BUSINESS 110 FINAL EXAM QUESTIONS WITH
ACCURATE ANSWERS
3 types of psychological pricing correct answer 1) odd-number
3) multiple-unit
5) everyday low
4 elements of promotion mix correct answer 1) advertising- a paid non-personal
message communicated to a select audience through a mass media (reaches
small or large target market)
2) personal selling- a personal communication aimed at informing customers and
persuading them to buy a firm's products (more expensive but immediate
feedback and more persuasive)
3) sales promotion- the use of activities or materials as direct inducements to
customers or sales persons (adds extra value)
4) public relations- a broad set of communication activities used to create and
maintain favorable relationships between an organization and various public
groups, both internal and external (variety of public relations activities that can be
effective)
4 forms of utility correct answer 1) Form
2) Place
3) Time
4) Possession
4 P's correct answer 1) price
2) product
, 3) place
4) promotion
4 stages of product life style correct answer 1) Intro- customer awareness and
acceptances are low
2) Growth- sales increase rapidly as the product becomes well-known
3) Maturity- still increasing, but at a slower rate (begins to decline)
4) Decline- sales volume decreases sharply and profits continue to fall
4 unique generations of consumers correct answer 1) Millenials
2) Gen Xers
3) Boomers
4) Matures
6 environmental forces that impact the marketing mix correct answer 1)
economic- the effects of economic conditions on customers ability and willingness
to buy
2) sociocultural- influences in a society and its culture that result in changes in
attitude, beliefs, norms, customs, and lifestyles
3) political- influences that arise through the actions of elected and appointed
officials
4) competitive- the actions of competitors who are in the process of
implementing their own marketing plans
5) legal and regulatory- laws that protect consumers and competition and
government regulations that affect marketing
6) technological- technological changes that can create new marketing
opportunities or cause products to become obsolete almost overnight
ACCURATE ANSWERS
3 types of psychological pricing correct answer 1) odd-number
3) multiple-unit
5) everyday low
4 elements of promotion mix correct answer 1) advertising- a paid non-personal
message communicated to a select audience through a mass media (reaches
small or large target market)
2) personal selling- a personal communication aimed at informing customers and
persuading them to buy a firm's products (more expensive but immediate
feedback and more persuasive)
3) sales promotion- the use of activities or materials as direct inducements to
customers or sales persons (adds extra value)
4) public relations- a broad set of communication activities used to create and
maintain favorable relationships between an organization and various public
groups, both internal and external (variety of public relations activities that can be
effective)
4 forms of utility correct answer 1) Form
2) Place
3) Time
4) Possession
4 P's correct answer 1) price
2) product
, 3) place
4) promotion
4 stages of product life style correct answer 1) Intro- customer awareness and
acceptances are low
2) Growth- sales increase rapidly as the product becomes well-known
3) Maturity- still increasing, but at a slower rate (begins to decline)
4) Decline- sales volume decreases sharply and profits continue to fall
4 unique generations of consumers correct answer 1) Millenials
2) Gen Xers
3) Boomers
4) Matures
6 environmental forces that impact the marketing mix correct answer 1)
economic- the effects of economic conditions on customers ability and willingness
to buy
2) sociocultural- influences in a society and its culture that result in changes in
attitude, beliefs, norms, customs, and lifestyles
3) political- influences that arise through the actions of elected and appointed
officials
4) competitive- the actions of competitors who are in the process of
implementing their own marketing plans
5) legal and regulatory- laws that protect consumers and competition and
government regulations that affect marketing
6) technological- technological changes that can create new marketing
opportunities or cause products to become obsolete almost overnight
