BUSINESS 101 MIDTERM

1. By definition, the primary focus of marketing is ______________.A) demand managementB) tv commercialsC) satisfying customer needs and wantsD) selling, selling, selling 2.According to your text, a ___________ is a philosophy that focuses on the internal capabilities of the firm, rather than on the desires and needs of the marketplace.A) sales orientationB) marketing conceptC) production orientationD) social marketing orientation 3.The managerial process of creating and maintaining a fit between the organization?s objectives and resources and the evolving market opportunities is _____________.A) organizational behaviorB) project managementC) threat assessmentD) strategic planning 4.A ________ competitive advantage seeks to target and effectively serve a single segment of the market.A) nicheB) superC) market developmentD) sustenance5.According to the BCG portfolio matrix, a _______ has low growth potential and a small market share.A) cowB) starC) dogD) problem child 6.The changing role of families and working women is one of several _______ factors affecting the marketing environment.A) mathematicalB) socialC) technologicalD) competitive 7.___________ is a strategy of increasing sales by introducing new products into new markets.A) diversificationB) market penetrationC) market developmentD) product development 8.Under the concept of ___________, the unique lifestyles of every consumer can require a different marketing mix.A) stimulating innovationB) market penetrationC) environmental managementD) component lifestyles 9.The third stage in the consumer decision-making process is __________.A) post-purchase behaviorB) evaluation of alternativesC) the information searchD) need recognition 10.The lowest level needs according to Maslow?s hierarchy are ___________.A) psychologicalB) socialC) physiologicalD) safety 11.Consumers are most likely to practice ____________ when buying an automobile, kitchen appliances or a washer/dryer.A) routine response behaviorB) limited decision makingC) low involvement factorsD) extensive decision making 12. The demand for business products is called _________ because organizations buy products to be used in producing their customers? products.A) derived demandB) fluctuating demandC) inelastic demandD) joint demand 13.Under one of the criteria for successful segmentation, __________, the firm must be able to reach targeted segments.A) substantialityB) responsivenessC) successibilityD)accessibility 14.A _____________ is a group of people or organizations for which an organization designs, implements, and maintains a marketing mix in order to satisfy the needs of that group.A) positionB) target marketC) metricD) concentric15.The first step in the marketing research process is to _____________________.A) analyze the dataB) specify the sampling procedures C) plan the research design D) identify the problem or opportunity 16.Information gathered for the first time and used for solving the particular problem under investigation is considered to be _________ data.A) primaryB) cultured C) secondary D) impending 17.Campbell?s V-8 Juice is an example of a ___________, a specific version of a product that can be designated as a distinct offering among an organization?s products.A) product mixB) product itemC) business productD) product position18.A _________ is the exclusive right to use a product brand or part of a brand and others are prohibited from using the brand without permission.A) service markB) generic product name C) co-brandD) trademark 19._________ is designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase.A) greenwashingB) persuasive labelingC) informational labelingD) the UPC code20.If a product survives the introductory stage of the Product Lifecycle (PLC), it then advances to the _________ stage.A) maturityB) growth C) declineD) introductory 21.Gap 1 of the Gap Model of Service Quality is the gap between ______________.A) what customers want and what managements thinks customers wantB) what the company provides and what the customer is told it provides C) service quality specifications and the service that is actually providedD) the service that customers receive and the service they want22.A ___________ is a business structure of interdependent organizations representing place or distribution in the marketing mix (the four p?s) and including the processes for getting the right product to the right place at the right time.A) retailerB) wholesalerC) fluidity strategyD) marketing channel 23.Products like sodas, candy, and laundry detergent are sold using the __________ distribution strategy.A) intensiveB) exclusiveC) disintermediationD) selective 24.In supply chain management, the _________ manages the finished goods inventory from manufacturer to end user.A) automatic replenishment program B) materials handling system C) distribution resource planning (DRP) systemD) inventory control system 25.With _______, prices are set so that total revenue is as large as possible relative to total costs.A) satisfactory profitsB) target return on investmentC) market shareD)

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