Marketing Chapter 1 & 2 Test
Statistics that describe people's interests, hobbies, values, and opinions are: a) Geographics b) Demographics c) Psychographics d) Behavioral factors or product benefits
a) Geographics
Tangible items are also known as: a) Goods b) Services c) Ideas d) Markets
a) Goods
Which market wants products and/or services that improve productivity & efficiency? a) Industrial market b) Target market c) Consumer market d) Customer market
a) Industrial market
The employees of a home improvement warehouse are expert craftspeople who enjoy giving their customers advice about do-it-yourself projects. The employees' advice increases the ____________________ utility of their goods. a) Information b) Place c) Possession d) Time
a) Information
Strengths and weaknesses are: a) Internal characteristics b) External characteristics c) Less important than opportunities and threats d) More important than opportunities and threats
a) Internal characteristics
Which of the following are the five utilities? a) Place, Time, Possession, Form, Information b) Power, Time, Place, Product, Promotion c) Advertising, Promotion, Price, Place, Product d) Demographics, Psychographics, Geographics, Product benefits, Behavioral variables
a) Place, Time, Possession, Form, Information
Retailers offer their customers installment or layaway plans in order to increase the ____________________ utility of their products. a) Possession b) Form c) Pricing d) Information
a) Possession
Which economic utility increased when fast food restaurants began accepting credit cards? a) Possession utility b) Form utility c) Information utility d) Time utility
a) Possession utility
Channel Management is distribution. a) True b) False
a) True
Competition creates lower prices. a) True b) False
a) True
People who share similar needs and wants and who can purchase your products are called a market. a) True b) False
a) True
Selling camping gear through catalogs mailed to Sierra Club members and other outdoorspeople is an example of place utility. a) True b) False
a) True
The added value of a product in economic terms is: a) Utility b) Goods c) Market share d) Marketing
a) Utility
There are 100 people in the soda/pop market. If 50 of them purchase Coke and 50 purchase Pepsi, what is the market share percentage for each company, respectively? a) 20%, 20% b) 40%, 60% c) 50%, 50% d) 60%, 40%
c) 50% 50%
How many markets are depicted in the graphic below? Three octagons, males, skateboarders, teenagers a) 3 b) 5 c) 7 d) 9
c) 7 Markets: 1. Males 2. Teenagers 3. Skateboarders 4. Male teenagers 5. Male skateboarders 6. Teenager skateboarders 7. Male, teenage skateboarders
A customer profile includes information about a target market such as: a) Age, income level, attitudes, geographic residence - no b) Lifestyle, ethnicity, occupation c) All of the above d) None of the above
c) All of the above
Birthday Bears Inc. has just received an order for 1,000 units from Unique Gifts. This is an example of a(n) ____________________ market. a) Consumer b) Customer c) Industrial d) Target
c) Industrial
Product, price, place, promotion are also known as: a) Marketing functions b) Utilities c) Marketing mix d) Marketing concept
c) Marketing mix
Which of the following events can change a company's market share? a) A company hires new employees b) A company expands their production facility c) New competitors entering the market d) A company changing their logo
c) New competitors entering the market
Which function of marketing is deciding how much to charge for goods and services? a) Channel management b) Promotion c) Pricing d) Market planning
c) Pricing
Obtaining, developing, or improving a product is which function of marketing? a) Channel management b) Pricing c) Product/service management d) Market research
c) Product/service management
Which of the following people is likely not part of the Ferrari market? a) A high school marketing teacher b) The CEO of a successful company c) A young college graduate that just acquired an enormous inheritace d) An independently wealthy retired person
a) A high school marketing teacher
Statistics that describe a population in terms of personal characteristics are: a) Geographics b) Demographics c) Psychographics d) Behavioral factors or product benefits
b) Demographics
There are four factors that help segment a market. They are: a) Place, price, promotion, and product b) Demographics, geographics, phsychographics, and behavioral factors or product benefits c) Industrial, consumer, international, and domestic d) Target market, marketing mix, consumer market, industrial market
b) Demographics, geographics, phsychographics, and behavioral factors or product benefits
Opportunities and threats are: a) Internal characteristics b) External characteristics c) Less important than strengths and weaknesses d) More important than strengths and weaknesses
b) External characteristics
"Buy one get one free." This is an example of distribution. a) True b) False
b) False
A target market is the process of satisfying consumers' needs and wants. a) True b) False
b) False
Goods and services are the same as ideas a) True b) False
b) False
In business, a marketing concept will list information such as ethnic background, age, income level and geographic location. a) True b) False
b) False
Place is communicating with customers a) True b) False
b) False
Production is one of the 4 Ps. a) True b) False
b) False
Planning, promoting, and distributing products is: a) Utility b) Marketing c) Market planning d) Marketing information management
b) Marketing
When demand and production for a product increases in the world of Marketing, what usually decreases? ____________________ a) Availability b) Prices c) Market Share d) Marketing Concept
b) Prices
Informing, persuading, or reminding potential customers about a product or service is called: a) Information b) Promotion c) Marketing d) Pricing
b) Promotion
Intangible items are known as: a) Goods b) Services c) Ideas d) Markets
b) Services
After watching Saturday morning cartoons, Bobby asked his mom to buy him Honey Nut Cheerios. In this case Bobby is considered: a) a customer b) a consumer c) a possession utility d) a target market
b) a consumer
Which are the 4 P's of the marketing mix? a) Product, Place, Promotion, Period b) Product, Promotion, Power, Period c) Promotion, Place, Product, Price d) Price, Period, Promotion, Product
c) Promotion, Place, Product, Price
Statistics that describe people's interests, hobbies, values, and opinions are: a) Geographics b) Demographics c) Psychographics d) Behavioral factors or product benefits
c) Psychographics
During the last three months of the year, a grocery store stocks its shelves with plenty of canned pumpkin in order to increase the pumpkin's ____________________ utility. a) Place b) Price c) Time d) Form
c) Time
The owner of a miniature golf business provides her customers with: a) a promotion b) an exchange c) a service d) a good
c) a service
What is a SWOT analysis? a)Strengths, weaknesses, opportunities, and threats. b) A strategy used by companies to compare their style, worth, opportunities, and threats. c) A strategy used by companies to compare their strengths, weaknesses, offers, and threats. d) A strategy used by companies to compare their strengths, weaknesses, opportunities, and threats.
d) A strategy used by companies to compare their strengths, weaknesses, opportunities, and threats.
Which of the following is a benefit of marketing to the economy and consumers? a) New and improved products b) Lower prices c) Added value d) All of the above
d) All of the above
Statistics that describe things people desire from goods and services are: a) Geographics b) Demographics c) Psychographics d) Behavioral factors or product benefits
d) Behavioral factors or product benefits
What does B2B mean? a) Building-to-buyer b) Business-to-buyer c) Buyer-to-business d) Business-to-business
d) Business-to-business
Transforming old glass bottles into beautiful new sculptures is an example of ____________________ utility. a) Time b) Possession c) Place d) Form
d) Form
Percentage of total sales generated by competing companies is known as: a) Marketing information management b) Market planning c) Target market - no d) Market share
d) Market share
The act of using a single marketing strategy to reach all customers is called: a) Marketing b) Consumer market c) Industrial market d) Mass marketing
d) Mass marketing
What is market segmentation? a) Another way to define target market. b) The process of combining people that have different characteristics to make new, untapped markets. c) The process of marketing products to everyone because they have mass appeal. d) The process of analyzing and classifying customers in a given market to create smaller, more precise target markets.
d) The process of analyzing and classifying customers in a given market to create smaller, more precise target markets.
What is a target market? a) a business-to-business market b) a company's market share c) a group of people who have enough money to buy the product d) a group of people who might be customers
d) a group of people who might be customers
Which of the following is not one of the four P's of the marketing mix? a) product b) place - no c) promotion d) people
d) people