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021119 CTE ADV STUDIES - MARKETING REFRESH ASSESSMENT PJ

Total questions: 60

Worksheet time: 29mins

Name
Class
Date
1.
The idea that a business should strive to satisfy customers needs and wants while generating a profit for the business
a)
Marketing Mix
b)
Marketing Management
c)
Marketing Concept
d)
Content Marketing
2.
Tangible items that have monetary value and satisfies your needs and wants, such as cars, tv, furniture, and clothing
a)
Valuables
b)
Services
c)
Goods
d)
Invaluables
3.
Intangible items that have monetary value and satisfy your needs and wants
a)
Goods
b)
Invaluables
c)
Services
d)
Non-services
4.
Comprised of four marketing activities; product, price, promotion and place, also known as the 4P's. A business tries to integrate these activities to satisfy the needs of consumers.
a)
Advertising
b)
Marketing Mix
c)
Sales Marketing
d)
Industrial Marketing
5.
The group of people who are willing and able to purchase a certain product. A market can be either a consumer or organizational market. In a consumer market, customers purchase goods and service for their own personal use.
a)
Goods
b)
Market
c)
Services
d)
Materials
6.
The particular segment of a total population on which a business focuses its expertise to satisfy that submarket in order to accomplish its profit objectives.
a)
Target Market
b)
Market
c)
Segmentation
d)
Target
7.
The process of dividing markets into segments on the basis of consumer life styles, attitudes, behavior, and drives
a)
Demographics
b)
Markets
c)
Psychographics
d)
People
8.
Belonging to or characteristic of a particular region.
a)
Demographics
b)
Geographics
c)
Target Markets
d)
Content Marketing
9.
The advertising or promotion of a product, good or service to a wide variety of audiences with the expectation of appealing to as many people as possible
a)
Individual Marketing
b)
Marketing Concept
c)
Content Marketing
d)
Mass Marketing
10.
The amount of net income a household or individual has available to invest, save or spend after income taxes
a)
Disposable Income
b)
Discretionary Income
11.
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
a)
Market 
b)
Tradeoff
c)
Scarcity 
d)
Equity 
12.
The highest-valued alternative that must be given up to engage in an activity.
a)
Scarcity 
b)
Factors of Production 
c)
Innovation
d)
Opportunity Cost 
13.
There are 4 _______________. They are land, labour, capital and entrepreneurship.
a)
Factor of Production 
b)
Market Economy 
c)
Profit 
d)
Economics 
14.
A group of buyers and sellers which come together to trade
a)
Trade 
b)
Market 
c)
Macroeconomics
d)
Economic Model 
15.
Man-made resources used in the production process i.e. machines in a factory.
a)
Labour
b)
Capital
c)
Household
d)
Revenue 
16.
Income from sales (also known as revenue), minus the costs of running the business.
a)
Trade-off
b)
Economic Model
c)
Factor of Production 
d)
Profit
17.
Organizing land, labour and capital (factors of production), in the production of goods or services is called  
a)
Entrepreneurship 
b)
Mixed Economy 
c)
Profit 
d)
Planned Economy 
18.
_______________is the idea that because of scarcity, producing more of one good or service means producing less of another good or service. 
a)
Scarcity 
b)
Market Structure 
c)
Trade-off 
d)
Economics 
19.

A business with one owner is known as a:

a)

Company

b)

Sole trader

c)

Partnership

20.

A business run by 2-20 people and has unlimited liability is known as a:

a)

Company

b)

Sole trader

c)

Partnership

21.
What is the name of a person who owns part of a corporation?
a)
Stakeholder
b)
Shareholder
c)
Trust Agent
d)
Chairman
22.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
23.
This type of business is subject to many more laws and are more difficult to form.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
24.
The major policy and financial decision makers of a corporation are determined by the...
a)
CEO/GM/President
b)
Chairman of the Board
c)
Shareholders
d)
Board of Directors
25.
This type of organization is a legal entity separate from its owners.
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
26.

Which of the following best describes the term limited liability? If the business fails:

a)

Personal possessions of the owner can be taken to pay any debts

b)

The owner is personally liable for all the debts of the business

c)

There is no limit on the amount the owner has to pay to settle debts

d)

The owner only loses the amount invested in the business

27.

Which of the following is an advantage of operating a large established business as a corporation?

a)

Shares can be sold to the public to raise additional finance

b)

Financial accounts are published

c)

Shares can only be sold to invited investors to raise finance

d)

Owners have unlimited liability

28.

Which of the following is a drawback for an entrepreneur setting up a business as a sole proprietorship?

a)

Profit is shared

b)

Financial accounts are kept private

c)

Limited liability

d)

Unlimited liability

29.

Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?

a)

Sole proprietorship

b)

Partnership

c)

Privately Held Corporation

d)

Corporation

30.

Two Brothers Pizza would most likely show which type of ownership

a)

Partnership

b)

Corporation

c)

Stock and Bonds

d)

Single Ownership

31.

What form of business ownership is subject to the least taxation and government regulation?

a)

Sole Proprietorship

b)

Limited Partnership

c)

Family owned business

d)

Corporation

32.

The members of the board of directors of a corporation

are chosen by the corporation’s:

a)

a) president and chief executive officer.

b)

b) creditors.

c)

c) general partners.

d)

d) stockholders.

e)

e) charter members.

33.
A ________analysis is based on a customers changes in attitudes, lifestyles, and opinions.
a)
Demographic
b)
Social-Cultural(Psychographics)
c)
Geographic
d)
Behavioral
34.
SWOT stands for....
a)
Social Awareness Talents
b)
Social Weakness of Threats
c)
Strengths, Weakness, Opportunities, Threats
d)
None of the abobe
35.
The change in climate of the city, where a product is being sold will affect the __________region of the marketing plan.
a)
Geographic
b)
Demographic
c)
Psychographic
d)
Telepathic
36.
___________is based on the way a customer use the product.
a)
Mass Marketing
b)
Behavioral
c)
Target Market
d)
Demographic
37.
Chad has an interest partying every weekend this can help a marketer determine his ______.
a)
Psychographic criteria
b)
Geographic criteria
c)
Demographic criteria
d)
Behavioral criteria
38.
Ms. Montford's loyalty to purchasing only coach handbags will help in determining the_____ aspect of a Market Segmentation analysis.
a)
Target Market
b)
Behavioral
c)
Demographic
d)
Geographic
39.
Knowing the income of a potential customer can help you determine products' __________.
a)
Pricing
b)
Place
c)
Promotion
d)
Label
40.
_____________involves using a single marketing strategy to reach all customers.
a)
A Market Plan
b)
Keeping up with the trends
c)
Mass Marketing
d)
None of the above
41.
India researched the target market for her hair care business and found that 50% of African-American population live in the south. If she plans to be successful she should market her business in these cities...
a)
Baltimore, Richmond, Los Angles
b)
Atlanta, Columbia, Charlotte
c)
Oklahoma, Denver, Chicago
d)
All of the above
42.
A consumer attitude includes all the following..
a)
healthy eating, trend-setting, exercising
b)
shoveling snow, wearing shorts in February 
c)
purchasing from the same company all the time
d)
moving from state to state
43.
A formal written document that directs a company's activities for a specific time is a___________.
a)
Technology solution
b)
Market Target
c)
Market Summary
d)
Marketing Plan
44.
___________ is a method used to identify customers with similar wants and needs.
a)
Selling
b)
Planning
c)
Market Segmentation
d)
Sales pitch
45.

Long-term goals should be achieved in

a)

1-3 years

b)

3-5 years

c)

12 months or less

46.

Short term goals should be achieved in

a)

1-3 years

b)

3-5 years

c)

12 months or less

47.

Part of the business plan that projects the income, expenses, and profits of a business over a multi-year period

a)

Business Plan

b)

Operational Plan

c)

Sales/Marketing Plan

d)

Financial Plan

48.

This section of your business plan, will explain how the business will be managed on a day-to-day basis.

a)

Sales/Marketing Plan

b)

Statement of Purpose

c)

Appendix

d)

Operational Plan

49.
A business plan is important for a new business for all of the following reasons EXCEPT
a)
it makes you think about all aspects of your business
b)
it can help you communicate your ideas to others
c)
it guarantees you will get financing for your business
d)
it can serve as a tool for managing your business
50.

The part of the business plan that includes supporting documents that provide additional information and backs up statements made in the body of the report.

a)

Concluding Statement

b)

Executive Summary

c)

Appendix

d)

Product/Service Description

51.
The element of marketing that is concerned with which products a business will offer its customers is:
a)
promotion
b)
product
c)
price
d)
place 
52.
The marketing mix is also referred to as the:
a)
Seven Functions
b)
4 Ps of marketing
c)
Place
d)
5 utilities
53.
McDonalds conducts extensive research to determine the most cost effective way to transport their products. This is which component of the marketing mix?
a)
product
b)
place
c)
price
d)
promotion
54.
Communication used to inform, persuade, and remind customers about a business’s product is part of which function?
a)
product
b)
price
c)
place
d)
promotion
55.
A local florist chooses to locate her new store in a mall instead of a small building across the street from the mall. This is an example of:
a)
product
b)
planning
c)
price
d)
place
56.
Barnes and Noble began airing 30-second television commercials. This is an example of which marketing mix element?
a)
product
b)
price
c)
place
d)
promotion
57.
A business wants to build customer awareness of features and benefits in its products that are better than their competition. Which element of the marketing mix is most likely to help them achieve this?
a)
product
b)
place
c)
Promotion
d)
Price
58.
Which of the following is NOT a form of advertising? 
a)
TV Commerical
b)
billboard
c)
newspaper article
d)
radio spot
59.
Which of the following descriptions provides the best definition of the marketing mix?
a)
The way products are arranged in a retail store to maximize sales
b)
 The way a business combines the main marketing elements to sell products that meet the needs and wants of customers
c)
The way a business distributes its products through retailers and wholesalers
d)
The way products are priced and packaged
60.
Which question pertains to the price element of the marketing mix? 
a)
Which question pertains to the price element of the marketing mix?
b)
Should additional sales people be used at particular times of the day?
c)
Will the product be discounted at certain times of the year?
d)
Will the product be sold in a department store, boutique, or on the Internet?

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