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SEM Final Review
Test Description: Final Review
Instructions: Answer all questions to get your test result.
1) Purchases based on loyalty to a particular brand or product
A
Patronage purchase
B
Emotional purchase
C
Loyal customer
D
Repeat customer
2) Theme parks are opening in India due to
A
More discretionary income
B
Economic growth
C
All of the above
D
Available leisure time
3) A business project in which two or more organizations work together and share the cost and profits is called
A
An industry
B
Travel trade
C
A joint venture
D
Ecotourism
4) Industry _____________ provide the average expectation within an industry
A
Trends
B
Norms
C
Regulations
D
Tiers
5) Entertainment is viewed in two ways. First by being a product to market and second
A
All of the above
B
As a way to pay celebrities large salaries
C
To consume people free time
D
To draw attention to other products to be purchased
6) Which of the below would represent a direct economic impact from a major events such as NFL Super bowl or the Oscar Awards
A
Purchases made at retailers
B
Restaurant Sales
C
All of the above
D
Hotel Rentals
7) Product extensions include
A
Warranties
B
All of the above
C
Instructional CD’s
D
Testimonials from satisfied customers
8) Which of the following is not a stage of brand recognition
A
Preference
B
Recognition
C
Rejection
D
Introduction
9) Which methods can be used to position a product in the marketplace?
A
Price
B
Poor Quality
C
Both Price and Status
D
Status
10) Which of the following is not a component of the product mix?
A
Packaging
B
Distribution Channels
C
Product line
D
Brand
11) During the decline stage of the product life cycle, all of the following are options except
A
Recommitting
B
Discounting
C
Regionalizing
D
Raising price
12) Discretionary income is the money a person has
A
After they pay for necessities
B
Both b c
C
Before they pay taxes
D
To spend on wants
13) The four classification of risk management are
A
Fire, thefts, damage and floods
B
Financial loss, personal injury, insurance and property loss
C
Gain and loss risks, insurable risks, risk avoidance and controllable risks
D
Risk transfer, risk retention, risk avoidance, and insurance
14) Costs of sports and entertainment events include
A
Salaries, facilities, and promotion
B
Investors, networks and revenue
C
None of the above
D
Income, sales, revenue
15) Businesses that focus on the marketing concept will
A
Face little competition
B
Focus on satisfying the customer needs
C
Always be profitable
D
Experience high productivity
16) A ___________ ____________ is a specific group of consumers you want to reach
A
Lovely neighborhood
B
Target market
C
Marketing pocket
D
Small clique
17) Demographics
A
Refer to the frequency of use of a product
B
Refer to interests, values, and economic responses
C
Categorize market segments by age, gender, race, income and education level
D
Consider different parts of the country where market segments live
18) The most important aspect of marketing is
A
Making a profit
B
Running commercials
C
All of the above
D
Satisfying the needs of the customer
19) The Dallas Cowboys stadium was built for $1.2 billion. The stadium and the money used to build it would be considered which of the 4 economic resources?
A
Entrepreneurship
B
Land
C
Capital
D
Labor
20) This states that when prices goes ups demand goes down, and when prices goes down demand goes up.
A
The Law of Globalization
B
The Law of Demand
C
The Law of Supply
D
The Law of Industrialization
*select an answer for all questions
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