Marketing Quiz Questions

If I sell 500,000 water bottles a year at $20 each, and the total industry sales for that year are $100 million, what is my share of the market?

10%

I sell my product domestically for $10. I would like to start selling in Europe and want to adjust my price to reflect that same $10 value. If the exchange rate is currently 1.15, how much Euro should I charge?

8.70

When companies submit the translated language to a second interpreter to catch dialogue errors and be sure they speak in the vernacular

Back translation

RipUoff Texts has been selling textbooks for years and holds a high market share. The company continues to bring in a lot of money through their textbooks, but realizes that ebooks are becoming more and more popular in high schools and colleges. They decide to invest the money they're earning from the textbooks into e-book development. In this scenario, textbooks would be considered a

Cash Cow

The legal concept of "let the buyer beware" which was pervasive in the American business culture prior to the 1960s, is referred to as

Caveat emptor

I have never tried a particular Italian restaurant before. But I love Italian food, and everyone I ask tells me that this is a great place to eat. In addition, I've looked in the window and find the atmosphere to be cozy and warm, which is what I like, so I decide to try it. Which type of consumer learning am I employing?

Cognitive

I make $2,000/month. Of that the government takes $200 in taxes. Then I pay $1,000 for rent, $400 for food, and $200 in utilities. The remaining $200/month I have left is considered

Discretionary income

I consider myself an "anti-brand" individual. I won't wear clothes from Tommy Hilfiger, Hollister, or J Crew because I think designer clothing is all just a scam. I mostly wear nameless T-shirts and pullovers that don't "advertise." To which reference group would you say I belong?

Dissociative

If Ben & Jerry's begins to sell new children's clothing in South American markets for the first time, the company would be practicing which market-product strategy?

Diversification

I have just purchased a luxury automobile because I want people to know that I'm successful and classy. Which need am I fulfilling under Maslow's Hierarchy of Needs?

Esteem

More than 70% of the physicians in the Maricopa County (AZ) Medical Society agreed to establish a maximum fee schedule for health services to curb rising medical costs. All physicians were required to adhere to this schedule as a condition for membership in the society. The US Supreme Court ruled that this agreement violated the Sherman Act and represented price fixing. The example illustrates that the physician's actions were

Ethical but illegal

The generation that has been noted to be particularly optimistic is

Generation Y

Increasing sales in current markets is known as

Market penetration

I sell quality workout wear and most people don't mind paying a higher price for my product. But I notice that my top-of-the-line yoga pants aren't selling as well. I perform some marketing research and discover that many of my customers are substituting other types of fitness pants that they feel work as well for yoga and cost less. What type of competition am I experiencing?

Monopolistic competition

Cognitive dissonance can occur in which stage of the consumer purchase decision process?

Post-purchase behavior

I have researched all alternatives for my new car, and have decided on the particular dealership based on the experience with the sales rep and the price offered. Which stage of the consumer purchase decision process am I currently in?

Purchase decision

A product that has a low share of a high growth market would be considered a

Question mark

Demographics and culture would be considered which kind of environmental force?

Social

Which of the following is considered one of the major factors that influences an individual's personal moral philosophy and ethical behavior?

Societal culture and norms

The law that forbids restraint of trade, even in its potential form, is called

The Clayton Act

Under which act was the CPS Commission formed?

The Consumer Product Safety Act

I have written and published a dissertation on the impact of neuromarketing methods on marketing outreach efforts. The dissertation is available in my university library in hard copy form, and is also included on the university's website research pages. One day while doing more research on the topic, I come across a paper that reads word-for-word like a section of my dissertation. Under what law can I take action against this plagiarism?

The Digital Millennium Copyright Act

Why are there time limits on patents?

To ensure multiple product choices for consumers.

A B2C relationship is one in which the company produces a product or service that is consumed by the ultimate consumer, i.e. food, clothes, music, education True or False

True

Organizational companies generally have a smaller number of customers than consumer companies.

True

In 1995 they set rules governing trade between member nations through panel of experts

WTO

One drawback of a direct investment in a foreign country is

a huge financial investment

Expanding into a new country by investing with another firm to create a local business is known as

a joint venture

The uncontrollable forces in marketing are a. Competitive, regulatory, economic, social, and technological b. Currency, regulatory, environment, seasonal, and territory c. Campaign, relationships, environment, social, and territory d. Customers, relationships, environment, seasonal, and technological

a. Competitive, regulatory, economic, social and technological

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as a. Exchange b. Acquisition c. Consumerism d. Utility e. Reciprocity

a. Exchange

People with the desire and ability to buy a specific offering are referred to as a(n) a. Market b. Interest group c. Customer pool d. Customer cluster e. Focus group

a. Market

The four P's of marketing stand for a. Product, price, people, place b. Product, price, promotion, partners c. Product, price, promotion, place d. People, places, position, predictions

c. Product, price, promotion, place

The four P's represent a. The environmental or uncontrollable factors b. The environmental or controllable factors c. The marketing mix or controllable factors d. The marketing mix or uncontrollable factors

c. The marketing mix or controllable factors

Marketing refers to a. The strategies used in the advertising and promotion of goods and services b. The process of identifying the greatest number of target markets for a good or service c. The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large d. The activity involved in actually getting a product or service to the ultimate consumer e. The production or provision of goods or services that will generate the highest return on investment

c. the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.

Today's ___________ era is one in which firms seek continuously to satisfy the high expectations of customers. a. Production b. Sales c. Marketing concept d. Customer relationship e. Environmental marketing

d. Customer relationship

The first objective in marketing is to discover the __________ of prospective customers. a. Diversity b. Potential c. Objectives d. Needs e. Inconsisties

d. Needs

A television advertisement shows several teenagers searching through the refrigerator for something to quench their thirst. The refrigerator offers the youngsters many alternatives -- soft drinks, fruit drinks, sport drinks, and bottles of Sunny Delight. The ad, which shows the teens happily selecting Sunny Delight over all the other product offerings, appeals to the consumers' _______ for liquid and attempts to shape consumers' ________ for the advertised product a. Wants;needs b. Wants;desires c. Desires;needs d. Needs;wants

d. Needs; Wants

Refrigeration Motors manufacturers and sells motors for refrigerators. They sell to companies like GE, Whirlpool, Kenmore and LG. Refrigeration Motors has found that they can anticipate future sales volume by researching new home construction in their target regions. This is a principle known as

derived demand

The Widgett Company has operated in the United States for 25 years and has decided that it needs to expand into foriegn countries, starting with Canada. The company has decided that since Canada is close by and has many similarities with the US in terms of culture, standard of living, etc., that the marketing of the product can adhere to the same principles as exist in the domestic market. Which method of marketing is The Widgett Company employing?

international

A territory that has at least one urban cluster of at least 10,000 but less than 50,000 people and adjacent territory that has a high degree of social and economic integration is called

micropolitan statistical area

An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.

organizational strategy

When Japan placed a high tariff on rice entering the country, there were exhibiting

protectionism