#110 Marketing

2005 FBLA WRC

WRC 2005--Marketing
True/False Indicate whether the sentence or statement is true or false. ____ ____ ____ ____ ____ ____ ____ ____ ____ 1. Most individuals employed in marketing positions are not well paid. 2. Businesses using the marketing concept identify the market and develop a marketing mix. 3. In the 1960s, people had limited money to spend on products and much of their purchasing was for basic needs. 4. According to economists, increased sales volume and competition result in lower prices for consumers. 5. Federal legislation is one method of increasing the social responsibility of businesses. 6. Today, marketing is called upon only to handle problems. 7. Promotion cannot do much to help a company that has a poor product, excessively high prices, or ineffective distribution. 8. Various groups of consumers have very different needs and wants. 9. Much of the information that flows through a business is valuable for marketing decision-making.

____ 10. Trade and professional associations provide information specific to the needs of their members. ____ 11. A final consumer buys a product or service to sell to others. ____ 12. One of the most important techniques of advertising in the United States is through trade press advertising. ____ 13. A consumer's interest in saving money would be classified as an emotional motive. ____ 14. Once you recognize a need, you are on the decision-making path to a purchase. ____ 15. The descriptive characteristics of a market such as age, gender, race, income, and education level are referred to as psychographics. ____ 16. The Rule of 72 works well to project market share for rates of growth up to about 20% per year. ____ 17. Positioning is done to highlight similarities between competitors in the mind of the consumer. ____ 18. Successful competitive strategies rely on the ability of the business to define a market position and reach the market segment. ____ 19. Competition forces businesses to offer reasonable prices for the products and services. ____ 20. To compete successfully, it is valuable to discover information about any competitors marketing mix. ____ 21. When customers see few differences, theyre less likely to be satisfied and will look for the lowest price. ____ 22. Price is not important for staple goods. ____ 23. The teenage market is one that is often misunderstood by businesses. ____ 24. A new product is developed to meet company objectives. ____ 25. States can levy sales taxes on sales to in-state residents only if the seller has a physical presence in that state. ____ 26. The service-producing industries are projected to be the fastest growing, in terms of job growth, in the United States from 1998 through 2008.

#110 Marketing

2005 FBLA WRC

____ 27. When marketing services, marketers should pay special attention to the distribution component of the marketing mix. ____ 28. Market conditions for products sold by retailers do not change rapidly. ____ 29. Many manufacturers and wholesalers have salespeople who contact managers at local stores. ____ 30. A channel of distribution accumulates products from a number of manufacturers and makes them available in one location. ____ 31. Indirect channels are typical in business-to-business marketing. ____ 32. In inelastic demand, a price decrease will increase total revenue. ____ 33. Products sold by quantity must have a label listing the price for a basic unit of measurement so consumers can make price comparisons. ____ 34. Many customers believe that price and quality are relatedhigher prices mean better quality. ____ 35. Markdowns are usually viewed as business mistakes because the product did not sell at the planned price. ____ 36. The final step in promotional planning is to evaluate the plan against the objectives that were set. ____ 37. Advertising is any paid or unpaid form of nonpersonal communication sent through a mass medium by an organization about its products or services. ____ 38. The price of a product affects the type of promotional mix. ____ 39. Customers sometimes have no personal contact with the business other than through the salesperson. ____ 40. Most promotional methods are directed at small groups of customers, usually only one or two customers at a time. ____ 41. A marketing-oriented business frequently uses cold calling. ____ 42. Each foreign country has a single market. ____ 43. To assume a risk, a business goes ahead with a decision and takes full responsibility for the result. ____ 44. Experts in finance and accounting are responsible for maintaining the best possible financial position for their company. ____ 45. Most entrepreneurs earn a big income in the first few years of operation of their companies. ____ 46. Creativity is one of the characteristics of an entrepreneur. ____ 47. Good managers lead their organizations rather than control them. ____ 48. The satisfaction of other businesses in a channel of distribution is important for a manufacturer because they often are its primary customers. ____ 49. Marketing education generally begins in middle school. ____ 50. Because there are so many marketing jobs to choose from, it is better to postpone developing a career plan until you have gained experience and completed your formal education.

#110 Marketing
Multiple Choice Identify the letter of the choice that best completes the statement or answers the question.

2005 FBLA WRC

____ 51. Merchandising is classified as a. production. c. accounting and finance. b. operations. d. management and administration. ____ 52. The accounting and finance function includes a. transporting products. c. implementing business plans. b. answering customer questions. d. developing budgets. ____ 53. Businesses began to compete with each other to get customers to buy their products because a. consumers had more choices. c. advertising became more common. b. prices were higher. d. businesses could afford to compete. ____ 54. Marketing helps countries use their natural resources better by a. preventing the waste of materials used to make products consumers won't buy. b. monitoring the use of the resources. c. informing citizens of available resources. d. advertising new products. ____ 55. Marketing assists in international trade by a. lowering the cost of trade. b. increasing the price of the products. c. determining where products can be sold. d. all of the above. ____ 56. Business people must take criticisms of marketing seriously because a. it affects the product's functionality. b. it identifies the consumers buying the product. c. many consumers have the same attitude. d. businesses need the demographic data. ____ 57. Advertising is used extensively to encourage people to consider a. a general type of product. c. lower prices. b. specific brands of products. d. shopping. ____ 58. The decision to use resources in a way that results in the greatest satisfaction of wants and needs is a. private enterprise. c. the profit motive. b. competition. d. value. ____ 59. The demand curve for a business in a monopoly a. curves down. c. curves up. b. appears straight. d. varies with the supply available. ____ 60. The earliest use of marketing was a. to move products from the producer to the consumer. b. to sell more products. c. to manufacture more products. d. to interest consumers in purchasing products. ____ 61. When an unauthorized business imports products into a country and creates a parallel distribution channel that competes with the authorized channel, this is known as a. unauthorized channeling. c. gray marketing. b. parallel channels. d. distribution competition. ____ 62. The most difficult type of competition businesses face is a market in which they compete with other businesses offering a. similar products. c. lower quality products. b. different products. d. more expensive products.
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#110 Marketing

2005 FBLA WRC

____ 63. For most businesses, competition is a. becoming more intense. c. remaining unchanged. b. becoming less intense. d. non-existent. ____ 64. To make informed decisions about the marketing mix, marketers need information about a. tax policies. c. economic conditions. b. product price. d. international markets. ____ 65. The lifestyle, values, and beliefs that are common to a group of people are known as a. a reference group. c. consumer behavior. b. culture. d. social class. ____ 66. Church groups, fraternities, work groups, families, and peer groups are representatives of a. a reference group. c. culture. b. consumer behavior. d. consumers. ____ 67. A business might use routine decision-making when a. hiring a new employee. c. constructing a new building. b. redecorating the office. d. purchasing operating supplies. ____ 68. Salespeople can discover information about the competition by a. making additional sales. c. examining the customer records. b. talking to each other. d. talking to customers. ____ 69. The total revenue that can be obtained from a market segment is known as the a. market potential. c. market share. b. potential earnings. d. market opportunity. ____ 70. Consumer advocates often object when companies reduce the size of a package and keep the same price because a. package sizes should not be reduced. c. the price increase is not obvious. b. prices should not be increased. d. package sizes should be increased. ____ 71. The correct sequence of stages that businesses follow as they develop their e-commerce presence on the Internet is a. information, integration, interaction. c. interaction, information, integration. b. information, interaction, integration. d. integration, interaction, information. ____ 72. Some advertising costs are hidden because a. companies use credit to pay for advertising. b. companies barter their advertising space. c. individuals pay for advertising. d. all of the above. ____ 73. The marketing plan is based on a. a marketing strategy. c. the behavior of competitors. b. the current environment. d. available funds. ____ 74. The complete set of all products a business offers to its market is its a. product assortment. c. brand. b. product line. d. variety. ____ 75. The amount of human effort required to deliver a service is a. labor intenseness. c. standard. b. physical assistance. d. measured. ____ 76. Information spread by friends about a service is a. personal selling. c. customer contact. b. advertising. d. word-of-mouth promotion.

#110 Marketing

2005 FBLA WRC

____ 77. The most difficult purchasing situation occurs when a. a repeat purchase is made. b. changes or improvements are needed to products purchased in the past. c. the business could make the product. d. a new product or service is purchased. ____ 78. When a business purchase is technical or very expensive, a. a lawyer will be involved in the transaction. b. an engineer may test the product. c. upper management will participate in the purchasing process. d. all of the above. ____ 79. The traditional indirect channel of distribution involves a a. wholesaler, a retailer, and the final consumers. b. producer, a wholesaler, and the final consumers. c. producer, a wholesaler, and a retailer. d. producer, a retailer, and the final consumers. ____ 80. Companies using a sales-based objective will sell their products a. to small target markets. b. to markets with a large number of available customers. c. to customers who value the image of a product. d. for the highest possible price. ____ 81. Credit offered by one business to another business is a. trade credit. c. an allowance. b. retail credit. d. incentive credit. ____ 82. Consumer reactions to advertising and other mass communication techniques can be tracked through a. direct communication. b. the number of magazine or newspaper subscriptions. c. marketing research. d. all of the above. ____ 83. Today, personal selling is commonly used in a. industry sales. c. door-to-door selling. b. wholesale. d. advertising. ____ 84. A carefully arranged sequence of promotions designed around a common theme responsive to specific objectives is a a. promotional mix. c. promotional plan. b. marketing plan. d. business plan. ____ 85. Determining customer needs is often done through a. marketing research. c. brainstorming. b. planning. d. product development. ____ 86. If the customer is dissatisfied with any part of the marketing mix or if competing products appear to meet customer needs better, the salesperson can a. modify the product or service. b. persuade the customer to buy the product anyway. c. inform the company. d. all of the above. ____ 87. For selling to be effective, salespeople must receive support from a. other marketing personnel. c. customer service. b. production. d. all of the above.

#110 Marketing

2005 FBLA WRC

____ 88. Most countries with a postindustrial economy are a. producing equipment and material for the development of marketing systems. b. developing distribution systems. c. developing laws and procedures to encourage trade with other countries. d. selling raw materials. ____ 89. Money provided to a business to assist in the development and sale of its products is a. a tariff. c. a quota. b. a subsidy. d. the Gross Domestic Product. ____ 90. Some activities in the action plan will include a. responsibilities for marketing activities. b. responsibilities for risk reduction. c. responsibilities for the marketing strategy. d. all of the above. ____ 91. Returned and replacement products a. increase sales levels. c. generate revenue. b. add to the sellers costs. d. all of the above. ____ 92. What term identifies a person who is responsible for a business created and owned by others? a. manager c. owner b. entrepreneur d. investor ____ 93. Which is true about the role of small businesses in the United States? a. They make up over 90% of all businesses. b. They employ nearly 40% of workers in high-tech occupations. c. They provide about 75% of the all-new jobs. d. All of the above. ____ 94. Advertising agencies and public relations firms are often involved in which of the seven marketing functions? a. promotion c. distribution b. selling d. product/service management ____ 95. Short-term planning is also known as which of the following? a. strategic planning c. tactical planning b. seat-of-the-pants planning d. operational planning ____ 96. How do managers assess organizational satisfaction? a. Ask the board of directors. b. Poll senior management. c. Evaluate how well goals are being met. d. Survey customers and consumers. ____ 97. Which part of a marketing plan includes analyzing economic conditions? a. marketing strategy c. internal analysis b. external environment analysis d. activity schedule ____ 98. What is the second-lowest of the five levels of marketing employment? a. entry-level c. career-level b. specialist-level d. executive/entrepreneur-level ____ 99. The last thing you should do to complete a successful job interview is a. tell the interviewer the minimum level of compensation you need. b. ask the interviewer for a written job description. c. send a personal note of thanks to the interviewer. d. none of the above. ____ 100. Which of the following is generally not recognized as a type of marketing career path? a. management c. marketing function

#110 Marketing
b. industry d. geographic

2005 FBLA WRC

#110 Marketing

2005 FBLA WRC

Answer Key
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. B A B A A B A A A A B B B A B A B A A A A B A A A 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. A A B A A B B A A A A B A A B B B A A B A B A A B 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. A D A A C C B D B A C A A B D A D D A C B B A A A 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. D D D D B A C A C A C D C B D B A D A D C B C C D