Midterm II

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Question #1

The desire to work fewer hours is one of the main drives for those who choose to become entrepreneurs

A FALSE

B TRUE

Question #2

Amazon.com keeps track of goods its customers have ordered. When a returning customer logs onto Amazon.com, the site creates a list of recommendations based on the customer’s purchasing history. Amazon is segmenting the market by _____.

A product

B end-use

C demographics

D psychographic

Question #3

Goods and services such as haircuts, GPS systems, and computers that are purchased for end users are examples of _____.

A business products

B consumer products

C target market

D marketing mix

Question #4

A business aims its promotions toward singles between the ages of 25 and 40 who reside in a specific county. The business has _____.

A created personal utility

B developed a marketing plan

C developed a marketing mix

D selected a target market

Question #5

Place utility is created _____.

A when the product is made available to the consumer at a time the consumer wants to buy it

B when arrangements for the transfer of title from seller to buyer are made

C by having the good or service available at a convenient location when the consumer wants to buy it

D when the business firm converts raw materials into finished products

Question #6

Matching the response to the question. _____ focuses on the precise way a business-to-business purchaser will use a product.

A B2B

B Market segmentation

C secondary data

D End-use segmentation

E Comarketing

F marketing mix

Question #7

Matching the response to the question. A(n) _____ is a marketing effort sponsored by an organization that solicits involvement by individuals who share common interests and activities.

A End-use segmentation

B marketing mix

C B2B

D Affinity program

E Consumer behavior

F Exchange process

Question #8

Matching the response to the question. _____ are activities in which two or more parties give something of value to each other to satisfy perceived needs.

A Ownership utility

B Consumer behavior

C B2B

D Exchange process

E Affinity program

F End-use segmentation

Question #9

Matching the response to the question. _____ includes the actions and decision making processes of buyers.

A End-use segmentation

B Market segmentation

C Affinity program

D secondary data

E Exchange process

F Consumer behavior

Question #10

Matching the response to the question. _____ is a cooperative arrangement in which two businesses that jointly market each other’s products.

A Exchange process

B secondary data

C Consumer behavior

D Comarketing

E End-use segmentation

F Market segmentation

Question #11

Matching the response to the question. Marketing researchers use _____ as a quick and inexpensive resource of consumer information.

A B2B

B Market segmentation

C secondary data

D Comarketing

E Consumer behavior

F End-use segmentation

Question #12

Matching the response to the question. _____ are goods and services purchased to be used, either directly or indirectly, in the production of other goods for resale

A Consumer behavior

B Comarketing

C secondary data

D Exchange process

E End-use segmentation

F B2B

Question #13

Matching the response to the question. _____ attempts to isolate the traits that distinguish a certain group of customers from the overall market.

A Consumer behavior

B Affinity program

C marketing mix

D B2B

E End-use segmentation

F Market segmentation

Question #14

Matching the response to the question. A firm’s _____ blends four strategies to fit the needs and preferences of a specific target market.

A Consumer behavior

B Exchange process

C marketing mix

D Market segmentation

E Ownership utility

F Affinity program

Question #15

Matching the response to the question. _____ refers to an orderly transfer of goods and services from the seller to the buyer.

A Affinity program

B marketing mix

C Consumer behavior

D Market segmentation

E Ownership utility

F Exchange process

Question #16

Sakura is a production manager and has decided that grouping machinery and equipment according to their functions works best at her company. What layout would be her company be using?

A Product

B Customer oriented

C Fixed

D Process

Question #17

In selecting a production facility location, labor supply would be most important to which of the following?

A Jewelry manufacturer

B Paper mill

C Steel manufacturer

D Software developer

Question #18

The production manager in a manufacturing company divides employee work into simple components so each employee can concentrate on performing one task. This manager is involved in _____.

A specialization

B mechanization

C standardization

D quality management

Question #19

What is the task of production and operations management?

A To manage the use of people and machinery in converting materials and resources into finished goods and services

B To design systems that will provide managers with information useful for decision making

C To manage the use of people and other resources in the development of distribution channels and promotional strategies

D To determine the most economical routes for transporting the firms’ products

Question #20

When a cabinet maker combines wood, tools, and skill to create finished kitchen cabinets for a new home, the cabinet maker is engaging in _____.

A time utility

B production

C distribution

D process utility

Question #21

George is being considered for a promotion as a manager. What type of training program would help him improve his skills and broaden his knowledge in areas such as leadership and interpersonal skills?

A An affirmative action program

B A management development program

C Classroom-based training

D Cross-training

Question #22

Corporate culture is an organization’s system of principles, beliefs and _____.

A profits

B values

C growth plans

D markets

Question #23

Competitive differentiation:

A is a method that guarantees a firm monopoly in a market and allows it to eliminate competition.

B is the unique combination of abilities and approaches that sets a company apart from its competitors.

C encourages price-fixing.

D guarantees a reduction in production costs for a company.

Question #24

All of the following are major advantages of buying an existing business over starting a new business EXCEPT:

A obtaining financing is often easier.

B less risk is involved.

C product or service is not known in the marketplace.

D existing suppliers and employees are in place

Question #25

Who is most likely to succeed as an entrepreneur?

A Gina who is driven by the need to excel

B Philip who has an aversion for taking risks.

C Marcel who cannot tolerate failures.

D Fiona who blames others for her failures.

Question #26

_____ is responsible for moving goods and services from producers to buyers.

A Production

B Distribution

C Marketing

D Sales

Question #27

In which stage of the product life cycle do competitors enter the field with similar offerings?

A Decline stage

B Growth stage

C Maturity stage

D Introductory stage

Question #28

Reminder-oriented advertising is often used during the _____stage(s) of the product life cycle to maintain awareness of the importance and usefulness of a product, concept, or institution.

A growth and maturity

B stabilization

C late introduction and growth

D late maturity and decline

Question #29

______is the power of a good or service to satisfy a want or need.

A Exchange

B Marketing

C Barter

D Utility

Question #30

Firms can help meet employees’ _____ needs by providing affordable health coverage and a company sponsored pension plan.

A social

B psychological

C esteem

D safety

Question #31

Which of the following planning activities involves two components: business continuation and public communication?

A Contingency planning

B Strategic planning

C Tactical planning

D Operational planning

Question #32

A marketer’s product strategy focuses on a product’s _____.

A service attributes

B symbolic attributes

C physical characteristics

D benefits

Question #33

Marketing is a process that begins with discovering unmet customer need.

A TRUE

B FALSE

Question #34

Tom is developing the marketing mix for his company’s new line of power tools. A brand name, price, and distribution system have been decided. Now Tom is concentrating his efforts on developing the best advertising plan for the product line. The advertising plan is part of Tom’s ______ strategy.

A production

B promotional

C pricing

D product

Question #35

Which of the following is the first step in developing a marketing strategy?

A Develop the right product

B Identify a target market

C Implement the appropriate distribution system

D Decide how to promote the product

Question #36

_____ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

A Consumer behavior

B Market segmentation

C Marketing research

D Marketing

Question #37

State and local governments may offer _____ to encourage businesses to locate in their area.

A tax incentives

B physical factors such as energy

C proximity to suppliers

D proximity to raw materials

Question #38

Which of the following is a disadvantage of mass production?

A It is inefficient for producing small batches of different items.

B It moves the product along a conveyor belt past a number of workstations.

C Workers perform specialized tasks.

D Managers are seldom able to create conditions for high productivity.

Question #39

Which of the following are combined to result in mass production?

A Analytic systems, synthetic systems, and continuous processes

B Mechanization, specialized labor, and robots

C Standardization, job-order production, and specialized labor

D Mechanization, specialized skills, and standardization

Question #40

_____ is the use of people and machinery to convert materials into finished goods or services.

A Marketing

B Merchandising

C Production

D Distribution

Question #41

To avoid bad hiring decisions, some companies require job candidates to perform tasks related to the job they’re seeking as part of the job application process.

A TRUE

B FALSE

Question #42

According to Maslow, an individual gives first priority to satisfy his or her _____ need.

A safety

B self-actualization

C esteem

D physiological

Question #43

A key premise of Maslow’s hierarchy of needs theory is that _____.

A higher order needs have to be satisfied first.

B satisfied needs are motivators and unsatisfied needs are not motivators.

C people’s needs are arranged in a hierarchy of importance

D people’s needs are based on their wants

Question #44

Rose was recently terminated from her position at an insurance agency due to unethical behavior. This is an example of _____.

A involuntary separation

B outsourcing

C voluntary turnover

D downsizing

Question #45

All of the following employee benefits are required by law with the exception of _____.

A health insurance

B Social Security

C unemployment insurance

D Medicare

Question #46

Antonio is paid $55,000 per year as a research analyst. This type of compensation is called a(n) _____.

A salary

B employee benefit

C wage

D time wage

Question #47

Saleem, an electrician for FCG Electricals, is paid $40 for each hour he works during the day. After 5 p.m. and on weekends, he is paid the overtime rate of one and one-half times the regular hourly rate. In this scenario, Saleem is paid a _____.

A bonus

B salary

C wage

D commission

Question #48

Which of the following is one of the overall objectives of the human resource management department in an organization?

A Supervising hourly employees on a daily basis

B Determining various sources of operating funds in the organization

C Forecasting anticipated sales

D Maximizing employee effectiveness in the organization

Question #49

All of the following are core responsibilities of human resource managers EXCEPT _____.

A employee compensation and benefits

B company budget forecasts

C employee recruitment

D training and performance evaluation

Question #50

Which of the following management functions is most likely to be responsible for planning for staffing needs, recruiting and hiring workers, providing for training and evaluating performance, determining compensation and benefits, and overseeing employee separation?

A Research and Development (R&D)

B Human asset accounting

C Human resource management

D Change management

Question #51

Autocratic leaders make decisions after consulting their employees.

A FALSE

B TRUE

Question #52

A manager must demonstrate _____, which is the ability to direct or inspire people to attain certain goals.

A commitment

B leadership

C delegation

D flexibility

Question #53

Which of the following is a concern about performance reviews?

A They are held too frequently.

B They may be skewed in favor of a single manager’s subjective opinion.

C They take place in the form of two-way communication.

D They are mostly based on criteria that are objective rather than subjective.

Question #54

The four goals of advertising are:

A attention, interest, desire and advantage

B observation, interest, desire and action

C attention, interest, desire and alternative

D attention, interest, desire and action

Question #55

The purpose of the Equal Employment Opportunity Commission (EEOC) is to _____.

A guarantee companies pay social security for all employees

B investigate discrimination complaints

C enforce the Family and Medical Leave Act of 1993

D determine employee benefits and compensation packages

Question #56

Which of the following is the first step in the employee recruitment process?

A Interviewing candidates

B Identifying job requirements

C Conducting employment tests

D Reviewing applications and résumés

Question #57

Salary is a term that represents compensation based on the number of hours worked.

A TRUE

B FALSE

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