MAR3023 EXAM 1 PRACTICE QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Mo' Chicken is a restaurant specializing in chicken dishes. Management is
currently thinking about opening a new restaurant in North Central Florida. After
conducting some research,Mo' Chicken saw that the city of Gainesville was the
largest segment, so they didn't even bother to consider other factors or other
locations. Now other restaurant chains are also moving
into Gainesville, creating intense competition. What happened to Mo' Chicken?
A) Lack of Compatibility
B) Excess Cost
C) Points of Difference
D) Majority Fallacy
E) Points of Parity
D) Majority Fallacy
Pear Tech is trying to gain more market share in the personal computer category.
Pear Tech engineers purchase an Apple computer and take it apart to see how it
works. What has Pear Tech done to learn more about its competitor?
A) Reverse engineering
B) Mystery shopping
C) Industrial espionage
,D) Insider trading
E) Trade secret theft
A) Reverse engineering
Afternoon is a restaurant in Gainesville that is known for its delicious brunch
menu. Unlike some other bigger restaurants in town, this small business
prepares their meals with local products that they get from Alachua farmers. In
exchange for the chicken eggs from "Happy Farm", Afternoon gives the farmer
free meals at Afternoon. Such trade between the two businesses is knows as
what?
A) Customer Value
B) Collusion
C) Possession Utility
D) Barter
E) Marketing Mix
D) Barter
Consumerism refers to
A) a collaborative effort between buyers and sellers to create an exchange where
each benefit.
B) the recognition of the need for organizations to improve the state of people,
the planet,
and profit simultaneously if they are to achieve sustainable, long-term growth.
C) the grassroots movement started in the 1960s to increase the influence, power,
and rights
,of consumers in dealing with institutions.
D) conducting business in a way that protects the natural environment while
making
economic progress.
E) a movement of conspicuous consumption that began when World War II
ended.
C) the grassroots movement started in the 1960s to increase the influence, power, and
rights
Two important advantages of secondary data are that they are
A) highly credible and up-to-date.
B) inexpensive or free and save time.
C) inexpensive and up-to-date.
D) up-to-date and supply all relevant categories of information.
E) tailor-made to specifications and relatively inexpensive.
B) inexpensive or free and save time.
The legal concept of "let the buyer beware," which was pervasive in the American
business culture before the 1960s, is referred to as
A) c'est la vie.
B) carpe diem.
C) quid pro quo.
D) mea culpa.
E) caveat emptor.
E) caveat emptor.
, Victoria recently opened a new shop where she makes and sells trendy shoes.
She has found that her trendy shoes are in high demand, so she makes as many
shoes as possible, without bothering to market her store to the public. This
situation describes a ______ orientation, with an _______ focused approach.
A) sales; outwardly
B) production; outwardly
C) sales; inwardly
D) market; inwardly
E) production; inwardly
E) production; inwardly
The three types of organizational buy classes are
A) straight purchase, barter, and countertrade.
B) new buy, straight rebuy, and modified rebuy.
C) consumer products, industrial goods, and services.
D) industrial, reseller, and government.
E) users, influencers, and deciders.
B) new buy, straight rebuy, and modified rebuy.
The societal marketing concept
A) involves conducting business in a way that protects the natural environment
while making
economic progress.
B) actively tries to understand customer needs and satisfy them while satisfying
the firm's goals.
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Mo' Chicken is a restaurant specializing in chicken dishes. Management is
currently thinking about opening a new restaurant in North Central Florida. After
conducting some research,Mo' Chicken saw that the city of Gainesville was the
largest segment, so they didn't even bother to consider other factors or other
locations. Now other restaurant chains are also moving
into Gainesville, creating intense competition. What happened to Mo' Chicken?
A) Lack of Compatibility
B) Excess Cost
C) Points of Difference
D) Majority Fallacy
E) Points of Parity
D) Majority Fallacy
Pear Tech is trying to gain more market share in the personal computer category.
Pear Tech engineers purchase an Apple computer and take it apart to see how it
works. What has Pear Tech done to learn more about its competitor?
A) Reverse engineering
B) Mystery shopping
C) Industrial espionage
,D) Insider trading
E) Trade secret theft
A) Reverse engineering
Afternoon is a restaurant in Gainesville that is known for its delicious brunch
menu. Unlike some other bigger restaurants in town, this small business
prepares their meals with local products that they get from Alachua farmers. In
exchange for the chicken eggs from "Happy Farm", Afternoon gives the farmer
free meals at Afternoon. Such trade between the two businesses is knows as
what?
A) Customer Value
B) Collusion
C) Possession Utility
D) Barter
E) Marketing Mix
D) Barter
Consumerism refers to
A) a collaborative effort between buyers and sellers to create an exchange where
each benefit.
B) the recognition of the need for organizations to improve the state of people,
the planet,
and profit simultaneously if they are to achieve sustainable, long-term growth.
C) the grassroots movement started in the 1960s to increase the influence, power,
and rights
,of consumers in dealing with institutions.
D) conducting business in a way that protects the natural environment while
making
economic progress.
E) a movement of conspicuous consumption that began when World War II
ended.
C) the grassroots movement started in the 1960s to increase the influence, power, and
rights
Two important advantages of secondary data are that they are
A) highly credible and up-to-date.
B) inexpensive or free and save time.
C) inexpensive and up-to-date.
D) up-to-date and supply all relevant categories of information.
E) tailor-made to specifications and relatively inexpensive.
B) inexpensive or free and save time.
The legal concept of "let the buyer beware," which was pervasive in the American
business culture before the 1960s, is referred to as
A) c'est la vie.
B) carpe diem.
C) quid pro quo.
D) mea culpa.
E) caveat emptor.
E) caveat emptor.
, Victoria recently opened a new shop where she makes and sells trendy shoes.
She has found that her trendy shoes are in high demand, so she makes as many
shoes as possible, without bothering to market her store to the public. This
situation describes a ______ orientation, with an _______ focused approach.
A) sales; outwardly
B) production; outwardly
C) sales; inwardly
D) market; inwardly
E) production; inwardly
E) production; inwardly
The three types of organizational buy classes are
A) straight purchase, barter, and countertrade.
B) new buy, straight rebuy, and modified rebuy.
C) consumer products, industrial goods, and services.
D) industrial, reseller, and government.
E) users, influencers, and deciders.
B) new buy, straight rebuy, and modified rebuy.
The societal marketing concept
A) involves conducting business in a way that protects the natural environment
while making
economic progress.
B) actively tries to understand customer needs and satisfy them while satisfying
the firm's goals.
