Johnson & Johnson recalled Tylenol after some bottles were found laced with cyanide. Which business philosophy does this action reflect?
Correct answer C. The societal marketing concept
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Economics MCQs
Page 67 of Economics multiple-choice questions with answers. Tap an option to check yourself.
Page 67 of 131
- Miscellaneous Economics 737
- Basic of Economics 430
- Markets, Efficiency And The Public Interest 167
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- Market 87
- Macroeconomic Issues and Analysis 75
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- Introduction To Economics 70
- Population And Development 62
- Profit Maximizing Under Perfect Competition And Monopoly 56
- Income Inequality 52
- Non-Tariff Trade Barriers 48
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- Costs , Supply And Perfect Competition 44
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- Inflation & Productivity 30
- Regional Trading Arrangements 29
- Characteristics and Institutions of Developing Countries 24
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- Consumer Theory vs. Real Consumers 20
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- Alternative Theories Of The Firm 20
- Public Goods 20
- Balance of Payments, Aid and Foreign Investment 19
- Prices, Wages & Taxes 19
- Comparative GDP 19
- Budget Deficits And The Trade Balance 18
- Macroeconomic Policy Tools 18
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- Application of Economics 16
- Production Factors 16
- Monopoly & Competition 15
- Capital Formation, Investment Choice, Information Technology, And Technical Progress 15
- Monetary, Fiscal And Incomes Policy, And Inflation 15
- Average And Total Cost 14
- Poverty, Malnutrition, And Income Inequality 12
- Monetary Union 10
A sales compensation plan should reflect overall marketing strategy. If the strategy is rapid growth and market share gains, what should the plan reward?
Correct answer D. High sales performance and encourage capturing new accounts
What is a price reduction for buyers who purchase in large volumes called?
Correct answer D. Quantity discount
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Which of the following is NOT one of the criticisms of marketing’s impact on consumers?
Correct answer C. Harming consumers through too many product choices
What is the main reason many companies try to become the lowest-cost producer in their industry?
Correct answer B. They can set lower prices that result in greater sales and profits
Which philosophy holds that a company’s marketing should support the best long-run performance of the marketing system?
Correct answer A. Enlightened marketing
When a consumer says a car is the most economical one on the market, what is this description an example of?
Correct answer B. Belief
At which stage of new product development does a company review sales, cost and profit projections to see if they meet its objectives?
Correct answer C. Business analysis
Services cannot be stored for later sale or use. Which characteristic of services does this show?
Correct answer A. Perishability
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Catalogue marketing is big business in the United States. About how many catalogues did the average household receive each year, according to the textbook?
Correct answer B. 50
Given US population growth trends, which ethnic groups were expected to double over the next half century and become one of the market’s most viable segments?
Correct answer B. Hispanics and Asians
If your company made suits and sold them to a retailer, which market would it be selling to?
Correct answer B. Reseller
Which trade promotion gives retailers a price reduction in return for featuring the manufacturer’s products in some way?
Correct answer B. Allowance
In the model of business buying behaviour, where do interpersonal and individual influences interact?
Correct answer C. Buying centre
Which medium offers high selectivity, low cost, immediacy and interactive capabilities?
Correct answer B. Online
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An advertiser wanting flexibility, timeliness, good local market coverage, broad acceptability and high believability would most likely choose which mass medium?
Correct answer A. Newspapers
When a government discriminates against foreign bids or sets product standards that work against foreign product features, what is it using?
Correct answer C. Nontariff trade barriers
Which of the following does NOT affect how attractive a market segment is?
Correct answer D. The likelihood of government monitoring
If Mark Mars pays Hershey Foods Corporation for the right to put the Hershey name on his T-shirts, which type of branding is he using?
Correct answer B. Licensed brands
At which stage of new product development is the concept turned into a physical product to prove the idea is workable?
Correct answer C. Product development