Customer Relationship Management Trivia Questions!
Questions and Answers
- 1.
The relationship between a creditor and a debtor is usually based on the debtor's
- A.
Pricing method
- B.
Billing schedule
- C.
Type of account
- D.
Ability to pay
Correct Answer
D. Ability to payExplanation
The relationship between a creditor and a debtor is usually based on the debtor's ability to pay. This means that the creditor relies on the debtor's financial capacity to make payments on time and in full. The creditor assesses the debtor's ability to pay by considering factors such as income, assets, credit history, and financial stability. This information helps the creditor determine the terms of the agreement, including the amount of credit extended, interest rates, and repayment schedule, ensuring that the debtor can meet their financial obligations.Rate this question:
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- 2.
What is the basis of employment relationships that comply with human-resouce laws and regulations?
- A.
Consistent morale
- B.
Limited competition
- C.
Low turnover rate
- D.
Equitable treatment
Correct Answer
D. Equitable treatmentExplanation
Equitable treatment is the basis of employment relationships that comply with human-resource laws and regulations. This means that all employees are treated fairly and equally, without any discrimination or favoritism. Equitable treatment ensures that employees are given equal opportunities, fair compensation, and access to benefits and resources. It also promotes a positive and inclusive work environment, where everyone feels respected and valued. By adhering to equitable treatment, organizations can ensure compliance with laws and regulations related to employment practices and avoid legal issues or penalties.Rate this question:
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- 3.
A foreign business legally obtains a license to make sports-related products, and then sells the items for low prices to businesses in the country where the license originicated. This is an example of
- A.
Equitable compensation
- B.
Social responsibility
- C.
The gray market
- D.
A strategic alliance
Correct Answer
C. The gray marketExplanation
The given scenario describes the gray market. The foreign business legally acquires a license to produce sports-related products and then sells them at lower prices to businesses in the country where the license originated. This practice falls under the gray market because it involves the sale of goods through channels that are not authorized by the original manufacturer or license holder. The gray market typically involves the sale of genuine products, but outside the official distribution channels, which can lead to issues such as warranty concerns, undercutting authorized retailers, or potential quality control problems.Rate this question:
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- 4.
Because the KMV Corporation makes its baseball bats available in all of the available outlets possible, the company is using the _________________ distribution strategy.
- A.
Intensive
- B.
Retentive
- C.
Exclusive
- D.
Definitive
Correct Answer
A. IntensiveExplanation
The correct answer is intensive. Intensive distribution strategy refers to a marketing approach where a company makes its products available in as many outlets as possible. In this case, KMV Corporation is ensuring that its baseball bats are easily accessible to customers by being present in all available outlets. This strategy aims to maximize the product's availability and reach a wide customer base.Rate this question:
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- 5.
MSV Sportswear Inc. evaluated its channel members and found that some members were underperforming. To improve their performance, MSV Sportswear Inc. offered financial incentives for _____________ purposes.
- A.
Geographical
- B.
Budgeting
- C.
Motivational
- D.
Definitive
Correct Answer
C. MotivationalExplanation
MSV Sportswear Inc. offered financial incentives for motivational purposes in order to improve the performance of underperforming channel members. By providing these incentives, the company aims to motivate and encourage the members to perform better, increasing their productivity and overall effectiveness. This approach is commonly used to boost employee morale, increase job satisfaction, and drive better results within the organization.Rate this question:
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- 6.
Individuals who are able to defend their ideas objectively usually are able to provide others with
- A.
Unrelated statistics
- B.
Emotional information
- C.
Personal opinions
- D.
Logical evidence
Correct Answer
D. Logical evidenceExplanation
Individuals who are able to defend their ideas objectively usually rely on logical evidence. This means they support their arguments with facts, data, and reasoning that is based on sound logic. By presenting logical evidence, they provide a strong foundation for their ideas and make a compelling case to others. This approach is effective because it appeals to reason and rationality, allowing others to evaluate the validity of the argument based on the evidence presented.Rate this question:
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- 7.
Which of the following are characteristics of a well-written executive summary:
- A.
Clear, concise, and error-free
- B.
Error-free. simple, and creative
- C.
Creative, concise, and informal
- D.
Concise, informal, and error-free
Correct Answer
A. Clear, concise, and error-freeExplanation
A well-written executive summary should be clear, concise, and error-free. A clear summary effectively communicates the main points and objectives of the document, ensuring that the reader understands the key information. Conciseness is important to present the information in a succinct manner, avoiding unnecessary details and keeping the summary focused. Lastly, being error-free is crucial to maintain the credibility and professionalism of the summary, as errors can undermine the reader's confidence in the content.Rate this question:
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- 8.
Which of the following documents would a supervisor use to update staff members about current business trends:
- A.
Annual report
- B.
Executive summary
- C.
Press release
- D.
Employee newsletter
Correct Answer
D. Employee newsletterExplanation
A supervisor would use an employee newsletter to update staff members about current business trends because it is an internal communication tool specifically designed to inform employees about company news, updates, and relevant information. The employee newsletter allows the supervisor to share insights and updates on industry trends, market conditions, and new business strategies, ensuring that all staff members are well-informed and aligned with the organization's goals. The other options, such as the annual report, executive summary, and press release, are more commonly used for external communication purposes and may not be suitable for updating staff members about current business trends.Rate this question:
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- 9.
Management's role in customer relations often involves
- A.
Establishing policies
- B.
Apologizing
- C.
Listening to complaints
- D.
Explaining
Correct Answer
A. Establishing policiesExplanation
Management's role in customer relations often involves establishing policies. This is because management is responsible for setting guidelines and procedures that ensure consistent and satisfactory customer experiences. By establishing policies, management can outline expectations, address potential issues, and provide a framework for employees to follow when interacting with customers. This helps to create a positive and efficient customer service environment, ultimately enhancing customer satisfaction and loyalty.Rate this question:
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- 10.
To avoid legal problem and fines, a vendor who wants to set up a concession stand for a street fair should
- A.
Seek permission seek permission from the local business owners
- B.
Obtain information about licensing requirements
- C.
Submit a business plan to the local law-enforcement ageny
- D.
Circulate a petition to acquire public support for the concession.
Correct Answer
B. Obtain information about licensing requirementsExplanation
To avoid legal problems and fines, a vendor who wants to set up a concession stand for a street fair should obtain information about licensing requirements. This is important because different cities and localities have different regulations and permits for operating a concession stand. By obtaining information about licensing requirements, the vendor can ensure that they are in compliance with the law and have all the necessary permits and licenses to operate their business legally. This will help them avoid any legal issues and potential fines that may arise from operating without the proper documentation.Rate this question:
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- 11.
The increased use of online sport/event ticket sources has reduced distribution problems associated with box-office sales, such as
- A.
Ticket duplications
- B.
Ticket scalping
- C.
Limited stock
- D.
Sales force expertise
Correct Answer
A. Ticket duplicationsExplanation
The increased use of online sport/event ticket sources has reduced distribution problems associated with box-office sales, such as ticket duplications. This is because online ticketing systems often have measures in place to prevent duplicate tickets from being issued. When tickets are sold online, they are typically assigned a unique barcode or QR code that can only be scanned once for entry. This helps to prevent fraud and ensures that each ticket is valid and unique.Rate this question:
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- 12.
An example of a barrier that affects exercise equipment businesses that operate in the global environment is a
- A.
Export contract
- B.
Payroll tax
- C.
Trade agreement
- D.
Import quota
Correct Answer
D. Import quotaExplanation
An import quota is a restriction imposed by a government on the quantity of a certain product that can be imported into a country. This can create a barrier for exercise equipment businesses operating in the global environment as it limits the amount of equipment they can sell in that particular market. The import quota reduces competition from foreign businesses and protects domestic industries, but it also limits the potential market size for exercise equipment businesses. This restriction can hinder their ability to expand and grow their business globally.Rate this question:
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- 13.
Which of the following is affected by changes in the monetary policy:
- A.
Marginal revenue
- B.
Budget line
- C.
Economic theory
- D.
Money supply
Correct Answer
D. Money supplyExplanation
Changes in monetary policy directly affect the money supply within an economy. Monetary policy refers to the actions taken by a central bank to control the supply of money, interest rates, and credit availability. By adjusting interest rates, buying or selling government securities, or changing reserve requirements, the central bank can influence the amount of money circulating in the economy. Therefore, changes in monetary policy have a direct impact on the money supply, affecting borrowing costs, investment levels, and overall economic activity.Rate this question:
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- 14.
Changes in the fiscal and monetary policies often have an effect on the
- A.
Level of employment
- B.
Function of business
- C.
Rate of competition
- D.
Type of production
Correct Answer
D. Type of productionExplanation
Changes in fiscal and monetary policies can have a significant impact on the type of production in an economy. For example, if the government implements policies that encourage investment in certain industries or provide tax incentives for specific types of production, businesses may shift their focus and allocate resources accordingly. Additionally, changes in interest rates or government spending can affect consumer demand, which in turn can influence the type of products or services that businesses choose to produce. Therefore, changes in fiscal and monetary policies can directly influence the type of production in an economy.Rate this question:
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- 15.
Economies of scale is a concept often associated with
- A.
Mass production
- B.
Private enterprise
- C.
International trade
- D.
Consumer spending
Correct Answer
A. Mass productionExplanation
Economies of scale refers to the cost advantages that a company can achieve when it produces goods or services on a large scale. Mass production, which involves producing goods in large quantities, is closely related to economies of scale. By producing in bulk, companies can benefit from lower production costs per unit, as fixed costs are spread over a larger number of units. This allows for increased efficiency and profitability. Therefore, mass production is the most appropriate concept associated with economies of scale.Rate this question:
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- 16.
One way that inflation impacts entertainment businesses is by
- A.
Decreasing free trade
- B.
Increasing prices
- C.
Increasing productivity
- D.
Decreasing labor costs
Correct Answer
B. Increasing pricesExplanation
Inflation impacts entertainment businesses by increasing prices. When there is inflation, the overall cost of goods and services rises. This means that the cost of producing and providing entertainment, such as movies, concerts, or amusement park tickets, also increases. As a result, entertainment businesses may need to raise their prices to cover these higher costs. This can lead to higher ticket prices, increased costs for concessions or merchandise, and potentially fewer people being able to afford these forms of entertainment.Rate this question:
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- 17.
When a sporting-goods manufacturer decides to sell to businesses located in another country, it should consider the country's
- A.
Selling motives
- B.
Profit margins
- C.
Increasing productivity
- D.
Decreasing labor costs
Correct Answer
D. Decreasing labor costsExplanation
When a sporting-goods manufacturer decides to sell to businesses located in another country, it should consider the country's decreasing labor costs. This is because lower labor costs can lead to higher profit margins for the manufacturer. By sourcing production or outsourcing to a country with lower labor costs, the manufacturer can reduce its expenses and potentially offer more competitive prices to its customers. This can also help increase productivity as the manufacturer can allocate resources more efficiently. Therefore, considering decreasing labor costs is crucial for the manufacturer's success in selling to businesses in another country.Rate this question:
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- 18.
One of the benefits of being adaptable is that it enables employees to
- A.
Avoid a conflict
- B.
Manage their time
- C.
Take the initiative
- D.
Deal with change
Correct Answer
D. Deal with changeExplanation
Being adaptable allows employees to deal with change effectively. When individuals are adaptable, they are open to new ideas, flexible in their approach, and can easily adjust to changes in the workplace. Adaptable employees are not resistant to change but rather embrace it as an opportunity for growth and development. They can quickly learn new skills, adjust their work processes, and navigate through uncertain situations. By being adaptable, employees can effectively cope with any changes that occur in their work environment, which ultimately leads to increased productivity and success in their roles.Rate this question:
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- 19.
When stadium managers recognize employees for their efforts and contributions, the recognition should be
- A.
Verbal
- B.
Personalized
- C.
Written
- D.
Private
Correct Answer
B. PersonalizedExplanation
Recognition should be personalized because it shows that the managers have taken the time to understand and appreciate the specific efforts and contributions of each employee. Personalized recognition makes employees feel valued and acknowledged for their individual achievements, which can boost morale and motivation. It also creates a more meaningful and genuine connection between the managers and employees, fostering a positive work environment. Verbal and written recognition can be effective, but personalization adds an extra level of thoughtfulness and sincerity to the recognition process. Private recognition ensures that the employee's achievements are acknowledged without putting them in an uncomfortable or public spotlight.Rate this question:
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- 20.
What do theater managers often need to do to maintain collaborative partnerships with colleagues?
- A.
Be enthusiastic
- B.
Recognize stereotypes
- C.
Evaluate feedback
- D.
Resolve conflict
Correct Answer
D. Resolve conflictExplanation
Theater managers often need to resolve conflict in order to maintain collaborative partnerships with colleagues. Conflict can arise due to differences in opinions, creative ideas, or personal issues, which can hinder effective communication and teamwork. By resolving conflicts in a fair and respectful manner, theater managers can create a harmonious working environment, fostering better collaboration and ensuring that everyone's ideas and contributions are valued. This helps to maintain strong partnerships and achieve successful outcomes in the theater industry.Rate this question:
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- 21.
Preparing wills and setting up guardianships are types of financial services that often are provided by
- A.
Courts
- B.
Executors
- C.
Attorneys
- D.
Beneficiaries
Correct Answer
C. AttorneysExplanation
Attorneys are professionals who specialize in legal matters and provide legal advice and services to individuals. Preparing wills and setting up guardianships are specific tasks that fall under the purview of attorneys. They have the knowledge and expertise to ensure that these legal documents are drafted accurately and in compliance with the law. Executors, beneficiaries, and courts may be involved in the process, but attorneys are the ones who typically handle these types of financial services.Rate this question:
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- 22.
Capital investment involves a hockey arena spending money to buy
- A.
Intangibles
- B.
Fixed assets
- C.
Office supplies
- D.
Liabilities
Correct Answer
B. Fixed assetsExplanation
Capital investment typically involves spending money to acquire fixed assets, such as buildings, equipment, or machinery, that are expected to provide long-term value to the organization. Intangibles refer to assets that do not have physical substance, such as patents or trademarks, and may not be directly related to a hockey arena. Office supplies are consumables that are used up quickly and do not provide long-term value. Liabilities are obligations or debts owed by the organization and do not represent investments in assets. Therefore, the correct answer is fixed assets.Rate this question:
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- 23.
Three individuals pooling their money to start a small sports memorabilia store is an example of
- A.
Developing a financial plan
- B.
Leasing inexpensive space
- C.
Preparing a loan application
- D.
Taking a speculative risk
Correct Answer
D. Taking a speculative riskExplanation
The act of three individuals pooling their money to start a small sports memorabilia store suggests that they are taking a speculative risk. This is because they are investing their money in a venture that may or may not be successful. Starting a small business involves uncertainty and there is a possibility of losing their investment. Therefore, this action aligns with the concept of taking a speculative risk.Rate this question:
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- 24.
The information obtained from conducting a cost/benefit analysis will help a sporting goods store to
- A.
Organize its investments
- B.
Prepare income statements
- C.
Make financial decisions
- D.
Develop tax documents
Correct Answer
C. Make financial decisionsExplanation
A cost/benefit analysis is a tool used to evaluate the potential costs and benefits of a decision or investment. By conducting this analysis, a sporting goods store can assess the financial implications of different options and make informed decisions regarding their investments. This analysis allows them to weigh the costs against the potential benefits, helping them determine the most financially viable course of action. Therefore, the information obtained from a cost/benefit analysis will assist a sporting goods store in making financial decisions.Rate this question:
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- 25.
What do many entertainment businesses develop to encourage ethical behavior in finance?
- A.
Sanctions
- B.
Punishments
- C.
Standards
- D.
Penalties
Correct Answer
C. StandardsExplanation
Many entertainment businesses develop standards to encourage ethical behavior in finance. These standards serve as guidelines and rules that outline the expected behavior and practices in financial matters. By establishing and promoting these standards, businesses aim to create a culture of integrity and transparency in their financial operations. These standards help to ensure that financial decisions are made ethically and in compliance with legal and regulatory requirements.Rate this question:
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- 26.
When assisting employees with prioritizing work responsibilites, it is often helpful to
- A.
Meet with industry experts
- B.
Interview the executives
- C.
Talk with the employees
- D.
Question the applicants
Correct Answer
C. Talk with the employeesExplanation
When assisting employees with prioritizing work responsibilities, it is often helpful to talk with the employees. This is because the employees are the ones directly involved in the day-to-day tasks and have a better understanding of their workload and challenges. By engaging in conversations with the employees, managers can gather valuable insights and information about their workload, deadlines, and any obstacles they may be facing. This will enable managers to provide appropriate guidance and support, ensuring that work responsibilities are prioritized effectively.Rate this question:
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- 27.
What should a sports equipment business do to make it possible for employees to effectively complete projects and achieve company goals?
- A.
Develop strict application procedure
- B.
Evaluate routine performance
- C.
Provide a productive work environment
- D.
Obtain current industry information
Correct Answer
C. Provide a productive work environmentExplanation
To effectively complete projects and achieve company goals, a sports equipment business should provide a productive work environment. This means creating a space where employees have the necessary resources, tools, and support to efficiently carry out their tasks. A productive work environment fosters collaboration, communication, and motivation among team members, enabling them to work effectively towards project completion and overall company success.Rate this question:
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- 28.
Why is often necessary to provide employees with additional training?
- A.
To increase socialization
- B.
To improve performance
- C.
To analyze diversity
- D.
To identify sensitivity
Correct Answer
B. To improve performanceExplanation
Additional training for employees is often necessary to improve their performance. This is because training provides them with the opportunity to acquire new skills, knowledge, and techniques that can enhance their job performance. It helps employees stay updated with the latest industry trends and advancements, enabling them to be more efficient and effective in their roles. Moreover, training can also address any existing skill gaps or areas of improvement, enabling employees to perform their tasks with greater proficiency and confidence. Overall, providing employees with additional training is crucial for enhancing their performance and ultimately contributing to the success of the organization.Rate this question:
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- 29.
One reason why it is important for golf course managers to supervise staff is to provide ___________________ for employees.
- A.
Structure
- B.
Inspiration
- C.
Compensation
- D.
Privacy
Correct Answer
A. StructureExplanation
Golf course managers need to supervise staff in order to provide structure for employees. Supervision ensures that employees have clear guidelines and expectations, helping them understand their roles and responsibilities within the organization. This structure allows employees to work efficiently and effectively, promoting a smooth operation of the golf course. It also helps in maintaining consistency and quality in the services provided by the staff. Without proper supervision and structure, employees may lack direction and may not perform their duties to the best of their abilities.Rate this question:
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- 30.
To obtain relevant information in way that accomodates a variety of schedules, some sports and entertainment businesses use online
- A.
Survey services
- B.
Intranet systems
- C.
E-mail filters
- D.
Web screeners
Correct Answer
A. Survey servicesExplanation
Survey services are used by sports and entertainment businesses to gather relevant information in a way that can accommodate various schedules. These services allow businesses to create and distribute surveys online, allowing respondents to provide feedback at their convenience. This method is convenient and efficient for both the businesses and the respondents, as it eliminates the need for physical surveys or face-to-face interactions. Survey services also provide businesses with tools to analyze and interpret the data collected, helping them make informed decisions based on the feedback received.Rate this question:
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- 31.
What research technique is intended to obtain information about people's opinions?
- A.
Qualitative
- B.
Quantitative
- C.
Market
- D.
Attitude
Correct Answer
D. AttitudeExplanation
The research technique intended to obtain information about people's opinions is called attitude. This technique focuses on understanding individuals' attitudes, beliefs, and feelings towards a particular topic or subject. It involves gathering qualitative data through methods such as interviews, surveys, or focus groups to gain insights into people's opinions and perspectives. By analyzing attitudes, researchers can better understand public opinion and make informed decisions based on the collected information.Rate this question:
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- 32.
The TUV Tennis Racquet Company wants to conduct marketing research by surveying a sample of its vast customer-base. To reduce the possibility of bias, the company should consider using
- A.
Referral sampling
- B.
Telephone interviews
- C.
Random sampling
- D.
Personal interviews
Correct Answer
C. Random samplingExplanation
Random sampling is the most appropriate method for the TUV Tennis Racquet Company to conduct marketing research. This method involves selecting a sample from the entire customer base in a completely random manner, ensuring that every customer has an equal chance of being included. By using random sampling, the company can minimize bias and obtain a representative sample that accurately reflects the views and preferences of their entire customer base. This will lead to more reliable and valid research findings, allowing the company to make informed decisions based on the data collected.Rate this question:
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- 33.
One of the goals of qualitative research is to answer questions about
- A.
"how many"
- B.
"why"
- C.
"who"
- D.
"how to"
Correct Answer
B. "why"Explanation
Qualitative research aims to explore and understand the reasons and motivations behind certain phenomena or behaviors. It focuses on gaining insights into the "why" behind human actions and experiences rather than just providing numerical data or statistics ("how many"). By analyzing and interpreting qualitative data, researchers can uncover the underlying factors, motivations, and perspectives that drive certain behaviors or phenomena, ultimately answering questions about "why" things happen the way they do.Rate this question:
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- 34.
A marketing research brief helps the researcher perform which of the following functions:
- A.
Planning
- B.
Editing
- C.
Observing
- D.
Hiring
Correct Answer
A. PlanningExplanation
A marketing research brief helps the researcher in planning their research study. It outlines the objectives, scope, and methodology of the research, as well as the target audience and timeline. The brief provides a roadmap for the researcher to follow, ensuring that they have a clear plan in place to achieve their research goals. It helps in organizing the research process, identifying the key areas to focus on, and determining the resources needed for the study. Overall, the marketing research brief plays a crucial role in guiding and facilitating the planning stage of the research.Rate this question:
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- 35.
Researchers assess the timeliness of marketing information to make sure that the informaton is
- A.
Complete
- B.
Credible
- C.
Reliable
- D.
Unbiased
Correct Answer
B. CredibleExplanation
Researchers assess the timeliness of marketing information to ensure that it is credible. This means that the information is trustworthy, reliable, and can be believed. Credible information is based on evidence, research, and facts, and is free from bias or personal opinions. By evaluating the timeliness of marketing information, researchers can determine if it comes from reliable and trustworthy sources, and if it has been thoroughly researched and verified. This helps in making informed decisions and drawing accurate conclusions based on the marketing information available.Rate this question:
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- 36.
In which of the following situations would it be appropriate for researchers to use direct-mail surveys:
- A.
Want an inexpensive way to reach a large audience
- B.
Need specific information from a small group
- C.
Have a lot of money to spend
- D.
Prefer to obtain anonymous information
Correct Answer
A. Want an inexpensive way to reach a large audienceExplanation
Direct-mail surveys would be appropriate when researchers want an inexpensive way to reach a large audience. This method allows researchers to send surveys to a large number of individuals at a relatively low cost, making it an efficient option for gathering data from a large sample size. It is a cost-effective approach compared to other methods like face-to-face interviews or phone surveys, especially when the target audience is geographically dispersed. By using direct-mail surveys, researchers can collect data from a diverse range of individuals and obtain a wide range of perspectives and opinions.Rate this question:
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- 37.
To learn about its target market's needs and wants, a professional soccer league should obtain information from its fans
- A.
In a proactive and systematic manner
- B.
Only when there appears to be a problem
- C.
If ticket sales show short-term improvement
- D.
Before it implements organizational changes
Correct Answer
A. In a proactive and systematic mannerExplanation
To effectively understand the needs and wants of its target market, a professional soccer league should obtain information from its fans in a proactive and systematic manner. This means actively seeking feedback and conducting regular surveys or interviews to gather insights. By doing so, the league can gather valuable data on fan preferences, expectations, and concerns, allowing them to make informed decisions and implement organizational changes that align with the desires of their target market. This approach ensures that the league stays ahead of the game and maintains a strong connection with its fan base.Rate this question:
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- 38.
Which of the following sources is the most appropriate for obtaining primary marketing information about fans' opinions about a rock band's new album:
- A.
Facility managers
- B.
Concession vendors
- C.
Event ushers
- D.
Concert attendees
Correct Answer
D. Concert attendeesExplanation
Concert attendees are the most appropriate source for obtaining primary marketing information about fans' opinions about a rock band's new album. As they are the ones who attend the concert and listen to the band's music, they can provide firsthand feedback and insights about their opinions on the new album. Facility managers, concession vendors, and event ushers may have some information related to the concert, but they are not directly involved with the music or the fans' opinions.Rate this question:
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- 39.
Which of the following indicates a positive economic impact for a city that hosts a professional golf tournament:
- A.
Increased traffic congestion
- B.
Fewer hotel reservations
- C.
Higher restaurant sales
- D.
Decreased tax revenues
Correct Answer
C. Higher restaurant salesExplanation
Higher restaurant sales indicate a positive economic impact for a city hosting a professional golf tournament. This is because an increase in restaurant sales suggests that more people are dining out, which can boost the local economy. It indicates that the tournament has attracted visitors who are spending money at local establishments, contributing to increased revenue for restaurants and potentially creating job opportunities.Rate this question:
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- 40.
If a sporting goods business lowers the price of the product for the purpose of taking business away from competitors, the result of this action often is a(n)
- A.
Reduction in staff
- B.
Increase in profit
- C.
Decrease in cost
- D.
Gain in market share
Correct Answer
D. Gain in market shareExplanation
When a sporting goods business lowers the price of their product to attract customers away from competitors, it is likely to result in a gain in market share. By offering a lower price, the business becomes more attractive to consumers, leading to an increase in the number of customers choosing their product over competitors. This increase in market share can lead to greater visibility and recognition for the business, potentially resulting in long-term profitability and success.Rate this question:
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- 41.
A charactertisitc of an event is that it is produced and consumed
- A.
At the same time
- B.
During planned intervals
- C.
By the same group of people
- D.
In unemotional ways
Correct Answer
A. At the same timeExplanation
An event being produced and consumed at the same time means that it occurs in real-time, with the production and consumption happening simultaneously. This implies that the event is happening in the present moment and does not involve any delays or gaps between its production and consumption. This characteristic is important for events that require immediate action or response, and it ensures that all relevant parties are actively involved and engaged in the event at the same time.Rate this question:
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- 42.
Selecting a target market based on very specific criteria that limit the audience to a well-defined segment is an example of
- A.
Income segmenting
- B.
Market planning
- C.
Niche marketing
- D.
Target auditing
Correct Answer
C. Niche marketingExplanation
Niche marketing refers to the strategy of selecting a target market based on specific criteria that narrow down the audience to a well-defined segment. This approach focuses on catering to the unique needs and preferences of a specific group of consumers, rather than targeting a broad market. By identifying and understanding the specific characteristics, interests, and behaviors of this niche segment, businesses can tailor their products, services, and marketing efforts to effectively meet their demands and differentiate themselves from competitors. Niche marketing allows companies to establish a strong presence and build customer loyalty within a smaller, more specialized market segment.Rate this question:
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- 43.
When conducting a market analysis, entertainment businesses often determine the
- A.
Industry focus
- B.
Market potential
- C.
Market segment
- D.
Sales forecast
Correct Answer
B. Market potentialExplanation
When conducting a market analysis, entertainment businesses often determine the market potential. This refers to the maximum achievable sales level in a given market, taking into account factors such as consumer demand, competition, and market size. By assessing the market potential, businesses can estimate the size of the opportunity and make informed decisions regarding their marketing strategies, product development, and expansion plans. This analysis helps them understand the potential growth and profitability of their business in a specific market.Rate this question:
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- 44.
Which of the following is a global trend that creates opportunity for many sportswear businesses:
- A.
Decrease in trade agreements
- B.
Increases in types of currency
- C.
Decrease in trade barriers
- D.
Increase in import taxes
Correct Answer
C. Decrease in trade barriersExplanation
A decrease in trade barriers refers to the reduction or elimination of restrictions on the flow of goods and services between countries. This trend creates opportunities for sportswear businesses as it allows them to expand their market reach and access new customers in foreign markets. With fewer trade barriers, sportswear businesses can import and export their products more easily, leading to increased sales and growth potential. This trend also promotes competition and innovation in the industry, as businesses are exposed to a wider range of suppliers and consumers.Rate this question:
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- 45.
Whens setting marketing objectives, golf club manufacturers should make sure that the objectives are reasonable based on
- A.
Available resources
- B.
Industry standards
- C.
Promotional methods
- D.
Management stylesd
Correct Answer
A. Available resourcesExplanation
When setting marketing objectives, golf club manufacturers should make sure that the objectives are reasonable based on available resources. This means that they need to consider the resources they have, such as budget, manpower, and technology, to determine what goals are achievable. By aligning their objectives with their available resources, they can ensure that they are setting realistic and attainable targets for their marketing efforts. This also helps in avoiding overcommitment or setting objectives that cannot be met due to resource limitations.Rate this question:
-
- 46.
One part of implementing the marketing plan involves establishing the marketing
- A.
Mix
- B.
Budget
- C.
Strategy
- D.
Goal
Correct Answer
B. BudgetExplanation
One part of implementing the marketing plan involves establishing the marketing budget. This is because the budget determines the amount of financial resources that will be allocated towards various marketing activities such as advertising, promotions, research, and other initiatives. Setting a budget helps ensure that the marketing plan is realistic and achievable within the available financial constraints. It also allows for effective allocation of resources to different marketing strategies and goals, enabling the organization to maximize the impact of its marketing efforts.Rate this question:
-
- 47.
Translating performance measures of marketing activities into financial outcomes involves putting a
- A.
Dollar figure on the results
- B.
Price on the marketing tools
- C.
Limit on the advertising budget
- D.
Value on the sales forecast
Correct Answer
A. Dollar figure on the resultsExplanation
Translating performance measures of marketing activities into financial outcomes involves assigning a monetary value to the results achieved. This means quantifying the impact of marketing efforts in terms of dollars, such as revenue generated, return on investment, or cost savings. By assigning a dollar figure to the results, businesses can evaluate the effectiveness and profitability of their marketing strategies and make informed decisions about resource allocation and budgeting.Rate this question:
-
- 48.
In which of the followng situations might a professional football team decide that it is cost effective to implement an expensive measurement tool to assess the effectiveness of marketing strategies:
- A.
The tool that is recommended by the industry
- B.
The only tool that accurately evaluates performance
- C.
The only tool that is available at the time
- D.
The tool that is used by a major competitor
Correct Answer
B. The only tool that accurately evaluates performanceExplanation
A professional football team might decide that it is cost-effective to implement an expensive measurement tool to assess the effectiveness of marketing strategies if it is the only tool that accurately evaluates performance. This is because accurate evaluation of performance is crucial for the team to make informed decisions about their marketing strategies. By using the only tool that can provide accurate assessment, the team can ensure that their marketing efforts are targeted and effective, ultimately leading to better results and potentially higher revenue.Rate this question:
-
- 49.
One way for sportswear stores to obtain needed information efficiently is to
- A.
Access a database
- B.
Schedule an interview
- C.
Read a book
- D.
Contact a competitor
Correct Answer
A. Access a databaseExplanation
Accessing a database is an efficient way for sportswear stores to obtain needed information. Databases store a vast amount of organized and easily accessible data, allowing stores to quickly retrieve information about products, customer preferences, market trends, and competitor analysis. This helps stores make informed decisions regarding inventory management, marketing strategies, and overall business operations. Compared to other options like scheduling interviews, reading books, or contacting competitors, accessing a database provides a more convenient and comprehensive source of information for sportswear stores.Rate this question:
-
- 50.
Many athletic clubs use specialized computer programs to create and post
- A.
Web pages
- B.
Customer lists
- C.
Budget data
- D.
Invoice records
Correct Answer
A. Web pagesExplanation
Many athletic clubs use specialized computer programs to create and post web pages. These web pages can be used to provide information about the club's activities, events, schedules, and other relevant information to their members and the general public. They can also be used to promote the club and attract new members. By using specialized computer programs, the clubs can easily design and customize their web pages to suit their specific needs and preferences. Additionally, these programs may provide features such as templates, drag-and-drop functionality, and content management systems to make the process of creating and updating web pages more efficient and user-friendly.Rate this question:
-
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Feb 14, 2023Quiz Edited by
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Nov 17, 2011Quiz Created by
Shannon Lazek
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