From the May 2001 issue of Entrepreneur

How advanced is your marketing knowledge? You may think you know it all-but you won't know for sure until you take the quiz in this column. In order to challenge you on the latest marketing information, we've broken it down into six vital areas, from how to reach working women to PR strategy and trade magazine ads. So break out a writing implement, and circle one letter for each answer. When you've completed the quiz, check out our answers. Then go put that information to work in your own business.

1. Teens represent a $150 billion market, yet motivating them to spend their money can be tricky. After product quality, which marketing factor do teens say has the most powerful influence on their purchasing decisions?
A. Price
B. Advertising
C. Whether a company donates to a cause
D. Celebrity endorsements

2. Contest promotions with large grand prizes are used exclusively by major corporations with deep pockets to support big payouts.
A. True
B. False

3. Broadcast faxing is a high-impact, low-cost direct marketing tactic that can replace direct mail to cold prospects.
A. True
B. False

4. Nine out of 10 women are the primary shoppers for their households, and 75 percent of all women between the ages of 25 and 54 work full time or part time. What's the best broadcast advertising vehicle for reaching them?
A. Radio
B. Television

5. What percentage of buyers and specifiers (the people who are responsible for recommending products their companies should purchase) look for Web site addresses in trade magazine ads when they're trying to find additional information about the products?
A. Less than 10 percent
B. 25 percent
C. 50 percent
D. Nearly 90 percent

6. Which of the following factors is the principal advantage of conducting market research online?
A. Lower cost
B. Speed
C. Surveys hard-to-reach respondents
D. All of the above

Answers

Give yourself 20 points for each correct answer:

1. C. Eighty-five percent of teens would switch to retailers associated with a good cause, according to the 2000 "Cone/Roper Cause-Related Teen Survey." After the quality of the product, teens consider whether a company makes a donation to a cause (71 percent) and whether the company supports the cause (68 percent) to be the second and third most important factors when deciding what to buy. Teens indicate they're most concerned about violence in school, drug and alcohol abuse and crime. Make a smart PR move by affiliating with related causes.

2. B. Entrepreneurs are increasingly sponsoring major promotions by using prize payout insurance. Companies such as SCA Promotions Inc., in partnership with commercial reinsurers such as Lloyds of London, offer guaranteed payment of prizes for on-air radio promotions, retail and sports contests, and Internet promotions. For pennies on the dollar, the provider assumes all the financial risks, helping a modest promotional budget support a large grand prize.

3. B. Although broadcast faxing is high-impact and low-cost, it is best used to maintain ongoing relationships with existing prospects or customers. Unlike direct mail, unsolicited faxes fall afoul of the FCC's Telephone Consumer Protection Act. Permission to send unsolicited faxes is presumed to exist only if you have an established business relationship with the companies you're faxing to.

4. A. Working women are approximately half as likely as the average adult to be TV watchers, according to MediaMark Research Inc., and 16 percent more likely than the average adult to be radio listeners. So radio is the best broadcast tool for reaching working women between the hours of 6 a.m. and 7 p.m., which covers an important purchasing time-the evening commute home.

5. D. A whopping 87 percent of buyers and specifiers search for URLs in trade advertisements, according to research by Martin Akel & Associates in conjunction with Cahners. If you want to help buyers get the information they need quickly and easily, include your URL in all your trade ads.

6. D. Considering the refusal rate of people asked to participate in phone or direct surveys has reached 60 percent, online surveys make a good alternative. Entrepreneurs can find a variety of vendors on the Internet that provide inexpensive, do-it-yourself research tools and databases for B2B and consumer marketers. One such site is InsightExpress.

How Did You Do?

If you scored 100 to 120, consider yourself a marketing genius. If you fall between 60 and 80, you should increase your efforts to bring your marketing knowledge up to speed. And if you scored 40 or less, don't worry-just remember this quiz is simply an indication that it's time for you to get motivated and brush up on your skills.