Unit 3 Consumer Awareness Test Review MC Question Preview (ID: 36044)


Multiple Choice. TEACHERS: click here for quick copy question ID numbers.

When buying things at an auction, it is important that you: *
a) all of these
b) set a limit on the amount you are willing to pay
c) don't get caught up in the excitement and end up paying more than retail price
d) familiarize yourself with the item you want to purchase

Which of the following is not recommended if you are trying to make your money go further? *
a) buying clothing at the end of the season sales
b) buying only name-brand products
c) negotiating for a lower price
d) comparison shopping

Which of the following is not recommended when you sell something you own ? *
a) find an uninformed buyer and charge the highest price possible
b) be armed with information so that you be sure its a win-win deal
c) get antiques or collectible items appraised and sell them slightly below that price
d) make it clear that, as a seller, you have walk-away power

Which of the following is true about the If I take-away technique? *
a) This technique involves negotiating the lowest price possible, then throwing something else into the deal.
b) This technique should only be used when the ʺgood guy, bad guyʺ technique is used on you.
c) This technique is meant to take advantage of the other person in the negotiation.
d) Use this technique prior to negotiating price.

Joe tries to bargain at an electronics store but is unable to negotiate the price down. What should be his next step. *
a) Ask about 90-days-same-as-cash
b) Shut up
c) walk away
d) all of the above

Which of the following is typically not a good place to find a deal? *
a) malls
b) online auctions
c) consignment shops
d) individuals

Getting the best deal on a purchase involves doing all of the following except: *
a) having patience
b) negotiating
c) being first in line for a new product
d) shopping around to find the best deal

Which is not a power over purchase tactic? *
a) compare your purchase with a friend's
b) consider the opportunity cost
c) wait overnight
d) seek counsel

Which of the following is not a form of product positioning? *
a) financing
b) shelf positioning
c) packaging and color
d) brand recognition

Which of the following should you consider when making a significant purchase? *
a) all of these
b) your buying motives
c) if you can't pay cash, don't buy it
d) opportunity cost

Identify which method companies are using to compete for your money: Car salesman *
a) personal selling
b) financing
c) media
d) product positioning

Identify which method companies are using to compete for your money: TV commercials *
a) media
b) personal selling
c) financing
d) product positioning

Identify which method companies are using to compete for your money: 90 days same as cash
a) personal selling
b) financing
c) media
d) product positioning

Identify which method companies are using to compete for your money: Reputation for holding its value *
a) product positioning
b) personal selling
c) financing
d) media

What concept is best explained by the statement money spent here cannot be spent there
a) opportunity cost
b) significant purchase
c) law of diminishing return
d) delayed gratification

What is a safe assumption to make regarding companies and their marketing practices?
a) all of these
b) companies use all angles to aggressively compete for your money
c) companies spend millions of dollars and do extensive research on advertising.
d) companies know that competition is fierce for consumer dollars.

The purpose of advertising is to:
a) all of the above
b) tease the consumer
c) inform the consumer
d) persuade the consumer

Which of the following is not a common marketing strategy?
a) making the customer do product research
b) providing financing options
c) repetition
d) personal selling

Which of the following statements is false? *
a) A great deal often just happens by accident.
b) Just asking for a great deal doesn't always mean that you'll get one
c) If negotiation is done correctly, it will end up being a win win deal
d) Negotiation involves a conversation of back and forth, give and take

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