Marketing Principles Chapter 13 Quiz

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

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

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

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

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

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

<p>Form (B)</p> Signup and view all the answers

<p>Cost (A)</p> Signup and view all the answers

<p>Merchant (B)</p> Signup and view all the answers

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

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

<p>Selective (D)</p> Signup and view all the answers

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

<p>Convenience (B)</p> Signup and view all the answers

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

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

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

<p>Corporate (A)</p> Signup and view all the answers

<p>Administered (D)</p> Signup and view all the answers

<p>Contractual (D)</p> Signup and view all the answers

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

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

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

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

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

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

<p>Agent (D)</p> Signup and view all the answers

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

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

<p>Advertising (B)</p> Signup and view all the answers

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

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

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

<p>Prospecting (D)</p> Signup and view all the answers

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

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

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

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

<p>Finance (B)</p> Signup and view all the answers

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

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

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

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

<p>Undercapitalization (A)</p> Signup and view all the answers

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

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

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

<p>Prospecting (D)</p> Signup and view all the answers

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

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

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

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

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

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

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

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

<p>Bookkeeping (B)</p> Signup and view all the answers

<p>Advertising (C)</p> Signup and view all the answers

<p>Ledger (C)</p> Signup and view all the answers

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

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

<p>Journal (D)</p> Signup and view all the answers

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

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

<p>Digital (D)</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>Bundling (D)</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

<p>Trademark (C)</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>Bookkeeping (C)</p> Signup and view all the answers

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

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

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

<p>Journal (A)</p> Signup and view all the answers

<p>Advertising (D)</p> Signup and view all the answers

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

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

<p>Television (B)</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

<p>Undercapitalization (C)</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

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

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

A method of gathering information directly from the target audience, such as personal interviews.

A stage in the process, identifying the current situation and the questions need answered.

Targeting potential customer groups in addition to the existing ones (like high school graduates).

Identifying factors, such as social trends, that can affect marketing.

Observing significant shifts and movements in society related to customers.

Individuals who buy goods and/or services, for personal use, who have the resources to purchase.

The determining factor is the intended use/purpose of the product.

The two main market types are the primary market and secondary market.

Retailers sell directly to consumers, while wholesalers sell to other businesses like retailers or manufacturers.

Form utility usually comes from producers, as they create a product from raw materials.

Marketing intermediaries provide time, place, possession, information, and service utilities.

Merchant wholesalers are independently owned and take ownership of the goods they handle.

A retail store that offers a wide range of general merchandise at discounted prices.

Consumers consider the total collection of benefits a product offers, rather than just a single factor like brand name or price.

A retail store that sells discounted merchandise directly from manufacturers, often including discontinued or flawed items.

A distribution strategy where a producer chooses a limited number of retailers in a specific area to carry their products.

A product that consumers compare carefully, considering things like price, quality, and features, before making a purchase.

The process of selling goods and services to consumers through an online platform.

Packaging plays a crucial role in attracting buyers' attention, making products stand out on shelves and appealing to potential customers.

A product that consumers are willing to put in extra effort to find, often due to its uniqueness or desirability.

An organization that helps move goods and services from producers to consumers.

A marketing intermediary that sells products to other businesses, such as retailers.

The path a product takes from the producer to the final consumer, including all the intermediaries involved.

A marketing intermediary that helps buyers and sellers connect and negotiate a deal but doesn't take ownership of the goods.

Companies pay a fee per page to advertise in trade magazines, which helps offset the magazine's publishing costs.

Focusing on building meaningful connections with customers, going beyond just transactions.

Directly presenting and promoting products or services face-to-face, including seeking out potential customers and providing follow-up support.

The process of finding and evaluating individuals or businesses who are likely to be interested in a product or service.

The first step in the seven-step B2B selling process, involving the selection of potential customers.

The process of understanding and gathering information about a potential customer's wants and needs before making a sales presentation.

The initial step in the selling process where the salesperson aims to build trust and credibility with the potential customer.

Selling is not just about closing deals; it's about establishing strong relationships with customers.

The area of business responsible for acquiring and managing the firm's funds.

The Chief Financial Officer (CFO) oversees both accounting and finance departments, ensuring proper financial management.

Finance is crucial for both profit-seeking businesses and nonprofit organizations, ensuring they manage money effectively.

A problem where a business lacks sufficient funds to start or operate effectively.

Financial managers are primarily concerned with the efficient management of funds, ensuring optimal financial performance.

Managing accounts receivable, including collecting funds from customers, falls within the finance function.

An internal auditor verifies that the company's accounting practices comply with established accounting principles.

Insufficient capital (undercapitalization) often leads to financial failure of a business..

A type of marketing where businesses communicate directly with potential customers to promote their products or services. This can be done through various channels like mail, email, phone, or social media.

Products that customers buy frequently, without much planning or comparison shopping. They are easily accessible and meet everyday needs.

A marketing approach where salespeople directly approach customers in their homes or workplaces to sell products or services.

A marketing strategy where independent distributors build a network of other distributors, who then sell products to their own networks. Distributors earn commissions based on their own sales and the sales of their recruits.

Small retail spaces that are typically found in malls or shopping centers. They offer a limited selection of products and are known for convenience and affordability.

A channel of distribution where all parts of the distribution process, from production to retail, are controlled by a single company.

A channel of distribution where the producer has significant influence over the marketing activities of other channel members, even though they may not own them.

A channel of distribution where independent firms agree to work together under a contractual agreement. This can include franchising or other forms of partnerships.

A well-known brand name provides consumers with a sense of quality assurance, reducing their risk of a bad purchase.

Bundling involves combining complementary products for a single price, often used by textbook publishers to offer textbooks and online access codes together.

Changes in packaging can enhance product appeal and functionality, even improving the product itself.

A product line consists of a group of closely related products offered by a company.

When choosing colleges, students and parents often consider the overall value proposition of the school, not just tuition or courses.

The shift from personal sales to self-service has increased the importance of packaging and visual marketing.

A trademark is a symbol, name, or design that identifies a seller's goods or services, making them distinct from competitors.

Paid, non-personal communication by organizations or individuals, where the message identifies the sender.

Digital advertising takes the top spot in terms of total advertising dollars spent.

Manufacturers advertise to wholesalers and retailers to encourage them to carry their products.

Advertising used to create a positive image for an organization.

Paying to have a product appear favorably in TV shows or movies.

To create a positive image for the firm.

Using interactive activities like games or contests to engage customers.

Different strategies are often needed for each country, considering local cultures and preferences.

The activity that evaluates public attitudes, adapts policies and procedures to public requests, and implements an action and information plan to earn public understanding and acceptance.

Accounting provides insights into a business's financial health, helping decision-makers understand its financial performance.

An event that affects a company's financial position, such as purchasing insurance, making a sale, or paying a bill.

Accounting information is useful for various stakeholders, including managers, owners, creditors, employees, and the government, for decision-making purposes.

Accountants record, classify, summarize, and interpret the financial data they collect for making informed decisions.

Accounting differs from marketing and management in that it provides insights into the financial soundness of a business.

Effective business management requires understanding and using accounting information.

Public relations plays a crucial role in building trust, understanding, and acceptance between organizations and the public.

A strategic shift in marketing where businesses focus on actively promoting their brand and products to customers, rather than just working with them on a transactional level. This often involves building relationships, understanding customer needs, and creating engaging experiences.

Advertising specifically aimed at wholesalers and retailers to encourage them to carry a manufacturer's product. This type of advertising helps build distribution channels and increase market reach.

Combining multiple forms of advertising into one comprehensive campaign to achieve synergy and amplify the message. This can involve print, digital, TV, social media, and more, all working together to reach the target audience.

Adjusting advertising messages and strategies to resonate with specific cultural audiences in different regions. This is crucial for global businesses to effectively connect with diverse consumers.

The initial step in the B2B selling process where a salesperson identifies and qualifies potential customers who might be interested in a product or service. This involves research, networking, and evaluating leads.

The step in the selling process that follows prospecting and qualifying. It involves researching and gathering information about the potential customer's needs, challenges, and preferences to tailor a sales presentation.

The core objective of the approach step in the selling process. It involves building trust and establishing a positive connection with the potential customer before presenting a sales pitch.

Financial reports prepared by accountants provide information that guides decision-making for both internal and external stakeholders.

Just like pulse rate and blood pressure show a person's health, financial statements provide insights into a business's financial well-being.

Transactions that involve buying, selling, or exchanging goods and services directly impact a company's financial records.

Accountants are responsible for summarizing and interpreting financial information to help company managers make informed decisions.

Bookkeeping is the process of recording business transactions, like a detailed diary of financial events.

A ledger is a specialized accounting book that categorizes transactions by type, keeping track of all similar financial activities.

A journal is the first place where daily business transactions are recorded, acting as the initial record of financial activity.

The accounting cycle is a six-step process that involves collecting, classifying, and analyzing financial data to prepare accurate financial statements.

A financial manager oversees a company's financial health, making decisions about budgeting, forecasting, and managing cash flow.

When a business spends more cash than it receives, leading to a shortage of funds.

Understanding finance is essential for business success, even if your career isn't directly in finance.

Strategies used to influence consumers' behavior and encourage them to buy products.

The idea that a business should focus on satisfying customer needs and wants to achieve its goals.

Businesses that connect producers to consumers, such as wholesalers, retailers, and agents.

The four core marketing tools used to communicate with customers: advertising, public relations, sales promotion, and personal selling.

Different types of advertising, such as product advertising, institutional advertising, and trade advertising.

A product that consumers compare carefully before buying, considering factors like price, quality, and features.

A product that consumers are willing to put in extra effort to find, often due to its uniqueness or desirability.

A marketing intermediary that helps buyers and sellers connect and negotiate a deal but doesn't take ownership of the goods.

Marketing intermediaries add value by performing marketing functions faster and at lower cost than producers, helping move products efficiently.

The activity that evaluates public attitudes, adapts policies and procedures to public requests, and implements an action and information plan to earn public understanding and acceptance.

Communicating directly with potential customers to promote products or services through channels like mail, email, phone, or social media.

Products bought frequently without much planning or comparison shopping, like everyday essentials.

Salespeople approach customers in their homes or workplaces to sell products or services.

Distributors build networks and sell products to their own networks, earning commissions on their own sales and those of their recruits.

Small retail spaces offering a limited selection of products, often found in malls or shopping centers.