M P Review April 2022

1. How would you determine the customer's needs and wants?

• A. Talk over the customer as they are responding to questions because you know what is best

• B. You would wait for the customer to come and tell you what they want

• C. Ask questions, listen and respond to their answers with possible solutions

• D. Tell the customer what is the hottest item and focus on that

2. Which of the following defines the product life cycle?

• A. Introduction, Expansion, Maturity, Decline

• B. Introduction, Growth, Maturity, Decline

• C. Introduction, Growth, Stability, Decline

• D. Introduction, Expansion, Maturity, Deteriorate

3. Which of the following is an example of all possible parties involved in the distribution channel of a product?

• A. Manufacturer, wholesalers, intermediary, consumer

• B. Manufacturer, agent, wholesaler, consumer

• C. Manufacturer, retailer, wholesaler, consumer

• D. Manufacturer, wholesaler, retailer, consumer

4. Targeting teenagers is an example of which type of segmentation?

• A. Demographic

• B. Geographic

• C. Psychographic

• D. Behavioral

5. Define the marketing concept.

• A. Marketing transaction in which the buyer provides something of value to the seller in return for goods and services that meet the buyer's wants and needs

• B. The process of developing, promoting, and distributing products to satisfy customer's needs and wants

• C. The philosophy that is a company's success is ultimately dependent upon efficient identification of consumer needs and wants in order to make a profit

• D. None of the above

6. The purpose of institutional advertising differs from product advertising in which of the following ways?

• A. inform the consumer

• B. Advocate of behalf of the company

• C. Attempt to sell something directly

• D. All of the above

7. Which of the following is NOT a goal of pricing?

• A. To earn a profit

• B. To gain market share

• C. To "beat" the competition

• D. To determine the need for updates

8. Carol opened a movie rental store a few years ago, and due to new, more convenient movie rental options, her business is failing? This is an example of a business owner failing due to which type of risk?

• A. Natural Risk

• B. Financial Risk

• C. Economic Risk

• D. Human Risk

8. The marketing mix can best be described as which of the following?

• A. The only method used to understand product

• B. The variables marketers control to influence a product's success

• C. The pieces necessary to create an advertisement

• D. The ways a business operates on a daily basis

10. Which act provided child labor laws?

• A. Occupational Safety & Health Act

• B. Family & Medical Leave Act

• C. Age Discrimination Act of 1967

• D. Fair Labor Standard Act