Marketing Plan CDE

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If total cost is $1,000 with zero quanity produced and $1,250 with 1,000 items produced, what is the marginal cost of producing each item?

$0.25

The MOLE, a toy retailer, wants to calculate the selling price for some of their stuffed dolls. They know that they paid $400 each for the dolls, and they want a 60% markup on selling price. What should their selling price be?

$1,000

What is the retail price if the cost of a product is $400, and the markup percent on retail selling price is 60%?

$1,000

With a selling price of $2,000, and a cost of $800, what would the markup (at retail) be for this product?

$1,200

Ron and Dee own a floor tile retail outlet. They want to achieve a 40% markup at retail for all of the merchandise that they sell. If one style of floor tile retails at $3 per tile, what is the maximum that Ron and Dee can pay for the tile?

$1.80

Judy and Dale want to calculate the selling price (on COST) of an item that has a cost of $10.00 and a markup percent on cost of 40%. What is their selling price.

$14.00

Jan and Bob Winfield want to calculate the cost of a new chair they just bought. Jan told Bob that the retail selling price of the chair was $1,000, and that the markup percent on the selling price was 60%. What would their cost be?

$400

When trying to calculate markup based on product cost, Doc and Den wanted to determine the markup on a product that cost $150 and sold for $200. What is their markup?

$50

If the retail selling price of an object is $100 and the markup percent on cost is 70%, what is the cost?

$58.82

On August 4, a store purchased five sofas invoiced at $7,000, terms 2/10, n/30. The invoice was paid August 13. The store paid

$6,860

Sally Rudolph is selling a new shirt that he made to her friend for $1,000. The shirt cost Sally $400. What is her markup?

$600

Ogden & Ogden receive an invoice for $100, which they pay in nine days. The terms on the invoice indicate 2/10 net thirty. How much money did Ogden & Ogden send to the seller?

$98

Pake Productions wants to markdown a new line of speakers that they have in the stores. After they are marked down, Pake Productions wants to calculate the markdown percentage. If the original price of the speakers was $200, and the new price of the speakers is $160, what is the markdown percent?

25% and 20%

What is the mode in the following example: 5 people eat pizza 1 time a week; 7 people eat pizza 2 times a week; 10 people eat pizza 3 times a week; 8 people eat pizza 4 times a week; and 2 people eat pizza 5 times a week.

3

What is the percent markup based upon cost for a product that costs $150, and has a markup of $50?

33.33%

A local department store sold a cookware set at the retail cost of $40. The actual cost of the cookware was $25. What was the percentage markup based on retail price for the cookware set?

37.50%

A local department store sold a cookware set at the retail cost of $40. The actual cost of the cookware was $25. What was the percentage markup based on cost price for the cookware set?

60%

If Bob Peters sells a set of steak knives for $1,000, and he has a markup (or selling price) of $600, which is his markup percent?

60%

Joe Fisherman wants to know his percent markup on retail of a pair of shoes for which he paid $1,000 for. He knows the amount of markup was $600. Which of the following would answer his question?

60%

Marketing costs account for what percent of the consumer's dollars spend for food:

70%

The term 8/10, net 30 on an invoice means that a business can take a(n)

8% discount for payment within 10 days; full payment due in 30 days.

Which of the following is an example of advertisement stereotyping:

A television commercial depicts a woman mopping the kitchen with a new floor cleaner

In marketing, an analysis of a person's day-to-day patterns of living is referred to as a person's AIOs, which are also known as

Activities, Interests, Opinions

In regard to industrial marketing, the following example best exemplifies what type of pricing? "The seller determines the price (or a series of prices) for a given product, and the customer pays that specified price."

Administered pricing.

Which of the following possible advertising media is generally the most expensive?

Advertising on TV

Sad-Ohs is a themed nighclub that is aimed at the over 40's. What kind of segmentation is being used by the owners of this nightclub?

Age

Sugar Bear Fresh Farm Produce is a premium item sold in exclusive stores where freshness and quality are crucial. Which form of transportation should Sugar Bear Fresh Farm Produce utilize in order to get their goods from Colorado to Pennsylvania?

Air

Which of the following are characteristics of a good brand name?

Always timely (does not become out-of-date)

Which of the following products is the best example of a product sold to a "massmarket" segment?

Andrex toilet tissue

Which of the following statements is NOT true about the product life cycle?

As industry sales rise, industry profits also rise.

AIDA is a communication model. It stands for

Attention, Interest, Desire, Action

What level of familiarity exists when a consumer buys paper clips for the office, and she/he does not notice the brand name of the product?

Brand non-recognition

Which of the following questions should be asked by a firm that is trying to decide whether to brand its products

Can the product be easily identified by a brand?

Alarid Company purchases goods from a manufacturer who then turns around and sells them to a retailer who sells them to final customers. The Alarid Company is participating in a(n)

Channel of Distribution

________ can be described as the ability of one channel member to influence another member's goal achievement.

Channel power

Best Value Hardware, a national franchise, embarks on a nationwide ad campaign to run for two months. Rick Esquibel, an ownder of a small Best Value Hardware in Allentown, PA, has seen an increase in his store's net sales in the first months of the campaign. Rick has paid a set amount toward the cost of the campaign. This situation is an example of which of the following types of advertising?

Cooperative

Which of the following is a disadvantage of advertising farm products?

Costly.

Which of the following is NOT true about the three types of convenience products (staples, impulse products, and emergency products)?

Customers shop extensively when purchasing these items.

Which of the following is a factor that restaurants consider when determining when to buy goods:

Delivery Time

Saga offers a wide range of products such as holidays and insurance for adults aged over 55. What kind of segmentation is Saga using in its marketing strategy?

Demographic segmentation

UK house builders are increasingly focused on building flats and apartments in towns and cities that appeal to single-person households. What kind of segmentation is encouraging house builders to do this?

Demographic segmentation

An easily biodegradable plastic wrap would be which of the following?

Desirable product

Which channel of distribution is being utilized if products are sold directly from the producer of the goods to the final consumer?

Direct distribution

Which form of entry into a foreign market causes the most risk?

Direct investment

Which of the following is the best medium for a marketer that wants to target specific individuals directly?

Direct mail

The use of two or more channels to distribute the same product to the same target market is known as

Dual distribution

Turner Corporation sells its product to several competing channels that will reach the same target market. Turner Corporation is using what type of distribution?

Dual distribution

A potato farmer in Alamosa, Colorado, would be likely to have which type of demand for his potato crop?

Elastic demand

When a business would like its news release to be presented right away, the business should indicate this by typing on the release

FOR IMMEDIATE RELEASE.

Which of the following federal agencies regulates telemarketing

Federal Communication Commision

The value of all goods and services produced in a country is known as

GDP

Which of the following is NOT part of the Multiple Buying Influence, when making a decision to buy a new copy machine in a business?

General public

Which of the following types of products would have the highest percentage fo total cost in transportation?

Gravel

Which of the following is the best example of a marketing objective?

Grow market share to 17.5% by 2006

Your department head recommends using secondary data in your marketing research project. This secondary data would

Have been previously published by some agency or research organization

Jeffry's manager asked him to travel to India to meet with a potential new client. The prospective client is Dr. Banita Patel, a successful Indian doctor and businesswoman. How should Jeffry greet her?

He should wait for her to offer her hand before extending his own for a handshake.

Which of the following choices is an example of a manufacturer's brand?

Heinz ketchup

Some customers feel that certain brands of refrigerators are very similar and have the same attributes. By shopping for the best price, or lowest price, what kinds of products are these?

Homogeneous products

What are the two basic types of conflicts in channels of distribution?

Horizontal and vertical

Which of the following economies creates a new rich class and a small, but growing, middle-class that both demand new types of imported goods?

Industrializing economy

Which of the following components are elements of the situation analysis section in a business's promotional plan:

Industry analysis, demographic trends, and competitive analysis

Services that cannot be seen, touched, tasted, smelled, or possessed are examples of what kind of services?

Intangible

Which of the following is an example of electronic interactive media that allows businesses to promote their products to large audiences:

Internet

Which of the following statements is true about advertising?

It can help position a firm's marketing mix to better reach the target market.

What do individuals ofter obtain as a result of using networking techniques?

Job leads

Which of the followin is a significant cost factor for direct-mail media:

Labor

Which of the following choices best defines a change in a person's though processes caused by prior experience?

Learning

The clothing retailer Top Shop tries to appeal to the style-conscious, independent girl i.e. the "fashion junkie" who goes shopping every week in pursuit of the latest hot fashions. What kind of market segmentation is being used by Top Shop?

Lifestyle segmentation

Diane sells costume jewelry in a department store and her friend Linda sells life insurance. Given these facts, which of the following statements is true about the selling process each uses

Linda spends more time than Diane on closure

Which type of joint venturing offers a low risk method of getting into a foreign market, and yields income from the beginning?

Management contracting

A company that needs to buy cushioning protection for their porcelain figurines for shipping had only two alternatives in the past. The company could either buy plastic air bubble sheets or styrene peanuts from various firms. Recently, the company became aware of Renature--a new (2 months in production), one-hundred percent biodegradable, protective cushioning product. Renature was listed in the Federal Trade Commission report as being solely produced by a German firm named Storopack. In product testing, Renature was found to be quite pleasing to a growing number of environmentally-conscious consumers. The company decided to use Renature. In general, in what part of the product life cycle would Renature be placed?

Market introduction

Which of the following is NOT one of the five steps in a problem-solving process?

Memorize your plan of action.

Which of the following is a difference between merchant middlemen and agent middlemen?

Merchant middlemen acquire ownership of the products they sell, while agent middlemen do not

Five years after a new product has been introduced, sales begin to level off because customers are purchasing the competitors brand, What strategy would be most appropriate to use in this situation?

Modify the product to renew customer interest

Which of the following choices is NOT a level in the hierarchy of needs?

Money needs

What psychological influences within an individual are best described as basic forces that motivate a person to do something?

Needs

Which of the following is NOT a function of channels of distribution?

New product development

In what stage of a product's life cycle might a business price goods very low for the purpose of eliminating excess inventory?

Obsolescence

Which of the following is NOT one of the steps in the adoption process?

Payment

Which of the following is not associated with getting the lowest cost by combining small shipments to make one full shipment?

Piggyback service

Which of the following types of advertising develops primary demand for a product category as opposed to demand for a specific brand?

Pioneering

Making goods and services available in the right quantities and locations when the customer wants them is the definition for which one of the following marketing mix variables?

Place

Which of the traditional "4 P's" of the marketing mix concerns the various outlets and channels a business uses to distribute its products?

Place

Disposable diapers, which are not biodegradable, are what type of new product opportunity?

Pleasing products

Which element of the marketing mix is the only one that directly affects the value of sales achieved by a business?

Price

Which of the traditional "4 P's" of the marketing mix concerns how much a customer pays for the good or service being offered?

Price

Which of the following is the best choice when large volumes of goods must be stored regularly?

Private warehouse

A business wishes to meet the needs and wants of customers better by delivering a higher quality service. Which element of the marketing mix will the business focus on to achieve this?

Product

The PLC model describes how sales of a product change overtime. PLC stands for

Product Life Cycle

The "four Ps" of a marketing mix are

Product, Price, Place, Promotion

A business wants to build customer awareness of features and benefits in its products that are better than the competition. Which element of the marketing mix is most likely to help them achieve this?

Promotion

Advertising belongs to which aspect of the marketing mix?

Promotion

Which of the following is a characteristic of an effective presentation software package:

Provides large visuals

Which of the following kinds of print-based media would be best to use for an advertising campaign targeted at customers in a specific location?

Regional and/or local newspapers

What is an important outcome for salespeople of keeping customers satisfied?

Repeat business

What might a business lose if an advertisment attracted new customers, but they were greeted by a discourteous employee?

Repeat business

Which statement best describes why Dual Distribution is becoming more common with producers and retailers?

Retailers want large quantities with a lower price per unit.

Which of the following is an example of a "good?"

Sony PlayStation 2

Which of the following is one of the main components of a marketing plan:

Strategy

Which of the following is the best medium to use to increase interest in a product that requires demonstrating that product's benefits?

Television

Which of the following statements is NOT a reason for downward stretching the product line?

The company at the lower end of the market may want to enter the higher end.

Which of the following are true?

The majority of new product ideas do not make it to market AND Most firms need to continually develop new products to survive.

What is the central role of brand identity elements?

The name, logo, and possibly a brand character work together to represent the brand

Which of the following descriptions provides the best definition of the "marketing mix"?

The way a business combines the main marketing elements to sell products that meet the needs and wants of customers

Which of the followingis an industrial good:

Tires for a Sears truck

Which of the following will be the best and most effective advertising objective?

To increase shelf space in our cooperating retail outlets by 25% during the next 5 months.

What is the main goal of distribution?

To make sure the right product is at the right place at the right time for purchase

Marketing managers often claim that their product has a "USP" which makes the product attractive to customers. What does "USP" stand for?

Unique Selling Point

The stock table column that tells you how many shares were traded that day is labeled

VOL.

Which of the following market income distributions would best suit sales of a Lamborghini (an automobile costing in excess of $50,000)?

Very low and very high family incomes

Which of the following is the best example of a product a consumer would consider under the extensive problem-solving process?

Washing machine

Which of the following terms fits this definition: A business that buys goods from producers or agents and sells them to retailers.

Wholesaler

When George was interviewed for a job opening, he forgot to tell the interviewer that he had computer experience. When George writes his follow-up letter, should he include this information?

Yes, he can write a brief statement about his computer skills.

If a producer priced its products much lower than those offered by competitors, is it possible that the producer would lose customers?

Yes, the price may be so low that the producer is unable to perform certain duties.

Kimberley Scott is a large business that makes the toilet tissue known as "Andrex." What is "Andrex" for Kimberley Clark?

a brand name

A Capital item (a necessary element in setting price) is

a building or toher type of major equipment AND long-lasting products that can be depreciated.

Which of the following methods of market research is not an example of "primary research?"

a company's own sales statistics and records

A reference group is

a group where people feel they belong to

The marketing plan is based on

a marketing strategy

The most difficult purchasing situation occurs when

a new product or service is purchased

Advertising is

a non personal paid form of communication

Which of the following is the best example of a trade discount?

a producer offers a discount to retailers for promoting its product during the month of June

Family units in Smallisland Country make all the products they consume. This is an example of

a pure subsistence economy.

Church groups, fraternities, work groups, families, and peer groups are representatives of

a reference group

Money provided to a business to assist in the development and sale of its products is

a subsidy

What is market mapping?

a visual representation of how a firm's products are positioned in a market

For demand of an agricultural product to be effective, it must be backed by:

a willingness and ability of the consumer to pay the price

An effective marketing campaign must be

accurate and factual

A.I.O stands for

activities, interest and opinions

The production of a new car model includes which of the following activities?

actually making the car

Returned and replacement products

add to the seller's costs

Many businesses are using the technology developed by the space program to create

advanced new products

A firm of plumbers wishes to promote its services to customers living in a town. It has only a small advertising budget. Which of the following would be the most appropriate choice of advertising media?

advertisement in the services section of a local free newspaper

A small travel company wants to promote its range of new walking and fishing holidays. Which of the following advertising media would be likely to prove most cost-effective and successful?

advertisements in specialist walking and fishing magazines

A business wishes to reach a wide audience who would otherwise not know about its product. Which method of promotion is likely to be most effective at achieving this?

advertising

Which of the following terms refers to the paid mention of a company, a product, or a service by a form of media?

advertising

Which of the following is an example of a "service?"

advertising agency

The quantity of a luxury item purchased in comparison with a necessity item would be:

affected more by price change

Perceptual maps are used to

aid in positioning a product or service

Mass marketing is about

aiming the product at the entire market

A selective distribution policy might be used to avoid selling to wholesalers or retailers who

all of the answers listed

Advertising can be placed

all of the answers listed

Advertising can make industrial customers aware of

all of the answers listed

For selling to be effective, salespeople must receive support from

all of the answers listed

Given the following choices, which is NOT considered a retailing activity?

all of the answers listed

Some activities in the action plan will include

all of the answers listed

When a business purchase is technical or very expensive,

all of the answers listed

When entering a foreign market, a marketer may need to adapt or modify which of the following promotional methods to meet the culture norms of the target market?

all of the answers listed

Which is true about the role of small businesses in the United States?

all of the answers listed

Which of the following statements could occur in market maturity?

all of the answers listed

Which statement best describes the duties of a channel captain?

all of the answers listed

Which statement is correct about the market growth stage?

all of the answers listed

What happens to the price received and the quantity sold of an agricultural product when the demand increases and the supply remains unchanged?

an increased quantity is sold at a higher price

If both demand and supply increased equally for an agricultural product, what will be the results on the quantity of the product sold and the price received:

an increased quantity will be sold at the same price

The demand curve for a business in a monopoly

appears straight

Which of the following types of tests is designed primarily to help predict how successful a person is likely to be in learning new skills?

aptitude

What is an advantage to businesses of using Internet to search for marketing information?

around-the-clock accessibility

A provocative print-ad headline such as "How do you get 3,500 buffalo together for a cattle call?" is used to

arouse curiosity.

The market price is the actual price that prevails in a market

at any particular moment

One way of obtaining product information from other individuals within the same industry is to

attend trade shows

the wholesaler who brings buyers and sellers together and allows merchandise to be inspected prior to purchase is the

auction house

When conducting a web search, keywords entered into the query field should

be as specific as possible

Written communications in business should

be clear and easy to understand

For most businesses, competition is

becoming more intense

The use of a name, symbol or design to identify a particular product is known as

branding

How can customer satisfaction levels be measured in relation to the distribution process?

by establishing performance standards from the viewpoint of the customer

What is the second-lowest of the five levels of marketing employment?

career-level

According to the Boston Consulting Group Matrix what category refers to products that are the main generators of cash and profit and therefore support investment in new products?

cash cows

When deciding how to allocate its funds,a business can use the sales forecast as a planning tool to determine whether

cash flow will be a problem

Which of the following packaging strategies is often considered to be unethical:

cause

The consumerism movement started as a result of

changing societal values

In developing a selling vocabulary, which of the following words should you avoid using:

cheap

Which of the following is an advantage of secondary market research?

cheap to collect

Employees are more likely to be able to correctly follow directions if those directions are explained in

chronological order.

Qualitative data is about

collecting opinions and attitudes on a product/service

Which of the following is the final phase in the product development process?

commercialization

Some advertising costs are hidden because

companies barter their advertising space

Which of the following is a type of information that supervisors often communicate to employees in writing:

company policies

Goods which are bought and used by individuals and households are known as

consumer goods

Businesses began to compete with each other to get customers to buy their products because

consumers had more choices

What is the management activity that involves comparing what was planned with what actually happened?

control

Employees who use office equipment only for company business are helping to

control expenses.

Which of the following types of advertising is being used when a retail store agrees to share advertising costs for a consumer product with the national distributor of the product?

cooperative advertising

When designing products, the most fundamental level of a product which answers the question: What is the buyer really buying? Is

core product.

A business advertises that its product contains specific ingredients until a government regulatory agency forces it to run ads informing consumers that the product doesn't contain all of the ingredients that the business claims it does. This is an example of___advertising.

corrective

Businesses hope that innovators will buy new products when they are the introductory stage because this helps to

create demand for the products

A business might use an advertising database to

create interactive online services and promotions

Which of the following is not part of the promotional mix?

customer care

Which of the following is an example of effective negotiations

customers agree to a higher price

Insecure people are often afraid to become assertive because they think they will

damage their relationships

Secondary data is

data collected from published materials

Quantitative data is the collection of

data for numerical analysis

For an agricultural product, such as potatoes, which has an inelastic demand schedule, the total revenue will be:

decreased with a reduction in price

The first step in the marketing research process is to

define the problem

The amount or quantity of a goods or service that would be purchased at a given price and at a specific time and place is called:

demand

The fact that farmers receive less of the food dollar spent by housewives is a sign of:

demand by consumers for increased processing

John Randall is a purchasing agent for a rather large delivery service. John has just agreed to purchase a 1992 Chevy van from his brother's construction company, although he has never driven it or seen it. This buying approach would be an example of

description buying.

S.W.O.T analysis is predominantly used to

determine the capabilities of the organization

Marketing assists in international trade by

determining where products can be sold

Product positioning is about

developing a perception of the product/service

The accounting and finance function includes

developing budgets

Most countries with a postindustrial economy are

developing laws and procedures to encourage trade with other countries

Most organizations practice

differentiated marketing

Which of the following terms refers specifically to marketing goods directly to the consumer in the home?

direct selling

A push strategy involves

directing publicity material to retailers to convince them to hold stock

Package holiday companies often display high prices in their holiday brochures and then offer big discounts to encourage customers to book. This is an example of

discount pricing

Which of the following is not an example of a convenience good?

dishwasher

Channel members' sharing inventory and order-processing information through databases and computer systems is an example of the use of technology in

distribution

The way in which products are sold is known as a

distribution channel

Own-label brands are owned by

distributors, including wholesalers and retailers

Which of Ansoff's four marketing strategies represents the highest risk approach for a business?

diversification

A business that sells products in several quite distinct markets is said to be

diversified

Geographic segmentation is about

dividing markets based on location

The four product classification used within the BCG Matrix are

dogs, question mark, star, cash cow

Which of the following software products would a small business typically use to manage its finances?

double-entry accounting software

An increase in the supply of an agricultural commodity results in a shift of the supply curve:

downward to the right

What should a job applicant do when there is a question on a job application that does not apply to him/her?

draw a line through the blank or mark it NA

Tangible goods that normally survive many usees (last long) and may require more personal selling and service, command a higher margin, and require more seller guarantees are called

durable goods.

Workers often increase their productivity in order to

earn higher wages

Items that are used to produce goods and services are

economic resources

The expression of the responsiveness of the quantity of an agricultural product produced or consumed to a change in price within a given schedule (supply or demand) is called:

elasticity

Salespersons who view a situation as a customer sees it are exhibiting

empathy

The primary goal of a good orientation program for employees is to build a successful _______ relationship.

employer-employee

A manufacturer is looking for a way to collect information about customers' buying habits. An efficient method of obtaining this information would be to

encourage customers to complete product registations and warranties online

An important result of an effective sales approach is that it

encourages the customer to want to hear about the product

How do managers assess organizational satisfaction?

evaluate how well goals are being met

What form of distribution is used when a product requires a specialized selling effort or investment in unique facilities or inventory?

exclusive distribution

Businesses often conduct environmental scans to determine if they should

expand into other markets

Which of the following is a disadvantage of primary market research?

expensive to collect

The simplest way to enter a foreign market is through

exporting.

Which of the following is a characteristic of a mass-market product?

extensive promotion

Which part of a marketing plan includes analyzing economic conditions?

external environment analysis

How would market data, economic conditions, and competitive information be classified in a marketing-infromation system?

external information

Which of the following is an example of nonverbal communication that shows a person's level of enthusiasm:

facial expression

Fostering customer loyalty and goodwill helps to build a clientele, but these efforts can be wiped out by salespeople who

fail to keep promises

The best approach for planning compliance with the laws in other countries is for the marketer to

find competent nationals in the foreign country to assist with this task

A form of primary research is

first hand information taken from respondents

Lastminute.com was one of the first businesses to successfully exploit the Internet to sell travel and holidays. Their success is an example of

first-mover advantage

A business suffering from a high level of customer complaints about a product wants a detailed understanding about what is going wrong. Which of the following methods of market research would be best in identifying the main causes of the complaints?

focus group

Concentrated marketing is based around

focusing marketing effort on one segment

In marketing, what is the term for the usefulness of a product that is a consequence of its creation from raw material?

form utility

Wendy's sells the right to operate its restaurants to individuals who meet the company's criteria. The arrangement between Wendy's and these individuals is an example of

franchising

Which of the following is generally not recognized as a type of marketing career path?

geographic

Supermarket and other forecourt petrol stations vary the price of their fuel depending on the location of the outlet. This is an example of

geographical pricing

Your ability to adjust to change can affect your success on the job because employees with this skill are more likely to be

given new responsibilities

When an unauthorized business imports products into a country and creates a parallel distribution channel that competes with the authorized channel, this is known as

gray marketing

Brand names are primarily used to

help identify a product

Which of the following is not a characteristic of successful brands?

higher distribution costs

Positioning refers to

how consumers perceive the product

Which of the following products is an example of a "non-durable" consumer good?

ice cream

The last step in developing an international marketing strategy is to

implement final decisions about product price, promotion, and place

The United States purchases computer chips from Japan. This is an example of a U.S.

import

The overall objective of marketing research is to

improve marketing decisions and reduce risk

The role of price in a free market is to serve as a guide:

in deciding what, when, and how much to produce

The supervisor has given John directions for several new job tasks. To follow the directions effectively, John should first confirm

in what order to do the tasks

Identify the factors affecting customer needs and wants in the following situation: Because of their combined incomes, Mr. and Mrs. Roberts bought a more expensive car than Mrs. Roberts drove before their wedding.

income level and marital status

Sales promotion is primarily used to

increase sales in the short term

Which of the approaches listed below to improve farm prices and income level should be eliminated:

increase supply

As price of an agricultural product increases, the supply:

increases

Selling goods and services to consumers through the use of middlemen is known as ________ selling.

indirect

Goods which are bought and used by other businesses are known as

industrial goods

The two major economic factors that reflect a country's attractiveness as an export market are

industrial structure and income distribution.

Today, personal selling is commonly used in

industry sales

When the change in price is greater than the relative change in quantity taken or available, an agricultural commodity is said to be:

inelastic

When the change in price is less than the relative change in quantity taken or available, an agricultural commodity is said to be:

inelastic

Which of the following would not be classified as a product line?

infant toys, ready-to-eat snacks, pet beds

If the customer is dissatisfied with any part of the marketing mix or if competing products appear to meet customer needs better, the salesperson can

inform the company

Consumer questionnaires, surveys, and direct interviews are all forms of data collection used in the _____________________ function of marketing.

information management

The correct sequence of stages that businesses follow as they develop their e-commerce presence on the Internet is

information, interaction, integration

The most probable advertising strategy to use during the introduction stage of the product lifecycle is

informative advertising

All of the following are primary marketing reasons for the failure of new products EXCEPT

insignificant idea generation

Traci is going to apply for a loan at a local bank so that she can purchase a new car. For which of the following credit accounts will Traci be applying:

installment

The least expensive way that a business can approach a marketing-research project is to start by collecting __________ data.

internal, secondary

What is a company's private computer network that allows authorized users to share information?

intranet

Which phase of the product life cycle is considered to be the most critical?

introduction

The stages of the product life cycle are

introduction, growth, maturity, decline

For an American firm engaged in international marketing, a joint venture

is a partnership arrangement between the American firm and a foreign company

Which of the following is an advantage of using market segmentation?

it allows a business to target its promotional strategy more effectively

New product planning is becoming increasingly important in a modern economy because

it is not always profitable JUST to sell "me-too" products.

The amount of human effort required to deliver a service is

labor intenseness

Which of the following is an example of a market for the buying and selling of services?

labor market

What kind of production method will likely be used when labor is inexpensive?

labor-intensive

Which of the following items could be classified as a "capital good?"

large-scale digital photocopier in a printing business

A business publishes an advertisement in the newspaper that includes the business's name and popular symbol. This information is known as the

logotype

Grahams Bakery decides to offer jam doughnuts at just 5 cents each rather than the normal price of 50 cents in order to encourage shoppers to visit the bakery and buy other products too. What kind of pricing strategy is being used here?

loss leader

Intensive distribution is used commonly for

low price or impulse items

Which of the following is true based on Maslow's theory of need satisfaction

lower level needs must be satisfied before higher level needs can become important

The marketing departments of hotels often use guest history records to create

mailing lists

when writing informational messages, business employees should explain the situation and include suffiect data for the recipient to be able to

make a decision

Ben and Jerry's is in the idea evaluation stage of a new ice cream flavor called "candied apples." In this stage the company needs to

make estimates of the costs and profits associated with the new flavor AND use concept testing for the "candied apples" flavor.

A marketing manager will most likely use a marketing information system (MIS) to

make product improvements

What term identifies a person who is responsible for a business created and owned by others?

manager

Which of the following is a characteristic of a product trade-name franchise:

managerial assistance and training are usually not part of the arrangement

Business people must take criticisms of marketing seriously because

many consumers have the same attitude

A place where buyers and sellers come into contact with each other is commonly known as a

market

A business that is trying to increase its market share to become market leader is often referred to as a

market challenger

According to Ansoff's Matrix, the strategy of selling more existing products to existing customers is a strategy of

market penetration

The total revenue that can be obtained from a market segment is known as the

market potential

The proportion of the market held by one company or brand is known as

market share

What is another name for the practice of introducing a new product at a high price for a brief period, in the hopes of recouping production costs?

market-skimming pricing

A group of individuals and organizations that direct the flow of products from producers to customers are

marketing channels.

A firm's marketing department has total control of the

marketing mix

The process that helps a business to make marketing decisions scientifically is usually referred to as the

marketing model

Consumer reactions to advertising and other mass communication techniques can be tracked through

marketing research

Determining customer needs is often done through

marketing research

Products that appeal to the majority of customers are often sold through __________ marketing efforts.

mass

This kind of marketing is not directed toward specific groups

mass marketing

The primary objective of team-based selling is to

match various functional areas of the company with customer needs

The method used to communicate an advertising message is known as the

medium

Which of the following refers to a listing of the variety of merchandise lines carried and the depth and breadth in which these products are stocked?

merchandise mix

Hiring professionals to create printed advertising avoids

message being missed

The government tries to promote free competition for businesses by enforcing laws that ban

monopolies

Which of the following factors would increase the sensitivity of demand for a product to a change in price?

more substitute or alternative products available

Between the ten year periods 1866-75 and 1886-95, the output of corn doubled even though the price fell. The supply curve:

moved to the right

A strategy that consists of the seller's development of two or more brands in the same product category is called

multibrand decision.

Another name for manufacturer's brand is

national brand.

A market group possesses each of the following characteristics except the

need to only buy high-priced products

The bottom line on a business's profit-and-loss statements indicates

net income

Packaging is of important to marketers because

new packages can make a difference in a new marketing strategy.

List some formats used in mass media

newspapers and magazines

A market in which goods and services are provided to a relatively small and closely defined customer group is usually referred to as a

niche market

The strategy of selling products to small, clearly identifiable segments of a market is known as

niche marketing

If an organization is conducting marketing activities other than for the goals of profit, market share, or return on investment (ROI), these marketing activities are referred to as

non-business marketing.

Which of the following statements if NOT true when developing a marketing strategy?

none of the answers listed

What happens to the equilibrium price of a commodity when the supply increases and the demand increases?

not sufficient information available to predict

Quantitative data looks at

numerical data to aid decision making

All of the following occur in the planning phase of the strategic marketing process EXCEPT

obtaining resources

Which of the following methods of primary market research would be best for communicating with users of a popular website?

online survey

Expenses associate with the daily running of a business are____cost

operation

Short-term planning is also known as which of the following?

operational planning

A group of businesspeople purchased land to build an office complex or a condominium development. After much research and discussion, they agreed to build the office complex. The alternative that was given up is referred to as a(n)

opportunity cost

For Norwich, "growth in the fields of chemical and house products" is best defined as a(n)

overall organizational goal

What type of utility does a bag of rice acquire for the consumer upon purchase?

ownership

What is the name of the pricing strategy where a low price is set so that a firm can increase its share of the market?

penetration pricing

One of the results of freedom in the marketplace is that

people can buy anything they can afford that can legally be sold

The most common method of setting the advertising budget is

percentage of sales

The process of keeping a running account of merchandise on hand is referred to as

perpetual inventory

Marketing research can affect the business's marketing mix by providing information about various locations that will influence the business's ______ decision.

place

A target market is

potential customers with shared needs who have the desire and ability to buy a product

A chain of hotels located in a resort area that rents its rooms at extremely low rates in an effort to eliminate the competition is involved in

predatory pricing.

The capability of combining graphics, text, animation and sound is a unique characteristic of _________ software programs.

presentation

Exclusive designer fashion labels generally adopt which pricing strategy?

prestige or premium pricing

Marketing helps countries use their natural resources better by

preventing the waste of materials used to make products consumers won't buy

With the high regulation of the U.S. government before the 1980s, carriers of products did not compete in the area of ________ as they do now.

price

Business A has reduced its prices to attract customers away from Business B. Business A is engaging in

price competition.

A manufacturer sells 16,000 products annually to wholesaler A for $10 a unit and 17,000 of the same product to wholesaler B for $15 a unit. Wholesaler A and B operate in the same city. This situation is an example of

price discrimation

Businesses sometimes set different prices for different customers for the same product. For example, rail companies charge higher fares for journeys at peak times. This policy is known as

price discrimation

The extent to which demand for a product changes in response to a change in price is known as

price elasticity of demand

Products with a price elasticity of less than 1 are said to be

price inelastic

The way in which prices in a market are set by the forces of demand and supply is known as the

price mechanism

A firm launches a new and unique product and decides to charge a high price to "cream" the market before competitors respond. What kind of pricing strategy is this an example of?

price skimming

Businesses that set their prices at around the normal market level (i.e. the same as most competitors) are said to be

price takers

When a researcher stops shoppers in a mall to ask them questions about why they shop at the mall, this is an example of

primary data collection

A product's immediate container is called the

primary package.

Transportation services that are operated by the shipper are known as _____.

private carriers

A step-step process that business personnel follow in performing specific tasks is known as a

procedure

The use of computer technology can help salespeople to better serve their customers by quickly

processing orders

The traditional indirect channel of distribution involves a

producer, a retailer, and the final consumers

The most important business policy affecting customers directly is the _______ policy.

product

The complete set of all products a business offers to its market is its

product assortment

Toshiba manufactures a range of laptop computers and accessories. This range is an example of

product line

Kwachy Kwackers needs a new package design for its crackers. What marketing professional would be responsible for creating the new package?

product management

The range of products sold by a business is known as the

product mix

The set of all product lines and items that a particular seller offers for sale to buyers is call

product mix.

To make informed decisions about the marketing mix, marketers need information about

product price

The Marketing Mix consists of

product, price, place, promotion

Merchandising is classified as

production

The equilibrium price of an agricultural product is the point where:

production is equal to consumption

Which of the following best defines the term economic services:

productive acts that satisfy economic wants

What do businesses expect to make when they set prices on goods and services?

profits

A pull strategy involves

promoting the product to the consumer to create demand

Advertising agencies and public relations firms are often involved in which of the seven marketing functions?

promotion

Which of the following is an advantage of promotion:

promotion informs consumers

A carefully arranged sequence of promotions designed around a common theme responsive to specific objectives is a

promotional plan.

A local business has set an amount to spend on advertising, established a promotional goal to increase sales, and scheduled its ads. This business is engaged in creating a(n)

promotional plan.

What should job applicants offer to do in the closing paragraph of an interview follow-up letter?

provide further information

What is one way in which purchasing specialists play an important role in the success of a business?

providing a flow of goods

Marketing is predominantly about

providing benefits

Which of the following pricing strategies attempts to influence a customer's perception of price to make a product's price more attractive?

psychological pricing

A business might use routine decision-making when

purchasing operating supplies

Focus groups aim to collect

qualitative data

Focus groups are most likely used to product

qualitative information on a product or service

Market research data that explores the attitudes and opinions of customers is known as

qualitative research

Inelastic demand occurs when the

quantity demanded barely changes with a change in price

The price received for an agricultural commodity is determined by which of the following:

quantity produced and the quantity consumed or purchased

What sampling method involves selecting individuals in such a way that anyone in the total population has an equal chance of being chosen?

random sampling

When making decisions, people have little control over _________ factors.

reality

Accounting is distinct from finance because its main focus is on

record-keeping activities

What is often the best way for a hotel to increase its profit?

reduce expenses

The people to whom an individual looks when forming attitudes about a particular topic is a definition of

reference groups

You successfully sell the companys new product line to Ms. Jones and she offers to put you in touch with others businesses that might be interested in your product. What type of benefit of building a clientele is this?

referral

Beef and pork are substitutes for each other in many uses. A rise in the price of beef will normally cause the demand schedule for pork to:

remain constant, but price increases

One way for salespeople to get the attention of customers who are perfoming other activities rather than listening to the presentation is to

remain silent.

One of the purposes of promotion is to ___consumers about the existence of a product

remind

The most probable advertising strategy to use during the decline stage of the product lifecycle is

reminder advertising

What is one of the benefits of sending a job interview follow-up letter?

reminds the interviewer of the applicant

A strategy of changing a product or its promotion to appeal to a different market segment is known as

repositioning

Market research involves

researching specific industries and markets

Bliss Art Supplies is trying to decide whether they should sell paint to end users or final consumers. Currently, 60% of their business goes to organizations that utilize the paint to product other products. This figure would change to 45% if the business decides to sell to the final consumer, who would receive 55% of the business. If Bliss decides to sell to the final consumer they would be going into a new line of business called

retailing.

A product has a price elasticity of demand of more than 1. This means that

revenue falls when price rises

When Tommy realized his new home did not have a fire detector, he went out immediately and bought a fire protection system. This is an example of

safety needs.

Ogden Parts Inc. has named a new sales manager with responsibilities for market planning. Ogden's president thinks the sales manager should sell more parts and outsell the competition. It seems that this company is run as if it were in the

sales era.

Burger King runs a scratch-card competition in their stores with instant prizes ranging from a free burger to $1,000 in cash. This is an example of

sales promotion

Makers of hair conditioner and shampoo often send out free samples of their products with magazines. This illustrates use of which one of the following elements of the promotional mix?

sales promotion

A marketing researcher is conducting a survey in a large selling area by contacting a small group of people that is representative of all people in that area. The small, representative group is known as the

sample

Concept tests and weighted point systems separate good product ideas from bad ones in the ______ stage of the new product process

screening and evaluation

Information about a market that has already been collected or published is known as

secondary research

The three step process within marketing segmentation includes

segmentation, targeting and positioning

The market for a product or service can often be broken down into different areas where customers have distinct needs and wants. These areas are called market

segments

ABC Corporation sells only to wholesalers who give their product special attention. ABC Corporation is practicing what type of distribution?

selective distribution

Hanes Too is only distributed in several department stores in each major metro market area. Hanes is using

selective distribution

You finally decided (after some coaxing from your friends) that a good way to get into shape is rollerblading. You suddently become aware of television and radio advertisements about rollerblade products. This is an example of

selective exposure.

Peronal selling involves

selling a product one to one

The last thing you should do to complete a successful job interview is

send a personal note of thanks to the interviewer

Direct marketing is about

sending publicity to a named person

The role of price in a market-directed economy is to

serve as a rough measure of the value of resources used to produce goods and services.

A shoe repair shop is an example of

service retailer

One would consider an intangible deed performed by one party for another party at a cost as a

service.

Within the industrial mix, the product variable places a great deal of emphasis on

services.

Micromarketing is directed at potential buyers who

share similar attitudes and behaviors

If the price of an agricultural commodity is too low, demand will be greater than the supply resulting in a:

shortage

When marketers focus on comparing their product versus a competitor's product; they

should be concerned with total product offering AND look at the relative quality.

The most difficult type of competition businesses face is a market in which they compete with other businesses offering

similar products

According to the U.S. Federal Trade Commission, a product can be advertised as "new" up to ______ months after it enters regular distribution

six

One reason why marketing information must be processed is

so that it can be complied and communicated in a useful form for decision making

The lifestyle, values, and beliefs that are common to a group of people are known as

social class

Social behavior includes

social relations

Online chats, forums, and communities that enable businesses to learn about the wants and needs of their worldwide target market have created a new form of

social relationships

When a business divides up groups of customers using terms like "working class," "middle class," "professionals" etc., what kind of market segmentation are they using?

socio-economic segmentation

Many businesses use database sofware programs to computerize their customer mailing lists in order to istantly

sort by zip code

An example of a logistical function in a channel of distribution is

sorting and storing

The standardization and grading functions of marketing involves

sorting products according to size and quality.

A master budget is made up of information from

specialized budgets that are generated by individual departments

It is often said that marketing objectives should be "SMART." The "S" in SMART refers to objectives that are

specific

Advertising is used extensively to encourage people to consider

specific brands of products

Cost-U-Less, a local frozen food superstore, agrees to provide financial support to a local women's football team provided that its name is shown on the team's jerseys. This is an example of

sponsorship

Which of the following types of software applications is primarily used to perform calculations on numbers in columns and rows?

spreadsheet

According to the Boston Consulting Group Matrix what category refers to products that are potentially very profitable but which need large investment?

stars

Assuming that all people of a certain nationality will work long hours for low pay is an example of

sterotyping

Marketing a product in a foreign market without any change to the product is called

straight extension.

Firms that view themselves as market leaders in product quality frequently adopt a

strategy that focuses on non-price benefits

Demography is a

study of the population

Based upon retail selling price, if John Doe wants to figure out the actual amount of markup of a product he plans to retail, he should

subtract the cost from the selling price.

The amount or quantity of an agricultural product available for sale at a given price and at a specific place and time is called:

supply

An abundant crop of watermelon (larger than normal) will result in a shift of the:

supply curve downward to the right and lower price

If the price of an agricultural commodity is too high, the supply will be greater than the demand resulting in a:

surplus

Institutional promotion is sometimes attacked by critics because it

takes money away from product promotions.

The group of customers that a business plans to serve is called a

target market

The particular market segment at which a business aims its products is known as the

target market

A tariff is a(n)

tax levied by the foreign government against certain imported products.

Tariffs are

taxes on imported products

Which of the following sources of information is not an example of "secondary research?"

telephone survey of a company's customers asking questions about their use of a product

McDonalds wants to test the potential demand for a new product. It markets the product in one area of the UK only so it can study the reactions of customers before deciding whether it should be launched nationally or abandoned. What kind of market research is McDonalds doing in this example?

test marketing

Trialing a new product in a limited geographical area or with a small group of customers is known as

test marketing

Mingilton Meats increased the price of their bologna from $2.00 a pound to $3.00 a pound. After doing this they noticed a decrease in total revenue. This is because

the demand for the meat is elastic

Niche marketing is about

the firm concentrating their marketing effort on one particular segment

Which of the following is an example of a marketing strategy?

the firm plans to differentiate its products based on high quality and stunning design

Which of the following factors does not influence the choice of advertising media?

the location of the advertising agency making the advertisements

Other things being equal, the greater the supply of an agricultural product:

the lower the price paid

A series of actions and events which takes place, in some sequence, as goods and services flow from the producer to the consumer is called:

the marketing process

The production of potatoes in the United States fell 9% in a recent 5 year period even though the price remained the same. The quantity supplied fell because:

the price has no influence on the quantity supplied

Consumer advocates often object when companies reduce the size of a package and keep the same price because

the price increase is not obvious

Market segmentation refers to

the process of dividing markets into distinct groups of buyers

A marketing channel is:

the route a product takes on its way from producer to consumer

Which of the following is an example of an external constraint on a firm's marketing objectives?

the serling exchange rate is make the firm's products too expensive in target export markets

If aggressive promotion is desired at the retail level, the producer chooses

the shortest available channel

Why do top-level managers usually receive high salaries?

their decisions affect the entire company

Written selling policies are preferred by some businesses because

they give employees guidelines for decision making

One of the functions involved in marketing citrus fruit is storage. What type of utility is created?

time

Which of the following is an advantage of using secondary data in marketing research?

time and money are saved

Why would the federal government invoke price controls, freeze prices at a certain level, and determine rates at which prices can be increased?

to curb inflation

Why would a business's stockholders be interested in the business's accounting records?

to know whether they have made a good investment

Companies using a sales-based objective will sell their products

to markets with a large number of available customers

Which of the following is a function of an information system that businesses use to fill customers' orders:

to prepare shipping instructions

Why is it important for businesses to coordinate distribution with other marketing activities?

to provide customer service

Which of the following is a way that an investment company can use customer service to faciliate order processing:

to provide information within a specified amount of time

Jamie, a small-business owner, was frustrated over the new labor requirements and didn't know how to fight them. Jim, a fellow business owner, suggested that Jamie join their trade association, What major benefit of trade associations does this illustrate?

trade associations enable individuals to work together to solve problems that are common to their occupations

Credit offered by one business to another business is

trade credit.

The type of financeing businesses use most frequently for the purchase of resale goods is

trade credit.

The form of labor specialization that involves the type of work that individuals perform in order to earn a living is known as specialization by

trade or profession

Which of the following gives the owner exclusive rights by law to use a brand?

trademark

A brand or part of a brand that is given legal protection because it is capable of exclusive appropriation is called:

trademark.

Which of the following is a type of government a buyer and a seller that the Clayton Act makes illegal:

typing contract

Marketing is the performance of all business activities involved in the flow of goods and services from the point of initial production until they are in the hands of the:

ultimate consumer

Lifestyle segmentation is about

understanding how people live and developing products/services that match that way of life

Goods that the consumer does not know about or knows about but does not normally think of buying, such as cemetery plots, are called:

unsought goods.

Secondary research is

using published data for decision making

The decision to use resources in a way that results in the greatest satisfaction of wants and needs is

value

What is one method of approaching prospective employers in order to look for a job?

visit personnel offices to pick up applications

When a firm continues to violate what the Better Business Bureau believes to be good business practices, what is one of the main actions that the Bureau will take?

warn customers of the unfair practices

A seller of clock radios provides purchasers with an assurance that any problem with the radios will be repaired or the radios will be replaced if they stop working within a year's time. This promise by the seller is an example of a

warranty

By definition, "Price" is

what is charged for something (product or service).

The term "micro-macro dilemma" means that

what is good for some producers may not be good for society

Many professional salespeople feel that the best time to try for a close is

when the customer seems ready to make a buying decision

Penetration pricing is

where the firm charges a low price to gain sales

Differentiated target marketing is

where the organization decides to target several segments

Which of the following terms fits this definition: A business that buys goods from producers or agents and sells them to retailers.

wholesaler

The higher the price of milk, other things being equal, the quantity consumed:

will be decreased

Information spread by friends about a service is

word-of-mouth promotion


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