Bus115 Practice Exam 4

Which of the following is an example of a sales promotion?
a rebate offer on an ink-jet printer
All of the following are perceptions of brand EXCEPT brand ________.
license
A business that offers potential buyers the opportunity to make purchases either online or in a physical location uses a ________ business model.
click and mortar
Ford offers several categories of vehicles: cars, minivans, trucks, and SUVs. All of these vehicle categories together make up Ford’s product ________.
mix
The main function of marketing is ________.
to successfully establish meaningful relationships with customers to ensure loyalty and repeat business
All of the following are stages in the product life cycle EXCEPT ________.
packaging
Business-to-business (B2B) products are goods and services purchased by households for personal consumption.
true or false
F
Advertising is paid, impersonal mass communication from an identified sponsor to persuade or influence a targeted audience.
true or false
T
In order for customers to acquire a total product offering, they must offer the ________.
price
The most visible part of the marketing mix, which is also often the most expensive, is ________.
promotion
Most products have to be customized to satisfy foreign customers.
True or false
True
Intermediaries that facilitate negotiations between buyers and sellers of goods and services but never take ownership of products traded are called retailers.
True or false
false
An agreement between the owner of a brand and another company or individual who pays a royalty for the use of the brand in association with a new product is brand ________.
licensing
Each of the following is a form of discount EXCEPT ________.
packaging discounts
Which of the following is NOT one of the factors in the economic environment that will affect customers’ willingness and ability to spend their money on a firm’s product?
changes in the amount of bonuses paid to bank executives
Consumer products are goods and services that are purchased by businesses for further processing or resale or are used in facilitating business operations.
true or false
F
Brand awareness involves connecting a brand with other positive attributes.
true or false
T
Sales promotions are long-term activities that target consumers and other businesses for the purpose of generating interest in a product.
true or false
T
Which of the following is an example of a situational factor that could affect a consumer’s buying decision?
the layout of a store
Building traffic, increasing brand awareness, responding to an attack by a competitor, or introducing a new product are all examples of possible ________.
marketing objectives
The two basic elements of a marketing strategy are the market research and the marketing mix.
true or false
T
An online dating service that charges members makes money primarily through using a(n) ________.
fee-based model
Although domestic market segmentation is effective, customized advertising campaigns to global markets are not segmented because marketers realize they do not work better.
true or false
T
Terrell urgently needs to take care of some personal business using the Internet, but he is afraid that he might jeopardize his job if he is found using the company network for personal use. Which corporate practice is causing Terrell to most likely feel this concern?
electronic monitoring
Products like Brandwatch and UberView are used by companies to ________.
perform social media monitoring
The task referred to as creative selling is MOST often done by ________.
an order getter
Employers use electronic monitoring to ________.
gather information about an employee’s activities while on the job
What type of wholesaler operates mainly in bulk industries like lumber, coal, and heavy equipment?
drop shippers
In the sociocultural environment, businesses can avoid business blunders and find opportunities by doing all of the following EXCEPT ________.
hiding from the political process
The ________ product of a fast food meal is the calories and relief from hunger provided.
core
In supply-chain management, the logistics of obtaining all the necessary inputs, such as raw materials and supplies, that go into a production process is called ________.
inbound logistics
All companies have a code of ethics in place to curb unethical behavior within their organizations.
F
A rising inflation rate increases the purchasing power of money.
F
Molave Furniture Company plans to launch a new website. Lila, the company’s CIO, thinks that the company can better reach its customers through an interactive site that allows customers to view pictures of all furniture items, schedule an appointment with a sales consultant, or order items online. Which of the following areas of responsibility is Lila most specifically addressing?
e-commerce
An example of business-to-business sales is ________.
selling grocery items to grocery stores
Ethnicity is an example of geographic market segmentation.
true or false
F
Which of the following statements BEST supports why hackers present risks to a company’s security?
They gain unauthorized entry into a company’s computer system.
Downloading a song from iTunes is an example of a(n) ________ service.
convenience
An ideal marketing objective is ________.
time specific, realistic, and quantifiable
The value of the U.S. dollar on the international market is example of an environmental influence.
true or false
T
Database management systems are MOST useful because ________.
B) they help businesses manage vast amounts of data collected in the process of doing business
The two functions of labels are ________.
inform and persuade
After making a successful presentation, a salesperson will have no need to overcome objections.
T OR F
F
The blue Tiffany & Co. box is an example of which purpose of packaging?
product advertising
Software that tracks your personal information and sends it to a third party without your knowledge is called ________.
T
UPS has a(n) ________ that allows businesses to examine UPS services and prices and track shipments.
company website
Galaxy Lighting is a new company creating chandeliers specifically to be used in hotel lobbies. Since its potential customers are very narrowly defined, it must undertake ________ to focus its marketing efforts.
niche marketing
Which of the following is the BEST example of ownership utility?
F
A Ferrari sports car is an example of an unsought good.
positive
As a chief information officer, Bob looks for ways that his company’s technological resources can generate bigger returns on its information technology investments. Which aspect of the CIO’s role is he addressing?
budget
Data mining has proven to be a poor technique for improving the effectiveness of a firm’s marketing strategies.
T
The process of developing a unique marketing mix that best satisfies a target market is known as positioning.
T
The World Intellectual Property Organization requires that e-businesses comply with the laws of ________.
the country in which they are based
At an auto repair shop, wrenches are an example of MRO products.
T
Product labels enable consumers to always clearly understand what they are purchasing.
F
Which of the following is NOT a function of CRM software, which would help a company to learn as much as possible about customers and create a meaningful one-on-one interaction with each of them?
calling customers at their homes to promote the latests products
A bulldozer is an example of ________.
equipment
A legally protected brand is called a(n) ________.
trademark
A B2B site that describes current standards and developments within an industry can best be classified as a(n) ________.
information site
How does marketing MOST benefit consumers?
by responding to consumer needs in an effort to satisfy those needs
Demand-based pricing (sometimes called value-based pricing) is pricing a good or service based on the demand for the product or its perceived value.
T
All the benefits associated with a good, service, or idea that affect a consumer’s purchasing decision are known as the total ________.
product offer
The marketing objective or goal of all businesses is to increase profits; therefore, the goal of all promotional campaigns is the same.
F
Which of the following is NOT an advantage of online marketing over traditional marketing?
ability to reach households without high speed Internet access
Social media sites such as Facebook and Twitter are unreliable sources of market research data because few customers use such sites to discuss business issues.
F
Core competencies are easily imitated by other companies, particularly competitors in the same industry.
f
A company that charges a high price to invoke perceptions of high quality is using ________ pricing.
prestige
Branding increases the risks involved in some purchases for which buyers are unable to determine quality objectively.
F
Marketing is an ongoing process of tweaking a business to satisfy customers in order to ensure quality, value, and repeat business.
T
Environmental influences are variables under the direct control of an organization.
F
The Fair Packaging and Labeling Act of 1966 requires companies to identify all of the following EXCEPT the ________.
formula by which the product was manufactured
Technology’s ability to process and document large amounts of data has better enabled people to understand interpersonal communication.
F
Prudent firms follow domestic markets exclusively in order to keep their focus on immediate sales and to avoid the additional expenses incurred in the global marketplace.
false
The objectives of a firm must be measurable in order to determine its success in following the marketing plan.
T
Developing quality products is a two-step process that requires a great investment of resources.
false
Which of the following is NOT a primary source of data?
accounting records
Total fixed costs are $300. The selling price is $15. Average variable costs are $5. The break-even volume of production is ________ units.
30
A consultation with a world-famous surgeon is an example of a(n) ________ service.
specialty
What is the best definition for data?
representation of a fact or idea
A theoretical model describing a product’s sales and profits over the course of its existence is known as the product ________.
life cycle
eBay, which never owns the various items it sells, can be considered ________.
an agent/broker
Which transportation mode MOST often has the highest accessibility to markets?
trucks
The era when companies believed that a good quality product would simply sell itself ran ________.
from the Industrial Revolution until the 1920s
The first step in the selling process is ________.
prospecting
________ is often the MOST expensive distribution cost.
Transportation
A snack food bag is white with plain black letters spelling, “Corn Chips.” This is an example of a ________ brand.
generic
An e-commerce website gives frequent shoppers a deduction from its regular prices. This is an example of ________.
discounts
Product line length is the ________,
number of items in any given product line
In a “seller’s market” ________.
demand exceeds supply
The market mechanism benefits society by ensuring that ________.
scarce resources are channeled into products most desired by society
A pricing strategy based on what rival businesses are charging is known as ________ -based pricing.
competition
Maximizing convenience is one way to increase the value of a product.
T
When competition for customers became more intense during the Sales Concept Era, businesses began to ________.
undertake aggressive sales tactics to “push” their products
Gail’s Gears is a new company selling accessories for bicycles. Its new advertising campaign features instructions on how to assemble various accessories, including flashing lights for traffic safety, gear boxes to mount on the handlebars, and other products to attach to the seat over the back tire. This advertising campaign is an example of ________.
product advertising
Google’s AdSense advertising is a form of contextual advertising.
T
Crowdsourced funding (crowd funding) allows a great number of people who believe in a company or a product to contribute a small amount to help the company get started.
T
The following are all functions of a chief information officer (CIO) EXCEPT ________.
overseeing the accounting office
The marketing concept changed the focus from producing the right product for a customer to finding the right customer for a product.
F
If a label represents consistent quality and dependability, then the label can perpetuate a(n) ________ brand-name image.
positive
Manufacturers’ agents are MOST LIKELY used in such lines as ________.
apparel, furniture, and electrical goods