A. / market opportunity.
B. / supporting facts.
C. / primary associations.
D. / situation analysis.
2. / When a business offers a service that saves time for a customer, its benefit to the customer is (NCCTE.9_12.ME.8716.4.06)
A. / price.
B. / convenience.
C. / consistency.
D. / quantity.
3. / The primary responsibility of the facilitator of a product idea brainstorming session are to compile all of the ideas and (NCCTE.9_12.ME.8716.2.06)
A. / keep the group on task.
B. / judge the bad ideas.
C. / select the best idea.
D. / evaluate the group's creativity.
9_12 Marketing 8716 - Entrep I Test 1
4. / Jessica's hobby is making jewelry. There is potential to sell her bracelets and earrings on eBay. This is an example of identifying a product opportunity by considering (NCCTE.9_12.ME.8716.2.03)A. / demographic changes.
B. / business processes.
C. / consumer attitudes.
D. / personal experiences.
5. / The price function often influences the place function by determining (NCCTE.9_12.ME.8716.5.01)
A. / when the product is made.
B. / why the product is shipped.
C. / how the product is advertised.
D. / where the product is sold.
6. / One way that a business can learn about its competitors' activities is by (NCCTE.9_12.ME.8716.3.05)
A. / developing product specifications.
B. / evaluation intranet efficiencies.
C. / reviewing secondary data.
D. / identifying communication barriers.
7. / Emotional risks that many entrepreneurs face include (NCCTE.9_12.ME.8716.2.11)
A. / marital tensions and family problems.
B. / unemployment and uncertain income.
C. / competition and difficult suppliers.
D. / inflation and slow market acceptance.
9_12 Marketing 8716 - Entrep I Test 1
8. / Variable expenses increase in direct proportion to the increases rate of (NCCTE.9_12.ME.8716.2.10)A. / competition.
B. / production.
C. / automation.
D. / motivation.
9. / Why do some new companies set their selling prices as low as they can? (NCCTE.9_12.ME.8716.5.01)
A. / To get market share as fast as possible
B. / To eliminate all possible competition
C. / To earn a high return on investment
D. / To quickly make a large profit
10. / Proctor and Gamble's decision to offer different types of soaps in a wide range of prices is an example of (NCCTE.9_12.ME.8716.3.02)
A. / direct marketing.
B. / market segmentation.
C. / geographic segmentation.
D. / industrial marketing.
11. / Can any brand name be selected and used by a business? (NCCTE.9_12.ME.8716.4.01)
A. / No, the name must be legally available for use.
B. / Yes, brand names cannot be owned by a business.
C. / Yes, a business can use any name it wants to use.
D. / No, the name must be registered before it can be used.
9_12 Marketing 8716 - Entrep I Test 1
12. / Managers use the broad objectives they develop for a business as the basis for setting (NCCTE.9_12.ME.8716.4.02)A. / benefit levels.
B. / performance targets.
C. / salary ranges.
D. / recruitment quotas.
13. / Identifying new product opportunities usually requires a person to be (NCCTE.9_12.ME.8716.2.01)
A. / decisive.
B. / emotional.
C. / aware.
D. / indifferent.
14. / Which of the following is an example of a measurable objective that a business might include in its promotional plan: (NCCTE.9_12.ME.8716.5.05)
A. / Distribute 500 flyers by March 1
B. / Design a new flyer
C. / Tell people about the business
D. / Run an ad in several newspapers
15. / What is the purpose of sales-oriented pricing objectives? (NCCTE.9_12.ME.8716.5.01)
A. / To increase the total amount of sales income
B. / To create profits for the business
C. / To increase the return on investment
D. / To guarantee the survival of the business
9_12 Marketing 8716 - Entrep I Test 1
16. / Which of the following is a benefit to businesses of offering customized services to their customers: (NCCTE.9_12.ME.8716.4.06)A. / Businesses charge higher prices for customized services, which can lead to higher profit margins.
B. / Businesses save time by offering customized services to their customers.
C. / Customized services are also considered to be standardized services.
D. / By customizing their services, businesses deliver more consistent products to their customers.
17. / One reason why the target market of a business affects its pricing is because consumers in each target market (NCCTE.9_12.ME.8716.5.01)
A. / monitor the industry standard.
B. / expect a large product mix.
C. / prefer products in the growth stage.
D. / judge the value of products differently.
18. / When a business places a new product on the market, each element of the promotional mix should be designed to (NCCTE.9_12.ME.8716.5.03)
A. / inform consumers about the existence of the product.
B. / point out differences among competing products.
C. / remind customers about the benefits of the product.
D. / reinforce the company's image.
19. / Which of the following is a characteristic of a well-conducted feasibility study: (NCCTE.9_12.ME.8716.2.13)
A. / Subjective
B. / Abbreviated
C. / General
D. / Complete
9_12 Marketing 8716 - Entrep I Test 1
20. / A business determines the final cost of a product purchased for resale by subtracting allowed discounts and transportation charges from the (NCCTE.9_12.ME.8716.5.02)A. / list price.
B. / net profit.
C. / operation expenses.
D. / accounts receivable.
21. / During the distribution channel selection process, a producer should consider an intermediary's services, its availability, and its (NCCTE.9_12.ME.8716.4.09)
A. / policies.
B. / theories.
C. / origins.
D. / scales.
22. / A business that emphasizes a product's environmental friendliness is positioning the product by focusing on (NCCTE.9_12.ME.8716.4.05)
A. / price.
B. / competition.
C. / attributes.
D. / reliability.
23. / Which of the following statements is true regarding the use of group creative-thinking techniques to facilitate the idea-generation process: (NCCTE.9_12.ME.8716.2.04)
A. / The brainstorming technique usually generates the best ideas.
B. / Groups are usually more effective when each member uses mind-mapping techniques.
C. / Group members most often generate new ideas by altering or building upon another idea.
D. / The Six Thinking Hats technique is generally the most effective idea-generation technique.
9_12 Marketing 8716 - Entrep I Test 1
24. / The primary goal during the brainstorming process is to (NCCTE.9_12.ME.8716.2.04)A. / come up with as many ideas as possible.
B. / analyze each idea as it is presented.
C. / rate each idea in relation to one another.
D. / come up with a set number of ideas within a certain time.
25. / When the Green company selected its target market, it decided to ignore the segment differences and generate appeal with one offer. The company is using ______marketing. (NCCTE.9_12.ME.8716.3.04)
A. / isolated
B. / niche
C. / individual
D. / mass
26. / One way a national business chain can make sure that customers will remember its name is to develop a brand name that is (NCCTE.9_12.ME.8716.4.01)
A. / long and complicated.
B. / easy to read and pronounce.
C. / similar to those used by competitors.
D. / associated with a specific period of time.
27. / Due to lackluster sales, the Elba Corporation has decided to eliminate several of its product lines. Elba's executives hope that by focusing on fewer product lines, they will see more profit. The Elba Corporation is planning to adjust the ______of its product mix. (NCCTE.9_12.ME.8716.4.04)
A. / depth
B. / length
C. / width
D. / height
9_12 Marketing 8716 - Entrep I Test 1
28. / When a business expands its product mix, its goal is to appeal to (NCCTE.9_12.ME.8716.4.04)A. / fewer market segments with fewer product options.
B. / more market segments with a wider variety of options.
C. / existing market segments with a wider variety of options.
D. / select market segments using less promotion.
29. / Which of the following is a global trend that might encourage an entrepreneur to consider international business opportunities: (NCCTE.9_12.ME.8716.2.03)
A. / Higher allowances
B. / Lower tariffs
C. / Enforceable trade agreements
D. / Flexible currency rates
30. / Which of the following are product factors that a business considers when selecting a channel of distribution: (NCCTE.9_12.ME.8716.4.09)
A. / unit value, order size, and complexity
B. / complexity, perishability, and unit value
C. / perishability, location, and order size
D. / location, unit value, and order size
31. / During which stage of the product life cycle is a business likely to try to stabilize a product's price? (NCCTE.9_12.ME.8716.5.01)
A. / Expansion
B. / Introductory
C. / Obsolescence
D. / Maturity
9_12 Marketing 8716 - Entrep I Test 1
32. / Regan is deciding if she is willing to give up a secure position with a well-known company so she can start a home-based business. Which of the following risks is Regan assessing: (NCCTE.9_12.ME.8716.2.11)A. / Career
B. / Social
C. / Physical
D. / Financial
33. / Which of the following is a reason why managers develop company objectives: (NCCTE.9_12.ME.8716.4.02)
A. / To identify business purposes
B. / To forecast sales potential
C. / To solve operating problems
D. / To communicate with employees
34. / Which of the following should be included in a marketing plan's executive summary: (NCCTE.9_12.ME.8716.3.03)
A. / The organization's mission statement
B. / A description of the target market(s)
C. / The names and numbers of marketing team members
D. / A SWOT analysis chart
35. / After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from (NCCTE.9_12.ME.8716.2.01)
A. / advancements in technology.
B. / changes in travel habits.
C. / differences in priority.
D. / shifts in popularity ethnicity.
9_12 Marketing 8716 - Entrep I Test 1
36. / Which of the following is a benefit of channels of distribution: (NCCTE.9_12.ME.8716.4.08)A. / Producers must spend more money.
B. / We can easily obtain products from all over the world.
C. / Retailers must spend more money.
D. / We spend more time looking for products we want.
37. / To guard your USP from competitors, you should (NCCTE.9_12.ME.8716.4.07)
A. / repeat it as much as possible.
B. / print it in a foreign language.
C. / make it difficult to understand.
D. / avoid letting it become public.
38. / Which of the following is a tool that an entrepreneur develops to project sales for a new business venture: (NCCTE.9_12.ME.8716.2.09)
A. / Marketing objectives
B. / Sales forecast
C. / Promotional budget
D. / Inventory report
39. / Which of the following products would likely use an exclusive distribution pattern: (NCCTE.9_12.ME.8716.4.08)
A. / A silk necktie
B. / A gallon of milk
C. / A home-decoration magazine
D. / A large piece of farm machinery
9_12 Marketing 8716 - Entrep I Test 1
40. / Establish a selling price from the following information: cost, $8.45; operation expenses, $.50; and profit, $.80 (NCCTE.9_12.ME.8716.5.02)A. / $9.25
B. / $8.95
C. / $9.75
D. / $7.15
41. / Which of the following items might be included in a marketing plan's appendix: (NCCTE.9_12.ME.8716.3.03)
A. / The organization's mission statement
B. / A list of marketing objectives
C. / A product photograph
D. / A SWOT analysis chart
42. / When planning for her new business, Janine allocates two percent of the company's estimated annual sales to web and newspaper advertising. Janine is developing a (NCCTE.9_12.ME.8716.2.09)
A. / promotional budget.
B. / sales report.
C. / competitive analysis.
D. / publicity plan.
43. / The primary reason that governments regulate business activities is to (NCCTE.9_12.ME.8716.3.06)
A. / encourage businesses to expand their operations.
B. / limit the level of competition in the marketplace.
C. / protect the well-being of individuals and businesses.
D. / change international trade initiatives.
9_12 Marketing 8716 - Entrep I Test 1
44. / Marketing strategies are designed and implemented for the overall purpose of (NCCTE.9_12.ME.8716.3.01)A. / changing the image of the business.
B. / improving management techniques.
C. / achieving planned goals
D. / increasing business profits immediately.
45. / If your company cannot fulfill its USP, it will (NCCTE.9_12.ME.8716.4.07)
A. / go bankrupt.
B. / spend more money.
C. / lose credibility.
D. / gain business.
46. / Which of the following does effective product/service management help businesses to do: (NCCTE.9_12.ME.8716.4.03)
A. / To barter
B. / To prospect
C. / To compete
D. / To recruit
47. / The marketing objectives that a business develops for its marketing plan should lead to a(n) (NCCTE.9_12.ME.8716.5.06)
A. / increase in sales.
B. / increase in prices.
C. / decrease in costs.
D. / decrease in taxes.
9_12 Marketing 8716 - Entrep I Test 1