PRATICE TEST – MKT 100

1) Marketing is about: Increasing customer satisfaction, which in turn increases profits.

2) The presence of price and quality variance in markets means: A few suppliers products and services are best buys. Most are not.

3) The future of the United States and Canada depends on their: Marketing skills

4) A responsibility of marketers is to sell new products and ideas to: Their organization. Their existing customers. New customers.

5) Marketing is the business discipline responsible for: Product innovation and diffusion of innovation.

6) Excellence in advertising and promotion is most needed: When your products and distribution are strong.

7) The focus of companies needs to be on winning: The product innovation race. The distribution innovation race.

8) Product innovation and diffusion of innovation creates: Customer satisfaction. Profit. Capital.

9) The United States market is no longer where the action is: Because it is growing much slower than Asia.

10) Marketing is: About invention of new markets, new products and new services. The invention of new ways of distributing and reaching customers. About researching, finding, understanding and making new markets. About creating and changing market processes that change markets.

11) Wealth is created by: The dynamic combination of selling, buying and invention.

12) Schumpeterian wealth is created by: Invention13) The British Trading Empire replaced: The Spanish Trading Empire14) The good created by global free trade vastly outweighs the bad it has

created: This has been established by thousands of years of advancing civilization and prosperity.

15) The first ecological disaster that destroyed an early trading empire occurred in: The Middle East

16) The biggest example of the humanizing, welfare creating and civilizing benefits of the world trade in invention is: Antibiotics

17) How many times has China closed down its trade with the world? Three times.

18) Adam Smith described a process where wealth is created by: Selling and buying.

19) Whistle blowers who reveal company unethical behavior too often: Have their careers ended. Are branded trouble makers. Become too hot to be hired by other companies.

20) Ethical behavior in trading requires that: The seller behaves ethically. The buyer behaves ethically.

21) Senior executives: Sometimes encourage ethical corner cutting providing it never becomes public.

22) An ethics ombudsman in a large company: Is there to listen sympathetically to your concern. Can help you with your ethical quandary. Protect you from negative consequences.

23) Who is accountable for dishonest advertising: The company whose product is advertised. The advertising agency that creates it.

24) The Canadian Marketing Association code of ethics emphasizes: Truthfulness in communicating with consumers. Avoidance of immoral and exploitive practices.

25) Company codes of ethics are stated in ways: That leave interpretation in a specific situation up to the manager.

26) According to the CMA code of ethics marketers: Cannot send e-mail to potential new customers without first getting their consent.

27)The lower the cost of trade and the faster the speed of trade flows: The faster the opening up of new markets around the world. The faster new sources of low cost labour are introduced into the supply-chain.

28) What has changed the global marketplace are new communication and transportation technologies, low labour cost and: Quality and on-time delivery assurance contracts.

29) A positive outcome of the global trading dynamic is: Prices drop. Inflation drops. Interest rates drop.

30) The losers in the global distribution and supply-chain dynamic are particularly those with: No longer competitive manufacturing or farming skills.

31) Modern production methods can be made to work in regions that have progressed beyond the stage of peasantry.

32) Fedex, UPS, and DHL have a few great process thinkers and a lot of hood distribution process implementers who are: Asked to think about what they do and how to improve what they do.

33) The winners in the global distribution and supply-chain dynamic are particularly those with: Traders who respond to market forces fast and well.

34) When an economic downturn occurs as a result of shifting investment and employment resulting from global sourcing: Distributors try even harder to discover new sources of global supply.

35) When domestic and global sources in existing trading alliances come under pressure to innovate, to reduce prices and increase services: Domestic manufacturing output contracts as profits are lowered. Consumer prices drop in very price competitive markets. Retailer/distributor profits increase.

36) New market segments emerge as the variation of demand changes.37) Insatiable self-improvement is in the self-interest of all firms.38) The changing needs, wants and preferences of consumers changes

supply: Always39) Change management in marketing is most important in a firm's:

Product development management processes. Customer relationship management processes. Supply-chain management processes.

40)Competition increases as: Supply exceeds demand.

41) The marketing of changing supply changes the needs and wants of consumers.

42) Which of the following is the implication of "Effective products and process are quickly imitated and improved."? Market share is measured: Globally. By country. By region of a country. By segment of users.

43) Perfect competition has: Many suppliers selling essentially the same product.

44) Voice Share is dollars spent on advertising divided by all dollars spent on advertising by industry.

45) Monopolistic competition has: Many suppliers with a variety of products, each of which has a small market share.

46) The key to competitive research is to focus on and understand: Competitor added-value processes.

47) Vicious circles: Are created by positive feedback effects.48) The most important economic trends that the North American

marketer must track are economic trends in: Emerging nations49) What trend precipitated the recent U.S recession: Chinese consumers

saving a lot rather than spending.50) What underlies dynamic analysis? Positive feedback effects.51) As the number of gas pumps at convenience stores increased:

Traditional gas station revenues fell. Gas stations stocked and sold more convenience products. Convenience store convenience product revenues fell.

52) Environment analysis involves: Analyzing the dynamics that are driving trends.

53) The Canadian economy is: One of the most open and free in the world.54) A basic principle of free-market economics is: Regulation is needed to

make markets fair and efficient. 55) The swapping of internet music files is: Only legal if you have the

permission of the copyright holder.56) An obsessive resentment of market law and regulation: Can result in

disaster and disgrace.57) Much of current marketing law in North America is: The result of

lobbyists seeking competitive advantage.58) Manager thinking quality, rationality and insight is bounded by: The

quality of the tools and methods they use to process information. The market intelligence that is gathered.

59) A network of market observers is used: To gather intelligence. To make sense of market metrics. To come to a consensus as to what is happening in the market.

60) Examples of internal secondary data are: Financial reports. Old market research studies. Sales records.

61) Some large companies use market insight blogs which contain running reports on changing buyer demand, global supply-chain developments and latest information on competition.

62) Lifestyle trends are part of which of the four SWOT elements? Opportunities.

63) Patents are part of which of the four SWOT elements? Strengths.64) Managers who spend the quiet time allocated to thinking about the

SWOT analysis putting out fires: Reveal themselves as forever lieutenants.65) In a SWOT analysis the threats and opportunities are: External to your

organization and about your future business.66) Poor distribution reach is part of which of the four SWOT elements?

Weaknesses.67) It is recommended that you answer which of the following questions in

undertaking a SWOT analysis: Is there exceptional buyer utility in the business idea associated with the opportunity? Is your price affordable to your target market segment of buyers? Is the target sales volume feasible given your costs, price and target profit? What are the adoption hurdles and threats in actualizing the business idea? Are you addressing them upfront?

68) Competitor innovations are part of which of the four SWOT elements? Threats.

69) Managers who are excellent at getting things done: Break down processes into specific tasks and next actions. Use to do lists that are reviewed weekly. Have well sorted filing systems. Do easy, simple things right away.

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