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Worksheetsmarketing final exam review
Total questions: 60
Worksheet time: 30mins
Marketing refers to
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
The strategies used in the advertising and promotion of products and services to customers around the globe.
The production of products or services that will generate the highest return on investment.
The process of identifying target market segments for a product or service.
Which of the following statements best describes a good?
Goods are physical objects
Goods are intangible concepts and thoughts about ideas or causes
Goods are either tangible or intangible
Goods are the only currency that can be used in an exchange.
Whether an individual is buying for personal or household use, or an organization is buying for its own use or resale, the individual or organization would be considered
A prospective customer
A dual-purpose marketing decision maker
An informed buyer
A potential distributer
A want is a _______________ that is shaped by a person’s knowledge, culture, and personality.
Need
Craving
Desire
utility
The marketing mix refers to
The marketing manager’s controllable factors-product, price, promotion, and place – that can be used to solve a marketing problem.
The environmental forces—social, economic, technological, competitive, and regulatory—that impact the marketing decisions for a particular product at any given time.
The specific ratio within a budget that divides resources between advertising, sales promotion, and personal selling.
The allocation of resources within a firm toward individual marketing programs.
Which of the following statements best describes a good?
Services are intangible items
Services are physical objects
Services are thoughts about concepts, actions, or causes
Services are the benefits organizations receive in exchange for selling products
A product
Consists of the benefits or customer value received by its sellers
Is the set of intangible activities or benefits that and organization provides to satisfy consumer’s needs in exchange for money or something else of value.
Is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers’ needs and is received in exchange for money or something else of value.
Is the cluster of benefits that an organization promises customers to satisfy their needs
Marketing issues not specifically addressed by existing laws and regulations.
Ethics
Social Responsibility
Constitutional
Legal documentation
A(n) ________________ is a privately owned organization that serves its customers to earn a profit so that it can survive.
Agency
Non-profit organization
For-profit organization
Cooperative
The terms ___________________ and a mission statement are often used interchangeably.
Goal
Idea
Vision
Protocol
A measure of the quantitative value or trend of a marketing activity or result is referred to as:
Trend analysis
A marketing measurement
A marketing metric
Value analysis
The acronym SWOT, as in SWOT analysis, stands for
Strengths, weakness, opportunities, and threats
A state the problem, work out a strategy, organize your team, and take action
Simple, workable, optimal, and timely
Strengths, weaknesses, options, and tactics
Market share refers to
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, excluding the firm itself.
The ratio of the profit of the firm to the total profits of all firms in the industry, including the firm itself.
The ratio of the profit of the firm to the total profits of all firms in the industry, including the firm itself.
The ratio of the profit of the firm to the total profits of all firms in the industry, excluding the firm itself.
Customer’s perceptions are of vital importance to an organization. Customer ___________ can be measured with surveys or by the number of customer complaints an organization receives.
Satisfaction
value
responsibility
lifetime benefit
Strategic business units (SBUs) with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as
Dogs
Cash Cow
Question marks
Stars
A road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
Marketing plan
Marketing research
Marketing mix
ROI
Using smartphones, one can watch the news, shoot videos, browse the Internet, take pictures, and listen to music. Improved features are added with each smartphone introduced by Apple, Samsung, LG, and others. As a result, customers often want to replace their existing smartphones with new models or brands every two years when their contracts expire. This increase in demand is due mostly to changes in ________, an environmental force.
Technology
Regulations
The economy
Competition
The description of a population according to selected characteristics such as age, gender, ethnicity, income, and occupation is referred to as
Statistical analysis
Demographics
Behavioral analysis
psychographics
1. Americans born between 1977 and 1994 are referred to as
Generation X
Generation Y
Generation Z
Baby Boomers
The economy is defined as
The income, expenditures, and resources that affect the cost of running a business and household
The independent financial factors that are not affected by changes in government spending.
The forces within a manufacturer's control that affect the demand and supply its offerings
The purchase of the highest quality product for the lowest possible pric
All of the following are economic indicators except
Barriers to entry
Unemployment
Inflation
Deflation
1. In ________ economy, if prices rise faster than consumer incomes, the number of items consumers can buy decreases
An inflammatory
A recessionary
A depressive
A deflationary
1. The total amount of money made in one year by a person, household, or family unit is referred to as _________ income.
Gross
Livable
Government
Discretionary
1. The money a consumer has left after paying taxes to use for necessities such as food, shelter, clothing, and transportation is referred to as
Disposable income
Net income
Gross income
Household income
1. Competition refers to
Alternative firms that could provide a product to satisfy a specific market's needs
Identical products that perform identical functions
The set of firms that operate in a given geographic region, regardless of product or service
Any for-profit organization that targets the customers of other organizations
1. In marketing, the form of competition that occurs when only one firm sells the product is referred to as
Pure monopoly
Pure competition
An oligopoly
A monopolistic competition
1. Regulation refers to
The restrictions that state the federal laws place on business with regard to the conduct of its activities
Requirements concerning which customers a firm may serve or not serve
Society’s values and standards that are enforceable in courts
The moral principles and values that govern the actions and decisions of an individual or group
1. The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as?
Data enquiry
Marketing research
Strategic intelligence
Marketing tactics
1. The first step of the marketing research approach is to
Define the problem
Develop findings
Take marketing actions
Develop the research plan
1. In marketing a conscious choice made from among two or more alternatives is referred to as
a decision
a paradox
a paradigm
a preference
1. Published data from outside the organization are referred to as ________ data.
Internal data
External data
Primary data
Secondary data
1. Two main types of data are
Extraneous and experimental
Primary and secondary
Measurable and non-measurable
Comprehension and case specific
1. All of the following are sources of primary data except
Government publications
Observational data
Experiments
Social media
1. A concept that describes the stages a product goes through in the marketplace
– Introduction, growth, maturity, and decline- is referred to as the
Product growth cycle
Diffusion of product innovation
Product life cycle
Marketing mix
1. What is the marketing objective for the maturity stage of the product life cycle/
Begin deletion
Maintain brand loyalty
Implement skimming
Market share
1. The initial purchase of a product by a consumer is referred to as
A trial
A product sampling
As assessment
A first buy
1. The preference for a specific brand is called ____________ demand.
Selective
Secondary
Generic
Derived
1. The ________ stage of the product life cycle is characterized by rapid increase in sales.
Growth
Decline
Introduction
Harvest
1. People who tried a product, were satisfied, and bought it again are called________.
Die-hard
Repeat
Recursive
Recurring
Which stage in the product life cycle is characterized by a slowing of total industry sales or product class revenue?
Decline
Introduction
Growth
Implementation
A ______ product is one for which significant customer education is required and there is an extended introductory period.
Fad
High learning
Substitute
Fashion
Products that experience rapid sales on introduction and then an equally rapid decline are called _______ products.
High learning
Fad
Low- learning
Primary
1. Reducing the number of features, qualities or price when repositioning a product is referred to as
Trading down
Product pairing
Down trading
Product deflation
A brand name that cannot be spoken is referred to as a
a.
b.
c.
d.
Copyright
Label
Brandright
Tradename
1. The identification that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it, is referred to as a
Label
Trade name
Brand name
Trademark
1. What agency registers the trademarks of a firm?
UN Global Trademark Clearinghouse
US Federal Trade Commission
U. S. Patent and Trademark Office
U.S. Department of Commerce
1. The marketing of low-cost copies of popular brands not manufactured by the original producer is referred to as
Product counterfeiting
Brand cannibalization
Co-branding
Re-manufacturing
1. Advertisements basically consist of two types:
Product and institutional
Repurchased and post-purchase
Product and service
Promotional and reinforcement
1. Product advertisements are advertisements that focus on
A product class rather than on an individual brand
Selling a product or service
Clarifying misconceptions
Counteracting negative options
1. Three primary types of product advertisements are ____________, competitive, and reminder.
Pioneering
Subliminal
Goodwill
Industrial
1. Advertisements that reinforce previous knowledge of a product are referred to as _________ advertisements.
Persuasive
Informative
Reminder
Comparative
1. The first decision in developing an advertising program is to
Identify the target audience
Select the appeal
Set the budget
Select the media
1. The number of different people or households exposed to an advertisement is referred to as
Scope
Share
Reach
Rating
1. One advantage of using magazines as an advertising medium is
The ability to targeted specific audiences
The extremely low cost
The relatively short time it takes to place and ad
The opportunity to compete with other magazine features
1. The most common form of outdoor advertising is
The billboard
Transit
The kiosk
In-store signage
1. A full-service agency
Provides the most complete range of services
Provides a range of services that are limited
Engages only in a social media strategies
Avoids an integrated marketing approach
1. Valpak is a firm that sends consumers a package of _____________ to stimulate selective demand (encourage the trial) of various products by offering them a discounted price.
Premiums
Coupons
Rebates
Samples
1. Sales promotions where the consumer is offered the product free or at a greatly reduced price are referred to as
Samples
Deals
Discounts
Rebates
1. The objective of _____ is to inform a newspaper, radio station, or other media of an idea for a story.
A news release
An infomercial
A news broadcast
A news flash
1. Google generates revenue by offering online ___________ opportunities next to search results or on a specific web pages.
Publishing
Advertising
Banking
Sales promotions
