CPSM Certification Exam: Trivia Quiz
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CPSM certification exam: a trivia quiz. The Certified Professional in Supply Management certificate gets to certify a person’s ability to understand different features about the supply chain. How do you ensure that you have adequately prepared to tackle the exam and will get your certification? This quiz will help assess your readiness and show you how much revision you will need. Do check it out and refresh your memory. All the best!
- 1.
Marketing goals are most effective when they are:
- A.
Qualitative and related to a firm's goals.
- B.
Quantifiable and flexible.
- C.
Related to a firm's profitability.
- D.
Specific, measurable, and achievable.
Correct Answer
D. Specific, measurable, and achievable.Explanation
Marketing goals are most effective when they are specific, measurable, and achievable. Specific goals provide clarity and direction, allowing marketers to focus their efforts on a particular objective. Measurable goals enable marketers to track progress and determine the success of their marketing efforts. Achievable goals ensure that marketers set realistic targets that can be attained within the available resources and constraints. By setting specific, measurable, and achievable goals, marketers can effectively plan and execute their marketing strategies, leading to better outcomes and overall success for the firm.Rate this question:
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- 2.
The term market position refers to the:
- A.
External perception of the firm compared to its competition.
- B.
Firm's perception of itself compared to its competition.
- C.
Firm's percentage of market share.
- D.
Market's response to economic fluctuations.
Correct Answer
A. External perception of the firm compared to its competition.Explanation
Market position refers to how a firm is perceived by external stakeholders in relation to its competitors. It reflects the reputation, brand image, and overall standing of the firm in the market. This perception is crucial as it influences consumer behavior, competitive advantage, and the firm's ability to attract customers and maintain market share. By understanding its market position, a firm can develop effective strategies to differentiate itself from competitors and gain a competitive edge.Rate this question:
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- 3.
A well-designed and implemented marketing plan will:
- A.
Determine the current level of client satisfaction
- B.
Analyze the effectiveness of the firm’s past marketing efforts
- C.
Analyze the effectiveness of the firm’s client relationship management system
- D.
Focus marketing efforts to make effective use of a firm’s resources
Correct Answer
D. Focus marketing efforts to make effective use of a firm’s resourcesExplanation
A well-designed and implemented marketing plan will focus marketing efforts to make effective use of a firm's resources. This means that the plan will ensure that marketing activities are targeted towards the most valuable and profitable opportunities, maximizing the return on investment. By analyzing the firm's resources and aligning them with the marketing objectives, the plan can allocate resources efficiently and avoid wasting them on ineffective strategies. This approach helps the firm to optimize its marketing efforts and achieve its overall business goals.Rate this question:
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- 4.
An effective network can save substantial time by:
- A.
Providing coverage when a firm is understaffed.
- B.
Validating information on clients and projects.
- C.
Designing a firm's marketing strategy.
- D.
Providing information on fees.
Correct Answer
B. Validating information on clients and projects.Explanation
An effective network can save substantial time by validating information on clients and projects. This means that having a strong network of contacts allows a firm to quickly verify the accuracy and reliability of information related to clients and projects. This can help in making informed decisions and avoiding potential risks or mistakes. By relying on their network, firms can access trusted sources of information and avoid spending unnecessary time and resources on verifying information independently.Rate this question:
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- 5.
After a marketing plan has been developed, if market research identifies a new market niche opportunity, the marketing professional should:
- A.
Prepare a news release identifying the market niche and announcing the firm's intent to enter the new area of practice.
- B.
Announce the firm's intent to enter the new area of practice to employees in an in-house newsletter.
- C.
Conduct additional research to identify other market niche opportunities before acting on the first one.
- D.
Inform management about the opportunity, and with management concurrence, bring about a new focus in the firm's marketing materials.
Correct Answer
D. Inform management about the opportunity, and with management concurrence, bring about a new focus in the firm's marketing materials.Explanation
If market research identifies a new market niche opportunity after a marketing plan has been developed, the marketing professional should inform management about the opportunity. By doing so, they can discuss the potential benefits and risks associated with entering the new market niche. With management's agreement, the marketing professional can then update the firm's marketing materials to reflect the new focus and target the identified market niche. This approach ensures that the decision to enter the new area of practice is made with the necessary input and support from management.Rate this question:
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- 6.
Secondary research about market trends involves which of the following?
- A.
Facilitating client focus groups
- B.
Networking at a client industry trade show
- C.
Gathering data from U.S. Census Bureau
- D.
Conducting competitive analyses
Correct Answer
C. Gathering data from U.S. Census BureauExplanation
Secondary research about market trends involves gathering data from various sources, including the U.S. Census Bureau. The U.S. Census Bureau provides a wide range of demographic, economic, and social data that can be used to understand market trends. This data can include information about population, income, housing, employment, and more. By analyzing this data, businesses can gain insights into consumer behavior, market size, and potential opportunities. Therefore, gathering data from the U.S. Census Bureau is an important part of conducting secondary research about market trends.Rate this question:
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- 7.
Which of the following is the most appropriate first step in conducting marketing research?
- A.
Determine desired work.
- B.
Determine market size.
- C.
Determine market maturity.
- D.
Determine feasibility.
Correct Answer
A. Determine desired work.Explanation
The most appropriate first step in conducting marketing research is to determine the desired work. This involves clearly defining the objectives and goals of the research, identifying what specific information or insights are needed, and understanding the purpose and scope of the research project. By determining the desired work, researchers can establish a clear direction and focus for their research efforts, ensuring that the subsequent steps in the research process are aligned with the overall objectives.Rate this question:
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- 8.
Which of the following is an example of quantitative research?
- A.
A business publication conducting surveys to determine growth potential of a project delivery method.
- B.
A firm conducting a focus group to determine their clients’ perception of the firm’s services.
- C.
A business development professional meeting with a prospective client to determine when an RFP will be issued.
- D.
A marketing professional calling government agencies to determine funding availability for a municipal project.
Correct Answer
A. A business publication conducting surveys to determine growth potential of a project delivery method.Explanation
The example of a business publication conducting surveys to determine the growth potential of a project delivery method is an example of quantitative research because it involves collecting numerical data through surveys. Quantitative research focuses on gathering data that can be measured and analyzed statistically to draw conclusions and make predictions.Rate this question:
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- 9.
A major shortcoming of developing a marketing budget based on the prior year's budget is that it:
- A.
Depends on an accounting of year-to-date costs for labor and expenses.
- B.
Requires a projection of increases or decreases in each market-cost line item.
- C.
Overlooks the goals of the marketing plan for the coming year.
- D.
Depends on a stable, established marketing effort.
Correct Answer
C. Overlooks the goals of the marketing plan for the coming year.Explanation
Developing a marketing budget based on the prior year's budget may overlook the goals of the marketing plan for the coming year. This is because the goals and objectives of the marketing plan may change from year to year, and relying solely on the previous year's budget may not align with the new goals and strategies. It is important to reassess and adjust the budget to ensure that it supports the marketing plan for the upcoming year.Rate this question:
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- 10.
Knowledge of a firm's strengths and weaknesses, changes in the business environment, historical trends, and management goals are:
- A.
Components of a firm's mission statement.
- B.
Useful in assessing the firm's marketing budget.
- C.
The basis for selecting target markets.
- D.
Critical for developing a public relations plan.
Correct Answer
C. The basis for selecting target markets.Explanation
Knowledge of a firm's strengths and weaknesses, changes in the business environment, historical trends, and management goals are the basis for selecting target markets. This information helps the firm understand its competitive advantages and disadvantages, identify opportunities and threats in the market, and align its marketing efforts with the needs and preferences of specific customer segments. By analyzing these factors, the firm can determine which target markets are most likely to be profitable and develop effective marketing strategies to reach and appeal to those markets.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
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Dec 28, 2011Quiz Created by
Ovillanu
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