Question 1

In what area can a small business create an advantage over larger competitors?

Accepted Answer

A)  Value 
B)  Price 
C)  Response time 
D)  Marketing 
E)  Shipping costs 
A)  Value 
B)  Price 
C)  Response time 
D)  Marketing 
E)  Shipping costs

Question 2

Marketing consists primarily of advertising a product or service.

Accepted Answer

A) True 
 B)False

Question 3

What is created when the ownership of a product, including the setting of selling prices, terms of credit, and ownership documentation is transferred to a customer?

Accepted Answer

A)  Place utility 
B)  Time utility 
C)  Value utility 
D)  Possession utility 
E)  Form utility 
A)  Place utility 
B)  Time utility 
C)  Value utility 
D)  Possession utility 
E)  Form utility

Question 4

Which is usually the first step in the marketing strategy that allow marketers to focus efforts on a particular group of people or organizations?

Accepted Answer

A)  Distribution 
B)  Product differentiation 
C)  Target market selection 
D)  Pricing 
E)  Integration 
A)  Distribution 
B)  Product differentiation 
C)  Target market selection 
D)  Pricing 
E)  Integration

Question 5

What advantages do smaller companies have over larger competitors when it comes to the distribution aspect of the marketing mix?

Accepted Answer

A smaller company may be able

Question 6

Describe the elements of the marketing mix. What is their collective role?

Accepted Answer

The elements of the marketing mix includ

Question 7

What is the term that describes what happens after the sale to ensure consumers buy the product again?

Accepted Answer

A)  Postpurchase evaluation 
B)  Prepurchase evaluation 
C)  Rational motives 
D)  Emotional motives 
E)  Evoked set 
A)  Postpurchase evaluation 
B)  Prepurchase evaluation 
C)  Rational motives 
D)  Emotional motives 
E)  Evoked set

Question 8

What can marketers use to attempt to separate consumers based on identifying traits such as age or income?

Accepted Answer

A)  Demographic variables 
B)  Geographic segmentation 
C)  Product positioning 
D)  Integrated marketing 
E)  Demographic segmentation 
A)  Demographic variables 
B)  Geographic segmentation 
C)  Product positioning 
D)  Integrated marketing 
E)  Demographic segmentation

Question 9

Which of the following is the BEST example of a B2B market transaction?

Accepted Answer

A)  A college student buys dorm furniture from an on-campus store. 
B)  A group of teenage girls buy new clothes for the upcoming school year. 
C)  A high-school coach borrows sports equipment from a neighboring school. 
D)  A dentist provides free toothbrushes to patients. 
E)  A chain of ice cream parlors regularly purchases napkins from the same supplier. 
A)  A college student buys dorm furniture from an on-campus store. 
B)  A group of teenage girls buy new clothes for the upcoming school year. 
C)  A high-school coach borrows sports equipment from a neighboring school. 
D)  A dentist provides free toothbrushes to patients. 
E)  A chain of ice cream parlors regularly purchases napkins from the same supplier.

Question 10

The product mix includes consideration of product, pricing, place, and promotion.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is greatly influenced by nonobjective factors such as sociability, imitation and aesthetics?

Accepted Answer

A)  Emotional motives 
B)  Post-purchase evaluation 
C)  Rational motives 
D)  Evaluation of alternatives 
E)  Need recognition 
A)  Emotional motives 
B)  Post-purchase evaluation 
C)  Rational motives 
D)  Evaluation of alternatives 
E)  Need recognition

Question 12

What market segment is based on where the target market lives and how location affects their lifestyle?

Accepted Answer

A)  Demographic 
B)  Behavioral 
C)  Positional 
D)  Geographic 
E)  Psychographic 
A)  Demographic 
B)  Behavioral 
C)  Positional 
D)  Geographic 
E)  Psychographic

Question 13

What is the overall effect when a good or service is priced higher than competitors?

Accepted Answer

A)  There will be an implication of higher quality standards. 
B)  There will be greater demand for the product. 
C)  Sales will start slow, but increase over time. 
D)  There will be a larger market size, but smaller profit. 
E)  There will be a smaller market and smaller profit. 
A)  There will be an implication of higher quality standards. 
B)  There will be greater demand for the product. 
C)  Sales will start slow, but increase over time. 
D)  There will be a larger market size, but smaller profit. 
E)  There will be a smaller market and smaller profit.

Question 14

How do consumers develop opinions and beliefs about a set of products they will consider buying?

Accepted Answer

A)  Through evaluation of alternatives 
B)  Through emotional motives 
C)  Through need recognition 
D)  Through post-purchase evaluation 
E)  Through information seeking 
A)  Through evaluation of alternatives 
B)  Through emotional motives 
C)  Through need recognition 
D)  Through post-purchase evaluation 
E)  Through information seeking

Question 15

What do organizations use to build relationships among users?

Accepted Answer

A)  Institutional marketing 
B)  Web-driven revenue 
C)  Negotiations 
D)  Social networking media 
E)  Reseller relationships 
A)  Institutional marketing 
B)  Web-driven revenue 
C)  Negotiations 
D)  Social networking media 
E)  Reseller relationships

Question 16

When conducting market research, what type of data is used when existing data is unavailable or inadequate?

Accepted Answer

A)  Secondary 
B)  Demographical 
C)  Global 
D)  Psychographic 
E)  Primary 
A)  Secondary 
B)  Demographical 
C)  Global 
D)  Psychographic 
E)  Primary

In what area can a small business create an advantage over larger competitors?

Marketing consists primarily of advertising a product or service.

What is created when the ownership of a product, including the setting of selling prices, terms of credit, and ownership documentation is transferred to a customer?

Which is usually the first step in the marketing strategy that allow marketers to focus efforts on a particular group of people or organizations?

What advantages do smaller companies have over larger competitors when it comes to the distribution aspect of the marketing mix?

Describe the elements of the marketing mix. What is their collective role?

What is the term that describes what happens after the sale to ensure consumers buy the product again?

What can marketers use to attempt to separate consumers based on identifying traits such as age or income?

Which of the following is the BEST example of a B2B market transaction?

The product mix includes consideration of product, pricing, place, and promotion.

Which of the following is greatly influenced by nonobjective factors such as sociability, imitation and aesthetics?

What market segment is based on where the target market lives and how location affects their lifestyle?

What is the overall effect when a good or service is priced higher than competitors?

How do consumers develop opinions and beliefs about a set of products they will consider buying?

What do organizations use to build relationships among users?

When conducting market research, what type of data is used when existing data is unavailable or inadequate?

The U.S. Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Developing and Pricing Products

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters

Exam 11: Marketing Processes and Consumer Behavior

In what area can a small business create an advantage over larger competitors?

Marketing consists primarily of advertising a product or service.

What is created when the ownership of a product, including the setting of selling prices, terms of credit, and ownership documentation is transferred to a customer?

Which is usually the first step in the marketing strategy that allow marketers to focus efforts on a particular group of people or organizations?

What advantages do smaller companies have over larger competitors when it comes to the distribution aspect of the marketing mix?

Describe the elements of the marketing mix. What is their collective role?

What is the term that describes what happens after the sale to ensure consumers buy the product again?

What can marketers use to attempt to separate consumers based on identifying traits such as age or income?

Which of the following is the BEST example of a B2B market transaction?

The product mix includes consideration of product, pricing, place, and promotion.

Which of the following is greatly influenced by nonobjective factors such as sociability, imitation and aesthetics?

What market segment is based on where the target market lives and how location affects their lifestyle?

What is the overall effect when a good or service is priced higher than competitors?

How do consumers develop opinions and beliefs about a set of products they will consider buying?

What do organizations use to build relationships among users?

When conducting market research, what type of data is used when existing data is unavailable or inadequate?

The U.S. Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Developing and Pricing Products

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters