Marketing Study Guide
Complex buying behavior is most likely involved when the customer is purchasing
A car
Which of the following is an example of an internal change that could affect a business's sales forecast:
A new product line is to be offered by the business
Determine which of the following is a true statement about print ads:
Ad copy is intended to catch the reader's attention.
Morgan Health Supply Company wants to expand its product line this year. It uses its budget surplus to invest in new products rather than to remodel its offices. This is an example of which positive action companies should take:
Align strategies and activities with goals
a snapshot of the financial position of the company
Balance sheet
The financial component of a marketing plan helps a business to compare the projected costs of implementing the plan with the expected:
Benefits
Prices of goods and services
CPI
Tracks a "market basket"
CPI
Decisions for this group is made faster
Consumer buying behavior
Decisions made by 1-2 people, max
Consumer buying behavior
Influenced by peers
Consumer buying behavior
Digital Content
Content Marketing
What does CRM stand for?
Customer Relationship Management
Technological advances can help companies provide more customer service with fewer employees, but why must the companies be careful?
Customers may feel they are losing their human touch
What is one of the functions of certain types of public-relations activities?
Damage Control
Which of the following is an example of a purchase touchpoint?
Direct Sales
Cause-Related Marketing
Experiential Marketing
Logical reasoning will trump emotional reasoning when it comes to influencing a consumer's decision.
False
Total value produced inside a country's borders
GDP
Tracks imports and exports
GDP
What is unique about selling in terms of it being a function of marketing?
It completes the transaction
How can art or an image in an advertisement be distracting?
It could have no clear connection to the product
Which of the following situations is an example of a public-relations activity:
Jana prepares a press release about her firm's new licensing agreement with a large company
What is one strategy towards shortening a sales cycle?
Limiting choice
Involves "gatekeepers"
Organizational buying behavior
Often done in groups
Organizational buying behavior
Often involves derived demand
Organizational buying behavior
In which of the following situations would consumers' purchasing power decrease:
Pay raise is 5% and inflation rate is 6%.
Big Data Analysis
Relationship marketing
Which of the following types of customer relationship management software would be most appropriate for a company that is looking for a more efficient way to track leads, prospects and customers:
Sales force automation technology
Which of the following situations is an unethical action associated with customer relationship management?
Selling customer lists without the customer's consent to third parties
Which of the following is a way that businesses can use financial information?
To identify trends
What is the point of Game Theory?
To show how a player's choice of action depends on the actions of another player
This type of message strategy uses "slice of life".
Transformational
Both organizational and consumer buying processes start with need recognition.
True
If the company wanted to use a one-way public relations activity, the company should try issuing a press release.
True
Suzy's Cookies Company makes sure that its company's actions satisfies its customers while making a profit. This showcases corporate responsibility.
True
The Vice President of Marketing decided to take the product herself directly to the client. This is an example of altering the distribution function.
True
When a business is positioning its corporate brand, it must take its target market into consideration.
True
When it comes to changing consumer behavior, marketers have a tough time breaking the habits consumers tend to adopt.
True
The price of raw materials used in manufacturing a product was double what had been projected for the year. Which of the following could the business determine by analyzing its financial information
Variances
Which of the following are the categories that businesses use to summarize information on their balance sheet?
assets, liabilities and equity
One action that an ethical business can take to help build the long-term trust and loyalty of its customers is to_________.
implement a comprehensive customer privacy policy
includes profits, costs of goods sold and expenses
profit and loss statement
Established businesses receive their primary flow of money from
sales
a way the government funds its activities
taxes
Measures inflation
CPI
Which of the following is the main internal audience for public-relations activities:
Employees
Word-of-mouth
Influencer Marketing
Offering Incentives
Promotional Marketing
Loyalty Program
Relationship Marketing
analyzing the use of money over a period of time
accounting
The main purpose of the headline in a print advertisement is to
attract attention
During an expansion phase, the best thing a business can do is:
increase supply to meet demand
Promote Brand Recall
repetition, slogans and jingles
Define Brand Image
using images more than words for reasoning; mostly done in print
Situate the brand socially
"Slice of life", product placement or imagination, light fantasy
Which of the following is an example of product bundling?
Business selling computer, printer and scanner as a unit
What type of information do businesses include in their marketing plans?
Pricing strategies
Change behavior through Inducing Anxiety
Social anxiety, readily confused with other messaging
Which of the following is a benefit of CRM?
The opportunity to create targeted marketing campaigns
Link Key Attribute to brand name
unique selling proposition
Provides a brief description of the plan
Executive Summary
DECA stands for the Distributive Example Clubs for America
False
Determining a company's EBIT would be done using the Statement of Cash Flows.
False
Instill Brand Preference
Feel good ads, humor ads, sexual appeal ads
Total value produced by a country inside or outside its borders
GNP
If a business lowers the price of a product for the purpose of taking business away from competitors, the result of this action often is a(n)
Gain in market share
Tells the reader what the marketing team wants to do
Goals and Objectives
What is often one of the largest sources of money flowing out of a business?
Goods and services
What often happens to an economy during a mildly inflationary period?
Increased Growth
Which of the following is a characteristic of taxes?
Levied by governments
Shopper Marketing Analysis
Retail Marketing
An international soft-drink company that wants to add bottled spring water to its product mix has determined there are four major brands that currently hold the majority of the market share for that product. The strengths and weaknesses of each potential competitor have been examined. This is an example of a(n)
Situation analysis
Tells the reader how the marketing team will accomplish the plan
Strategy and Implementation
In the TED talk, the speaker said that we should "concretize" the decision. What did she mean by that?
That we should make the choices feel as real as possible.
Why do governments usually calculate the unemployment rate on a monthly basis?
To detect changes in the economy
Transform Consumer Experience
Transformational ads; how brands can change the consumer's environment
Values and attitudes can influence consumer behavior
True
Variance is the difference between the planned financial outcomes and the actual financial outcomes.
True
When the United States exports more than it imports, a trade surplus is created.
True
CRM and CRM technology are two different things.
True - CRM is the process of establishing the relationship, while CRM tech is software that helps maintain the records and data.
shows where "money pits" are located
accounting
If you were trying to convince someone to use quantitative sales forecasting, which of the following factors would you stress:
factual basis
it gives managers the ability to plan and execute strategy and provides feedback on the strategy's performance
financial data
The best time for a business to purchase new equipment is when
interest rates are low
A grocery store would benefit from what kind of sales cycle?
short
Businesses use budgets to estimate how they will ____________
spend their money
By comparing the categories in an income statement, a business will be able to determine if it is__________
spending too much on expenses
operating, financing, investing
statement of cash flows
Persuade the Consumer
Comparison, testimonial, advertorials, and informercials
Scare the Consumer into Action
FOMO, using fear to motivate
The brand promise of the business is only related to the image a business creates.
False
The layout and copy for a billboard ad will be exactly like the layout and copy for a print ad.
False
The total revenue minus the costs of goods sold (CoGS) would be the company's __________ profit
Gross
When customers have low involvement with a product, and there is little difference among brands, what type of buying behavior are they exhibiting?
Habitual
Changes in the political environment can affect the business cycle.
True
Marketing team tells the business how success will be measured
Evaluation
In the TED Talk, one of the things the speaker said was that we should increase choice complexity at the very beginning of the decision-making process to be successful.
False
Organizational buying behavior is similar to consumer because a single person is responsible for making a decision.
False
Public Relations ensures that the company stays as far away from stakeholders as possible.
False
When conducting an external environmental analysis, businesses often focus on
Industry growth
How does double counting affect the gross domestic product?
It inflates the GDP
Which of the following is an example of current liabilities that a business should include in its balance sheet?
Mortgage Loans
One of the main reasons for developing a marketing plan is to identify the strategies necessary to achieve the marketing
Objectives
In which stage of the buying process does an organization discuss product performance issues with the client or strategic partnership?
Post-Purchase
Your CMO decided that the product you are in charge of needs an improved package due to slow sales. Which function of marketing would that fall under?
Product/Service Management
Cabuco's Company hired a fifth employee and production increased by 1,000 units per week, so it hired a sixth employee and production increased by an additional 900 units per week. What should the company expect to happen if it continues to hire more employees and does nothing to the work environment?
Production per employee will decrease.
A manufacturer expects product sales to increase during the coming year. How does this information affect product production?
Production should increase
Lets the readers know what the current business landscape looks like
Situational Analysis
CJ's country is experiencing an economic recession. The best thing that she can do to help the economy expand is to ________ her money.
Spend
Why would a business use statistical demand analysis over time-series analysis in sales forecasting?
Statistical demand accounts for more real factors than time-series
Which of the following activities reflects creativity:
Suggesting a new use for an existing product
Why should a businessperson understand business cycles?
Supply can increase or decrease, demand can increase or decrease
What is the amount of inflation that a country wants to have called?
Targeted Inflation Rate
Why does a company need a flow of money into the business?
To exist
Why do businesses use budgets to estimate income?
To plan purchases
Building a good public image is a reason why companies would use public relations in the community.
True
Demand derivation occurs when the organizational buying depends on how much or how little the consumer buys the end product.
True
Logic reasoning demands high involvement from the consumer
True
PR specialists use their activities on consumers in order to influence future buying behavior.
True
Press conferences is considered a type of public relations activity.
True
One reason why it is important to coordinate the headline and illustrations in an advertisement is to make the reader
want to read the message.