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BA 101|63 Midterm 1 Practice Questions
Which level of Economics concentrates on the operation of a nation's economy as a whole? -microeconomics -econometrics -macroeconomics -none of the answers are correct - โ โ Which of the following is NOT a reason why Segway failed? -expectations were too HIGH -it was an innovation rather than an invention -it was a product not a solution -regulation - โ โ it was an innovation rather than an invention, this is not a reason because the Segway was an invention rather than an innovation Which of the following statements is INCORRECT?? -The Demand Curve is downwards sloping -when the supply curve shifts left, the price increases and quantity decreases -when the price of a good increases, quantity demanded of that good increases -when the price of a good increases, quantity supplied of that good increases - โ โ when the price of a good increases, quantity demanded of that good increases
True or False - โ โ TRUE A product line is defined as -A group of products intended to serve a similar market -a group of products with similar prices -a group of products that have the same quality
-a group of products produced in a single production line - โ โ a group of products intended to serve a similar market A product mix is a combination of all product lines offered by a company. True or False - โ โ TRUE All of these are examples of how we can segment our customers, EXCEPT -Geography -products sough -psychographics -benefits sought - โ โ Products sought ____ __ ____ _________________ is defined as developing a unique mix of goods and services for each individual consumer. - โ โ One-to-One Marketing _________________ is the study of how society employs resources to produce goods and services for consumption among various groups and individuals. - โ โ Economics ___________________ distribution uses only a preferred group of the available retailers in an area. - โ โ Selective ____________________ ____________________ is the negotiated price of the market determined by supply and demand. - โ โ Equilibrium Point _____________________ _______________________ is a market segmentation on the basis of personality, motives, lifestyles, and geodemographics - โ โ Psychographic Segmentation [__________] classifies people according to their attitudes, aspirations, and other psychological criteria. -Sociology -Geographic -Demographic -Psychographics - โ โ Psychographics A brand or symbol that has exclusive legal protection for both its brand name and design has a ___________________ - โ โ Trademark A burger restaurant has a fixed cost of $50,000, a variable cost of $3/burger and a price of $5/burger. The restaurant therefore has to sell _______________ burgers to break even. - โ โ 25000
Integrated Marketing Communication is used to -Create a positive brand image -all of the above -meet the strategic marketing and promotional goals of the firm -meet the needs of the customer - โ โ all of the above Intermediaries offer ____________ - โ โ Value Many large corporations have an advertising department in order to call customers to action to purchase their product or service. True or False - โ โ False, this falls under the marketing department Marketing intermediaries make markets more efficient by _______________ transactions and contracts
- โ โ reducing Marketing is defined as the activities designed to provide goods and services that provide value and satisfy customers at a fair price True or false - โ โ TRUE Most convenience stores are open very short hours and don't stay open late in the evening. true of false - โ โ FALSE, most convenience stores are open late hours The ____, ______, or ______ that identifies the goods or services and distinguishes them from competitors' offerings is said to be the company's brand. -Name, Symbol, Dedication -Name, Shareholders, Design -Name, Symbol, Design -Slogan, Symbol, Design - โ โ Name, Symbol, Design The advantage of having an automatic inventory system that alerts wholesalers immediately of inventory levels in a store is -You don't have to keep extra inventory in the store -you can fit more product in the store -all of the above
-you can rent out extra space for storage to different businesses. - โ โ all of the above The goal of the Four Seasons is to provide the highest level of customized / personalized services. True or False - โ โ TRUE The marketing mix can be defined as a unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a __________ ______________ - โ โ Target Market The price implication(s) of the market are -Inflation -Reflation -Deflation -Inflation and Reflation -Inflation and deflation - โ โ Inflation and Deflation The process of marketing research enabling us to make a marketing decision includes all of the following steps EXCEPT -analyzing -collecting -producing -planning - โ โ producing The target inflation rate for the United States is about 5%. True or False - โ โ FALSE, it is around 2% Most successful innovations involve some degree of ____________, __________, __________, and __________. -experimentation, iteration, openness, collaboration -experimentation, iteration, thoughtfulness, collaboration -experimentation, consultation, openness, collaboration -implementation, iteration, openness, collaboration - โ โ experimentation, iteration, openness, collaboration
-Gross National Product -Gross Domestic Progress -Gross Domestic Product - โ โ Gross Domestic Product Through Customer Relationship Management (CRM), organizations seek to enhance customer satisfaction by -Building a strong marketing department -building a long term relationship with customers -developing a good reputation -developing high quality products and service - โ โ Building a long term relationship with customers To maximize profit means to have the highest possible revenue. True or False - โ โ FALSE Two manufacturers who produce the same exact product are not able to charge a fraction of a penny more than the other. This is an example of a(n) -Perfect Competition -oligopoly -Monopoly -Monopolistic Competition - โ โ Perfect Competition We can gather truly honest data by just observing people doing things. True or Flase - โ โ TRUE What does Four Seasons do for employees? -Opportunity to be treated like a 5 star guest when visiting any of the four seasons hotels -all answers are correct -focus on career development -special events such as recognition - โ โ all answers are correct What is the specific characteristic the Four Seasons looks for when hiring? -Attitude
-Skill -Potential -All of the Above - โ โ Attitude What is Total Product Offering? -No answers are correct -A selection of products that a company offers -Everything consumers evaluate when making a purchase decision -The total value that a consumer receives from making a purchase - โ โ Everything consumers evaluate when making a purchase decision When customers consider purchasing a particular product from a particular company, they evaluate the product based on all of these EXCEPT -Is the packaging appealing -is the product priced correctly -the number of competing products -is it the customers favorite brand - โ โ The number of competing products When scanning your environment, identifying competitive factors such as seeing who is in the market already and identifying their marketing mix is vital. True or False - โ โ TRUE When Segway first launched in 2001 they expected to sell 50,000 to 100,000 units in the first 13 months. About how many units did they actually sell in the first 6 years? -30, -20, -50, -70,000 - โ โ 30, When there is only one company within a market that provides a good or service you have a(n): -Perfect Competition -oligopoly
