Marketing Exam 1

Question 1

A manner, physical item or method, to accomplish a task.

Answer 1

Technology

Question 2

B2B

Answer 2

Business to Business

Question 3

B2C

Answer 3

Business to Consumer

Question 4

The process of identifying clusters of customers in a market which share similar needs and wants and will respond in a unique way to a given marketing effort.

Answer 4

Market Segmentation

Question 5

The factual data of the people who make up the market for your products or services.

Answer 5

Demographics

Question 6

Characteristics which include people’s lifestyles and behaviors.

Answer 6

Psychographics

Question 7

Features, benefits, packaging, and quality.

Answer 7

Product

Question 8

Price levels, credit terms, price changes, and discounts.

Answer 8

Price

Question 9

Advertising, publicity, sales promotion, personal selling, and sponsorship.

Answer 9

Promotion

Question 10

Inventory, channels of distribution, and number of intermediaries.

Answer 10

Place

Question 11

Business strategy that allows companies to realize significant profits by selling low volumes of hard-to-find items to many customers.

Answer 11

The Long Tail

Question 12

A business common purpose or prime function.

Answer 12

Mission Statement

Question 13

Identifying and understanding market needs.

Answer 13

Marketing Process

Question 14

Establish and manage relationships, obtain cash and profit.

Answer 14

Sales Process

Question 15

Managing labor resources and ensuring staff wellbeing.

Answer 15

Employment Development Process

Question 16

Concept refinement, prototyping, and production.

Answer 16

Technology and Product Development Process

Question 17

Ensuring the business’ financial stability by maintaining financial records of transactions and sourcing appropriate types of finance to fund its operations.

Answer 17

Accounting and Finance Process

Question 18

A process that you collected money for and must deliver it with quality.

Answer 18

Product or Services Delivery Process

Question 19

System wide quality process with feedback into improvements.

Answer 19

Quality, Process Improvement, and Change Management Process

Question 20

A set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.

Answer 20

Strategic Plan

Question 21

What do we want to accomplish ultimately?

Answer 21

Vision

Question 22

How do we accomplish our goals?

Answer 22

Mission

Question 23

What commitments do we make, and what guardrails do we put in place, to act both legally and ethically as we go forward?

Answer 23

Values

Question 24

Makes sure each business function supports strategic goals of the business.

Answer 24

Operational Plan

Question 25

The number of people whom a manager is directly responsible.

Answer 25

Span of Control

Question 26

Line of authority from top down throughout the business.

Answer 26

Chain of Command

Question 27

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Answer 27

Division of Labor

Question 28

The whole is greater than the sum of its parts.

Answer 28

Synergy

Question 29

Ready money in the bank or business.

Answer 29

Cash

Question 30

The demand for a product is highly responsive to changes in its price.

Answer 30

Elastic Demand

Question 31

Price increase has minimal effect on quantity and increases in revenue.

Answer 31

Inelastic Demand

Question 32

An organized process to determine the cost at which a proposed product must be developed so as to generate profits at the product's anticipated selling price in the future.

Answer 32

Target Costing

Question 33

Analyze the customer's needs and problems. Present product benefits and consult with the customer regarding the best solution. Gain commitment for the purchase. Provide excellent service to maintain relationship.

Answer 33

ABC'S of Relationship Selling

Question 34

The process of conducting one-off, generally impersonal sales where immediately generating revenue is the main priority.

Answer 34

Transactional Selling

Question 35

Type of selling that emphasizes service after the sale.

Answer 35

Consultative Selling

Question 36

Type of selling where strategy is given as much attention as selling tactics.

Answer 36

Strategic Selling

Question 37

A roadmap that matches a firm's resources to its market opportunities.

Answer 37

Strategic Planning

Question 38

An executable plan for establishing, building, and maintaining quality relationships (informal partnership).

Answer 38

Relationship Strategy

Question 39

Become a product expert, sell benefits, and configure value added solutions.

Answer 39

Product Strategy

Question 40

Plan that results in maximum responsiveness to the customer's needs.

Answer 40

Customer Strategy

Question 41

A long term symbiotic relationship, occurring when the seller is seen as offering additional value for which the customer is willing to commit.

Answer 41

Partnering

Question 42

Multiple companies collaborate to achieve a result. (Typically increasing profit)

Answer 42

Strategic Alliances

Question 43

A piece of information that indicates that an individual or entity is a potential customer.

Answer 43

Lead

Question 44

The process by which the sales and/or marketing teams make the initial evaluation about whether or not their company is likely to succeed in making a sale to a potential customer.

Answer 44

Lead Qualification

Question 45

A formal process by which companies document their requirements for a product or service and solicit try to obtain competitive bids.

Answer 45

Request for Proposal (RFP)

Question 46

Formal document that describes a vendor's idea to deliver a product or service to satisfy the requirements which have been specified in an RFP.

Answer 46

Proposal

Question 47

The development, application, and distribution of content across various media to convey information.

Answer 47

Communicaiton

Question 48

Inevitable, Consequences, Irreversible, Full of Error

Answer 48

Four Communication Truths

Question 49

Clear, Concise, Coherent

Answer 49

Three C's of Communication

Question 50

0-2 Feet

Answer 50

Intimate Territorial Space

Question 51

2-4 Feet

Answer 51

Personal Territorial Space

Question 52

4-12 Feet

Answer 52

Social Territorial Space

Question 53

12-25 Feet

Answer 53

Public Territorial Space

Question 54

When the buyer and seller don't share a common understanding of information.

Answer 54

Differences in Perception

Question 55

Enthusiasm and slight sales pressure is good, but high-pressure techniques erect communication barriers.

Answer 55

Selling Pressure

Question 56

When you don't match your style to the client's style.

Answer 56

Not Adapting to Buyer's Style

Question 57

Presenting too much technical information confuses the buyer.

Answer 57

Information Overload

Question 58

Handling clutter: Refer, Act, File, Trash

Answer 58

RAFT System

Question 59

A group of customers or a geographic area assigned to a salesperson.

Answer 59

Sales Territory

Question 60

= Forecasted Sales / Avg Sales per Person

Answer 60

Number of Sales Territories

Question 61

Uses the number, location, and size of customers and prospects to determine the frequency of sales calls and amount of time a call takes.

Answer 61

Equalized Workload Approach

Question 62

The establishment of standards of performance for the individual territory in the form of qualitative and quantitative quotas or goals.

Answer 62

Territorial Control

Question 63

Something that can be objectively checked by inspection, analysis, test, or demonstration.

Answer 63

Verifiable

Question 64

Within budget and schedule, and technically feasible.

Answer 64

Attainable

Question 65

Observation using one or more of the five senses, physical manipulation, and measurement to verify that the item conforms to its specified requirements.

Answer 65

Inspection

Question 66

Actual operation of an item to provide evidence that it accomplishes the required functions under specific scenarios.

Answer 66

Demonstration

Question 67

Application of scientific principles and procedures to determine the properties or functional capabilities of items.

Answer 67

Test

Question 68

The use of established technical or mathematical models or simulations, analysis, or other scientific principles and procedures to provide evidence that the item meets its stated requirements.

Answer 68

Analysis

Question 69

Requirements or things the solution must or must not do.

Answer 69

Constraints

Question 70

Factors that are scored.

Answer 70

Criteria

Question 71

Concentrate, Acknowledge, Restate, Empathize

Answer 71

CARE (Way to be a better listener)

Question 72

The discipline dealing with what is good and bad and with moral duty and obligation.

Answer 72

Ethics

Question 73

The moral principles, policies, and values that govern the way companies and individuals engage in business activity.

Answer 73

Business Ethics

Question 74

Would this choice violate a law or policy of my employer?

Answer 74

Legality/Policy Test

Question 75

Do the benefits outweigh the harms?

Answer 75

Harm Test

Question 76

Would I think this choice were good if I traded places with someone else?

Answer 76

Reversibility Test

Question 77

What would professional colleagues say?

Answer 77

Colleague Test

Question 78

How would this choice look on the front page of a newspaper?

Answer 78

Publicity Test

Question 79

What if everyone behaved this way?

Answer 79

Common Practice Test

Question 80

Countries have export and import policy. Export/import rules are foreign policy. Licenses include specific restrictions. Hardware, technology, processes, production, and software. Frequently applies to significant military equipment components.

Answer 80

Export Control Requirements (ECR)

Question 81

Formal licensing process with specific restrictions. Different license types required. Separate from classification. Export can happen in a casual conversation. Military equipment.

Answer 81

International Trafficking Arms Regulations (ITAR)

Question 82

Targeted at prohibiting bribery/corruption outside the US. Foreign firms also must comply if any US connection.

Answer 82

Foreign Corrupt Practices Act (FCPA)

Question 83

Prevent or control monopolies or agreements that restrict competition between businesses to bring quality products at fair prices.

Answer 83

Anti-Trust

Question 84

Focused on preventing excess profit when working with the federal government.

Answer 84

Federal Acquisition Regulations (FAR)

Question 85

Must report your actual expected cost with accurate/proper time accounting.

Answer 85

Truth In Negotiation Act (TINA)