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Summary – Unit 5 Quiz: Final Exam
Question 1 (4 points)
The Product Matrix consists of:
Question 1 options:
|
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A) Computers, Morpheus, Neo, Alternate Worlds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B) Products, Promotions, Accessories, Consumers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| C) Competitors, Customers, Suppliers, Distributors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| D) Cash Cows, Stars, Dogs, Question Marks |
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Question 2 (4 points)
What are the key elements of a marketing plan?
Question 2 options:
| A) Executive Summary , Current Situation, Competitor Analysis, Advertising, Pricing, Use of the Product |
| B) Business Plan, Product Development, Product Usage, Repair of Product Defects, Re-Market of Improved Product |
| C) Executive Summary , Current Situation, SWOTT, Objectives, Pricing, Advertising, Selling, Evaluation |
| D) Executive Summary, Current Situation, SWOTT, Objectives, Marketing Strategy, Action Plans, Budgets, Controls |
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Question 3 (4 points)
What is the purpose of the marketing plan?
Question 3 options:
| A) It is a required part of a company’s mission |
| B) It serves to document how the organization’s strategic objectives will be achieved |
| C) It helps the salespeople sell products to consumers |
| D) It helps the advertising depart create a budget |
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Question 4 (4 points)
Marketing is defined as:
Question 4 options:
| A) The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return |
| B) None of the above |
| C) The process by which companies advertise products to consumers |
| D) The process by which customers give feedback to companies so they can develop new and improved products |
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Question 5 (4 points)
GATT stands for:
Question 5 options:
| A) Gaining Access To Threats |
| B) The General Agreement on Tariffs and Trade |
| C) Getting Attention of Target Transactions |
| D) Going After The Targets |
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Question 6 (4 points)
The two types of market research data are:
Question 6 options:
| A) Target marketing and Advertising |
| B) Competitor analysis and SWOTT Analysis |
| C) Primary Data and Secondary Data |
| D) Individual and Group |
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Question 7 (4 points)
Examples of Demographic Segments include:
Question 7 options:
| A) Age, Gender, Sex, Race, and Occupation |
| B) Industries, Demand, Organizations and Farmers |
| C) Teenagers, Elderly, Cartoon Characters, Pets |
| D) Names, Geography, Culture, and Competitors |
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Question 8 (4 points)
The following are all forms or promotion:
Question 8 options:
| A) Advertising, Competitor analysis, TV Ads, Price Setting |
| B) Advertising, Distribution, TV ads, Price setting |
| C) Advertising, Selling, Public Relations, Word of Mouth |
| D) Advertising, Selling, Distribution, Direct Mail |
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Question 9 (4 points)
The most important aspect of Marketing is to:
Question 9 options:
| A) Create an effective advertisement so your customers know your product |
| B) Set the right price for your product |
| C) Know your product, your target market, and your niche in the industry |
| D) Promote your product to all consumers to maximize your potential profits |
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Question 10 (4 points)
Survey results may be skewed because:
Question 10 options:
| A) The focus group may not be random |
| B) There may be a bias from the targeted respondents |
| C) People may not actually answer truthfully |
| D) All of the above |
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Question 11 (4 points)
Contribution Margin is
Question 11 options:
| A) The amount of worker’s hourly rate added into the product’s price |
| B) (Total Sales-Total Variable Costs) divided by Total Sales |
| C) Total Sales times gross margin minus variable cost |
| D) Total Sales divided by number of units sold |
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Question 12 (4 points)
The economic community is:
Question 12 options:
| A) A group of nations organized to work toward common goals in the regulation of international trade |
| B) All the consumers located in a local community |
| C) A function of money evaluation that is incorporated into the GDP |
| D) The consumers that spend money at a specific store |
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Question 13 (4 points)
Online marketing and purchasing benefits consumers by:
Question 13 options:
| A) Making it more convenient to shop |
| B) Allowing companies to promote other products to consumers |
| C) Allowing consumers to be entered into direct marketing databases |
| D) Giving companies a bigger target demographic |
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Question 14 (4 points)
A “Pull” strategy is:
Question 14 options:
| A) A strategy that uses the sales force and trade promotions to push the product down through the distribution channels |
| B) A strategy that calls for spending on advertising and promotion to induce end consumer to purchase products |
| C) Overstocking the store shelves so consumers have to purchase the product |
| D) Using salespeople to promote through “hard” selling techniques |
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Question 15 (4 points)
The stages of the product life cycle are:
Question 15 options:
| A) Promote, Purchase, Use, Repair/Replace, Evaluate |
| B) Product Development, Introduction, Growth, Maturity, Decline |
| C) Start, Grow, Use, Finish/Complete |
| D) Introduce, Advertise, Sell, Grow, Create new products |
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Question 16 (4 points)
An example of a Service type company is:
Question 16 options:
| A) All of the above |
| B) A cleaning company |
| C) A Starbucks drive thru |
| D) A financial advisor |
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Question 17 (4 points)
Which of the following are good resources for Marketers?
Question 17 options:
| A) Marketing: An Introduction by Armstrong & Kotler |
| B) The Marketing Plan Handbook by Marion Burk Wood |
| C) Marketing Plan Pro Software |
| D) All of the Above |
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Question 18 (4 points)
Cannibalization in marketing refers to:
Question 18 options:
| A) Taking “eating into” the competitor’s market share |
| B) Too many competitors products in the marketplace that drives down price levels |
| C) A company’s product taking sales from another product of the company |
| D) Eating other humans |
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Question 19 (4 points)
The levels of the distribution chain include:
Question 19 options:
| A) Manufacturer, Consumer, Delivery Personnel, Focus Groups |
| B) Entrepreneurs, Engineers (developers), Promoters, Distributors, Consumers |
| C) Focus Groups, Product Developers, Promoters, Consumers |
| D) Manufacturer, Wholesaler, Retailer, Consumer |
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Question 20 (4 points)
The three types of Distribution Strategies are:
Question 20 options:
| A) Intensive, Selective, Exclusive |
| B) Promoting, Selling, Public Relations |
| C) Trucking, Railing, Shipping |
| D) Manufacturers, Wholesalers, Retailers |
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Question 21 (4 points)
Mark up price equals:
Question 21 options:
| A) Unit cost divided by total costs |
| B) Unit cost divided by (1-desired return on sales) |
| C) Unit price times 2 |
| D) Unit cost plus variable cost plus fixed cost |
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Question 22 (4 points)
What is the Marketing Mix?
Question 22 options:
| A) Product, Profits, Presentation, Piloting |
| B) Product, Profits, Presentation, Price |
| C) Product, Promotion, Place, Price |
| D) Product, Profits, Place, Price |
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Question 23 (4 points)
Examples of a targeted market segment are:
Question 23 options:
| A) Students, Business Professionals, Medical Personal |
| B) Students, People at an industry convention, Entrepreneurs |
| C) All of the Above |
| D) None of the Above |
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Question 24 (4 points)
Price Elasticity is:
Question 24 options:
| A) How flexible a retailer is in negotiating a price |
| B) How flexible a consumer is in negotiating a price |
| C) None of the above |
| D) A measure of the sensitivity of demand to changes in price |
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Question 25 (4 points)
A “push” strategy is:
Question 25 options:
| A) A strategy that calls for spending on advertising and promotion to induce end consumer to purchase products |
| B) A strategy that uses the sales force and trade promotions to push the product down through the distribution channels |
| C) Using salespeople to promote through “hard” selling techniques |
| D) Overstocking the store shelves so consumers have to purchase the product |
