Business
Which is a way that a business can determine if a product will fulfill the needs of a target market?
A. Observe workers
B. Distribute promotional materials
C. Ask the customers
D. Develop a prospect list
C.Ask the customers
One of the purposes of conduct analysis is to develop which component?
A. Operating budget
B. Distribution plan
C. Customer profile
D. Management team
C. Customer profile
Marketing strategies are designed and implemented for the overall purpose of which action?
A. Changing the image of the business
B. Improving management techniques
C. Achieving planned goals
D. Increasing business profits immediately
C. Achieving planned goals
Why do businesses with excessive debts often file Chapter 7 bankruptcy?
A. To liquidate
B. To consolidate
C. To refinance
D. To reorganize
A. To liquidate
A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for which situation?
A. Incompetence
B. Misrepresentation
C. Libel
D. Negligence
D. Negligence
An ad for Kleenex tissue in Ladies? Home journal is an example of what
A. Trade
B. Institutional
C. Product
D. Business
C. Product
The costs of operating a business are often called which expenses?
A. Fixed
B. Overhead
C. Variable
D. Markdown
B. Overhead
Which example illustrates how environmental factors are interrelated?
A. The economy affects what competitors are doing.
B. New legislation will be written in the future.
C. Low investor confidence heavily impacts financial
planners.
D. The economy affects banking institutions.
D. The economy affects what competitors are doing.
Marketers often condense USPs into short slogans due to which situation?
A. A successful USP is always very short.
B. All work team members must memorize them.
C. There cannot be product differentiation through any other means.
D. Customers tend to remember just one thing from an advertisement.
D. Customers tend to remember just one thing from an advertisement.
Which is often included in a situation analysis of a marketing plan?
A. A SWOT analysis chart
B. Performance standards for implementing the plan
C. A list of the proposed strategies and programs
D. A list of the marketing objectives for a company
A. A SWOT analysis chart
What is often a positive result of accepting responsibility for a poor decision?
A. The reinforcement of skeptical attitudes
B. The control of opinions of others
C. The demonstration of self-importance
D. The gain of respect of others
D. The gain of respect of others
When a business expands its product mix, its goal is to accomplish which goal?
A. Appeal to fewer market segments with fewer product options
B. Appeal to more market segments with a wider variety of options
C. Appeal to existing market segments with a wider
variety of options
D. Appeal to select market segments using less promotion
D. Appeal to more market segments with a wider variety of options
One way for a business to expand its product mix is by performing which action?
A. Monitoring the product life cycles
B. Acquiring another company
C. Increasing sales quotas
D. Analyzing product width decisions
B. Acquiring another company
A business is extending its operating hours to accommodate its customers. Which is a business cost associated with this service?
A. Higher payroll expenses
B. Increased sales volume
C. Higher profit margins
D. Increased customer satisfaction
A. Higher payroll expenses
Product or service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to which possibility?
A. Government oversight
B. Competitors only
C. Market opportunities
D. CEO wishes
C. Market opportunities
The brainstorming process is used to accomplish which primary goal?
A. Come up with as many ideas as possible.
B. Analyze each idea as it is presented.
C. Rate each idea in relation to one another.
D. Come up with a set number of ideas within a certain time
A. Come up with as many ideas as possible.
Due to lackluster sales, the Elba Corporation has decided to eliminate several of its product lines. Elba’s executives hope that by focusing on fewer product lines, they will see more profit. The Elba Corporation should plan to adjust which aspect of its product mix?
A. Depth
B. Length
C. Width
D. Height
C. Width
The MSV Company developed a sales forecast by considering the opinions of industry experts. This is an example of which sales forecasting method?
A. Industrial
B. Conditional
C. Qualitative
D. Quantitative
C. Qualitative
When considering a new product for a company, Tom decided to introduce a product in only three states for a six-month period. Which action did he perform?
A. Product development
B. Feasibility analysis
C. Commercialization
D. Test marketing
D. Test marketing
When generating new ideas for new businesses, entrepreneurs often look for ways to perform which action?
A. Rationalize spending
B. Increase liability
C. Solve problems
D. Control outcomes
C. Solve problems
During which stage of the product life cycle is a business likely to try to stabilize the price of the product?
A. Expansion
B. Introductory
C. Obsolescence
D. Maturity
D. Maturity
A company produces an advertisement that informs consumers about its commitment to recycling materials and controlling pollution. This is an example of which type of promotion?
A. Institutional promotion
B. Product promotion
C. Cooperative advertising
D. Personal selling
C. Cooperative advertising
Which is a major advantage of a sole proprietorship?
A. Availability of capital
B. Ease of start-up
C. Probability of success
D. Sharing of decision making
B. Ease of start-up