20241127 Exam 3 Chapter 13_18 Full Quiz Answer Sheet PDF

202440.43189: BA-101-20: Introduction to Business Quizzes (Chapters 13-18) Student Study Guide MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. Chapter 13 Quiz 1) What is a technique used to obtain primary data? A gaining access to an unpublis...

202440.43189: BA-101-20: Introduction to Business Quizzes (Chapters 13-18) Student Study Guide MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. Chapter 13 Quiz 1) What is a technique used to obtain primary data? A gaining access to an unpublished government report from the Federal Trade Commission (FTC) B conducting personal interviews with potential customers C establishing a database to store and cross-index articles from leading academics and researchers D reviewing the best-selling trade books and textbooks that present marketing principles 2) What is a step in the marketing research process? A designing a product to meet the need based on research B defining the question and determining the present situation C planning for product modifications and test advertising D setting the price for a product 3) Enrollment at Rockwell Community College has been in decline for five years. In the past, the college has relied strictly on enrollment from newly graduated high school students. To identify other potential markets, the school would benefit from A test marketing. B sales promotions. C marketing research. D a stakeholder audit. 4) __________is the process of identifying factors that can affect marketing success. A Environmental scanning B Target marketing C Niche marketing D Segmentation analysis 5) One of the social trends that marketers must monitor to maintain their close relationship with customers is the A increase in the number of competitors servicing the target market. B number of employees who prefer to work from home. C number of people who can use computers with proficiency. D increase in the number of older Americans. 6) The two major types of markets are the A primary market and the secondary market. B B2B market and the C2C market. C consumer market and the B2B market. D target market and the niche market. Version 1 1 7) What term identifies individuals that want goods and services for personal consumption and have the resources to buy them? A secondary market B business-to-business market C tertiary market D consumer market 8) The factor that determines whether a product is classified as a consumer product or an industrial product is A the end use of the product. B the decision-making process used to purchase the good or service. C who the buyer represents. D whether the good is new or used. 9) What refers to the process of dividing the total market into several groups with similar characteristics? A market segmentation B market differentiation C market determinants D market partitioning 10) A firm that uses __________segmentation divides a market into groups based on values, attitudes, or interests. A demographic B benefit C psychographic D normative 11) Successful marketing researchers will A develop as much information as possible from primary sources. B focus their efforts on determining historical needs of customers, as customer needs don't change. C listen to current customers and other stakeholders. D rely on their experience and personal opinions when making decisions. 12) Moriah, a marketing manager for lighting products manufacturer, will likely be involved in A motivating new employees who will produce the lights. B setting a price for the light fixtures her firm produces. C determining the best way to finance the purchase of new production equipment. D developing ideas for new ways to produce the lights. 13) Comparing the business practices of the last 30 years to today indicates that today's marketing managers A strive not just to satisfy customers, but to exceed their expectations. B are much more focused on production and mass marketing. C put less emphasis on earning a profit, and more emphasis on satisfying their employees. D operate essentially the same as their predecessors. Version 1 2 14) __________is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. A Advertising B Selling C Production D Marketing 15) A __________orientation refers to the process of determining the wants and needs of buyers and then providing goods and services to meet or exceed their expectations. A market B customer C profit D production 16) While the four Ps help us remember the basics components of the _________, they don't reveal all the components in the marketing process. A customer relationship marketing process B marketing mix C communication strategy D product development process 17) __________marketing involves developing a unique mix of goods and services for each individual customer. A One-to-one B Mass C Niche D B2B 18) Firms that have adopted __________ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time. A management by objectives B the marketing mix C nonprofit marketing D customer relationship management 19) What identifies a process in which marketers present an accurate description of a new product to potential customers and ask if they find the idea appealing? A competitive benchmarking B concept testing C branding D B2B marketing 20) The first step in the marketing research process is to A define the problem and determine the present situation. B decide upon the best ethical solution. C analyze the research data. D collect relevant data from primary and secondary sources. Version 1 3 21) What would be considered part of a firm's marketing mix? A designing the most efficient production plan B establishing a production schedule that enables the firm to meet forecasted sales C determining the best pricing strategy for a product D identifying the best source of funds to finance a firm's marketing activities 22) The last step in the marketing process often includes A building relationships with customers. B deciding the best way to distribute the product. C setting an appropriate price. D differentiating the product from those of competitors. 23) The marketing concept is based on three elements: a customer orientation, a service orientation, a ________ orientation. A place B promotion C production D profit 24) A key element of customer relationship management is to A learn as much as possible about customers. B develop a strategy to achieve the largest possible market share. C allow customers to participate in the management decisions of the firm. D keep the price of goods as low as possible. 25) Which marketing era refers to the time period from our country's first settlers through the early 1900s? A marketing era B selling era C production era D customer relationship era Chapter 14 Quiz 1) When consumers calculate the value of a product, they A subtract the cost of production from the market price. B eliminate all nontangible elements that might affect their perception of the product. C look at the benefits the product provides then subtract the cost. D identify the variable and the fixed components of the product's benefits. 2) The best way for a firm to compete in the marketplace is to A introduce products at a low price and raise prices once established. B promote products that have the best value. C make products that are identical to the competition. D keep inventory levels low. Version 1 4 3) Restaurants, like other businesses, often find that the best way to succeed in the market is to A listen to customers and adapt products to their needs. B create a product for which they could charge an exceptionally high price. C create a winning combination of advertising and personal selling for all of the restaurants in the chain. D open more restaurants in a single year than other food-service operators. 4) The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a A total product offer. B product mix. C product differentiation. D marketing mix. 5) When people consider purchasing a good, they A are responding to the market forces of supply and demand. B are most influenced by the price of the product or service. C will not consider goods that require them to make a special effort to purchase. D may evaluate and compare a variety of factors. 6) The purpose of __________is to create real or perceived product differences. A niche marketing B product differentiation C product mixing D target marketing 7) Location is very important in the marketing of __________Blank because consumers want to purchase these goods with a minimum of shopping effort. A unsought goods B shopping goods C specialty goods D convenience goods 8) Which products do consumers buy after comparing quality, price, and style from a variety of sellers? A shopping goods B specialty goods C convenience goods D unsought goods 9) __________ goods appeal to consumers who are willing to make an extra shopping effort to acquire them. A Specialty B Shopping C Convenience D Packaged Version 1 5 10) __________goods and services represent those products that consumers are unaware of or haven't thought of buying. A Inferior B Convenience C Shopping D Unsought 11) The best product development strategy for most firms is to A maintain one product line while adding regularly to that product line over time to sustain customer interest. B constantly monitor consumer wants and needs and be willing to adapt products, policies, and services as consumer needs begin to change. C develop a small number of products that achieve market success and stick with them, because constantly changing old products (or introducing new ones) can confuse and frustrate customers. D focus on the actual product or service and don't worry too much about factors such as image, price, and service. 12) In marketing today, packaging carries the added responsibility of A promotion and sales. B gaining access to international markets. C keeping product costs down. D minimizing product liability. 13) From the buyer's perspective, what is a benefit of a product with a well-known brand name? A adds to repeat purchases B helps in promotional efforts C quality assurance D differentiates products so that prices can be set higher 14) Textbook publishers use a packaging strategy known as __________. Often the publisher will combine complementary products for a single price such as a new textbook and an access code for online software that students can use to test themselves on new concepts and principles. A bartering B warranting C trademarking D bundling 15) A square paint can with a screw top lid is an example of how A technology has had a very limited role in improving packaging. B packaging is not affected by federal regulations. C packaging is unimportant to a firm's promotional strategy. D changes in packaging can improve the product itself. Version 1 6 16) Sterling Industries makes pasta, paper goods, and adhesives. These different types of products are referred to as Sterling’s A product mix. B product life cycle. C product differentiation. D product line. 17) What term refers to a group of products offered by a firm that are physically similar or are intended for a similar market? A total product offer B product matrix C product mix D product line 18) In evaluating colleges, students and parents are likely to judge a school A by the collection of benefits offered by the school. B based on the tuition. C on the anticipated rate of return on their tuition investment. D strictly on the basis of major curriculums offered. 19) The trend away from personal salespeople to self-service in many retail outlets has caused firms to A rely more on personal sales efforts. B place a greater promotional importance on packaging. C reduce their advertising promotional budgets. D decrease expenditures on social media and websites. 20) A __________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors. trademark logo copyright brand 21) Which statement regarding convenience goods and services is accurate? A Consumers purchase the product on an infrequent basis. B Brand awareness and image are important in marketing these products. C Consumers buy only after carefully comparing quality and value. D Shoppers will exert lots of effort to obtain the product. 22) When consumers intend to purchase a particular product, they A consider the total collection of benefits that the product offers. B base their decision on a brand name nearly all of the time. C focus on evaluating its intangible dimensions. D will search for the retailer that offers the lowest price. Version 1 7 23. Which product would normally be classified as a shopping good or service? A gasoline B a smartphone C designer clothes D candy bar 24) _________ is used to attract the attention of the buyer. A Packaging B Logistics C Inventory D Budgeting 25) Which product would most likely be classified as a specialty good or service? A a washing machine B a Rolex watch C a gym bag D plane ticket Chapter Quiz 15 1) A __________ is a marketing intermediary that sells products to other organizations. A jobber B wholesaler C retailer D consumer 2) A __________ is a marketing intermediary that sells to ultimate consumers. A wholesaler B retailer C secondary marketer D buying agent 3) Those organizations that assist in the movement of goods and services from producer to industrial and consumer users are known as A marketing intermediaries. B production analysts. C buying agents. D product managers. 4) A __________ consists of the marketing intermediaries that transport and store goods as they move through their path from producer to final user. A channel of distribution B marketing network C marketing mix D wholesaler Version 1 8 5) A(n) __________ is one type of marketing intermediary that brings together buyers and sellers and assists in negotiating an exchange but does not take title to the goods. A agent B retailer C drop shipper D merchant wholesaler 6) What is a characteristic of marketing intermediaries? A They are unlikely to survive in a competitive global economy. B They can often perform marketing functions faster and at lower cost than producers. C They create value, but this value is seldom great enough to justify the added cost they charge for their services. D They tend to increase the number of exchange relationships producers and consumers must deal with in order to buy and sell goods. 7) Marketing intermediaries are important because they A add value that exceeds the cost of their services. B add cost that exceeds the value they provide. C increase the number of exchange relationships in the channel. D eliminate any exchange efficiencies. 8) The primary difference between retailers and wholesalers is that A retailers sell consumer goods, while wholesalers sell industrial goods. B retailers operate in local areas, while wholesalers operate over a wide geographic area. C retailers sell only to final consumers, while wholesalers also sell to other organizations, such as retailers or manufacturers. D retailers have sales of less than $100 million, while wholesalers have sales of $100 million or more. 9) __________utility is usually provided by producers rather than marketers. A Possession B Time C Place D Form 10) The types of utility commonly provided by marketing intermediaries include A product, price, place, and promotion. B time, place, possession, information, and service. C retailing, wholesaling, brokering, and financing. D cost, value, flexibility, use, and resale. 11) __________wholesalers are independently owned and take title to the goods they handle. A Marketing B Merchant C Agent D Primary Version 1 9 12) Discount stores, supermarkets, and department stores are all common types of A multilevel marketers. B full-service wholesalers. C retail stores. D broker agents. 13) A(n) _________ store sells general merchandise that may be discontinued or have certain product flaws directly from the manufacturer at a discount. A department B discount C outlet D specialty 14) Discount stores owe much of their success to a competitive strategy based on A low prices. B extra service. C special credit arrangements. D a wide selection in a limited number of categories of goods. 15) A(n) __________distribution strategy distributes a product through only a preferred group of retailers in a given area. A intensive B selective C exclusive D restrictive 16) Producers who use an exclusive distribution strategy for their products can expect retailers who carry the products to A carry a large inventory of their product. B provide limited service and delivery for their product. C sell their products at substantially discounted prices. D sell their products in a vending machine. 17) __________ means selling goods and services to ultimate consumers over the Internet. A Online retailing B B2B distribution C Wholesaling D Brokering 18) __________ is the sale of goods and services by telephone. A Multilevel marketing B Wholesaling C Telemarketing D Direct marketing Version 1 10 19) Though vending machines can sell just about anything, they are most often used to sell _______ goods. A shopping B convenience C specialty D nonprice 20) Companies who send salespeople to customers' homes or places of work are making use of A direct selling. B multilevel marketing. C downline marketing. D direct marketing. 21) Direct mail, telemarketing, and catalog sales are all common examples of A direct marketing. B downline selling. C multilevel marketing. D direct selling. 22) Which statement about kiosks and carts is the most accurate? A Kiosks and carts are popular with mall owners because their sales are exempt from sales taxes. B Carts and kiosks have lower overhead costs than stores do, so they can offer lower prices. C Kiosks and carts have struggled in recent years because of their high overhead costs. D Most mall owners would like to eliminate kiosks and carts from their walkways but are barred by law from doing so. 23) In a(n) __________ distribution system, all the organizations in the channel of distribution are owned by one firm. A administered B contractual C supply-based D corporate 24) In a(n) __________distribution system the producer manages all the marketing functions at the retail level. A administered B contractual C conglomerate D master limited 25) Franchise systems are one type of __________ distribution system. A corporate B wholesale C contractual D administered Version 1 11 Chapter 16 Quiz 1) __________combines all the promotional tools employed by a firm into one comprehensive and unified promotional strategy. A A supply chain B Integrated marketing communication C A push promotional program D Branding 2) A promotional campaign begins by A identifying a target market. B defining the objectives for each element of the promotion mix. C determining a promotional budget. D developing a unifying message. 3) The traditional promotion mix for a firm consists of the A strategic mix of price, product, place, and advertising. B various types of advertising media the firm selects to reach each specific target market. C marketing intermediaries employed by the firm to create a supply value chain. D advertising, personal selling, public relations, and sales promotion used to reach a target market. 4) __________refers to any paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the message. A Publicity B Promotion C Public relations D Advertising 5) The total annual expenditures on advertising in the United States A peaked in 2019 at approximately $400 billion. B has declined significantly as firms utilize low cost online promotional opportunities. C is expected to be about $500 billion for 2023. D has been capped at $300 billion by recent government regulations. 6) Manufacturers’ advertising directed to wholesalers and retailers to encourage them to carry their products is called _______ advertising. A retail B trade C business-to-consumer D institutional 7) When an organization uses advertising to create an attractive image for itself, this type of advertising is called ________ advertising. A retail B trade C comparison D institutional Version 1 12 8) __________advertising encourages wholesalers and retailers to carry the products of a specific manufacturer. A Advocacy B Retail C Trade D Institutional 9) In terms of total advertising dollars spent, the number one medium is A television. B digital. C newspapers. D radio. 10) In evaluating the best advertising medium to reach a specific target market, the clear choice is A cable television. B newspapers. C network television. D direct mail. 11) Which term refers to the practice of paying to have a product appear favorably in a television show or movie? A interactive promotion B product placement C brand association D market recognition 12) Which advertising medium increases exposure for products and services, creates loyalty among customers, drives traffic to the company website, and helps companies come up with new ideas? A global advertising B social media C infomercials D product placement 13) What represents the primary purpose of a firm using institutional advertising? A creates a positive image for the firm B full coverage of local markets C high visibility of a specifically targeted message D reduces cost 14) Evidence indicates the best promotional strategy for firms operating globally is A a “one-mix-fits-all” strategy. B to uniquely design a strategy for each country. C based on total operating costs and the nation’s disposable income. D designed by foreign intermediaries who control promotion. Version 1 13 15) Interactive promotion is used to A create a dialogue between buyers and sellers. B transform the approach from “working with” to “promoting to” customers. C combine multiple advertising approaches into one larger media. D adjust global messages for each cultural audience. 16) A forestry company promotes its services through Northwest Woods Today, a trade magazine that charges the company and other companies $5,000 per page for __________to help offset the magazine’s publishing costs. A publicity B advertising C public relations D trade shows 17) Motorcycle Mania is looking to change up its promotional strategy and focus on its relationships with customers. What is required for Motorcycle Mania to build meaningful relationships with its customers? A giving consumers access to limited information B tracking customer purchases C promoting to rather than working with customers D offering full-service purchases over their cell phones 18) __________ refers to the face-to-face presentation and promotion of goods and services. This also includes searching for prospects and providing follow-up services. A Word-of-mouth promotion B Personal selling C Public relations D Internal marketing 19) People with an unmet need, the authority to buy, and the willingness to listen to a sales message represent a firm’s A prospects. B intermediaries. C suppliers. D cohorts. 20) In the seven-step B2B selling process, the selection of potential customers is known as A prospecting. B synchronizing. C articulating. D qualifying. 21) After prospects have been identified and qualified, the next step in the selling process is ________. This step requires the salesperson to learn as much as possible about the potential customers’ wants and needs. A product feedback B the preapproach C the presentation D the trial close Version 1 14 22) The approach step of the selling process attempts to A qualify potential customers who are willing and able to buy. B build credibility and establish rapport. C close the sale. D learn about potential customers wants and needs. 23) A review of the personal selling process indicates that selling is A a matter of establishing relationships. B getting a name on a sales contract. C about 90 percent luck and 10 percent skill. D giving way to computers in responding to consumer needs. 24) Tasha just finished giving a sales presentation to a major prospect. Next, Tasha will likely be A processing the customer’s order. B closing the sale, by asking the customer to make a commitment. C answering customer questions and dealing with objections. D setting an appointment for the customer to meet with her boss. 25) The activity that evaluates public attitudes, changes policies and procedures in response to the public’s requests, and executes a program of action and information to earn public understanding and acceptance is called A public research. B public relations. C public communication. D public advocacy. Chapter 17 Quiz 1) An important difference between accounting and other business functions, such as marketing and management, is that A accounting functions must be performed by an outsider, rather than by an employee of the business, in order to avoid conflicts of interest. B accounting offers us insight into whether the business is financially sound. C accounting involves mainly clerical activities and thus requires very little analysis. D accounting deals exclusively with numbers. 2) To effectively run a business, it is necessary to A hire a full-time accountant. B use a public accounting firm. C understand and use accounting information. D make certain that you do not spend too much time on your accounting system. 3) What is an example of a financial transaction? A A firm purchases a fire insurance policy. B An internal auditor discovers an error in a firm's inventory valuation. C A potential customer accesses a firm's web page. D A manager reviews the financial statements prepared by an accountant. Version 1 15 4) Although accounting has several specific uses, the overall purpose of accounting can be summarized as A to provide financial information that is useful to decision makers. B to meet the legal requirements of the Financial Accounting Standards Board (FASB). C to allow the government to track business activity levels. D to compute the profit or loss and declared dividend of a business firm. 5) Which response is the best and most comprehensive? "A company's accounting information is useful to _________." A managers within the firm, exclusively B marketing research firms for pricing insights C primarily the IRS and other government agencies that regulate the firm D managers, owners, creditors, employees, and the government 6) Accountants record, classify, summarize, and __________ the results of the financial information they gather. A interpret B prioritize C audit D change 7) The reports and financial statements prepared by accountants A are more useful for profit-seeking businesses than they are for not-for-profit organizations. B are mainly used to help the firm complete its tax forms. C provide information that can be used by decision makers both inside and outside the organization. D are not as useful now that firms have moved into a more global environment. 8) A person's pulse rate and blood pressure are indicators of a person's health. Similarly, __________ can help assess the health of a business. A financial statements B production schedules C economic outlook reports D industry performance standards 9) Accounting transactions are important to a firm's operations. What activities would affect the firm's account balances? A buying and selling goods and services B interviewing prospective employees C understanding economic reports D forecasting consumer demand 10) As an accountant, Serena’s responsibilities include A developing plans to help her company establish a supply chain. B setting prices for specific goods and services. C summarizing and interpreting financial information needed by her firm's managers. D developing a fringe benefit program that improves employee morale. Version 1 16 11) As a step in the accounting cycle, __________ involves the recording of business transactions. A marketing B bookkeeping C auditing D economics 12) A _________ is a specialized accounting book, where transactions are categorized according to type. For example, all utility transactions are recorded in the same category. A journal B trial balance C ledger D balance sheet 13) The accounting book or computer program where each day's transactions are first recorded is called a A posting workbook. B general ledger. C balance sheet. D journal. 14) The __________is a six-step procedure that results in the preparation and analysis of the major financial statements. A double-entry method B financial management process C fundamental accounting equation D accounting cycle 15) Once a trial balance has been prepared, the next step of the accounting cycle involves A posting the information to the correct ledger accounts. B completing a balance sheet and ratio analysis. C preparing financial statements such as the balance sheet, income statement, and statement of cash flows. D classifying the transactions into logical categories. Chapter Quiz 18 1) __________ examine the data prepared by __________and then make recommendations to top management regarding strategies for improving the firm. A Accountants; financial managers B Accountants; bankers C Financial managers; accountants D Financial managers; bankers Version 1 17 2) _________ is the function in business that is responsible for acquiring funds for the firm and managing funds within the firm. A Accounting B Managerial accounting C Finance D Financial accounting 3) What are the areas of authority and responsibility for a chief financial officer (CFO)? A accounting and finance B marketing and finance C production and accounting D finance and research and development 4) No matter the size of the business, finance is a critical activity for A profit-seeking, but not for nonprofit organizations. B profit-seeking and nonprofit organizations. C nonprofit organizations, but not for profit-seeking businesses. D accountants, but not for financial managers. 5) Undercapitalization refers to the problem of A insufficient start-up funds. B inadequate control of expenses. C inappropriate cash flows. D undervalued capital stock. 6) Which statement is most accurate? A Accounting and finance are not related. B Financial managers keep the books for a firm. C Financial managers need to understand accounting. D Nonprofit organizations need accounting but not finance. 7) What is a primary area of concern for financial managers? A undercapitalization B inability to recruit qualified workers C poor advertising messages D inadequate market control 8) Which business function involves credit management/collecting funds from customers? A accounting B production C marketing D finance 9) Which statement about taxes is accurate? A Taxes represent the greatest inflow of cash to the firm. B Profitable businesses usually pay taxes. C Tax management falls within the responsibility of marketing managers. D Taxes cannot be managed because of fluctuations in political policy. Version 1 18 10) A(n) __________ is responsible for verifying that the accounting procedures within a firm are consistent with established accounting principles. A managerial accountant B tax accountant C bookkeeper D internal auditor 11) The financial failure of a firm is often due to A overcapitalization. B undercapitalization. C tight control of expenses. D precise management of cash flows. 12) A(n) __________job includes forecasting, budgeting, cash flow analysis, cost control, taxes, and credit management. A CPA's B investment banker's C financial manager's D portfolio manager's 13) Which activity is most likely to be performed by a financial manager? A design of a marketable product that satisfies an unmet need B identification of specific target markets for a firm's goods C preparation of the balance sheet and income statement for the firm D analysis of the tax implications of various managerial decisions 14) Espondito is the manager of LaPlaya Hardware. During the past six months, his cash expenditures have exceeded his cash receipts. LaPlaya Hardware is suffering from a(n) __________ problem. A accounting B undercapitalization C cash flow D exchange rate 15) Aeon is going to major in business. However, he has never had much interest in subjects with numbers. He would like to avoid taking any finance courses if possible. What should Aeon do? A Avoid finance courses and focus on subjects that he enjoys. B Take a finance course to satisfy graduation requirements. C Realize that his success in business requires an understanding of financial issues. D Not bother taking finance courses; they are only helpful if you plan to get a job with a bank. Version 1 19 SHORT ANSWERS Chapter 13 1) What were the four marketing tricks used to influence behavior shared in the class slides? 2) What are the three parts of the marketing concept shared in class? Chapter 14 1) What was the name of the documentary we watched in class and the name of the documentarian who shared what it takes to start a new fast food restaurant? 2) What was the name of the guest presenter and the topic he covered in class? Chapter 15 1) Name the three types of marketing intermediaries discussed in class?. 2) Name four of the six types of utilities covered in class. Chapter 16 1) What four areas make up the traditional promotion mix covered in class? 2) Name four major categories of advertising you used in class to assess you business project. Chapter 17 1) What was the name of the guest presenter who spoke on small business financial management basics and where did you work? 2) What were the three financial terms she covered at the beginning of the presentation? Version 1 20