Markets, Efficiency And The Public Interest ( Economics ) MCQs – Latest Economics MCQs
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Latest Economics MCQs
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Latest Markets, Efficiency And The Public Interest ( Economics ) Mcqs
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The study of human population in terms of size, density, location age gender, race occupation and other statistics is called ?
One of the most promising developments in multivariable segmentation is called ____ where a host of demographic and socioeconomic factors are used ?
A. fermagraphic segmentation
B. terragraphic segmentation
C. geothermy segmentation
D. geodemographic segmentation
Regulations that arise to ensure that firms take responsibility for the social costs of their products or production processes stem from which reason for government legislation of business ?
A. To protect consumers from unfair business practices
B. To protect companies form each other
C. To protect the interests of society
D. To protect businesses from unfair consumer demands
The first modern environmental movement in the United States began in the ?
C. 1960s and 1970s
All of the following are thought to be sources of new product ideas EXCEPT ?
B. internal sources
D. the local library
In 1985, the Coca-cola Company made a classic marketing blunder with its deletion of its popular Coca-Cola product and introduction of what it called New Coke Analysts now believe that most of the company’s problems resulted from poor marketing research. As the public demanded their old Coke back the company relented and reintroduced Coca-Cola Classic (which has regained and surpassed its former position) while New Coke owns only 0.1 percent of the market Which of the following marketing research mistakes did Coca-Cola make ?
A. They did not investigate pricing correctly and priced the product too high
B. They failed to account for the Pepsi Challenge taste test in their marketing efforts
C. They defined their marketing research problem too narrowly
D. They did not investigate dealer reaction and had inadequate distribution
Each salesperson is assigned to an exclusive area in which to sell the company’s full line of products or services in which type of salesforce structure ?
A. Territorial sales force
B. Customer sales force
C. Product sales force
D. Hybrid sales force
If Honda uses its company name to cover such different products as its automobile’s lawn mowers and motorcycles, it is practicing which of the following strategies ?
A. line extension strategy
B. new brand strategy
C. multiband strategy
D. brand extension strategy
If a company (considering its options on the product/market expansion grid) chooses to move into different unrelated fields (from what it ha ever done before) with new products as a means to stimulate growth the company would be following which of the following general strategies ?
A. market development
B. market penetrations
C. product development
The goal of the marketing logistics system should be to provide ?
A. A targeted level of field support
B. A targeted level of customer service at the least cost
C. A targeted level of transportation expense ratio
D. A targeted level of promotional support
The ______ holds that consumers will favor products that are available and highly affordable (therefore, work on improving production and distribution efficiency) ?
A. marketing concept
B. production concept
C. production cost expansion concept
D. product concept
________ is screening new product ideas in order to spot good ideas and drop poor ones as soon as possible?
B. Concept development and testing
C. Idea screening
D. Idea generation
The practice of going after a large share of a smaller market or subsets of a few markets is called ?
A. differentiated marketing
B. undifferentiated marketing
C. concentrated marketing
D. turbo marketing
The type of salesforce structure in which the sales force sells along product lines is called a ?
A. customer salesforce
B. product salesforce
C. territorial salesforce
D. retail salesforce
Joining with foreign companies to produce or market products and services is called ?
A. indirect exporting
B. direct exporting
D. joint venturing
A company is in the ________ stage of the new product development process when the company develops the product concept into a physical product in order to assure that the product idea can be turned into a workable product ?
A. product development
B. marketing strategy
D. business analysis
If Mark Mars pays Hershey Foods Corporation for the right to use their name on his line of T-shirts then Mr. Mars is using which type of branding ?
A. Licensed brands
B. Private brand
C. Manufacturer’s brand
All of the following factors can affect the attractiveness of a market segment EXCEPT ?
A. the presence of many strong and aggressive competitors
B. the likelihood of government monitoring
C. the power of buyers in the segments
D. actual or potential substitute products
If a government uses barriers to foreign products such as biases against a foreign company’s bids or product standards that go against a foreign company’s product features the government is using ?
A. exchange controls
C. exchange facilitators
D. nontariff trade barriers
If an advertiser wants flexibility timeliness good local market coverage broad acceptability, and high believability the advertiser will probably choose which of the following mass media types ?
B. Direct Mail
__________ has the advantage of being high in selectivity low cost; immediacy; and interactive capabilities?
B. Direct Mail
One common misuse of marketing research findings in contemporary business is the tendency for marketing research tp ?
A. become a vehicle for pitching the sponsor’s products
B. become a means for raising prices
C. become a vehicle for pitching the sponsor’s products
D. become a means of unfair competition
The place in the business buying behavior model where interpersonal and individual influences might interact is called the ?
D. buying center
The type of trade promotion discount in which manufacturers agree to reduce the price to the retailer in exchange for the retailer’s agreement to feature the manufacturer’s products is some way is called a(n) ?
If your company were to make a product such as a suit of clothes and sold that product to a retailer your company would have sold to the __________ merket?
Given recent information about growth trends and growth potential of ethnic populations within the U.S market which of the following ethnic groups would be a best bet to double during the next half century and become one of the U.S market’s most viable segments ?
A. Hispanics and Asians
B. Western Europeans
C. African Americans
D. Middle Eastern
Catalog marketing is big business in the United States. The average house hold receives __________ catalogs per year?
The fact that services cannot be stored for later use or sale is evidence of their ?
When a company reviews sales costs and profit projections for a new product to find out whether these factors satisfy the company’s objectives they are in which of the following new process development stages ?
B. Concept development and testing
C. Business analysis
D. Marketing strategy development
If a consumer describes a car as being the most economical car on the market than this descriptor is a?
__________ is a philosophy holding that a company’s marketing should support the best long-run performance of the marketing system?
A. Enlightened marketing
B. Fundamental marketing
C. Myopic marketing
D. Conceptual marketing
The primary reason that many companies work to become the low cost producers in their industry is because ?
A. they can please top management
B. they can generate more advertising
C. they can gain tax advantages
D. they can set lower prices that that result in greater sales and profits
All of the following are criticisms leveled against marketing by critics EXCEPT ?
A. harming consumers through deceptive practices
B. harming consumers through high prices
C. harming consumers through high-pressure selling
D. harming consumers through too many product choices
A price reduction to buyers who buy in large volumes is called a(n) ?
A. quantity discount
B. seasonal discount
C. cash discount
D. trade discount
A company’s compensation plan should reflect its overall marketing strategy For example if the overall strategy is to grow rapidly and gain market share the compensation plan should reward ?
A. spot selling and old product rejuvenation
B. loyalty and perseverance
C. high sales performance and encourage capturing new accounts
D. high pressure situations and competitive reaction
In a example discussed in your text Johnson & Johnson’s recall of their Tylenol product following the discovery that several bottles of Tyloenol had been laced with cyanide is consistent with which business philosophy ?
A. The product concept
B. The marketing concept
C. The selling concept
D. The societal marketing concept
All of the following are ways that marketing plays a key role in the company’s strategic planning EXCETP ?
A. marketing provides inputs to strategic planners by helping to identify attractive market opportunities
B. marketing is the only discipline that can provide a formal structure for the planning effort
C. marketing provides a guiding philosophy
D. within individual business units marketing designs strategies for reaching the unit’s objectives
According to the text the most dramatic of the environments that affect marketing and appears to be now shaping our world is the ___________ environment?
A _________ is a need that is sufficiently pressing to direct the person to seek satisfaction?
The purpose of strategic planning is to find ways in which the company can best ?
A. avoid paying taxes
B. use its strengths to take advantage of attractive opportunities in the environment
C. overcome losses
D. avoid the expense of costly research and development while still getting the benefits
Even through buying roles in the family change constantly the _________ has traditionally been the main purchasing agent for the family?
B. teenage children
A _______ is a promotion strategy that calls for using the sales force and trade promotion to move the produce through channels ?
A. push strategy
B. blocking strategy
C. pull strategy
D. integrated strategy
According to the price/quality strategy matrix when a company overprices its product in relation to its quality it is considered to be using which type of strategy ?
A. Premium strategy
B. Good-value strategy
C. Overcharging strategy
D. Snob strategy
In evaluating messages for advertising telling how the product is better than the competing brands aims at making the ad ?
According to Engel’s law as income rises ?
A. The percentage spent on housing increases
B. The percentage spent on food rises
C. The percentage spent on other categories increase
D. The percentage spent on savings remains constant
A set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user is called a(n) ?
C. distribution channel
Rolls Royce uses which of the following distribution formats ?
A. Selective distribution
B. Exclusive distribution
C. Intensive distribution
D. Open distribution
If the field salesforce has been supplied with new leads (via the telephone) that have been qualified, they have probably been assisted by ?
A. sales assistants
B. master salespersons
C. technical support persons
The stage is the product life cycle that focuses on expanding market and creating product awareness and trails is the ?
A. growth stage
B. introduction stage
C. decline stage
D. maturity stage
3M runs a Pollution a Prevention Pays program that has led to a substantial reduction in pollution and costs this would be an example of responding and costs. This would be an example of responding to which of the following ?
A. Governmental regulation
B. The green movement
C. Nader’s raiders
D. International competition
A __________ is a brand created and owned by a reseller of a product of service ?
A. manufacturer’s brand private brand
B. licensed brand
C. private brand
The fact that services are sold, produced and consumed at the same time refers to which of the following service characteristics ?
Many U.S firms have sought relief from foreign competition by demanding protectionism policies by the U.S government. A better way for companies to compete is to expand into foreign markets and ?
A. join into cartels at home
B. increase promotion both at home and abroad
C. continuously improve their products at home
D. lower prices
_________ is a principle of enlightened marketing that requires that a company seek real product and marketing improvements ?
A. Innovative marketing
B. value marketing
C. Consumer oriented marketing
D. Sense of mission marketing
________ are ads that appear while subscribers are surfing online services or Web sites, including banners, pop-up windows, tickers and roadblocks?
A. Online broadcasts
B. Online ads
C. Online infomercials
D. Online bullets
When a company enters a new product category for which its current brand names are not appropriate it will likely follow which of the following brand strategies ?
A. Line extensions
B. Product extensions
C. Brand extensions
D. New brands
Wal-Mart owned Sam’s club is an example of a retail called a(n) ?
A. super specialty store
B. factory outlet
C. seconds store
D. warehouse club
Yahoo, Infoseek, and Baido are all called ?
C. search engines
Anything that can be offered to a market for attention acquisition, use, or consumption that might satisfy a want or need is called a(n) ?
Successful service companies focus their attention on both their customers and their employees they understand ________ which links service firm profits with employee and customer satisfaction ?
A. interactive marketing
B. service-profit chains
C. internal marketing
D. service differentiation
If a company’s objective were to reach masses of buyers that were geographically dispersed at a low cost per exposure the company would like choose which of the following promotion forms ?
B. Public relations
C. Personal selling
D. Sales promotion
A(n) _____ are computerized collections of information obtained from data sources within the company ?
A. marketing research reports
B. retrieval systems
C. flow diagrams and PERT charts
D. internal databases
The orange juice manufacturers know that orange juice is most often consumed in the mornings. However they would like to change this and make the drink acceptable during other time periods during the day Which form of segmentation would they need to work with and establish strategy reflective of their desires ?
A. benefit segmentation
B. gender segmentation
C. occasion segmentation
D. age and lief-cycle segmentation
More and more salespeople are being evaluated and compensated based on different measures than in the past. All of the following are illustrations of those measures EXCEPT ?
A. full customer service
B. competitive predatory pricing performance
C. long term customer sanctification
D. retention rates
___________ have contractual authority to sell a manufacturer’s entire output?
A. Selling agents
B. Manufacturer’s agents
C. Rack jobbers
D. Purchasing agents
In terms of execution style a family seated at the dinner table enjoying the advertised product would be an example of which of the following types of advertising ?
A. Slice of life
B. Mood or imagery
D. Personality symbol
Concerns that the manufactures of harmful products such as tobacco have influence on lawmakers to the detriment of the public interest is used as evidence of which criticism of marketing ?
A. Too few social goods
B. Too much advertising
C. Cultural pollution
D. Too much political power
The __________ is a person within a reference group who because of special skills knowledge personality or other characteristics exerts influence on others ?
A. referent actor
C. opinion leader
D. social role player
_________ are products bought by individuals and organizations for further processing or for use in conducting a business?
B. Consumer products
C. Industrial products
D. Specialty products
Pricing to cover variable costs and some fixed costs as in the case of some automobile distributorships that sell below total costs is typical of which of the following pricing objectives ?
A. product quality leadership
B. current profit maximization
C. Market share leadership
A _____ is a good offered either free or at low cost as an incentive to buy a product ?
B. patronage reward
C. price pack
That the company that overlooks new and better ways to do things will eventually lose customers to another company that has found a better way to serving customer needs is a major tenet of ?
A. innovative marketing
B. value marketing
C. consumer oriented marketing
D. sense -f mission marketing
All of the following considered to be drawbacks of local marketing EXCEPT ?
A. it can create logistical problems when the company tries to meet varied requirements
B. it can drive up manufacturing and marketing costs by reducing economies of scale
C. it can attract unwanted competition
D. it can dilute the brand’s overall image
Marketers are sometimes accused of deceptive practices that lead consumers to believe they will get more value than they actually do. _____ includes practices such as falsely advertising factory of wholesale prices or a large price reduction from a phony high retail price ?
A. Deceptive packaging
B. Deceptive promotion
C. Deceptive pricing
D. Deceptive cost structure
When companies make marketing decisions by considering consumers wants and the long run interests of the company consumer and the general population they are practicing which of the following principle ?
A. Consumer-oriented marketing
B. Innovative marketing
C. Value marketing
D. Societal marketing
The advantages of audience selectivity no ad competition and personalization apply to which type of media ?
C. Direct Mail
One of the most common problems with using internal database information is that ?
A. since it was probably collected for some other purpose it may be incomplete or wrong
B. top executives are usually unwilling to relinquish data therefore the data has limits
C. it is usually expensive to retrieve
D. the data is almost always unsecured and therefore, suspect as to reliability
Today advertising captures about ________ percent of total promotion spending?
Costs that do not vary with production or sales levels are called ?
A. fixed costs
B. standard costs
C. variable costs
D. independent costs
The last stage in the selling process in the __________ stage?
A. handling objections