Marketing Management

Marketing Management Summative Assessment Unit 1.00 Test Review

What type of information do businesses include in their marketing plans? Billing Methods Pricing Strategies Payroll Systems Accounting Procedures

What type of information do businesses include in their marketing plans? • Billing Methods • Pricing Strategies • Payroll Systems • Accounting Procedures

If a business lowers the price of a product for the purpose of taking business away from competitors, the result of this action often is a(n) • A. Decrease in cost • B. Increase in profit • C. Gain in market share • D. Reduction in staff

When conducting an external environmental analysis, business often focus on • A. Previous demand • B. Industry growth • C. Marketing goals • D. Financial costs

A manufacturer expects product sales to increase during the coming year. How does this information affect product production? • A. Production should decrease • B. Production should increase. • C. Production should remain stable. • D. Production should not be affected.

When customers have low involvement with a product and there is little difference among brands, what type of buying behavior are they exhibiting? • A. Habitual • B. Variety • C. Complex • D. Basic

The financial componenet of a marketing plan helps a business to compare the projected costs of implementing the plan with the expected • A. Benefits • B. Expenses • C. Losses • D. Strategies

Customers are more likely to spend a lot of time evaluating several options before buying a product when • A. The product is perishable. • B. The product is expensive. • C. The need is immediate. • D. Brand insistence is a factor.

Morgan Health Supply Company wants to expand its product line this year. It uses its budget surplus to invest in new products rather than to remodel its offices. This is an example of which positive action companies should take • A. Provide excellent customer service. • B. Align strategies and activities with goals. • C. Demonstrate corporate responsibility. • C. Utilize touch points to reinforce company image.

Which of the following is an example of an internal change that could affect a business’s sales forecast? • A. A direct competitor is planning a new promotional campaign. • B. The birth rate increased following the Iraqi war. • C. A new product line is to be offered by the business. • D. The economy is struggling with a major drop in stock market prices.

An international soft drink company that wants to add bottled spring water to its product mix has determined there are four major brand that currently hold the majority of the market share for that product. The strengths and weaknesses of each potential competition have been examined. This is an example of a(n) • A. Action plan • B. Marketing strategy • C. Situation analysis • D. Purpose and mission

Complex buying behavior is most likely involved when the customer is purchasing • A. A car • B. A meal • C. Socks • D. Gasoline

Technological advances can help companies provide more customer service with fewer employees, but why must the companies be careful? • A. Technology cannot provide 24-7 service. • B. Computers and telephones break down regularly. • C. Current employees may go on strike. • D. Customers may feel they are losing their human touch.

One of the main reason for developing a marketing plan is to identify the strategies necessary to achieve the marketing • A. Functions • B. Objectives • C. Mix • D. Share

If you were trying to convince someone to use quantitative sales forecasting, which of the following factors would you stress? • A. Variety of opinions • B. Factual basis • C. Minimal cost • D. Ease with which findings are understood

Marketing Management