Summary - Unit 5 Quiz: Final Exam

 

 

Question 1 (4 points)

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The Product Matrix consists of:

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A) 

Computers, Morpheus, Neo, Alternate Worlds

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B) 

Products, Promotions, Accessories, Consumers

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C) 

Competitors, Customers, Suppliers, Distributors

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D) 

Cash Cows, Stars, Dogs, Question Marks

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Question 2 (4 points)

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What are the key elements of a marketing plan?

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A) 

Executive Summary , Current Situation, Competitor Analysis, Advertising, Pricing, Use of the Product

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B) 

Business Plan, Product Development, Product Usage, Repair of Product Defects, Re-Market of Improved Product

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C) 

Executive Summary , Current Situation, SWOTT, Objectives, Pricing, Advertising, Selling, Evaluation

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D) 

Executive Summary, Current Situation, SWOTT, Objectives, Marketing Strategy, Action Plans, Budgets, Controls

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Question 3 (4 points)

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What is the purpose of the marketing plan?

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A) 

It is a required part of a company’s mission

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B) 

It serves to document how the organization’s strategic objectives will be achieved

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C) 

It helps the salespeople sell products to consumers

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D) 

It helps the advertising depart create a budget

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Question 4 (4 points)

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Marketing is defined as:

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A) 

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

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B) 

None of the above

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C) 

The process by which companies advertise products to consumers

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D) 

The process by which customers give feedback to companies so they can develop new and improved products

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Question 5 (4 points)

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GATT stands for:

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A) 

Gaining Access To Threats

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B) 

The General Agreement on Tariffs and Trade

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C) 

Getting Attention of Target Transactions

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D) 

Going After The Targets

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Question 6 (4 points)

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The two types of market research data are:

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A) 

Target marketing and Advertising

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B) 

Competitor analysis and SWOTT Analysis

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C) 

Primary Data and Secondary Data

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D) 

Individual and Group

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Question 7 (4 points)

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Examples of Demographic Segments include:

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A) 

Age, Gender, Sex, Race, and Occupation

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B) 

Industries, Demand, Organizations and Farmers

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C) 

Teenagers, Elderly, Cartoon Characters, Pets

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D) 

Names, Geography, Culture, and Competitors

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Question 8 (4 points)

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The following are all forms or promotion:

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A) 

Advertising, Competitor analysis, TV Ads, Price Setting

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B) 

Advertising, Distribution, TV ads, Price setting

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C) 

Advertising, Selling, Public Relations, Word of Mouth

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D) 

Advertising, Selling, Distribution, Direct Mail

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Question 9 (4 points)

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The most important aspect of Marketing is to:

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A) 

Create an effective advertisement so your customers know your product

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B) 

Set the right price for your product

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C) 

Know your product, your target market, and your niche in the industry

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D) 

Promote your product to all consumers to maximize your potential profits

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Question 10 (4 points)

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Survey results may be skewed because:

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A) 

The focus group may not be random

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B) 

There may be a bias from the targeted respondents

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C) 

People may not actually answer truthfully

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D) 

All of the above

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Question 11 (4 points)

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Contribution Margin is

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A) 

The amount of worker’s hourly rate added into the product’s price

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B) 

(Total Sales-Total Variable Costs) divided by Total Sales

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C) 

Total Sales times gross margin minus variable cost

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D) 

Total Sales divided by number of units sold

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Question 12 (4 points)

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The economic community is:

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A) 

A group of nations organized to work toward common goals in the regulation of international trade

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B) 

All the consumers located in a local community

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C) 

A function of money evaluation that is incorporated into the GDP

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D) 

The consumers that spend money at a specific store

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Question 13 (4 points)

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Online marketing and purchasing benefits consumers by:

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A) 

Making it more convenient to shop

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B) 

Allowing companies to promote other products to consumers

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C) 

Allowing consumers to be entered into direct marketing databases

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D) 

Giving companies a bigger target demographic

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Question 14 (4 points)

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A “Pull” strategy is:

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A) 

A strategy that uses the sales force and trade promotions to push the product down through the distribution channels

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B) 

A strategy that calls for spending on advertising and promotion to induce end consumer to purchase products

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C) 

Overstocking the store shelves so consumers have to purchase the product

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D) 

Using salespeople to promote through “hard” selling techniques

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Question 15 (4 points)

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The stages of the product life cycle are:

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A) 

Promote,  Purchase, Use, Repair/Replace, Evaluate

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B) 

Product Development, Introduction, Growth, Maturity, Decline

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C) 

Start, Grow, Use, Finish/Complete

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D) 

Introduce, Advertise, Sell, Grow, Create new products

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Question 16 (4 points)

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An example of a Service type company is:

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A) 

All of the above

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B) 

A cleaning company

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C) 

A Starbucks drive thru

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D) 

A financial advisor

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Question 17 (4 points)

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Which of the following are good resources for Marketers?

Question 17 options:

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A) 

Marketing: An Introduction by Armstrong & Kotler

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B) 

The Marketing Plan Handbook by Marion Burk Wood

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C) 

Marketing Plan Pro Software

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D) 

All of the Above

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Question 18 (4 points)

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Cannibalization in marketing refers to:

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A) 

Taking “eating into” the competitor’s market share

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B) 

Too  many competitors products in the marketplace that drives down price levels

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C) 

A company’s product taking sales from another product  of the company

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D) 

Eating other humans

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Question 19 (4 points)

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The levels of the distribution chain include:

Question 19 options:

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A) 

Manufacturer, Consumer, Delivery Personnel, Focus Groups

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B) 

Entrepreneurs, Engineers (developers), Promoters, Distributors, Consumers

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C) 

Focus Groups, Product Developers, Promoters, Consumers

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D) 

Manufacturer, Wholesaler, Retailer, Consumer

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Question 20 (4 points)

 Question 20 Unsaved

The three types of Distribution Strategies are:

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A) 

Intensive, Selective, Exclusive

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B) 

Promoting, Selling, Public Relations

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C) 

Trucking, Railing, Shipping

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D) 

Manufacturers, Wholesalers, Retailers

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Question 21 (4 points)

 Question 21 Unsaved

Mark up price equals:

Question 21 options:

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A) 

Unit cost divided by total costs

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B) 

Unit cost divided by (1-desired return on sales)

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C) 

Unit price times 2

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D) 

Unit cost plus variable cost plus fixed cost

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Question 22 (4 points)

 Question 22 Unsaved

What is the Marketing Mix?

Question 22 options:

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A) 

Product, Profits, Presentation, Piloting

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B) 

Product, Profits, Presentation, Price

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C) 

Product, Promotion, Place, Price

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D) 

Product, Profits, Place, Price

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Question 23 (4 points)

 Question 23 Unsaved

Examples of a targeted market segment are:

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A) 

Students, Business Professionals, Medical Personal

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B) 

Students, People at an industry convention, Entrepreneurs

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C) 

All of the Above

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D) 

None of the Above

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Question 24 (4 points)

 Question 24 Unsaved

Price Elasticity is:

Question 24 options:

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A) 

How flexible a retailer is in negotiating a price

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B) 

How flexible a consumer is in negotiating a price

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C) 

None of the above

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D) 

A measure of the sensitivity of demand to changes in price

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Question 25 (4 points)

 Question 25 Unsaved

A “push” strategy is:

Question 25 options:

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A) 

A strategy that calls for spending on advertising and promotion to induce end consumer to purchase products

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B) 

A strategy that uses the sales force and trade promotions to push the product down through the distribution channels

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C) 

Using salespeople to promote through “hard” selling techniques

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D) 

Overstocking the store shelves so consumers have to purchase the product

  

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