considered "Setting" touch points, except which one?
Delivery service
Which of the following best describes the type of information found in a marketing database?
Detailed information about former, current, and prospective customers
A small bookstore that sells specialty books and small goods recently launched an online campaign centered around the hashtag: #TellYourStory. This is an example of a "new" _________ tactic.
Direct Marketing
The most simple marketing channel for consumer products is
Direct channel
_______ ads are any text, image, or video ads found on a web page, typically in the sidebar or header.
Display
www.travelocity.com is an example of a:
Domain Name
Which of the following is a biased question?
Don't you agree we are the best employer you've ever had?
Which form of distribution should a company that produces farm equipment use?
Exclusive distribution
Which of the following is another term for "marketing research?
Exploratory research
You're applying for a job. How can you show appropriate enthusiasm during the interview?
Express interest in the company, smile often, answer questions in detail
In the United States, the _________ develops and enforces federal regulations to help protect consumers against unfair and deceptive practices.
Federal Trade Commission
What agency enforces consumer protection laws?
Federal Trade Commission
How can receiving feedback affect an individual's personal growth?
Feedback can help people to measure their performance or behavior and the effectiveness of their efforts in any venture.
Louise works long and irregular hours to accommodate her client's needs. What characteristic is Louise exhibiting?
Flexibiity
To be effective, laws should always be ______________?
Flexible and predictable
Claire's boss tells her to choose six new employees to work with on a public-relations project. Claire chooses all female employees to be part of her group because she thinks that they work harder than the men in the office even though she hasn't worked with any of them before. This is an example of what?
Gender bias
Uber has many price points, one of which is called Uber Pop. Uber Pop is similar to Uber X in the U.S., as Uber Pop is Uber's "budget friendly" option in Europe. Uber Pop is a product extension based on:
Geographic Location
After closing the sale, Cole wanted to try his hand at suggestion selling. Cole said to his customer, "I know we agreed on ordering 250 glasses, but I am sure some will break in the shipping process. Would you like to purchase 25 additional glasses, just in case?" What is wrong with what Cole said?
He did not make the suggestion positive.
What are the four main elements of an advertisement, used to maximize the advertisement's impact and success to its full potential?
Headline, copy, illustration, signature
Which of the following is an impact of color harmonies on advertisements (both print and online):
Highlight a specific image, button, or piece of text
John is facing a dilemma. What is the first logical problem-solving step he should take?
Identify the problem itself
Which of the following statements regarding analytical tools is true?
In addition to analytical tools, a company's POS or PMS system may provide analytical insights.
Which of the following economic trends is putting pressure on traditional hoteliers and making it difficult to sustain market growth?
Increase in online private accommodation providers
Tim's soda company has recently developed a new brand of soda and has asked many different convenience stores to start carrying it. Which of the following types of distribution is Tim's company using to sell the new soda?
Intensive distribution
"Smart" thermostats, refrigerators, and security systems are all examples of:
Internet of Things devices
Buzz is highly regarded by companies who want to generate conversation around a brand or product. One of the drawbacks to it however, is which of the following:
It is difficult to monitor
Kaye just closed on the sale of a home to a young couple. The young couple was nervous purchasing their first house, but Kaye finally closed the sale and the couple is very happy. The young couple couldn't imagine Kaye's service being any better. But, a week after closing the sale, Kaye sent the young couple a gift basket with a note that said "Congratulations on your new home! I am so happy for you both." The young couple was extremely pleased. They could not believe Kaye would do such a thing! What did Kaye do in this "follow-up" situation?
Kaye "went the extra mile".
Before designing an ad or drafting illustrations, one must:
Know the target audience
What law is currently in effect that regulates trademark infringement and false advertising?
Lanham Act
Because trade alliances majorly impact business, many companies hire who to influence trade legislation?
Lobbyists
Mobile marketing lends itself _________, because most individuals carry their mobile device with them wherever they go.
Location-based marketing
Your company sells diapers. As a public relations tactic, which organization should your company donate to?
March of Dimes
The percentage of a market controlled by a particular business is known as:
Market Share
What does the acronym ROMI stand for in relation to market planning?
Marketing Return on Investment
A business blog should be considered a:
Marketing channel
An increase in spending by travelers produces indirect and induced income to other industries, this is known as the:
Multiplier Effect
All of the following technologies allow potential customers to "experience" the destination before they buy, except which one?
Near-Field Communications
Eliza is leaving work one evening when someone sneaks up on her and steals her purse and takes off running. "Stop, thief!!!" she yells, frantic. "I'll give anyone who stops him a hundred bucks!" Under contract law, has Eliza made a valid offer for a legally enforceable contract?
No, she has not.
There is only one newspaper in your town. Other newspapers have tried to start up but have failed for various reasons. Is your newspaper company in violation of the Sherman Act of 1890?
No- The area can only support one newspaper
______ errors arise during the data-collection process.
Nonsampling
Jim, a restaurant owner, has noticed he's losing sales each quarter. He decides to gather data about his customers and their buying patterns in order to see what's selling and what's not. Which of the four research techniques would give him the most accurate results?
Observation
Marshall recently made a sale to a new customer, Ms. Jones. A few weeks after the sale, Marshall gave Ms. Jones a follow-up call. Through the call he learned Ms. Jones is satisfied with her purchase and everything is going well. Toward the end of the call, Marshall says, "Ms. Jones, I am so glad you are satisfied with your purchase. Could you think of anyone else who has similar needs to your company or that would benefit from our products?" What is Marshall doing?
Obtaining referrals and word-of-mouth prospects.
Odd/even pricing is the use of:
Odd prices to suggest bargains and even prices to suggest quality
An effective marketing plan will help a business plan all of the following, except which one?
Operational Costs
Isaac is the buyer for his office. He makes purchase decisions about their equipment and supplies. While speaking with a printer salesperson, Isaac said he will need to speak with his manager and employees before he makes a final choice. This is an example of:
Others influencing the purchase decision.
Formula selling is also known as __________ selling.
Persuasive
Advertisements for hotels or resorts often use _________, so consumers can know what they are purchasing.
Photographs
Your answer is incorrect. This is one definition of the Place "P" of Marketing. Place involves the various ways a consumer can purchase the good/service.
Place
Emily has been running a successful bakery for many years. Recently a new cupcake and cake store has opened within the same neighborhood. Emily decides to go there to check our her competition. While there she realizes that her bakery has buy one get one free deals, five more cupcake flavors to choose from, and outdoor seating available, while this new shop features none of those options. Which of the following has Emily noticed?
Points of difference
Which of the following terms refers to the way a company tries to create an image of itself in the public eye?
Positioning
With the purchase of 3 or more nights at ABC Hotels, guests receive a complimentary room upgrade. This is known as a:
Premium
Which of the following would best describe the business model of a traditional department store?
Present customers with a large number of options, allowing them to browse and select the best option.
A ________ contains resources and materials for reporters and publishers, such as brand facts and images of the company logo
Press Kit
The core values of a product may be communicated through which of the following?
Price Company policies Product quality Incorrect
Jadon enjoys using the needs-satisfaction presentation style. As he begins his presentations, he asks questions such as "What features are you looking for in a desktop computer?" or "Is your company in need of desktop computers, laptop computers, or both?" These are known as __________?
Probing questions
A ___________ is a good/service added to an existing product line or category that relates to the main product.
Product Extension
While giving his presentation, Ross provided the prospect with past sales information and included a quote from a past customer which said, "The equipment we received from BNH Manufacturing has been reliable and is a high quality. We highly recommend the company and enjoy its customer service, as well." Ross is using _______________ as part of his presentation mix.
Proof statements
If a vendor won't budge on price, the company may have to negotiate other terms. Other terms to negotiate may include which of the following?
Reduction in down payment Faster shipping Incorrect Incentives or Discounts
What do Likert scales measure?
Respondents' level of agreement or disagreement
Oftentimes, referral programs offer some sort of ________ to the referee and/or the referrer.
Reward
The value of bonds do which of the following when interest rates fall?
Rise
In the following scenario, which individual demonstrates both honesty and integrity? Sam, Ryan, Brian, and Mary are members of a history study group. They have a final exam on WWII next week. Ryan's older brother took the same test last year and kept his copy. Ryan is willing to provide a copy of the test questions to anyone in class for the low price of $5. Sam wants her grade to be based on her own merit and refuses to buy a copy. She talked to Ryan and tried to get him to stop selling copies, but he wouldn't listen, so she plans on telling the teacher. Brian looked at another student's copy, but didn't buy his own. Mary wants out of the study group and thinks she will do better studying on her own.
Sam
Sam's Summer Wear advertised a 30% off sale on swimsuits. If Sam did not actually change the prices of the swim suits in the computer system, which of the following deceptive advertising practices would he be guilty of?
Scanner fraud
What type of distribution strategy restricts the number of outlets handling their products, but still uses more than one intermediary:
Selective
Which of the following is an example of "consideration" in a contract?
Selling an item for $350
If a respondent is asked to choose their position on whether something is either "adequate" or "inadequate", what type of scale is most likely being used?
Semantic Differential Scale
A clear _________ helps customers understand what the service entails, its value, and what the customer can expect.
Service Description
Referred-customers are typically all of the following, except which one?
Short-term customers
Troy is working with a group of graphic designers to create a new advertising campaign for his home furniture company. The team is trying to approach the challenge from several different angles in order to come up with the best idea for Troy's business. They have been hard at work discussing all aspects of the new advertisement to figure out exactly what needs to be done. What kind of creative-thinking technique are they using?
Six Thinking Hats
________ is the process of monitoring online/social media conversations to understand what individuals are saying about a brand or industry.
Social Listening
As a good rule of thumb, business social media content should be 80% ________ content and 20% ________ content.
Social; Promotional
Jimmy, the "new guy" at the office, just walked past his boss's open door and heard something that sounded...unethical, at the very least. Jimmy wonders if he should say something to someone, but also recognizes that what he heard was out of context. Using critical thinking strategy, what should Jimmy do next?
Spend some time thinking about the problem and make sure he's not accidentally making any faulty assumptions about the situation
Troy asked Dustin, of Dustin's Doughnuts, if he would like to donate some money to Troy's little league team. In exchange, the Dustin's Doughnuts business logo would be printed on the back of the team jerseys and Dustin would receive a plaque featuring the little league team's picture. What is Troy asking the owner for?
Sponsorship
Which of the following types of unemployment has become popular in the past several decades due to the rapid increase in of technology in the workplace?
Structural unemployment
Michael works at an Apple Store. He focuses on selling iPods, but asks customers at checkout if they would also like to purchase an iTunes gift card or ear buds. What type of selling technique is Michael using?
Suggestive selling
Tyra is a salesperson for Dinder/Mefflin Paper Company. She is visiting a company today to help assess their needs and make a sales presentation. She is meeting with the department manager and company buyer. While walking through the office, however, she stops to speak to the secretary and asks about the office's paper needs and problems that need to be solved. Which of the following techniques did Tyra use to help uncover needs?
Talk to others
Complete the following analogy: Professional Selling is to Prospecting as Marketing is to _____________.
Targeting
U.S. businesses are negatively affected in which of the following situations?
The Dollar Appreciates
B2B markets take greater effort to obtain and maintain due to:
The additional decision makers in the target companies
Which of the following is not a typical reason a company would want to invite an 'opinion leader' to review a new product?
The company wants to hire the opinion leader
The price of a product changes throughout its life cycle. In which stage would you usually find the lowest price of a product?
The decline stage.
Prospects who have objections are typically:
The easiest to sell to
Which of the following statements regarding the executive summary is true?
The executive summary often makes a recommendation
Which of the following would a salesperson must likely NOT use during a sale?
The intranet
Voice of the Customer (VOC) is defined as:
The process of gathering and analyzing customer expectations and preferences
Home Sweet Home is an online home decor company that guarantees shipping satisfaction. Recently, a customer complained that a vase they ordered arrived cracked due to insufficient packaging. Which of the following is Home Sweet Home in violation of?
The product delivery policy
When a website is responsive, this means:
The website is viewable on all device sizes
Which best describes the "Discussion" section of a written research report?
This section describes how the research results will affect the business
Which of the following statements regarding the "Testing the Concept" step of product development is true?
This step involves testing where the marketing message will work best.
Data gathered for a research report should be _________.
Thorough
Why would a business want to perform an environmental scan?
To help management determine the future direction of the company
It is important to follow-up with customers. The key reason for this is:
To keep your company on the customer's mind.
Which of the following is one of the largest law enforcement agencies in the world?
U.S. Customs and Border Protection (CBP)
What do large stores use to store easily changed pricing information?
UPCs
Jennifer is a real estate agent who represents the sellers of houses and works with them on determining the price of houses before they are sold. She must analyze the market and know prices of houses that have recently sold in her community. She has a friend who has told her to find a good house at a low price. Recently, Jennifer encouraged a desperate seller to lower the price so that her friend could purchase a house at a reduced price. Jennifer's words are
Unethical
The hotel and tourism industries are moving away from location-specific keywords and phrases. Now, it may be best for businesses to use keywords and phrases that focus on:
Unique features or attributes
Last month, TR Travel Agency ran a promotion for their "Romance Package" Getaway. While analyzing a table with sales data from the past month, Tara noticed a strong increase in revenue from their "Romance Package". This is an example of:
Using descriptive statistics to make connections between two variables
A principle or concept that guides a company's/individual's behavior and choices is known as a:
Value
______ is the lightness or darkness of a color and is also known as "tone".
Value
Measures of Central Tendency include all of the following descriptive statistics, except which one?
Variance
Adriene would like to create a web page for her small travel-agency business. She has no coding experience but would like to manager her web page herself and design it. What should Adriene use to create her web page?
Web Content Management System (WCMS)
A developer proposed a technological improvement to a product you sell. In his proposal, he tells you this improvement betters the product because it makes it safer for the customer to use it. Because of this, customer injuries should decrease. He tells you the value added to the product because of this new technology is substantial. What question should you ask to further make sure this technological advancement makes your product better?
What do our cusotmers value?"
Which of the following is an example of an employee using nonverbal communication in order demonstrate a customer-service mindset?
When listening to a customer's phone troubles, Greg maintained eye contact.
What question should a proper vision statement answer?
Why?
What is the most appropriate way to answer an infuriating email?
With a cool head
Which of the following is the best time for sending a follow-up letter or email after an interview?
Within two days
As an employee, who can you share information about customers with, ethically?
Your boss
In simplest terms, what is a diary?
a book of personal records
How does the Occupational Health & Safety Administration (OSHA) define a supervisor?
a person who instructs, directs, and controls workers in the performance of their duties
Self-esteem can be described as:
a person's overall evaluation or appraisal of his/her own worth.
Which of the following increases your tax liability?
a raise in pay
Intranet
a system for linking computers within a company
Which of the following consequences could arise from ethical misconduct by a company's marketing manager?
a. Legal fees b. Time and money spent to repair the reputation of the company c. Misinformed customers Incorrect
You create an advertisement for your retail clothing store designed to tell customers about an upcoming sale. In big, bold letters at the top of the print ad, the headline reads, "10 YEAR ANNIVERSARY, 10% OFF ANY PURCHASE." The graphic on the ad shows women modeling clothes. The body of the ad specifies the reason and terms for the discount. Your sale is a hit because of this advertisement, and management plans on running another ad like this for another sale. What should they change for the ad in the future?
add a signature
What promotion channel would you use if your target market is individuals on social media sites?
advertising
What public relations activity are you taking part in if you plan and place a message in media outlets to spark the interest of the public?
advertising
Which of the following is an example of a service?
airplane ride
What should you do when planning a project?
allow enough time
Research that is conducted to better understand a market is known as ___________ research.
applied
People often take a/an ________ test to determine their abilities and strengths.
aptitude
Which step in the Risk Management process involves identifying the risk factors linked to a decision?
assessment
Why should someone who regularly searches the web use a variety of search engines?
because every search engine returns different results, and many focus on different areas
What type of event would classify as a public relations activity?
benefit dinner
What occurs in a business when the amount of sales is equal to the amount it costs to make and distribute a product?
break-even point
If a business was conducting research on another company, they would most likely be participating in what type of marketing research?
business-to-business
Jim's car company recently conducted a survey, in which their results showed that only 15% of local residents could afford the new sports car his company recently began selling. This 15% of the population has which of the following?
buying power
Which area of business is most important when building your clientele?
communication
Other than customers, who can you use to analyze product information?
competitors
You have an address book in your office with all of your clients' contact information. You have misplaced the address book. Which function in a sales management software program could you have used to protect that information from a disaster like this?
contact manager
textPurchasing departments are becoming known as _______________.
cost saving centers
Having a plan in case of a disaster is an important step to take in which of the following areas of management?
crisis management
You want to run a promotion emphasizing the benefits of a product upgrade. Who is the audience for this public relations activity?
current customers
What is a vendor benefit of bundling?
customer loyalty
Which of the following is an example of something that would be recorded on the Income Statement as an extraordinary item?
damage loss do to an earthquake in missouri
Katie is the manager of a local jewelry store. She has had an increase in theft lately. What step should she follow to make her merchandise more secure?
do not pull out more than one item at a time
What basic technological advancement in computing has increased communications between companies and their vendors?
What basic technological advancement in computing increased communications between companies and their vendors?
Which part of the communication process is the key to analyzing product information?
feedback
What is an example of a project resource?
funding
What businesses have been most affected by state laws that require retailers to standardize prices of goods in varying quantities?
grocery stores
What is a critical component of being well-prepared to handle a workplace accident?
have emergency medical supplies available
Meeting or exceeding standards in production of a product can lead to which of the following?
higher grades
When is a company permitted to call a phone number that has been placed on a no-call list?
if they have a business relationship
Your company is launching a product placement promotion campaign. Where can you expect to see your product?
in a tv show
Technology in channel management can positively affect which financial statement?
income statement
Which of the following is a trend in human resources?
increase in the use of e-learning
The corporate brand is not just a marketing tool. What else does a corporate brand do?
influence development
Which of the following is an example of a fixed expense?
insurance premiums
Christina oversees about thirty employees. Lately she's been having trouble monitoring them all and coordinating activities and events. What is the best solution to this problem?
invest in a good computer information system
Prices are decreasing, but so is demand. This is a demonstration of which principle concerning supply and demand?
law of diminishing marginal utility
Which of the following is a way for a restaurant to analyze product information?
listen to customer complaints
What is the most common form of branding?
logo
What is a characteristic of a key account?
loss would harm profits
What is the ultimate goal in creating a company's unique selling proposition?
make it too good to refuse
What marketing tool do channel members use that creates a difference between what they pay for your product and how much they sell that product for?
markup
Your company just implemented a new product into production. At what phase of product/service management is that product currently?
monitoring
How many times does great customer service allow you to sell to a customer?
more than once
What is a disadvantage of having a web-based record keeping system?
no internet, no access
What is a disadvantage of internet promotion?
no trials
When people completely ignore a survey, this can cause _________ error.
non-response
A shelf in your store contains different soups, crackers, cheese, and olives. Which product should be removed to best strengthen the product mix?
olives
You make a product to sell to a retail store. How many levels are in your distribution channel?
one
It is said that if an entreprenuerial venture is going to fail, it will fail in ______ ______ .
one year
If your business sells food to its customers, your business provides which type of need pertaining to Maslow's hierarchy of needs?
physical
What is the best way to dispose of electronic media that may contain critical personal information, such as a CD?
physically destroy it
What is the best definition of project management?
planning and guiding project processes from start to finish
If you wanted to make sure you receive a constant flow of income from your investment for an indefinite time period, what should you invest in?
preferred stock
In database software, what is the one piece of information that a database software program will not let you create a record without?
primary key
What are the two types of sampling methods?
probability and nonprobability
If you have the capability to fix broken products at your facility, what should you offer your customers to build customer relationships?
product warranty
Which of the following is the first step in the selling process?
prospecting
What is the horizontal row in a database?
record
Your company wants to run an internet ad campaign to reach online customers that may not pay attention to print media. Your company plans on purchasing ad space on social media sites to reach the younger demographic. What is your marketing plan missing?
results
Which need would be satisfied by a customer purchasing a house from a realty company?
safety
If you can detect your negative behavior and work on changing it yourself, you have a lot of __________.
self-control
What does the term "SUGGING" stand for?
sell or attempt to sell a product under the guise of conducting market research
For a small business, which of the following seems to be the best choice for a customer-relations activity?
send an appropriate personalized card to customers
What is the legal term for the act of intentionally stating a false fact with the intent to ruin someone's reputation?
slander
Which of the following is NOT a problem with conducting a survey?
surveying an adequate number of people
What modernized form of word-of-mouth communication is being used more and more to give radio listeners a chance to win exclusive prizes?
text messaging
Setting the price on a new product is often difficult, and many times determines the success or failure of a product or service. What is one choice that is not something that a business owner considers when setting the price?
the choice of display materials
What is marketing research?
the function that links consumers to the marketer through information
What agency enforces selling regulations?
the office of fair trading
How are the elements in an advertisement related?
they work together
What is the main purpose in acquiring information about your product?
to educate customers
What should be the main reason for doing multiple trials for a survey?
to eliminate errors
Any avenue by which a customer becomes exposed to a brand is called what?
touch point
You sell dairy products in your store. Delightful Dairy is rewarding your store for selling the most cheese compared to the other stores in your region. Delightful Dairy just concluded which of the following?
trade contest
Product brands are protected by which of the following?
trademarks
Being ethical is a way to increase what, when referring to customers?
trust
Which law prohibits companies from charging extremely low prices to drive out competition?
unfair trade practices law
In an economy, there are three goods: movies, lemons, and pies. All goods are accepted as forms of payment. Assume: 1 movie = 1 pie or 2 bushels of lemons 1 pie = 2 movies or 1 bushel of lemons. This scenario is inconsistent with which function of money?
unit of account
In a business, a quality culture begins with which group of people?
upper-level management