ECO 101 MID-TERM EXAMINATION

Part A: Multiple Choice Questions (60 points)

 

1. A(n) __________ is a state of felt deprivation.

a.

   

Wantb.   

Desirec.   

Needd.   

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.    Sale
s

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 behaviorb. Dissonance-reducing buying behaviorc. Habitual buying behaviord. 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

  1. 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

  1. 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

  1. 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

 

  1. 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

  1. 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

  1. In the purchasing decision process, the major role of  ________ is in selecting vendors and negotiating.

a.    gatekeepersb.    buyersc.    initiatorsd.    approverse.    deciders

  1. 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

  1. 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

  1. 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

  1. 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

  1. 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

   

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