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MP IA1 Prep

Total questions: 30

Worksheet time: 15mins

Name
Class
Date
1.
The 5 basic marketing strategies are called the 5 P's. Another name for these strategies is ________. (SA)
a)
Marketing Mix
b)
Marketing Method
c)
Product Placement
d)
Marketing
2.
If ___________ is the most important thing about your product, you want to make the product available in many locations that are easy to access for your customers. (SA)
a)
Style
b)
Prestige
c)
Convenience
d)
Durability
3.
The action or business of promoting and selling products or services, including market research and advertising is known as ___________. 
a)
Distribution 
b)
Advertising
c)
Marketing
d)
Selling
4.
Jacob is a marketer at Gamer Way Video Games. He is currently working to develop four different color versions of their latest video game console. Which of the four Marketing Mix strategies is Jacob working on?
a)
Product
b)
Place
c)
Price
d)
Promotion
5.
If a product is difficult to find or only carried by high-end retailer, this adds to it's prestige. This always benefits your marketing message. 
a)
True
b)
False
6.
The way you package and present your product is important. Why?
a)
It affects customer perception. 
b)
It is a good way to reinforce your marketing message. 
c)
It can represent your personality. 
d)
All of the above.
7.
If you are shopping for electronic and see a brand you recognize with a reputation you trust, you are more likely to choose that brand instead of a product with a name you don't recognize. This is called?
a)
Product placement
b)
Brand image
c)
Loyalty
d)

Brand familiarity

8.
Market segmenting is __________. 
a)
is assigning a specific team of employees to focus solely on developing marketing strategies
b)
only offering your product to a specific, identified group of consumers
c)
separating people into groups based on their characteristics, problems, needs, and desires
d)
allowing the consumers to choose which company they do business with
9.
Which type of data usually saves time and money by providing fast access to more data than one person or company could realistically collect on it's own?
a)
Primary
b)

Secondary

10.
When a customer buys a product or adds it to a cart, the site suggest other items the customer might like. The site suggest these items based on the analysis of data from purchases made by other customers. This is known as __________. 
a)
Data mining
b)
Secondary data
c)
Customer knowledge
d)
Data segmenting
11.
Which of the following are indirect competitors?
a)
Chick-fila & Zaxby's
b)
McDonald's & Moe's (Mexican)
c)
Yetti & Kraft (cheese)
12.
Which of the following commodities is a good?
a)
A pencil
b)
Voice lessons
c)
Hair cut
d)
Dog grooming
13.
What is an increase in competition likely to do to the demand?
a)
Increase the demand
b)
Decrease the demand
c)
Make the demand less elastic
d)
Make the demand more elastic 
14.
If consumers start to believe they need a product, what is likely to happen?
a)
The demand becomes less elastic.
b)
The demand becomes more elastic.
c)
The supply decreases.
d)
The price decreases.
15.
A producer is someone who _____________.
a)
Is in the market for a commodity
b)
Makes a commodity available for sale or exchange
c)
Buys or trades in order to receive a commodity
d)
Receives a commodity from a business
16.
What is likely to happen if the price of a product goes up?
a)
The supply is likely to increase.
b)
The supply is likely to decrease.
c)
The demand is likely to increase.
d)
The demand is likely to cause scarcity.
17.
What does scarcity force people to do?
a)
Produce commodities
b)
Make choices
c)
Consume products
d)
Increase inflation
18.
Which of the following is a sign of a strong economy?
a)
An increase in GDP
b)
A shrinking economy
c)
An increase in unemployment
d)
A decrease in spending power 
19.
If your company uses a nonprice competition strategy, what should you focus on?
a)
Lowering prices
b)
Differentiation
c)
Creating direct competitors
d)
The public sector
20.
In capitalism, what does competition do for consumers?
a)
It limits the number of choices consumers have.
b)
It prevents consumers from being entrepreneurs.
c)
It lets consumers create monopolies. 
d)
It keeps prices fair for consumers.
21.

A _____________ is created by a consumer problem, need, or desire.

a)

Business opportunity

b)

Competitive analysis

c)

Company scope

d)

Financial prediction

22.

The U.S. consumer market is large, but other markets may offer what advantage?

a)

Better opportunities for growth

b)

More entertainment trends

c)

More demographic trends

d)

Higher levels of market saturation

23.

Health food and exercise are examples of what type of trend?

a)

Technology trends

b)

Style trends

c)

Lifestyle trends

d)

Demographic trends

24.

Which of the following sections of a business plan comes first but should be written last?

a)

Funding Request

b)

Products and Services

c)

Executive Summary

d)

Goals and Strategy

25.

In a company's SWOT analysis, which of the following is an example of a strength?

a)

The company doesn't have many competitors.

b)

The company's employees are efficient and productive.

c)

A demographic trend increases demand for the company's product.

d)

A law is passed that decreases demand for the company's product.

26.

Which of the following is one of the main things to consider when evaluating a business opportunity?

a)

Customer demand for the product

b)

The mission statements of competitors

c)

The number of employees you plan to have

d)

Style and entertainment trends

27.

If a company's scope is too big, what is likely to happen?

a)

Employees will have better morale.

b)

Employees will participate in a SWOT analysis.

c)

The company will lose direction and focus.

d)

The company will face more conflicts of interest.

28.

It's helpful to write a company's mission statement in what way?

a)

By providing a list of product prices

b)

By comparing the company's products to its competitors

c)

By listing the company's values

d)

By describing what the company does for its customers

29.

Which of the following activities would be most helpful in figuring out what your company's competitive advantages are?

a)

Demographic research

b)

Setting company values

c)

A SWOT analysis

d)

Limiting your scope

30.

Your company will need a business plan in order to do what?

a)

Pay taxes.

b)

Get funding.

c)

Increase revenue.

d)

Identify an opportunity.

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