Multiple choice questions | Economics homework help

Ford Motor Co. “loaned” new Fiestas to social trend setters who drove the cars as part of their Meals on Wheels responsibilities. When Ford asked them to write about their driving experiences on Facebook and Twitter, it was emphasizing which aspect of the 4Ps?
Answer
Product
Place
Price
Promotion

It’s best to think of “breakthrough opportunities” as opportunities which:
Answer
appeal to the mass market.
will quickly create a whole new industry of firms competing with similar marketing mixes.
help innovators develop hard-to-copy marketing mixes.
increase sales.
All of these apply to breakthrough opportunities.

Question 3
 
Which of the following statements is a strategy decision, rather than an operational decision?
Answer
“We will change the colors of our selection of shirts at the end of the season.”
“We will cut prices as needed to in order to protect our market share.”
“We will increase the number of training sessions for new sales associates from two to three.”
“We will hire a merchandising specialist this month to help remodel our older stores.”
“We will place a special ad in the Sunday newspaper promoting our upcoming sale.”

Question 4
 
Catalogs, point-of-purchase materials, and free samples are all examples of:
Answer
publicity.
personal selling.
sales promotion.
advertising.

Question 5
 
Hewlett-Packard decided that too many other companies were attracting its customers by advertising their computer printers as “having all of the features of Hewlett-Packard’s LaserJet.” So Hewlett-Packard designed a new color printer with a completely new set of features which no competitors’ equipment offered. Hewlett-Packard then introduced it to the same market with the hope that it could develop a larger and more profitable share. This was an effort at:
Answer
market development.
diversification.
market penetration.
product development.

Question 6
 
“Promotion” includes:
Answer
advertising.
personal selling.
sales promotion.
publicity.
All of these may be included in Promotion.

Question 7
 
The most important variable in a firm’s marketing mix is:
Answer
Product.
Price.
Promotion.
Place.
None of these since all contribute to one whole.

Question 8
 
“Breakthrough opportunities” are opportunities that:
Answer
help innovators develop hard-to-copy marketing strategies.
may be turned into marketing strategies that will be profitable for a long time.
help the firm develop a “competitive advantage.”
help a firm satisfy customers better than some competitor.
All of these apply to breakthrough opportunities.

Question 9
 
In which quadrant of the S.W.O.T. analysis tool does the following fit? A firm is falling behind in research and development.
Answer
Strengths.
Weaknesses.
Opportunities.
Threats.

Question 10
 
When Colgate encourages its current customers to brush more often by taking their toothbrush and toothpaste to work with them, which market opportunity is Colgate pursuing?
Answer
Market development
Product development
Diversification
Market penetration

Question 11
 
A S.W.O.T. analysis includes:
Answer
strengths.
weaknesses.
opportunities.
threats.
All of these are included in a S.W.O.T analysis.

Question 12
 
When Herbal Essences tries to get shelf space in Target and Walmart because young women frequently shop there for hair care products, this is an example of which of the 4Ps?
Answer
Price
Product
Promotion
Place

Question 13
 
Henry Ford told prospective customers of his Model T car, “You can have any color as long as it is black.” Which aspect of the marketing mix was he stressing?
Answer
Promotion
Product
Place
Price

Question 14
 
The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called:
Answer
management by objective.
marketing programming.
marketing strategy planning.
strategic (management) planning.
market planning.

Question 15
 
“Promotion” is NOT concerned with:
Answer
creating billboard ads.
designing new products.
publicity.
television commercials.
personal selling.

Question 16
 
Which of the following is LEAST LIKELY to be found in a production-oriented firm?
Answer
Disagreements among departments about how to improve the company’s product.
Making products that are easy to produce.
Producing goods that exactly meet the customer’s needs.
A mass marketing approach.
None of these is likely to be found in a production-oriented firm.

Question 17
 
Looking at marketing as a set of activities focuses on
Answer
macro-marketing.
for-profit marketing.
micro-marketing.
nonprofit marketing.
personalized marketing.

Question 18
 
If the family units on a South Pacific-island nation made all the products they consume, it would be a good example of:
Answer
a pure subsistence economy.
a market-directed economy.
a micro-marketing system.
a command economy.
none of these is a correct answer.

Question 19
 
According to the text, marketing means:
Answer
much more than selling and advertising.
selling.
producing and selling.
advertising.
selling and advertising.

Question 20
 
Which of the following statements about marketing is FALSE?
Answer
Marketing affects the products you buy.
Marketing applies to nonprofit organizations too.
Marketing affects the advertising you see and hear.
Marketing offers many good job opportunities.
Marketing can help with individual transactions but not in building relationships with customers.

Question 21
 
Exchanges between producers and consumers are more difficult in an advanced economy because of:
Answer
separation in time.
separation in values.
spatial separation.
separation of information.
All of these are correct.

Question 22
 
Which of the following is the BEST example of management thinking during the “production era”?
Answer
“We need to make whatever products are easy to produce.”
“We need to find out what the customer wants.”
“The more salespeople we have, the more we can sell.”
“We need to work hard to sell the product to our customers.”
“If we produce a good product, customers will find us and buy it.”

Question 23
 
Marketing can be viewed as:
Answer
a set of activities performed by individual organizations.
relevant to for-profit organizations only.
just selling and advertising.
beginning with the production process.

Question 24
 
From a micro view, which of the following is the best example of marketing?
Answer
North Korea unveils a new five-year production plan.
China and the U.S. agree on a new trade agreement.
The American Red Cross seeks more blood donors.
The Internet makes it possible for firms to reach customers in other countries.
None of these is a good example.

Question 25
 
A large advertising agency is planning a national promotion to introduce a new type of MP3 player. Which of the universal functions of marketing is it performing?
Answer
Risk-taking.
Financing.
Buying.
Selling.
It is performing none of the universal functions of marketing listed here.

Question 26
 
Marketing
Answer
means “selling” or “advertising.”
provides direction for production.
involves actually making goods or performing services.
does not impact consumers’ standard of living.
is the development and spread new ideas, goods, and services.

Question 27
 
A company where the marketing people do both short-run and long-range planning is operating in the
Answer
marketing company era.
sales era.
simple trade era.
marketing department era.
production era.

Question 28
 
The text stresses that:
Answer
advertising and selling are not really part of marketing.
marketing is nothing more than a set of business activities performed by individual firms.
marketing techniques have no application for nonprofit organizations.
marketing is a social process and a set of activities performed by organizations.
a good product usually sells itself.

Question 29
 
“Production orientation” refers to the attitudes of:
Answer
sales managers.
accountants.
financial managers.
production managers.
anyone who doesn’t practice the marketing concept.

Question 30
 
Micro-marketing:
Answer
is concerned with whether the whole economic system is fair and effective.
applies only to profit organizations.
consists only of personal selling and advertising.
is a social process only.
tries to anticipate and satisfy customer needs and accomplish an organization’s objectives.

Question 31
 
The economies of the world are connected and changes in one economy quickly affect others. One key reason for this is that:
Answer
The amount of international trade is decreasing.
The amount of international trade is difficult to forecast.
The amount of international trade is increasing.
The amount of international trade is unstable.
The amount of international trade is stable.

Question 32
 
Regarding the competitive environment:
Answer
It is easy to find environments that are “competitor-free.”
Monopoly situations are more common than are situations characterized by monopolistic competition.
“Competitive rivals” are a firm’s closest competitors.
Competitor analysis should begin with an identification of competitors from the viewpoint of the manager, not the consumer.

Question 33
 
The move of the “Baby Boomers” into the 45-64 age group:
Answer
increased the average age of the population.
created new opportunities in financial services.
contributed to increased interest in health and fitness products.
All of these are correct

Question 34
 
According to the text, which of the following is NOT a basic guideline for setting a firm’s objectives?
Answer
Engaging in specific activities that will perform an economically useful function.
Identifying its current and prospective competitors.
Earning enough profit to survive.
Developing an organization to carry on the business and implement its strategies.
Ensuring that the firm’s activities are socially useful.

Question 35
 
When setting objectives for the whole firm, TOP MANAGEMENT should:
Answer
involve the marketing manager in the objective setting process.
set objectives that focus on the highest possible immediate profit potential.
stick to general objectives-in order to maintain flexibility.
set objectives beyond what can actually be achieved-so everyone will work harder.
all of these are useful when setting objectives.

Question 36
 
In the short run, a marketing manager usually cannot control:
Answer
the competitive environment.
the cultural environment.
the legal environment.
the economic environment.
Any of these environments are uncontrollable in the short run.

Question 37
 
Maria Lopez runs an errand service from her home. For a fee, she will pick up dry cleaning, buy groceries, plan small parties, and do errands for her customers. The demand for this type of service has increased because of changes in the
Answer
cultural and social environment.
legal environment.
technological environment.
political environment.
none of these environments is relevant.

Question 38
 
Overall company objectives should:
Answer
be specific.
focus on returning some profit to the business.
be realistic and achievable.
be compatible with one another.
all of these are correct.

Question 39
 
Regarding the competitive environment, a marketing manager usually can:
Answer
choose strategies to avoid head-on competition.
control it with the help of the legal environment.
control it in the short run.
control it with the help of the political environment.
control it in the long run.

Question 40
 
Which of the following statements about world population trends is true?
Answer
In general, countries that have higher stages of development experience faster rates of growth than less-developed countries.
The extent to which a country’s population is clustered around urban areas does not vary much from country to country.
People are moving from rural areas into urban areas.
The trend toward urbanization has made companies less interested in international markets.
All of these statements about world population trends are true.

Question 41
 
American legislative and economic thinking assumes that:
Answer
competition among many small firms helps the economy.
firms must have their prices approved by the Federal Trade Commission.
the free enterprise system is dying.
laws are needed to prevent firms from competing with similar (“me-too”) products.
government officials are needed to run the economy.

Question 42
 
Organizational units (within a larger company) which focus their efforts on selected product-markets and are treated as separate profit centers are called:
Answer
marketing departments.
SPMs.
functional departments.
strategic business units.
BTUs.

Question 43
 
The total market value of goods and services provided in a country’s economy per year by both residents and nonresidents of that country is:
Answer
Gross domestic product.
Gross national product.
Gross national income.
Gross domestic income.
Gross disposable income.

Question 44
 
A widely used measure of income in most countries is:
Answer
gross domestic product.
total consumption expenditures.
disposable personal product.
population times GDP.
socio-economic product.

Question 45
 
The Wheeler-Lea Amendment specifically aims at:
Answer
product warranties.
product safety.
unfair or deceptive practices.
tying and exclusive dealing contracts.
mergers and acquisitions.

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer