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Principles of Marketing Midterm Project 1 & Project 2 Essay

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1. Which function of marketing determines how much gross profit a business will make on a good or service? A. Pricing B. Distribution C. Promotion D. Risk management
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A. Pricing
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2. What marketing function helps marketers decide to whom to sell? A. Pricing B. Product/Service management C. Financing D. Marketing-information management
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D. Marketing-information management
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3. Which of the following statements is true about marketing functions: A. The marketing functions are important to producers but not to consumers. B. Some of the marketing functions are much more important than others. C. Marketing functions work together to get products from producers to consumers. D. Each of the marketing functions is independent of the others.
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C. Marketing functions work together to get products from producers to consumers.
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4. Businesses often use promotional campaigns to create or improve their A. image. B. credit. C. safety. D. displays.
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A. image.
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5. A business that sends discount coupons to potential customers is using the __________ function of marketing. A. product/service management B. financing C. selling D. promotion
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D. promotion
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6. Which of the following is an example of marketing information that a business could gather by surveying its customers: A. Location of the company’s market B. The company’s current market share C. Planned product improvements D. Financial status of competitors
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A. Location of the company’s market
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7. Which of the following would be the marketing information most likely to be gathered and analyzed by a marketing-information management system: A. Employee absences B. Unchanging events C. Historical data D. Consumer trends
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D. Consumer trends
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8. Which of the following is a reason that marketers gather information: A. Competition in general has decreased. B. Today’s consumers are easy to please. C. Marketers are decreasing their geographic scope. D. The marketing environment is constantly changing.
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D. The marketing environment is constantly changing.
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9. What function of a marketing-information management system involves the distribution of marketing information to those who make marketing decisions? A. Data gathering B. Information reporting C. Marketing research D. Data processing
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B. Information reporting
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10. One basic requirement of a marketing-information management system is that it should be able to A. operate only when needed. B. be used by all personnel. C. gather, access, and evaluate data. D. discard data after they are analyzed.
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C. gather, access, and evaluate data.
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11. Which of the following is the correct sequence of steps in the development of new products: A. Idea generation, product screening, concept testing, test marketing, commercialization B. Concept testing, idea generation, product screening, test marketing, commercialization C. Commercialization, test marketing, idea generation, product screening, concept testing D. Product screening, idea generation, concept testing, commercialization, test marketing
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A. Idea generation, product screening, concept testing, test marketing, commercialization
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12. Which of the following controls such new-product considerations as warranties and safety standards: A. Stages in product life cycles B. Product characteristics C. Market-research studies D. Government regulations
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D. Government regulations
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13. One way that product/service management benefits marketing is by helping to decrease A. business risk. B. profits. C. sales. D. financial success.
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A. business risk.
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14. One way that some businesses obtain new products to add to their product line is by A. consolidation. B. implementation. C. acquisition. D. syndication.
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C. acquisition.
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15. Costs and available resources are especially important factors for product/service managers to examine during which phase of product/service management? A. New-product development B. Elimination of weak products C. Idea generation D. Monitoring of existing products
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A. New-product development
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16. A short channel of distribution will probably be used by a producer that A. lacks sufficient funding. B. wants to share the costs of distribution. C. wants channel control. D. does not have its own sales force.
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C. wants channel control.
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17. Channels of distribution are necessary for the sale of goods and services to ultimate A. wholesalers. B. consumers. C. retailers. D. sales agents.
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B. consumers.
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18. Indirect channels of distribution are the only channels that involve A. industrial consumers. B. intermediaries. C. producers. D. ultimate consumers.
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B. intermediaries.
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19. Wal-Mart, Domino’s Pizza, and Avis Rent-a-Car are examples of A. industrial distributors. B. retailers. C. agents. D. wholesalers.
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B. retailers.
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20. Where does a channel of distribution begin? A. With the industrial user B. With the ultimate consumer C. With the producer D. With the intermediary
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C. With the producer
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21. Can prices be set too low? A. Yes; customers may feel quality is too high. B. No; the lower the price, the more willing the customer is to buy. C. Yes; customers may feel quality is too low. D. No; the lower the price, the greater the product’s appeal.
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C. Yes; customers may feel quality is too low.
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22. In which of the following businesses would a separate department most likely be responsible for establishing prices: A. Small boutique B. Local clothing store C. Hair salon D. Chain store
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D. Chain store
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23. When companies increase the quality of materials used in the production of their products, their prices will tend to be A. the same. B. higher. C. lower. D. reduced.
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B. higher.
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24. A characteristic of effective prices is that they must be A. inflexible. B. competitive. C. high. D. low.
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B. competitive.
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25. Which of the following costs do businesses usually include in the price of their products: A. Orientation B. Inflation C. Regulations D. Transportation
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D. Transportation
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26. A long-range benefit that a business may derive from promoting its company image is A. reduced expenses. B. new customers. C. immediate sales. D. customer loyalty.
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D. customer loyalty.
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27. The way in which the promotional message is communicated should be A. selected by the market. B. suited to the product. C. different each time. D. the same in each case.
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B. suited to the product.
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28. One of the reasons for using promotion is to __________ goods and services. A. guarantee B. deliver C. help sell D. display old
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C. help sell
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29. Consumers may be hesitant to believe information in ads for a good or service because advertising A. is directed toward a mass audience. B. is intended to be misleading. C. raises the price of the product. D. is necessarily biased.
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D. is necessarily biased.
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30. Promotion is thought of as being at the heart of marketing because it allows sellers to A. bypass middlemen such as retailers. B. distribute products to a larger market. C. bring new products to market. D. communicate the benefits of products to buyers.
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D. communicate the benefits of products to buyers.
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31. Selling that meets customers’/clients’ needs contributes to the A. relative price of products. B. national debt. C. size of the target market. D. success of the business.
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D. success of the business.
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32. Products that are sold to the individual(s) who will make personal use of them are being sold for A. ultimate consumption. B. eventual resale. C. industrial purposes. D. promotional purposes.
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A. ultimate consumption.
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33. A salesperson who explains to a customer the features and benefits of several types of 35mm cameras in stock is demonstrating good A. creativity. B. probing. C. product knowledge. D. ethical standards.
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C. product knowledge.
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34. Which of the following is an example of a product’s being sold to an organization for use in producing other goods: A. A retailer sells office furniture to an advertising firm. B. A retailer sells a sewing machine to a professional seamstress. C. A teenager mows his neighbor’s lawn for $20. D. A distributor sells hundreds of comics to a comic-book store.
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B. A retailer sells a sewing machine to a professional seamstress.
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35. Which of the following is an example of a product’s being sold without the use of an intermediary: A. A tanning salon B. A Mary Kay cosmetics party C. A construction-supply distributor D. A car-rental agency
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B. A Mary Kay cosmetics party
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36. Business goals are accomplished by means of marketing A. budgets. B. strategies. C. profit. D. salespeople.
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B. strategies.
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37. Which of the following is a consideration in the place element of marketing: A. Offering warranties or guarantees B. Choosing distribution channels C. Using sales promotion D. Extending credit to customers
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B. Choosing distribution channels
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38. A marketer who changes the product element in the marketing mix should re-evaluate the other marketing elements because the elements are A. detached. B. independent. C. unique. D. interrelated.
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D. interrelated.
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39. What product factor should a business consider when selecting a good or service to offer its customers? A. Channels of distribution B. Level of quality C. Availability of credit D. Types of inventory control
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B. Level of quality
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40. Which of the following elements of the marketing mix are businesses considering when they answer the question of how much of a product to order: A. Place B. Price C. Product D. Promotion
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A. Place
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41. Scuba diving gear is an example of a product that would be marketed to a(n) __________ market. A. specific B. general C. mass D. unlimited
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A. specific
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42. Customers in cold climates who need warm clothes are an example of which of the following market segments: A. Occupational B. Psychographic C. Behavioral D. Geographic
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D. Geographic
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43. In order for a market to exist, consumers must have an unfulfilled desire for a product and A. have financial resources. B. know where the product is sold. C. know who makes the product. D. have a specific brand preference.
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A. have financial resources.
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44. A home-improvement supply company targets its advertising to plumbers, carpenters, mechanics, and electricians. This business has segmented the market based on A. income. B. age. C. occupation. D. gender.
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C. occupation.
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45. ABC Inc. sells very expensive products that the average consumer cannot afford. Which form of demographic segmentation would be the most appropriate to use when directing promotional efforts to the target market? A. Age B. Income C. Occupation D. Life stage
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B. Income
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46. What type of information do businesses include in their marketing plans? A. Pricing strategies B. Billing methods C. Payroll systems D. Accounting procedures
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A. Pricing strategies
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47. One of the main reasons for developing a marketing plan is to identify the strategies necessary to achieve the marketing A. objectives. B. functions. C. mix. D. share.
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A. objectives.
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48. Why do businesses develop marketing plans? A. To provide quality service B. To expand the distribution system C. To attract the target customer D. To prepare a revenue statement
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C. To attract the target customer
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49. Which component of the marketing plan summarizes the environmental conditions that can affect a business’s marketing activities: A. Conditional assessment B. Diagnostic summary C. Situational analysis D. Environmental synopsis
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C. Situational analysis
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50. The Radnor Company outlined the specific activities and timelines it plans to use to accomplish its marketing goals. In which section of the marketing plan is this information placed? A. Situation analysis B. Implementation C. Objectives D. Executive summary
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B. Implementation