Related Topics
Take Another Quiz

Mr.wood's Business Test

42 Questions
Business Quizzes & Trivia

This is a multible choice test on business.

Questions and Answers
  • 1. 
    Philippe owns a store that sells lampshades. The process of receiving money in return for lamp shades is ______.
    • A. 

      Marketing

    • B. 

      Place utility

    • C. 

      Exchange

    • D. 

      Time utility

  • 2. 
    The location of a coffee shop franchise in a mall creates _____ utility.
    • A. 

      Place

    • B. 

      Ownership

    • C. 

      Form

    • D. 

      Time

  • 3. 
    As the result of a hurricane heading toward the coastal area of North Carolina, residents rushed to purchase plywood to cover their windows. Retailers who carried plywood were operating in a ______ .
    • A. 

      Mixed economy

    • B. 

      Seller’s market

    • C. 

      Buyer’s market

    • D. 

      Regulated market

  • 4. 
    Maria is campaigning for city council and talks with prospective voters in her ward about their concerns. Maria is engaged in ________ marketing.
    • A. 

      Person

    • B. 

      Place

    • C. 

      Cause

    • D. 

      Idea

  • 5. 
    The Tour of Hope is a cross-country bike tour designed to raise awareness about cancer clinical trials. Dansani bottled water is one of the sponsors, which enables the company to utilize ______ marketing.
    • A. 

      Organization

    • B. 

      Event

    • C. 

      Place

    • D. 

      Cause

  • 6. 
    Which of the following is the first step in developing a marketing strategy?
    • A. 

      Identify a target market

    • B. 

      Develop the right product

    • C. 

      Decide how to promote the product

    • D. 

      Implement the appropriate distribution system

  • 7. 
    An organization’s ___________ is the group of potential customers toward whom is directs its marketing efforts.
    • A. 

      Marketing demographic

    • B. 

      Target market

    • C. 

      Market segment

    • D. 

      Product market

  • 8. 
    Data collected for the first time through observation or surveys is ________.
    • A. 

      Secondary data

    • B. 

      External data

    • C. 

      Primary data

    • D. 

      A marketing information system

  • 9. 
    A company’s financial records are a source of _______and _______ data for marketing researchers.
    • A. 

      External; primary

    • B. 

      Internal; primary

    • C. 

      External; secondary

    • D. 

      Internal; secondary

  • 10. 
    All of the following are internal sources of data EXCEPT ___________.
    • A. 

      Company product sales

    • B. 

      Company product inventory

    • C. 

      Competitor’s sales

    • D. 

      Unpaid bills

  • 11. 
    Which of the following is a drawback to using Census and other government data sources?
    • A. 

      Accessing government data is expensive

    • B. 

      Government data can become obsolete quickly

    • C. 

      Accessing government data is difficult

    • D. 

      Government data sources are unreliable

  • 12. 
    Luke works as a marketing researcher and goes online to obtain information from government publications for census data and demographics. What type of data is Luke researching?
    • A. 

      Internal data

    • B. 

      Secondary data

    • C. 

      Peripheral data

    • D. 

      Primary data

  • 13. 
    Allen and Erica assembled a group of 12 people and had the group evaluate several promotional campaigns. Allan and Erica collected data from a(n) _________.
    • A. 

      Focus group

    • B. 

      Survey

    • C. 

      Observational source

    • D. 

      Secondary source

  • 14. 
    The common basics for segmenting consumer markets include all the following EXCEPT ________ factors.
    • A. 

      Psychographic

    • B. 

      Geographic

    • C. 

      Demographics

    • D. 

      End-use

  • 15. 
    The most common form of consumer market segmentation is based on __________.
    • A. 

      End-use

    • B. 

      Geography

    • C. 

      Product-related

    • D. 

      Demographics

  • 16. 
    Which of the following is an interpersonal determinant of consumer behavior?
    • A. 

      Perceptions

    • B. 

      Attitudes

    • C. 

      Family influences

    • D. 

      Learned experiences

  • 17. 
    Charlotte wants to purchase a new printer for her computer. She decides to stick with the brand she knows because of her experience with its efficiency and reliability. This is an example of a(n) ____________.
    • A. 

      Interpersonal determinant

    • B. 

      Personal determinant

    • C. 

      Buying behavior

    • D. 

      Recognition of a problem or opportunity

  • 18. 
    Approximately how much more does it cost to attract one new customer than to keep an existing one?
    • A. 

      Twice as much

    • B. 

      Three times as much

    • C. 

      Five times as much

    • D. 

      About the same

  • 19. 
    A university offers alumni a special Visa card with the university’s logo printed on the front. Each time the cardholder uses the card, the university receives a small percentage of the amount charged. This is an example of _________.
    • A. 

      Cobranding

    • B. 

      Comarketing

    • C. 

      A frequency marketing program

    • D. 

      An affinity program

  • 20. 
    A bundle of physical, service, and symbolic attributes designed to satisfy customer wants is called ________.
    • A. 

      The marketing mix

    • B. 

      Packaging

    • C. 

      A product

    • D. 

      A brand name

  • 21. 
    A marketer focuses on a product’s ________.
    • A. 

      Physical characteristics

    • B. 

      Service attributes

    • C. 

      Symbolic attributes

    • D. 

      Benefits

  • 22. 
    All of the following statements are correct EXCEPT _______.
    • A. 

      Services are products too

    • B. 

      Customer service is important, but it isn’t part of a product

    • C. 

      Most products combine goods with services

    • D. 

      Marketers should focus on buyer solutions and product benefits

  • 23. 
    Consumer products are usually classified as ________.
    • A. 

      Expense items and capital items

    • B. 

      Convenience products and expense items

    • C. 

      Convenience products, shopping products, and specialty products

    • D. 

      Capital items, convenience items, and specialty products

  • 24. 
    Products that consumers purchase frequently, immediately, and with little effort are ______.
    • A. 

      Convenience goods

    • B. 

      Shopping goods

    • C. 

      Specialty goods

    • D. 

      Capital goods

  • 25. 
    A complete new carpet program for a home falls into which of the following classifications of goods?
    • A. 

      Specialty products

    • B. 

      Accessory equipment

    • C. 

      Shopping products

    • D. 

      Convenience products

  • 26. 
    A warranty on a consumer product is important because of __________.
    • A. 

      Production and quality control methods

    • B. 

      Management information systems

    • C. 

      The need to guarantee performance

    • D. 

      Promotion, pricing, and distribution needs

  • 27. 
    A combination of product lines represents a company’s _________.
    • A. 

      Product mix

    • B. 

      Product cluster

    • C. 

      Product lifecycle

    • D. 

      Distribution strategy

  • 28. 
    Ford owns several brands including Ford, Mercury, Volvo, Aston Martin, Jaguar, Land Rover, and Mazda. This constitutes Ford’s _________.
    • A. 

      Product line

    • B. 

      Product cluster

    • C. 

      Product mix

    • D. 

      Distribution strategy

  • 29. 
    Greta has been analyzing the competitive standings of one of her products. Since Greta began her operation, 20 similar products have appeared, forcing her to change distribution strategies. Greta has also needed to change pricing strategies in order to remain competitive. Sales volume has diped, and she suspects sales of her product have reached a saturation level. At what stage of the product life cycle is this item?
    • A. 

      Introductory stage

    • B. 

      Maturity stage

    • C. 

      Decline stage

    • D. 

      Growth stage

  • 30. 
    Wal-Mart expanding internationally is an example of a _________.
    • A. 

      Product development strategy

    • B. 

      Market penetration strategy

    • C. 

      Market development strategy

    • D. 

      Product diversification strategy

  • 31. 
    Which of the following strategies concentrates on finding new markets for a firm’s existing products?
    • A. 

      A market development strategy

    • B. 

      A product development strategy

    • C. 

      A market penetration strategy

  • 32. 
    A brand that has been given legal protection is known as a _________.
    • A. 

      Patent

    • B. 

      Copyright

    • C. 

      Trademark

    • D. 

      Royalty

  • 33. 
    Procter & Gamble markets laundry soap with the brand names of Tide, Cheer, and Dash. Each brand targets a specific market segment. Proctor & Gamble is utilizing __________.
    • A. 

      Private branding

    • B. 

      Family branding

    • C. 

      Generic branding

    • D. 

      Individual branding

  • 34. 
    The IBM logo is good because it ________.
    • A. 

      Is easy to pronounce, recognize, and remember

    • B. 

      Is a family surname

    • C. 

      Accurately describes the products it names

    • D. 

      Accurately describes the products it names

  • 35. 
    The words aspirin and nylon could not become part of a new brand name because the brand name ________.
    • A. 

      Would be too long

    • B. 

      Would be difficult to spell

    • C. 

      Would be too difficult to pronounce

    • D. 

      Would contain generic words

  • 36. 
    Luis wants a particular brand of golf ball. His local pro shop is out. Instead of buying a substitute, Luis goes home and orders his preferred brand online. Luis is at which stage of brand loyalty?
    • A. 

      Brand awareness

    • B. 

      Brand insistence

    • C. 

      Brand preference

    • D. 

      Brand recognition

  • 37. 
    Volume objectives in pricing include ________.
    • A. 

      Image goals and status quo pricing

    • B. 

      Supply and demand

    • C. 

      Profit maximization and market share

    • D. 

      Sales maximization and market share

  • 38. 
    Which of the following statements about prices is true?
    • A. 

      Prices have little effect on consumer preferences

    • B. 

      Prices help consumers make allocation decisions

    • C. 

      Prices have little effect on the overall economic system

    • D. 

      There is little relationship between price and quality

  • 39. 
    In breakeven analysis, total cost is composed of ________.
    • A. 

      Price divided by number of units sold

    • B. 

      Variables costs minus fixed costs

    • C. 

      Total variable costs and total fixed costs

    • D. 

      Total sales minus expenses

  • 40. 
    In breakeven analysis, the costs that change with the level of production are considered ______.
    • A. 

      Variable costs

    • B. 

      Recoverable costs

    • C. 

      Labor costs

    • D. 

      Overhead costs

  • 41. 
    Assume widgets cost $5.00 each. The variable cost per unit is currently $4.00 and fixed costs are $25,000. If the company can alter its production method such that variable costs fall to $3.50 and fixed costs rise to $30.000, what will happen to the breakeven point?
    • A. 

      It will fall

    • B. 

      It will rise

    • C. 

      It will remain the same

    • D. 

      Insufficient information given to answer the question

  • 42. 
    Compact disc players, introduced in the early 1980s, were frequently over $2,000. Today disc players can be purchased for less than $200. The early compact disk marketers were using which of the following pricing strategies?
    • A. 

      Skimming pricing

    • B. 

      Psychological pricing

    • C. 

      Product line pricing

    • D. 

      Penetration pricing