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WorksheetsMarketing Principles_F
Total questions: 20
Worksheet time: 2hrs 40mins
What term refers to product, price, place, and promotion?
four Ps
market
marketing concept
marketing information management
What is another term for intangible products?
goods
needs
services
wants
What are things necessary for survival called?
wants
needs
services
products
A company is targeting a specific market based on population characteristics (e.g., racial, class, age, gender, marital status)?
behavioral
demographics
psychographics
geographics
The haircut I get at my local barber shop is best described as a ________________.
want
need
service
good
People who only use Heinz ketchup fall into which type of market segmentation?
behavioral/product benefits
demographics
psychographics
geographic
When there is a shortage in a market,
there is downward pressure on price.
there is upward pressure on price.
the market could still be in equilibrium.
the price must be above equilibrium.
Factors of production include which of the following?
land, labor, and capital
technology products and entrepreneurship
goods and services
all of the products produced in an economy
As an economic term, land includes
Work people do.
Machinery
Natural resources.
Knowledge
Who takes the other three factors of productions and puts them together to create a business?
Entrepreneur
Laborer
Economist
Worker
Entrepreneurship refers to the ability to
Manage other people.
adapt technology efficiently
Start new businesses, introduce new products and processes, and improve management techniques.
borrow capital successfully and expand an existing business to meet customer demand
Determining your target market based on people who have an income of $50,000 per year would be which form of market segmentation?
behavioral/product benefits
demographics
psychographics
geographic
A car used by a messenger service is a type of
Capital
Labor
Trade-off
opportunity cost
All of the following are examples of a traditional economy except -
Large scale manufacturing
The barter system
Subsistence agriculture
Hunting and gathering
How are major economic decisions made in a command economy?
Wholesalers of agricultural goods make most of the decisions
Officials of the government control all aspects of economic activity
Manufacturers of industrial goods control the resources
Supply and demand are determined by consumers of foodstuffs
How can one best describe the economy operating under a free enterprise system?
Prices are fixed by agreements among business leaders and labor unions
Prices change according to changes in the supply and demand for products
All industries except smaller businesses are controlled by the government
The government sets the prices of products and the quantity of goods
In which economic system would a person expect the widest selection of consumer goods?
Socialist
Communist
Traditional
Free Enterprise
Johnson and Johnson makes different baby lotions (regular, bedtime, sensitive, etc.) These lotions would best described as
Product line
Product mix
Individual product
Product assortment
A new flavor of ice cream is showing rapid increase in sales, which phase of the product life cycle is it likely in?
Maturity
Decline
Growth
Introduction
Apple introduces two new iphones, one is more expensive than previous products and the other is less expensive than previous products. This is an example of
Upward stretch
Downward stretch
Two-way stretch
Line filling
