Chapter 10 Review Flashcards

Chapter 10 Review Flashcards
Marketing

True/False Fill in the Blank Matching Essay Questions Multiple Choice
10 Questions – 1 Point Each 5 Questions – 9 points total Multiple Choice Essay Questions 10 Questions – 1 Point Each 1 Question - 11 Points Total Matching 10 Questions – 1 Point Each

Question 1 All businesses must complete some marketing activities even if that is not their focus.

Question 1 - Answer TRUE

Question 2 A target market is a group of consumers that have similar wants and needs.

Question 2 - Answer FALSE

Question 3 Effective marketing begins with a good product.

Question 4 Finding solutions to problems through carefully designed studies involving consumers is called marketing research.

Question 5 Product packaging is the least important part of product planning because consumers simply throw away the packaging before using the product.

Question 6 The first step in new product planning is to develop a full marketing strategy.

Question 7 Highly complex and technical products generally have higher prices than simple products.

Question 8 A markup should be thought of as a pricing mistake because it reduces the amount of money the business has to cover operating expenses and profits.

Question 9 A farmer selling at a roadside stand tomatoes she grew in her own garden is an example of a direct channel of distribution.

Question 10 Advertising is any form of communication used to inform, persuade, or remind.

Question 11 This marketing function involves setting and communicating the value of products and services. Financial Analysis Distribution Pricing Selling

Question 11 - Answer PRICING

Question 12 What is the first step in the consumer decision-making process? Gather Information Select Alternatives Evaluate Alternatives Recognize a Need

Question 12 - Answer Recognize a Need

Question 13 A small number of consumers expressing opinions about a new product or service in a group discussion is Target Market Focus Group Survey Group Experimental Group

Question 13 - Answer Focus Group

Question 14 The simplest form of a product is called the Basic product
Brand name Product feature Option

Question 14 - Answer Basic product

Question 15 Services are Easier than products to examine to see if they will meet your needs Consumed at the same time they are produced The same no matter who provides them Easier than products to store

Question 15 - Answer Consumed at the same time they are produced

Question 16 A product will probably have a relatively high price
If it is hard to find If its supply is high If it has been on the market for a long time If it has many features and options

Question 16 - Answer If it has many features and options

Question 17 Product costs + Operating expenses + Profit = Gross margin
Selling price Markup Markdown

Question 17 - Answer Selling price

Question 18 Businesses usually specialize in producing a specific type of product, while consumers want to purchase a variety of products. This illustrates differences in Assortment Quantity Location Timing

Question 18 - Answer Assortment

Question 19 Which of the following is an example of personalized promotion? Advertising Publicity Personal selling Sales promotion

Question 19 - Answer Personal selling

Question 20 Non-paid promotion presented by the media rather than by a business is Telemarketing Advertising Sales promotion Publicity

Question 20 - Answer Publicity

Question 21 Marketing function that deals with determining the best ways for customers to locate, obtain, and use a company’s products and services. Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management

Question 21 - Answer Distribution

Question 22 Consumers who buy products and services for their own use.
Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management

Question 22 - Answer Final Consumers

Question 23 Marketing function that deals with designing and improving products and services. Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management Cover Letter Job Shadowing Career Internship Networking Follow-Up Letter Qualifications-Based Resume Experience-Based Resume Occupation Mobility

Question 23 - Answer Product and Service Management

Question 24 Marketing function that involves communicating information about products and services to potential customers. Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management Cover Letter Job Shadowing Career Internship Networking Follow-Up Letter Qualifications-Based Resume Experience-Based Resume Occupation Mobility

Question 24 - Answer Promotion

Question 25 An example would be buying a birthday card for your sister because you love her. Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management Cover Letter Job Shadowing Career Internship Networking Follow-Up Letter Qualifications-Based Resume Experience-Based Resume Occupation Mobility

Question 25 - Answer Emotional Buying Motive

Question 26 Marketing function that involves communicating directly with potential customers to determine and satisfy their needs. Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management Cover Letter Job Shadowing Career Internship Networking Follow-Up Letter Qualifications-Based Resume Experience-Based Resume Occupation Mobility

Question 26 - Answer Selling

Question 27 Marketing function that involves budgeting for marketing activities and providing financial assistance to customers so they can purchase goods and services. Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management Financial Analysis Job Shadowing Career Internship Networking Promotion Qualifications-Based Resume Experience-Based Resume Occupation Mobility

Question 27 - Answer Financial Analysis

Question 28 Consumers who buy products for incorporation into other products to sell to others. Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management Cover Letter Job Shadowing Career Internship Networking Follow-Up Letter Qualifications-Based Resume Experience-Based Resume Occupation Mobility

Question 28 - Answer Business Consumers

Question 29 An example would be buying a certain automobile because it gets the best gas mileage and has been rated a cost-effective purchase by a leading consumer magazine. Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management Cover Letter Job Shadowing Career Internship Networking Follow-Up Letter Qualifications-Based Resume Experience-Based Resume Occupation Mobility

Question 29 - Answer Rational Buying Motive

Question 30 Marketing function that deals with obtaining, managing, and using market information to improve business decision making. Financial Analysis Emotional Buying Motive Selling Business Consumers Distribution Promotion Final Consumers Marketing-Information Management Rational Buying Motive Product & Service Management Cover Letter Job Shadowing Career Internship Networking Follow-Up Letter Qualifications-Based Resume Experience-Based Resume Occupation Mobility

Question 30 - Answer Marketing-Information Management

Question 31 A(n) __________ identifies how a company uses marketing to achieve its goals.

Question 31 - Answer Marketing Strategy

Question 32 A marketing mix is the blending of four marketing elements: (4 points)

Question 32 - Answer Product, Distribution, Price, and Promotion

Question 33 Solving a current problem with existing information gathered for another purpose is _____ research; studies carried out to gather new information is _____ research. (2 points)

Question 33 - Answer Secondary, Primary

Question 34 The difference between the selling price and the product costs is _____.

Question 34 - Answer Gross margin

Question 35 The exchange of information so there is common understanding by all participants is called _____.

Question 35 - Answer Effective communication

Question 36 Complete the table with the missing values: Product
Product Cost Markup Percent Markup Amount Selling Price Total Cost Net Profit A $50 40% $80 $10 B $30 $39 $6 C $100 25% $25 $145 D 50% $90 $105 E $40 $46 $4

Question 36 - Answer Product Product Cost Markup Percent Markup Amount
Selling Price Total Cost Net Profit A $50 40% $20 $70 $80 $10 B $30 30% $9 $39 $45 $6 C $100 25% $25 $125 $145 D $60 50% $90 $105 $15 E $40 15% $46 $4

Chapter 10 Review Flashcards

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