SUMMATIVE TEST 3

ENTREPRENEURSHIP Q

Name: __________________________________ Section: ________ Score: _________

A. Direction: Read analyze each item carefully. Choose the letter of the best answer.

For item number 1 - 4. Refer to the choices in the box

A. Arranging E. People I. Promotion

B. Identifying F. Place J. Strategy
C. Marketing G. Price
D. Marketing Strategy H. Product

____1. What is the most effective method to persuade or convince your target customer?
____2. Which component of the marketing mix is paid by the consumer in exchange for the
product?
____3. Which of the following is the position and distribution channel of the product to make it
accessible to the potential buyers?
____4. Which of the following refers to a goods or services that is offered as a solution to
satisfy the needs of your customer?
____5. What are the two activities used to the elements of marketing mix to allows a business
}
____6. to make profitable marketing decisions at every level.
____7. Which of the following helps to fix the advertising budget in advance, and it also
develops a method which determines the scope of the plan?
____8. It helps in developing goods and services with best profit-making potential.
____9. What does the overall marketing mix of a firm determine?
A. Marketing objective B. Marketing strategy
C. Profit from marketing D. All of the Above
____10. Which of the following is NOT an element in the marketing mix?
A. Price B. Product C. Profit D. Promotion
____11. Which is NOT included in the promotion?
A. Sales Promotion B. Advertising
C. Customer service D. Marketing
____12. What does the overall marketing mix of a firm determine?
A. Marketing strategy B. Marketing objective
C. Profit from marketing C. All of the above
____13. What two things should market strategy reflect?
A. Business goals and the reality of business operations.
B. Business situation and it’s economic status.
C. Product and promotion.
D. Mission and vision.
____14. Management is deciding whether or not to offer the entire new line of athletic
equipment. This is an example of which marketing mix element?
A. Price B. Product C. Profit D. Promotion
____15. When is a business most likely to adjust the marketing mix of a product?
A. If costs change B. If location change
C. If customer needs change D. If management changes
____16. What does the overall marketing mix create?
A. Customer needs B. Business objectives
C. A unique selling point for a product C. C. All of the above
____19. . If a product is said to have a price inelastic demand curve, what does this mean?
A. If you the price down, sales volume will fall.
B. To sell more products, you should raise the price.
C. To make more sales revenue, you should lower the price.
D. If you change the price, sales volume will change very little.
____21. Finder Bike Company claims their sportive bicycle as the road’s highest optimized
performer. How are their products recognized this way in the market place?
A. Promotion by Personal Selling
B. By Sales Market Positioning
C. By Product Distributing
D. By Unique Packaging

____24. Which question pertains to the price element of the marketing mix?
A. Will the product be sold in a department store, boutique, or on the Internet?
B. Should additional sales people be used at particular times of the day?
C. Will the product be discounted at certain times of the year?
D. Where should the product be sold?
____25. It is often said that marketing is about managing the exchange process. In an
exchange one person or organization gives up something of value (e.g. a product) in return for
something else of value (e.g. money). If an exchange is based on good marketing strategies,
who benefits most and how?
A. The seller persuades the customer that the product is better than it really is.
B. The seller manages to overcharge the customer without them realizing it.
C. It is a fair exchange that makes both seller and buyer happy.
D. It is the most profitable exchange for the seller.