QUIZ

Question 1

It is regarded as the art of selling products

Answer 1

Marketing

Question 2

According to the American Marketing Association, it is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.

Answer 2

Marketing

Question 3

It is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Answer 3

Marketing Management

Question 4

List the 10 main types of entities being marketed and briefly explain each.

Answer 4

Goods
Sevices
Events
Experiences
Persons
Places
Properties
Organizations
Information
Ideas

Question 5

Pertains to a fairly homogenous group of customers to whom a company wishes to appeal.

Answer 5

Target Market

Question 6

These are the basic human requirements such as air, food, water, clothing, and shelter.

Answer 6

Needs

Question 7

When does a need become a want?

Answer 7

When a need is directed to specific objects that might satisfy the need.

Question 8

These are wants for specific products backed by an ability and willingness to pay.

Answer 8

Demands

Question 9

It is the ratio between what the customer gets (benefits) and what s/he gives (costs).

Answer 9

Value

Question 10

What are the components of the customer value triad?

Answer 10

Quality, service, and price (qsp)

Question 11

It reflects a person’s judgment of a product’s perceived performance in relation to expectations.

Answer 11

Satisfaction

Question 12

It identifies and profiles distinct groups of buyers who might prefer or require varying products and marketing mixes.

Answer 12

Market Segmentation

Question 13

Give the 4 major segmentation variables and explain each.

Answer 13

Geographic Segmentation
Demographic Segmentation
Psychographic Segmentation
Behavioral Segmentation

Question 14

This is a set of tactical marketing tools - product, place, price, and promotion that the firm blends to produce the response it wants from the target market.

Answer 14

Marketing Mix

Question 15

What are the 3 types of products.

Answer 15

Standard Product (Commodity)
Custom Products (Specialty Products)
Differentiated Products

Question 16

Pertains to the stages or sales history as a new product goes through from introduction to growth to maturity to decline.

Answer 16

Product Life Cycle

Question 17

Refers to a word, mark, symbol, or a combination of them used to identify the marketer’s product of service.

Answer 17

Branding

Question 18

Includes all the activities of designing and producing the container for a product.

Answer 18

Packaging

Question 19

A simple tag attached to a product of an elaborately designed graphic that is part of the package.

Answer 19

Labeling

Question 20

Includes company activities that make the product available to target consumers when and where they want it - in the right place at the right time.

Answer 20

Place

Question 21

It is the set of interdependent organizations involved in the process of making a product or service available for the use or consumption by the consumer or business user.

Answer 21

Channel of Distribution or Trade Channel

Question 22

A term which encompasses activities needed to get the right quantity of goods to the spot at the right time at the right cost.

Answer 22

Channel of Distribution or Trade Channel

Question 23

Give the 3 kinds of marketing channels and briefly explain each.

Answer 23

Communication Channels
Distribution Channels
Service/Selling Channels

Question 24

Give the 3 types of distribution coverage.

Answer 24

Intensive distribution
Exclusive distribution
Selective distribution

Question 25

A type of distribution coverage where a firm uses as many outlets as possible.

Answer 25

Intensive distribution

Question 26

A type of distribution coverage where a firm grants one distributor exclusive rights in a particular territory.

Answer 26

Exclusive distribution

Question 27

A type of distribution coverage where a firm uses more than one or few intermediaries but less than the acceptable intermediaries.

Answer 27

Selective distribution

Question 28

The amount of money required to purchase a given good or service.

Answer 28

Price

Question 29

Sum of all the values that consumers exchange for the benefits of having or using the product.

Answer 29

Price

Question 30

Give the 3 pricing considerations.

Answer 30

Cost Customers Competition

Question 31

It is a critical factor in marketing management, which includes all the actual and potential rival offerings and substitutes that a buyer might consider.

Answer 31

Competition

Question 32

Give the 4 levels of competition.

Answer 32

Brand Competition Industry Competition Form Competition

Question 33

An example of a level of competition where a company sees its competitors as other companies that offer similar products and services to the same customers at similar prices.

Answer 33

Brand competition

Question 34

It is an example of a level of competition where a company sees its competitors as all companies that make the same product or class of products.

Answer 34

Industry competition

Question 35

An example of a level of competition where a company sees its competitors as all companies that manufacture products that supply the same service.

Answer 35

Form competition

Question 36

An example of a level of competition where a company sees its competitors as all companies that compete for the same consumer money.

Answer 36

Generic competition

Question 37

Give the 3 pricing strategies.

Answer 37

Mark-up pricing or cost-plus pricing Target Return Pricing Break-Even Pricing

Question 38

it is a method of adding a certain percentage of a mark up to the cost of the product to determine selling price.

Answer 38

Mark-up pricing or cost-plus pricing.

Question 39

It is the percentage difference between a product's cost and it's selling price.

Answer 39

Mark-up

Question 40

It is a method wherein the firm determines the price on the basis of a target rate of return on the investment.

Answer 40

Target return pricing

Question 41

It is a practice of setting a price point a which a business will earn zero profits on sale.

Answer 41

Break-even pricing

Question 42

The intention of this pricing strategy is to use low prices as a tool to gain market share.

Answer 42

Break-even pricing

Question 43

This is the communication potential customers about the products and services a company offers.

Answer 43

Promotion

Question 44

Give the four methods of promotion.

Answer 44

Personal selling Advertising Public relations Sales promotion

Question 45

It is an activity of informing and persuading a market on a person-to-person basis to buy merchandise offered for sale.

Answer 45

Personal selling

Question 46

It involves any paid non-personal communication about goods, services, ideas, or instructions through any of the media of mass communication with intent to sell or secure favorable consideration.

Answer 46

Advertising

Question 47

Communication with a company's various stakeholders whose opinions have the power to influence the products companies make, how they make them, and how they sell them.

Answer 47

Public relations

Question 48

Pertains to communication activities that help customers understand the value of the product.

Answer 48

Sales promotion

Question 49

It is the step-by-step conversion of one form of material into another form through chemical and mechanical process to create or enhance the utility of the product to the user.

Answer 49

Production

Question 50

It is a process of planning, organizing, directing, and controlling the activities of the production function to ensure smooth and efficient operation.

Answer 50

Production management

Question 51

It is that activity whereby resources, flowing within a defined system, are combined and transformed in a controlled manner to add value in accordance with the policies communicated by management.

Answer 51

Production System.

Question 52

It is a classification of production systems whereby the manufacturing of one of few quantity of products designed and produced as per the specifications of customers within prefixed time and cost.

Answer 52

Job Shop Production

Question 53

it is a form of manufacturing in which the job passes through the functional departments in lots or batches and each lot may have a different routing.

Answer 53

Batch Production

Question 54

It is defined as the selection of path which each part of the product will follow while being transformed from raw materials to finished products.

Answer 54

Routing

Question 55

It is characterized by the manufacture of limited number of products produced at regular intervals and stocked awaiting sales.

Answer 55

Batch Production

Question 56

It is characterized by manufacture of discreet paths of assemblies using a continuous process.

Answer 56

Mass production

Question 57

A type of production system classification where machines are arranged in a line or product layout. Product and process standardization exists and all outputs follow the same path.

Answer 57

Mass production

Question 58

It is a flow production method used to manufacture, produce, or process materials without interruption.

Answer 58

Continuous production

Question 59

A type production classification where material handling is fully automated and planning and scheduling is a routine action.

Answer 59

Continuous production

Question 60

It is an activity under production management that includes long-term capacity decision which involves a long-term commitment about the geography static factors that affect a business organization.

Answer 60

Location of facilities

Question 61

It refers to the physical arrangement of facilities. it is the reconfiguration of departments, work centers, and equipment in the conversion process.

Answer 61

Plant layout

Question 62

Give the three functions of product design.

Answer 62

Marketing, product development, and manufacturing

Question 63

It is the conversion of ideas into reality.

Answer 63

Product design

Question 64

It is the macroscopic decision-making of an overall process route for converting the raw material into finished goods.

Answer 64

Process design

Question 65

It is used to identify different types of activities.

Answer 65

Process mapping

Question 66

It is a system that is used to maintain a desired level of quality in a product or service.

Answer 66

Quality control

Question 67

It ensures that the operation will produce the optimum quality products at minimum cost.

Answer 67

Quality control

Question 68

It is concerned with the acquisition, control and use of materials needed and flow of goods and services connected with the production process.

Answer 68

Materials management

Question 69

Give the 4 legal forms of business.

Answer 69

Sole proprietorship Partnership Corporation Cooperative

Question 70

A business form where the business is owned and operated by a single individual.

Answer 70

Sole proprietorship

Question 71

It is the most common form of legal structure for new small businesses.

Answer 71

Sole proprietorship

Question 72

It is a form of business where the business is owned by two of more individuals or other business entities.

Answer 72

General partnership

Question 73

It is a form of business owned by two or more individuals or other business entities in which at least one of the partners has limited liability protection.

Answer 73

Limited partnership.

Question 74

It is a legal entity that exists separately from the people who create it.

Answer 74

Corporation

Question 75

It is owned by its shareholders and run by a board of directors elected by the shareholders.

Answer 75

Corporation

Question 76

It is a form of business that pertains to an autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic and cultural needs.

Answer 76

Cooperative

Question 77

A type of cooperative that promotes and undertakes savings and lending services among its members. It generates a common pool of funds in order to provide financial assistance and other related financial services to its members for productive and provident purposes

Answer 77

Credit cooperative

Question 78

A type of cooperative whose primary purpose of which is to procure and distribute commodities to members and non-member

Answer 78

Consumer cooperative

Question 79

A type of cooperative which engages in the supply of production inputs to members and markets their products.

Answer 79

Marketing cooperative

Question 80

A type of cooperative that undertakes joint production whether agricultural or industrial. It is formed and operated by its members to undertake the production and processing of raw materials or goods produced by its members into finished or processed products for sale by the cooperative to its members and non-members.

Answer 80

Producers cooperative

Question 81

Cooperative that engages in medical and dental care, hospitalization, transportation, insurance, housing, labor, electric light and power, communication, professional and other services.

Answer 81

Service cooperative

Question 82

A system that outlines how certain activities – roles, rules, responsibilities – are directed to achieve the goals of the organization.

Answer 82

Organizational Structure

Question 83

``` The process of employing people, training them, compensating them, developing policies related to them, and developing strategies to retain them . ```

Answer 83

Human Resource Management

Question 84

a list of duties a person fulfills in a job, the frequency of tasks and the importance of these

Answer 84

Job description

Question 85

describe the person you wanted for the position

Answer 85

Job specification

Question 86

Involves the entire hiring process from posting a job to negotiating a salary package

Answer 86

Staffing

Question 87

Tentative employment for not more than 6 months to | determine whether or not the employee would qualify for regular employment

Answer 87

Probationary Employment

Question 88

``` An employee who has been engaged to perform activities which are usually necessary or desirable in the usual business ``` Enjoy the benefit of security of tenure provided by the Philippine Constitution

Answer 88

Regular Employment

Question 89

Engaged to perform a job, work or service for a pre-determined date of completion ``` The practice of continuous rehiring or “endo” is being discouraged as it seem to circumvent the rules and prejudice the employees rights ```

Answer 89

Fixed-term/Contractual

Question 90

``` When an employee is engaged to perform a job, work or service which is not usually necessary or desirable to the business of the employer ``` Such job is for a definite period made to known to the employee at the time of his/her engagement

Answer 90

Casual Employment

Question 91

Whose employment has been fixed for a specific project and will continue upon completion of the specific project or undertaking

Answer 91

Project Employment

Question 92

One whose work or service to be performed is seasonal in nature and the employment is for the duration of the season (Christmas season, etc.)

Answer 92

Seasonal Employment

Question 93

``` Allows HRM to see how many people they should hire based on revenue expectations ```

Answer 93

Staffing Plan

Question 94

Involves tests, interview and selection among applicants Negotiation of proper compensation package

Answer 94

Selection