Question 1

A target market is a part of the total market toward which promotional efforts are concentrated.

Accepted Answer

A) True 
 B)False

Question 2

A uniform marketing strategy is beneficial for people of all age groups.

Accepted Answer

A) True 
 B)False

Question 3

What is the marketing concept?

Accepted Answer

The marketing concept helps a business f

Question 4

What is the role of packaging in influencing customers to buy a product?

Accepted Answer

Packaging, because it both protects and

Question 5

A unit pricing policy is most likely to be used by a _____.

Accepted Answer

A)  grocery store 
B)  producer 
C)  building contractor 
D)  service firm 
A)  grocery store 
B)  producer 
C)  building contractor 
D)  service firm

Question 6

What is a competitive edge?

Accepted Answer

A)  A particular characteristic that makes one firm more attractive to customers than other firms 
B)  A concept that two or more people, working together in a coordinated way, can accomplish more than the sum of their independent efforts 
C)  An organized effort to gather information about HYPERLINK "http://en.wikipedia.org/wiki/Markets" \o "Markets" markets or customers 
D)  An assessment of the strengths and weaknesses of current and potential HYPERLINK "http://en.wikipedia.org/wiki/Competition_%28economics%29" \o "Competition (economics)" competitors 
A)  A particular characteristic that makes one firm more attractive to customers than other firms 
B)  A concept that two or more people, working together in a coordinated way, can accomplish more than the sum of their independent efforts 
C)  An organized effort to gather information about HYPERLINK "http://en.wikipedia.org/wiki/Markets" \o "Markets" markets or customers 
D)  An assessment of the strengths and weaknesses of current and potential HYPERLINK "http://en.wikipedia.org/wiki/Competition_%28economics%29" \o "Competition (economics)" competitors

Question 7

A(n) _____ price is one set relatively high initially in order to obtain the "cream" of the target market before competitors enter.

Accepted Answer

A)  skimming 
B)  penetration 
C)  predatory 
D)  bait 
A)  skimming 
B)  penetration 
C)  predatory 
D)  bait

Question 8

In many small businesses, the competitive edge can be something as simple as courtesy, friendliness, and helpfulness.

Accepted Answer

A) True 
 B)False

Question 9

_____ involves prodding businesses to improve the quality of their products and to expand consumer knowledge.

Accepted Answer

A)  Consumerism 
B)  Commercialism 
C)  Diversification 
D)  Segmentation 
A)  Consumerism 
B)  Commercialism 
C)  Diversification 
D)  Segmentation

Question 10

Consumerism involves performing product tests.

Accepted Answer

A) True 
 B)False

Question 11

The marketing concept emphasizes that the survival of any business depends on providing service.

Accepted Answer

A) True 
 B)False

Question 12

When customers walk out of the store without buying anything, it may be an indication that the business is in trouble.

Accepted Answer

A) True 
 B)False

Question 13

Market segmentation refers to the:

Accepted Answer

A)  change in a brand's status due to its failure in the marketplace. 
B)  mix of the uncontrollable elements of a marketing plan. 
C)  simulation of the conditions under which a product is to be marketed. 
D)  process of identifying and evaluating various layers of a market. 
A)  change in a brand's status due to its failure in the marketplace. 
B)  mix of the uncontrollable elements of a marketing plan. 
C)  simulation of the conditions under which a product is to be marketed. 
D)  process of identifying and evaluating various layers of a market.

Question 14

Marketing research should be done only by professional firms in order to meet the needs of the business owner.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following best describes leader pricing?

Accepted Answer

A)  A strategy wherein certain products are chosen for their promotional value and priced low to entice customers into retail stores 
B)  A strategy of setting of high prices used, say, by fur retailers 
C)  A strategy aimed at obtaining the "cream" of the target market at a high price before dealing with other market segments 
D)  A strategy of offering the same products and quantities to different customers at different prices 
A)  A strategy wherein certain products are chosen for their promotional value and priced low to entice customers into retail stores 
B)  A strategy of setting of high prices used, say, by fur retailers 
C)  A strategy aimed at obtaining the "cream" of the target market at a high price before dealing with other market segments 
D)  A strategy of offering the same products and quantities to different customers at different prices

Question 16

A penetration price refers to:

Accepted Answer

A)  the high prices set by fur retailers. 
B)  a published price that remains the same for a long time. 
C)  a different price level set for different lines of merchandise. 
D)  a price set relatively low to secure market acceptance. 
A)  the high prices set by fur retailers. 
B)  a published price that remains the same for a long time. 
C)  a different price level set for different lines of merchandise. 
D)  a price set relatively low to secure market acceptance.

Question 17

A marketing mix consists of uncontrollable variables that the firm combines to satisfy the target market.

Accepted Answer

A) True 
 B)False

Question 18

Businesses in the U.S. may have to rehire retirees as consultants because the number of young adults is declining.

Accepted Answer

A) True 
 B)False

Question 19

_____ is the systematic gathering, recording, and analyzing of data about the merchandising of goods and services.

Accepted Answer

A)  Competitor analysis 
B)  Market research 
C)  Competitive intelligence 
D)  SWOT analysis 
A)  Competitor analysis 
B)  Market research 
C)  Competitive intelligence 
D)  SWOT analysis

Question 20

Market segmentation simulates the conditions under which a product is to be marketed.

Accepted Answer

A) True 
 B)False

A target market is a part of the total market toward which promotional efforts are concentrated.

A uniform marketing strategy is beneficial for people of all age groups.

What is the marketing concept?

What is the role of packaging in influencing customers to buy a product?

A unit pricing policy is most likely to be used by a _____.

What is a competitive edge?

A(n) _____ price is one set relatively high initially in order to obtain the "cream" of the target market before competitors enter.

In many small businesses, the competitive edge can be something as simple as courtesy, friendliness, and helpfulness.

_____ involves prodding businesses to improve the quality of their products and to expand consumer knowledge.

Consumerism involves performing product tests.

The marketing concept emphasizes that the survival of any business depends on providing service.

When customers walk out of the store without buying anything, it may be an indication that the business is in trouble.

Market segmentation refers to the:

Marketing research should be done only by professional firms in order to meet the needs of the business owner.

Which of the following best describes leader pricing?

A penetration price refers to:

A marketing mix consists of uncontrollable variables that the firm combines to satisfy the target market.

Businesses in the U.S. may have to rehire retirees as consultants because the number of young adults is declining.

_____ is the systematic gathering, recording, and analyzing of data about the merchandising of goods and services.

Market segmentation simulates the conditions under which a product is to be marketed.

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

A target market is a part of the total market toward which promotional efforts are concentrated.

A uniform marketing strategy is beneficial for people of all age groups.

What is the marketing concept?

What is the role of packaging in influencing customers to buy a product?

A unit pricing policy is most likely to be used by a _____.

What is a competitive edge?

A(n) _____ price is one set relatively high initially in order to obtain the "cream" of the target market before competitors enter.

In many small businesses, the competitive edge can be something as simple as courtesy, friendliness, and helpfulness.

_____ involves prodding businesses to improve the quality of their products and to expand consumer knowledge.

Consumerism involves performing product tests.

The marketing concept emphasizes that the survival of any business depends on providing service.

When customers walk out of the store without buying anything, it may be an indication that the business is in trouble.

Market segmentation refers to the:

Marketing research should be done only by professional firms in order to meet the needs of the business owner.

Which of the following best describes leader pricing?

A penetration price refers to:

A marketing mix consists of uncontrollable variables that the firm combines to satisfy the target market.

Businesses in the U.S. may have to rehire retirees as consultants because the number of young adults is declining.

_____ is the systematic gathering, recording, and analyzing of data about the merchandising of goods and services.

Market segmentation simulates the conditions under which a product is to be marketed.

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