Marketing Basics
What type of corporation may be owned by just a few people and does not offer its shares for sale to the general public? A. Private B. General C. Public D. Limited
A. Private
Which of the following categories of information are found on a balance sheet: A. Assets, liabilities, owner's equity B. Income, expenditures, profit C. Assets, liabilities, margin D. Revenues, expenses, profit
A. Assets, liabilities, owner's equity
How do producers benefit from the exchanges that result from marketing? A. By gaining repeat business B. By controlling their costs C. By obtaining unlimited resources D. By increasing charitable contributions
A. By gaining repeat business
Which of the following is an example of corporate responsibility: A. A company hires minority employees B. A company expands its facilities C. A company uses recycled materials in its products D. A company pays its taxes on time
C. A company uses recycled materials in its products
Business A spends less on advertising than Business B. Both businesses sell the same products, but Business B charges higher prices than Business A. Which of the following factors has affected the prices of the business: A. Place B. Supply C. Product D. Promotion
D. Promotion
Providing marketing information is an important channel activity. Businesses rely on marketing information to determine: A. how intermediaries are performing. B. their target markets' needs and wants. C. how much to charge for their products D. what to name their products
B. their target markets' needs and wants.
Using the cash accounting method, determine the amount of sales that a business would record for one day if it makes $2,300 in cash sales, has COD sales of $450, and places a $300 special order. A. $2,300 B. $2,600 C. $2,750 D. $3,050
A. $2,300
The development of goods and services that best satisfy consumer needs and wants is a major goal of: A. financing B. purchasing C. product/service management D. marketing-information management
C. product/service management
Designing an effective marketing strategy is important: A. but not possible to achieve B. to the success of the business C. as a promotion function D. as a one-time process
B. to the success of the business
Why are Universal Product Codes (UPCs) often preprinted on products before the manufacturer ships the products to the business? A. To reduce the possibility of theft B. To increase the product turnover rate C. To simplify the price-marking function D. To improve the transportation system
C. To simplify the price-marking function
What can a business do to determine if there are problems with its customer-service levels in relation to its product-distribution strategies? A. Conduct a break-even analysis B. Evaluate its channel members' performance C. Analyze the product's quality standards D. Examine the organizational chart
B. Evaluate its channel members' performance
The administration of assets refers to decisions about: A. spending B. accounting C. investments D. financing
C. investments
A home-improvement company has determined that many of its potential customers will only purchase carpeting from businesses offering a discount. What has the company determined? A. Customer buying behavior B. Customer shopping types C. Customer browsing methods D. Customer selling ability
A. Customer buying behavior
Which of the following is a consideration in the price element of marketing: A. Will the business use publicity? B. Where will the products be stored? C. Should the business offer discounts? D. When will research be conducted?
C. Should the business offer discounts?
Selling price helps customers to allocate their money because price determines: A. what customers need to purchase B. the value of products to all purchasers C. what customers can afford to purchase D. the quality of all goods and services
C. what customers can afford to purchase
A farmer with a produce stand in the yard is an example of a: A. producer to retailer to consumer B. producer to agent to consumer C. producer to consumer D. producer to wholesaler to consumer
C. producer to consumer
Labor-union negotiations are part of which HR management activity? A. Staffing B. Compensation and benefits C. Training and development D. Employee relations
D. Employee relations
Which of the following is a true statement about B2B (business-to-business) marketing: A. B2B marketing strategies work well for consumer marketing, but consumer strategies don't work for B2B. B. Only specialty marketing firms undertake B2B marketing. C. B2B marketing is more difficult than consumer marketing. D. Marketers approach B2B marketing differently than consumer marketing.
D. Marketers approach B2B marketing differently than consumer marketing.
Determining the group of customers that will be the main target for a company's goods/services is done through: A. market strategy B. market segmentation C. a policy statement D. consumer behavior research
B. market segmentation
The management function of business is usually responsible for: A. setting policy B. serving customers C. preparing ads D. stocking shelves
A. setting policy
An advantage of using satellite tracking technology in distribution is that it enables businesses to: A. analyze the contents of packages. B. know where shipments are at all times. C. determine the delivery drivers' qualifications. D. obtain information about competitors.
B. know where shipments are at all times.
Which of the following is an example of helpful, printed information that businesses often give new employees during orientation: A. Promotional brochure B. Annual report C. Application form D. Company handbook
D. Company handbook
Natalie searched for 45 minutes to locate an important file folder, which she found under a pile of papers in an unmarked box stored under her desk. What action did Natalie fail to take that would have increased her efficiency and saved the company money? A. Using supplies wisely B. Staying on task C. Staying organized
C. Staying organized
Which of the following is an example of a marketing strategy that a business might develop in order to achieve an objective it has outlined in its marketing plan: A. Obtaining $1 million in sales B. Lowering prices by 5% C. Increasing profits by 10% D. Reducing operating costs
B. Lowering prices by 5%
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