Marketing Workbooks
A printing company just developed a deluxe line of leather-bound datebooks and diaries. If it aims for the upscale teen market, what kind of marketing should it use?
online and social media marketing
How can governmental regulations affect how much businesses pay employees?
setting minimum wages
Which are examples of market trends?
smartwatches e-commerce electric vehicles
Which option best describes an economic resource?
A teacher conducting classes in a high school is an example of a human economic resource.
What are the steps of the marketing research process?
Define the problem or opportunity, develop the research plan, collect the information, analyze the data, and take action.
Marcus wants his website to be easily found when consumers search for his product. What type of promotion should Marcus use to best meet this goal?
He should use search engine optimization.
What trend did Jeff Bezos identify that sparked the development of Amazon?
Internet usage
A canned food company wants to see what label would appeal to more customers. It decides to conduct marketing research to choose which label to use. What would be the best marketing strategy?
Interview the managers of grocery stores.
What are some benefits of quality market research?
It can identify effective strategies for promotions. It can identify the correct target market.
How does a competitive analysis guide marketing strategies?
It compares the strengths and weaknesses of a company and its competitors.
Why might a business choose to run print newspaper ads?
Newspaper ads cost less than other media.
Why did Nike choose the name for its brand?
Nike is the name for the Greek goddess of victory.
Why do most US businesses follow consumer protection guidelines set by the government?
They are required by law to follow fair business practices.
When is it a good time to lower prices?
When there is a desire to drive demand
Which is a way to evaluate the effectiveness of a marketing information system?
Which is a way to evaluate the effectiveness of a marketing information system?
What educational credential is necessary for working in marketing?
a bachelor's degree
Which is a good?
a container of nuts
What type of pricing provides promotional benefits to the consumer and the company?
bundle pricing
Match each pricing strategy with the correct example.
bundle: value meal premium: Apple watch promotional: Black Friday sale captive: printer company
Which is a type of resource?
capital
When a consumer approves of a business and purchases products from it, what is the consumer demonstrating?
consumer acceptance
What defends people from unfair business practices?
consumer protection
A business considers how much it spends in labor and parts to produce its products before deciding how much to charge for its products. The labor and parts described make up which option?
cost of goods
Which is a job responsibility carried out by advertising account managers?
creating marketing plans
Where should a movie company advertise its new action film?
during another action movie
Robotics and automated systems are examples of technology that benefit businesses through _[blank]_. Which option best completes the sentence?
efficient operations
Which is the best definition of investment?
money, time, and/or effort spent in gaining a profit or advantage in the future
Which concept describes price changes?
peaks and troughs
In addition to product, which options are part of the 4 P's of the marketing mix? Select all that apply.
place promotion price
Match each key term with the correct definition.
price-fixing: an agreement between sellers to sustain prices at a certain level marketing costs: expenses associated with getting goods and services to consumers
What can slow down innovations made by businesses?
regulation
What is the income generated by the sale of goods or services?
revenue
What is a regulatory challenge businesses face?
technology rules
Which options are benefits of e-commerce? Select all that apply.
the ability to make profits without having a physical location the ability to offer customers real-time service and support
What is the definition of market research?
the collecting of data about a specific group of consumers
What will cause a consumer to pay more for a product that is scarce?
the importance of the product to the consumer
What is business risk?
the possibility of a business losing money or failing due to various factors
What is supply and demand?
the relationship between how much of a good consumers want and how much of the good is available for purchase
What is the definition of a product life cycle?
the stages a product goes through during its "lifetime"
Which economic utility is based on goods being available when consumers are ready to purchase them?
time
What is the primary focus of the management marketing team?
to get the product into the hands of the target consumers
What is a key factor in targeting the consumer market?
understanding what consumers want
Which options are examples of business trends?
using live streaming videos donating to the community utilizing e-commerce
A coffee-shop franchise gets its beans from a region known for worker abuses. Customers complain until the business switches to a free-trade coffee supplier.
A coffee-shop franchise gets its beans from a region known for worker abuses. Customers complain until the business switches to a free-trade coffee supplier.
What are some media research strategies? Select all that apply.
A rising new band wants to know what song they should open with on tour. They post two songs on social media and invite commenters to give their opinions. Ken prepares for an upcoming art competition by creating a survey through SurveyMonkey to see which of his poster designs his friends like more.
Which factor offers a business a potential advantage when it trades in foreign markets?
Foreign economies may be unaffected by economic troubles at home.
What do market and traditional economic systems have in common?
In both economies, people can trade whatever they choose.
Why is profit important for businesses?
It allows them to continue selling products.
Which statement about a marketing campaign is true?
It focuses on the target market. It is a plan promoting a product or service.
What are benefits of search engine optimization (SEO)? Select all that apply.
PARTIAL (0.5) SEO increases a website's credibility. SEO makes money through pay-per-click ads. SEO boosts a website's search engine rankings.
What are some promotional strategies for e-commerce? Select all that apply.
PARTIAL (0.75) search engine optimization pay-per-click campaigns e-mail marketing
Mina sells customizable children's rain boots online. She wants to start a targeted marketing campaign. Which are ways that Mina could reach her target market effectively? Select all that apply.
Post ads on parenting sites. Advertise in rainy regions.
Analyze the following book store competitors: Ella's Bookstore has the largest selection and lowest prices. Joe's Bookstore offers the fastest delivery service. Ted's Bookstore sells the newest tablets to download digital books. Sara's Bookstore has been doing business the same way for a decade. Which business is likely to experience the least amount of success?
Sara's Bookstore
How do quality products help to build a company's reputation?
Satisfied buyers will return to make more purchases.
Catalogs are still good for advertising. Is the previous statement true or false?
True
Which are good strategies to implement when career planning? Select all that apply.
You can email companies, schools, and professionals to ask questions and seek advice about the career path you have chosen. You can conduct Internet research and then map out the steps needed to reach your career goals. You can call companies and schools to request information about position requirements and educational programs.
What is something tangible that people find useful and want to acquire?
a good
What is a service?
a valuable effort that fulfills a demand
What is an advertisement?
an announcement promoting a product or service
What is an implied warranty?
an unwritten promise from the seller that a product will perform in the way it is meant to perform
What is the relationship between price and supply?
as supply goes down, price goes down, as supply goes up, price goes up
Smart businesses must maintain a positive [blank] with their customers. Which phrase best completes this sentence?
buyer relationship
How was Nike able to reach its target market?
by advertising to people interested in athletics
How did Nike creatively market its brand?
by using winning athletes in ads to form an emotional connection with consumers
In what type of economy does the government control what products are made and provided to consumers?
command
What pricing factor is considered when store brands price against name brands?
competition
Match each term with its correct definition.
competitive analysis: a strategic technique that a business uses to evaluate outside competitors, researching their strengths and weaknesses so as to improve its business strategies SWOT analysis: a business strategy in which a company evaluates its strengths, weaknesses, opportunities, and threats
What type of sales promotion intentionally reduces a product's original selling price to increase its sales?
discount
What concept of pricing is based on location?
geographic
Which quality most helps a successful business maintain the loyalty of its customers?
honesty
In which ways does technology boost business competitiveness? Select all that apply.
incorporating technology into everyday operations to increase efficiency using new technology to create new products
Match each product life cycle stage with the correct description.
introduction: A product is released to the market. growth: A product experiences success. maturity: A product's sales begin to fall. decline: A product is discontinued.
A company begins using software and hardware to gather and analyze data that guides marketing decisions. Since implementing this new tool, the company has seen positive results that have enabled it to remain competitive with other companies. Which factors have directly contributed to the company's success? Select all that apply.
its marketing information system its use of technologyits use of technology
Which elements are essential to help you successfully meet the goals on your career path? Select all that apply.
knowledge skills aptitude
A US gourmet coffee company has expanded to markets in Southeast Asia. Most of the consumers in this area are tea drinkers. What results can the coffee company expect?
low sales
What is marketing collateral?
material that supports the sales process
Match each technology with the correct business benefit.
pricing software: better price setting computer systems: monitor inventory robotics: faster production Internet: check competitor prices
Which options should a company consider when setting prices for its products? Select all that apply.
pricing strategies cost of goods
Match each term with the correct definition.
profit margin: the ratio of money that a business keeps after costs are deducted from earnings cost of goods: the amount a business pays for the materials and labor needed to produce a product pricing strategy: the process a business uses to determine how much consumers will pay for goods and services profit: the amount of money made after subtracting costs from earnings
Match each key term with the correct definition.
profit: the amount of money made, after subtracting costs from earnings incentive: a reward, such as money, that encourages someone to act in a certain way
Match each key term with its correct definition.
rebate: a return of part of the original payment for a good or service coupon: a voucher allowing for a discount of a particular good or service product sample: something given to consumers to stimulate sales
What is one measure a company uses to evaluate the effectiveness of its marketing campaign?
sales
Suppose a consumer purchased a product from a website because it was on the first page of their search results. This is due to which promotional strategy?
search engine optimization
What is demand elasticity?
the degree to which demand for a good or service varies with its price