Electric Thoughts

Principles of Marketing

by Electra Radioti
COPYRIGHT DISCLAIMER UNDER SECTION 107 OF THE COPYRIGHT ACT 1976
Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favour of fair use. All rights and credit go directly to its rightful owner(s). No copyright infringement intended.
With this note I clarify that none of these questions and answers were made by me nor do I have a financial benefit from posting them. The following is a practice quiz (like many others; they are usually made per thematic unit), already posted on the internet on various websites and sources, which have the sole purpose of making it easy for the student to evaluate himself / herself and his / her understanding, before being examined in the official examination of the University where he / she attends. For the same reason I post the present sheet with no personal benefit, disclaiming any copyrights as well as responsibility for their correctness. I am also not aware of the creator of these questions and answers thus I am not able to mention the name of the creator.
You can use Ctrl + F and jump straight to the question you’re looking for. You will find the correct answer underlined or somehow highlighted. If no answer is underlined/highlighted, it means that the question has not yet been answered, but it might help you have time to work on the answer yourself, before encountering the question on a test. Lastly the wrong answers that have already been tested as such, are marked as (wrong), so pick any of the remaining options.
I will update this every time I find more questions and answers.
Good luck!
Principles of Marketing
Extracting value from waste and using it to create new products in known as:
Select one:

a. reverse engineering.

b. mining.

c. upward logistics.

d. upcycling.

e. backward integration.

Sue often travels to other grocery stores in the marketplace to observe how much they are charging for the same products she stocks at her store. Sue is engaging in _____.
Select one:

a. secret shopping

b. market intelligence

c. market dominance

d. investigatory journalism

e. sleuth marketing

Sam is responsible for buying market research reports and then selling the reports to other companies. Sam works for a(n) _____.
Select one:

a. marketing research aggregator

b. primary data collection firm

c. scanner-based research firm

d. research design firm

e. focus group

_____ is growing faster than any other transportation method.
Select one:

a. Trucks

b. Railroad

c. Water

d. Pipelines

e. Air

 

Which of the following refers to niche marketing?

Select one:

a. Targeting a very select group of customers.

b. Targeting an extremely select group of customers.

c. The process of gathering information on a select group of customers.

d. Targeting multiple groups of consumers.

e. The process of segmenting buyers geographically.

_____ are a great tool for situations that require adaptation, customer education, and other value-adding activities.
Select one:

a. Advertisements

b. Press releases

c. Salespeople

d. Coupons

e. Prospects

_____ occurs when a company prices a product a few cents or a few dollars below the next dollar amount.
Select one:

a. Demand backward pricing

b. Cost-plus pricing

c. Forward pricing

d. Odd-even pricing

e. Prestige pricing

A scan of the _____ should include any new government regulations as well as legislation.
Select one:

a. political climate

b. technological environment

c. demographic climate

d. economic climate

e. social and cultural environment

Demand is said to be _____ when the demand for a product stays relatively the same and buyers are not sensitive to changes in its price.
Select one:

a. gaining market share

b. price elastic

c. lost

d. price sensitive

e. price inelastic

 

When discussing the customer segments in the marketing plan, it is important to include:
Select one:

a. segmentation analysis strategies.

b. market research objectives.

c. market share and sales goals for each segment.

d. differentiated segment strategies to reduce risk.

e. concentrated segment peripherals.

_____ are people who will decide if and when the sellers get access to members of the buying center.
Select one:

a. Influencers

b. Gatekeepers

c. Deciders

d. Users

e. Retailers

A(n) _____ occurs when a purchaser buys the same product in the same quantities from the same vendor.
Select one:

a. modified rebuy

b. B2B exchange

c. alternative buy

d. B2B auction

e. straight rebuy

 

In the United States, the majority of coupons used are _____ coupons.
Select one:

a. digital

b. virtual

c. paper

d. convenience

e. incentive

_____ involves soliciting personal information in order to steal an identity and use it to generate cash fraudulently.
Select one:

a. Phishing

b. Spamming

c. Consumer invasion

d. E-stalking

e. Spyware

A company that produces laundry detergent offers one product with stain removing action while another is made for energy efficient washing machines. Which of the following segmentation strategies has the company used?
Select one:

a. Demographic segmentation

b. Loyalty segmentation

c. Benefits segmentation

d. Psychographic segmentation

e. Geodemographic segmentation

When a company hires a call center to make phone calls and set up appointments, it is outsourcing only the _____ conversion portion of the sales cycle.
Select one:

a. lead-to-suspect

b. suspect-to-prospect

c. prospect-to-customer

d. lead-to-customer

e. suspect-to-customer

When a consumer realizes there is a difference between their current state and their desired state, he/she has entered the _____ stage of the buying process.
Select one:

a. need recognition

b. search for information

c. product evaluation

d. product purchase

e. postpurchase evaluation

_____ is a long-term process that helps an organization allocate its resources to capitalize on opportunities in the marketplace.
Select one:

a. Marketing

b. Contingent planning

c. Strategic planning

d. Diversification

e. Decentralization

_____ state what a company wants to accomplish with its pricing.
Select one:

a. Marketing objectives

b. Pricing objectives

c. ROI statements

d. Profit optimizers

e. Market shares

When non-profit organizations try to convince people that global warming is a real threat, it is an example of _____.
Select one:

a. logistics marketing

b. event marketing

c. production orientation marketing

d. value marketing

e. social marketing

 

A _____ looks at how another company solved a problem being researched.
Select one:

a. marketing research report

b. primary data report

c. Nielsen rating

d. case study

e. scenario analysis

A bonus:
Select one:

a. is paid at the end of a period of time based on the total amount sold.

b. is paid every two weeks.

c. is payment for each sale.

d. is the minimum level of sales performance for an individual salesperson.

e. is the rate at which a potential customer moves.

Standards for the Code of Ethics for Market Intelligence Professionals includes:
Select one:

a. manipulating the data as the researcher sees fit.

b. providing honest and realistic recommendations and conclusions in the execution of one’s duties.

c. complying with enforced laws, but allowing for bribery where socially acceptable.

d. abiding by personal guidelines, even if they fall out of line with the company’s guidelines.

e. concealing information, such as one’s identity, for the integrity of the results.

Failing to meet the performance standards established for an offering indicates a(n) _____ gap.
Select one:

a. standards

b. knowledge

c. delivery

d. communication

e. satisfaction

_____ are groups a consumer identifies with and wants to join.
Select one:

a. Cliques

b. Opinion leaders

c. Social classes

d. Reference groups

e. Interest groups

In the case of _____ research, all of a product’s marketing elements are held constant except one.
Select one:

a. exploratory

b. focus group

c. causal

d. descriptive

e. ethnographic

A car, a house, and a boat are examples of what type of product?
Select one:

a. Routinely purchased

b. Habitually purchased

c. High-impact

d. Low-involvement

e. High-involvement

 

Cause-related marketing can foster _____ among a company’s community of customers.
Select one:

a. longevity

b. loyalty programs

c. attitudinal loyalty

d. advertising

e. behavioral loyalty

_____ refers to a philosophy that focuses on competing through product innovation.
Select one:

a. Market orientation

b. Product development

c. Product orientation

d. Product differentiation

e. Selling orientation

Amanda purchased a washing machine from Best Buy. She was informed by Best Buy that she had a 30-day window to receive price matching from Best Buy or other local retailers if the washing machine went on sale. This is because firms are influenced by _____ when making pricing decisions.
Select one:

a. competitors

b. government regulations

c. customers

d. product costs

e. the economy

The ____ is a document that is designed to communicate the marketing strategy for an offering.
Select one:

a. research paper

b. market plan

c. mission statement

d. annual report

e. execution strategy

Commerce conducted electronically over the Internet is known as _____.
Select one:

a. dot-commerce

b. e-commerce

c. Google mart

d. eco commerce

e. Internet merchandising

_____ occurs when a firm’s new offering eats into the sales of one of its older offerings.
Select one:

a. Brand extension

b. Brand strategy

c. Saturation

d. Product failure

e. Cannibalization

 

Tim’s book company sets an expected profit of 15% in the first two years on all newly published books in relation to the money invested in the author and publication. This is an example of what type of pricing objective?
Select one:

a. Maximizing profits

b. Maintaining the status quo

c. Targeted return on investment

d. Maximizing market share

e. Maximizing sales

Cross-promotions are utilized to:
Select one:

a. support nonprofit groups.

b. increase brand equity.

c. introduce new products involved in a product launch.

d. introduce new marketing members to a community.

e. analyze product offerings in diversified markets.

The characteristics of a qualified prospect includes someone who has the:
Select one:

a. brains, autonomy, need for, and time to purchase a product.

b. budget, autonomy, need for, and clout to purchase a product.

c. brains, authority, need for, and time to purchase a product.

d. budget, authority, need for, and clout to purchase a product.

e. budget, authority, need for, and time to purchase a product.

A(n) _____ draws a logical conclusion.
Select one:

a. closed-ended message

b. push strategy

c. open-ended message

d. appeal

e. call to action

_____ allows you to smooth out the seasonal variance on sales so you can then determine how much of the change in sales is due to other factors.
Select one:

a. Correlational analysis

b. Expertise

c. Statistical control

d. Managerial control

e. Causality

_____ involves paying a fee to have your name associated with a venue or event.
Select one:

a. Cause-marketing

b. Sponsorship

c. Damage control

d. Donorship

e. Product placement

_____ is the practice of selling a large quantity of goods at a price too low to be economically justifiable in another country.
Select one:

a. Integration

b. Dumping

c. Pull strategy

d. Regrouping

e. Disintermediation

_____ is an illegal practice that involves firms colluding about price.
Select one:

a. Leader pricing

b. Prestige pricing

c. Price fixing

d. Loss leader pricing

e. Price adjusting

In _____ the roles of the buyers and sellers are reversed.
Select one:

a. buy-side auctions

b. B2B auctions

c. sell-side sites

d. B2B exchanges

e. e-commerce

Marketing _____ can be very challenging because many people within a firm are involved in the buying decision for these types of products.
Select one:

a. original equipment manufacturing offerings

b. capital equipment offerings

c. facilitating offerings

d. raw materials offerings

e. maintenance, repair, and operations offerings

_____ refers to when people forget information, even if it is relevant to them.
Select one:

a. Selective absorption

b. Moderate perception

c. Moderate retention

d. Selective perception

e. Selective retention

 

Organizations that are involved in the process of producing, promoting, and delivering company products to its user but are not active participants in selling of the products are referred to as _____.
Select one:

a. supply chains

b. marketing channels

c. mail-order wholesalers

d. drop shippers

e. off-price retailers

A(n) _____ is formed when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.
Select one:

a. strategic alliance

b. direct foreign investment

c. joint venture

d. franchising

e. exporting

Which of the following refers to a product with a low growth and low market share?
Select one:

a. Star

b. Cash cow

c. Question mark

d. Dog

e. Harvest product

Which of the following is a function of the Food and Drug administration?
Select one:

a. It prohibits U.S. firms from restraining trade.

b. It regulates deceptive advertising.

c. It regulates the labeling of consumable products.

d. It creates monopolies and cartels.

e. It prohibits monopolies and cartels.

_____ are products retailers produce themselves.
Select one:

a. Retail products

b. Company brands

c. Store brands

d. Generic goods

e. Manufacturer brands

The sub-segment of the Hispanic market that is characterized as containing individuals who are English dominant, free thinkers, and multicultural is known as _____.
Select one:

a. accidental explorers

b. the enlightened

c. just moved in’rs

d. SYLrs

e. FOBrs

Welcome to Electra Radioti's website, where we explore economics, data analysis, and financial insights with a practical touch. From breaking down complex theories to offering real-world applications in finance and modern tech, the blog caters to curious minds eager to understand economic trends, market analysis, and the role of tools like Excel in business decisions. Whether you're a student, professional, or simply intrigued by how data shapes the world, you'll find engaging content to deepen your understanding and help you navigate these dynamic fields.

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