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MKTG345-7SP13 / ► QUIZZES AND TESTS
test 2
Marketing managers often use in-store promotions to stimulate sales of:
Select one:a. technical productsb. high-involvement productsc. high-priced productsd. industrial productse. low-involvement productsQuestion 2Not yet answeredMarked out of 1.00Flag questionQuestion text
Which of the following statements about reference groups is true?
Select one:a. Reference groups stimulate, but do not constrain, consumption behavior.b. Reference groups have strong influence on all brands and product purchases.c. A person can only belong to one reference group.d. Reference groups serve as information sources and influence perceptions.e. Understanding reference groups has not been helpful to marketers.Question 3Not yet answeredMarked out of 1.00Flag questionQuestion text
Day Care
Fiona is considering a day care facility for her five-week-old daughter Kate. She has been visiting day care centers for the past two weeks and has interviewed caregivers at eight different centers. It is extremely important to Fiona that Kate be stimulated intellectually and fed according to schedule. After considering all eight centers, Fiona chose PerfectCare. While she is quite pleased with her choice, she continues to wonder if she made the correct decision.
Refer to Day Care. Fiona’s visits to the day care centers, interviews with the caregivers, and input from family and friends represent which step of the consumer decision process?
Select one:a. Postpurchase behaviorb. Stimulus generalizationc. Evaluation of alternativesd. Information searche. Need recognitionQuestion 4Not yet answeredMarked out of 1.00Flag questionQuestion text
College Decision
Juan is a senior in high school and is deciding which university to go to after he graduates. He has received several pieces of mail from local universities with information on scholarship opportunities because he has a good GPA and a high ACT score. He and his parents have visited several schools and have talked to advisors regarding his chosen major of marketing. Juan is thinking about going to the local community college where all of his friends are planning to go, but his parents want him to go to a more prestigious school because they think he will get a better education there.
Refer to College Decision. One person from whom Juan has sought advice is his school guidance counselor, Mr. More. Mr. More is respected by students and parents alike and knows a lot about the schools Juan is considering. Mr. More can be considered a(n):
Select one:a. influencerb. deciderc. opinion leaderd. gatekeepere. market mavenQuestion 5Not yet answeredMarked out of 1.00Flag questionQuestion text
Which of the following is the BEST example of an internal stimulus that would create need recognition?
Select one:a. A friend comments on how shabby your coat looksb. A radio station runs an ad for a new video game rental storec. A headached. An invitation to a graduation for which you need a gifte. A billboard promoting a new national Internet service providerQuestion 6Not yet answeredMarked out of 1.00Flag questionQuestion text
When consumers change or distort information that conflicts with their feelings or beliefs, it is called:
Select one:a. selective distortionb. selective dissonancec. intermittent reinforcementd. selective retentione. selective exposureQuestion 7Not yet answeredMarked out of 1.00Flag questionQuestion text
Families of police officers often alter information they hear about officers who die in the line of duty. This _____ allows them to live and function without constant anxiety while their loved one is engaged in a potentially dangerous job.
Select one:a. selective retentionb. selective distortionc. selective exposured. faulty selectivitye. adaptive stimulusQuestion 8Not yet answeredMarked out of 1.00Flag questionQuestion text
College Decision
Juan is a senior in high school and is deciding which university to go to after he graduates. He has received several pieces of mail from local universities with information on scholarship opportunities because he has a good GPA and a high ACT score. He and his parents have visited several schools and have talked to advisors regarding his chosen major of marketing. Juan is thinking about going to the local community college where all of his friends are planning to go, but his parents want him to go to a more prestigious school because they think he will get a better education there.
Refer to College Decision. Juan’s friends might influence him to go to the local community college. What type of reference group characterizes his friends?
Select one:a. Indirectb. Primaryc. Secondaryd. Aspirationale. NonaspirationalQuestion 9Not yet answeredMarked out of 1.00Flag questionQuestion text
Dennis Haysbert stars in Allstate ads reminding consumers that they could be in a car crash or another event requiring insurance. Hence the slogan “You’re in Good Hands with Allstate.” These ads focus on which of Maslow’s needs?
Select one:a. Esteem needsb. Economic needsc. Safety needsd. Physiological needse. Social needsQuestion 10Not yet answeredMarked out of 1.00Flag questionQuestion text
A driving force that causes a person to take action to satisfy specific needs is called a(n):
Select one:a. instigatorb. motivec. enforcerd. stimuluse. belief
aterpillar, Inc., a manufacturer of earthmoving equipment, uses completed drivetrains (engines/transmissions/axles), drivetrain components, electronic controls, hydraulic and electrohydraulic components and systems, cooling systems, and undercarriage track systems produced by other organizations in its manufacturing process. Caterpillar is an example of a(n):
Select one:a. fabricator.b. installer.c. original equipment manufacturer.d. product provider.e. component network.Question 12Not yet answeredMarked out of 1.00Flag questionQuestion text
The reintroduction of an intermediary between producers and users is called:
Select one:a. disintermediation.b. reinstatement.c. selective retention.d. re-establishment.e. reintermediation.Question 13Not yet answeredMarked out of 1.00Flag questionQuestion text
The _____ is the member of the buying center who regulates the flow of information.
Select one:a. deciderb. influencerc. purchaserd. gatekeepere. userQuestion 14Not yet answeredMarked out of 1.00Flag questionQuestion text
Baseball Dirt
Dirt is not dirt when it comes to baseball fields. About two-thirds of the pro baseball fields get their dirt from a dirt farm in New Jersey called Partac Peat. The company markets a secret mix for the infield (resilient), the warning track (extra crunchy), and the pitcher’s mounds (firm). Mounds come in red, brown, orange, and gray colors. Roger Bossard, the White Sox head groundskeeper, scouted nationwide for dirt before settling on the mix provided by Partac Peat. (He uses sand under the grassy areas of the playing field.)
Refer to Baseball Dirt. The first time Roger Bossard purchased Partac Peat’s secret mix, it was most likely an example of which type of buying situation?
Select one:a. Modified rebuyb. New buyc. Habitual buying decisiond. Buying heuristicse. Straight rebuyQuestion 15Not yet answeredMarked out of 1.00Flag questionQuestion text
Unprocessed extractive or agricultural products, such as copper, peanuts, soybean, bauxite, fruits, ore, and so on, that become part of finished products are examples of:
Select one:
FOR MATHGUY17 ONLY – MARKETING ASSIGNMENT
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Respond in a Microsoft Word document in a minimum of 250 words to the checklist items above using APA format and citation style. Make sure to include an additional Title and references page.
ENTREPRENEURSHIP QUIZ DUE BY 12:30AM 4/29
The ________ is the most complex form of ownership and is a separate legal entity in the eyes of the law. (Points : 1)
sole proprietorship
partnership
corporation
joint venture
2. Sole proprietorships characteristically are: (Points : 1)
fairly complex to create.
subject to special legal restrictions.
expensive to create.
easy to discontinue.
3. A distinct disadvantage of the corporate form of ownership is: (Points : 1)
treasury stock.
double taxation.
stockholder’s liability.
all of the above.
4. The ________ codifies the body of law dealing with partnerships in the United States. (Points : 1)
Small Business Partnership Agreement
Uniform Partnership Act (UPA)
Partnership Agreement
None of the above
5. All partnerships must have: (Points : 1)
at least three limited partners.
no dormant partners.
at least one general partner.
at least one silent or money partner.
6. If a partnership is formed without an agreement, the partnership is automatically subject to the: (Points : 1)
Certification of Incorporation laws.
Uniform Partnership Act.
Limited Liability Company Act.
Revised Uniform Limited Partnership Act.
7. The key to choosing the “right” form of ownership is: (Points : 1)
knowing the cost factor in time and money.
understanding how each form affects both business and personal circumstances.
having an experienced attorney and accountant to advise you in the choice.
the fact you cannot change the form of ownership once your company is established.
8. Common ownership interest in a business, sharing profits (or losses) of a business, and the right to participate in managing the operations of the business are characteristics of a(n): (Points : 1)
corporation.
sole proprietorship.
partnership.
S-corporation.
9. Which type of ownership is not subject to federal taxation? (Points : 1)
Sole Proprietorship
Corporations
Partnership
Limited Liability Corporation
10. Acme Corporation is chartered in Delaware, but its primary area of operation is in South Carolina. In South Carolina, Acme would be considered a(n) ________ corporation. (Points : 1)
alien
domestic
foreign
local
11. Corporations can also stimulate managers’ and employees’ incentive on the job by creating an ________ (ESOP). (Points : 1)
Entrepreneur Stock Ownership Plan
Employee Stock Ownership Plan
Employee Shares Ownership Plan
Entrepreneur Shares Ownership Plan
12. An owner should choose an S-corporation form of ownership when he/she: (Points : 1)
has an established company that is suffering losses due to double taxation.
is starting up a company and anticipating either net losses or high profits with large dividends.
owns a company in which net profits before any compensation to shareholders are less than $100,000 per year.
has an existing sole proprietorship and wants to lower the tax bill through deducting fringe benefits as business expenses.
13. The ________ ratio is a measure of a company’s ability to make the interest payments on its debt. (Points : 1)
debt-to-net worth
times-interest-earned
net sales-to-working capital
net profit-to-equity
14. The rule for the balance sheet is: (Points : 1)
Assets = Liabilities + Owner’s Equity
Assets – Liabilities = Owner’s Equity
Liabilities = Assets – Owner’s Equity
All of the above
15. Depreciation is: (Points : 1)
the difference between the total sources available to the owner and the total uses of those assets.
listed as a source of funds because it is a noncash expense, deducted as a cost of doing business.
the owner’s total investment at the company’s inception plus retained earnings.
creditors’ total claims against the firm’s assets.
16. One of the most important tasks facing an entrepreneur is: (Points : 1)
establishing a large enough reserve of capital.
earning enough the first year to provide an adequate return on investment.
the deferment of taxes.
determining the funds needed for a company start-up.
17. The ________ ratio is the liquidity ratio most commonly used as a measure of short-term solvency. (Points : 1)
working capital ratio
quick
debt-to-net worth
turnover
18. Which of the following would be a sign that a company is overextended in its debt? (Points : 1)
A low debt ratio compared to the industry average
A debt-to-net worth ratio of 0.12 to 1
A times-interest-earned ratio that is far below the industry average
A high inventory turnover ratio
19. The ________ is built on the basic accounting equation: Assets = Liabilities + Owner’s Equity. (Points : 1)
income statement
sources and uses of funds statement
balance sheet
cash budget
20. The most meaningful basis for comparing operating ratios is: (Points : 1)
other companies of similar size in the same industry.
companies within the neighborhood.
major corporations in the same industry.
all publicly traded companies.
21. Evaluates the firm’s overall performance and show how effectively it is putting its resources to work. This is called: (Points : 1)
operating ratios.
debt to equity ratio.
accounts receivable turnover ratio.
all of the above.
22. ________ ratios measure the financing supplied by business owners and that supplied by the firm’s creditors. (Points : 1)
Leverage
Profitability
Liquidity
Operating
23. ________ ratios tell whether or not the small company will be able to meet its maturing obligations as they come due. (Points : 1)
Leverage
Profitability
Liquidity
Operating
24. ________ measure how efficiently the firm is operating and offer information about its bottom line. (Points : 1)
Operating ratios
Profitability ratios
Balance Sheet ratios
All of the above
25. The heart of the cash budget is the ________ forecast. (Points : 1)
cash receipts
cash disbursements
sales
receivables
26. A cash budget is only as accurate as the ________ forecast from which it is derived. (Points : 1)
profit
receivables
income
sales
27. The “big three” of cash management include: (Points : 1)
accounts receivable, overhead, and inventory.
accounts payable, accounts receivable, and taxes.
accounts receivable, accounts payable, and inventory.
accounts receivable, prices, and expenses.
28. ________ is simply a “cash map” which shows the amount and the timing of cash receipts and cash disbursements over time. (Points : 1)
The income statement
A balance sheet
A cash budget
The pro forma
29. An important source of credit information that collects information on small businesses that other reporting services ignore is: (Points : 1)
National Association of Credit Management.
TRW.
Dun & Bradstreet.
National Association of Small Business Owners.
30. The first step to building a workable credit policy is: (Points : 1)
screening customers carefully before granting them credit.
establishing a firm credit policy in writing.
developing a policy for pursuing past-due accounts.
creating a thorough credit application.
31. The cash budget is based on the ________ method of accounting. (Points : 1)
cash
financial
accrual
hybrid
32. The statement, “collection of accounts receivable lags behind sales,” means that: (Points : 1)
the collection of funds in the accounts receivable is always late.
customers always are late in paying their bills.
the customers who purchased goods on credit may not pay until a month or more later.
None of the above
33. ________ measures a company’s liquidity and its ability to pay its bills and other financial obligations on time by tracking the flow of cash into and out of the business over a period of time. (Points : 1)
Forecasting
Cash Flow
Cash on hand
None of the above
34. When creating the cash budget, keep in mind that: (Points : 1)
it should be a monthly plan, projected out for 3 years.
the more variable the sales pattern, the shorter the planning horizon should be.
it should be quarterly estimates for a period of 1 year.
it is a verbal or mental “document” in order to permit maximum flexibility.
35. Lockbox refers to: (Points : 1)
customers send payments to a post office box the bank maintains.
customers send payments to company’s mail box that has a lock.
customers send payments to collection company’s mail box.
None of the above
36. When investing surplus cash, the small business owner’s key objectives should be: (Points : 1)
high yields.
current income.
liquidity and safety.
long-term yield.
37. At the end of a(n) ________, a business may exercise an option to purchase the equipment, usually for a nominal sum. (Points : 1)
capital lease
operating lease
open-ended lease to return
None of the above
38. A key to effective innovation by the entrepreneur is: (Points : 1)
dedicating at least 20% of pre-tax revenues to R & D.
always looking for new product and service ideas.
hiring managers with a track record for innovation.
None of these
39. The right price for a product depends on which factors? (Points : 1)
A small company cost structure
The desired image the company wants to create in its customers’ minds
An assessment of what the market will bear
All of the above
40. Companies with strong reputations for quality follow certain guidelines, such as: (Points : 1)
establishing long-term relationships with suppliers.
fostering individual effort and pride of workmanship.
rewarding employees for compliance to rules and procedures.
building an extensive quality inspection system with many quality inspectors.
41. Companies connect with their customers ________ by supporting causes that are important to their customer base, taking exceptional care of their customers, and making it fun and enjoyable to do business with them. (Points : 1)
emotionally
practically
with low prices
with unique products
42. ________ recognizes any improvement in quality may improve a company’s competitive ability. (Points : 1)
Customer service
Return on quality
Total quality management
Total customer satisfaction
43. The primary opportunity for time compression management (TCM) lies in its application to: (Points : 1)
the purchasing process.
the production process.
the administrative process.
the marketing process.
44. What drives my customers’ buying behavior? Are they receptive to new products or are they among the last to accept them? What values are most important to them? These questions are to identify: (Points : 1)
psychographic data
geographic data
demographic data
all of the above.
45. One of the objectives that a guerrilla marketing plan should accomplish is: (Points : 1)
it should pinpoint the target market.
it should determine customer needs, wants and characteristics.
it should identify company vendor potential.
Both A and B
46. Free trial offers, free delivery, lengthy warranties, and money back guarantees are examples of: (Points : 1)
promotion.
product differentiation.
non-price competition.
customer discounts.
47. Time compression management (TCM) involves: (Points : 1)
speeding new products to market.
enhancing the quality of existing products.
decreasing the time it takes a product to move from introduction to the maturity stage of the product life cycle.
shortening the sales clerks’ response time to customers entering the retail store and then being served.
48. Market research for a small business can be: (Points : 1)
arbitrary.
informal.
random.
haphazard.
49. When it comes to innovation, the small business and entrepreneur: (Points : 1)
often can’t afford to pursue it.
tend to lead the way in business.
do it through imitation of large companies.
make heavy use of market research instead.
50. ________ is the notion of drawing customers into a store by creating a kaleidoscope of sights, sounds, smells, and activities, all designed to entertain-and, of course, sell. (Points : 1)
Pull strategy
Entertailing
Customer Relationship Management (CRM)
Interactivity