WorksheetsMarketing Management - Final Exam Study Guide
Total questions: 61
Worksheet time: 31mins
Utilizing research findings and data analysis is beneficial to the __________.
Company, Stakeholders, and Customers
Competitors only
Suppliers only
Government agencies only
Which best defines data security?
protection of all data stored on a computer
storing all data on hard copies so information cannot be retrieved by hackers
the means of ensuring that data is kept safe from corruption and that access to it is controlled
installing a firewall or spyware to detect unauthorized access
What is one of the key factors in effective security procedures?
Do not allow anyone to carry bags in the area with the exception of small children
Keep only one hard copy of the security procedures
Maintain a list of emergency phone numbers
Encourage employees to reference the security procedures manual prior to dealing with any problems
A term that began to be used in the early 1980s to describe the many steps on a path the product takes from its inception to its end consumer is:
Supply Chain Management
Transportation
The Marketing Concept
Distribution
(a) is the loss of inventory that can be attributed to factors such as employee theft, shoplifting, administrative errors, cashier errors, and so on.
Simply put, forecasts are
deadlines
past experiences
predictions
Where should employee expectations be detailed?
in the employee handbook
on a DVD
on a flyer
in an email
When a customer buys a frequently purchased, inexpensive item, this kind of buying behavior can be categorized as
extended decision making
routine response
limited decision making
impulse buying
What is a marketing channel and/or supply chain?
The firms a company partners with to actively promote and sell a product.
How a product moves from raw material, to finished good, to the consumer.
Producers of raw materials that go into a product.
Firms that resell goods "whole" to other companies without transforming the goods.
__________ is the set of activities designed to create a brand position in the minds of consumers.
Branding
Advertising
Packaging
Distribution
__________ is the portion or percentage of an industry's sales that is earned by a particular brand or company.
Share of voice
Net sales
Market share
Segment of sales
A __________ is completed to analyze an organization's internal and external factors that impact its capabilities, strategy, and business environment.
Marketing plan
Situational analysis
Data mining plan
Segmentation report
Market ________ is the process of dividing your group of potential customers into groups based on varying characteristics.
Segmentation
Positioning
Targeting
Branding
Customer Relationship Management deals with what type of interactions?
co-workers
employees and employers
company and customers
CEOs and CFOs
An upset customer is asking hard-hitting questions about a store's return policies and states they are unfair. What is the best course of action for an employee to handle this situation?
Apologize, give a refund, apologize again.
Be firm and tell the customer they're wrong and let them know the manager will say the same thing.
Apologize and give the customer what they want, pat yourself on the back for solving the problem.
Stand by the policy, show the customer the policy in the company's handbook, and call a manager if necessary.
Who in a company is responsible for maintaining a positive customer-service mindset?
The CEO
Employees
Managers
Everyone in a business
When providing product information to a frustrated client, Emma was using industry jargon and technical terms. The customer seemed to get more agitated. Emma should have used:
A more calming tone
Simple explanations
Standard responses
More acronyms
What is the first step to building rapport with customers?
Explaining your products.
Mirroring their body language.
Matching their nonverbal cues.
Breaking the ice.
Without promotion, there would be no communication.
True
False
An automated retail kiosk does not require the business to make any promotional decisions.
True
False
The four elements of the promotional mix are: product, place, price, and promotion.
True
False
Institutional promotion aims to promote a specific product.
True
False
Promotion is defined as a communication process to inform, persuade, or remind customers about a product or service.
True
False
Involving customers in the product development process through online discussion boards is a current technique that major corporations use to generate fresh ideas for new products.
True
False
Product opportunities exist when there is a gap.
True
False
An automated kiosk does not have product features or benefits.
True
False
An automated retail kiosk will market itself and does not need to be marketed like other products.
True
False
Marketers need to identify and understand customer wants and needs in order to develop successful products.
True
False
Target market is the group of customers most likely to buy your product.
True
False
Product development is the creation of products with new or different characteristics that offer new or additional benefits to the customer.
True
False
An automated kiosk is an example of a new product.
True
False
Products are always tangible goods.
True
False
Products are goods, services, or ideas that are developed to meet customer wants and needs.
True
False
The automated kiosk requires numerous placement decisions for a school store to maximize profit for their business.
True
False
Retailers are finding that developing a partnership or long-term relationship with their vendors (channel members) results in more successful placement of their products.
True
False
Distribution channels do not impact getting the right product to the customer at the right place.
True
False
The basic objective of all placement decisions or strategies is to make the product accessible to the consumer.
True
False
The definition of PLACE, in regards to the 5 Ps of Marketing, is: getting the right product to the customer at the right time, at the right place, in the right quantity.
True
False
Market segmentation is used to help marketers clearly define their target market.
True
False
The target market is considered when making all decisions regarding Product, Place, Price, and Promotion.
True
False
The target market is not considered when promoting products or services.
True
False
People are the same as “target market”.
True
False
The "5th P" is referred to as People.
True
False
Internal and external factors impact how retailers price products.
True
False
Price and cost are the same.
True
False
When pricing products in an automated retail kiosk, the cost of the product is the only consideration that the seller needs to take into account when calculating the retail price.
True
False
From the customer’s perspective, price is what must be given up in exchange for a good or service; from the seller’s perspective, price is the revenue that will be gained in the exchange of a good or service.
True
False
Price is defined as the cost of a good or service.
True
False
What process do businesses follow in order to direct and control all phases in the life of a good or service?
Idea positioning
Product managing
Concept testing
Growth marketing
The Fragrantly Yours Flower Shop determined that it sells between 35 and 50 dozen red roses each week. What measure is the flower shop using to analyze?
Average
Range
Median
Mode
Sweepstakes and contests are examples of communications channels often used in
sales promotions.
advertising campaigns.
publicity programs.
media commercials.
When a customer asks for a particular item, and the salesperson recommends a different item to satisfy the needs of that customer, the salesperson is engaging in
suggestion selling.
product knowledge.
product substitution.
buying signals.
Calculate the stock-turn rate for an item when the total number of units sold is 6,225, and the average number of items in stock is 1,245.
7
3
4
5
Heyman’s discount store planned to participate in a variety of promotional activities in order to meet its goal of increasing the store’s market share. Heyman’s promotional plan is a marketing
tactic.
strategy.
concept
objective.
Which of the following is an example of an unsafe condition?
Falling asleep on the job
Horseplay
Broken handrail on a stairway
Using machinery before reading instructions
Most businesses provide employee orientation as soon as new employees report for work because
orientation focuses on specific job tasks.
that is when employees are anxious to learn.
employees can learn everything in the beginning.
employees can’t work until they have been oriented.
What is a benefit to a business of having written records of financial transactions?
Information is accurate, accessible, and meaningful.
Accounting is simplified and less detailed.
Expenses are reduced, and income is increased.
Investments are increased, and profit is reinvested.
As Tom uses his credit card to make purchases in a responsible manner, he should remember that credit is a(n)
privilege.
loan.
asset.
tax.
Which of the following is a key component of the marketing mix?
All of the above
Price
Place
Product
What is the primary goal of market segmentation?
To expand into new markets
To reduce marketing costs
To increase product variety
To identify and target specific customer groups
Which of the following is NOT considered a promotional activity?
Product development
Advertising
Public relations
Sales promotions
