Semester Study Guide
a novelty store ordered 40 mugs imprinted with various sayings. each mug cost the store $2.00, and management wants to make a 50 % profit on all sales. using the percentage-markup method, what is the base price per mug?
$3.00
an office supply store purchases 100 8-GB USB flash drives for $3.00 each. using the keystone pricing method, what will the base price for each flash drive be?
$6.00
company a has a market share of 12%, company b has a market share of 42%, company c has a market share of 10%, and company d has a market share of 36%. what is the combined market share of the two most successful companies?
78%
which agency regulates corporations that are publicly traded?
US Securities and Exchange Commission
Which sentence identifies the correct relationship between advertising and marketing
advertising is one aspect of marketing
which of the following characteristics is not an example of demographic segmentation?
attitude
an applicant for a marketing job in a large corporation is told that her duties will include finding sources for products, making sure products are delivered on time, and managing transportation of goods from warehouses to stores. All of these functions are included in the _____ function of marketing
channel management
company A and company B both sell sports equipment. Company A offers low prices, but company b offers excellent customer service. which of the following statements about company A and company b is true?
company b is using nonprice competition
by persuading people to buy goods and services, marketing _______
creates a positive cycle of economic growth
the first step in the formal market research process is
define the problem
a pricing strategy that is based on the amount customers are willing to pay for a product is ______
demand-based pricing
changes in the size of different segments of the population are considered _____ trends
demographic
when a research issue involves learning about customer activities such as how they spend their time and money, researchers may use the ______ method to allow respondents to write about their experiences
diary
a company's profit is the _______ during a specific time period
difference between income earned and expense incurred
after data has been analyzed, the next step in market research is to
draw conclusions from the data
the type of market segmentation that considers how far customers will travel to conduct business is
geographic segmentation
which of the following decisions is included in promoting a product
how to inform people about the product and where to buy it
which of the following is not a benefit of marketing
increasing people's needs
which of the following statements about mass marketing is true?
it ignores differences among customers
which of the following statements about secondary data is true?
it is generally not useful if it is more than 5 years old
which of the following statements about marketing is not true:
it is more costly to keep a current customer than to attract a new one
which of the following statements about demand-based pricing is true?
it reflects customer perceptions of the product's value
which of the following statements about competition-based pricing is true?
it requires constant monitoring of competitor prices.
the process of gathering information on the market in which a company intends to compete is _______
market analysis
the percentage of total sales that one business has in a specific market is its ______
market share
the plan for using product, price, place, and promotion to market a specific product or group of product is its
marketing mix
psychographic segmentation is most likely to be used to identify which of the following groups of people?
people interested in solar power solutions
which method of markup is used by most retail businesses?
percentage markup
the markup method in which management decides on the percentage of profit needed for each item, calculates the dollar figure, and adds this to the cost of the item is the _____ method
percentage-markup
which of the four P's is the easiest to change after the marketing mix has been determined?
price
marketing research companies are often hired by large businesses to conduct
primary research
the four p's in marketing include:
product, price, place, and promotion
the function of business that includes all activities involved in making a product is
production
which of the following statements about ROI is true?
profitable companies generally have a high ROI
for decades, Campbell, Swanson, and other companies sold a variety of soups in metal cans. recently, they began offering soups in lined cardboard boxes which are more eco friendly and potentially take up less space in a pantry or cabinet. this is an example of _____ an existing product
repackaging
a small business purchases 10 reams of copier paper every month. this type of purchase is a(n) _____
repeat
suppose you need ink for your two-year old inkjet printer, so you go to the local store where you always purchase your office supplies and purchase the ink. what type of buying decision is this most likely to be?
routine
which type of laws regulate businesses that have publicly traded stocks and bonds?
securities laws
how is the base price of a product determined using the keystone pricing method?
the total cost of the item is multiplied by 2
everything a company owns is its
total assets