marketing exam need to be done by midnight
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Midterm8week.docMRKG 1311- Principles of Marketing
Instructor: Sarah Felmet
Test 1
NAME: __________________
1) Marketing helps create value for a product. T or F (1 point)
2) List 1 era of marketing (1 point)
__________________________________________
3) Name two of the general/main categories that we market (2 points)
I. ___________________________
II___________________________
4) When considering price, it is not necessary to consider the importance of the competitor’s price. (1 point)
T or F
5) Which of the following are channels of marketing? (1 point)
1. B2B
2. C2C
3. C2B
4. B2C
A. All of the above
B. 1 only
C. 1 and 3 only
D. 1, 2 and 4 only
6) Fill in the blank
Entrepreneurship is enhance by marketing and creates ________________. (2 points)
7) Promotion of a product primarily involves: (1 point)
A. Creating value for the product
B. Determining where the product will be sold
C. Focusing of the value of the product
D. Considering the competitor’s price
8) Provide a definition for Value (3 points)
________________________________________________________________________________
9) Price involves determining the minimum value at which the customer still feels satisfied while still making a profit. (1 point)
T or F
10) Products include actual goods, services, people and _______________ (1 point)
11) What does the W stand for in SWOT analysis? (1 point)
A. World
B. Wholesale
C. Wants
D. Weaknesses
12) Step 1 in the implementation phase of the strategic planning process involves all but which of the following? (1 point)
A. Segmentation
B. Conducting a SWOT of the market
C. Targeting the market
D. Positioning
13) Provide a definition for the term “company’s mission.” (3 points)
__________________________________________________________
14) Which of the following are growth strategies? (1 point)
1. Market development strategy
2. Operational excellence strategy
3. Product excellence strategy
4. Diversification strategy
A. 1 and 2 only
B. None of the above
C. 4 only
D. 1 and 4 only
15) List the components of the marketing mix (4P’s) (4 points)
________________
________________
________________
________________
16) Product development strategy focuses on current markets and current products
T or F (1 point)
17) Fill in the blank
________________ is a strategy used by a firm to focus on the excellent services for the customer to retain loyal customers (1 point)
18) The control phase in the strategic planning process is a three step phase
T or F (1 point)
19) Define Market Penetration Strategy (2 points)
_____________________________________________________________
20) List the 3 phases in the strategic planning process (3 points)
__________________________
__________________________
__________________________
21) Define the term business ethics (3 points)
___________________________________________________________
22) The following are the steps for the framework for ethical decision making
1. Select a course of action
2. Identify the issues
3. Brainstorm alternatives
4. Gather information and identify who it affects
Pick the order within which they should be used (1 point)
A. 1, 2, 3, 4
B. 1, 3, 2, 4
C. 4, 1, 2, 3
D. 2, 4, 3, 1
23) Ethical Climate in a company refers to making sure that a company goes green (1 point)
T or F
24) Ethics are guided by society only (1 point)
T or F
25) It is not necessary to apply ethics to phase 1 of the strategic planning process but it is necessary to apply it to phases 2 and 3 (1 point)
T or F
26) Define social responsibility (2 points)
______________________________________________________________________________
27) List the two main sub environments when analyzing the market environment (2 points)
_________________________
_________________________
28) Which of the following is not included in the External environment? (1 point)
A. The climate
B. The economy
C. Culture
D. Demographics
29) Define the term “demographics.” (2 points)
_______________________________________________________________________________
30) Identity theft and privacy issues are a part of the social trends in marketing (1 point)
T or F
31) How do politics impact marketing in the U.S.? (2 points)
________________________________________________________________________________
32) List 5 characteristics that fall under demographics (5 points)
____________________________________
____________________________________
____________________________________
____________________________________
____________________________________
33) What do the letters “FDA” stand for? (1 point)
______________________________________________
34) What does the NAFTA allow for (not what it stands for)? (2 points)
___________________________________________________________
35) When analyzing the macro environment, technology has both advantages and disadvantages (1 point)
T or F
36) What are the two types of culture when considering the macro environment? (1 point)
1. Regional culture
2. Personal culture
3. Religious culture
4. Country culture
A. 1 and 2
B. 4 and 1
C. 2 and 3
D. 1 and 3
37) Why was the Consumer Product Safety Act created? (3 points)
________________________________________________________________________________
38) Diversification strategy focuses on current markets and products (1 point)
T or F
39) Define the term global marketing. (3 points)
___________________________________________________________
40) The letters H.D.I. Stand for which of the following? (1 point)
A. Human Decline Index
B. Human Development Index
C. Human Development Institution
D. Home Decline Index
41) Fill in the blank: (1 point)
G.D.P. is defined as the ________________ value of the goods and services produced by a country in a year
42) List the 3 factors that are considered in the H.D.I. (3 points)
____________________________
____________________________
____________________________
43) Which of the following are included in the 3 types of shopping discussed?
I. Habitual Shopping (1 point)
II. Stress Shopping
III. Permanent Problem Solving
IV. Limited Problem Solving
A. None of the above
B. All of the above
C. I and II only
D. I and IV only
44) Tariffs are considered: (1 point)
A. A tax
B. A marketing firm
C. To be illegal
D. To be something that every marketing form wants
45) Define the term quota (3 points)
___________________________________________________________
46) The term counter trade refers to: (1 points)
A. Trading goods for money
B. Trading goods for goods
C. Changing your mind about trading goods
D. Refusing to sign a trade agreement
47) Infrastructure and technology are factors in assessing global markets (1 point)
T or F
48) Fill in the blank (2 points)
Government’s actions can affect marketing in terms of ________________ practices
49) Trade agreements only occur when 3 or more countries have entered into an agreement (1 point)
T or F
50) Which of the following is a type of global marketing opportunity? (1 point)
A. Quota
B. Licensing
C. Franchising
D. Direct Experience
51) Define the term joint venture (3 points)
_________________________________
52) Export pricing is a form of international pricing approaches (1 point)
T or F
53) Fill in the blank (2 points)
In transfer pricing, the ________________ based manager sets the price but an international subsidiary can change it
54) What does S.T. P. stand for? (3 points)
__________________________________________________________
55) Which of the following is an example of a segmentation strategy? (1 point)
A. Demographic segmentation strategy
B. Concentrated Segmentation Strategy
C. Macromarketing
D. Symbolic Strategy
