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Marketing Final | Spring 2025 Flashcards | StudBud
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Marketing Final | Spring 2025
Marketing Final | Spring 2025
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1
Marketing a product for a purpose other than its original purpose in order to increase sales is known as
repositioning
repackaging
revitalizing
regenerating
2
In a SWOT analysis, the external factors that provide chances for a company to increase profits are ____
opportunities
strengths
threats
weaknesses
3
The symbol ® can be used only for products that ____
have been on the market for at least 7 years
demonstrate social responsibility
have been registered with the USPTO
have passed into generic usage
4
Standards that can be measured, such as the click-through rate of an e-mail campaign, are known as ____
market potential
hard metrics
best opportunities
specific sales goals
5
The four Ps of marketing include ____
product, price, place, and promotion
personal, product, place, and price
price, profession, product, and place
profit, product, promotion, and place
6
The Jolly Green Giant is an example of a company's ____
tagline
metaphor
trade character
packaging
7
Process of testing a service on a few customers before the public to make sure everything runs smoothly is
conducting a trial run
reverse engineering
test marketing
creating a prototype
8
Raising prices on certain goods to an excessively high level during an emergency is a form of price fixing
bait and switch
unit pricing
deceptive pricing
price gouging
9
A small business purchases 10 reams of copier paper every month. This type of purchase is a(n) ____ purchase.
modified
impulse
repeat
new
10
Which sentence identifies the correct relationship between advertising and marketing?
Advertising and marketing are the same.
Marketing is one aspect of advertising.
Advertising and marketing are entirely different concepts.
Advertising is one aspect of marketing.
11
A company's message to its customers about why the company exists is known as its ____
vision statement
mission statement
sales goals
company goals
12
A store purchases 100 pies for $3/ea. Using the keystone pricing method, what will the base price for each be?
$8.00
$4.00
$6.00
$5.00
13
What is the meaning of a payment due date of 3/15, net 30?
Pay within 15 days; after 30 days, it’s turned over to a collection agency.
15 days to pay in full; after 30 days, 3% interest will be charged.
Pay the invoice within 3 days of receipt in order to avoid a 15% charge
30 days pay in full; if paid in 15 days; 3% discount applied
14
Which of the following statements about ROI is true?
The less a company reinvests in the business, the higher the ROI will be.
ROI is determined by dividing gross profit by net profit.
ROI is expressed as a ratio of investment to profit.
Profitable companies generally have a high ROI.
15
Everything a company owns is its ____
gross profit
total assets
net profit
return on investment
16
Each toy cost $2, the store wants to make a 50% profit. Using the percentage-markup, what is the base price?
$4.00
$2.50
$4.50
$3.00
17
The most common method of distribution in the United States is ____
rail transportation
water transportation
air transportation
road transportation (trucking)
18
Which agency regulates corporations that are publicly traded?
Bureau of Consumer Protection
Consumer Product Safety Commission
US Securities and Exchange Commission
Federal Trade Commission
19
Which federal agency investigates workplace accidents?
Occupational Safety and Health Administration
Equal Employment Opportunity Commissions
Bureau of Consumer Protection
US Securities and Exchange Commission
20
A pricing strategy that is based on the amount customers are willing to pay for a product is ____
cost-based pricing
demand-based pricing
competition-based pricing
keystone pricing
21
One of the purposes of a prototype is to ____
decide whether the new product aligns with the company image and goals
determine whether the product can be sold at the desired profit
generate customer feedback before choosing a final product design
plan the steps to manufacture the product
22
Path product takes from producer to wholesaler, to retailer, and then to the end user is
agent/broker
wholesaler
direct
retailer
23
Factors that affect the ease a business can operate in a region & the level of its productivity in that region
economic factors
political factors
technological factors
social factors
24
Which of the following is not a benefit of marketing?
educating consumers
increasing people's needs
stimulating competition
improving the economy
25
Which of the six modes of transportation is considered the slowest?
rail
road
pipeline
water
26
What is the primary purpose of customer relationship management?
to ensure that marketing information is factual and accurate
to track information about current and potential customers
to empower employees to make decisions to enhance customer satisfaction
to prevent unfair pricing practices
27
Businesses that create goods and services are ____
wholesalers
end users
producers
intermediaries
28
The plan for using product, price, place, and promotion to market a specific product or group of products is its ____
marketing concept
promotional mix
marketing-information management
marketing mix
29
A promise that a product has a certain quality or will perform in a specific way is a(n) ____
option
feature
guarantee
warranty
30
The name given to a product, consisting of words, numbers, or letters that can be read and spoken
logo
brand name
trade character
slogan
31
A warranty that extends coverage of a product beyond the initial warranty period is a(n) ____
guarantee
limited warranty
full warranty
extended warranty
32
Which of the following is an example of a socially responsible business practice?
Offering customers reusable shopping bags for free or for a nominal cost
Using loss-leader pricing to increase the customer base
Increasing the number of paved parking spaces for store customers
Refusing to hire non-local job applicants
33
The general term for all of the activities involved in developing and exchanging goods and services is ____
business
profit
management
budgeting
34
Which of the following is an example of a good?
lawn care
athletic shoes
tax preparation
manicure
35
The belief that a company's marketing approach should benefit society as a whole is ____
charitable marketing
targeted marketing
socially responsible marketing
aggressive marketing
36
Using environmentally safe cleaning products is an example of ____
socially responsible marketing
environmentally friendly business practice
recycling
sustainability
37
What is the goal of a code of ethics?
to improve society in general
to protect society by protecting the environment
to support the local economy
to enable employees to make sound ethical decisions
38
Which of the following factors that influence buying behavior is a personal factor?
self-image
weather
gender
time of day
39
Which of the following brand elements is a tangible element?
perception of brand image
brand name
brand consistency
brand promise
40
The percentage of total sales that one business has in a specific market is its ____
market share
market analysis
market size
market potential
41
An MSRP is the ____
lowest price at which a manufacturer can sell a product to a reseller
lowest price at which a retailer can expect to make a profit
price recommended for the product by the manufacturer
actual cost to manufacture a product
42
A PEST analysis is a type of ____
sales analysis
SWOT analysis
competitive analysis
environmental scan
43
Comp statement that stops employees from carrying weapons on company property is most likely part of the company's
ethical selling practices
code of conduct
code of ethics
marketing practices
44
The function of business that includes all activities involved in making a product is ____
marketing
finance
production
management
45
A B2C company sells its products or services primarily to ____
consumers
children
foreign markets
businesses
46
____ are businesses or people that take natural resources from the land
Extractors
Distributors
Raw-materials manufacturers
Builders
47
Which of these is an example of selling?
deciding which products to offer
determining the price of a product
advertising a new product
providing customer service
48
A B2B company sells its products or services primarily to ____
foreign markets
businesses
consumers
children
49
Unique items that people spend considerable time, effort, and money to purchase are considered ____
shopping goods
convenience goods
essential goods
specialty goods
50
The path of a direct channel is from the producer or manufacturer to the ____
retailer
agent/broker
wholesaler
end user
51
A tool used to compare strengths & weaknesses of a product with other, similar products is a(n)
SWOT analysis
environmental scan
sales analysis
competitive analysis
52
Buying motives that are based on logical reasoning are ____ motives
rational
impulse
patronage
emotional
53
The idea that a product or service will have the same characteristics and quality wherever you buy it is brand ____
consistency
loyalty
perception
promise
54
A company's attempt to influence customer perception of its product in relation to the competition is known as ____
competitive analysis
product positioning
competitive advantage
market analysis
55
A lower price offered per item when a customer purchases a large quantity of the item is a ____
promotional discount
trade discount
quantity discount
seasonal discount
56
Markup in which the % of profit needed for ea item, calculates the $ figure, and adds this to the cost of the item
competition-based pricing
percentage-markup
keystone pricing
dollar-markup
57
The type of market segmentation that considers how far customers will travel to conduct business is ____
behavioral segmentation
geographic segmentation
demographic segmentation
psychographic segmentation
58
Health claims made in product advertisements must be backed by ____
local authorities
technological research
endorsements
scientific evidence
59
A product that is owned by and created specifically for a large retailer is a ____ brand
private-label
manufacturer's
national
generic
60
Which of the four Ps is easiest to change after the marketing mix has been determined?
product
place
price
promotion
61
Retailer has 120 they paid $50/ea& plans to sell them at $120/ea. What is the break-even point?
90
182
50
33
62
Another name for marketing research is ____
market planning
marketing-information management
product/service management
channel management
63
The process of gathering information on the market in which a company intends to compete is ____
market segmentation
customer profiling
market analysis
product positioning
64
A clock manufacturer turns plastic, metal, and various electronics into grandfather clocks.
time utility
form utility
place utility
information utility
65
What is the goal of commercialization?
to determine how a product was made so that it can be copied
to find new markets for a product to prevent declining sales
to bring attention to a product and create a demand for it
to test a product in a virtual setting that reflects the real setting
66
Which US department enforces workplace laws and regulations?
US Department of Labor
US Department of Homeland Security
US Department of Health and Human Services
US Department of State
67
Purpose of a __ is to convince consumers that the company's product is the only one that can satisfy their needs
sales analysis
competitive analysis
customer profile
unique selling proposition
68
The goal of product positioning is to ____
determine the type of customers to whom the product will be marketed
define the tactics to be used to market the product
convince customers that the product is better than the competition
identify the best opportunities for making new and repeat sales
69
Which of the six modes of transportation is most expensive?
air
water
pipeline
road
70
A company's brand ____ is what the company wants customers to think and the image it tries to project
name
equity
loyalty
identity
