INTRO TO MARKETING EXAM

Blaming another person for a communication breakdown

Cameron said to his manager, "The order didn't ship because Sam didn't tell me that we didn't have enough items in stock." What is Cameron doing? A. Blaming another person for a communication breakdown B. Acknowledging that he failed to follow through with the order C. Stating the facts on Sam's behalf D. Responding to inappropriate remarks

A vendor's plan for moving a product or a service through the chain of commerce to the end customer.

Channel strategies

A feature or quality belonging typically to a person, place, or thing and serving to identify it.

Characteristics

the product is expensive.

Customers are more likely to spend a lot of time evaluating several options before buying a product when A. the need is immediate. C. the product is expensive. B. the product is perishable. D. brand insistence is a factor.

manage their time.

A benefit of using an electronic calendar to prepare schedules is that it allows employees to A. manage their time. C. delegate tasks. B. communicate with coworkers. D. prioritize a deadline.

assurance.

A clothing manufacturer builds quality into its operating system, placing responsibility on each employee. This process is known as quality A. delivery. C. assurance. B. guarantee. D. inspection.

Exploratory

A company wants to collect information from various sources to determine if it should consider expanding to international markets. What research method should the company use, if it does not want to spend a lot of time or money to obtain the information

Supporting a cause

A company works with the Red Cross to help with a hurricane relief effort. What goal does this illustrate? A. Improving customer satisfaction C. Expanding B. Developing new products/services D. Supporting a cause

assign each goal to a general category.

A good way to prioritize your financial goals is to

Vertical

A manufacturer that decides to sell directly to large retailers rather than through wholesalers might create _________ conflict within its distribution channel

Downward

A memo on the bulletin board from a supervisor a staff members is an example of ___________ communication

scanner fraud.

A retailer that overcharges customers for small items at the point of purchase may be engaging in the unethical practice of

business defamation.

A salesperson says to a customer, "Mr. Michaels, I wouldn't buy from Davenport Electronics. That company buys parts for its products from sweatshops, and the items don't meet safety codes. Its products usually break within six months." In many jurisdictions, the salesperson is violating selling regulations related to A. foreign corruption. C. business defamation. B. price discrimination. D. product infringement.

Physiological

According to Maslow's Hierarchy of Needs , which of the following needs is satisfied when a person purchases products that meet his/her most basic needs: A. Esteem C. Safety B. Physiological D. Social

consumer interest in the ads.

An advantage of newspaper advertising over television and radio promotion is more

Is written for people who won't read the whole document

An effective executive summary

business failure.

An insufficient cash flow is one of the main causes of

a natural ability to do something.

Aptitudes

Can clear up misunderstandings

Asking questions is important because it

market strategies

Because of their strategic significance in providing place utility, it is usually easier to change price or promotional efforts than to change

Use computer passwords to limit access to certain data

By searching the company's computer records, an employee obtained confidential information about a well known client, which s/he discussed with a friend. Eventually, the information was leaked to the media, which embarrassed the client and the business. What action could the company have taken to prevent this unethical behavior? A. Provide clients with information tracking capabilities B. Install anti virus software to protect the computer network C. Use computer passwords to limit access to certain data D. Require the employee to submit his/her resignation

Information flowing from the lower levels of a hierarchy to the upper levels

Upward communication

Formal sales presentation

Using a computer generated slideshow to highlight product information would be most appropriate in which of the following business situations:

Vertical conflicts involve a disagreement between two channel members on consecutive levels. EX: if the toy manufacturer discovers its products are arriving at retail stores later than scheduled, a conflict might develop between the manufacturer and the wholesaler responsible for shipping to retailers

Vertical

Corporation

Walmart, Chevron Texaco, and Ford Motor Company sell stock in their companies. They are examples of which of the following types of business ownership: A. Franchisee C. Partnership B. Corporation D. Sole proprietorship

personality.

What a brand is and stands for, as well as how it behaves and the qualities it projects, are embodied in its A. personality. C. logo. B. identity. D. equity.

Providing information to activists to share with others

What best describes the goal of amplified word-of-mouth? A. Encouraging customers to provide both positive and negative feedback B. Providing information to activists to share with others C. Building loyal relationships with the customers D. Improving the quality of goods and services the business offers

Use protective packaging

What can a pharmaceutical manufacturer do to help ensure that its pain reliever and allergy medications are safe for consumer use?

Video camera

What device helps to ensure that direct observation research is collected in a neutral way?

Dictionary

What feature do many word processing software programs contain that enables businesses to prepare accurate written documents? A. Encyclopedia C. Flowchart B. Calculator D. Dictionary

Paper money

What form of currency is issued by the federal government?

Intranet

What is a company's private computer network that allows authorized users to share information? A. Intranet C. E-mail B. Internet D. Extranet

Offering performance based financial rewards

What is a method that managers can use to motivate employees?

Payroll and benefits

What is often one of the largest sources of money flowing out of a business? A. Payroll and benefits C. Profit and loss B. Accounts receivable D. Goods and services

Trade journal

What might employees read in order to learn about new trends and technology in a specific industry? A. News magazine C. Annual report B. Trade journal D. Daily newspaper

Increased costs

What might result if a business's merchandising budget called for purchasing more goods than customers wanted?

Keyboarding

What process might a business use to enter marketing data into a computer for analysis? A. Editing C. Screening B. Keyboarding D. Tabulating

Forced analogies

What synectics technique compares a problem with something else that is unrelated? A. Discretionary comparisons C. Arbitrary metaphors B. Forced analogies D. Deliberate allegories

Characteristics

What type of product information might a salesperson obtain from reading a business's promotional materials?

Internal and external

What types of environmental factors do businesses often consider when conducting a situational analysis? A. Formal and in formal C. Ethical and legal B. Physical and personal D. Internal and external

Todd misled Cynthia.

When Cynthia, a credit analyst with Houghton Software, heard rumors of a company layoff, she asked her manager Todd if the rumors were true and if her job was in jeopardy. Although Todd knew that some layoffs were coming, he told Cynthia not to worry about things. The following week, Cynthia's job was eliminated. In this situation, ethical issues regarding company information occurred because

They vary by jurisdiction.

When a business collects marketing information from its customers, what should it consider about its consumer privacy laws?

Ideal market exposure

When busibesses want to make their products available to customers but do not want to over distribute their goods and services, they are seeking

finance.

When businesses invest funds to expand, they are involved in the process of A. selling. C. finance. B. depreciation. D. capitalism

Finance company

When the Silvers purchased their new car, the dealership representative sold their contract to another company in exchange for cash. To what type of business would the dealership have sold the Silvers' contract?

Routine decisions

Which of the following do businesses often expect employees to make on their own:

Whether to change the product

Which of the following is a decision a company might make during the decline stage of the product life cycle:

To obtain lower prices from bidders

Which of the following is a purpose of the competitive bidding process:

Focus groups

Which of the following is a source of primary market research

Memorandum

Which of the following is a type of simple written report that usually is distributed to employees within a business:

Sidewalks

Which of the following is an area at a business that must be maintained on a regular basis: A. Sidewalks C. Shelving B. Furniture D. Fixtures

Timeliness

Which of the following is an aspect of channel management that impacts customer service?

Cell phone

Which of the following is an example of a direct marketing channel that a business can use to send personalized promotional information to its customers in real time: A. Cell phone C. Scanner B. Catalog D. Television ad

Car payment

Which of the following is categorized as a fixed expense in a personal budget: A. Groceries C. Home repairs B. Car payment D. Clothing

Price

Which of the following is no longer the determining factor in customers' buying decisions for many products:

Represents a larger group

Which of the following is true about a survey sampling plan:

Redesign of packaging

Which of the following may result when products fail to meet government standards: A. Request for additional monies from consumers B. Deletion of labels from products C. Redesign of packaging D. Payments for advertisements to promote a product's problems

Slotting allowance

Which of the following often makes it difficult for small manufactures that have limited budgets to receive equal opportunity to distribute their new products

Producer

Which of the following would not be considered an intermediary in a channel of distribution: A. Agent C. Producer B. Retail er D. Wholesaler

Employees

Who is responsible for carrying out the tactics to achieve a business's marketing strategies? A. Customers C. Executives B. Employees D. Stockholders

To maintain productivity

Why do many businesses develop programs and activities to help reduce employee stress?

statistical data relating to the population and particular groups within it.

Demographics

flow of information and messages from a higher level inside an organization to a lower one.

Downward communication

routine

Employees often use simple written reports to provide managers with __________ information. A. extensive C. indepth B. analytical D. routine

positioning.

Ensuring that customers have the correct perception of a product is one of the goals of product

When conflicts can't be resolved through individual discussions. Steps in formal conflict management may include a fact-finding investigation, a hearing, or arbitration.

Formal

system of passing messages and information between positions within an organization through officially designated channels

Formal communication

The collective system of unauthorized sales channels for products. Products may be less expensive than those bought through official distribution channels but are sometimes inferior.

Gray marketing

Strain

Henry works in a business's receiving room. While working, Henry was lifting and setting down heavy boxes when he experienced back and abdominal pain. What type of workplace injury did Henry receive? A. Strain C. Sprain B. Closed wound D. Open wound

disagreement among two or more channel members at the same level. EX: suppose a toy manufacturer has deals with two wholesalers, each contracted to sell products to retailers in different regions. If one wholesaler decides to branch its operations into the other wholesaler's region, a conflict will result

Horizontal

The flow of messages across functional areas on the same level of an organization.

Horizontal communication

Publish its confidentialy statement

How can a business build its customer's trust and communicate its commitment to ethical practices?

Publish its confidentiality statement

How can a business build its customers' trust and communicate its commitment to ethical practices?

grades.

How food products can be used generally is determined by their

references.

Job applicants often list on their résumés the names, positions, and addresses of several people who are willing to serve as A. references. C. associates. B. companions. D. colleagues.

Asset management firm

Kendra 's financial goal is to build wealth over time by making diversified investments. Which of the following financial services providers is most likely to help Kendra achieve her goal:

Economic

Kent is going to start his own business. He is concerned that the merchandise he wants to carry will go out of style soon after opening his business. Which type of risk must he prepare for? A. Economic C. Human B. Natural D. Incompetence

Demand

Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. Which of the following describes the quantity that Marcy is prepared to buy:

Empathy

Molly offers to take her new coworker out to lunch. She remembers what it was like when she was a new employee two years ago, and she wants to help her new coworker feel comfortable and welcome. What trait is Molly showing towards her new coworker?

Reputation

Negative word-of-mouth advertising due to unresolved customer complaints can cost a business it's

a thing aimed at or sought; a goal.

Objectives

Lets you know what is expected of you.

One of the benefits of negative feedback is that it

mental ability.

One of the differences among people that can be difficult to change is their A. language usage. C. education. B. job position. D. mental ability.

Where they will work.

One of the freedoms provided to individuals by the private enterprise system is the freedom to choose.

natural resources that are needed to produce them.

One reason why the planned obsolescence of certain products often is considered an ethical issue is because of the products' short life that has an effect on the A. way that customers decide to use them. B. cost of designing and developing them. C. value of training employees to sell them. D. natural resources that are needed to produce them.

Communication

Persuasion is an important part of which of the following functions: A. Education C. Communication B. Motivation D. Self control

consumers have fewer choices.

Predatory pricing is an unethical business practice because it can create economic conditions in which A. consumers have fewer choices. B. consumers pay higher property taxes. C. small businesses gain significant profits. D. small businesses control market conditions.

answer remaining objections.

Reaching closure is the phase in the selling process when salespeople often need to A. identify customer reactions. C. determine buying needs. B. sell product benefits. D. answer remaining objections.

an identified want exists.

Real market opportunity occurs when

selling

Salespeople may risk losing a sale to a potential customer if they are unable to explain a business's __________ policies. A. purchasing C. employee B. operating D. selling

actively.

Sara is a new marketing employee who is learning that the best way to listen to customers is A. passively. C. emotionally. B. actively. D. distractedly.

A fee charged to produce companies or manufacturers by supermarket distributors (retailers) in order to have their product placed on their shelves.

Slotting allowances

A form of advertising that focuses on certain traits of the consumer, these traits are based on the product or person the advertiser is promoting.

Targeted advertising

Discussion of specific challenges encountered

Tatiana is a project manager who is ready to close a project, and has scheduled a "lessons learned" meeting with the project team. What will Tatiana most likely include on her meeting agenda? A. Explanation of the stakeholders' expectations B. The definition of the project's purpose C. Discussion of specific challenges encountered D. The distribution of project resources allocated

company sales reports.

The data needed for sales volume analyses and market share analyses come from A. company sales reports. C. sales invoices. B. expense reports. D. customer records.

Transferring it

The promoters of the annual Shakespeare Festival include a statement on the back of the event ticket to the effect that they will not be responsible for harm or injury to the ticket holder. The attendees thereby agree to accept liability for their own possible risks by purchasing the ticket. What action is being taken with the risk?

getting started now.

The single most important aspect of making a financial plan and setting goals is