Marketing Chapter 1 & 2 Test

Statistics that describe people's interests, hobbies, values, and opinions are: a) Geographics b) Demographics c) Psychographics d) Behavioral factors or product benefits

a) Geographics

Tangible items are also known as: a) Goods b) Services c) Ideas d) Markets

a) Goods

Which market wants products and/or services that improve productivity & efficiency? a) Industrial market b) Target market c) Consumer market d) Customer market

a) Industrial market

The employees of a home improvement warehouse are expert craftspeople who enjoy giving their customers advice about do-it-yourself projects. The employees' advice increases the ____________________ utility of their goods. a) Information b) Place c) Possession d) Time

a) Information

Strengths and weaknesses are: a) Internal characteristics b) External characteristics c) Less important than opportunities and threats d) More important than opportunities and threats

a) Internal characteristics

Which of the following are the five utilities? a) Place, Time, Possession, Form, Information b) Power, Time, Place, Product, Promotion c) Advertising, Promotion, Price, Place, Product d) Demographics, Psychographics, Geographics, Product benefits, Behavioral variables

a) Place, Time, Possession, Form, Information

Retailers offer their customers installment or layaway plans in order to increase the ____________________ utility of their products. a) Possession b) Form c) Pricing d) Information

a) Possession

Which economic utility increased when fast food restaurants began accepting credit cards? a) Possession utility b) Form utility c) Information utility d) Time utility

a) Possession utility

Channel Management is distribution. a) True b) False

a) True

Competition creates lower prices. a) True b) False

a) True

People who share similar needs and wants and who can purchase your products are called a market. a) True b) False

a) True

Selling camping gear through catalogs mailed to Sierra Club members and other outdoorspeople is an example of place utility. a) True b) False

a) True

The added value of a product in economic terms is: a) Utility b) Goods c) Market share d) Marketing

a) Utility

There are 100 people in the soda/pop market. If 50 of them purchase Coke and 50 purchase Pepsi, what is the market share percentage for each company, respectively? a) 20%, 20% b) 40%, 60% c) 50%, 50% d) 60%, 40%

c) 50% 50%

How many markets are depicted in the graphic below? Three octagons, males, skateboarders, teenagers a) 3 b) 5 c) 7 d) 9

c) 7 Markets: 1. Males 2. Teenagers 3. Skateboarders 4. Male teenagers 5. Male skateboarders 6. Teenager skateboarders 7. Male, teenage skateboarders

A customer profile includes information about a target market such as: a) Age, income level, attitudes, geographic residence - no b) Lifestyle, ethnicity, occupation c) All of the above d) None of the above

c) All of the above

Birthday Bears Inc. has just received an order for 1,000 units from Unique Gifts. This is an example of a(n) ____________________ market. a) Consumer b) Customer c) Industrial d) Target

c) Industrial

Product, price, place, promotion are also known as: a) Marketing functions b) Utilities c) Marketing mix d) Marketing concept

c) Marketing mix

Which of the following events can change a company's market share? a) A company hires new employees b) A company expands their production facility c) New competitors entering the market d) A company changing their logo

c) New competitors entering the market

Which function of marketing is deciding how much to charge for goods and services? a) Channel management b) Promotion c) Pricing d) Market planning

c) Pricing

Obtaining, developing, or improving a product is which function of marketing? a) Channel management b) Pricing c) Product/service management d) Market research

c) Product/service management

Which of the following people is likely not part of the Ferrari market? a) A high school marketing teacher b) The CEO of a successful company c) A young college graduate that just acquired an enormous inheritace d) An independently wealthy retired person

a) A high school marketing teacher

Statistics that describe a population in terms of personal characteristics are: a) Geographics b) Demographics c) Psychographics d) Behavioral factors or product benefits

b) Demographics

There are four factors that help segment a market. They are: a) Place, price, promotion, and product b) Demographics, geographics, phsychographics, and behavioral factors or product benefits c) Industrial, consumer, international, and domestic d) Target market, marketing mix, consumer market, industrial market

b) Demographics, geographics, phsychographics, and behavioral factors or product benefits

Opportunities and threats are: a) Internal characteristics b) External characteristics c) Less important than strengths and weaknesses d) More important than strengths and weaknesses

b) External characteristics

"Buy one get one free." This is an example of distribution. a) True b) False

b) False

A target market is the process of satisfying consumers' needs and wants. a) True b) False

b) False

Goods and services are the same as ideas a) True b) False

b) False

In business, a marketing concept will list information such as ethnic background, age, income level and geographic location. a) True b) False

b) False

Place is communicating with customers a) True b) False

b) False

Production is one of the 4 Ps. a) True b) False

b) False

Planning, promoting, and distributing products is: a) Utility b) Marketing c) Market planning d) Marketing information management

b) Marketing

When demand and production for a product increases in the world of Marketing, what usually decreases? ____________________ a) Availability b) Prices c) Market Share d) Marketing Concept

b) Prices

Informing, persuading, or reminding potential customers about a product or service is called: a) Information b) Promotion c) Marketing d) Pricing

b) Promotion

Intangible items are known as: a) Goods b) Services c) Ideas d) Markets

b) Services

After watching Saturday morning cartoons, Bobby asked his mom to buy him Honey Nut Cheerios. In this case Bobby is considered: a) a customer b) a consumer c) a possession utility d) a target market

b) a consumer

Which are the 4 P's of the marketing mix? a) Product, Place, Promotion, Period b) Product, Promotion, Power, Period c) Promotion, Place, Product, Price d) Price, Period, Promotion, Product

c) Promotion, Place, Product, Price

Statistics that describe people's interests, hobbies, values, and opinions are: a) Geographics b) Demographics c) Psychographics d) Behavioral factors or product benefits

c) Psychographics

During the last three months of the year, a grocery store stocks its shelves with plenty of canned pumpkin in order to increase the pumpkin's ____________________ utility. a) Place b) Price c) Time d) Form

c) Time

The owner of a miniature golf business provides her customers with: a) a promotion b) an exchange c) a service d) a good

c) a service

What is a SWOT analysis? a)Strengths, weaknesses, opportunities, and threats. b) A strategy used by companies to compare their style, worth, opportunities, and threats. c) A strategy used by companies to compare their strengths, weaknesses, offers, and threats. d) A strategy used by companies to compare their strengths, weaknesses, opportunities, and threats.

d) A strategy used by companies to compare their strengths, weaknesses, opportunities, and threats.

Which of the following is a benefit of marketing to the economy and consumers? a) New and improved products b) Lower prices c) Added value d) All of the above

d) All of the above

Statistics that describe things people desire from goods and services are: a) Geographics b) Demographics c) Psychographics d) Behavioral factors or product benefits

d) Behavioral factors or product benefits

What does B2B mean? a) Building-to-buyer b) Business-to-buyer c) Buyer-to-business d) Business-to-business

d) Business-to-business

Transforming old glass bottles into beautiful new sculptures is an example of ____________________ utility. a) Time b) Possession c) Place d) Form

d) Form

Percentage of total sales generated by competing companies is known as: a) Marketing information management b) Market planning c) Target market - no d) Market share

d) Market share

The act of using a single marketing strategy to reach all customers is called: a) Marketing b) Consumer market c) Industrial market d) Mass marketing

d) Mass marketing

What is market segmentation? a) Another way to define target market. b) The process of combining people that have different characteristics to make new, untapped markets. c) The process of marketing products to everyone because they have mass appeal. d) The process of analyzing and classifying customers in a given market to create smaller, more precise target markets.

d) The process of analyzing and classifying customers in a given market to create smaller, more precise target markets.

What is a target market? a) a business-to-business market b) a company's market share c) a group of people who have enough money to buy the product d) a group of people who might be customers

d) a group of people who might be customers

Which of the following is not one of the four P's of the marketing mix? a) product b) place - no c) promotion d) people

d) people