DECA MARKETING CLUSTER EXAM - PRACTICE QUESTIONS COMPLETE WITH 100% VERIFIED ANSWERS

DECA MARKETING CLUSTER EXAM - PRACTICE QUESTIONS COMPLETE WITH 100% VERIFIED ANSWERS 1. What is the term for a fee charged to product manufacturers by supermarket retailers to have their product placed on shelves? A) Rebate B) Tariff C) Slotting Allowance D) Chargeback Answer: C) Slotting Allowance Rationale: Slotting allowances, also known as pay-to-stay fees, are charged by retailers to manufacturers for shelf space placement. ________________________________________ 2. Which type of conflict occurs between channel members at the same level? A) Vertical Conflict B) Horizontal Conflict C) Diagonal Conflict D) Lateral Conflict Answer: B) Horizontal Conflict Rationale: Horizontal conflict refers to disagreements among two or more channel members at the same level, such as two wholesalers competing in the same region. ________________________________________ 3. What is the term for a short document that summarizes a longer report for business purposes? A) Promotional Plan B) Executive Summary C) Scope Statement D) Project Status Report Answer: B) Executive Summary Rationale: An executive summary, also called a management summary, condenses a longer report so readers can quickly grasp the essential information. ________________________________________ 4. According to Maslow's Hierarchy of Needs, which need must be met first? A) Esteem B) Self-actualization C) Physiological needs D) Love and belonging Answer: C) Physiological needs Rationale: Maslow's hierarchy places physiological needs like food and shelter at the base, as they must be satisfied before higher-level needs can be addressed. ________________________________________ 5. What is the term for selling a product under the guise of conducting market research? A) Telemarketing B) Puffery C) Sugging D) Scrambled Merchandising Answer: C) Sugging Rationale: Sugging occurs when someone attempts to sell products while pretending to conduct market research. ________________________________________ 6. Which of the following is NOT a public relations activity? A) Lobbying B) Corporate Philanthropy C) Price Discrimination D) Special Event Management Answer: C) Price Discrimination Rationale: Price discrimination is a pricing strategy, not a public relations activity. PR activities include lobbying, philanthropy, sponsorship, and event management. ________________________________________ 7. What is an asset that can be converted into cash quickly called? A) Fixed Asset B) Capital Investment C) Liquid Asset D) Dividend Answer: C) Liquid Asset Rationale: Liquid assets can be rapidly converted to cash with minimal impact on the price received. ________________________________________ 8. When a store changes the sticker price for a sale but doesn't update the computer system, resulting in customers paying more, this is called: A) Price Gouging B) Scanner Fraud C) Price Discrimination D) Rebate Fraud Answer: B) Scanner Fraud Rationale: Scanner fraud occurs when the computer system isn't updated to match sale prices, causing customers to pay the original higher price at checkout. ________________________________________ 9. Which type of agreement requires a buyer to purchase one product only if they also buy a different product? A) Bilateral Contract B) Tying Agreement C) Executed Agreement D) Exclusive Distribution Agreement Answer: B) Tying Agreement Rationale: A tying agreement forces the buyer to purchase a tied product along with the primary product as a condition of sale. ________________________________________ 10. What does SWOT analysis examine? A) Sales, Warranty, Operations, Technology B) Strengths, Weaknesses, Opportunities, Threats