Question 1

Which of the following is true of the marketing concept?

Accepted Answer

A)  The survival of any business depends solely on making a profit. 
B)  Special consideration must be given to the needs, desires, and wishes of present and prospective customers. 
C)  Being consumer oriented often involves coercing consumers to buy a product, irrespective of its quality. 
D)  Use of the systems approach is not a part of the marketing concept. 
A)  The survival of any business depends solely on making a profit. 
B)  Special consideration must be given to the needs, desires, and wishes of present and prospective customers. 
C)  Being consumer oriented often involves coercing consumers to buy a product, irrespective of its quality. 
D)  Use of the systems approach is not a part of the marketing concept.

Question 2

Watching people is a useful marketing research technique.

Accepted Answer

A) True 
 B)False

Question 3

The sales of a product are rising rapidly and profits are peaking. This product is in the _____ stage of the product life cycle.

Accepted Answer

A)  introduction 
B)  growth 
C)  maturity 
D)  decline 
A)  introduction 
B)  growth 
C)  maturity 
D)  decline

Question 4

What are the three practical aspects of pricing that a small firm must consider?

Accepted Answer

There are three practical aspects of pri

Question 5

Web-based research is not effective in doing marketing research.

Accepted Answer

A) True 
 B)False

Question 6

Market research can be useful before starting a small firm, but it is not required once the firm is in operation.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is a strategy used by companies with a reputation for superior marketing?

Accepted Answer

A)  Uniform pricing for all products 
B)  Low customer engagement 
C)  Attention to packaging 
D)  Waging price wars with competitors 
A)  Uniform pricing for all products 
B)  Low customer engagement 
C)  Attention to packaging 
D)  Waging price wars with competitors

Question 8

Describe personal services and business services.

Accepted Answer

Personal services include activities suc

Question 9

How do small wholesalers and small producers set prices for their products?

Accepted Answer

Wholesalers' prices are usually based on

Question 10

Employees are not a good source of information about customer preferences as they are usually trying to sell the product.

Accepted Answer

A) True 
 B)False

Question 11

The four variables of a marketing mix are-customer, company, competition, and constraints.

Accepted Answer

A) True 
 B)False

Question 12

The marketing concept states that a firm should put consumer needs first, even if it means foregoing profits.

Accepted Answer

A) True 
 B)False

Question 13

A(n) _____ is given to customers for accepting less of something or as an adjustment for variation in quality.

Accepted Answer

A)  discount 
B)  rebate 
C)  allowance 
D)  subsidy 
A)  discount 
B)  rebate 
C)  allowance 
D)  subsidy

Question 14

Deceptive advertising is an essential component of consumerism.

Accepted Answer

A) True 
 B)False

Question 15

Competition becomes more aggressive during the decline stage of a product's life cycle, with
declining prices and profits.

Accepted Answer

A) True 
 B)False

Question 16

Promotion efforts may be cut and plans may be made to phase out the product during the _____ stage of the product life cycle.

Accepted Answer

A)  introduction 
B)  growth 
C)  maturity 
D)  decline 
A)  introduction 
B)  growth 
C)  maturity 
D)  decline

Question 17

Describe the growth stage during implementation of a market strategy by a small firm.

Accepted Answer

Once a small firm begins to grow, it can

Question 18

_____ involves adding products that are unrelated to the present product line.

Accepted Answer

A)  Penetration 
B)  Acquisition 
C)  Specialization 
D)  Diversification 
A)  Penetration 
B)  Acquisition 
C)  Specialization 
D)  Diversification

Question 19

Which of the following is true about database marketing?

Accepted Answer

A)  It does not require someone with the technology know-how to keep the system up and running because it is fairly easy to use. 
B)  It is a quick and efficient process for acquiring customers that involves obtaining meaningful consumer information and making marketing decisions. 
C)  It is the act of simulating the conditions under which a product is to be marketed. 
D)  It refers to the act of promoting the sale of a product at the point of purchase. 
A)  It does not require someone with the technology know-how to keep the system up and running because it is fairly easy to use. 
B)  It is a quick and efficient process for acquiring customers that involves obtaining meaningful consumer information and making marketing decisions. 
C)  It is the act of simulating the conditions under which a product is to be marketed. 
D)  It refers to the act of promoting the sale of a product at the point of purchase.

Question 20

Small businesses should usually leave primary market research to experts.

Accepted Answer

A) True 
 B)False

Which of the following is true of the marketing concept?

Watching people is a useful marketing research technique.

The sales of a product are rising rapidly and profits are peaking. This product is in the _____ stage of the product life cycle.

What are the three practical aspects of pricing that a small firm must consider?

Web-based research is not effective in doing marketing research.

Market research can be useful before starting a small firm, but it is not required once the firm is in operation.

Which of the following is a strategy used by companies with a reputation for superior marketing?

Describe personal services and business services.

How do small wholesalers and small producers set prices for their products?

Employees are not a good source of information about customer preferences as they are usually trying to sell the product.

The four variables of a marketing mix are-customer, company, competition, and constraints.

The marketing concept states that a firm should put consumer needs first, even if it means foregoing profits.

A(n) _____ is given to customers for accepting less of something or as an adjustment for variation in quality.

Deceptive advertising is an essential component of consumerism.

Competition becomes more aggressive during the decline stage of a product's life cycle, with declining prices and profits.

Promotion efforts may be cut and plans may be made to phase out the product during the _____ stage of the product life cycle.

Describe the growth stage during implementation of a market strategy by a small firm.

_____ involves adding products that are unrelated to the present product line.

Which of the following is true about database marketing?

Small businesses should usually leave primary market research to experts.

Starting Your Small Business

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

Planning, Organizing, and Managing a Small Business

How to Obtain the Right Financing for Your Business

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters

Exam 8: Developing Marketing Strategies

Which of the following is true of the marketing concept?

Watching people is a useful marketing research technique.

The sales of a product are rising rapidly and profits are peaking. This product is in the _____ stage of the product life cycle.

What are the three practical aspects of pricing that a small firm must consider?

Web-based research is not effective in doing marketing research.

Market research can be useful before starting a small firm, but it is not required once the firm is in operation.

Which of the following is a strategy used by companies with a reputation for superior marketing?

Describe personal services and business services.

How do small wholesalers and small producers set prices for their products?

Employees are not a good source of information about customer preferences as they are usually trying to sell the product.

The four variables of a marketing mix are-customer, company, competition, and constraints.

The marketing concept states that a firm should put consumer needs first, even if it means foregoing profits.

A(n) _____ is given to customers for accepting less of something or as an adjustment for variation in quality.

Deceptive advertising is an essential component of consumerism.

Competition becomes more aggressive during the decline stage of a product's life cycle, with declining prices and profits.

Promotion efforts may be cut and plans may be made to phase out the product during the _____ stage of the product life cycle.

Describe the growth stage during implementation of a market strategy by a small firm.

_____ involves adding products that are unrelated to the present product line.

Which of the following is true about database marketing?

Small businesses should usually leave primary market research to experts.

Starting Your Small Business

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

Planning, Organizing, and Managing a Small Business

How to Obtain the Right Financing for Your Business

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters