Strategies
Proctor and Gamble's decision to offer different types of soaps in a wide range of prices is an example of which strategy?
A. Direct marketing
B. Market segmentation
C. Geographic segmentation
D. Industrial marketing
B. Market segmentation
Public-service promotions often are used to inform consumers about which issues?
A. Questionable
B. Controversial
C. Noncontroversial
D. Negative
C. Noncontroversial
A business might take an existing product and alter it to fulfill a specific need which different benefactor?
A. Medium
B. Product mix
C. Utility
D. Target market
D. Target market
An important objective of promotion is to perform which action?
A. Intimidate buyers
B. Inform buyers
C. Deceive buyers
D. Delude buyers
B. Inform buyers
Clyde rented an ice cream truck in order to earn money for college. His truck rental is $200 per week and has a yearly license fee of $52. It costs him $200 for 500 ice cream bars that he plans to sell for $1.10 each. How many ice cream bars must Clyde sell each week in order to reach the break- even point?
A. 360
B. 252
C. 201
D. 288
D. 288
Radio commercials are a form of advertising that is transmitted through which medium?
A. Print
B. Broadcast
C. Web-based
D. Out-of-home
B. Broadcast
Which positive effect do small businesses have on the local community?
A. Reduction of competition
B. Pay in of taxes
C. Limitation on job growth
D. Charging of interest
B. Pay in of taxes
What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?
A. Creativity
B. Self-discipline
C. Risk-taking
D. Flexibility
C. Risk-taking
Which is an important benefit of a marketing plan?
A. They ensure a yearly profit.
B. They develop exciting products.
C. They help recruit quality employees.
D. They can help obtain funding.
D. They can help obtain funding.
Selecting a target market based on very specific criteria that limit the audience to a well-defined segment is an example of which strategy?
A. Target auditing
B. Market planning
C. Income segmenting
D. Niche marketing
D. Niche marketing
An effective mission statement should effectively reflect which component of the business?
A. Touch points
B. Specific goals
C. Ethics policies
D. Core values
D. Core values
The first decision that marketers must make when managing channels is performing which action?
A. Setting channel objectives
B. Determining distribution patterns
C. Selecting channel members
D. Determining channel responsibilities
A. Setting channel objectives
After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from which situation?
A. Advancements in technology
B. Changes in travel habits
C. Differences in priority
D. Shifts in popularity ethnicity
D. Shifts in popularity ethnicity
When planning for her new business, Janine allocates two percent of the estimated annual sales of her company to web and newspaper advertising. Janine is developing which document?
A. A promotional budget
B. A sales report
C. A competitive analysis
D. A publicity plan
A. A promotional budget
By setting marketing objectives, businesses are specifying which information?
A. What they want to achieve.
B. How they intend to make a profit.
C. What price they plan to charge.
D. How they intend to advertise.
A. What they want to achieve.
Which is the primary reason for establishing a marketing budget that helps a business?
A. To reduce tax liability
B. To monitor fixed assets
C. To manage depreciation
D. To control spending
D. To control spending
The entrepreneurial discovery process requires knowledge and the recognition of which situation?
A. Economic crisis
B. Preventable accident
C. Market need
D. Creative observation
C. Market need
Which statement is true about business start-up requirements?
A. Equipment is the least expensive requirement for a start-up business.
B. A new business owner usually needs to register for patent protection.
C. Purchasing a franchise is usually easy and inexpensive for start-up business owners.
D. The financial needs to start a new business depend on the nature of the venture.
D. The financial needs to start a new business depend on the nature of the venture.
Businesses should set their selling prices at a level that will cause which situation?
A. Be lower than that of the competitors
B. Cover expected markdowns and expenses
C. Be equal to the cost of the goods
D. Ensure a high percent of profit
B. Cover expected markdowns and expenses
Which is the first factor that a business should consider when it is deciding if it should sell a product?
A. Promotional strategy
B. Taxation rate
C. Storage space
D. Market demand
D. Market demand
When determining venture-creation opportunities, entrepreneurs must first perform which action?
A. Obtain financing
B. Conduct research
C. Identify staffing needs
D. Select a location
B. Conduct research
The marketing objectives that a business develops for its marketing plan should lead to which situation?
A. An increase in sales
B. An increase in prices
C. A decrease in costs
D. A decrease in taxes
A. An increase in sales
Why would a manager of a local business keep track of the prices that similar businesses in the area are charging?
A. To remain competitive
B. To improve advertising
C. To promote image
D. To offer new services
A. To remain competitive