Marketing Mid- Term Review - Part 1

Question 1

Why are Monopolies NOT permitted in a free enterprise system?

Accepted Answer

They prevent competition

Question 2

This involves having a product where customers can buy it.

Accepted Answer

Place Utility

Question 3

This group is children of dual-career households or divorced parents.

Accepted Answer

Generation X

Question 4

Competition does all of the following accept which one?

Accepted Answer

Create a bigger demand for goods and services

Question 5

Why is the Free enterprise system in the U.S. considered to be modified

Accepted Answer

The Government intervenes in business on a limited basis.

Question 6

76 Million babies were born during this time period

Accepted Answer

Baby Boom Generation

Question 7

Which of the following is NOT a reason why owning a business is a Risk?

Accepted Answer

They determine what good or service they produce.

Question 8

This group is the most racially and ethnically diverse.

Accepted Answer

Millennium Generation

Question 9

Another name for Channel Management

Accepted Answer

Distribution

Question 10

Functions of marketing add value to a product. This added value in economic terms is called __.

Accepted Answer

Utility

Question 11

Marketing is the process of _ ideas, goods & services that satisfies customer’s needs & wants.

Accepted Answer

Planning, pricing, promoting, selling and distributing

Question 12

The law of Demand states which of the following?

Accepted Answer

Price and Demand move in opposite directions

Question 13

Improving on an existing product falls under which function of marketing?

Accepted Answer

Product/Service Management

Question 14

Which of the following is not a freedom we have in the U.S.?

Accepted Answer

All are Freedoms we have in the U.S.

Question 15

The process of classifying customers by needs and wants.

Accepted Answer

Market Segmentation

Question 16

Statistics that describe a population in terms of age, gender, income, ethnicity, etc.

Accepted Answer

Demographics

Question 17

All are examples of Non-price competition except which one?

Accepted Answer

Price matching

Question 18

Segmenting the market based on looking at the benefits desired by consumers & shopping patterns

Accepted Answer

Behavioral Studies

Question 19

Function of marketing dealing w/ providing customers w/the goods and services they need & want?

Accepted Answer

Selling

Question 20

The function which deals with coming up with the ideas for a product.

Accepted Answer

Market Planning

Question 21

Which of the following groups is declining in the U.S.?

Accepted Answer

Caucasian

Question 22

What is the range of Profit for most businesses?

Accepted Answer

1-5%

Question 23

The law of Supply states which of the following?

Accepted Answer

Price and Quantity supplied move in the same direction

Question 24

Advertising on television and radio

Accepted Answer

Promotion

Question 25

The US Census indicates that married couples make up how many households in the U.S.?

Accepted Answer

49.7%

Question 26

Wal-Mart using the slogan "Always low prices, Always" is an example of what?

Accepted Answer

Price competition

Question 27

Markets are narrowed down and defined with extreme precision.

Accepted Answer

Niche Marketing

Question 28

Tangible items that have monetary value and can satisfy your needs and wants

Accepted Answer

Goods

Marketing Mid- Term Review - Part 1

Questions 28

Marketing Mid- Term Review - Part 1

Questions 28