Question 1

What attributes should your business name have?

Accepted Answer

A)  Creative and funny 
B)  Distinctive and easy to remember 
C)  Similar to your main competitor and short 
D)  None of the above 
A)  Creative and funny 
B)  Distinctive and easy to remember 
C)  Similar to your main competitor and short 
D)  None of the above B

Question 2

Jenny is concerned because when she calculates her breakeven for her business, the number of products she much produce and sell is greater than what she can handle. Explain whether or not she could improve her breakeven by finding lower costs. Which, if any, types of cost reductions could lower her breakeven? Why?

Accepted Answer

Jenny can lower her breakeven by lowering any of her fixed costs - USAIIRD - utilities, salaries, advertising, interest, insurance or rent. She can also lower it by increasing her gross margin through higher prices and lower variable costs. Because breakeven is calculated based upon gross margin and fixed costs, increasing her gross margin or lowering her fixed costs will reduce her breakeven.

Question 3

Explain why a business should focus on its brand.

Accepted Answer

The key to building a successful brand is to focus tightly on the primary benefit a business wants customers to associate with it. Marketing expert Al Ries explains that the most successful businesses focus their marketing so that they come to own a category in the customer's mind. By owning a brand, a business is far stronger. Examples of some well known brands are the way Volvo is recognized for safety and Federal Express is known for guaranteed overnight delivery.

Question 4

With a breakeven level of sales at 3,330 sandwiches per month, how many sandwiches per day must Pedro sell on average to breakeven?

Accepted Answer

A)  111 
B)  100 
C)  110 
D)  333 
A)  111 
B)  100 
C)  110 
D)  333

Question 5

Fixed operating costs ________.

Accepted Answer

A)  Are not included in COGS 
B)  Are not direct costs of creating each product 
C)  Include expenses like the power bill and rent 
D)  All of the above 
A)  Are not included in COGS 
B)  Are not direct costs of creating each product 
C)  Include expenses like the power bill and rent 
D)  All of the above

Question 6

________ is the use of advertising and publicity to get your market message out to your customers.

Accepted Answer

A)  Marketing 
B)  Promotion 
C)  Sales 
D)  Philanthropy 
A)  Marketing 
B)  Promotion 
C)  Sales 
D)  Philanthropy

Question 7

Ford's Edsel is an example of a product that failed because it lacked ________.

Accepted Answer

A)  Focus 
B)  Name recognition 
C)  Competitiveness 
D)  Imagination 
A)  Focus 
B)  Name recognition 
C)  Competitiveness 
D)  Imagination

Question 8

A nonprofit organization that uses donated money to help others is called a ________.

Accepted Answer

A)  Tax exempt 
B)  Foundation 
C)  Philanthropy 
D)  Free enterprise 
A)  Tax exempt 
B)  Foundation 
C)  Philanthropy 
D)  Free enterprise

Question 9

Advertising is free mention of a company, person, event, product, or service in media such as newspapers and magazines or on radio or television.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is one of the four Ps of marketing?

Accepted Answer

A)  Product 
B)  Population 
C)  Publicity 
D)  Profit 
A)  Product 
B)  Population 
C)  Publicity 
D)  Profit

Question 11

Discuss the concept of fixed costs and the types of fixed costs. Can fixed costs vary?

Accepted Answer

Fixed costs are "fixed" because they do

Question 12

Expressing concern for social issues by giving money, time, or advice is called ________.

Accepted Answer

A)  Cause-related marketing 
B)  Foundation 
C)  Philanthropy 
D)  Social enterprise 
A)  Cause-related marketing 
B)  Foundation 
C)  Philanthropy 
D)  Social enterprise

Question 13

Philanthropy is the fifth "P" of marketing.

Accepted Answer

A) True 
 B)False

Question 14

Tanika is planning to open a consulting practice based in a shared office facility. Her monthly fixed costs will total $2,500 plus she must earn at least $7,500 per month to replace her salary and benefits. She plans to charge $65 per hour for her consulting services and will have direct costs of $15 per hour for a gross profit of $50 per hour. How many hours of consulting must she bill per month?

Accepted Answer

A)  200 hours 
B)  50 hours 
C)  150 hours 
D)  None of the above 
A)  200 hours 
B)  50 hours 
C)  150 hours 
D)  None of the above

Question 15

Which of the following is a way to use cause-related marketing in your business?

Accepted Answer

A)  Advertise that you support a social, political, or environmental cause, without actually giving any money or time to the cause. 
B)  Donate a small percentage of your revenue to a cause, but don't tell anyone. 
C)  Pay employees to volunteer some time toward community service. 
D)  None of the above. 
A)  Advertise that you support a social, political, or environmental cause, without actually giving any money or time to the cause. 
B)  Donate a small percentage of your revenue to a cause, but don't tell anyone. 
C)  Pay employees to volunteer some time toward community service. 
D)  None of the above.

Question 16

Which of the following is not an example of successful branding?

Accepted Answer

A)  A product represents luxury to customers. 
B)  Customers confuse a business's logo with that of another business. 
C)  Customers associate a product with high ethical standards. 
D)  Customers cannot remember the name of the company. 
A)  A product represents luxury to customers. 
B)  Customers confuse a business's logo with that of another business. 
C)  Customers associate a product with high ethical standards. 
D)  Customers cannot remember the name of the company.

Question 17

Customers will not respond to brand personality or develop a relationship with it.

Accepted Answer

A) True 
 B)False

Question 18

According to Guerilla Marketing Attack by Jay Levinson, when consumers in the furniture industry rated factors affecting their purchase decision, ________.

Accepted Answer

A)  Price was by far the most important variable 
B)  Price was the ninth most important variable 
C)  Price was not deemed to be a critical or relevant variable in the purchase decision 
D)  Price was the 25th most important variable 
A)  Price was by far the most important variable 
B)  Price was the ninth most important variable 
C)  Price was not deemed to be a critical or relevant variable in the purchase decision 
D)  Price was the 25th most important variable

Question 19

________ is free (non-purchased) mention of your business or brand in newspapers, magazines, radio or TV.

Accepted Answer

A)  Advertising 
B)  Publicity 
C)  Product marketing 
D)  Promotion 
A)  Advertising 
B)  Publicity 
C)  Product marketing 
D)  Promotion

Question 20

A product is defined by its ________.

Accepted Answer

A)  Physical attributes 
B)  Performance characteristics 
C)  Pricing 
D)  All of the above 
A)  Physical attributes 
B)  Performance characteristics 
C)  Pricing 
D)  All of the above

What attributes should your business name have?

Explain why a business should focus on its brand.

With a breakeven level of sales at 3,330 sandwiches per month, how many sandwiches per day must Pedro sell on average to breakeven?

Fixed operating costs ________.

________ is the use of advertising and publicity to get your market message out to your customers.

Ford's Edsel is an example of a product that failed because it lacked ________.

A nonprofit organization that uses donated money to help others is called a ________.

Advertising is free mention of a company, person, event, product, or service in media such as newspapers and magazines or on radio or television.

Which of the following is one of the four Ps of marketing?

Discuss the concept of fixed costs and the types of fixed costs. Can fixed costs vary?

Expressing concern for social issues by giving money, time, or advice is called ________.

Philanthropy is the fifth "P" of marketing.

Which of the following is a way to use cause-related marketing in your business?

Which of the following is not an example of successful branding?

Customers will not respond to brand personality or develop a relationship with it.

According to Guerilla Marketing Attack by Jay Levinson, when consumers in the furniture industry rated factors affecting their purchase decision, ________.

________ is free (non-purchased) mention of your business or brand in newspapers, magazines, radio or TV.

A product is defined by its ________.

Entrepreneurs Recognize Opportunities

Franchising

Finding Opportunity in an Existing Business

The Business Plan: Road Map to Success

Creating Business From Opportunity

Exploring Your Market

Pricing and Credit Strategies

Integrated Marketing Communications

Marketing Globally

Smart Selling and Effective Customer Service

Understanding and Managing Start-Up, Fixed, and Variable Costs

Using Financial Statements to Guide a Business

Cash Flow and Taxes

Financing Strategy: Debt, Equity, or Both

Addressing Legal Issues and Managing Risk

Operating for Success

Location, Facilities, and Layout

Human Resources and Management

Leadership and Ethical Practices

Franchising, Licensing, and Harvesting: Cashing in Your Brand

Filters

Exam 7: Developing the Right Marketing Mix and Plan

What attributes should your business name have?

Explain why a business should focus on its brand.

With a breakeven level of sales at 3,330 sandwiches per month, how many sandwiches per day must Pedro sell on average to breakeven?

Fixed operating costs ________.

________ is the use of advertising and publicity to get your market message out to your customers.

Ford's Edsel is an example of a product that failed because it lacked ________.

A nonprofit organization that uses donated money to help others is called a ________.

Advertising is free mention of a company, person, event, product, or service in media such as newspapers and magazines or on radio or television.

Which of the following is one of the four Ps of marketing?

Discuss the concept of fixed costs and the types of fixed costs. Can fixed costs vary?

Expressing concern for social issues by giving money, time, or advice is called ________.

Philanthropy is the fifth "P" of marketing.

Which of the following is a way to use cause-related marketing in your business?

Which of the following is not an example of successful branding?

Customers will not respond to brand personality or develop a relationship with it.

According to Guerilla Marketing Attack by Jay Levinson, when consumers in the furniture industry rated factors affecting their purchase decision, ________.

________ is free (non-purchased) mention of your business or brand in newspapers, magazines, radio or TV.

A product is defined by its ________.

Entrepreneurs Recognize Opportunities

Franchising

Finding Opportunity in an Existing Business

The Business Plan: Road Map to Success

Creating Business From Opportunity

Exploring Your Market

Pricing and Credit Strategies

Integrated Marketing Communications

Marketing Globally

Smart Selling and Effective Customer Service

Understanding and Managing Start-Up, Fixed, and Variable Costs

Using Financial Statements to Guide a Business

Cash Flow and Taxes

Financing Strategy: Debt, Equity, or Both

Addressing Legal Issues and Managing Risk

Operating for Success

Location, Facilities, and Layout

Human Resources and Management

Leadership and Ethical Practices

Franchising, Licensing, and Harvesting: Cashing in Your Brand

Filters