BUS-115 Introduction to BusinessWeek 10QuestionsPick the one best answer for the following questions.Mark your answers on a Scantron answer sheet (erase all stray marks)Chapter 13 Questions1. True or False? Financing, standardizing, risk taking, and gathering marketing information are called facilitating functions.2. True or False? The business philosophy that involves the entire organization in the process of satisfying customers’ needs while achieving the organization’s goals is called the marketing concept.3. True or False? Different products may not result in different marketing mixes.4. True or False? The marketing plan doesn’t include the exact allocation of resources to achieve the marketing objectives.5. True or False? Marketing research is the process of gathering, recording, and analyzing data concerning a particular marketing problem.6. Which of the following is not one of the steps in implementing the marketing concept?a. Obtaining information about existing and potential customersb. Pinpointing needs and potential customers for further marketing activitiesc. Mobilizing marketing resources to provide, promote, and distribute productsd. Obtaining new information about effectiveness of effortse. All are steps in implementing the marketing concept.7. A marketing plan includes all of the following EXCEPTf. schedules of marketing tasks.g. product production schedule.h. assignment of responsibilities.i. resource allocation.j. marketing objectives..Page 1 of 68. Which of the following is least likely to be a factor in developing a sales forecast?a. Geographic area in which the product is soldb. Last year’s salesc. Entire product lined. Number of salespeople employed by the firm’s major competitorse. Expected level of marketing effort9. Eric recently bought a new BMW after many of his successful friends purchased BMWs of their own. After two months, Eric realized he could not afford to keep the car. Eric’s initial buying was influenced most by __________ factors.f. psychologicalg. socio-economich. aesthetici. situationalj. social10. Income less taxes, savings, food, clothing, and housing is __________ income.k. grossl. personalm. disposablen. neto. discretionary11. True or False? Business-to-business markets, which include churches, schools, and civic clubs, are a type of industrial market.12. True or False? Sales forecasts usually are generated by complex softwareand should not be biased by managerial input.13. True or False? A marketing information system is well suited to testing new products, determining various characteristics of consumer markets, and evaluating promotional activities.14. True or False? Business buyers are primarily interested in the product’s price.15. True or False? The way a consumer perceives a store is probably the most important factor that influences his or her decision about where to buy.Page 2 of 616. Which of the following is not one of the four commonly recognized forms of utility?p. Formq. Timer. Productions. Placet. Possession17. When goods and services are purchased to maintain highways, education,water, and energy, the purchasers are members of what type of market?u. Business-to-businessv. Producerw. Governmentalx. Institutionaly. Consumer18. The ingredient of the marketing mix concerned with providing product information to target markets isz. quality.aa. promotion.bb. pricing.cc. distribution.dd. product.19. The effects of consumers’ social and cultural values, the consumer movement, and the environmental concerns would best be called __________ forces.ee. technologicalff. legal and regulatorygg. economichh. socioculturalii. competitive20. An approach to collecting marketing information for specific marketing projects is calledjj. contracted marketing specialists.kk. government information.ll. marketing research.mm.computer specialists.nn. marketing consultants.Page 3 of 6Chapter 14 QuestionsTurn your Scantron answer sheet over and mark your answers on the BACK - starting with 51Pick the one best answer…51. True or False? Generally the product life cycle consists of five stages: development, introduction, growth, maturity, and decline.52. True or False? A narrow product mix allows a firm to gain stability by concentrating on just a few markets.53. True or False? Innovations are much less common than imitations and adaptations.54. True or False? Some firms set an annual-percentage ROI (return on investments) as their pricing goal.55. True or False? A store that sells all of its men’s gloves for $9.95 and $15.00is practicing price lining.56. A consumer product for which buyers will expend effort or planning, that is purchased infrequently, and that is usually purchased only after being compared with competing products is a __________ product.oo. luxurypp. specialtyqq. conveniencerr. shoppingss. business57. A group of similar products that differ only in relatively minor characteristics is called att. product.uu. product line.vv. generic product.ww. product differentiation.xx. product mix.58. If a company needs to obtain cash quickly to pay its bills, it may opt for a pricing strategy that achieves which goal?yy. Market share increasezz. Status quoaaa.ROI targetbbb.Maximization of profitccc. SurvivalPage 4 of 659. A manufacturer of cameras and film may price a camera at a low level to attract customers, but price the film at a relatively high price because customers must continue to purchase film in order to use their cameras. This type of pricing strategy is known asddd.captive pricing.eee.premium pricing.fff. price lining.ggg.special-event pricing.hhh.customary pricing.60. A “2/10, net 30” invoice feature is an example of a __________ discount.iii. tradejjj. cashkkk. preferentiallll. uniformmmm. quantity61. True or False? A product’s classification largely determines the appropriate marketing strategy.62. True or False? The most important element in the success of a branded product is consumers’ confidence in the product.63. True or False? Price sensitivity is always considered “very important” to consumers in the target market.64. True or False? Competition-based pricing results in a high price when product demand is strong and a low price when demand is weak.65. True or False? Transfer pricing involves the sale of a product to another unitwithin the same organization.66. All of the following are characteristics of the decline stage of the product life cycle EXCEPTnnn.a sharp decrease in sales