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WorksheetsPrinciples Final Exam Review
Total questions: 50
Worksheet time: 50mins
Factors of production include which of the following?
land, labor, capital, and entrepreneurship
technology products and entrepreneurship
goods and services
all of the products produced in an economy
The owner of a miniature golf business provides her customers with?
a promotion
a good
an exchange
a service
Which economic utility increased when fast food restaurants began accepting credit cards?
possession utility
information utility
place utility
form utility
Which of the following utilities is not directly related to marketing?
possession utility
place utility
information utility
form utility
At the end of her one-week stay at a luxury hotel, Jennifer completed a form rating the hotel's service, food, and accommodations. This is an example of what marketing tool?
product planning
market research
marketing mix
information utility
After watching Saturday morning cartoons, Bobby asked his mom to buy him Honey Nut Cheerios. According to the text Bobby is considered...
a target market
a possession utility
a customer
a consumer
The added value of a product in economic terms
marketing
utility
goods
services
Percentage of total sales generated by competing companies
market share
industrial market
marketing mix
target market
Businesses that buy products for use in their operations, also known as a B2B market
utility
pricing
industrial market
marketing
During the last three months of the year, a grocery store stocks its shelves with plenty of canned pumpkin in order to increase the pumpkin's ____________________ utility.
possession
time
form
selling
Retailers offer their customers installment or layaway plans in order to increase the ____________________ utility of their products.
possession
payment
form
time
The SWOT Analysis
A. is used to devise the marketing plan,
B. includes Strengths and Weaknesses in an Internal analysis
C. includes Opportunities and Threats in an external analysis
All of the above
An Executive Summary
is written especially for the company's executive officers
provides an overview of the marketing plan
identifies the target market and describes the marketing mix
details the plan's sales forecast
The PEST analysis
is the scanning of the outside influences on an organization.
does not add appreciation of opportunities and threats
seldom considers events such as recession or job creation
concentrates on the company's advertising promotion
Socio-cultural factors
looks at changes in customer attitudes, lifestyles and opinions
is the study of the factors that affect marketing strategies
are based around the company's mission statement
All of the above
The process of classifying people who form a given market into even smaller groups is
market segmentation
a marketing concept
demographics
pychographics
The analysis of customer interests, personalities and values is termed
Geographics
Psychographics
Demographics
Biographics
Ajax Vacuum Company designed a 30 minute television spot to sell its new vacuum cleaner. It will air nationwide. This is an example of
market segmentation
mass marketing
SWOT analysis
implementation
The part of the marketing plan that outlines the projection of probable future revenue in units or dollars is the
performance standard
sales forecast
marketing strategy
competitive advantage analysis
Money left after taking out taxes is called
Discretionary income
Disposable income
Profit
Gross wages
In which economic system is the protection of private property rights essential?
Command
Traditional
Market
Socialism
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
The Consumer Price Index (CPI) can be defined as
The market value of all final goods and services
A measure of inflation based on the cost of a fixed “market basket”
What is GDP?
Gross Domestic Product
Get Duties Prior
Gross Department Power
Gross Duties Peer
three-country trade agreement negotiated by the governments of Canada, Mexico, and the United States
The UN
NAFTA
NATO
IMF
The growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information is the...
Multiculturalism
International Trade
Globalization
Ecommerce
Which of these is NOT true about promotions?
Promotion is any form of communication that a company uses to inform, persuade, or remind consumers about its products, services, or even itself.
Promotion is a form of the communication process by which a company sends its message via a message channel to potential customers.
Promotions can include advertising, public relations and direct marketing
Promotions primary objective is not to generate sales.
Consumer Promotions are intended to build brand awareness.
True
False
Consumer promotions are all around us in the form of "coupons, percent-off discounts, free trials and samples, buy one get one free deals, rebates, premiums, ad specialties, and contests and sweepstakes
True
False
Involves sales representatives establishing and maintaining direct contact with prospects and customers.
Direct Marketing
Sales Promotion
Personal Selling
Advertising
A form of advertising directed to specific customers or prospects that includes direct mail and email.
personal selling
direct marketing
promotional mix
sales promotions
Actions used to improve the company's image and public opinion.
pull tactic
personal selling
advertising
public relations
Companies tend to use more than one element of the promotional mix to achieve their marketing goals.
False
True
Tactics used by a business to have wholesalers and retailers carry their products.
pull tacticis
push tactics
consumer promotions
premiums
Actions designed to have consumers request that their (the company performing the action) products be carried in retail stores.
cross promotion
slotting allowance
pull tactic
push tactic
