COPY: Marketing Principles Chapter 13 Quiz
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Questions and Answers

Which method is effective in gathering primary data?

  • Conducting personal interviews with potential customers (correct)
  • Gaining access to government reports
  • Establishing a database of academic articles
  • Reviewing best-selling trade books

    • What is the initial step in the marketing research process?

  • Designing a product to meet market needs
  • Setting product pricing
  • Defining the question and current situation (correct)
  • Planning modifications and ad testing

    • To explore new markets due to declining enrollment, Rockwell Community College should use which strategy?

  • Marketing research (correct)
  • Stakeholder audit
  • Sales promotions
  • Test marketing

    • What process involves identifying elements that could influence marketing success?

    <p>Environmental scanning</p> Signup and view all the answers

    Which social trend must marketers closely monitor?

    <p>Growing population of older Americans</p> Signup and view all the answers

    What are the two major types of markets identified in marketing?

    <p>Consumer market and B2B market</p> Signup and view all the answers

    Which term refers to individuals who purchase goods for personal use?

    <p>Consumer market</p> Signup and view all the answers

    What primarily differentiates consumer products from industrial products?

    <p>The end use of the product</p> Signup and view all the answers

    What is the main distinction between retailers and wholesalers?

    <p>Retailers sell only to final consumers, while wholesalers also sell to other organizations.</p> Signup and view all the answers

    Which type of utility is typically provided by producers?

    <p>Form</p> Signup and view all the answers

    Which of the following is NOT a type of utility commonly provided by marketing intermediaries?

    <p>Cost</p> Signup and view all the answers

    What type of wholesaler independently owns and takes title to the goods they handle?

    <p>Merchant</p> Signup and view all the answers

    Discount stores, supermarkets, and department stores are examples of what?

    <p>Retail stores</p> Signup and view all the answers

    What defines a discount store's competitive strategy?

    <p>Low prices</p> Signup and view all the answers

    What type of distribution strategy involves selling through a preferred group of retailers?

    <p>Selective</p> Signup and view all the answers

    What does online retailing primarily refer to?

    <p>Selling goods directly to ultimate consumers over the Internet</p> Signup and view all the answers

    What type of goods are most commonly sold by vending machines?

    <p>Convenience</p> Signup and view all the answers

    What marketing strategy involves sending salespeople to customers' homes or workplaces?

    <p>Direct selling</p> Signup and view all the answers

    Which of the following is NOT a form of direct marketing?

    <p>Market research</p> Signup and view all the answers

    What is the most accurate statement regarding kiosks and carts in malls?

    <p>They have lower overhead costs than stores.</p> Signup and view all the answers

    What type of distribution system has all organizations in the channel owned by one firm?

    <p>Corporate</p> Signup and view all the answers

    In which distribution system does the producer manage all marketing functions at the retail level?

    <p>Administered</p> Signup and view all the answers

    Franchise systems fall under which type of distribution system?

    <p>Contractual</p> Signup and view all the answers

    What is the first step in developing a promotional campaign?

    <p>Identifying a target market</p> Signup and view all the answers

    What influences consumers when they intend to purchase a particular product?

    <p>They consider the total collection of benefits that the product offers.</p> Signup and view all the answers

    Which of the following products would be classified as a shopping good?

    <p>A standard household vacuum cleaner</p> Signup and view all the answers

    What is the primary purpose of packaging in marketing?

    <p>To attract the attention of the buyer.</p> Signup and view all the answers

    Which of the following products is most likely considered a specialty good?

    <p>A Rolex watch</p> Signup and view all the answers

    What defines a marketing intermediary?

    <p>They assist in moving goods from producers to consumers.</p> Signup and view all the answers

    Which type of marketing intermediary does not take title to the goods?

    <p>Agent</p> Signup and view all the answers

    What is a key characteristic of effective marketing intermediaries?

    <p>They can perform marketing functions more efficiently than producers.</p> Signup and view all the answers

    Why are marketing intermediaries crucial in the distribution channel?

    <p>They increase the number of exchange relationships significantly.</p> Signup and view all the answers

    What is the primary purpose of a trade magazine charging companies for advertising space?

    <p>Advertising</p> Signup and view all the answers

    What strategy is Motorcycle Mania required to adopt for stronger customer relationships?

    <p>Tracking customer purchases</p> Signup and view all the answers

    Which term refers to the direct face-to-face promotion and presentation of goods and services?

    <p>Personal selling</p> Signup and view all the answers

    What does a firm's prospects represent?

    <p>People with an unmet need and authority to buy</p> Signup and view all the answers

    In the B2B selling process, what is the first step of selecting potential customers called?

    <p>Prospecting</p> Signup and view all the answers

    After prospects have been identified, what is the next step in the selling process?

    <p>The preapproach</p> Signup and view all the answers

    What is the focus of the approach step in the selling process?

    <p>Building credibility and rapport</p> Signup and view all the answers

    What does a review of the personal selling process suggest about selling?

    <p>It's strictly about contracts</p> Signup and view all the answers

    Who examines financial data and makes recommendations for improving strategy to management?

    <p>Accountants; financial managers</p> Signup and view all the answers

    Which function in business is primarily responsible for managing and acquiring funds?

    <p>Finance</p> Signup and view all the answers

    What are the primary areas of authority for a chief financial officer (CFO)?

    <p>Accounting and finance</p> Signup and view all the answers

    Is finance a critical activity for profit-seeking organizations only?

    <p>No, it is essential for both profit-seeking and nonprofit organizations.</p> Signup and view all the answers

    What does undercapitalization refer to?

    <p>Insufficient start-up funds</p> Signup and view all the answers

    What is accurate regarding the relationship between accounting and finance?

    <p>Financial managers need to understand accounting.</p> Signup and view all the answers

    What is the primary concern of financial managers?

    <p>Undercapitalization</p> Signup and view all the answers

    Who is responsible for ensuring accounting procedures align with established principles?

    <p>Internal auditor</p> Signup and view all the answers

    What strategy does Motorcycle Mania need to adopt to enhance customer relationships?

    <p>Promoting to rather than working with customers</p> Signup and view all the answers

    What does the approach step in the selling process primarily aim to achieve?

    <p>Establishing credibility and rapport</p> Signup and view all the answers

    In the B2B selling process, what is the term for selecting potential customers?

    <p>Prospecting</p> Signup and view all the answers

    Which method best describes the face-to-face promotion of goods and services?

    <p>Personal selling</p> Signup and view all the answers

    What must be adapted for each cultural audience in global marketing?

    <p>Advertising approaches</p> Signup and view all the answers

    What is indicated as a common misconception about the selling process?

    <p>Successful selling is mostly due to luck</p> Signup and view all the answers

    What best represents a firm's prospects?

    <p>Potential buyers with a specific need</p> Signup and view all the answers

    What type of reports provides information that can be used by decision makers both inside and outside the organization?

    <p>Financial statements</p> Signup and view all the answers

    What is an example of a document that can help assess the health of a business?

    <p>Financial statements</p> Signup and view all the answers

    Which activity directly affects a firm's account balances?

    <p>Buying and selling goods and services</p> Signup and view all the answers

    What encompasses summarizing and interpreting financial information for management needs?

    <p>Accounting responsibilities</p> Signup and view all the answers

    Which term describes the recording of business transactions as part of the accounting cycle?

    <p>Bookkeeping</p> Signup and view all the answers

    Which term refers to any paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the message?

    <p>Advertising</p> Signup and view all the answers

    What is the purpose of a specialized accounting book where transactions are categorized?

    <p>Ledger</p> Signup and view all the answers

    What is the expected total annual expenditure on advertising in the United States for 2023?

    <p>About $500 billion</p> Signup and view all the answers

    What is the name for manufacturers' advertising directed to wholesalers and retailers to encourage them to carry their products?

    <p>Trade advertising</p> Signup and view all the answers

    Which accounting resource is used to initially record each day's transactions?

    <p>Journal</p> Signup and view all the answers

    What process results in the preparation and analysis of major financial statements?

    <p>Accounting cycle</p> Signup and view all the answers

    When an organization seeks to create an attractive image for itself through advertising, this is referred to as what type of advertising?

    <p>Institutional advertising</p> Signup and view all the answers

    In terms of advertising, which medium currently generates the highest level of total spending?

    <p>Digital</p> Signup and view all the answers

    What is the primary purpose of using institutional advertising?

    <p>Create a positive image for the firm</p> Signup and view all the answers

    Which term describes the practice of paying to have a product appear favorably in a television show or movie?

    <p>Product placement</p> Signup and view all the answers

    What is the main overall purpose of accounting?

    <p>To provide financial information that is useful to decision makers.</p> Signup and view all the answers

    What are the key benefits of using social media as an advertising medium?

    <p>Increases exposure and brand loyalty</p> Signup and view all the answers

    Which of the following statements correctly differentiates accounting from other business functions?

    <p>Accounting provides insight into financial soundness of the business.</p> Signup and view all the answers

    What type of financial transaction does the record-keeping of accounting include?

    <p>A firm purchases a fire insurance policy.</p> Signup and view all the answers

    Which group of stakeholders primarily benefits from a company's accounting information?

    <p>Managers, owners, creditors, employees, and the government.</p> Signup and view all the answers

    What is a critical step that accountants take after gathering financial information?

    <p>They interpret the results for management decisions.</p> Signup and view all the answers

    Which activity mainly involves interacting with the public to shape attitudes toward an organization?

    <p>Public relations.</p> Signup and view all the answers

    What is a necessary understanding for effectively running a business?

    <p>To understand and utilize accounting information.</p> Signup and view all the answers

    How does accounting support management's strategic decisions?

    <p>It offers in-depth analysis of financial risks and opportunities.</p> Signup and view all the answers

    What is a key benefit of a product having a well-known brand name from the buyer's perspective?

    <p>Adds to repeat purchases</p> Signup and view all the answers

    Which job is primarily responsible for forecasting, budgeting, and cash flow analysis?

    <p>Financial manager's</p> Signup and view all the answers

    What is the strategy called when textbook publishers combine complementary products for a single price?

    <p>Bundling</p> Signup and view all the answers

    What is a primary activity that a financial manager is likely to perform?

    <p>Preparing the firm's balance sheet</p> Signup and view all the answers

    What does a square paint can with a screw top lid indicate about packaging?

    <p>It demonstrates improvements through technological changes.</p> Signup and view all the answers

    What issue is LaPlaya Hardware facing if its cash expenditures have exceeded cash receipts?

    <p>Cash flow difficulties</p> Signup and view all the answers

    Which term describes a group of products offered by a firm that are physically similar or target a similar market?

    <p>Product line</p> Signup and view all the answers

    What advice should be provided to someone who wants to avoid finance courses in business?

    <p>Understand that financial knowledge is essential for success</p> Signup and view all the answers

    In the context of evaluating colleges, what is a likely criterion for students and parents to judge a school?

    <p>The overall collection of benefits offered</p> Signup and view all the answers

    What has led firms to reduce expenditures on social media and websites?

    <p>The trend away from personal salespeople</p> Signup and view all the answers

    Which marketing concept encompasses the identification of specific target markets?

    <p>Market segmentation</p> Signup and view all the answers

    Which of the following accurately describes convenience goods and services?

    <p>High brand awareness and image impact marketing.</p> Signup and view all the answers

    Which activity is NOT typically associated with a financial manager?

    <p>Preparing securities for investment</p> Signup and view all the answers

    Which term refers to a name, symbol, or design that distinguishes goods or services of one seller from competitors?

    <p>Trademark</p> Signup and view all the answers

    If a student desires to gain financial knowledge for business success, which option should they pursue?

    <p>Enroll in finance courses to enhance understanding</p> Signup and view all the answers

    In the context of financial management, what does undercapitalization refer to?

    <p>Insufficient funds to support business operations</p> Signup and view all the answers

    Which option best describes a method for collecting primary data?

    <p>Conducting personal interviews with potential customers</p> Signup and view all the answers

    In the marketing research process, defining the question and assessing the current situation is considered which step?

    <p>Problem identification</p> Signup and view all the answers

    In response to declining enrollment, Rockwell Community College should focus on which marketing strategy?

    <p>Implementing outreach programs to non-traditional students</p> Signup and view all the answers

    What is environmental scanning in relation to marketing?

    <p>Monitoring market trends and external factors influencing marketing</p> Signup and view all the answers

    Which trend in the marketplace should marketers pay attention to?

    <p>The growing number of online retail options</p> Signup and view all the answers

    What best describes the consumer market?

    <p>Consists of individuals purchasing goods for personal use</p> Signup and view all the answers

    What is a key factor in determining a product's classification as either consumer or industrial?

    <p>The primary purpose and end-use of the product</p> Signup and view all the answers

    Which is an example of a secondary market?

    <p>Businesses trading goods with other businesses</p> Signup and view all the answers

    What provides information that can be used by decision makers both inside and outside the organization?

    <p>Financial statements</p> Signup and view all the answers

    What is the primary purpose of bookkeeping in the accounting cycle?

    <p>Recording business transactions</p> Signup and view all the answers

    How can a business assess its financial health similarly to how a pulse rate indicates human health?

    <p>By reviewing financial statements</p> Signup and view all the answers

    Which process in accounting ensures that each transaction is accurately entered and reflected in financial records?

    <p>Bookkeeping</p> Signup and view all the answers

    What follows the preparation of a trial balance in the accounting cycle?

    <p>Preparing financial statements</p> Signup and view all the answers

    In accounting, what is a ledger primarily used for?

    <p>Categorizing transactions</p> Signup and view all the answers

    What term describes the procedure that results in the preparation and analysis of major financial statements?

    <p>Accounting cycle</p> Signup and view all the answers

    Which accounting book records each day's transactions initially?

    <p>Journal</p> Signup and view all the answers

    What term refers to any paid, nonpersonal communication by organizations and individuals who are identified in the message?

    <p>Advertising</p> Signup and view all the answers

    Which type of advertising is directed to wholesalers and retailers to encourage them to carry specific products?

    <p>Trade advertising</p> Signup and view all the answers

    Which form of advertising aims to create an attractive image of the organization itself?

    <p>Institutional advertising</p> Signup and view all the answers

    In terms of total advertising dollars spent, which medium ranks as the number one?

    <p>Television</p> Signup and view all the answers

    Which term describes the practice of paying to have a product featured favorably in a television show or movie?

    <p>Product placement</p> Signup and view all the answers

    What is the primary purpose of a firm using institutional advertising?

    <p>To create a positive image for the firm</p> Signup and view all the answers

    Which advertising medium is noted for increasing product exposure, building customer loyalty, and aiding new ideas?

    <p>Social media</p> Signup and view all the answers

    What do consumers typically consider when intending to purchase a product?

    <p>The total collection of benefits that the product offers.</p> Signup and view all the answers

    Which type of product would generally be classified as a shopping good or service?

    <p>A refrigerator.</p> Signup and view all the answers

    Which of the following is primarily used to attract a buyer's attention?

    <p>Packaging.</p> Signup and view all the answers

    Which product is likely classified as a specialty good or service?

    <p>A designer handbag.</p> Signup and view all the answers

    What is the term for marketing intermediaries that sell products to ultimate consumers?

    <p>Retailers.</p> Signup and view all the answers

    What is an example of an intermediary that assists in negotiating an exchange but doesn’t take title to the goods?

    <p>Agent.</p> Signup and view all the answers

    What is a key characteristic of marketing intermediaries?

    <p>They usually perform marketing functions more cost-effectively than producers.</p> Signup and view all the answers

    Why are marketing intermediaries important in distribution channels?

    <p>They facilitate effective exchange processes within the market.</p> Signup and view all the answers

    What is a primary area of concern for financial managers?

    <p>Undercapitalization</p> Signup and view all the answers

    Which statement about the relationship between accounting and finance is most accurate?

    <p>Financial managers need to understand accounting.</p> Signup and view all the answers

    Which role is responsible for verifying that accounting procedures comply with established principles?

    <p>Internal auditor</p> Signup and view all the answers

    No matter the size of the business, finance is a critical activity for which types of organizations?

    <p>Both profit-seeking and nonprofit organizations</p> Signup and view all the answers

    What does undercapitalization refer to in a business context?

    <p>Insufficient start-up funds</p> Signup and view all the answers

    Which statement regarding taxes is accurate?

    <p>Profitable businesses typically pay taxes.</p> Signup and view all the answers

    What is the overall purpose of accounting in a business organization?

    <p>To provide financial information that is useful to decision makers.</p> Signup and view all the answers

    Which of the following best describes who benefits from a company's accounting information?

    <p>Managers, owners, creditors, employees, and the government.</p> Signup and view all the answers

    What constitutes a financial transaction in a business context?

    <p>A firm purchases a fire insurance policy.</p> Signup and view all the answers

    What is required from accountants besides recording and classifying financial information?

    <p>Interpreting the results of the financial information they gather.</p> Signup and view all the answers

    Why is it essential for someone running a business to understand accounting information?

    <p>To understand and use accounting information effectively.</p> Signup and view all the answers

    What distinguishes accounting from other business functions like marketing and management?

    <p>Accounting offers insights into the financial soundness of a business.</p> Signup and view all the answers

    Which activity is a key responsibility of public relations?

    <p>Evaluating public attitudes and executing action programs.</p> Signup and view all the answers

    In financial terminology, what does undercapitalization refer to?

    <p>Having insufficient capital to support business operations.</p> Signup and view all the answers

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