Question 1

Which business function do experts agree you should focus on first when preparing to start a business?

Accepted Answer

A)  Marketing vision 
B)  Operations 
C)  Financing 
D)  Production 
E)  Human resources 
A)  Marketing vision 
B)  Operations 
C)  Financing 
D)  Production 
E)  Human resources A

Question 2

Positioning your product in the market involves ________.

Accepted Answer

A)  Buying advertising 
B)  Obtaining publicity 
C)  Communicating your competitive advantage to the customer 
D)  Demonstrating the cheapest price 
E)  Promoting special sales 
A)  Buying advertising 
B)  Obtaining publicity 
C)  Communicating your competitive advantage to the customer 
D)  Demonstrating the cheapest price 
E)  Promoting special sales C

Question 3

Smart marketers always emphasize ________.

Accepted Answer

A)  Benefits, not prices 
B)  Benefits, not features 
C)  Features, not benefits 
D)  All of the above 
E)  None of the above 
A)  Benefits, not prices 
B)  Benefits, not features 
C)  Features, not benefits 
D)  All of the above 
E)  None of the above B

Question 4

What is the third step of deciding who the potential customers are for your business?

Accepted Answer

A)  Understanding who needs your product or services 
B)  Understanding who might actually buy your product or service 
C)  Analyzing the buying process that leads customers to your product or service 
D)  Understanding customer relationships 
E)  Analyzing family values 
A)  Understanding who needs your product or services 
B)  Understanding who might actually buy your product or service 
C)  Analyzing the buying process that leads customers to your product or service 
D)  Understanding customer relationships 
E)  Analyzing family values

Question 5

Written survey questions should be clearly stated, easy to understand, and relatively short.

Accepted Answer

A) True 
 B)False

Question 6

In the introduction stage of the product life cycle, your product or service is new to the market and is essentially unknown.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A market segment is composed of customer

Question 8

Which of the following is NOT a step in the buying process?

Accepted Answer

A)  Demographic analysis 
B)  Evaluation of purchase 
C)  Awareness 
D)  Information search 
E)  Evaluation of alternatives 
A)  Demographic analysis 
B)  Evaluation of purchase 
C)  Awareness 
D)  Information search 
E)  Evaluation of alternatives

Question 9

Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers.

Accepted Answer

A)  Advertising and publicity 
B)  Advertising 
C)  Publicity 
D)  None of the above 
A)  Advertising and publicity 
B)  Advertising 
C)  Publicity 
D)  None of the above

Question 10

The most important thing you should do before launching your product or service is ________.

Accepted Answer

A)  Thoroughly research the market 
B)  Design your logo 
C)  Raise enough capital 
D)  Print business cards 
E)  Have a working prototype 
A)  Thoroughly research the market 
B)  Design your logo 
C)  Raise enough capital 
D)  Print business cards 
E)  Have a working prototype

Question 11

Online searches are an example of secondary research.

Accepted Answer

A) True 
 B)False

Question 12

Large corporations spend very little money on market research before they introduce a product or service.

Accepted Answer

A) True 
 B)False

Question 13

The customer realizes a need in the awareness step of the buying process.

Accepted Answer

A) True 
 B)False

Question 14

The marketing term that describes owning a perception in the minds of consumers is called ________.

Accepted Answer

A)  Mind share 
B)  Consumer perception 
C)  Consumer influence 
D)  Market share 
E)  Market segment 
A)  Mind share 
B)  Consumer perception 
C)  Consumer influence 
D)  Market share 
E)  Market segment

Question 15

Dividing a population on the basis of age, gender, income, or education is ________.

Accepted Answer

A)  Demographics 
B)  Marketing statistics 
C)  Behavioral data 
D)  Psychographics 
E)  Geographics 
A)  Demographics 
B)  Marketing statistics 
C)  Behavioral data 
D)  Psychographics 
E)  Geographics

Question 16

There is a subtle difference between the ________ and the ________ of a product. One is a fact while the other is a perception.

Accepted Answer

A)  Features, benefits 
B)  Revenue, costs 
C)  Sales, marketing 
D)  Marketing, penetration 
E)  None of the above 
A)  Features, benefits 
B)  Revenue, costs 
C)  Sales, marketing 
D)  Marketing, penetration 
E)  None of the above

Question 17

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

Accepted Answer

Marketing is the development and use of

Question 18

Analyze the buying process that leads customers to your product or service.

Accepted Answer

The buying process consists of five step

Question 19

The set of four stages that a product or market goes through from its beginning until its end is called the ________.

Accepted Answer

A)  Product life cycle 
B)  Marketing cycle 
C)  Promotion cycle 
D)  Merchandise life cycle 
E)  Phases of product maturity 
A)  Product life cycle 
B)  Marketing cycle 
C)  Promotion cycle 
D)  Merchandise life cycle 
E)  Phases of product maturity

Question 20

The positioning statement for a business includes its name/brand, its competitive industry/category, its ________, and its audience/target market.

Accepted Answer

A)  Benefits or points of difference 
B)  Features and points of difference 
C)  Features and points of similarity 
D)  Benefits and similarities 
E)  Features and benefits 
A)  Benefits or points of difference 
B)  Features and points of difference 
C)  Features and points of similarity 
D)  Benefits and similarities 
E)  Features and benefits

Exam 6: Exploring Your Market

Which business function do experts agree you should focus on first when preparing to start a business?

Positioning your product in the market involves ________.

Smart marketers always emphasize ________.

What is the third step of deciding who the potential customers are for your business?

Written survey questions should be clearly stated, easy to understand, and relatively short.

In the introduction stage of the product life cycle, your product or service is new to the market and is essentially unknown.

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

Which of the following is NOT a step in the buying process?

Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers.

The most important thing you should do before launching your product or service is ________.

Online searches are an example of secondary research.

Large corporations spend very little money on market research before they introduce a product or service.

The customer realizes a need in the awareness step of the buying process.

The marketing term that describes owning a perception in the minds of consumers is called ________.

Dividing a population on the basis of age, gender, income, or education is ________.

There is a subtle difference between the ________ and the ________ of a product. One is a fact while the other is a perception.

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

Analyze the buying process that leads customers to your product or service.

The set of four stages that a product or market goes through from its beginning until its end is called the ________.

The positioning statement for a business includes its name/brand, its competitive industry/category, its ________, and its audience/target market.

Entrepreneurs Recognize Opportunities

Franchising

Finding Opportunity in an Existing Business

The Business Plan: Road Map to Success

Creating Business From Opportunity

Developing the Right Marketing Mix and Plan

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

There is a subtle difference between the and the of a product. One is a fact while the other is a perception.