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Exam Review - Marketing



True/False
Indicate whether the statement is true or false.
 

 1. 

Marketing has two fundamental roles: to sell what a business makes and to manage its brand or brands.
 

 2. 

Marketing includes research, development, sales, advertising, production, and promotion.
 

 3. 

Creating an image in the marketplace can cost a business anywhere from nothing to hundreds of thousands of dollars.
 

 4. 

A trademark is a word or group of words that a business uses to distinguish its products from competitor’s products.
 

 5. 

Logos can come in different forms, such as a monogram, a visual symbol, or an abstract symbol.
 

 6. 

A short, catchy phrase that is usually attached to the company’s name and logo is called a brand name.
 

 7. 

Brand identification includes having a name written in a distinctive style, having specific colours associated with the product, and even having a distinctive design for the package.
 

 8. 

The natural progression of a product life cycle is as follows: introduction to growth to maturity to decision point to decline.
 

 9. 

Early adopters, or trendsetters, are those people to whom the marketers direct their selling efforts.
 

 10. 

At the maturity stage of the product life cycle growth is flat (it does not increase or decrease).
 

 11. 

Once a product reaches the decline stage of the product life cycle, it is doomed and only will last as long as limited supplies of that product remain available.
 

 12. 

A new promotion campaign or the repricing of a product are examples of brand-management decisions that could be made by a marketer at the final stage of the product life cycle.
 

 13. 

The non-traditional product life cycle in which a product dominates a section of the market, keeping competitors away, is called a niche market.
 

 14. 

A fad, or trend, is a product that is extremely popular for a short period of time and can generate a lot of money for a company in a very short period of time.
 

 15. 

The four Ps of marketing include product, price, preference, and promotion.
 

 16. 

When designing a package, product developers consider the package’s functions, such as protection, usage, shape, and/or colour.
 

 17. 

Retail stores provide services to consumers that can add value to the products that they sell, such as delivery, extended warranties, and free parking.
 

 18. 

When a product has been identified as price sensitive, the price of that product will never change during the product life cycle.
 

 19. 

A direct channel of distribution is where a business sells to an intermediary who then sells the product to the consumer.
 

 20. 

When consumers are buying goods from vending machines, catalogues, or a website, they are using a specialty channel of distribution.
 

 21. 

A wholesaler is different from a retailer in the distribution chain in that wholesalers deal directly with consumers.
 

 22. 

A promotion is any attempt to sell a product to a consumer and could include coupons, premiums, and free samples.
 

 23. 

The competitive market and the consumer market are considered to be the two Cs of Marketing.
 

 24. 

The competitive market deals with such things as demographics and the lifestyle of the people who buy the products.
 

 25. 

The four standard rules for creating good advertising are attract attention, gain interest, build desire, and get action.
 

 26. 

Advertising is the paid-for promotion of goods and services over a variety of mass media to a target market of consumers.
 

 27. 

Advertisers use different categories to compare media and then select the right one for their advertising. The category known as clutter means the ability of the media to focus on a target audience.
 

 28. 

Motivation research is a type of marketing research that examines both the emotional and the rational motives that influence a consumer’s buying decision.
 

 29. 

When researchers are using test marketing, internal information sources, surveys, and focus groups, they are in the process of gathering secondary data.
 

 30. 

Data mining is a process where a business analyzes its own sales records, inventory data, advertising and promotional results, and production statistics.
 

Multiple Choice
Identify the choice that best completes the statement or answers the question.
 

 1. 

Marketing is all those activities involved in getting goods and services from businesses to consumers and could include:
A.
research
B.
sales
C.
distribution
D.
all of the above
 

 2. 

Identify the one activity below that is not about marketing.
A.
spreading ideas
B.
promoting services
C.
converting raw materials
D.
selling products
 

 3. 

The logo is a special symbol that helps promote that product for consumer awareness is also known as a
A.
trademark
B.
slogan
C.
brand
D.
tagline
 

 4. 

Which of the following is the highest form of brand equity in the marketplace.
A.
brand awareness
B.
brand loyalty
C.
brand insistence
D.
brand identification
 

 5. 

The stage of the product life cycle where marketers must carefully manage their products is known as
A.
introduction
B.
growth
C.
maturity
D.
decision point
 

 6. 

The stage of the product life cycle where marketers find that brand equity is at its highest point is known as
A.
introduction
B.
growth
C.
maturity
D.
decision point
 

 7. 

The non-traditional product life cycle where a knock-off is likely to surface is called
A.
fad
B.
niche
C.
seasonal
D.
all of the above
 

 8. 

Many factors, such as design costs, prevent competitors from being profitable in a given market. These factors are known as
A.
barriers to entry
B.
barriers to product development
C.
barriers to sales
D.
barriers to life cycles
 

 9. 

There are four Ps of marketing, and the one that deals with the customer’s perception of another company’s product value is
A.
price
B.
place
C.
promotion
D.
product
 

 10. 

There are four Ps of marketing, and the one that deals with things like samples, coupons, and special events is called
A.
price
B.
place
C.
promotion
D.
product
 

 11. 

If product developers are dealing with the material used in construction, the scent, the size, or the taste, they are concerned with a product’s
A.
design
B.
benefits
C.
features
D.
quality
 

 12. 

This type of channel of distribution connects buyers to the business that is providing the goods and/or services.
A.
indirect
B.
direct
C.
specialty
D.
non-specialty
 

 13. 

When an indirect channel of distribution is used by a marketer, one or more of the following intermediaries could be used.
A.
importers
B.
wholesalers
C.
retailers
D.
all of the above
 

 14. 

There are several specialty channels of distribution,but the one that is by far the most important of the bunch is
A.
e-commerce
B.
catalogue sales
C.
telemarketing
D.
vending machines
 

 15. 

The name for the process that an advertiser uses when measuring the effectiveness of a coupon promotion is called
A.
sales data
B.
coupon counting
C.
redemption rate
D.
sales promotion
 

 16. 

Customer loyalty cards are a sales promotion technique used by retailers and categorized as a promotion under which heading?
A.
samples
B.
special events
C.
premiums
D.
contests
 

 17. 

The competitive market consists of all the sellers of a specific product, and is expressed most often in the following way.
A.
total sales
B.
total dollars
C.
total profit
D.
total number of sellers
 

 18. 

A part of the overall market that has similar characteristics is known as a
A.
market demographic
B.
market share
C.
market component
D.
market segment
 

 19. 

Every business is in competition for the consumer’s
A.
disposable income
B.
discretionary income
C.
competitive income
D.
gross income
 

 20. 

Demographics is the study of obvious characteristics that categorize human beings, which could include
A.
age
B.
income level
C.
ethnicity
D.
all of the above
 

 21. 

The study of the way people live, which includes values, beliefs, and motivations is called
A.
psychographics
B.
psychology
C.
psychiatry
D.
lifestyles
 

 22. 

The step in a good advertising campaign where the sales message is connected to the consumer visual message is
A.
attracting attention
B.
gaining interest
C.
building desire
D.
getting action
 

 23. 

The part of a good advertising campaign where one asks for the sale to be completed is known as
A.
attracting attention
B.
gaining interest
C.
building desire
D.
getting action
 

 24. 

Media information about a business that the business doesn’t pay for is called
A.
advertising
B.
promotion
C.
sales
D.
marketing
 

 25. 

Any advertising message that comes to your home, such as a flyer or catalogue is a
A.
promotion
B.
out-of-home advertising
C.
publicity
D.
direct-to-home advertisement
 

 26. 

Advertising on the Internet consists of one or more of the following approaches.
A.
company websites
B.
banner advertising on other websites
C.
e-mail advertising
D.
all of the above
 

 27. 

The collection and analysis of information that is relevant to the marketing strategy is known as
A.
marketing data
B.
marketing research
C.
marketing studies
D.
marketing tools
 

 28. 

The type of marketing research that discovers what kind of product is wanted in the marketplace and predicts the overall sales potential for that product is
A.
consumer research
B.
motivation research
C.
competitive research
D.
advertising research
 

 29. 

Market research relies on two types of data, which are
A.
primary and tertiary data
B.
secondary and tertiary data
C.
primary and secondary data
D.
all of the above
 

 30. 

The survey that has questions that are complicated and require respondents to develop their own answers are called
A.
open-ended questions
B.
observation questions
C.
closed-ended questions
D.
focus group questions
 



 
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