Principles of Marketing-Semester 1 Final

Question 1

Which sentence identifies the correct relationship between advertising and marketing?

Accepted Answer

Advertising is one aspect of marketing.

Question 2

In SWOT analysis, the external factors that create chances for a company to increase profit are

Accepted Answer

opportunities

Question 3

One method of conducting an environmental scan is to do a ____ analysis.

Accepted Answer

PEST

Question 4

Plan for using product, price, place, and promotion to market a specific product(s) is its

Accepted Answer

marketing mix

Question 5

Marketing plans are usually written ____.

Accepted Answer

about a year before implementation

Question 6

Another name for marketing research is ____.

Accepted Answer

marketing-information management

Question 7

What is the difference between your morals and your ethics?

Accepted Answer

Your morals are your thoughts, your ethics are your actions

Question 8

Which of the following is not a function of money

Accepted Answer

Time Value of Money

Question 9

A company’s profit is the ____ during a specific time period.

Accepted Answer

difference between income earned and expenses incurred

Question 10

What is the primary purpose of customer relationship management?

Accepted Answer

to track information about current and potential customers

Question 11

Why would a marketing firm choose to join the American Marketing Association?

Accepted Answer

Show customers that they abide by a specific code of ethics

Question 12

What does the economic problem state?

Accepted Answer

Human wants are unlimited and resources are limited

Question 13

Which of the following topics is found in the marketing strategies section of a marketing plan?

Accepted Answer

marketing mix

Question 14

The goal of product positioning is to ____.

Accepted Answer

convince customers that product is better than competitions

Question 15

The belief that a company’s marketing approach should benefit society as a whole is ____.

Accepted Answer

socially responsible marketing

Question 16

Factors that affect the ease/productivity in which a business can operate in a region are ____.

Accepted Answer

technological factors

Question 17

What is the goal of a code of ethics?

Accepted Answer

to enable employees to make sound ethical decisions

Question 18

False advertising is ____.

Accepted Answer

both unethical and illegal

Question 19

Employee who directs work of others & is responsible for carrying out the goals of a department

Accepted Answer

Manager

Question 20

By persuading people to buy goods and services, marketing ____.

Accepted Answer

creates a positive cycle of economic growth

Question 21

The four Ps of marketing include ____.

Accepted Answer

product, price, place, and promotion

Question 22

What is the purpose of an antitrust law?

Accepted Answer

to prevent companies from forming a monopoly

Question 23

Which of the following business actions does not demonstrate corporate social responsibility?

Accepted Answer

using loss leaders

Question 24

Which of the following factors is included in a PEST analysis?

Accepted Answer

social factors

Question 25

Which of the following is not one of the three parts of the economic system?

Accepted Answer

Pricing

Question 26

A company’s message to its customers about why the company exists is known as its ____.

Accepted Answer

mission statement

Question 27

The action taken by two or more businesses attempting to attract the same customers is known as

Accepted Answer

Competition

Question 28

Health claims made in product advertisements must be backed by ____.

Accepted Answer

scientific evidence

Question 29

This shows that we are willing to supply a greater quantity of goods at greater prices

Accepted Answer

Supply Curve

Question 30

The function of business that includes all activities involved in making a product is ____.

Accepted Answer

production

Question 31

Which of the following items is generally found in the business description of a marketing plan

Accepted Answer

vision statement

Question 32

Personal selling done over the phone is called

Accepted Answer

Telemarketing

Question 33

Laws that protect the information and use of information gathered from children under 13

Accepted Answer

Children's Privacy Protection Act

Question 34

Which form of business organization is legally separate from its owners and has legal rights

Accepted Answer

Corporation

Question 35

The willingness and ability to start a new business is known as

Accepted Answer

Entrepreneurship

Question 36

Type of law that determine how a business’ debts are handled when they are no longer profitable

Accepted Answer

bankruptcy laws

Question 37

Who makes the decisions in a market economy?

Accepted Answer

Individuals

Question 38

Which of these is an example of selling?

Accepted Answer

providing customer service

Question 39

Which of the following is an example of a good?

Accepted Answer

athletic shoes

Question 40

Which of the following decisions is included in promoting a product?

Accepted Answer

how to inform people about the product and where to buy it

Question 41

Advertising message that a person, business or other organization is paid to give

Accepted Answer

Endorsement

Question 42

Which of the following is an example of a socially responsible business practice?

Accepted Answer

Offering customers reusable shopping bags for free

Question 43

Function of business that controls and makes decisions about a business

Accepted Answer

Mangement

Question 44

When a company enters into the global market by moving production to another country they are

Accepted Answer

Contract manufacturing

Question 45

The process of identifying existing or potential customers as B2C or B2B customers is ____.

Accepted Answer

market identification

Question 46

Which of the following is not an example of land?

Accepted Answer

Buildings

Question 47

Federal agency responsible for protecting consumers and promoting business competition is the

Accepted Answer

Federal Trade Commission

Question 48

In a PEST Analysis the E stands for

Accepted Answer

Economics

Question 49

Laws that promote fair trade, open markets, and competition among business are

Accepted Answer

Antitrust Laws

Question 50

The term for all of the activities involved in developing and exchanging goods and services is

Accepted Answer

business

Question 51

Overstating the features and benefits of a product is a form of ____.

Accepted Answer

false advertising

Question 52

Relationship between two or more people who join to create a business

Accepted Answer

Partnership

Question 53

Occurs when one business has complete control of a market’s entire supply

Accepted Answer

Monopoly

Question 54

Economy in which economic decisions are based on society's values, culture and customs

Accepted Answer

Traditional Economy

Question 55

Function of business that has to do with interacting with consumers

Accepted Answer

Marketing

Question 56

Which of the following statements is most likely to be included in a code of ethics document?

Accepted Answer

Gifts from clients or vendors must be politely refused

Question 57

Which is not likely to be included as a resource for developing a marketing plan?

Accepted Answer

Principles of Marketing-Semester 1 Final

Questions 62

Principles of Marketing-Semester 1 Final

Questions 62