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  1. Marketing Final Exam Ch 1-7
  2. ------------------------------------------------------
  4. Question 1: Marketing activities and jobs have not changed much over the past 100 years.
  5. Answer: F
  6. Question 2: Specialization of labor resulted in less of a given product being produced to exchange with other people.
  7. Answer: F
  8. Question 3: Merchandising (retail) businesses take raw materials and change their form so that they can be used in the production of other products or in the operation of businesses or equipment.
  9. Answer: F
  10. Question 4: Businesses that do not use the marketing concept are more concerned about producing products than understanding customer needs.
  11. Answer: T
  12. Question 5: One of the first efforts of the new marketing departments of the 1950s and 1960s was to reduce the use of advertising.
  13. Answer: F
  14. Question 6: Individuals benefit from marketing because it improves the exchanges that occur between businesses and consumers.
  15. Answer: T
  16. Question 7: Marketing skills are valuable only to people who are directly employed in the field of marketing.
  17. Answer: F
  18. Question 8: Marketing activities are not especially important for companies engaging in international trade, because people in other countries do not respond well to modern marketing techniques.
  19. Answer: F
  20. Question 9: Marketing encourages businesses to provide products and services that consumers want. It also helps educate consumers to make better purchasing decisions.
  21. Answer: T
  22. Question 10: When customers’ wants and needs are met, they are more likely to be loyal and continue to purchase from the business.
  23. Answer: T
  24. Question 11: Marketing activities may need to be used to sell low-quality products, but high-quality products do not require marketing.
  25. Answer: F
  26. Question 12: Many important social issues are now receiving much attention because of effective marketing.
  27. Answer: T
  28. Question 13: Consumerism first became an important influence on business practices in the 1980s under President Ronald Reagan.
  29. Answer: F
  30. Question 14: Businesses must comply with consumer protection laws or risk fines and a loss of business.
  31. Answer: T
  32. Question 15: People’s wants and needs are unlimited; in the same way, resources are also unlimited.
  33. Answer: F
  34. Question 16: Individuals who purchase products and services to satisfy needs are producers.
  35. Answer: F
  36. Question 17: If a need or want is particularly important or strong, a consumer might be willing to spend more money to satisfy it.
  37. Answer: T
  38. Question 18: If consumers believe there is only one product or brand that meets their needs, they will usually be willing to pay a higher price.
  39. Answer: T
  40. Question 19: When competition is intense—with many businesses offering the same types of products or services—there are increased opportunities for a business to succeed than when there is little competition.
  41. Answer: F
  42. Question 20: The law of supply states that when the price of a product is increased, less will be supplied; when the price is decreased, more will be supplied.
  43. Answer: F
  44. Question 21: The point where supply and demand for a product or service is equal is called market price.
  45. Answer: T
  46. Question 22: If a business operating as a monopoly is unregulated by the government, it can charge any price it chooses. The consumer either pays the price set by the business or goes without.
  47. Answer: T
  48. Question 23: Products that provide great satisfaction have a higher economic utility, while those providing less satisfaction have a lower utility.
  49. Answer: T
  50. Question 24: A bank that stays open in the evening is offering place utility to its customers.
  51. Answer: F
  52. Question 25: Marketing is responsible for identifying and planning for opportunities.
  53. Answer: T
  54. Question 26: The marketing concept keeps the main focus on customers’ needs during the planning, production, distribution, and promotion of a product or service.
  55. Answer: T
  56. Question 27: Businesses that use the marketing concept first develop a product or service and then decide how it will be marketed.
  57. Answer: F
  58. Question 28: Bringing a new product to the marketplace is expensive.
  59. Answer: T
  60. Question 29: Much of the planning efforts of a company are used to determine what to sell and how it will be presented to the customer.
  61. Answer: T
  62. Question 30: The most important type of marketing research for most businesses is the study of potential and current customers.
  63. Answer: T
  64. Question 31: Monopolies are often more concerned about protecting their market and making a profit than about meeting the needs of consumers.
  65. Answer: T
  66. Question 32: Most service businesses work directly with their customers rather than through a channel of distribution.
  67. Answer: T
  68. Question 33: Nonprofit groups such as the Red Cross have little need for marketing services.
  69. Answer: F
  70. Question 34: When products have limited differences, businesses try to compete for sales emphasizing such things as their name, availability, or price.
  71. Answer: T
  72. Question 35: As businesses develop an international focus, differences among customer groups and the number of distinct market segments tend to diminish.
  73. Answer: F
  74. Question 36: Competition is becoming much more intense for most businesses.
  75. Answer: T
  76. Question 37: Many companies keep a complete record of all transactions they have with a customer. Such records are examples of internal marketing information.
  77. Answer: T
  78. Question 38: The Wall Street Journal is probably the main source of internal information for most businesses.
  79. Answer: F
  80. Question 39: A marketing information system is an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions.
  81. Answer: T
  82. Question 40: For managers and other decision makers, the most important part of an MkIS is the output.
  83. Answer: T
  84. Question 41: Random sampling ensures that everyone in the population has an equal chance of being selected in the sample.
  85. Answer: T
  86. Question 42: Non-numerical data is much easier for researchers to analyze than numerical data.
  87. Answer: F
  88. Question 43: Open-ended questions are often used when researchers are attempting to identify the problem or are completing a situational analysis.
  89. Answer: T
  90. Question 44: A population is a specific city or geographic area in which marketing experiments are conducted.
  91. Answer: F
  92. Question 45: You cannot implement the marketing concept without understanding customers.
  93. Answer: T
  94. Question 46: A house is an example of a product that satisfies just one need: the physiological need for shelter.
  95. Answer: F
  96. Question 47: Research has shown that fear is never an effective emotional motive for customers.
  97. Answer: F
  98. Question 48: Patronage purchasing is usually limited to large, expensive purchases.
  99. Answer: F
  100. Question 49: The decision processes and actions of consumers as they buy services and products are known as buyingbehavior.
  101. Answer: T
  102. Question 50: The strength of the need and urgency to satisfy the need is an important part of the first step in the consumer decision-making process.
  103. Answer: T
  104. Question 51: After a consumer gathers information about how to satisfy her need, the next step is to make the purchase.
  105. Answer: F
  106. Question 52: When a purchase has been made, the consumer decision-making process has been completed.
  107. Answer: F
  108. Question 53: Limited decision making is not strictly for expensive items.
  109. Answer: T
  110. Question 54: Marketers have found that consumers who choose a product using routine decision making want and need just as much information as consumers involved in extensive decision making.
  111. Answer: F
  112. Question 55: Offering cellular telephone plans suited to the number of phones in a family and the amount of minutes used in one month is an example of marketing a product based on product usage.
  113. Answer: T
  114. Question 56: The product user positioning strategy encourages use of a product or service by associating a personality or type of user with the product.
  115. Answer: T
  116. Question 57: The price and quality positioning strategy always stresses higher price as a sign of quality.
  117. Answer: F
  118. Question 58: Competition forces businesses to offer reasonable prices for the products and services that consumers use.
  119. Answer: T
  120. Question 59: The type of competition faced by a business will affect its positioning.
  121. Answer: T
  122. Question 60: When businesses are in direct competition, competitors’ pricing strategies are very important.
  123. Answer: T
  124. Question 61: Making products available at more locations is always a good idea, because that will make it easier for customers to obtain your products.
  125. Answer: F
  126. Question 62: The Internet is virtually useless as a source of current competitive information.
  127. Answer: F
  128. Question 63: Which of the following businesses is directly involved in marketing? (main function of business)
  129. Answer: A
  130. Question 64: This marketing function provides security for products, personnel, and customers.
  131. Answer: C
  132. Question 65: Exchanging products or services with others by agreeing on their values is known as
  133. Answer: D
  134. Question 66: A location where people bring products to be conveniently exchanged is a
  135. Answer: A
  136. Question 67: Which business function involves developing, implementing, and evaluating the plans and activities of a business?
  137. Answer: B
  138. Question 68: The first step of the marketing concept is to
  139. Answer: D
  140. Question 69: When a company decides which delivery service to use to get its products to customers, which component of the marketing mix is being considered?
  141. Answer: C
  142. Question 70: An emphasis on producing and distributing new products was characteristic of the
  143. Answer: B
  144. Question 71: An approach to customer service that gives employees the authority to solve many customer problems is called
  145. Answer: D
  146. Question 72: Businesses that use the marketing concept
  147. Answer: B
  148. Question 73: What percentage of jobs in the United States are marketing jobs or have marketing as a major job responsibility?
  149. Answer: B
  150. Question 74: Marketing can
  151. Answer: D
  152. Question 75: Which of the following marketing techniques often results in consumers making unneeded purchases?
  153. Answer: D
  154. Question 76: The average cost of all marketing activities is about ___ percent of the price of products.
  155. Answer: C
  156. Question 77: Which of the following is not a common complaint about marketing?
  157. Answer: A
  158. Question 78: An organized effort to influence a company by refusing to purchase its products is called a
  159. Answer: D
  160. Question 79: Which of the following is not one of the four rights identified in the Consumer Bill of Rights?
  161. Answer: C
  162. Question 80: Which of the following is a consumer protection organization sponsored by businesses?
  163. Answer: A
  164. Question 81: The basic economic problem is
  165. Answer: D
  166. Question 82: In this kind of economy, the government owns and controls important resources and makes the decisions about what will be produced and consumed.
  167. Answer: A
  168. Question 83: Which of the following is not characteristic of a private enterprise economy?
  169. Answer: B
  170. Question 84: The economic relationship between the quantity of a product consumers are willing and able to purchase and the price is called
  171. Answer: C
  172. Question 85: Marketers in a local business are most concerned with
  173. Answer: A
  174. Question 86: If there is a very large supply of a product, consumers will usually
  175. Answer: B
  176. Question 87: Which of the following factors usually would not influence what and how many products or services a business will produce in a market economy?
  177. Answer: B
  178. Question 88: What type of situation exists in a market in which many firms compete with products that are somewhat different?
  179. Answer: A
  180. Question 89: This type of economic utility results from changes in the tangible parts of a product or service.
  181. Answer: D
  182. Question 90: When a business offers to sell products to customers on credit, what kind of utility is it offering to customers?
  183. Answer: B
  184. Question 91: All of the following statements about marketing today are true except
  185. Answer: C
  186. Question 92: All of the following are common reasons for business failure except
  187. Answer: A
  188. Question 93: With the marketing concept, planning begins by
  189. Answer: B
  190. Question 94: Businesses deal with customer needs in a variety of ways. Which of the following is the most effective?
  191. Answer: C
  192. Question 95: Probably the most difficult marketing decision to understand and plan is
  193. Answer: D
  194. Question 96: The first step in the consumer decision-making process is to
  195. Answer: B
  196. Question 97: Marketers use research techniques to
  197. Answer: D
  198. Question 98: Companies in this type of economic environment find the marketing concept to be of the most value.
  199. Answer: C
  200. Question 99: Which element of the marketing mix usually receives the most attention from producers and manufacturers?
  201. Answer: A
  202. Question 100: Most final pricing decisions are made by
  203. Answer: C
  204. Question 101: Most businesses today
  205. Answer: B
  206. Question 102: Type of competition, economic regulations, and government regulations are all considered information about
  207. Answer: C
  208. Question 103: Effective marketing information
  209. Answer: A
  210. Question 104: What is the first step a business usually takes in the process of gathering marketing information?
  211. Answer: D
  212. Question 105: The most important performance measure for a company is
  213. Answer: A
  214. Question 106: Which of the following is not an external information source for a business?
  215. Answer: A
  216. Question 107: Which MkIS element answers the question, “Which methods should be used to organize and study the information in order to make effective marketing decisions?”
  217. Answer: D
  218. Question 108: The first step in implementing a marketing research study is to
  219. Answer: C
  220. Question 109: Which of the following is an example of a closed-ended question?
  221. Answer: B
  222. Question 110: A carefully designed and controlled situation in which all important factors are the same except the one being studied is called a(n)
  223. Answer: D
  224. Question 111: Which of the following is an example of a final consumer?
  225. Answer: B
  226. Question 112: Which of the following is at the top of Abraham Maslow’s hierarchy of needs?
  227. Answer: A
  228. Question 113: When you buy a Father’s Day card for your dad to show him that you love him, which of the following is probably influencing you the most?
  229. Answer: B
  230. Question 114: Patronage buying motives are based on
  231. Answer: D
  232. Question 115: You just realized you need to buy a cake for your sister’s birthday party, so you begin looking through the phone book for a nearby bakery. Which stage of the consumer decision-making process are you in?
  233. Answer: D
  234. Question 116: Which step in the consumer decision-making process involves reaching an agreement with the business selling the product on what you will buy, the cost, the payment method, and how you will receive the product?
  235. Answer: A
  236. Question 117: The enduring pattern of emotions and behaviors that define an individual is known as
  237. Answer: C
  238. Question 118: The history, beliefs, customs, and traditions of a group is called
  239. Answer: A
  240. Question 119: What kind of decision making are you probably using when you buy a gallon of milk?
  241. Answer: C
  242. Question 120: Extensive decision making
  243. Answer: B
  244. Question 121: This approach directs a company’s marketing mix at a large and heterogeneous group of consumers.
  245. Answer: B
  246. Question 122: People’s interests and values are referred to as
  247. Answer: D
  248. Question 123: Market segments should be evaluated on all of the following characteristics except
  249. Answer: B
  250. Question 124: Which of the following is the last step in identifying potential market segments?
  251. Answer: D
  252. Question 125: If a camera manufacturer markets its cameras as taking sharper, clearer pictures than competing models, how is it positioning its products?
  253. Answer: B
  254. Question 126: Which of the following is an example of indirect competition?
  255. Answer: C
  256. Question 127: Which of the following is not a benefit of competition?
  257. Answer: C
  258. Question 128: A restaurant that advertises an all-you-can-eat dinner buffet for $3.95 is probably engaging in
  259. Answer: A
  260. Question 129: Businesses engage in which of the following activities to gain information about the competition?
  261. Answer: D
  262. Question 130: An exhibition where companies associated with an industry gather to showcase their products is called a(n)
  263. Answer: A
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