Q&A Hero

Q: Which of the following is a role of the marketing plan? A) convincing skeptical investors that your plan has merit B) identifying the target market for the organization C) detailing the advertising plan D) All of the above.

Q: Define philanthropy and explain why some marketing experts call philanthropy "the fifth P," and why it is important to entrepreneurs.

Q: Cause-related marketing is a rather difficult way to work philanthropy into your business.

Q: Which of the following is a way to use cause-related marketing in your business? A) Pay employees to volunteer some time toward community service. B) Advertise that you support a social, political, or environmental cause, without actually giving any money or time to the cause. C) Donate a small percentage of your revenue to a cause, but don't tell anyone. D) Substitute it for publicity.

Q: Expressing concern for social issues by giving money, time, or advice is called ________. A) philanthropy B) cause-related marketing C) foundation D) social responsibility

Q: A nonprofit organization that uses donated money to help others is called a ________. A) philanthropy B) foundation C) tax exempt D) community organization

Q: Why are nonprofit corporations tax exempt? A) because they use the money they collect to help improve society B) because they donate money to foundations C) because they pay a different form of tax than regular corporations D) they are too few in number to matter to the government

Q: Marketing inspired by a commitment to a social, political or environmental issue is called ________. A) socially responsible business B) philanthropy C) cause-related marketing D) person marketing

Q: There is no single correct way to determine your promotional budget.

Q: In terms of the pitch letter, you should always ________. A) follow up your pitch letter by phone B) only make one attempt to get to a journalist C) be polite and persistent D) A and C combined.

Q: In doing your pitch letter you will want to address ________. A) how your business changed you or helped your community B) obstacles you have overcome to start your business C) what you and your business have done that is interesting and unique D) Any or all of the above.

Q: ________ advertising provides information about an organization rather than a specific product and is intended to create awareness about the firm and enhance its image. A) Product B) Trade C) Bulk D) Institutional

Q: A press release should answer six questions. Which of the following is not one of the six? A) who? B) how? C) when? D) why not?

Q: ________ is an announcement sent to the media to generate publicity. A) A press release B) Advertising C) A sales promotion D) Public relations

Q: ________ is promotion that combines education and entertainment to make a more lasting impression upon an audience. A) Marketing B) Word-of-mouth marketing C) Edutainment D) Cause-related marketing

Q: ________ is the use of advertising and publicity to get your marketing message out to your customers. A) Communication B) Marketing C) Promotion D) Imagery

Q: What is a banner ad? A) an ad that runs on a Web site B) an ad attached to the back of an airplane C) an ad that runs in the newspaper D) an ad that is attached to an email

Q: Location and distribution are major components of the "place" component.

Q: How is penetration pricing different from skimming pricing?

Q: Although there are numerous pricing strategies to use in the beginning, it really doesn't matter since price is really guess work.

Q: Pricing strategies include ________. A) penetration B) skimming C) cost plus D) All of the above.

Q: ________ pricing is offering "more for less" by underscoring a product's quality, while at the same time featuring its price. A) Prestige B) Cost-plus C) Penetration D) Value

Q: According to author Jay Levinson, when consumers in the furniture industry rated factors affecting their purchase decision, ________. A) price was the ninth most important variable B) price was not deemed to be a critical or relevant variable in the purchase decision C) price was by far the most important variable D) price was the second most important variable

Q: What is the smartest price strategy? A) Choose a pricing strategy that incorporates the psychology of pricing. B) Pick a pricing strategy that is different from the competition's strategy. C) Offer the lowest price that you can afford to offer. D) Find the lowest cost products from your suppliers.

Q: Explain why a business should focus on its brand.

Q: The key to building a successful brand is to focus tightly on the primary benefit you want customers to associate with your business.

Q: Nike's "swoosh" is an example of a(n) ________. A) advertisement B) logo C) marketing message D) None of the above.

Q: Ford's Edsel is an example of a product that failed because it lacked ________. A) name recognition B) focus C) competitiveness D) options

Q: A product is something that exists in nature or is made by human industry, usually to be sold, whereas a service is ________. A) intangible B) tangible C) physical D) free

Q: When you build a brand, try to focus tightly on one key ________. A) feature B) benefit C) product D) product line

Q: Which of the following is not an example of successful branding? A) A product represents luxury to customers. B) Customers associate a product with high ethical standards. C) Customers confuse a business's logo with that of another business. D) Associate your company with a charity.

Q: Define promotion, advertising and publicity.

Q: ________ is free (non-purchased) mention of your business or brand in newspapers, magazines, radio or TV. A) Publicity B) Advertising C) Promotion D) Product marketing

Q: Finding a retail site that has more than ample parking, excellent access and walk-in trade potential is an example of maximizing which of the marketing Ps? A) promotion B) price C) product D) place

Q: Promotion consists of ________. A) devices such as discount coupons and giveaways B) advertising C) publicity D) All of the above.

Q: Which of the following is one of the four Ps of marketing? A) population B) publicity C) product D) packaging

Q: A marketing plan can serve as a stand-alone document or be part of an overall business plan.

Q: The positioning statement for a business includes its name/brand, its competitive industry/category, ________, and audience/target market. A) features and points of difference B) benefits or points of difference C) benefits and similarities D) pricing and distribution

Q: Positioning your product in the market involves ________. A) buying advertising and obtaining publicity B) distinguishing your product by demonstrating to customers that it is the cheapest in the market C) distinguishing your product from others being offered to the market segments you have targeted D) moving it to the top in search engine optimizing

Q: How are demographic, psychographic and behavioral segmentation different?

Q: Explain what market segmentation is and how it applies to marketing.

Q: Explain the difference between features and benefits and how it applies to sales.

Q: Market research should be an integral part of your business.

Q: The product life cycle compares gross profit to sales as a product/service moves through its life stages.

Q: Smart marketers always emphasize ________. A) benefits, not features B) features, not benefits C) benefits, not prices D) None of the above.

Q: The product life cycle phases include ________. A) introduction B) decline C) growth and maturity D) All of the above.

Q: Market research is typically ________. A) complete when the product or service is introduced B) complete within six months after introduction C) complete a year after product introduction D) ongoing; you always do market research

Q: The set of four stages that a product or market goes through from its beginning until its end is called the ________. A) phases of product maturity B) product life cycle C) marketing cycle D) product stages cycle

Q: Understanding the status and trends of an industry can be aided by ________. A) checking out the internet public library, your local Small Business Administration, chamber of commerce, or local business school or college library B) looking for recent articles on the industry in magazines or by using Google or other search engines C) looking on competitors' web sites D) All of the above.

Q: ________ ask(s) people directly, through interviews or questionnaires, about their perceptions of a product or service. A) General research B) Industry research C) Statistical research D) Surveys and focus groups

Q: Market research can help you get a fix on who your customers are and ________. A) where you can reach them B) what they want and need C) how they behave D) All of the above.

Q: There is a subtle difference between the ________ and the ________ of a product. One is a fact while the other is a perception. A) revenue/costs B) sales/marketing C) features/benefits D) None of the above.

Q: What is a focus group? A) It is a method of market research that involves bringing together some people who might use a product and having a researcher question them about it. B) It is a method of market research that focuses on how the industry is performing. C) It is a method of market research that involves collecting statistics about a group of people who might use a product. D) It is a method of research that uses unhappy customers.

Q: By teaching customers how to use its products, Home Depot is helping customers see the ________ of its products. A) ramifications B) benefits C) features D) utility

Q: Dividing the market by purchase behaviors that have been observed is ________ segmentation. A) demographic B) behavioral C) psychographic D) benefits-sought

Q: Which of the following is not a stage in the product life cycle (PLC)? A) Competitive B) Growth C) Maturity D) Decline

Q: Which of the following is not a step in the buying process? A) awareness B) demographic analysis C) information search D) evaluation of purchase

Q: Consumers who have a similar response to a certain type of marketing can be classified as a ________. A) market segment B) target market C) market D) small niche

Q: Dividing a population on the basis of age, gender, income or education is ________. A) marketing statistics B) demographics C) behavioral data D) psychographics

Q: Which of the following is a step in determining how customers decide to buy a product? A) Determine the need it meets. B) Analyze the buying process. C) Think about who might actually buy it. D) All of the above.

Q: Which of the following aspects of a product/service is the most important to focus on when selling? A) benefits B) features C) price D) usefulness

Q: What is the third step of deciding who the potential customers are for your business? A) understanding who might actually buy your product or service B) understanding who needs your product or services C) analyzing who has the authority to buy D) analyzing the buying process that leads customers to your product or service

Q: Psychographic analysis and behavioral analyses are examples of methods of ________. A) market research B) market segmentation C) marketing D) positioning

Q: Your best option in market research is generally primary rather than secondary research.

Q: In doing research, there are several choices to help you. Among these are ________. A) business library B) magazine articles C) Internet research D) All of the above.

Q: Research carried out indirectly through other existing resources is called ________. A) secondary research B) primary research C) literature analysis D) post-secondary research

Q: The most important thing you should do before launching your product or service is ________. A) thoroughly research the market B) raise enough capital C) design your logo D) hire the right employees

Q: Explain why marketing is considered the business function that should drive all a business's decisions.

Q: A business that markets is the same as a market-driven business.

Q: An entrepreneur's market is ________. A) people who like your product B) the same as competitors' markets C) a three square-block area surrounding his or her location D) the group of people who are current and possible future customers

Q: ________ is the business function that identifies customers and their needs and wants. A) Marketing B) Advertising C) Selling D) Promoting

Q: A ________ identifies distinctively the goods or services of one organization from others through a design, symbol, name, term or other distinguishing features. A) product B) brand C) strategy D) positioning

Q: Which business function do experts agree you should focus on first when preparing to start a business? A) operations B) marketing vision C) financing D) core concepts

Q: Marketing is ________. A) satisfying customers at a profit B) the business function that identifies customers and their needs and wants C) product, place, promotion, and price D) All of the above.

Q: Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers.A) publicityB) advertising and publicityC) advertisingD) coupons

Q: To determine the value of a business you can use asset valuation. It is a method that analyzes the underlying value of a business's sales and operating costs as a basis for negotiating a price.

Q: Why is it a good idea to figure out your Economics of One Unit?

Q: The COGS and COSS are equivalent mathematically.

Q: The unit of sale for a manufacturer is ________. A) a dozen of an item B) one item C) one order D) one hour of time

Q: The unit of sale for a retailer is ________. A) a dozen of an item B) one item C) one order D) one hour of time