3.01 and 3.02 Mini Quizzes

A markup is stated as a percentage of the product's cost or selling price, and is directly related to a business' profit. If a product cost is $20.00 and there is a 150% markup on cost, what is the selling price?

$50.00

Gathering facts such as income level, age, gender, education level, likes and dislikes is referred to as?

Demographics

Using information obtained from tax returns and the Census Bureau, the government assists businesses by providing detailed population information such as income level, education level, age, marital status, and the number of children in the household. This specific information about the population is called?

Demographics

Grandma wanted to get Billy a nice dress shirt, pair of slacks and sports coat for his first communion service. Grandma wants to get Billy some nicer quality clothes, she also knows she would like help from a nice attentive sales associate. What type of traditional retail option may Grandma take Billy?

Department Store

Molly goes to stores that spotlight their lower prices for merchandise in order to get the most goods for her limited financial resources. Which type of traditional retailer is Molly going to?

Discount Stores

Richard owner and operator of Richard's Gears "Gear solutions for industry" has recently decided the way he moves his custom made gears from the factory to his customers' needs revamped to be more efficient and effective. Which piece of the marketing mix is Richard addressing?

Distribution

Dick's Sporting Goods is example of what type of retailer?

Specialty Superstore

Traditional retailers include all of the following except?

Vending Machines

Mika runs a small business out of storefront in a newly revitalized downtown. When Mika need supplies for his small catering company he uses his card to get into the near buy large store that makes available products in large amounts at practical prices. What type of retail option is Mika using?

Warehouse Club

Businesses spent millions of dollars each year on promotion of products/services. Any paid form of communication through mass media directed at a specific target market informing, persuading, reminding, or enticing them to purchase a particular product/service is called?

Advertising

The intelligent consumer is careful and takes their time to select multiple options and weigh the pros & cons before making a purchase. Which stage in the consumer decision making-process does this demonstrate?

Choose and evaluate alternatives

Juan is about to go off to college for his freshman year. He has already attended the freshman orientation where he received a list of suggested items that will help him be successful in his first year. Listed on the form were a computer and printer. Prior to purchasing the computer, Juan should do some research about different types of computers available and their prices. What is this an example of?

Comparison Shopping

Non-Store shopping allows individuals to shop at home in a private setting. All of the following are examples of non-store shopping except?

Convenience Store

Which type of common traditional retailers offers popular items, open early close late with some open 24 hours a day and are frequently located in highly accessible locations?

Convenience Store

When Paul goes online to get Matthew a birthday present and shops on www.amazon.com, what type of retail option is he using?

E- commerce

The type of marketing research that places consumers in a environment with two controlled alternatives to determine which outcome is preferred is called?

Experiments

Coach Smith wanted to stop on the way back from the beach to shop for his swim team at the Nike store where the goods had come directly from the factory and were much cheaper than most retail. What type of store did Coach Smith stop at?

Factory Outlet

The first stage in the consumer decision-making process is to?

Identifying a need or want

Any activity or material designed to reinforce a company's brand or image such as; contests and games, giveaways, or event sponsorship are examples of what type of promotion?

Sales

Titus has three children he is always moving from one location to another. When it was time for a new family vehicle he had to do what best would meet his family's needs. So Titus bought a slightly used Honda minivan, which stage of the consumer decision-making process did he do?

Make a consumption decision

Talking to people on the phone, talking to people in a focus group, and face to face are all considered a form of?

Market Research

Product, Price, Promotion and Distribution are all components of?

Marketing Mix

What term is described by the providing of vital data on how a business will achieve its goals of satisfying consumers which will in turn translate into sales and profits?

Marketing Strategy

There are a variety of shopping locations available within the United States. If you live in a large urban area it may be more difficult to find which type of store?

Mom and Pop retailer

Marketing research is a vital part of product development and improvements. The type of marketing research that allows businesses to watch how potential consumers will handle and use their products is called?

Observations

Advertising is the most common type of mass promotion, and is any paid form of communication directed at an identified consumer or target market. Other types of mass promotion include all of the following except?

Personal Selling

The type of promotion that requires a salesperson to visit a potential customer at home, or talk to them face to face is called?

Personal Selling

When a business provides direct individualized communication with prospective customers to determine their wants and needs, and then assist them in satisfying those wants and needs with the appropriate product/service. This is an example of what type of promotion.

Personal Selling

Jack and Diane had to establish the monetary value of their Jean ware products. Which component of the marketing mix are they determining?

Price

Which component of the marketing mix is made of a good or service being presented for sale that gratifies consumer demand?

Product

Kim Lee works for the Underwriter Laboratories Inc. where he works to assess products and services to discover their benefits and weaknesses. Which source of consumer information does he work for?

Product Testing Organization

Jake is concerned he has no good way to let potential clients know he has two thousand pounds of fresh caught shrimp at the dock. Which the marketing mix is Jake concerned with?

Promotion

When Crazy Eddy runs his end of the year blow-out sale "Where everything must go!!!!" at his used car emporium he is performing which piece of the marketing mix?

Promotion

Mass promotion is directed to as many people as possible with the same wants and needs. The type of sales promotion that is non-paid, and presented by the media rather than by a business or organization is called?

Publicity

Manfred's job at McIntosh & Associates is to take clients new product ideas and determine which group of individuals, business, government or any group that have comparable needs and wants maybe interested in that product. What is Manfred trying to determine?

Target Market

The new boy band "One for all, & All for five, Girl.." makes music and videos that is aimed at the 12 years to 16 year old females demographic. This demographic group is also known as a?

Target Market

The concept that helps companies focus on the people most likely to their goods or services is called?

Target Marketing

Wise buying is something that every consumer should learn how to do. It includes making sure you understand the difference between a want and a need, not purchasing items based on emotion, and going through the decision making process. What is another smart shopping technique?

a. All of the Above --Correct b. Comparing prices c. Comparing quality and brands d. Avoid Impulse purchases

An example of indirect distribution would be which of the following?

a. All of the above --Correct b. A customer purchases an item from a vendor at a flea market. c. A customer purchases a flat screen TV from WalMart online. d. A customer buys fruit from the local grocery store.