Semester Study Guide

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a novelty store ordered 40 mugs imprinted with various sayings. each mug cost the store $2.00, and management wants to make a 50 % profit on all sales. using the percentage-markup method, what is the base price per mug?

$3.00

an office supply store purchases 100 8-GB USB flash drives for $3.00 each. using the keystone pricing method, what will the base price for each flash drive be?

$6.00

company a has a market share of 12%, company b has a market share of 42%, company c has a market share of 10%, and company d has a market share of 36%. what is the combined market share of the two most successful companies?

78%

which agency regulates corporations that are publicly traded?

US Securities and Exchange Commission

Which sentence identifies the correct relationship between advertising and marketing

advertising is one aspect of marketing

which of the following characteristics is not an example of demographic segmentation?

attitude

an applicant for a marketing job in a large corporation is told that her duties will include finding sources for products, making sure products are delivered on time, and managing transportation of goods from warehouses to stores. All of these functions are included in the _____ function of marketing

channel management

company A and company B both sell sports equipment. Company A offers low prices, but company b offers excellent customer service. which of the following statements about company A and company b is true?

company b is using nonprice competition

by persuading people to buy goods and services, marketing _______

creates a positive cycle of economic growth

the first step in the formal market research process is

define the problem

a pricing strategy that is based on the amount customers are willing to pay for a product is ______

demand-based pricing

changes in the size of different segments of the population are considered _____ trends

demographic

when a research issue involves learning about customer activities such as how they spend their time and money, researchers may use the ______ method to allow respondents to write about their experiences

diary

a company's profit is the _______ during a specific time period

difference between income earned and expense incurred

after data has been analyzed, the next step in market research is to

draw conclusions from the data

the type of market segmentation that considers how far customers will travel to conduct business is

geographic segmentation

which of the following decisions is included in promoting a product

how to inform people about the product and where to buy it

which of the following is not a benefit of marketing

increasing people's needs

which of the following statements about mass marketing is true?

it ignores differences among customers

which of the following statements about secondary data is true?

it is generally not useful if it is more than 5 years old

which of the following statements about marketing is not true:

it is more costly to keep a current customer than to attract a new one

which of the following statements about demand-based pricing is true?

it reflects customer perceptions of the product's value

which of the following statements about competition-based pricing is true?

it requires constant monitoring of competitor prices.

the process of gathering information on the market in which a company intends to compete is _______

market analysis

the percentage of total sales that one business has in a specific market is its ______

market share

the plan for using product, price, place, and promotion to market a specific product or group of product is its

marketing mix

psychographic segmentation is most likely to be used to identify which of the following groups of people?

people interested in solar power solutions

which method of markup is used by most retail businesses?

percentage markup

the markup method in which management decides on the percentage of profit needed for each item, calculates the dollar figure, and adds this to the cost of the item is the _____ method

percentage-markup

which of the four P's is the easiest to change after the marketing mix has been determined?

price

marketing research companies are often hired by large businesses to conduct

primary research

the four p's in marketing include:

product, price, place, and promotion

the function of business that includes all activities involved in making a product is

production

which of the following statements about ROI is true?

profitable companies generally have a high ROI

for decades, Campbell, Swanson, and other companies sold a variety of soups in metal cans. recently, they began offering soups in lined cardboard boxes which are more eco friendly and potentially take up less space in a pantry or cabinet. this is an example of _____ an existing product

repackaging

a small business purchases 10 reams of copier paper every month. this type of purchase is a(n) _____

repeat

suppose you need ink for your two-year old inkjet printer, so you go to the local store where you always purchase your office supplies and purchase the ink. what type of buying decision is this most likely to be?

routine

which type of laws regulate businesses that have publicly traded stocks and bonds?

securities laws

how is the base price of a product determined using the keystone pricing method?

the total cost of the item is multiplied by 2

everything a company owns is its

total assets


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