Marketing 2 Final Review

A component of a market in which people have one or more similar characteristics is called a(n)

segment

A _____________ is a website where one person regularly posts commentary, descriptions, or other content in a journal-like format.

blog

A business would most likely use catalogs and websites to buy...

frequently purchased items

Which of the following is typically NOT an element of SWOT analysis?

time factors

Social media allows the receiver of the message or information to

all of the above; comment on the information, add to the information, share the information with friends.

The organizations and individuals who participate in the movement and exchange of products and services from the producer to the final consumer make up a(n)

channel of distribution

When products are accumulated from a number of manufacturers and made available in one location to give consumers adequate choice and variety to meet their needs, the ________ of products is being adjusted.

assortment

The final business organization in an indirect channel of distribution for consumer products is a...

retailer

Most social media content is created by...

the audience

In 1997, an early social media site that allow users to create personal profiles and list acquaintances was...

myspace

The Internet has become a common way for businesses to...

all of the above; interact with customers, interact with other businesses, complete many business activities.

A wholesaler that concentrates on one or two important functions such as warehousing and storage or product delivery is a(n)

limited-service wholesaler

Of the recent changes in wholesaling, among the most important are...

all of the above; improved technology, broader customer service, better communications and information.

For most products and services, distribution activities account for over ____ percent of the total marketing costs.

50%

One of the greatest disadvantages of e-commerce is...

businesses compete with all businesses offering similar products both locally and online

Twitter allows users to send short messages up to _____ characters to other users who choose to follow them.

140

Distribution has the most direct effect on..

time and place utility

The unique, memorable quality of a brand is called a(n)

image

Partially or completely processed items that become a part of the products produced by the business are called...

component parts

Which of the following is the most difficulty purchasing situation for a business?

new purchase

The description of the way marketing activities are planned and coordinated to achieve an organization's goal is called

marketing strategy

Marketing plans are developed for a specific time period, often...

six months to one year

The most important part of the product marketing mix element is...

none of the above; the guarantee, packaging, and available options and features

According to the textbook, after the United State, which country has the highest number of internet users?

Australia/South Pacific

An itemized listing of all of the products included in a shipment is called a(n)

packaging list

Market segments should be evaluated on all of the following characteristics except...

emoloyees' desire to serve potential customers

In marketing, the term 'unit' refers to...

the length or size of the advertisement

This type of advertisement is supposed to give the audience the feeling that they are watching or hearing or hearing a real event.

dramatization

This type of advertising aims to build an image by use common elements to define what a product or company stands for and to give it a personality in the minds of consumers.

brand advertising

The 'who' in the communication process is the...

sender

A detailed listing of where and when ads will run is called a(n)

media plan

The use of sales promotions is a common tactic when a company...

introduced a new product and wants to entice consumers to try it

The best method of determining an advertising budget is to base it on...

the objectives to be achieved

The person in an advertising agency who is typically responsible for how an ad will look is called the

art director

The first step in the process of creating an advertising campaign is to...

set objectives

An exhibition where companies associated with an industry gather to showcase their products is called a(n)

trade show

The first step in the promotional planning process is to...

research and analyze the marketing

The final business organization in an indirect channel of distribution for consumer products is a...

retailer

Which of the following is NOT a characteristic of an effect product demonstration...

describe the product to the customer rather than letter the customer handle and test it

The first step in physical distribution planning is...

deciding how products will be moved from the producer to the customers

All of the following are examples of non-store retailing EXCEPT

filling up your car with gas at the local Texaco station

Which of the following would be considered an example of print advertising?

an advertisement in a newspaper

In the United States, most advertising dollars are spent on...

television ads

The FIRST mental stage of the consumer decision-making process occurs when the customer...

focuses attention on the salesperson and the sales presentation

Which of the following in NOT an example of interpersonal communication?

a pop-up ad on a website

If a camera manufacturer markets its cameras as taking sharper, clearer pictures than competing models, how is it positioning its products?

by attribute

All of the following are characteristics of products and markets that indicate the need for personal selling EXCEPT

customers are spread out in a wide geographic area

Businesses engage in which of the following activities to gain information about the competition?

all of the above; purchase and analyze competitor's products, study customers and customer records, collect and study newspaper and magazine articles.

The accounting equation is most often stated as...

Assets = Liabilities + Owner's Equity

The account used to summarize the owner's equity in a business...

capital

If cash is by $2,000.00 when the owner invests cash in the business, then capital is...

increased by 2,000.00

When a transaction changes both sides of the accounting equation _______

an increase on the left side must equal an increase on the right side

When cash is decreased and supplies are increased by an equal amount ________

liabilities and capital are not changed

When a transaction changed only one side of the equation, if one account is increased, the other account on the same side must...

decrease

Prepaid insurance is...

an asset account

Buying items and paying for them at a future date is...

a common business practice

When a business buys supplies on account, assets...

increase

When supplies are bought on account, the business to whom money is owed is...

a liability account

When cash is paid on account...

one asset and one liability are changed

Cash is increased by...

revenue

A decrease in owner's equity resulting from the operation of a business is...

an expense

A record summarizing all the information pertaining to a single item in the accounting equation is...

an account

In a T account, the debit side is...

the left side

The right side of a T account is the...

credit side

When a business pays for insurance, prepaid insurance is...

increased by debit

When a business buys an asset on one date and agrees to pay on a later date, the transaction is...

on account

When a business receives revenue, sale is...

increased by a credit

When cash is paid for rent, Rent Expense is...

increase by a debit

When the owner withdraws cash, the owner's drawing account is...

increased by a debit

A drawing account has a normal...

debit balance and is increased by a debit

The values of all things owner (assets) are on the accounting equation's ___________.

left side

An amount recorded on the left side of a T account is __________.

a debit

Decreases in any liability account are shown on a T account's _________.

debit side

Closing the sale...

all of the above; involves suggestion selling, moves the customer to make a decision, is the ultimate goal of the sales associate.

Luxury boxes are...

used by wealthy individual fans and corporate executives

Bringing a new professional team to a major city is an example of a(n)

speculative risk

_______________ serves as the international governing body for the game of soccer.

FIFA

Costs of sports and entertainment events include...

all of the above; high salaries, facilities, promotion for events.

Ticket brokers...

obtain the best tickets to sporting events

Sales level off or slow down during which stage of the products life cycle?

maturity stage

Which of the following is not a good strategy to obtain tickets for a highly demanded entertainment event?

wait in line when tickets go on sale

All of the following are examples of sales promotions except...

warranties

Which of the following is not a stage of brand recognition

introduction

Ethical behavior includes...

acting in a mature,m responsible manner

Which of the following is not a step in the sales process?

customer objections

Which of the following is determined by the multiplier effect?

the indirect economic impact

Public image...

all of the above; is important to celebrities, is created by public relations, influences fans' choice of favorite teams and athletes.

Which annual music business convention showcases culturally diverse music from around the world?

SXSW

One of the best strategies for growing a sports or entertainment business is to...

consider international marketing

Which of the following is an example of a trade sales promotion?

a point-of-purchase display

When a business is legally responsible for losses suffered by an injured person, it is said to be...

liable

Piracy is a particular problem in the film industry in...

China

The NCAA...

both a & c ; regulates college athletes // can put teams on probation.

Ticket scalpers...

sell tickets for inflated prices

Risk retention involves...

assuming the cost of an uninsurable risk

During demonstration, the sales associate should not...

practice suggestion selling

A grass-roots effort occurs when an unknown person or event is propelled into the spotlight by...

the fans

Which American professional sports league often seeks out players from Latin America?

Major League Baseball