Question 1

Organizations usually use only one method for forecasting sales.

Accepted Answer

A) True 
 B)False

Question 2

All of the following are parts of strategic market planning except

Accepted Answer

A)  selecting a target market. 
B)  assessing the marketing environment. 
C)  formulating detailed marketing objectives. 
D)  developing a new package. 
E)  monitoring and evaluating the marketing program. 
A)  selecting a target market. 
B)  assessing the marketing environment. 
C)  formulating detailed marketing objectives. 
D)  developing a new package. 
E)  monitoring and evaluating the marketing program.

Question 3

Would personal income, disposable income, or discretionary income be of the greatest interest to marketers? Explain your answer.

Accepted Answer

Discretionary income would be of the gre

Question 4

A market is a group of individuals and/or organizations that have needs for products in a given category and have the ability, willingness, and ____ to purchase such products.

Accepted Answer

A)  utility 
B)  credit 
C)  desire 
D)  money 
E)  authority 
A)  utility 
B)  credit 
C)  desire 
D)  money 
E)  authority

Question 5

Dell Computers purchases most of its parts from several suppliers and then assembles products based on customer specifications. The company's hard drive supplier's contract will expire soon and Dell intends to shop around for a new supplier. The purchasing process could involve all of the following except

Accepted Answer

A)  market research. 
B)  description. 
C)  sampling. 
D)  negotiation. 
E)  inspection. 
A)  market research. 
B)  description. 
C)  sampling. 
D)  negotiation. 
E)  inspection.

Question 6

The utility created by converting production inputs into finished products is called ____ utility.

Accepted Answer

A)  form 
B)  time 
C)  production 
D)  place 
E)  possession 
A)  form 
B)  time 
C)  production 
D)  place 
E)  possession

Question 7

A consumer usually will go through all of the steps of the consumer buying decision process for every purchase.

Accepted Answer

A) True 
 B)False

Question 8

Southside Distributors in Los Angeles distributes beverages for a major corporation in Kansas City. It is specifically a part of a(n) ____ market.

Accepted Answer

A)  reseller 
B)  governmental 
C)  institutional 
D)  consumer 
E)  organizational 
A)  reseller 
B)  governmental 
C)  institutional 
D)  consumer 
E)  organizational

Question 9

In the 1920s, producers had to shift to a new sales orientation, which was characterized by all of the following except

Accepted Answer

A)  taking orders and delivering goods. 
B)  increasing advertising. 
C)  determining what goods consumers wanted. 
D)  enlarging the sales force. 
E)  using occasional high-pressure selling techniques. 
A)  taking orders and delivering goods. 
B)  increasing advertising. 
C)  determining what goods consumers wanted. 
D)  enlarging the sales force. 
E)  using occasional high-pressure selling techniques.

Question 10

Kari and Carole recently opened a local candy store. They considered the entire market of candy eaters as their market. Which targeting strategy did they use in choosing a target market for their store?

Accepted Answer

A)  Market segmentation 
B)  Undifferentiated approach 
C)  Differentiated 
D)  Concentrated 
E)  The marketing-mix approach 
A)  Market segmentation 
B)  Undifferentiated approach 
C)  Differentiated 
D)  Concentrated 
E)  The marketing-mix approach

Question 11

Levi Strauss is unsure of what sales forecasting method to use in determining future demand for its 501 blue jeans. When choosing the specific forecasting method, Levi Strauss should consider all of the following except

Accepted Answer

A)  the costs involved. 
B)  capital investment projects. 
C)  time span of the forecast. 
D)  market characteristics. 
E)  experience of forecasters. 
A)  the costs involved. 
B)  capital investment projects. 
C)  time span of the forecast. 
D)  market characteristics. 
E)  experience of forecasters.

Question 12

Sears buys finished products and sells them for a profit to its customers. Sears is a part of which type of market?

Accepted Answer

A)  Consumer 
B)  Producer 
C)  Governmental 
D)  Institutional 
E)  Reseller 
A)  Consumer 
B)  Producer 
C)  Governmental 
D)  Institutional 
E)  Reseller

Question 13

Marketing research, like a marketing information system, involves a continuous process.

Accepted Answer

A) True 
 B)False

Question 14

Rufus opened a fast-food restaurant on the corner of First and Main Streets in a small town. He named the restaurant The Hamburger Place. He offered one type of hamburger (a juicy homemade hamburger), for which he designed a marketing mix for the entire hamburger-eater market in town. What approach did he use in choosing a target market?

Accepted Answer

A)  Market segmentation 
B)  Target market 
C)  Differentiated 
D)  Undifferentiated 
E)  Marketing-mix 
A)  Market segmentation 
B)  Target market 
C)  Differentiated 
D)  Undifferentiated 
E)  Marketing-mix

Question 15

Hershey Chocolate Company is making an estimate of the amount of candy it expects to sell during the Christmas season based on a specified level of marketing effort. The method Hershey uses for forecasting sales includes all of the following except

Accepted Answer

A)  executive judgments. 
B)  surveys of buyers or sales personnel. 
C)  time-series analysis. 
D)  correlation analysis. 
E)  financial ratios. 
A)  executive judgments. 
B)  surveys of buyers or sales personnel. 
C)  time-series analysis. 
D)  correlation analysis. 
E)  financial ratios.

Question 16

Is the business buyer or the individual consumer more likely to know more about the product being purchased? Support your answer.

Accepted Answer

The business buyer is more likely to kno

Question 17

A marketing plan is a written document that specifies an organization's resources, objectives, and strategy.

Accepted Answer

A) True 
 B)False

Question 18

The utility created by transferring ownership of a product to a buyer is called ____ utility.

Accepted Answer

A)  form 
B)  place 
C)  time 
D)  possession 
E)  ownership 
A)  form 
B)  place 
C)  time 
D)  possession 
E)  ownership

Question 19

The elements of the marketing mix are

Accepted Answer

A)  product, price, merchandising, and promotion. 
B)  markets, goods, pricing, and transportation. 
C)  product, buyers, sellers, and price. 
D)  product, price, distribution, and promotion. 
E)  product, markets, buyers, and sellers. 
A)  product, price, merchandising, and promotion. 
B)  markets, goods, pricing, and transportation. 
C)  product, buyers, sellers, and price. 
D)  product, price, distribution, and promotion. 
E)  product, markets, buyers, and sellers.

Question 20

Which of the following is the most likely basis on which a market for boats can be segmented?

Accepted Answer

A)  The end use of the product 
B)  The size of the product 
C)  The product's proximity to a retail outlet 
D)  Religion 
E)  The color of the product 
A)  The end use of the product 
B)  The size of the product 
C)  The product's proximity to a retail outlet 
D)  Religion 
E)  The color of the product

Exam 12: Building Customer Relationships Through Effective Marketing

Organizations usually use only one method for forecasting sales.

All of the following are parts of strategic market planning except

Would personal income, disposable income, or discretionary income be of the greatest interest to marketers? Explain your answer.

A market is a group of individuals and/or organizations that have needs for products in a given category and have the ability, willingness, and ____ to purchase such products.

The utility created by converting production inputs into finished products is called ____ utility.

A consumer usually will go through all of the steps of the consumer buying decision process for every purchase.

Southside Distributors in Los Angeles distributes beverages for a major corporation in Kansas City. It is specifically a part of a(n) ____ market.

In the 1920s, producers had to shift to a new sales orientation, which was characterized by all of the following except

Kari and Carole recently opened a local candy store. They considered the entire market of candy eaters as their market. Which targeting strategy did they use in choosing a target market for their store?

Levi Strauss is unsure of what sales forecasting method to use in determining future demand for its 501 blue jeans. When choosing the specific forecasting method, Levi Strauss should consider all of the following except

Sears buys finished products and sells them for a profit to its customers. Sears is a part of which type of market?

Marketing research, like a marketing information system, involves a continuous process.

Hershey Chocolate Company is making an estimate of the amount of candy it expects to sell during the Christmas season based on a specified level of marketing effort. The method Hershey uses for forecasting sales includes all of the following except

Is the business buyer or the individual consumer more likely to know more about the product being purchased? Support your answer.

A marketing plan is a written document that specifies an organization's resources, objectives, and strategy.

The utility created by transferring ownership of a product to a buyer is called ____ utility.

The elements of the marketing mix are

Which of the following is the most likely basis on which a market for boats can be segmented?

Exploring the World of Business and Economics

A: Being Ethical and Socially Responsible

B: Being Ethical and Socially Responsible

A: Exploring Global Business

B: Exploring Global Business

Choosing a Form of Business Ownership

Small Business, Entrepreneurship, and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees and Teams

Enhancing Union-Management Relations

A: Creating and Pricing Products That Satisfy Customers

B: Creating and Pricing Products That Satisfy Customers

Wholesaling, Retailing, and Physical Distribution

Developing Integrated Marketing Communications

Social Media, E-Business, and Accounting

Using Management and Accounting Information

Understanding Money, Banking, and Credit

Mastering Financial Management

A: Understanding Personal Finances and Investments

B: Understanding Personal Finances and Investments

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