Question

Select the correct answer.
A good salesperson will answer a question with a question.
False
True
Identify which method companies are using to compete for your money: ʺ90-days-same-as-cashʺ
Personal selling
Financing
Product positioning
Media
When a company places an ad and offers no interest on your purchase for three years:
They are not interested in making a profit
All of the above
The cost of the financing is built into the price of the item
They are showing their appreciation to you by giving you free money
The purpose of advertising is to:
All of the above
Persuade the consumer
Inform the consumer
Tease the consumer
The promotion of a product or service by identifying it with distinct characteristics; usually associated with public perception, quality or effectiveness.
Branding
Product positioning
Repetition has proven to be an ineffective marketing technique.
False
True
Which of the following is not a form of product positioning?
Brand recognition
Financing
Packaging and color
Shelf positioning
A budget has little effect on a person’s financial success unless he or she also develops power over purchase.
False
True
Identify which method companies are using to compete for your money: TV commercials
Financing
Product positioning
Media
Personal selling
Identify which method companies are using to compete for your money: Car salesman
Product positioning
Media
Financing
Personal selling
What is a safe assumption to make regarding companies and their marketing practices?
All of the above
Companies use all angles to aggressively compete for your money.
Companies spend millions of dollars and do extensive research on advertising.
Companies know that competition is fierce for consumer dollars.
Identify which method companies are using to compete for your money: Reputation for holding its value
Product positioning
Media
Financing
Personal selling
An economic system based on a free market, profit motive, open competition and private ownership of the means of production.
Capitalism
Communism
Never buy something you do not fully understand.
True
False
Feeling regret or concern after making a large purchase.
Consumerism
Buyer's remorse
Four common marketing tactics are:
Personal selling, financing, repetition, product positioning
Branding, personal selling, opportunity cost, financing
Competition, financing, opportunity cost, personal selling
Repetition, buyer’s remorse, product positioning, significant purchase
The amount of stuff a person has is directly related to contentment and happiness.
False
True
Refers to the public’s ability to recall and recognize a brand by its logo, jingles, packaging, etc.
Market exposure
Brand recognition
Dave tells the story of a man who bought his dream car, drove it home, but then returned it the next day after some money calculations. This story is an example of:
Opportunity cost
Buyer’s remorse
ʺBe backsʺ in the car business
Brand recognition
To buy an item with credit; paying over time.
Marketing plan
Financing
What concept is best explained by the statement, ʺMoney spent here cannot be spent thereʺ?
Delayed gratification
Significant purchases
Opportunity cost
Law of diminishing return
Inflation has no effect on your buying power.
False
True
Young single adults should find an accountability partner with whom to discuss big purchases.
False
True
The persistent increase in the cost of goods and services or the persistent decline in the buying power of money.
Inflation
Deflation
Zero percent financing is nothing more than a really good marketing tool.
False
True
Which of the following should you consider when making a significant purchase?
All of the above
The opportunity cost
If you can’t pay with cash, don’t buy it
Your buying motives
You should never wait overnight before making a big purchase if there is only one item left.
False
True
Which of the following is not a common marketing strategy?
Personal selling
Making the customer do product research
Repetition
Providing financing options
Refers to the financial opportunity that is given up because you choose to do something else with your money.
Opportunity cost
Opportunity purchase
An amount of money you spend, usually $300, that causes some pain to part with:
Opportunity cost
Significant purchase
Teens have cited ʺfriendsʺ as the strongest influence over their purchase decisions.
True
False
The process of communicating the value of a product or service to customers.
Marketing
Product positioning
Which of the following is not a need?
Food
Utilities
Eating out
Housing
A spur-of-the-moment, unplanned decision to buy a product or service.
Buyer's remorse
Impulse buy
Which is not a ʺpower over purchaseʺ tactic?
Seek counsel
Wait overnight
Consider the opportunity cost
Compare your purchase with a friend’s

Answer 1

1. True
2. Financing
3. The cost of the financing is built into the price of the item
4. All of the above
5. Branding
6. False
7. Financing
8. True
9. Media
10. Personal selling
11. All of the above
12. Product positioning
13. Capitalism
14. True
15. Buyer's remorse
16. Personal selling, financing, repetition, product positioning
17. False
18. Brand recognition
19. Buyer's remorse
20. Financing
21. Opportunity cost
22. False
23. True
24. Inflation
25. True
26. All of the above
27. False
28. Making the customer do product research
29. Opportunity cost
30. Significant purchase
31. True
32. Marketing
33. Eating out
34. Impulse buy
35. Compare your purchase with a friend’s