State Test Prep 1st semester

1. Name as many of the seven marketing functions as you can:

Answer: Distribution (truck photo) Finance and pricing (money photo) Sales Promotion Product management (making products better Nike shoe) Product Information Management (market research survey)

2. Which is the marketing concept: A. Deciding how much to charge for products B. A business should satisfy customer’s needs and wants and still make a profit C. The function of adding value to a product D. The process of planning, pricing, promoting and selling ideas, goods or services

Answer: B. A business should satisfy customer’s needs and wants and still make a profit

3. What is Utility?

Answer: Utility means to add value This is time utility as banks extend their hours they add value to their business

4. What is target market?

Answer: Target market is marketing to a specific group Age, income, race, gender, occupation Location And personality

5. Customer or Consumer? 1. Shampoo you used this morning (or a week ago if you are Steve Sprague) 2. Car you drive 3. School supplies 4. Dinner last night

Answer: 1. If your mom bought the shampoo you are a consumer 2. If you bought the car, you are the customer and the consumer 3. School supplies would mean you are the consumer 4. Dinner if you bought would be customer and consumer if parents fed you --consumer

Answer: Place—they are taking it to you

7. Walk me through the 4 P’s and how used in marketing Skull Candy for the Spot

Answer: People would be teens ages 15-18, both genders and low income who go to our school Place: school store Price: low because teens usually don’t have much money Promotion: Give away a pair for best Halloween Costume

8. Market Segmentation is what?

Answer: Market segmentation means to take everyone (the market) and divide them into categories. Like Demographics, Target market, psychographics and Geographics. You don’t market to everyone, it is better to pick a segment and market to a specific group of people.

9. What is demographics?

Answer: Age, race, gender, income

10. What is psychographics?

Answer: Personality and behavior (like how often do they buy, why do they buy that, etc.)

11. What is Geographic's?

Answer: Location where do your customers live?

12. What is private or free enterprise?

Answer: Both mean the same thing which is –we have the freedom in our country to start a business and profit from that.

13. What are the three types of economies? A. Place, Price, Product B. Time, Form, Information C. Traditional, Command, Capitalistic D. Geographic's, Demographics, Psychographics

Answer: C. Traditional, Command, Capitalistic

14. The following is a land resource: A. Trees and food B. Full-time workers C. Computers and factories D. Infrastructure

Answer: A. Trees and Food

15. The following is a Capital Resource: 1. full-time workers 2. food and trees 3. computers and factories 4. infrastructure

Answer: 4. Infrastructure

16. Institutional or Promotional Ad

Answer: Institutional

17. GNP stands for? How is it measured? 1. Grapes, Nuts and Pretzels 2. Gross National Profit 3. Gross Nato Policy 4. Generous National Policy

Answer: 2. Gross National Profit

18. Scarcity means: A. You have too much of a product so must sell it or it will go bad B. You have not made enough of your product to sell C. Your country is lacking basic needs for the population D. Your country is selling basic needs

Answer: C. Your country is lacking basic needs for the population

19. Import vs. Export

Answer: We import (buy) cars like BMW We export (sell) product like airplanes and heavy machinery

20. Institutional or Promotional Ad

Answer: Promotional

22. For a new start up company that does not have much money, what is the best option for advertising? Why? A. Television commercials B. Social Media C. Billboard D. Radio

Answer: B. Social Media

23. List Primary or Secondary Research for the following: 1. Surveys 2. Government Census Info. 3. Blogs 4. Taste Test 5. Focus Group

Answer: Surveys (primary) Government census (secondary) Blogs (secondary) Taste test (primary) Focus group (primary)

24. Why does a company conduct marketing research?

Answer: You conduct research to see what your customer thinks of your product, what price you can charge, what they like and dislike, find out how to advertise best to them.

25. What is a sample size with regards to marketing research? A. The amount of research needed for accurate results B. The demographics of those you are surveying C. Who volunteers for a taste test D. The geographic location market research was conducted in

Answer: A. The amount of research needed for accurate results

26. Why is the data analyzed from market research?

Answer: Data is analyzed so that you can make the best decisions going forward. Example, if they say that your prices are too high—you will know to lower them.

27. Which is not an example of a Trade Promotion:

Answer: Billboard

28. The following video is an example of? Jazz Bear drops birthday cake

Answer: Publicity

29. What is the article called that you would write to get on the news?

Answer: Press Release

30. A SWOT analysis is used for: A. Analyzing the stock market B. Analyzing strengths, weaknesses, options and trends of competition C. Analyzing opportunities to make changes for a business looking at the strengths, weaknesses, opportunities and threats D. Analyzing and copying the competition

Answer: C. Analyzing opportunities to make changes for a business looking at the strengths, weaknesses, opportunities and threats.