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WorksheetsStrategic Marketing MidTerm Review
Total questions: 65
Worksheet time: 33mins
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. In an overall sense, where does marketing occur?
Wherever advertisements are
Wherever stores are
Wherever customers are
Wherever trucks are
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Which of the following cannot be marketed?
Goods and services
Celebrities
Ideas
All of the above can be marketed
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Which of the following is a possible external threat that a business might identify as a result of conducting a situational analysis during the marketing planning process?
Downturn in the economy
Change in pricing structure
Contract with a new supplier
Decrease in operating expense
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. When is it appropriate to conduct a SWOT analysis?
Twice a year
Anytime
Only when a problem occurs within the business
When management says to conduct one
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. A target market is
The group of customers a business seeks to attract who have specific, similar needs
The group of 5 to 10 people that a business markets to on a daily basis
All of the customers who shop at target
A customer who has an unfulfilled desire and is financially able and willing to fill that desire
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. The more ______ there is in the marketplace, the more ______ is required.
Similarity; segmentation
Diversity; mass marketing
Diversity; segmentation
None of the above
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Mass Marketing involves
Appealing to the entire market with a broad message
Only selling to stores that buy in bulk
Splitting the market into groups with similar interests
Studying marketing in a setting with a large group of people
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Emily is a 13-year-old, Caucasian, female student at her high school, and she might be in the market for girls gym clothes. What type of segmentation did the marketers use to come to that conclusion?
Psychographic segmentation
Behavioral segmentation
Demographic segmentation
Geographic segmentation
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Marketing research can be used by companies to do which of the following?
Determine customer attitudes and preferences
Determine market size and growth potential
Understand how the company is perceived by public
All of the above
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Which of the following displays the steps of marketing research in the correct order?
Define the problem, obtain data, analyze data, recommend solutions, apply results
Obtain data, define the problem, analyze data, recommend solutions, apply results
Define the problem, analyze data, obtain data, recommend solutions, apply results
Define the problem, analyze data, obtain data, apply results, recommend solutions
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Which of the following is essential to all marketing research?
Accuracy
Secondary data
Frequency
Primary Data
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. What is the main difference between quantitative and qualitative research?
Qualitative research involves the feelings, motivations, and opinions behind a consumer purchasing a product. Quantitative research is the data or numbers that define analytical data.
Qualitative is the numerical analysis behind your research. Quantitative is the environmental factors behind consumer purchases.
Both research types are the same just performed with different tools
Qualitative research should always come before quantitative research
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. The process of compiling, analyzing, and interpreting the results of primary and secondary data collections
Defining the problem
Obtaining data
Data analysis
Recommending solutions
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Market researchers would use the Likert rating scale when designing questions to measure consumer
Feelings and knowledge
Level of agreement
Specific beliefs
Level of intuitiveness
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. A primary advantage of using internal databases to store marketing information is the ability to
Prepare formal sales presentations for customers
Write sales letters, proposals, and promotional copy
Produce customized questionnaires to post online
Sort and classify different types of customer information very quickly
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Tara, a marketing researcher, watches customers as they shop for products and writes down her impressions of the customers’ behaviors. Tara is gathering ________ data by ________.
Secondary, relating
Primary, interviewing
Primary, observing
Secondary, surveying
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Juan is planning a new advertising campaign for his company, a mobile dog grooming service. Which of the following is data that would be useful for Juan’s marketing decision making?
Market share data for his company during the past year
Sales volume data for the dog grooming industry
Demographic data for local dog owners
Strengths and weaknesses of local veterinarian offices
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. A satisfactory price means:
that the consumer views the purchase as a value
A business makes a profit on the sale
Both a & b
None of the above
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Rack Room Shoes advertises that customers can purchase one pair of shoes and get the next pair for $5. The sale is very effective, and inventory is greatly diminished. This is an example of ____________.
Elasticity of Supply
Inelastic demand
Inelastic Supply
Elasticity of Demand
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. The point at which sales revenue equals the cost and expenses of making and distributing a product
Surplus
Shortage
Inelastic demand
Break-even point
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Sally can better understand the value of a product because she can easily calculate the price per ounce. This was made possible because the government requires ____________ on pricing labels.
Price advertising
Bait & switch
Unit Pricing
Price Fixing
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Costs that do not change such as rent are known as
Variable costs
Fixed costs
Total costs
None of the above
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. The difference between the cost of the product and the selling price.
Net cost
Net price
Gross margin
Variable cost
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. When the initial price for an item is set very low to encourage as many people as possible to buy it, what pricing strategy is being used?
Penetration pricing
Price lining
Flexible price policy
Psychological pricing
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Company XYZ produces video gaming products. They are currently offering a gaming console and three games of the customers choosing for the price of $499. This pricing strategy is known as
Price lining
Psychological pricing
Bundle pricing
Prestige pricing
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. What is the difference between mark up and margin?
Mark-up is about price, margin is about profit
Mark-up is based on customer’s perceptions; margin is based on producer’s perceptions
Mark-up is based on bought-in price, margin is based on selling price
Mark-up is a fixed percentage, margin is variable
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. If a pharmaceutical company sets an unnecessarily high price for a lifesaving drug, it is behaving in a(n) __________ manner.
Socially irresponsible
Economically justifiable
Conscientious
Charitable
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Which of the following is an example of the loss-leader pricing technique?
An appliance retailer advertises its Model X2Z refrigerator below cost to get customers into the store
An electronics wholesaler sets very low prices for all of its goods to drive a competitor out of business
Three well known producers agree to sell their baby formula for the same price
A local supermarket increases the prices of bread, milk, and eggs right after a hurricane hits the area
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. Product/service management is a marketing function that involves obtaining, developing, maintaining, and/or improving a product or service mix in response to
Government oversight
Competitors only
Market opportunities
Upper level management
Answer each multiple-choice question on your answer sheet. DO NOT write on the test. This ultimately determines if a good or service is an industrial good or a consumer good
The day of the month that the good is purchased
Who purchased the product and how it is used
How much the buyer is charged for the product
Was the good purchased with cash or credit
Great Value brand is only sold at Walmart. What category of brands does it fall into?
The manufacturer or national brand category
The industrial or professional brand category
The private or store brand category
The heterogeneous or homogeneous brand category
A product with a well-developed image uses the same brand name in different product categories. What type of strategy is this?
An industrial branding strategy
A mixed branding strategy
A co-branding strategy
A brand extension strategy
The Jolly Green Giant, the Keebler Elf, the Geico Gecko, and the Michelin Man are all examples of
Trademarks
Brand characters
Patents
Brand inventions
The stage of the product life cycle in which there are no competitors, the price of the product is high, but profits are low
Growth stage
Introduction stage
Maturity stage
Decline stage
Which of the following is a common function of packaging?
The package can aid in identifying and selling the product
Packaging can give directions for product use
Packaging can make the product more desirable for customers
All of the above choices are correct
The Lay’s Potato Chips “Do Us a Flavor Campaign” is a unique way of involving customers to add and vote on potato chip flavors for the company’s
Product mix
Product line
Product width
Product depth
Proctor and Gamble markets over 250 products that are organized into groups of similar products called
Product lines
The product mix
The product life cycle
Product categories
Any form of paid, non-personal mass communication that reaches an audience.
Directing
Advertising
Broadcasting
Targeting
Promotion of a product includes all of the following except:
Advertising a new product
Personal selling by using sales representatives
Offering coupons to encourage increased sales
Redesigning a product to give it more features and make it look more modern
Fastest growing advertising that allows for targeting customers and instant feedback.
Print Advertising
Outdoor Advertising
Internet/Digital Media Advertising
Broadcast Advertising
This form of media has a targeted audience, long life span, and a high pass along rate
Radio
Outdoor
Magazine
Direct mail
The AIDA model is based around the philosophy that to create a successful promotional method you must have the audience’s
Attitude, Interest, Desire, and Action
Attention, Interest, Desire, and Action
Attention, Ideas, Desire, and Action
Attention, Ideas, Desire, and Attitude
__________ attempts to get customers to seek out the product and can include methods like mass media promotions, word of mouth referrals, and advertised sales promotions.
Relational Marketing
Guerilla Marketing
Push Marketing
Pull Marketing
Effective promotion should
Inform
Persuade
Remind
All of the above
The number of homes or people exposed to an advertisement
Reach
Impression
Audience
Frequency
The ultimate goal of promotion is for
A consumer to see an advertisement
A consumer to purchase a company’s product or service
A consumer to tell others about a company’s product or service
To be cost effective for the company
The person who helps facilitate the sale and convince the potential buyer that the product/service is worth the exchange of their money
Salesperson
Consultant
Retail worker
Marketer
Which of the following examples represents a business to business (B2B) selling transaction?
A wearable fitness device company representative sets a sales meeting with a hospital manager who wishes to invest in devices for his/her staff
A retail salesperson helps a high school senior pick out her prom dress
A car salesman helps a mom pick out the perfect SUV for her family
An employee at the Apple store helps you pick out a new iPhone
Sitting at a restaurant for an extended period of time and having conversations with the waitstaff about menu items and their recommendations would be considered a __________ sales scenario.
Conversational marketing
Drip marketing
High touch
Low touch
Persuasive person-to-person communication with a potential customer to inform, persuade, or remind the customer about the organization’s products or services.
Advertising
Public relations
Sales promotion
Selling
When determining needs and questioning customers, it is important to ask __________ questions so the conversation can keep going
Open ended
Yes or no
Forced choice
Multiple choice
Which of the following is an example of a salesperson describing a product’s construction and materials?
"Many of my customers have owned and used this product for more than 10 years."
“To accommodate your décor, this product is available in a variety of finishes and colors.”
“Another feature about this item is that it can also be used in several ways.”
"Because the manufacturer uses high-grade materials to produce this item, its quality is superior to that of our competitors."
Kevin just got a job at a local retailer, and now he needs a car to get him to work after school. He isn’t looking for anything fancy, he just wants something reliable that will get him from Point A to Point B. Kevin’s car purchase is most likely a __________ buying motive.
Rational
Emotional
Patronage
Extravagant
All of Becky’s friends are getting nice purses for their birthdays. Becky bought a Kate Spade purse so she could fit in with her friends and carry a nice bag too. Becky’s purchase can best be described as a __________ buying motive.
Rational
Emotional
Patronage
Extravagant
What are three techniques used in determining a customer’s needs?
Motivation, listening, and observing
Observing, listening, and questioning
Listening, questioning, and presenting
Selecting, questioning, and observing
Which statement best describes how product distribution works?
Dividing production tasks within a company
Maximizing profit margins by selling products online
Moving products through a distribution channel so they get in front of potential customers
Finding wholesalers who will sell products at a lower cost
Distribution is successful when
Products are made available to customers in the right place at the right time in the right quantities
Products are made available to customers at the right time in large quantities
Products are made available to customers at the right time and place
Products are made available to customers
Distributing a brand of gum to gas stations across the United States where many people will see and purchase it is an example of:
Exclusive distribution
Intensive distribution
Selective distribution
Warehouse distribution
A loss of products due to theft, fraud, negligence, or error
Loss prevention
Employee neglect
Inventory shrinkage
Burglary
A __________ refers to the items or groups of related items in an inventory unit of control. Businesses can use this to track which items are selling and which are not selling, and it also helps show which items need to be reordered.
Stock keeping unit/SKU number
Barcode
Inventory number
Vendor number
Which resource is not classified as a land/natural resource?
Two thousand acres of forest
A hydroelectric dam
Crude oil reserves
The Mississippi River
In economics, something is scarce when
No one wants it
You can get it at no cost
Everyone has what they want
There is not enough for everyone to have all they want
The value of the alternative you give up when making a choice.
Productivity
Scarcity
Opportunity cost
Offshoring
All of the following describe the role of government in the private enterprise system except
To regulate trade and protect workers and consumers
To promote competition
To provide services to citizens
To interfere in transactions between consumers and businesses
Goods that are bought and used together are
Substitute goods
Complementary goods
Income goods
Replacement goods
