Marketing Unit 1 Quizzes

The practice of measuring, managing, and analyzing market performance is referred to
a. supply chain management
b. the marketing concept
c. logistics
d. marketing analytics
e. global marketing
c. marketing analytics
The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it is referred to as

a. a marketing exchange.
b. the marketing mix.
c. customer value
d. relationship marketing.
e. benefit segmentation.

c. customer value
All of the following are elements contained in the 4 Ps of the marketing mix except:

a. profit
b. product
c. promotion
d. place
e. price

a. profit
Which era in the history of marketing began in the early years of the United States and lasted until the mid-1920s when the growth in production outpaced consumer demand?

a. sales orientation
b. customer orientation
c. relationship marketing
d. marketing concept
e. production orientation

e. production orientation
Which marketing mix element involves decisions regarding logistics and managing the supply chain?

a. perception
b. promotion
c. price
d. product
e. place

e. place
Which of the following analytics is a measure of actual revenue relative to the objectives of the organization?

a. profit analysis
b. revenue analysis
c. sales analysis
d. gross margin
e. profit margin

b. revenue analysis
According to your text, what three elements should be contained within a company’s financial projections?

a. sales forecast, profit and loss statement, and balance sheet
b. balance sheet, profit and loss statement, and net worth
c. short-term debt, long-term debt, and sales forecast
d. expense forecast, sales forecast, and net worth
e. sales forecast, expense forecast, and break-even analysis

e. sales forecast, expense forecast, and break-even analysis
The superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as a

a. competitive advantage
b. product plus
c. value proposition
d. product edge
e. marketing advantage

a. competitive advantage
What primary strategic planning tool is used for directing and coordinating the marketing effort and helps to guide the firm’s marketing strategy?

a. the marketing plan
b. the situation analysis
c. the executive summary
d. the business plan
e. the mission statement

a. the marketing plan
What element of the control section of the marketing plan defines the actions the company will take if the initial marketing strategy does not achieve results?

a. the organizational structure
b. the contingency plan
c. the situation analysis
d. the strategic plan
e. the implementation plan

b. the contingency plan
Which of the following is the correct definition of inflation?

a. an increase in the general level of prices of products in an economy over a period of time
b. the rise in the rate of unemployment due to a slowing economy
c. a decline in consumer confidence about the overall state of the economy and their own personal finances
d. the rise in the amount of goods and services that can be purchased for a specific amount of money
e. a decline in gross domestic product for two or more consecutive quarters

a. an increase in the general level of prices of products in an economy over a period of time
A measure of the market value of all officially recognized final goods and services produced within a country in a given period is referred to as

a. purchasing power parity
b. the consumer price index
c. gross domestic product
d. the balance of trade
e. the currency exchange rate

c. gross domestic product
Direct competition is also known as

a. brand competition
b. market competition
c. lateral competition
d. in-house competition
e. substitute product competition

a. brand competition
Which regulation was passed to eliminate monopolies and guarantee competition?

a. the Sherman Antitrust Act (1890)
b. the Telephone Consumer Protection Act (1991)
c. the Wheeler-Lea Amendment (1938)
d. the Fair Packaging and Labeling Act (1966)
e. the Robinson-Patman Act (1936)

a. the Sherman Antitrust Act (1890)
Which ethnic group population in the United States is expected to almost double by the year 2050?

a. African Americans
b. Pacific Islanders
c. Asian Americans
d. Hispanics
e. Eastern Europeans

d. Hispanics