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

    Study Notes

    Chapter 13 Quiz

    • Question 1: What is a technique used to obtain primary data?

      • Conducting personal interviews with potential customers
      • Reviewing the best-selling trade books and textbooks on marketing principles is not correct.

    • Question 2: What is a step in the marketing research process?

      • Defining the question and determining the present situation
      • Designing a product based on research is also considered to be a marketing research method.
      • Planning product modifications and test advertising is also a step.

    • Question 3: Enrollment at Rockwell Community College has been declining. To identify other potential markets, the school would benefit from which of these?

      • Marketing research.

    • Question 4: What is the process of identifying factors that can affect marketing success?

      • Environmental scanning.

    • Question 5: What social trend should marketers monitor?

      • Increase in the number of older Americans.
      • The number of employees who prefer to work from home.
      • The number of people who can use computers with proficiency also is important to consider.

    • Question 6: What are the two major types of markets?

      • Primary market and secondary market.

    Chapter 14 Quiz

    • Question 1: When consumers calculate value, they look at:

      • The benefits the product provides, then subtract the cost

    • Question 2: The best way a firm can compete in the marketplace is to:

      • Promote products with the best value

    • Question 3: How do most restaurants succeed in the market?

      • Listening to customers and adjusting products to meet their needs

    • Question 4: What is the combination of factors consumers consider when deciding to buy something?

      • A total product offer

    • Question 5: What is the purpose of product differentiation?

      • To create real or perceived differences in products

    • Question 6: In marketing, location is important for:

      • Convenience of shopping

    Chapter 15 Quiz

    • Question 1: What is a process where marketers present a new product to potential consumers to see if they like it?

      • Concept testing

    • Question 2: What is the first step in marketing research?

      • Defining the problem and determining the current situation

    • Question 3: What is part of a firm's marketing mix?

      • Determining the best pricing strategy for a product

    • Question 4: The last step in the marketing process is often:

      • The differentiation of the product from competitor products

    • Question 5: What are the three elements of the marketing concept?

      • Customer orientation, service orientation, and a profit orientation

    • Question 6: What is a key element of customer relationship management?

      • Learning as much as possible about customers

    • Question 7: Which describes the time period from the first settlers to the early 1900s?

      • The production era

    Chapter 16 Quiz

    • Question 1: What tool combines promotional strategies into one strategy?

      • Integrated marketing communication

    • Question 2: What is the first step in a promotional campaign?

      • Identifying the target market

    • Question 3: What are the elements of a traditional promotional mix?

      • Advertising, personal selling, public relations, and sales promotion

    • Question 4: Which item describes any paid nonpersonal communication?

      • Advertising

    • Question 5: What was the peak for annual advertising expenditures in the US?

      • Approximately $400 billion( in 2019)

    • Question 6: What is advertising directed to wholesalers and retailers?

      • Trade advertising

    • Question 7: What type of advertising creates a positive image?

      • Institutional advertising

    Chapter 17 Quiz

    • Question 1: What distinguishes accounting from other business functions?

      • Accounting offers insights into the financial soundness of a business

    • Question 2: What are accountants responsible for recording?

      • Financial transactions

    • Question 3: What is necessary for effectively running a business?

      • Understanding accounting information

    • Question 4: What is the overall purpose of accounting?

      • To provide financial information useful to decision-makers

    Chapter 18 Quiz

    • Question 1: What is the function responsible for acquiring funds for a firm?

      • Finance

    • Question 2: What are the areas of responsibility for the CFO?

      • Accounting and finance, and research and development.

    • Question 3: What is a critical activity for both profit and non-profit organizations?

      • Finance

    • Question 4: What does undercapitalization refer to?

      • Insufficient start-up funds

    • Question 5: Financial managers are responsible for:

      • Forecasting, budgeting, cash flow analysis, cost control, taxes, and credit management

    • Question 6: What is a critical area of concern for financial managers?

      • Undercapitalization, inability to recruit qualified workers, poor advertising messages, or inadequate market control.

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    Description

    Test your knowledge of key concepts in Chapter 13 of Marketing Principles. This quiz covers techniques for obtaining primary data, steps in the marketing research process, and factors affecting marketing success. Assess your understanding of current marketing trends and practices.

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