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2002 Marketing True and False. Mark your answer on the scantron form by selecting “A” if the answer is True or “B” if the answer is False. 1. Decisions to change one of the four marketing-mix a. True b. False elements seldom affect any of the other elements. 2. The fundamentals of marketing do not apply to a. True b. False international marketing in the same way they apply to domestic marketing. 3. Branding is useful for differentiating commodities. b. False a. True 4. A manufacturer of pocket-sized horoscope computers that a. True b. False charges a different price to a retailer in Montana than it charges a retailer in Kentucky is using uniform delivered pricing. 5. The Robinson-Patman Act prohibits all forms of price a. True b. False discrimination. 6. When D'Lynn used a toll-free phone number and a. True b. False purchased home exercise equipment she saw advertised on television, it was an example of direct selling. 7. The newspaper announcement that Shaw Industries will a. True b. False donate $10,000 to help a family injured in a head-on accident with a drunk driver is an example of positive public relations. 8. A good way to make numerical facts in a complex written a. True b. False report easy for readers to grasp is to present the facts in an illustrated format. 9. Businesses often prefer to take inventory at the time of b. False a. True year when stock is at its lowest point. 10. Most of the products sold at neighborhood stores are a. True b. False considered to be convenience goods, which means that they are sold at certain times of the year. 11. As prices decrease, consumer demand always stays the a. True b. False same. 12. One way a business can try to increase its market share is b. False a. True by promoting its quality service. 13. To compute net profit, operating expenses are subtracted b. False a. True from gross profits. 14. Brand or trade names are used primarily to identify a a. True b. False retailer. 15. A print medium that is low in cost, has a short lead time, a. True b. False and usually covers an entire metropolitan area are magazines. Multiple Choice. Mark your answer by selecting the appropriate letter on your scantron form. Page 1 2002 Marketing 16. A home cleaning service that wished to extend the breadth of its marketing concept should a. consider the needs of the next as well as the present generation of home owners. b. clean homes at a reasonable price and assume home owners will discover its existence through word-of-mouth advertising. c. re-emphasize its commitment to ethical behavior. 17. For an American firm engaged in international marketing, a joint venture a. is a type of leasing arrangement. b. is a type of licensing. c. is a reciprocal arrangement with a foreign supplier. 18. A company is most likely to use a market aggregation strategy when a. market potential is declining. b. the company is operating in a highly competitive market. c. the product is highly differentiated. 19. In the strategy of _____, two or more different groups of potential customers are identified and a separate marketing mix is developed to reach each segment. 20. Which one of the following businesses would be most likely to use a past sales analysis to forecast sales? a. undifferentiated marketing c mass marketing 21. For which of the following situations is the observation method of gathering research data best suited? a. Estimating the number of people who will attend a Bruce Springsteen concert 22. Which of the following is the best example of a convenience good? 23. In a company like General Mills where many different brands and types of products are marketed, the executive responsible for planning a complete marketing program for one brand or a small group of similar products is called a _____ manager. 24. The subdivision of consumer goods into various categories is based on a. Leather driving gloves a. venture b. multiplesegment target marketing b. An art gallery that specializes in finding and selling the work of new artists b. Determining how many packets of ketchup the average person uses on a regular order of fries b. Microsoft works software b. brand b. types of products. a. A publisher of a new ecologyoriented magazine for children a. price. d. recognize that its market includes not only home owners but also environmentalists who want to protect the earth from harsh chemicals. d. is a partnership arrangement between the american firm and a foreign company. d. the company wants to reduce production and marketing expenses. d. market aggregation Page 2 e. create more form utility. e. requires the standardization of the marketing program. e. the firm is very customer oriented. e. market differentiation c. A mobile home dealer in an economically depressed area d. A hospital pharmacy in an efficiently operated hospital e. A tourist hotel in Cairo, Egypt, that features cruises down the Nile River c. Finding out what radio stations people listen to when they are stuck in a traffic jam d. Determining how many people accessed a company through its web site e. Estimating the number of people who borrow books from a library c. A pair of tennis shoes c. commercializing d. A bic pen d. field e. A tombstone pizza e. marketing c. how the goods were manufactured. d. consumer buying behavior. e. how the goods will be distributed. 2002 Marketing 25. The set of all products offered for sale by a company is called its 26. Under market conditions of perfect competition, 27. A(n) _____ is that quantity of output at which total revenue equals total costs, assuming a certain selling price. 28. _____ are reductions from the list price offered to buyers in payment for marketing functions they will perform. 29. Which of the following statements about telemarketing is true? b. product mix. c. marketing mix. d. product line. a. buyers are ignorant. b. product differentiation is used excessively. b. Break-even point c. the seller controls the selling price. c. Expected output d. there are no directly competing products. d. Average revenue a. Markdowns b. Cash discounts c. Trade discounts a. There are no state or federal regulations governing telemarketing operations. a. All ads do not have the same objective. b. Telemarketers never use cold canvassing. c. Turnover for telemarketers is extremely high. d. Oligopolistic discounts d. Telemarketers are best suited to sell tangible products like clothing. e. Quantity discounts e. The popularity of telemarketing has declined dramatically during the past decade. c. It is not possible to determine who is exposed to a particular ad. d. All of the elements of the marketing mix are intertwined. e. It is hard to determine when an ad influences consumers. c. Internet d. Newspaper e. Radio c. Newspapers require ads to be submitted several weeks before they are run. c. Concern about water and air pollution has increased. c. marketing mix d. Cost per person reached with a newspaper is relatively high. e. Newspapers accept only four different sizes of commercial advertising. e. People are more willing to pay for convenience. a. Equilibrium price 31. Which advertising medium is particularly popular with companies selling products that involve extensive decision-making? 32. Given the different types of advertising media, why would the operator of a car-towing service determine that newspapers were an inappropriate advertising medium? a. Yellow pages b. Human motivation is too complicated to be explained by a single factor. b. Billboards a. Newspapers are not geographically selective. b. The life of a newspaper is relatively short. 33. Which of the following statements describes a demographic factor that is likely to affect the marketing of homes in retirement communities? a. Congress amended the consumer credit protection act. a. commercial information environment a. buyers b. Interest rates for homebuyers are below 10 percent. 30. Which of the following does NOT explain why it is difficult to measure the sales impact of an advertisement? 34. The _____ is composed of family, friends, and acquaintances who directly or indirectly provide information about products. 35. Which of the following audiences do exhibitors at trade shows want to reach? 36. Which of the following is a permanent type of employee publication that outlines company rules, procedures, and benefits? Page 3 e. strategic position. e. none of the above is true. a. product breadth. a. report e. Marginal revenue b. vendors d. More than onequarter of the u.s. population is at least 50 years old. e. culture d. social information environment c. sellers d. suppliers b. bulletin c. manual b. promotional mix d. newsletter 2002 Marketing 37. Mike has been with the XYZ Company for five years. Sarah has been with them for one year. Assuming Mike and Sarah are assigned to sales territories with similar potentials, their sales quotas should a. not be the same, as quotas should be based on individual performance. b. be the same, as quotas should be based on the size of the territory. c. be the same, as sales quotas should be based on the number of potential customers. 38. Which of the following is NOT product information that could be obtained from a manufacturer’s representative? 39. On which of the following products would you expect to find safety information? 40. The __________ method of prospecting involves asking the dominant member of a group to use or to endorse your products. 41. _______________ is/are often a benefit to businesses of following up with customers. 42. Whether you are selling a good or a service, it ___________ to involve the customer actively in the sales presentation because . a. Credit terms b. Technical data c. Service information Page 4 d. not be the same, as quotas should be appropriate to the territory and the salesperson. d. Operating instructions a. paper b. clothing c. spray paint d. books and magazines a. referral b. endless chain c. bird dogs d. center of influence a. Increased profits b. Increased satisfaction c. Increased trust d. Increased knowledge a. is important; customer involvement increases the chances of closing the sale b. is not important; it is not possible to involve the customer when selling a service c. is not important; it is not necessary to involve the customer as long as all facts are presented 43. Sales managers who can easily sell customers additional items they had not originally planned to buy are using selling. 44. Which of the following is a guideline to follow in closing sales? 45. The salesperson should pause before answering a customer’s objections in order to 46. If a business does NOT carry the specific product requested by a customer, the salesperson should explain the situation and 47. When conducting a probing process, the most appropriate type of question to ask is a(n) question. 48. Performing occasional favors for customers is a way that might help a sales representative to 49. Sales representatives should determine what buying decisions customers need to make by the customers’ comments. 50. Customers are NOT aware of their buying behaviors. a. high pressure b. inappropriate c. substitute d. is important; the salesperson cannot translate features into benefits without customer involvement d. suggestion a. Use negative closes c. Try to oversell d. Always be closing a. show empathy for the customer. a. suggest an alternative item based on the salesperson’s preferences. a. personal b. Leave the customer undecided b. get the customer’s full attention. b. tell the customer where he/she could find the product. b. sensitive c. delay dealing with the objection. . c. tell the customer that the product is not very good. c. open-ended d. let the customer see that he/she is upset d. recommend an alternative, but equivalent item. d. closed-ended a. build a customer base. b. guarantee satisfaction. c. pay attention. d. handle a problem. a. ignoring b. recording c. talking over d. listening to a. This statement is true; customers do not know the real reasons they purchase. b. This statement is true; sales representatives are responsible for determining their buying motives. c. This statement is false; customers may be aware or unaware of their buying motives. d. This statement is false; buying motives change too quickly for customers to know them. 2002 Marketing 51. A business that lowers its prices in order to compete with other similar businesses is being influenced by factors. 52. When the federal government deregulates certain industries, causing changes in levels of competition, this is an example of risk. 53. A disadvantage to businesses of buying goods for resale from foreign manufacturers is that Page 5 a. external b. customer c. social d. internal a. natural b. marketing c. human d. economic a. labor cost may be less. b. unique items can be purchased. c. deliveries have a long lead time. 54. A seasonal discount entitles a business to a 15 percent reduction in the price of Christmas decorations. What would be the final cost to the business for an order of Christmas items priced at $1,200? 55. When selecting appropriate products for a discount business, the primary consideration for the buyer should be 56. Which of the following is often one of the first steps in the buying process? 57. Obtaining goods that will satisfy the needs and wants of the firm’s customers is a function of 58. What might be the result if a business allocates most of its advertising budget to promoting a few major sales events? a. $995 b. $1,020 c. $1,047 d. some foreign goods are status symbols. d. $1,195 a. price. b. service. c. vendor. d. distribution. a. Select vendors b. Prepare purchase order c. Evaluate goods a. selling. b. purchasing. c. marketing. d. Identify customer needs d. advertising. a. Most sales will occur during that time. c. Competitors will increase their advertising. 59. A manufacturer mails free cereal samples to consumers and provides businesses with colorful materials for instore displays of the product. This is an example of which of the following? 60. How can a company’s past advertisements contribute to promotional planning? 61. What factor is influencing a business’ decision to promote candy and flowers in the month of February? 62. The best form of promotional media for a business to use to advertise a daily special sale would be advertisements. 63. An understanding of the characteristics of good publicity can help a business to a. Use of cooperative advertising b. Not enough funds for weekly advertising will be available. b. Coordination of promotional activities c. Use of institutional advertising d. The business will not likely qualify for cooperative funds. d. Selection of channels of distribution a. Type of display b. In preparing future ads b. Reasonable price c. In predicting sales increases c. Exceptional value d. In maintaining the advertising budget d. Season of the year a. newspaper b. television c. magazine d. directory a. use publicity most effectively. b. eliminate the costs of publicity. c. make publicity believable to the public. 64. Why is it important for a business to coordinate its promotional and selling activities? 65. A business known for expensive, high quality products has obtained some lower quality items. Management wants to advertise the products in the newspaper without damaging the business image. The copy in the ad should a. To motivate salespeople a. focus on the business’ image. b. To help control expenses b. be directed to an appropriate market. c. To increase sales d. control the way in which publicity is presented. d. To decrease consumer demand d. say that the products are of a lower quality. a. In eliminating risk c. describe the products as high quality. 2002 Marketing 66. The main purpose of pretesting a promotional campaign is to help the advertiser to 67. Local businesses are often able to obtain promotional help from national manufacturers in the form of funds. 68. Which of the following is an example of publicity? Page 6 a. increase company sales. a. trade credit a. Direct mail b. select products to advertise. b. cooperative advertising c. choose a target market. c. Billboard c. Wide variety, Deep assortment d. Company TV commercial d. Wide variety, Shallow assortment c. operating d. eliminate any weaknesses. d. development 69. The business manager decided to carry only two types of products but to offer a large selection of each. This is an example of what type of product mix? 70. Which of the following is a way by which product lines can be set up? 71. A business’ physical building is an important factor that affects its public 72. A company that was going out of business marked down its entire stock by 50 percent. If the value of the stock was $345,000 and it was all sold at the markdown price, how much income did the business receive from the sale? 73. An item that cost $46.40 sells for $58.00. What is the markup percentage based on the selling price? 74. Which of the following is a circumstance that must exist in order for the seller to be charged with price discrimination under the Robinson-Patman Act? a. Narrow variety, Deep assortment b. Company news release b. Narrow variety, Shallow assortment a. Width b. Depth c. Trading-up d. Customer group a. service. b. performance. c. image. d. contributions. a. $172,500 b. $173,000 c. $177,000 d. $182,000 a. 2 percent b. 20 percent c. 25 percent d. 80 percent a. The business is engaged in marketing services. b. The business is engaged in interstate commerce. 75. Unit pricing is a pricing technique frequently used by 76. Many businesses order products well in advance of the season in which they will sell them. This is an example of how marketing affects _______ utility. 77. Which of the following is a source of cash that flows into a business? 78. Which of the following is an example of a company objective that might be developed by top management? 79. Which of the following accounts should NOT be included in a sales expense budget? 80. Why does a business set up budgets that estimate its income and operating expenses? 81. A South American marketer of bananas wants to sell large quantities of bananas in the United States. The channel of distribution this business would be most likely to use would be producer to 82. Which of the following is an example of market segmentation by life stage? a. barber shops. a. time b. medical offices. b. possession c. The business charges different customers the same price for the same product. c. boutiques. c. form d. The business spaces out its price discrimination over a long period of time. d. supermarkets. d. place a. Accounts payable b. Salaries c. Taxes d. Interest a. Weekly sales meetings b. Improving the collection process b. Travel expenses c. Maintaining the billing cycle c. Selling aids d. Maintaining or increasing market share d. Sales commissions b. To help control spending b. wholesaler to consumer. c. To increase production d. To enable the business to offer credit d. wholesaler to retailer to consumer. b. College-educated people c. Middle-aged individuals a. Sales forecast a. To increase sales a. consumer. a. Single adults c. agent to consumer. d. Persons with a high income 2002 Marketing 83. How does the marketing function of selling benefit society? a. Selling determines to whom to sell 84. One advantage of a sole proprietorship is that it a. must pay high taxes. 85. Which of the following statements is true about strategic planning? 86. The extent of the activities that are required to run a business depends upon the 87. An example of an operating expense that might be part of a business’ profit-and-loss statement is 88. Which of the following is the net sales figure for a business that had yearly gross sales of $3,415,750 and gave customers discounts totaling $652,325? 89. If a business’ sales forecast is too low, the result may be that the business 90. A business has experienced steady growth in sales of 5 percent each year over the last five years. If sales for the current year are $500,000, what dollar amount of increase in its sales potential could the business realistically expect over the next two years? 91. A business predicting the market demand for pre-school toys would most likely estimate the number of 92. Sales for a new company were $2 million the first year and $2.75 million the second year. The first year’s net income was 2.5 percent of sales, and the second year’s net income was 2.2 percent. What does this percentage indicate? 93. Customers who have questions or complaints that are more complicated than the sales staff can handle usually are referred to 94. A time-management technique that can lead to closure on a major project is 95. The market’s way of rationing limited resources, goods, and services to consumers in a market economy is through 96. The role of the U.S. Customs Service in foreign trade is to 97. Which of the following is characteristic of a business cycle in which there is a short money supply? 98. A reason our gross domestic product continues to grow is because c. Selling aids with employment a. It involves planning of the next three to five years. a. business’ location. b. Selling creates a relationship with customers b. has limited liability for debts. b. It involves short-term planning for the next six months. b. business’ profitability. c. can obtain unlimited capital. c. It is a supervisory technique for improving employee performance. c. size of the business. Page 7 d. Selling affects demand for a good or service d. is easy to start and to control. d. It is used primarily by departments that do not meet company goals. d. state of the economy. a. sales revenue. b. cost of goods. c. payroll. d. inventory. a. $2,451,570 b. $2,635,250 c. $2,763,425 d. $2,826,345 a. will purchase too much stock. a. $50,000 b. will need to lower its prices. b. $51,250 c. may be short of working capital. c. $52,500 d. may budget too much for promotion. d. $55,000 a. current day care centers. a. Actual net income from sales is decreasing. b. children in that age group. b. Sales were less profitable the second year. c. stores selling those items. c. Profit per sale increased during the second year. d. parents with disposable income. d. The percent of net income will increase in the third year. a. the rack jobber. b. the firm’s president. c. managers. d. co-workers. a. setting a time limit for the project. a. prices. b. breaking large tasks into smaller ones. b. profits. c. organizing the work area. c. incentives. d. stopping periodically to review progress. d. laws. a. control imports. b. regulate exports. c. provide information about foreign markets. a. High unemployment b. Low interest rates c. Low tax levels a. profit margins continue to increase. b. more people are joining the labor force. c. production costs have been reduced. d. ensure a balance between imports and exports. d. High levels of borrowing d. the population has become more mobile. 2002 Marketing 99. A manager who is free to plan and to create the company’s advertisements, displays, and other types of promotions has in the job. 100. Which of the following is a way in which competition benefits consumers? a. low depth & low scope b. high depth & low scope c. low depth & high scope Page 8 d. high depth & high scope a. Higher prices b. Fewer customer services c. Better quality goods/services d. Fewer businesses to choose from