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Q:
Putting together a list of prospective clients is called _____.
A. preparing
B. presenting
C. formulating
D. prospecting
Q:
In which of the following stages of personal selling does an entrepreneur collect background information before selling the actual product or service?
A. Prospect and evaluate
B. Prepare
C. Present
D. Close
Q:
Which of the following is an advantage of personal selling?
A. It helps in easily establishing and promoting a favorable opinion by the media.
B. It helps business owners in generating finance for their business.
C. It allows business owners to find out the buyers' main concerns and address them.
D. It increases business owners' publicity.
Q:
Which of the following is true of personal selling?
A. It involves activities used to establish and promote a favorable opinion by the media.
B. It does not allow you to find out the buyers' main concerns.
C. It involves entering into a joint venture with a competitor.
D. It allows a business owner to be flexible in his or her presentation.
Q:
A news release that is typeset and thus may be photographically reproduced for inclusion in a newspaper is known as a _____.
A. mat release
B. brochure
C. sales packet
D. press kit
Q:
Paying for a local organization's needs in exchange for recognition is referred to as _____.
A. publicity
B. donation
C. personal selling
D. sponsorship
Q:
Which of the following terms refers to a concept in public importance which alludes to the degree to which the issue is immediate in its impact?
A. Proximity
B. Currency
C. Power
D. Cultural resonance
Q:
Due to which of the following characteristics a news story is most likely to grab public interest?
A. Cultural resonance
B. Issue recognition
C. Trendiness
D. Proximity
Q:
Greg has a press release for his new product that he wants to broadcast on television. His press release has a good story and visuals. It also includes content that illustrates broad cultural themes. Which of the following is Greg most likely to generate through the press release?
A. Public recognition
B. Public interest
C. Public importance
D. Issue recognition
Q:
Proximity refers to:
A. a concept in public interest which alludes to events with a broad appeal within the market or population.
B. a concept in public recognition which alludes to the impact level of the issue being discussed.
C. a concept in public interest which alludes to the graphic interest held by an event.
D. a concept in public recognition which alludes to the fit of the topic to current fashion or public interest.
Q:
Trendiness refers to:
A. a concept in public interest which alludes to events with a broad appeal within the market or population.
B. a concept in public recognition which alludes to the impact level of the issue being discussed.
C. a concept in public interest which alludes to the graphic interest held by an event.
D. a concept in public recognition which alludes to the fit of the topic to current fashion or public interest.
Q:
Entrepreneurs can use the AIDA formula to write press releases well. In this AIDA formula, "D" stands for _____.
A. desire
B. dominance
C. development
D. distance
Q:
Which of the following is a component of the AIDA formula that aims to hook people to the press release?
A. Action
B. Desire
C. Interest
D. Attitude
Q:
Which of the following terms refers to the activities used to establish and promote a favorable opinion by the media?
A. Press relations
B. Word-of-mouth communications
C. Sales promotions
D. Ambush marketing
Q:
Which of the following is an example of sales promotion?
A. Tara's Attire adds kids clothing to its existing range of clothes.
B. Sammy Jams advertises about its new jam through billboards.
C. Treats Today gives away samples of its new healthy donuts for free.
D. Yen Yoga passes out flyers to advertise about a new yoga center in the Holmesville.
Q:
_____ is a form of communication, such as coupon or contests, which encourages the customer to take immediate action.
A. Buzz marketing
B. Sales promotion
C. Viral marketing
D. Public relations
Q:
Harry Howard, a successful real estate broker, has established his own real estate company in western Pennsylvania. He has on-the-job experience working at a real estate company where he had a whole staff supporting brokers' work. Now on his own, with two secretaries, Harry is building his dream of owning and growing his own business. He wants to mainly focus on middle-to-upper-income homeowners and is exploring what type of promotional material he needs to have. Which of the following would be the fastest way for Harry to build his client base?
A. Word-of-mouth
B. Full-scale advertising
C. Personal selling
D. Sales promotion
Q:
When it comes to promoting a small business that is just starting out, spreading the news by _____ is the surest way to build a client base.
A. word-of-mouth
B. full-scale advertising
C. personal selling
D. sales promotion
Q:
Mentions of a company or products in the media for which a firm did not pay is referred to as _____.
A. buzz marketing
B. sales promotion
C. free ink
D. viral marketing
Q:
_____ is an electronic equivalent of word-of-mouth advertising.
A. Viral marketing
B. Ambush marketing
C. Sales promotion
D. Trendiness
Q:
_____ are the terms included in the hidden portions of a web page which are used by search engines to describe a website and evaluate its focus and category placement.
A. Domain names
B. Keywords
C. Search terms
D. Embeds
Q:
Key chains, pens, coffee mugs, or embossed briefcases are examples of _____.
A. promotional novelties
B. signs
C. flyers
D. marketing kits
Q:
_____ are usually produced for pennies in quantity.
A. Sales packets
B. Signs
C. Promotional novelties
D. Marketing kits
Q:
Which of the following is true of promotional novelties?
A. They explain the competitive strategies of the company to the readers.
B. They must be large enough to read by passing traffic.
C. They include stories of customers whose problems were solved.
D. They are given to key customers or as gifts to employees.
Q:
Which of the following is most likely to be true of signs as a form of advertising?
A. They must be large enough to read by passing traffic.
B. They generally contain the balance sheet of the company.
C. They describe the competitive strategies of the company.
D. They include stories of customers whose problems were solved.
Q:
Which of the following is a characteristic feature of sales packets?
A. They are usually large enough to read by passing traffic.
B. They provide potential customers an education in a firm's product or service.
C. They generally consist of pens or small calendars which are printed with the name and slogan of the company.
D. They are generally hand-written.
Q:
Which of the following provides potential customers an education in a firm's product or service, including stories of customers' whose problems were solved, an FAQ list, as well as a page on the products or services, and a page on the business owner and his or her firm?
A. Promotional novelties
B. Sales packets
C. Business cards
D. Brochures
Q:
Which of the following is a characteristic feature of brochures and flyers?
A. They contain the annual balance sheet of the company.
B. They include stories of customers whose problems were solved.
C. They give more information about a firm and its products than business cards.
D. They provide word-of-mouth advertising.
Q:
Which of the following is true of advertising?
A. It is the least likely to be used by businesses to convey their message to potential customers.
B. It works if an ad's impression is positive even if people do not recall it.
C. It works if people recall an ad even though it did not have a positive impact on them.
D. It involves presentation of a company's image.
Q:
_____ is often used to support the corporate identity and value propositions that are established through public relations efforts.
A. Personal selling
B. A corporate newsletter
C. Advertising
D. A press kit
Q:
How much of each message conveyance a business owner uses to sell his or her product as well as his or her objective in using each one is known as:
A. promotional mix.
B. marketing mix.
C. AIDA.
D. CRM.
Q:
When a marketer mentions the key points about his or her product or service in as few and as memorable words as possible, the resulting message is known as the _____ message.
A. succinct
B. core
C. primary
D. elementary
Q:
Which of the following is a characteristic feature of a message for a target market?
A. It is repeated less often.
B. It must contain the elements of a product's value proposition.
C. It must be abstract.
D. It must always be distinctive from target customers.
Q:
A clothing company that divides its market using characteristics of clothing such as practical, stylish, or for a particular sport, etc., is segmenting the market _____.
A. demographically
B. economically
C. geographically
D. by benefits sought
Q:
Dividing the market into different segments by income, age, or religion constitutes segmenting the market _____.
A. geographically
B. economically
C. demographically
D. culturally
Q:
Segmenting a market _____ involves dividing it into different segments in terms of cities or neighborhoods.
A. geographically
B. economically
C. demographically
D. culturally
Q:
_____ is the segment or segments a business owner selects to concentrate his or her marketing efforts.
A. Target market
B. Qualified market
C. Customer vector
D. Optimized market
Q:
_____ is the process of dividing the market into smaller portions of people who have certain common characteristics.
A. Target optimization
B. Market penetration
C. Segmentation
D. Market recognition
Q:
Which of the following terms refers to small business owners' unique selling points that will be used to differentiate their products and/or services from those of the competition?
A. Sales lead
B. Value proposition
C. Trendiness
D. Segmentation
Q:
Which of the following terms refers to a rule of thumb about how many prospective customers it takes to find one who will actually make a purchase?
A. Lead qualification
B. Value proposition
C. Marketing funnel
D. Segmentation
Q:
People who receive a promotional impression and who give some thought to buying the product are referred to as _____.
A. sales leads
B. qualified leads
C. prospects
D. target segments
Q:
Follow-up refers to the contacts you periodically make with customers in order to remind them of your business, and your interest in their business.
Q:
The proof of a customer relationship management effort is seen in higher levels of customer loyalty in existing customers.
Q:
Customer vector summarizes information by groups of customers.
Q:
It costs five times as much to get a purchase from a new customer compared to an existing one.
Q:
The close of a sale is the end of the sale.
Q:
Personal selling decreases business owners' flexibility in their presentation.
Q:
Press relations are a form of communication that encourage the customer to take immediate action.
Q:
Most service providers get business usually through referrals or word-of-mouth.
Q:
Advertising costs are usually based on cost per hundred.
Q:
Brochures and flyers are types of promotional novelties.
Q:
Advertising is often used to support the corporate identity and value propositions that are established through public relations efforts.
Q:
The method of advertising is least likely to be used by businesses to convey their message to potential customers.
Q:
Succinct messages make a business clear to potential clients and customers.
Q:
When the fear appeal used by a marketing message is a too strong, it always causes the audience to react positively.
Q:
It is nearly impossible to design a message that will appeal universally or to find media that will reach all consumers.
Q:
Promotion includes getting the message out to the target market so that they can make decisions about a product or service.
Q:
It is customary for a small business to concentrate its efforts on one target market at the beginning and consider secondary ones later.
Q:
The process of dividing the market into smaller portions of people that have certain common characteristics is called stereotyping.
Q:
The term "value proposition" refers to small business owners' unique selling points that will be used to differentiate their products and/or services from those of the competition.
Q:
Sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase are known as prospects.
Q:
Q:
Discuss any four price lowering techniques that a small business owner can adopt without starting price wars or reducing the quality perception of his or her products?
Q:
Describe partitioned pricing, captive pricing, and price lining.
Q:
What are the various pricing strategies that are used in a business to signal great product quality and to imply that the product is prestigious to own?
Q:
Why maximizing profits is a much better option for small businesses than lowering prices to increase market share?
Q:
Discuss the effects of demand, value, and competition upon pricing.
Q:
What are the four key factors for determining an optimum price?
Q:
Briefly describe the stages in a new product development process.
Q:
What are the various approaches that are available for developing product prototypes?
Q:
What does the total product mean? How does this approach help a small business owner?
Q:
Define a product, and differentiate between goods and services.
Q:
Raven, a student at a local university majoring in psychology, has always been fascinated by toys. So having created a business plan, she officially established her business-Tinkle Toys. Raven is exploring various product ideas and pricing strategies for her toy business. Which of the following pricing strategies is considered the most aggressive from the competition point of view?
A. Offering a sale on merchandise
B. Offering a rebate or a discount coupon to promote a product
C. Indulging in a price war
D. Pricing a product higher than the industry average
Q:
_____ is best described as the process of making a new product available to consumers.
A. Commercialization
B. Factoring
C. Pilot testing
D. Liquidation
Q:
Which of the following is the biggest problem with simulated test markets?
A. They cannot be computer-generated.
B. They make it easy for competitors to "steal" one's ideas.
C. They do not always reflect actual buying behavior.
D. They can be used only in the commercialization stage and not in the product development stage.
Q:
In new product development process, the product development stage typically involves:
A. testing the feasibility of product ideas.
B. creating a marketing plan for the final product.
C. introducing product prototypes to test markets.
D. commercializing the new product.
Q:
_____ is best described as the process of selling prototype of a product in either a real or simulated market environment.
A. Test marketing
B. Moonlighting
C. Bootstrapping
D. Commercialization
Q:
While developing a new product, in the product development stage, the first versions of products are used in further consumer testing. These first versions of products are called _____.
A. pure goods
B. prototypes
C. me-too products
D. hybrids
Q:
Which of the following stages of new product development typically involves specifying the details of each idea's technological feasibility, its cost, how it can be marketed, and its market potential?
A. Idea generation
B. Market introduction
C. Idea evaluation
D. Test marketing
Q:
The research and development team of Leonide Inc. has generated five different product ideas. All five ideas are being rated against each other on their characteristics such as product uniqueness, idea profitability, protectable intellectual property, and product team quality. Based on their ranking in this stage, only three ideas will make it to the immediate next step which will be the stage of _____.
A. idea generation
B. commercialization
C. feasibility study
D. market introduction