MGMT 105 Marketing Final Review
MGMT 105 Final Review: Your
Complete Guide to Marketing Success
Which of the following describes the ultimate user of a good or service? ✔✔Consumer
Which of the following terms if defined by the activity, set of instructions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, and partners, and society at large? ✔✔Marketing
Which of the following is NOT one of the "Four Ps"? ✔✔Profit
_____ includes many different activities marketers undertake to inform consumers about their
products and to encourage potential customers to buy these products. ✔✔Promotion
Intangible products that are paid for and used, buy not owned are known as ______.
✔✔Services
A marketplace offering that fairly and accurately sums up the value that the customer will
realize if he or she purchases the product is known as a(n) _____. ✔✔Value proposition
Which of the following is the formula for calculating the lifetime value of a customer? ✔✔The
amount a person will spend MINUS the cost to maintain the relationship
An edge that a firm has over its competitors that allow it to have higher sales, higher profits,
and more customers is known as ______. ✔✔Competitive advantage
, If you own a small retail shop and you ads in the local paper, put flyers on doors in every
neighborhood, and buy billboards in the area so that you can reach as many potential
consumers as possible, you are engaging in ________ marketing. ✔✔Mass
Suppose you work for a company that manufactures and markets toys. You wish to use social
media to reach young parents in the 20-to 28-year-old range. This market segment would be
your _______. ✔✔Target market
Which of the following is defined as the flow of goods and services among different countries
long dash—the total value of all the exports and imports of the world's nations? ✔✔World
trade
Firms consider four steps when determining whether or not to go global. Which of the following
is the third step in the process? ✔✔Market-entry strategy and commitment
Which of the following terms refers to limitations set by a government on the amount of a
product allowed to enter or leave a country? ✔✔Quota
The price of one country's currency in terms of another country's currency is known as the
_____. ✔✔exchange rate
Which of the following is the MOST commonly used measure of a country's economic health?
✔✔GDP
Which term refers to the process of gathering and analyzing publicly available information
about rivals? ✔✔Competitive intelligence
Which law prohibits harmful practices in the production of beef meant for human
consumption? ✔✔Food and Drug Act
MGMT 105 Final Review: Your
Complete Guide to Marketing Success
Which of the following describes the ultimate user of a good or service? ✔✔Consumer
Which of the following terms if defined by the activity, set of instructions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, and partners, and society at large? ✔✔Marketing
Which of the following is NOT one of the "Four Ps"? ✔✔Profit
_____ includes many different activities marketers undertake to inform consumers about their
products and to encourage potential customers to buy these products. ✔✔Promotion
Intangible products that are paid for and used, buy not owned are known as ______.
✔✔Services
A marketplace offering that fairly and accurately sums up the value that the customer will
realize if he or she purchases the product is known as a(n) _____. ✔✔Value proposition
Which of the following is the formula for calculating the lifetime value of a customer? ✔✔The
amount a person will spend MINUS the cost to maintain the relationship
An edge that a firm has over its competitors that allow it to have higher sales, higher profits,
and more customers is known as ______. ✔✔Competitive advantage
, If you own a small retail shop and you ads in the local paper, put flyers on doors in every
neighborhood, and buy billboards in the area so that you can reach as many potential
consumers as possible, you are engaging in ________ marketing. ✔✔Mass
Suppose you work for a company that manufactures and markets toys. You wish to use social
media to reach young parents in the 20-to 28-year-old range. This market segment would be
your _______. ✔✔Target market
Which of the following is defined as the flow of goods and services among different countries
long dash—the total value of all the exports and imports of the world's nations? ✔✔World
trade
Firms consider four steps when determining whether or not to go global. Which of the following
is the third step in the process? ✔✔Market-entry strategy and commitment
Which of the following terms refers to limitations set by a government on the amount of a
product allowed to enter or leave a country? ✔✔Quota
The price of one country's currency in terms of another country's currency is known as the
_____. ✔✔exchange rate
Which of the following is the MOST commonly used measure of a country's economic health?
✔✔GDP
Which term refers to the process of gathering and analyzing publicly available information
about rivals? ✔✔Competitive intelligence
Which law prohibits harmful practices in the production of beef meant for human
consumption? ✔✔Food and Drug Act
