Question 1

The final price of a product or service is the sum of total cost plus profit margin.

Accepted Answer

A) True 
 B)False

Question 2

The major interacting components that enable a firm to successfully provide products to the marketplace are called the:

Accepted Answer

A)  marketing plan.
B)  marketing mix.
C)  marketing system.
D)  marketing structure.

Question 3

Telephone surveys have the poorest response rate.

Accepted Answer

A) True 
 B)False  False

Question 4

Market conditions,product attributes,cost benefits and venture attributes are all part of which major consideration in channel selection?

Accepted Answer

A)  Degree of directness
B)  Number of channel members
C)  Criteria in selection of channel members
D)  Number of channels

Question 5

When products cannot be easily differentiated,the entrepreneur is forced to charge a lower price than the competition.

Accepted Answer

A) True 
 B)False

Question 6

The simplest approach to gathering primary information is:

Accepted Answer

A)  observation.
B)  focus groups.
C)  experimentation.
D)  interviewing.

Question 7

Which is the first step in preparing a marketing plan?

Accepted Answer

A)  Identifying strengths and weaknesses
B)  Defining the target market
C)  Establishing goals and objectives
D)  Defining the business situation

Question 8

Manufacturer's representatives are marketing middlemen that:

Accepted Answer

A)  take title and physical possession of the product.
B)  take physical possession of the product.
C)  work exclusively for the entrepreneur.
D)  are paid a commission when a sale is made.

Question 9

Marketing research involves the gathering of information in order to determine who will buy the product and what the most effective promotion strategy would be.

Accepted Answer

A) True 
 B)False

Question 10

It is harder to charge a high price if the company operates in a differentiated product market.

Accepted Answer

A) True 
 B)False

Question 11

Market segmentation is the process of:

Accepted Answer

A)  describing market conditions.
B)  dividing the market into smaller homogeneous groups.
C)  presenting future opportunities.
D)  exploring new market opportunities.

Question 12

Focus groups are an informal method for gathering in-depth marketing information.

Accepted Answer

A) True 
 B)False

Question 13

In business-to-business which advertising and promotion method would be the least likely to be used?

Accepted Answer

A)  Trade magazines
B)  Direct sales
C)  Trade shows
D)  TV ads

Question 14

The _________ element of the marketing mix involves decisions as to what is the most appropriate channel.

Accepted Answer

A)  product
B)  price
C)  distribution
D)  promotion C

Question 15

Which survey method results in the most in-depth information and the best response rate?

Accepted Answer

A)  Telephone
B)  Mail
C)  Personal
D)  Internet

Question 16

The marketing plan is designed to answer three basic questions: where have we been,where do we want to go,and how do we get there?

Accepted Answer

A) True 
 B)False

Question 17

Which survey method is the most expensive?

Accepted Answer

A)  Telephone
B)  Mail
C)  Personal
D)  Internet C

Question 18

The marketing mix consists of the following variables: external environmental factors,internal environmental factors,and marketing strategy.

Accepted Answer

A) True 
 B)False

Question 19

Business-to-business marketing involves:

Accepted Answer

A)  sales to households for personal consumption.
B)  a more direct channel of distribution than consumer markets.
C)  selling products such as household furniture.
D)  selling products and services through certified representatives.

Question 20

Competitor analysis begins with:

Accepted Answer

A)  gathering samples of the competitors product(s) .
B)  discovering each competitors advertising budget.
C)  documenting the current strategy of each primary competitor.
D)  identifying which competitors are most successful.

Exam 8: The Marketing Plan

The final price of a product or service is the sum of total cost plus profit margin.

Correct AnswerverifiedShow Answer

The major interacting components that enable a firm to successfully provide products to the marketplace are called the:

Correct AnswerverifiedShow Answer

Telephone surveys have the poorest response rate.

Correct AnswerverifiedFalse

Market conditions,product attributes,cost benefits and venture attributes are all part of which major consideration in channel selection?

Correct AnswerverifiedShow Answer

When products cannot be easily differentiated,the entrepreneur is forced to charge a lower price than the competition.

Correct AnswerverifiedShow Answer

The simplest approach to gathering primary information is:

Correct AnswerverifiedShow Answer

Which is the first step in preparing a marketing plan?

Correct AnswerverifiedShow Answer

Manufacturer's representatives are marketing middlemen that:

Correct AnswerverifiedShow Answer

Marketing research involves the gathering of information in order to determine who will buy the product and what the most effective promotion strategy would be.

Correct AnswerverifiedShow Answer

It is harder to charge a high price if the company operates in a differentiated product market.

Correct AnswerverifiedShow Answer

Market segmentation is the process of:

Correct AnswerverifiedShow Answer

Focus groups are an informal method for gathering in-depth marketing information.

Correct AnswerverifiedShow Answer

In business-to-business which advertising and promotion method would be the least likely to be used?

Correct AnswerverifiedShow Answer

The _________ element of the marketing mix involves decisions as to what is the most appropriate channel.

Correct AnswerverifiedC

Which survey method results in the most in-depth information and the best response rate?

Correct AnswerverifiedShow Answer

The marketing plan is designed to answer three basic questions: where have we been,where do we want to go,and how do we get there?

Correct AnswerverifiedShow Answer

Which survey method is the most expensive?

Correct AnswerverifiedC

The marketing mix consists of the following variables: external environmental factors,internal environmental factors,and marketing strategy.

Correct AnswerverifiedShow Answer

Business-to-business marketing involves:

Correct AnswerverifiedShow Answer

Competitor analysis begins with:

Correct AnswerverifiedShow Answer

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C

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C

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