Entrepreneurship Marketing Quiz

Which of the following is a factor that might make it necessary for a business to change its marketing strategy?

Technology is advancing

What is a business's debt ratio if it has $360,000 in total debt and $800,000 in total assets?

45% (total debt/total assets)

What are the 4 P's of Marketing?

Product, Promotion, Place, Price

To become more adaptable, you must see change as a(n) _______ experience.

Learning

A senior from the school is trying to find a job in the local area. This is an example of ________ unemployment.

Frictional

The final market value of the total output of all goods and services produced in a country's geographic boundaries is:

GDP

A company just purchased a new warehouse. Which type of taxes will it need to pay on this warehouse?

Property Tax

What is an example of a fixed operating expense?

Insurance

A production manager compares March's output goals with the actual outputs that were created for the month. What type of business analysis is the production manager conducting?

Variance

When a company offers something better than its competitors, it has a _______ advantage.

Competitive

Payroll, rent, utilities, and supplies are all classified as ________ expenses.

Operating

Haley is a ski instructor, but her job at the resort only runs from December through March. This is ______ unemployment.

Seasonal

Age, ethnicity, and income are all factors when developing a target segment based on.....

Demographic

Which of the following is considered a product benefit:

A software program saves you time

What is a SWOT Analysis?

Strengths, Weaknesses, Opportunities, Threats

The function preformed by a business in obtaining goods to be resold is.....

Purchasing

If a two-year service contract cost $2,900 and can be renewed for the same price and a four-year service contract cost $4,150, how much will a business save by purchasing the four-year contract rather than renewing the two-year contract?

$1650 (2 x 2900=5800 → 5800-4150 = 1650)

Why is it important to ask job applicants about their training and previous job responsibilities during the interview process?

To determine qualifications

What documents will you access to determine cash receipts from customers when preparing cash flow statements?

Income statements and accounts receivable

A shoe company has seven footwear lines. These seven different lines embody the company's product....

Width

How does marketing research help a business implement the marketing concept?

By identifying consumers' wants and needs

When you ask coworkers for help and they aren't able to help you, which of the following responses would be most appropriate:

"Thanks anyway; maybe another time."

The Big Company has questioned customers about their needs for a specific product the company may decide to produce. What kind of marketing information is this company collecting?

Primary

A well-prepared new employee orientation program should

communicate the employer's philosophy and expectations

A primary reason that governments regulate the ways in which businesses must report financial data is to

ensure transparency

When determining your personal vision, it is important to

be realistic about your strengths and weaknesses.

During which of the following steps do researchers transfer coded questionnaire data to the computer:

Transcribing

When Jamie develops a questionnaire, she places very broad questions at the beginning of the questionnaire and progressively includes questions that are narrower in scope towards the end of it. What sequencing format is Jamie using to develop the questionnaire?

Funnel

When Theodora talks to her coworkers, she always carefully considers her words before she says them. Theodora is

speaking tactfully.

What is one way you can prevent identity theft?

Memorize your social security number, and keep your card at home.

How does being accountable help you tolerate ambiguity?

Accountability helps you own your decision-making and handle the repercussions of your decisions.

Which of the following is true of corporate fundraising:

All business must comply with fundraising laws.

The PQR Company has experienced a drop in sales for three consecutive quarters. This is an example of defining the marketing research...

problem.

Over the course of the semester, Rita gets the following scores on her marketing exams: 85, 92, 96, 92, 88, 95, and 100. What is the mode in this set of test scores?

92

An apparel company separates its customers into north, south, west, and east segments and markets to each group based on what the weather is like in that part of the country. The company is using ______ segmentation to group its customers.

geographic

When a business collects marketing information from its customers, what should it consider about its consumer-privacy laws?

They vary by jurisdiction.

Jake decided to sell his sweet corn for $1.50 a dozen after noticing that a nearby farmer is selling hers for $1.75. Jake's decision is part of which marketing function?

Pricing

What type of database system would a business use in order to organize marketing data according to many variables?

Relational

Marketers use sampling when...

conducting a census is impossible or unrealistic.

Taking responsibility for your actions involves...

admitting your mistakes.

Each year, Marla must pay a certain percentage of the value of her home to the local government. Which of the following is the tax liability Marla is responsible for paying:

Property

Last month, Monica used her Old Navy credit card to purchase $200 worth of clothing and accessories. When Monica received the bill, it stated that she had to make a minimum payment of $20. This is an example of a(n) _______ credit account.

revolving

The owners of a Chinese bistro decided to open a Thai restaurant. After surveying their regular customers, they determined that 85% of people sampled would be very likely to visit the new Thai restaurant. Therefore, they determined that the restaurant would be a success in their town. A possible problem with the data collected is that they...

do not represent the population.

One reason why marketing-information managers often monitor their competitors' websites is to:

obtain data about new products.

Which of the following is a capital investment decision:

How to finance investments

Advertising

A form of paid, non personal promotion in which a company promotes an idea, good, or service through a variety of media

Channel Management

A process that involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user

Direct Marketing Channels

Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience

Feature Benefit Selling

Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable

Market Identification

The process of a marketer in identifying the most profitable areas to offer a new product or service

Marketing Information Management

The process and methods that generates, stores, analyzes, and distributes information to promote good decision making for a business

Personal Selling

Any form of direct contact between a salesperson and customer to fulfill their wants and needs

Product Life Cycle

The stages that a product goes through in its life: Introduction, Growth, Maturity, and Decline

Product Mix

All of the different products and/or services a company makes or sells

Product Service Management

The process of creating and changing the information about a company's catalog of offerings

Promotion

Choices made about advertising, personal selling, sales promotion and public relations used to communicate, inform, and persuade potential and current customers

Promotional Mix

The combination of advertising, personal selling, sales promotion, and public relations used to accomplish an overall marketing strategy

Public Relations

Promotional activities that are designed to create a good image with the public

ROMI (Return on Marketing Investment)

A financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers

Sales Promotion

All marketing activities other than advertising, public relations, and personal selling that are directed to a customer in order to increase sales

Selling Policy

Decisions of a business regarding forms of payment, returns and exchanges, sales quotas, sales commission, and legal and ethical issues

Situation Analysis

The study of internal and external factors that affect marketing strategy

Target Marketing

The process of communicating with a particular group that is most likely to become customers. A target market is usually defined by demographic, geographic, and psychographic characteristics

Warranty

A promise that is given to a customer that a product will meet certain standards