Exam

Question 1

The way in which a business makes changes in the amount or type of goods or services it offers is known as its:

Answer 1

Product- mix strategy

Question 2

What research design would be best suited to determine the reach of an advertisement in a particular target market:

Answer 2

Survey

Question 3

In what stage of a product’s life cycle would a company spend the least amount of money on promoting the product?

Answer 3

Sales forecast

Question 4

Ryan goes to the grocery store every week and buys food to feed his family. Ryan’s purchases are most likely driven by which need in Maslow’s hierarchy of needs?

Answer 4

Physiological

Question 5

A pharmaceutical company accidentally included a mildly poisonous substance in a popular OTC drug. As a result, many users got sick and the company was faced with a lawsuit. Which tort was most likely cited as a reason for the lawsuit?

Answer 5

Negligence

Question 6

Technology is important to the product/service management function because it helps a business:

Answer 6

Monitor inventory

Question 7

To promote its summer menu, Danielle’s Diner plans to e-mail a $5.00-off coupon to its regular customers next Tuesday. The coupon will be valid from June 1 through June 15. What does use of the coupon represent?

Answer 7

Tactic

Question 8

One way that the GDP can be increased is by:

Answer 8

Increasing labor and capital resources

Question 9

Which is an example of direct mail:

Answer 9

Mailing a brochure to a consumer’s home

Question 10

Which -is an example of a pull sales promotion strategy:

Answer 10

A buy one, get one free deal

Question 11

To gain a competitive advantage, a business carefully selects channel members and trains them to provide customers with superior expertise and service. This business is positioning its products by focusing on:

Answer 11

Channel differentiation

Question 12

What is likely to happen if a company has sunk costs associated with a poor decision?

Answer 12

The company will look for proof to justify its decision

Question 13

One way promotional activities directly benefit businesses is:

Answer 13

Increased product sales

Question 14

The Smith company decides to ship its products by truck rather than air so it can keep its prices lower than its major competitor. This is an example of a pricing decision that is influenced by:

Answer 14

Distribution channels

Question 15

A foreign business legally obtains a license to make products, then sells them for low prices to businesses in the country where the license originated. This is an example of:

Answer 15

The gray market

Question 16

Thomas wants to change the word ‘develop’ to the word ‘create’ in several places throughout his document. The quickest way to make these changes is by:

Answer 16

Using the find and replace function

Question 17

How research will be conducted depends on a business’s:

Answer 17

Size and resources

Question 18

What is a type of branding that differentiates an organization from its competitors:

Answer 18

Corporate

Question 19

What information should be shared immediately with all staff:

Answer 19

A customer has complained about the service they recieved

Question 20

What is the purpose of a code of ethics?

Answer 20

To act as a framework for ethical decision making

Question 21

What could cause a legal issue associated with information management

Answer 21

Accidentally emailing a client’s personal information to others

Question 22

Word-of-mouth marketing is based on the idea that:

Answer 22

Consumers trust each other more than brands

Question 23

Walter’s Waterland Amusement Park mailed discount coupons to all the people who moved into the area during the past year. The company has targeted a market based on:

Answer 23

Geographics

Question 24

UNISYS Corporation offers training with the computer systems and software the company sells to businesses. The training is an example of:

Answer 24

A product-related service

Question 25

Marketers use data to determine that they want to create messages that appeal to a younger target market. This is part of an overall:

Answer 25

Promotional strategy