Question

eens have cited ʺfriendsʺ as the strongest influence over their purchase decisions.
True
False
Which of the following is not a need?
Utilities
Housing
Food
Eating out
Refers to the financial opportunity that is given up because you choose to do something else with your money.
Opportunity cost
Opportunity purchase
The purpose of advertising is to:
Tease the consumer
All of the above
Persuade the consumer
Inform the consumer
Zero percent financing is nothing more than a really good marketing tool.
False
True
A good salesperson will answer a question with a question.
False
True
Which of the following is not a common marketing strategy?
Personal selling
Repetition
Making the customer do product research
Providing financing options
A spur-of-the-moment, unplanned decision to buy a product or service
Buyer's remorse
Impulse buy
Never buy something you do not fully understand.
True
False
Identify which method companies are using to compete for your money: Reputation for holding its value
Media
Financing
Product positioning
Personal selling
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
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
An economic system based on a free market, profit motive, open competition and private ownership of the means of production
Capitalism
Communism
Feeling regret or concern after making a large purchase
Consumerism
Buyer's remorse
The persistent increase in the cost of goods and services or the persistent decline in the buying power of money
Inflation
Deflation
To buy an item with credit; paying over time.
Marketing plan
Financing

Answer 1

1. Teens have cited "friends" as the strongest influence over their purchase decisions.
Answer: True

2. Which of the following is not a need?
Answer: Eating out

3. Refers to the financial opportunity that is given up because you choose to do something else with your money.
Answer: Opportunity cost

4. The purpose of advertising is to:
Answer: All of the above

5. Zero percent financing is nothing more than a really good marketing tool.
Answer: True

6. A good salesperson will answer a question with a question.
Answer: True

7. Which of the following is not a common marketing strategy?
Answer: Making the customer do product research

8. A spur-of-the-moment, unplanned decision to buy a product or service
Answer: Impulse buy

9. Never buy something you do not fully understand.
Answer: True

10. Identify which method companies are using to compete for your money: Reputation for holding its value
Answer: Product positioning

11. Four common marketing tactics are:
Answer: Personal selling, financing, repetition, product positioning

12. What concept is best explained by the statement, "Money spent here cannot be spent there"?
Answer: Opportunity cost

13. An economic system based on a free market, profit motive, open competition and private ownership of the means of production
Answer: Capitalism

14. Feeling regret or concern after making a large purchase
Answer: Buyer's remorse

15. The persistent increase in the cost of goods and services or the persistent decline in the buying power of money
Answer: Inflation

16. To buy an item with credit; paying over time.
Answer: Financing