Business and Marketing Fundamentals

Question 1

People's wants and needs are unlimited; in the same way, resources are also unlimited.

Accepted Answer

False

Question 2

The decision processes and actions of consumers as they buy services and products are known as buying behavior.

Accepted Answer

True

Question 3

Market segments should be evaluated on all of the following characteristics except

Accepted Answer

employees' desire to serve potential customers.

Question 4

An exhibition where companies associated with an industry gather to showcase their products is called a(n) target market

Accepted Answer

trade show

Question 5

For managers and other decision makers, the most important part of an MKIS is the output.

Accepted Answer

True

Question 6

Marketers use research techniques to all of the above.

Accepted Answer

all of the above.

Question 7

When products have limited differences, businesses try to compete for sales emphasizing such things as their name,

Accepted Answer

True

Question 8

Marketing jobs are found at the lowest and highest levels of a company and are available for people with varied amounts.

Accepted Answer

True

Question 9

Offering cellular telephone plans suited to the number of phones in a family and the amount of minutes used in one month

Accepted Answer

True

Question 10

Patronage buying motives are based on loyalty.

Accepted Answer

loyalty.

Question 11

The most important type of marketing research for most businesses is the study of potential and current customers.

Accepted Answer

True

Question 12

The marketing concept keeps the main focus on customers' needs during the planning, production, distribution, and promot

Accepted Answer

True

Question 13

Which of the following is not a common complaint about marketing?

Accepted Answer

Marketing helps match supply with demand.

Question 14

Businesses that use the marketing concept do not care much about customer needs, likes, and dislikes.

Accepted Answer

use marketing to identify and understand its customers

Question 15

This marketing function provides security for products, personnel, and customers.

Accepted Answer

risk management

Question 16

The product user positioning strategy encourages use of a product or service by associating a personality or type of use

Accepted Answer

True

Question 17

A marketing information system is an organized method of collecting, storing, analyzing, and retrieving information to.

Accepted Answer

True

Question 18

If there is a very large supply of a product, consumers will usually buy as much of the product as they can.

Accepted Answer

place a lower value on it.

Question 19

When a company decides which delivery service to use to get its products to customers, which component of the marketing

Accepted Answer

distribution

Question 20

When businesses are in direct competition, competitors' pricing strategies are very important.

Accepted Answer

True

Question 21

You just realized you need to buy a cake for your sister's birthday party, so you begin looking through the phone book.

Accepted Answer

information search.

Question 22

In this kind of economy, the government owns and controls important resources and makes the decisions about what will.

Accepted Answer

Controlled

Question 23

It is easy to maintain personal security online and difficult for fraudulent businesses to develop an Internet presence.

Accepted Answer

False

Question 24

Planning is the most important element of the "4 Ps of Marketing"

Accepted Answer

False

Question 25

Extensive decision making usually takes less time than limited decision making.

Accepted Answer

is normally made for expensive purchases.

Question 26

Competition is becoming much more intense for most businesses.

Accepted Answer

True

Question 27

Businesses have learned that it is much more difficult to predict demand for products when product information is availa

Accepted Answer

True

Question 28

Marketing that encourages customers to "join" their reference group by purchasing and using products and services prefer

Accepted Answer

False

Question 29

If a camera manufacturer markets its cameras as taking sharper, clearer pictures than competing models, how is it

Accepted Answer

by attribute

Question 30

Each of the nine marketing functions occurs every time a product or service is developed and sold.

Accepted Answer

True

Question 31

Companies that combine traditional business operations with extensive use of the Internet are known as click-only.

Accepted Answer

False

Question 32

Nonprofit groups such as the Red Cross have little need for marketing services.

Accepted Answer

True

Question 33

After a consumer gathers information about how to satisfy her need, the next step is to make the purchase.

Accepted Answer

False

Question 34

People's interests and values are referred to as geographic segmentation.

Accepted Answer

psychographics

Question 35

The Internet has become a common way for businesses to interact with customers.

Accepted Answer

all of the above.

Question 36

Companies that complete most of their business activities by means other than the internet are called brick-and-click.

Accepted Answer

False

Question 37

When a purchase has been made, the consumer decision-making process has been completed.

Accepted Answer

True

Question 38

If a need or want is particularly important or strong, a consumer might be willing to spend more money to satisfy it.

Accepted Answer

True

Question 39

One of the greatest disadvantages of e-commerce is businesses compete with all businesses offering similar products both

Accepted Answer

businesses compete with all businesses offering similar products both.

Question 40

When customers' wants and needs are met, they are more likely to be loyal and continue to purchase from the business.

Accepted Answer

True

Question 41

Many companies keep a complete record of all transactions they have with a customer. Such records are examples of intern

Accepted Answer

True

Question 42

Which of the following is at the top of Abraham Maslow's hierarchy of needs?

Accepted Answer

self-actualization

Question 43

The first step in implementing a marketing research study is to define the problem.

Accepted Answer

define the problem.

Question 44

Probably the most difficult marketing decision to understand and plan is distribution.

Accepted Answer

distribution.

Question 45

Type of competition, economic regulations, and government regulations are all considered information about consumers.

Accepted Answer

all of the above.

Question 46

The first step in the consumer decision-making process is to recognize a need.

Accepted Answer

recognize a need.

Question 47

Businesses must comply with consumer protection laws or risk fines and a loss of business.

Accepted Answer

True

Question 48

The most important performance measure for a company is to compare performance with that of similar businesses.

Accepted Answer

to compare actual performance with expected or planned performance

Question 49

Which of the following is not a benefit of competition?

Accepted Answer

It guarantees low employment rates and low inflation rates.

Question 50

A person's age has a major influence on consumer behavior.

Accepted Answer

True

Question 51

When you buy a card for a relative to show them that you love them, which of the following is probably influencing you.

Accepted Answer

emotional motives

Question 52

Marketing can help consumers make better decisions.

Accepted Answer

all of the above.

Question 53

The basic economic problem is

Accepted Answer

Scarcity

Question 54

Marketing encourages businesses to provide products and services that consumers want.

Accepted Answer

True

Question 55

The United States has many characteristics of a market economy.

Accepted Answer

True

Question 56

Which of the following is an example of a final consumer?

Accepted Answer

You buy a soft drink at a local grocery and drink it on the way home.

Question 57

Divide consumers into markets based on where they live is referred to as market segmentation

Accepted Answer

False

Question 58

Social media allows the receiver of the message or information to add to the information.

Accepted Answer

all of the above.

Question 59

Effective marketing information is too costly for a small business to worry about.

Accepted Answer

reduces the risk of decision making.

Question 60

Which of the following is not an external information source for a business?

Accepted Answer

an invoice recording the details of a recent sale made by the company

Question 61

A relationship between the quantity of a product consumers are willing and able to purchase and the price is called

Accepted Answer

Demand

Question 62

The first step of the marketing concept is to operate at a profit.

Accepted Answer

identify what will satisfy customers' needs.

Question 63

A restaurant that advertises an all-you-can-eat dinner buffet for $3.95 is probably engaging in attribute competition.

Accepted Answer

price competition.

Question 64

Open-ended questions are often used when researchers are attempting to identify the problem or are completing.

Accepted Answer

True

Business and Marketing Fundamentals

Questions 67

Business and Marketing Fundamentals

Questions 67