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Marketing 1 EOC Review Flashcards | StudBud
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Marketing 1 EOC Review
Marketing 1 EOC Review
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1
Inelastic demand occurs when __________.
The price is high
There are no available substitutes
The price is low
Substitutes are available
2
The technical term that economists use for resources is called _________________.
Entrepreneurship
Scarcity
Percentage of sales
Factors of production
3
Restaurants are likely to choose___transportation.
Truck
Plane
Train
Ship
4
A market economy is sometimes called ___________.
Capitalism
Planned economy
Communism
Socialism
5
Business, consumer, and government make economic decisions based on all the following EXCEPT_.
Inflation
Privatization
Unemployment
Productivity
6
Which of the following best describes a position of “sales manager”?
Marketing supervisor
Marketing intern
Entry level
CEO
7
A gap between unlimited wants and limited resources creates a condition known as ___________.
Resources
Wants
Economics
Scarcity
8
Limited resources & unlimited wants businesses must make choices this concept is referred to ?
Scarcity
Infrastructure
The government
Management
9
Maintaining & strengthening a companies relationship with customers is vital for success.
Demonstrating the product
Answering objections
Opening lines of communications
Processing orders
10
Lee Jeans made thedecision to sell their products through mass merchandisers & departmentstores
Product
Price
Place
Promotion
11
Identify the market group that consists of 44 million people born between 1965 and 1980.
Whoopies
Baby Boomers
Baby Boomlets
Generation X
12
Pencil with an eraser makes correctingerrors easy & convenient a salesperson would say this is
Closing
Product benefit
Suggestion selling
Product feature
13
An inappropriate way to apply for a job is to __________.
Walk in and ask, “Do you have a job?”
Send a letter of inquiry
Send a resume and cover letter
Send a job application
14
What are the common goals of the (WTO), (NAFTA), and the (EU)?
Impedes trade and investment among countries
Addresses social and environmental concerns
Increases tariffs and creates common tradingrules
Establishes guidelines for international trade
15
The point at which the quantity of goods buyers buy as the quantity that sellers sell.
Maximum
Equal
Equilibrium
Market
16
The role of government in a free enterprise system is all of the following EXCEPT _____.
Prodder of military, police, fire,& public education
Supporter of businesses by providing assistance
Regulator of businesses by establishing minimumwage laws
Controller of entrepreneurial endeavors
17
When introducing yourself during an interview _______________.
Have a seat and look at the floor.
What is up, buddy?
Give a firm handshake and lookthem in the eye.
Wave and say, “Hello!”
18
Marble Slab moved into the same shopping center as Panera Bread what added to the product?
Improved distribution
Time utility
Place utility
Promotion
19
Convenient parking &clean attractive restrooms & fitting rooms are ways retailers can provide.
Customer choices
About usage of the product
About buying decisions
Customer comfort
20
The Cooper Company is interesting in hiring skilled workers what type of resource is this?
Land
Capital
Labor
Entrepreneurship
21
Fashion retailers buy at least 6 months to 1 year ahead of any season what utility is it?
Place
Form
Possession
Time
22
Which of the following is an important quality for a team member to have?
Aggressive personality
Good attitude
Physical appearance
High intelligence
23
Frito-Lay’s developed new flavors.
Identify the proper key step in product development.
Generating ideas
Testing the product with consumers
Screening ideas
Introducing the product (commercialization)
24
Onsite daycare tends to stabilize a company’s workforce. Why don’t more offer such benefit?
Increase employee turnover
Cost is not a factor
High cost
Negative community acceptance
25
A product strategy starts with the decision about _________________.
Technical support
Which products to offer
Product features
Target market
26
What is the most effective way to create a promotional budget?
Percentage of sales
All you can afford
Objective and task
Following the competition
27
High value, low-weight products are often shipped by ________ mode of transportation.
Plane
Ship
Truck
Train
28
When supply exceeds demand, the result is __________.
Profit
Shortage
Equilibrium
Surplus
29
The nutritional label on a package satisfies which function of packaging?
Provides information
Safe use
Meets the customers’ needs
Promotes the product
30
Low unemployment, increased production,and high levels of consumer spending indicate a time of
Recovery
Recession
Depression
Prosperity
31
The EPA is concerned with pollution caused by all of the following except_______________.
Industrial wastes
Food
Water
Unleaded gasoline
32
Which of the following is an example of an inappropriate interpersonal skill in a job interview
Handlingcustomer requests and questions
Negative comments about customers
Handlingcustomer complaints
Understandingprocedures for handling difficult customers
33
A shortage of an item often results in_________.
Lower prices
Less demand
Higher prices
Greater supply
34
What should someone put on a job application for “Military Service " if they haven't served?
Leave it blank
Fill in something
N/A
Lie about it
35
Which of the following is an example of a country’s trade deficit?
Imports = $500 Million; Exports = $500 Million
Imports = $300 Million; Exports = $500 Million
Imports = $500 Million; Exports = $300 Million
Imports = $100 Million; Exports = $300 Million
36
Identifying internal strengths and weaknesses is a function of what type of analysis?
Customer analysis
PEST analysis
Company analysis
SWOT analysis
37
All the individuals with needs to satisfy and willingness to spend money is called .
Cooperative
Corporate chain
Economic systems
Market
38
In a private enterprise system consumers have a variety of products to choose from due to _.
Competition
Private property
Collection of taxes
Government control
39
Ralph Lauren sells to only top department and specialty stores to the affluent target market.
Direct
Intensive
Selective
Integrated
40
What phase of the business cycle is it when more people are starting to find jobs.
A recession
Recovery
Prosperity
A depression
41
The percentage change in consumer prices from month to month is the ______________.
Growth rate
Unemployment rate
Inflation rate
Standard of living
42
Unemployment begin to rise fewer goods are being produced & consumer spending begin to decrease
Depression
Recession
Recovery
Prosperity
43
During the Persian Gulf War, the US placed a ban on all experts to Iraq. This is called an _.
Protective tariff
Time draft
Embargo
Quota
44
What are the economic resources?
Human, technological, synthetic
Capital, intensive, monetary, human
Intensive, capital, human
Land, labor, capital, entrepreneurship
45
How did the machine & electronic companies benefit from increased demand for cars & computers.
Elastic demand
Equilibrium
Derived demand
Inelastic demand
46
The rivalry among sellers for the customer’s dollar is called __________.
Monopoly
Demand
Equilibrium
Competition
47
Charts, graphs, and photographs are examples of ________?
Layout
Typography
Illustrations
Headline
48
The marketing function that specializes in developing goods and services is called ___________.
Product/service management
Selling
Market planning
Pricing
49
Which of the following is a sign of economic slowdown?
Vacant stores
New cars
New construction
“Help Wanted” signs on a business
50
The first step in the sales process is___________.
Overcoming objections
Handling customer questions and objections
Pre Approach the customer
Presenting and product
51
Which of the following part of a storefront?
Sales support area
Interior display
Fixture
Landscaping
52
Ultimately, the group that decides if a business will survive is the ________________.
Owners or board of directors
Consumer
Government
Competing business
53
Which of the following classified as an industrial user?
Salon owner purchasing shampooto use on her clients
Student purchasing school lunch
Family on vacation buying beach chairs
Golfer purchasing new clubs
54
What economic system does the government own key industries & other businesses are private?
Communist
Capitalist
Socialist
Cooperative
55
Channel members involved in moving products from the producer in the final user are ________.
Consumers
Intermediaries
Independents
Manufactures
56
An example of broadcast media is ____________.
Radio, television, direct mail, and transit
Television, outdoor, and local radio
Radio and television
Newspapers, magazines, and billboards
57
To operate efficiently, a market economy needs all of the following EXCEPT ________.
Government ownership ofbusinesses
Private property
Competition
Profit motive
58
Which of the following are public goods paid for by taxes?
Airlines, bus companies, and taxi cabs
Streets and roads, public education, andnational defense
Health clubs, theaters, and bowling alleys
Cellphones, cable TV, and internet providers
59
The US imposed a ban on grapes from Chile as a precaution afterinspectors found poisoned fruit
Embargo
Duty
Quota
Tariff
60
Segmenting a market based on where people live is called __________.
Geographics
Behavioral/product benefits
Psychographics
Demographics
61
What are the club colors of the educational youth organization for Marketing Education student?
Blue and Gold
Blue and Gray
Blue and Red
Blue and White
62
Which of the following sentences correctly describes promotional advertising?
Is a gimmick to get customers
Is a promotion that gives consumers a discounton products
Is a promotion that give businesses a discounton advertising
Tries to convince a consumer to buy a particularproduct
63
While at a job interview, you should avoid which of the following?
Handshake
Eye contact
Talking negatively about former employees
Addressing the interviewer by name
64
Hobble-skirt curved bottle used by Coca-Cola is unique to the product which packaging function?
Ensures information
Protects the product
Provides information
Defines product identity
65
William Wrigley Jr. Co. has usedthe same campaign since 1960 Doublemint for all market segments
Target market
Market segmentation
Mass market
Marketing mix
66
In 1989 the US stopped importing grapes from Chile for one week what is such an action called?
Trade surplus
Trade quota
Trade embargo
Trade tariff
67
Of the retail sales approach methods,which is the most effective?
Welcome
Merchandise
Service
Greeting
68
A company that owns & operates their own transportation and transports only their products is.
Contract
Exempt
Private
Common
69
Offering several types of soapsfor people with different skin Dial is segmenting the market by
Demographics
Geographics
Behavioral/product benefits
Psychographics
70
A country’s ability to produce a product lower than any other gives the country a___advantage.
Negative
Absolute
Comparative
Derived
71
Tangible products of an economic system are called __________________.
Travel industry
Goods
Package delivery service
Telephone service
72
A long period of rising unemployment, few available products, & slowdown in consumer spending_.
Recovery
Depression
Prosperity
Recession
73
The different types of advertising media are ___________.
Print media, broadcast media, and specialtymedia
Magazine and radio
Print media and broadcast media only
Newspaper and television
74
Business income after cost and expenses are paid called _____________.
Profit
Receivables
Sales income
Payables
