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ECO 101 MID-TERM EXAMINATION

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Question;Part A: Multiple Choice Questions (60 points);1.;A(n) __________ is a state of felt deprivation.;a.;Want;b.;Desire;c. Need;d.;Demand;2.;The tendency to seek out affection and;group membership is characteristic of;a.;Physical needs.;b. Social needs.;c.;Individual needs.;d.;Physical demands.;3.;Which of the following statements about;products is not true?;a.;A product is anything that can be offered;to a market to satisfy a need or want.;b.;A product can be a physical object.;c.;A product can be a service.;d. Companies are only interested in marketing;tangible products.;4.;is the act of obtaining a desired object from someone by offering something;in return.;a. Exchange;b.;Sales;c.;Transaction;d.;Payment;5.;The ____________ holds that a company;should determine the needs, wants and interests of target markets and satisfy;them in a way that improves individual and community well being.;a.;Marketing concept;b.;Product concept;c. Social marketing concept;d.;selling concept;6.;A person's want becomes a demand when;backed by;Needs;b.;Products.;c.;Exchange mechanism;d. Purchasing power.;7.;Marketing includes which of the following;functions or activities?;a.;Selling, advertising and public relations;b.;Needs assessment and product development;c.;Pricing and distribution;d. All of the above;8. In Marketing, the term;Market" is defined as;The entire population.b.;Everybody with the same colored hair.;c. The actual and potential buyers of a product or;service.;d.;Anybody with money;9.;Which of the following is NOT a factor affecting environmental trends?;a.;Competitive;b.;Economic;c. Cultural;d.;Social;10.;A new trend in marketing that is based on product preferences by where;consumers live is called ____________?;a. Regional marketing;b.;Geographic targeting;c.;Relationship marketing;d.;Target marketing;11.;Value consciousness is the concern of obtaining the best _____________ for the;best price.;a.;Color;b.;Brand name;c. Quality;d.;Sale;12.;income is money left after;taxes that is used to pay for food, shelter, and clothing.;a.;Net;b. Disposable;c.;Gross;d.;Household;13.;the most important developments for marketers may be those related to;a.;Social factors;b.;Economic growth;c.;Competitive markets;d. Information technology;14.;Pure competition happens when every company has _______________.;a.;Targeted marketing;b.;The same price for products;c. Similar products;d.;Clearly deferent products;15.;Product related legislation aims to protect __________________.;a.;Government;b.;Companies;c.;Consumers;d. Both B and C;16.;Social class can be determined by;a. A single variable;b. Occupation and income;c. Education, wealth, and other;variables;d. B and c;17.;Marketers are interested in social class NOT because;a. The lines between social classes can be changeable;b. There are number of products and services, such as clothing;home, furniture, entertainments, cars with social-class-distinct level of;product and brand preferences;c. People belonging to a specific social class tend to have;similar buying behavior;d. None of the above;18.;Which basic values does NOT Build-A-Bear Workshop focus on when designing a;child-friendly assembly line in its toy store for children?;a. Activity and involvement;b. Achievement and success;c. Fitness and health;d. Progress and hard work;19. Which;one(s) influence you most when making a very personal advisory service purchase;decision?;a.;Your closed friend;b.;Your coworkers;c.;Your family members;d.;Your favorite movie stars;20. Which one(s) influence you most when making a;new cell phone purchase decision?;a. Your parents;b. Your colleagues;c. Your boss;d. Your religious organization;21. Which;one(s) influence you most when making an apartment purchase decision?;a. Your family members;b. Your colleagues;c. Your boss;d. Your closed friends;22.;Maslow?s hierarchy of needs;a. Seeks to explain why people is;driven by a particular needs at particular times;b. Suggests that a person?s buying decisions are affected by;subconscious motives;c. Explains the roles of each human need;d. None of the above;23.;According to Sigmund Freud?s psychoanalytic theory of personality, it is;assumed that;a. People are largely unconscious about the real psychological;forces shaping their behavior;b. During the growing process, a person is repressing many urges;which are never eliminated or under perfect control;c. The urges emerge in dreams, in slips of the tongue, in neurotic;and obsessive behaviors, or ultimately in psychoses;d. All of the above;24.;What type of consumer buying behavior is likely involved when a woman decides;to purchase a sofa for her family?s dining room?;a. Complex buying behavior;b. Dissonance-reducing buying behavior;c. Habitual buying behavior;d. Variety/seeking buying behavior;25.;What type of consumer buying behavior is likely involved for purchasing a;hybrid car?;a. Complex buying behavior;b. Dissonance-reducing buying behavior;c. Habitual buying behavior;d. Variety/seeking buying behavior;26.The;consists of all the organizations that acquire goods and services used;in the production of other products or services that are sold, rented, or;supplied to others.;a.;business market;b.;consumer;market;c.;e-commerce;market;d.;global;market;e.;supplier;market;All of;the following would be among the major industries that make up the;business market EXCEPT ________a.;agriculture;forestry, and fisheries;b.;manufacturing;c.;construction;d.;banking;finance, and insurance;e.;the Internet;The;business marketer normally deals with ________ buyers than the consumer;marketer does.a.;more;and larger;b.;more;and smaller;c.;fewer and larger;d.;fewer;and smaller;e.;the;same number of;The;demand for business goods is ultimately derived from the demand for;a.;raw;materials;b.;consumer goods;c.;electronics;d.;business;solutions;e.;e-commerce;The;total demand for many business goods and services is ________ ?that is;not much affected by price changes.a.;derived;b.;fluctuating;c.;accelerated;d.;multiple;e.;inelastic;The;purchasing department buys office supplies on a routine basis. This type;of purchase is classified as a ________.a.;straight rebuy;b.;modified;rebuy;c.;new;task;d.;secondary;purchase;e.;preordained;purchase;32.In a ________ purchasing situation;the buyer wants to make some change to existing product specifications, prices;delivery requirements, or other terms.;a.;modified rebuy;b.;regular;buy;c.;straight;rebuy;d.;new;rebuy;e.;new;task;In the;purchasing decision process, the ________ are those who request that;something be purchased. They may be users or others in the organization.a.;users;b.;initiators;c.;influencers;d.;deciders;e.;approvers;In the;purchasing decision process, the ________ are those who have the power to;prevent sellers or information from reaching members of the buying center.;a.;gatekeepers;b.;buyers;c.;initiators;d.;approvers;e.;deciders;In the;purchasing decision process, the major role of ________ is in selecting vendors and;negotiating.a.;gatekeepers;b.;buyers;c.;initiators;d.;approvers;e.;deciders;A;consists of a group of customers who share a similar set of needs;and wants.a.;market;target;b.;market;group;c.;market;slice;d.;market segment;e.;market;level;When;segmenting on the basis of family life cycle, all of the following are;segment categories EXCEPT ________.a.;young;single;b.;male, female;c.;young;married;d.;older;married, no children under 18;e.;young;married, youngest child 6 or over;If a;market is segmented according to light, medium, and heavy product users;the marketer segmenting this market is using the ________ as the means to;segment.a.;user;status;b.;usage rate;c.;buyer-readiness;stage;d.;occasion;e.;benefit;Hilton;Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more;cosmopolitan. Southwestern hotels;are more rustic. This is an example;of ________ segmentation.a.;demographic;b.;behavioral;c.;psychographic;d.;geographic;e.;user;status;Pampers;divides its market demographically on the basis of ________ into prenatal;new baby, baby, toddler, and preschooler. a.;life;stage;b.;gender;c.;age;d.;income;e.;social;class

 

Paper#58082 | Written in 18-Jul-2015

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