Marketing Mid Review Multiple Choice Quiz Questions! Trivia

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Marketing Mid Review Multiple Choice Quiz Questions! Trivia - Quiz


Questions and Answers
  • 1. 

    Marketing refers toCh. 1

    • A.

      The production of products or services that will generate the highest return on investment

    • B.

      The strategies used in the advertising and promotion of products and services

    • C.

      The process of identifying target market segments for a product or service

    • D.

      The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large

    • E.

      The activity involved in actually getting a product or service to the ultimate user

    Correct Answer
    D. The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large
    Explanation
    Marketing is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large. This definition encompasses all aspects of marketing, including product creation, advertising and promotion strategies, identifying target markets, and distribution of products or services to the end user. It emphasizes that marketing is not just about selling products, but also about creating value for all parties involved.

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  • 2. 

    Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) ___________; (3) a way for the parties to communicate; and (4) something to exchange.Ch. 1

    • A.

      A healthy competitive environment

    • B.

      Government approval

    • C.

      A sense of social responsibility

    • D.

      A desire and ability on their part to be satisfied

    • E.

      An ability to see hidden potential within an environmental force

    Correct Answer
    D. A desire and ability on their part to be satisfied
    Explanation
    The correct answer is "a desire and ability on their part to be satisfied." This factor is necessary for marketing to occur because it involves the willingness and capability of individuals or organizations to fulfill their unsatisfied needs. Without this desire and ability, there would be no motivation for parties to engage in marketing activities such as communication and exchange.

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  • 3. 

    A target market refers toCh.1

    • A.

      People who could purchase a product regardless who ultimately uses it.

    • B.

      One or more specific groups of potential consumers toward which an organization directs its marketing program

    • C.

      Former customers who now use competitors' products

    • D.

      Customers who shop at Target stores.

    • E.

      People with both the desire and the ability to buy a specific offering.

    Correct Answer
    B. One or more specific groups of potential consumers toward which an organization directs its marketing program
    Explanation
    The correct answer is "one or more specific groups of potential consumers toward which an organization directs its marketing program." This answer accurately defines the concept of a target market, which refers to a specific group or groups of potential consumers that a company focuses its marketing efforts on. By identifying and understanding the characteristics, needs, and preferences of these target consumers, the organization can develop and implement effective marketing strategies to attract and retain them as customers.

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  • 4. 

    The reward to a business firm for the risk it undertakes in marketing its offerings is referred to asCh. 2

    • A.

      Shareholders' equity.

    • B.

      Profit

    • C.

      Assets

    • D.

      Contribution margin.

    • E.

      Goodwill.

    Correct Answer
    B. Profit
    Explanation
    Profit is the correct answer because it represents the reward that a business firm receives for taking on the risk associated with marketing its offerings. Profit is the difference between a firm's total revenue and total expenses, and it serves as a measure of the firm's financial success. It indicates that the firm's marketing efforts have been successful in generating revenue that exceeds the costs incurred in producing and selling its offerings. Profit is an important metric for businesses as it allows them to reinvest in the company, distribute dividends to shareholders, and ensure long-term sustainability.

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  • 5. 

    Mission refers toCh. 2

    • A.

      The target goal set by a company regarding future profits

    • B.

      The target objective set by a company regarding future market share

    • C.

      The functional philosophy of a corporation that dictates the behavior of all its employees

    • D.

      Specific strategies and tactics that will be used to counteract any advantages of competitors.

    • E.

      A statement of the organization's functions in society, often identifying its customers, markets, products, and technologies

    Correct Answer
    E. A statement of the organization's functions in society, often identifying its customers, markets, products, and technologies
    Explanation
    The correct answer is a statement of the organization's functions in society, often identifying its customers, markets, products, and technologies. This explanation correctly identifies the mission as a statement that outlines the organization's purpose and function in society. It emphasizes the importance of identifying customers, markets, products, and technologies in this statement. The other options are incorrect as they do not accurately describe the concept of a mission.

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  • 6. 

    The acronym "SWOT" in the term "SWOT analysis" stands for _________.Ch. 2

    • A.

      Strengths, weaknesses, opportunities, and tactics

    • B.

      Strengths, weaknesses, options, and tactics

    • C.

      Strengths, weaknesses, opportunities, and threats

    • D.

      Simple, workable, optimal, and timely

    • E.

      State the problem, work out a strategy, organize your team, and take action

    Correct Answer
    C. Strengths, weaknesses, opportunities, and threats
    Explanation
    The correct answer for the acronym "SWOT" in the term "SWOT analysis" is strengths, weaknesses, opportunities, and threats. This acronym is commonly used to analyze and evaluate the internal strengths and weaknesses of a business or organization, as well as the external opportunities and threats it faces in its environment. By identifying these factors, organizations can develop strategies to capitalize on their strengths, address their weaknesses, take advantage of opportunities, and mitigate potential threats.

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  • 7. 

    In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business units, or SBUs, the horizontal axis reflects _________.Ch. 2

    • A.

      Market growth rate

    • B.

      Marketing efficiencies

    • C.

      Industry attractiveness

    • D.

      Market segment size

    • E.

      Relative market share with respect to largest competitor

    Correct Answer
    E. Relative market share with respect to largest competitor
    Explanation
    The horizontal axis in the Boston Consulting Group (BCG) model reflects the relative market share of a firm's strategic business units (SBUs) with respect to its largest competitor. This means that the position of an SBU on the horizontal axis indicates its market share compared to the market share of the largest competitor in the industry. This measure helps to assess the competitive position of the SBUs and determine their growth potential and investment requirements.

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  • 8. 

    What are the four critical factors in a “SWOT” analysis that help an organization identify the critical strategy related factors that could have major effects on it? ( ), ( ), ( ), ( )MCP Ex. - Ch 2

    • A.

      Strengths, Weaknesses, Opportunities, Threats

    • B.

      Strengths, Weaknesses, Objects, Threats

    • C.

      Support, Weaknesses, Objects, Threats

    • D.

      Strength , Weaknesses, Objectives, Threats

    • E.

      Growth rate

    Correct Answer
    A. Strengths, Weaknesses, Opportunities, Threats
    Explanation
    In a SWOT analysis, an organization identifies its internal strengths and weaknesses, as well as external opportunities and threats. This helps the organization understand its competitive advantage, areas for improvement, potential avenues for growth, and potential risks or challenges it may face. By analyzing these four critical factors, the organization can develop a strategy that leverages its strengths, addresses its weaknesses, capitalizes on opportunities, and mitigates threats, ultimately leading to better decision-making and overall organizational success.

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  • 9. 

    AT&T, MCI, Verizon, and Sprint control approximately 80 percent of the international long distance telephone market, which can be characterized as a(n) _________.Ch. 3

    • A.

      Monopoly

    • B.

      Cross-market

    • C.

      Pure competition

    • D.

      Monopolistic competition

    • E.

      Oligopoly

    Correct Answer
    E. Oligopoly
    Explanation
    AT&T, MCI, Verizon, and Sprint controlling approximately 80 percent of the international long distance telephone market suggests that there are only a few dominant players in the market. This indicates a high level of market concentration and limited competition. An oligopoly is a market structure characterized by a small number of firms dominating the industry. In an oligopoly, these firms have significant control over pricing and can influence market conditions. Therefore, the given answer of "oligopoly" accurately describes the situation described in the question.

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  • 10. 

    __________ is the form of competition in which distribution (in the sense of shipping products) is the only element of the marketing mix that exerts an impact.Ch. 3

    • A.

      Cross-market competition

    • B.

      Pure competition

    • C.

      Oligopoly

    • D.

      Monopolistic competition

    • E.

      Monopoly

    Correct Answer
    B. Pure competition
    Explanation
    Pure competition is the form of competition in which distribution (shipping products) is the only element of the marketing mix that exerts an impact. In pure competition, there are many sellers offering identical products, and customers have no preference for any particular seller. As a result, distribution becomes the key factor that can influence customers' choices. Since all other elements of the marketing mix, such as product, price, and promotion, are the same for all sellers, distribution becomes the only differentiating factor in pure competition.

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  • 11. 

    The form of competition in which many sellers compete with their products on a substitutable basis within a price range is calledCh. 3

    • A.

      pure competition.

    • B.

      Cross-market competition.

    • C.

      Oligopoly.

    • D.

      Monopolistic competition

    • E.

      Monopoly.

    Correct Answer
    D. Monopolistic competition
    Explanation
    Monopolistic competition is the correct answer because it refers to a market structure where there are many sellers offering differentiated products that are close substitutes for each other, within a certain price range. In this type of competition, each seller has some degree of control over the price and quality of their product, allowing them to differentiate themselves from competitors. This market structure is characterized by low barriers to entry and a large number of sellers, making it different from pure competition, oligopoly, and monopoly. Cross-market competition is not a recognized form of competition.

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  • 12. 

    __________________, the fastest -growing US demographic segment, now number more than 41 millionCh. 3

    • A.

      African American

    • B.

      Hispanics

    • C.

      Asian American

    • D.

      Mature consumers

    • E.

      Gay and lesbians

    Correct Answer
    B. Hispanics
    Explanation
    Hispanics are the fastest-growing US demographic segment, with a population of over 41 million. This means that the number of Hispanics in the US is increasing at a faster rate compared to other demographic groups such as African Americans, Asian Americans, mature consumers, and gay and lesbians. The growth of the Hispanic population has significant implications for various industries and sectors, including marketing, politics, and cultural diversity.

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  • 13. 

    The American Marketing Association Statement of Ethics identifies six key ethical values. These include: ________, responsibility, fairness, respect, openness, and citizenship.Ch. 4

    • A.

      Diversity

    • B.

      integrity

    • C.

      honesty

    • D.

      perseverance

    • E.

      charity

    Correct Answer
    C. honesty
    Explanation
    The American Marketing Association Statement of Ethics identifies honesty as one of the key ethical values. Honesty in marketing refers to being truthful and transparent in all communications and interactions with customers, stakeholders, and the public. It involves providing accurate information about products or services, avoiding deceptive practices or misleading claims, and maintaining integrity in all marketing activities. By prioritizing honesty, marketers can build trust and credibility with their audience, leading to long-term relationships and positive brand reputation.

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  • 14. 

    An employee who reports illegal accounting procedures is an example of a (n)Ch. 4

    • A.

      Crony

    • B.

      Scab

    • C.

      Whistle-blower

    • D.

      corporate snitch.

    • E.

      Ombudsman.

    Correct Answer
    C. Whistle-blower
    Explanation
    An employee who reports illegal accounting procedures is referred to as a whistle-blower. Whistle-blowers are individuals who expose wrongdoing or illegal activities within an organization. They play a crucial role in promoting transparency and accountability, as their actions help to uncover and address unethical practices. By reporting illegal accounting procedures, the employee is acting in the best interest of the company and its stakeholders, ensuring that proper financial practices are followed.

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  • 15. 

    Ultimately, ethical choices are based onCh. 4

    • A.

      The personal moral philosophy of the decision maker.

    • B.

      Societal culture and norms.

    • C.

      Business culture and industry practices.

    • D.

      Laws enacted by Congress and regulations by federal and state governments.

    • E.

      chance and opportunity

    Correct Answer
    A. The personal moral philosophy of the decision maker.
    Explanation
    Ethical choices ultimately depend on the personal moral philosophy of the decision maker. This means that individuals make ethical decisions based on their own beliefs, values, and principles. Personal moral philosophy is subjective and can vary from person to person, which is why ethical choices may differ among individuals. Factors such as societal culture, business culture, laws, and regulations can influence ethical decision-making, but ultimately it is the individual's personal moral philosophy that guides their choices.

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  • 16. 

    Conducting business in a way that protects the natural environment while making economic progress is referred to asCh. 4

    • A.

      Sustainable development

    • B.

      Green marketing.

    • C.

      Stakeholder responsibility

    • D.

      The marketing concept

    • E.

      Environmental marketing.

    Correct Answer
    A. Sustainable development
    Explanation
    Sustainable development refers to conducting business in a manner that ensures economic progress while also protecting the natural environment. This approach emphasizes the need for businesses to meet present needs without compromising the ability of future generations to meet their own needs. It involves finding a balance between economic growth, environmental protection, and social responsibility. By considering the long-term impacts of their actions, businesses can contribute to the overall well-being of society and the planet.

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  • 17. 

    There are five stages in the purchase decision process. The first stage is _________.Ch. 5

    • A.

      Information search

    • B.

      Purchase decision

    • C.

      Alternative evaluation

    • D.

      Postpurchase behavior

    • E.

      Problem recognition

    Correct Answer
    E. Problem recognition
    Explanation
    The correct answer is "problem recognition." In the purchase decision process, problem recognition is the first stage where the consumer identifies a need or a problem that requires a solution. This could be triggered by various factors such as an internal need or an external stimulus. Once the problem is recognized, the consumer moves on to the next stages of the process, which include information search, alternative evaluation, purchase decision, and post-purchase behavior.

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  • 18. 

    During the purchase decision process, an individual at the __________ stage will perceive differences between his or her ideal and actual situations big enough to trigger a decision.Ch 5

    • A.

      Problem recognition

    • B.

      Alternative evaluation

    • C.

      Cognitive dissonance

    • D.

      Information search

    • E.

      Post purchase behavior

    Correct Answer
    A. Problem recognition
    Explanation
    Problem recognition refers to the stage in the purchase decision process where an individual realizes a difference between their ideal situation and their actual situation. This difference is significant enough to trigger the need for a decision. At this stage, the individual becomes aware of a problem or need that requires a solution, which leads them to consider purchasing a product or service.

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  • 19. 

    Bob's friend Mike turns 21 next week and will have a party. Bob decided to purchase an MP3 player as a present. Because they like the same music, Bob scanned his memory for various brand options. This is an example of what part of the consumer purchase decision process?Ch 5

    • A.

      Memorization

    • B.

      external search

    • C.

      Evaluative criteria

    • D.

      Antecedent states

    • E.

      Internal search

    Correct Answer
    E. Internal search
    Explanation
    This scenario describes an internal search in the consumer purchase decision process. Bob is scanning his memory to recall different brand options for an MP3 player, indicating that he is using his own knowledge and past experiences to make a decision. He is not conducting an external search by seeking information from outside sources or evaluating specific criteria for the purchase. Therefore, the correct answer is internal search.

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  • 20. 

    The group of brands a consumer would consider acceptable from among all the brands in the product class of which he or she is aware, is referred to asCh 5 

    • A.

      Evaluative set

    • B.

      Evolved set.

    • C.

      Consideration set.

    • D.

      Alternative selection group.

    • E.

      aspiration group.

    Correct Answer
    C. Consideration set.
    Explanation
    The consideration set refers to the group of brands that a consumer would consider acceptable from among all the brands in a specific product category that they are aware of. It represents the options that a consumer is actively considering when making a purchasing decision. The evaluative set, evolved set, alternative selection group, and aspiration group do not accurately describe this concept.

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  • 21. 

    What type of scale is the following? "Check your degree of agreement with the following statement: Marketing is an interesting subject."( ) Strongly Agree ( ) Agree ( ) Disagree ( ) Strongly DisagreeCh 8

    • A.

      Likert scale

    • B.

      Semantic differential scale

    • C.

      Dichotomous question

    • D.

      Open-ended question

    • E.

      Attitudinal question

    Correct Answer
    A. Likert scale
    Explanation
    The given question is an example of a Likert scale. A Likert scale is a type of survey question that measures attitudes or opinions on a specific topic. It typically consists of a statement or statement stem followed by a range of response options, such as "Strongly Agree," "Agree," "Disagree," and "Strongly Disagree." In this case, the question asks respondents to rate their degree of agreement with the statement "Marketing is an interesting subject." The Likert scale allows for a more nuanced understanding of respondents' attitudes by providing multiple response options.

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  • 22. 

    A(n) __________ question requires respondents to select one or more response options from a set of predetermined choices.Ch 8

    • A.

      Dichotomous

    • B.

      open-ended

    • C.

      Closed-end

    • D.

      attitudinal

    • E.

      semantic differential

    Correct Answer
    C. Closed-end
    Explanation
    A closed-end question requires respondents to select one or more response options from a set of predetermined choices. This type of question limits the possible answers and allows for easy data analysis and comparison between respondents. It is commonly used in surveys and questionnaires to gather specific and structured information.

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  • 23. 

    Many consumers use __________ to communicate with and share opinions among friends, family, and other like-minded individuals around the world about the products and services they use or want.Ch 8

    • A.

      Internet portals

    • B.

      Virtual focus groups

    • C.

      Wikis

    • D.

      Social networking Web sites

    • E.

      E-journals

    Correct Answer
    D. Social networking Web sites
    Explanation
    Social networking websites are commonly used by consumers to communicate with and share opinions about products and services with their friends, family, and other like-minded individuals around the world. These platforms provide a space for users to connect, engage in discussions, and express their thoughts and experiences regarding various products and services. Through social networking websites, consumers can gather information, seek recommendations, and provide feedback, making them an important tool for sharing opinions and experiences in the consumer community.

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  • 24. 

    An advantage of using a panel for marketing research isCh 8

    • A.

      the discussion leader can help change negative panel responses into positive ones.

    • B.

      The company can find out if consumers change their purchasing behavior over time.

    • C.

      Panel members often help each other by bringing up ideas for discussion that others didn't initially think of but that were important to them

    • D.

      There will usually be one panel member who dominates the discussion and helps keep the conversation focused.

    • E.

      . panel members are highly defined demographically, so it is relatively simple to replace an individual member without losing continuity

    Correct Answer
    B. The company can find out if consumers change their purchasing behavior over time.
    Explanation
    Using a panel for marketing research allows the company to track changes in consumer purchasing behavior over time. This is an advantage because it helps the company understand if and how consumers' buying habits evolve, which can inform marketing strategies and product development. By studying the panel's responses and comparing them over different time periods, the company can gain valuable insights into consumer trends and preferences. This information can then be used to make informed business decisions and stay competitive in the market.

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  • 25. 

    Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to asCh. 9

    • A.

      Consumer differentiation

    • B.

      Psychographics

    • C.

      Market segmentation

    • D.

      Market delineation

    • E.

      aggregation marketing

    Correct Answer
    C. Market segmentation
    Explanation
    Market segmentation is the correct answer because it refers to the process of grouping potential customers into segments based on their common needs, characteristics, or behaviors. This allows marketers to better understand their target audience and tailor their marketing strategies to meet the specific needs and preferences of each segment. By dividing the market into smaller segments, companies can effectively reach and engage with their target customers, resulting in more successful marketing campaigns and higher customer satisfaction.

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  • 26. 

    A business firm goes to the trouble and expense of segmenting its markets whenCh 9

    • A.

      It changes its advertising campaign

    • B.

      Competitors enter the marketplace

    • C.

      The environment becomes uncertain

    • D.

      it expects that this will increase its sales, profit, and return on investment

    • E.

      There is a recessionary economic environment

    Correct Answer
    D. it expects that this will increase its sales, profit, and return on investment
    Explanation
    Segmenting markets is a strategic process that involves dividing a larger market into smaller, more manageable segments based on various factors such as demographics, psychographics, and behavior. By doing so, a business firm can tailor its marketing efforts and messages to each specific segment, effectively targeting their needs and preferences. This personalized approach is expected to increase sales and profit as it allows the firm to better meet the demands of different customer groups. Additionally, by focusing resources on the most profitable segments, the firm can also expect a higher return on investment.

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  • 27. 

    Alka-Seltzer was made originally as a hangover remedy that cured the headache and settled the stomach. Today you can buy Original Alka-Seltzer, Extra Strength AlkaSeltzer, Alka-Seltzer Morning Relief (for morning headaches and fatigue), and AlkaSeltzer Heartburn Relief. Each Alka-Seltzer product has a different formulation to relieve the specific malady for the specific targeted market segment. The maker of Alka-Seltzer is usingCh 9 

    • A.

      Product segmentation

    • B.

      market sectioning

    • C.

      Product differentiation

    • D.

      Market differentiation

    • E.

      Product base development

    Correct Answer
    C. Product differentiation
    Explanation
    The correct answer is product differentiation. Product differentiation refers to the process of distinguishing a product from its competitors by highlighting unique features, benefits, or qualities. In this case, the maker of Alka-Seltzer has developed different formulations for various ailments, such as hangovers, headaches, fatigue, and heartburn, targeting specific market segments. By offering different products that cater to specific needs, they are differentiating their brand from others in the market.

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  • 28. 

    One marketing action that can be taken to sell a single product or service to multiple market segments isCh 9

    • A.

      Develop and produce another version of the product

    • B.

      Manufacture products that appeal to different markets

    • C.

      Develop separate promotional campaigns

    • D.

      Purchase another firm that has additional products that would appeal to multiple markets.

    • E.

      issue stock used for additional research and development for improved products.

    Correct Answer
    C. Develop separate promotional campaigns
    Explanation
    Developing separate promotional campaigns is a marketing action that can be taken to sell a single product or service to multiple market segments. By creating different campaigns targeted towards each market segment, the company can tailor their messaging and promotional activities to effectively reach and appeal to each specific segment. This approach recognizes that different segments have varying needs, preferences, and behaviors, and aims to address these differences through customized marketing efforts. Developing separate promotional campaigns allows the company to effectively communicate the value and benefits of the product or service to each market segment, increasing the likelihood of sales and success in multiple markets.

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