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 demographics

B product

C end-use

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 marketing mix

C target market

D consumer products

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 developed a marketing mix

B selected a target market

C developed a marketing plan

D created personal utility

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

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

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 End-use segmentation

C Comarketing

D Market segmentation

E marketing mix

F secondary data

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 Consumer behavior

C B2B

D Affinity program

E marketing mix

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 End-use segmentation

B Exchange process

C Affinity program

D Consumer behavior

E Ownership utility

F B2B

Question #9

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

A Market segmentation

B End-use segmentation

C Consumer behavior

D secondary data

E Exchange process

F Affinity program

Question #10

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

A Comarketing

B Consumer behavior

C End-use segmentation

D Exchange process

E secondary data

F Market segmentation

Question #11

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

A End-use segmentation

B Comarketing

C Market segmentation

D B2B

E secondary data

F Consumer behavior

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 Exchange process

C secondary data

D Comarketing

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 marketing mix

B Consumer behavior

C End-use segmentation

D Affinity program

E B2B

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 Ownership utility

B Consumer behavior

C Affinity program

D Exchange process

E marketing mix

F Market segmentation

Question #15

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

A marketing mix

B Consumer behavior

C Affinity program

D Ownership utility

E Market segmentation

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 Process

C Fixed

D Customer oriented

Question #17

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

A Jewelry manufacturer

B Steel manufacturer

C Software developer

D Paper mill

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 standardization

B quality management

C specialization

D mechanization

Question #19

What is the task of production and operations management?

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

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

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

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 A management development program

B Cross-training

C An affirmative action program

D Classroom-based training

Question #22

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

A markets

B values

C profits

D growth plans

Question #23

Competitive differentiation:

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

B guarantees a reduction in production costs for a company.

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

D encourages price-fixing.

Question #24

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

A less risk is involved.

B obtaining financing is often easier.

C existing suppliers and employees are in place

D product or service is not known in the marketplace.

Question #25

Who is most likely to succeed as an entrepreneur?

A Philip who has an aversion for taking risks.

B Gina who is driven by the need to excel

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 Marketing

C Distribution

D Sales

Question #27

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

A Decline stage

B Maturity stage

C Growth 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 late introduction and growth

B growth and maturity

C late maturity and decline

D stabilization

Question #29

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

A Utility

B Exchange

C Marketing

D Barter

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 Tactical planning

B Contingency planning

C Strategic planning

D Operational planning

Question #32

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

A physical characteristics

B symbolic attributes

C benefits

D service attributes

Question #33

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

A FALSE

B TRUE

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 pricing

B product

C promotional

D production

Question #35

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

A Decide how to promote the product

B Develop the right product

C Implement the appropriate distribution system

D Identify a target market

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 Marketing research

B Marketing

C Market segmentation

D Consumer behavior

Question #37

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

A proximity to raw materials

B tax incentives

C physical factors such as energy

D proximity to suppliers

Question #38

Which of the following is a disadvantage of mass production?

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

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

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

D Workers perform specialized tasks.

Question #39

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

A Mechanization, specialized labor, and robots

B Mechanization, specialized skills, and standardization

C Standardization, job-order production, and specialized labor

D Analytic systems, synthetic systems, and continuous processes

Question #40

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

A Marketing

B Distribution

C Merchandising

D Production

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 esteem

C self-actualization

D physiological

Question #43

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

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

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

C higher order needs have to be satisfied first.

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 downsizing

B involuntary separation

C voluntary turnover

D outsourcing

Question #45

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

A Medicare

B health insurance

C unemployment insurance

D Social Security

Question #46

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

A time wage

B salary

C employee benefit

D 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 salary

B bonus

C commission

D wage

Question #48

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

A Forecasting anticipated sales

B Determining various sources of operating funds in the organization

C Supervising hourly employees on a daily basis

D Maximizing employee effectiveness in the organization

Question #49

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

A employee recruitment

B employee compensation and benefits

C training and performance evaluation

D company budget forecasts

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 Human resource management

B Change management

C Research and Development (R&D)

D Human asset accounting

Question #51

Autocratic leaders make decisions after consulting their employees.

A TRUE

B FALSE

Question #52

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

A leadership

B commitment

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

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

Question #54

The four goals of advertising are:

A attention, interest, desire and alternative

B attention, interest, desire and advantage

C observation, interest, desire and action

D attention, interest, desire and action

Question #55

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

A investigate discrimination complaints

B guarantee companies pay social security for all employees

C determine employee benefits and compensation packages

D enforce the Family and Medical Leave Act of 1993

Question #56

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

A Interviewing candidates

B Reviewing applications and résumés

C Identifying job requirements

D Conducting employment tests

Question #57

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

A FALSE

B TRUE

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