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State Test Prep 1st semester
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1. Name as many of the seven marketing functions as you can:
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Answer: Distribution (truck photo) Finance and pricing (money photo)
Sales Promotion Product management (making products better Nike shoe) Product Information Management (market research survey)
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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
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Answer: B. A business should satisfy customer’s needs and wants and still make a profit
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3. What is Utility?
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Answer: Utility means to add value
This is time utility as banks extend their hours they add value to their business
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4. What is target market?
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Answer: Target market is marketing to a specific group
Age, income, race, gender, occupation Location And personality
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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
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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
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Answer: Place—they are taking it to you
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7. Walk me through the 4 P’s and how used in marketing Skull Candy for the Spot
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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
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8. Market Segmentation is what?
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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.
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9. What is demographics?
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Answer: Age, race, gender, income
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10. What is psychographics?
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Answer: Personality and behavior (like how often do they buy, why do they buy that, etc.)
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11. What is Geographic's?
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Answer: Location where do your customers live?
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12. What is private or free enterprise?
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Answer: Both mean the same thing which is –we have the freedom in our country to start a business and profit from that.
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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
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Answer: C. Traditional, Command, Capitalistic
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14. The following is a land resource:
A. Trees and food B. Full-time workers C. Computers and factories D. Infrastructure
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Answer: A. Trees and Food
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15. The following is a Capital Resource:
1. full-time workers 2. food and trees 3. computers and factories 4. infrastructure
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Answer: 4. Infrastructure
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16. Institutional or Promotional Ad
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Answer: Institutional
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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
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Answer: 2. Gross National Profit
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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
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Answer: C. Your country is lacking basic needs for the population
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19. Import vs. Export
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Answer: We import (buy) cars like BMW
We export (sell) product like airplanes and heavy machinery
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20. Institutional or Promotional Ad
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Answer: Promotional
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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
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Answer: B. Social Media
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23. List Primary or Secondary Research for the following:
1. Surveys 2. Government Census Info. 3. Blogs 4. Taste Test 5. Focus Group
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Answer: Surveys (primary) Government census (secondary)
Blogs (secondary) Taste test (primary) Focus group (primary)
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24. Why does a company conduct marketing research?
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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.
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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
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Answer: A. The amount of research needed for accurate results
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26. Why is the data analyzed from market research?
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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.
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27. Which is not an example of a Trade Promotion:
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Answer: Billboard
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28. The following video is an example of?
Jazz Bear drops birthday cake
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Answer: Publicity
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29. What is the article called that you would write to get on the news?
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Answer: Press Release
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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
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Answer: C. Analyzing opportunities to make changes for a business looking at the strengths, weaknesses, opportunities and threats.
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