Business Management Exam Preparation Guide
Course Introduction
Business Management is a comprehensive course that explores the fundamental principles and practices essential to effectively run and lead organizations. The course covers key topics such as organizational structure, leadership, strategic planning, human resource management, marketing, financial management, and operations. Students will analyze real-world case studies, develop problem-solving skills, and learn to make informed business decisions in dynamic environments. Emphasis is placed on ethical considerations, global perspectives, and the use of technology in managing modern enterprises, preparing students for a wide range of managerial roles in various industries.
Recommended Textbook
Marketing Management 1st Edition by Greg Marshall
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19 Chapters
2209 Verified Questions
2209 Flashcards
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Page 2
Chapter 1: Marketing in Todays Business Milieu
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89 Verified Questions
89 Flashcards
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Sample Questions
Q1) Firms such as General Electric and Starbucks try to practice the concept of "doing well by doing good".What does this mean? What are some of the challenges faced by a firm that wants to create products that fit this concept?
Answer: Some industries have more trouble than others in creating environmentally responsible products (Freon vs.Air Nike shoes) minimize environmental waste
Q2) Fernandez Brothers, Inc.provides accounting services to small businesses.Before and after tax season, the partners meet with each client company.It sends a monthly newsletter to update clients with tax changes.The firm's business practices revolve around putting the customer at the center when developing services and practices.Smith Brothers has adopted a ________________ approach.
A) Market orientation
B) Mass customization orientation
C) Differentiation orientation
D) Relationship orientation
E) Product orientation
Answer: D
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Chapter 2: Elements of Marketing Strategy and Planning
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122 Verified Questions
122 Flashcards
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Sample Questions
Q1) Shabreka likes to shop in a designer boutique located in a city 30 miles from her home.This store offers _________ utility.
A) Time and place
B) Form
C) Ownership
D) Form and ownership
E) Place
Answer: D
Q2) The best place in a SWOT analysis to identify the possibility of acquiring a competitor is in ___________________.
A) External opportunities
B) External threats
C) Internal opportunities
D) Internal strengths
E) Internal weaknesses
Answer: D
Q3) Differentiation is the backbone of developing a marketing strategy.
A)True
B)False
Answer: True
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Chapter 3: Understanding the Global Marketplace: Marketing Without Borders
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111 Verified Questions
111 Flashcards
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Sample Questions
Q1) You Are Here, a personal navigation system company, has contracted its manufacturing to a firm in Malaysia for five years.Now that You Are Here has wildly explosive growth, it wants to purchase the manufacturing facility.This market entry method is _________.
A) Direct sales force
B) Strategic alliance
C) Joint venture
D) Direct foreign investment
E) Licensing
Answer: D
Q2) ___________ is the most common method for entering foreign markets and accounts for ________ of all global economic activity.
A) Direct foreign investment, 20%
B) Licensing, 12%
C) Franchising, 35%
D) Exporting, 10%
E) Joint ventures, 15%
Answer: D
Q3) Which U.S.company gets the highest percentage of sales from outside the country?
Answer: Coca-Cola
Page 5
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Chapter 4: Perspectives on Customer Relationship Management
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) _______________ is the first element in the process cycle for CRM.
A) Analysis and refinement
B) Supplier interface
C) Customer interaction
D) Knowledge discovery
E) Marketing planning
Q2) The ultimate goal of CRM is maximizing performance on the _________ side of the enterprise.
A) Employee
B) Management
C) Customer
D) Supplier
E) Distributor
Q3) CRM is _______________.
A) A software system
B) A business strategy
C) Maximizes profitability through serving the best customers
D) Is customer-centric
E) All of the above
Q4) What are customer touchpoints?
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Chapter 5: Managing Marketing Information
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) Identify and define the categories of online research tool.What are the advantages and disadvantages of each? Give an example of when a firm would want to employ each.
Q2) Burger Bistro recently experienced a decline in hamburger sales after salmonella was discovered during a health inspection at one of the restaurants.The marketing manager was interested in how other restaurants had dealt with similar situations.____________ data would be the most appropriate way to find answers related to this marketing problem.
A) Secondary
B) Governmental
C) Experimental
D) Primary
E) Observational
Q3) How can political/legal trends influence marketing decisions? Give an example.
Q4) Demographics are easy to obtain, and many companies do a good job of learning about demographic trends and responding to them.
A)True
B)False
Q5) Why do firms employ marketing research systems?
Q6) Define and give the advantages of the two major types of qualitative data.
Page 7
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Chapter 6: Understanding Competitors: Analysis to Action
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) The _______________________ seeks to expand trade bilaterally between nations and globally among all nations.
A) World Trade Organization (WTO)
B) United Nations (UN)
C) European Union (EU)
D) North American Free Trade Agreement (NAFTA)
E) Organization for Free Trade (OFT)
Q2) In an oligopoly there are typically ___________ competitors.
A) 0-1
B) 1-2
C) 2-3
D) 3-4
E) 4-5
Q3) By studying competitors and implementing change, companies can create strategic advantages that help them to create a better market share.
A)True
B)False
Q4) Most companies view competitors as those existing at the same level in the supply chain.Why is this not a safe assumption?
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Chapter 7: Understanding Customers: Business to Consumer Markets
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) James is influenced by his work environment.He will likely _____.
A) Vacation at the same places as his coworkers
B) Avoid vacationing at the same places as his coworkers
C) Make different purchase decisions from his coworkers
D) Shop in different locations than those he works with
E) Wear clothes that set him apart from his coworkers
Q2) Marketers can affect learning by providing information using a message, format, and delivery that will encourage customers to retain the information in memory.
A)True
B)False
Q3) Mia often has desires that reflect how she would like to feel or live in the present time, this is know as a __________.
A) Fantasy world
B) Ideal state
C) Preferred state
D) Preferred world
E) Ideal world
Q4) What are gender roles? Provide an example of how they have changed over time in the United States.
9
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Chapter 8: Understanding Customers: Business to Business Markets
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) A characteristic of B2B companies is that they often make products that end up as ___________ in a finished product.
A) components
B) labels
C) minor features
D) major features
E) factoids
Q2) Why is the demand for products and services different in a business market?
Q3) Victor has just transitioned from working in a primarily consumer driven market to working in a B2B market.His company manufactures headlights for various vehicles.Victor's business partner believes they need to move their production plant closer to their major customers, Victor believes they can continue to operate as they always have.Who is right? Why?
Q4) The NAICS codes list all of a particular companies business sectors.A company can be listed in several different categories.
A)True
B)False
Q5) Why is a new purchase the most difficult buying situation?
Q6) Define supply chain?
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Chapter 9: Segmentation, Target Marketing, and Positioning
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) Demographic segmentation is best described as _______.
A) Using characteristics of human populations to segment the market.
B) Using characteristics of geography to segment the market.
C) Using characteristics of lifestyle to segment the market.
D) Using characteristics of virtual communities to segment the market.
E) All of the above are demographic segmentation.
Q2) The sequential steps to successful segmentation are:
A) Positioning, targeting, and segmenting.
B) Research, fulfillment analysis, churn rate.
C) Segmenting, targeting and positioning.
D) Need identification, qualitative research, and positioning.
E) Consumer analysis, content analysis, and segmenting.
Q3) Define target marketing.Which segments should the firm select?
Q4) When the social networking site Facebook started, its primary members were in the young adult market of 18 to 24 year olds.Now the 35 and over age group has the largest membership.What kind of value does Facebook offer to different segments?
Q5) Identify and describe the four types of positioning errors.
Q6) How would you use geographic segmentation in the bathing suit market?
Q7) Define market segmentation.
11
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Chapter 10: The Product Experience: Product Strategy
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) Reliability of a product refers to the products ability to ________.
A) Work a high percentage of the time without failure or stoppage
B) Work perfectly all the time
C) Work in the most hostile environments
D) Work where they are intended to work most of the time but not all the time
E) None of the above
Q2) Jill, who lives in Florida, needs to purchase a winter coat, an infrequent shopping task.What are the eight product discriminators she will use in determining her ultimate purchase?
Q3) Generally speaking, the most dramatic increase in revenue occurs in the _________ stage of the PLC.
A) Introduction
B) Growth C) Maturation
D) Saturation
E) Decline
Q4) Style is very difficult to assess.Firms do not use style often in as much as it is easy to copy.
A)True
B)False
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Chapter 11: The Product Experience: Building the Brand
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) The company brand roles are legal protection for the product and offer an effective and efficient methodology for distributing products.
A)True
B)False
Q2) The marketing manager for DRNK Spirits has decided that all of the products his company produced would carry the same brand name of Nightlife.As a result there is Nightlife Ale, Nightlife Lager, Nightlife Vodka, Nightlife Tequila, and Nightlife Whiskey.This is an example of _______.
A) Family branding
B) Store Branding
C) Stand-alone branding
D) Co-branding
E) National Branding
Q3) One of the drawbacks to a firm that benefits from brand loyal customers is that it suffers from an increased long-term marketing costs giving the brand sponsor less flexibility in the marketing budgets because the loyal customers expect certain marketing events to occur.
A)True
B)False
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Page 13
Chapter 12: The Product Experience: New Product Development
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Sample Questions
Q1) An analysis of a new producing the screening stage often includes an internal assessment by ________.
A) Finance, marketing, R & D, manufacturing and logistics
B) The ethics committee for new products
C) The product line coordinator for the area the new product is going to be located
D) The new product development coach hired to coach the process for getting the new product to market
E) All of the above
Q2) Wilson has been tasked with asking customers what they think about a new product concept.What kinds of questions should he ask? What role can customers play in testing the product concept?
Q3) Google, Yahoo and Microsoft all maintain a dedicated staff to identify and destroy new start-up organizations with great new product ideas.
A)True
B)False
Q4) What are the four sources of new product idea generation?
Q5) How does Frito-Lay defend itself when competitors introduce new products?
Page 14
Q6) What is the difference between alpha and beta testing?
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Chapter 13: Service As the Core Offering
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) A fundamental rule in marketing is to not set customer expectations so high that they cannot be effectively met on a consistent basis.
A)True
B)False
Q2) Goods, in general, tend to be much more ___________ than services because once a firm has invested in continuous process improvement and quality control in operations, products flow off the line.
A) Flexible
B) Standardized
C) Homogenized
D) Durable
E) All of the above
Q3) Big investments made in continuous training, retraining, and good management of employees leads to ______________.
A) Practical service delivery
B) Impartial service delivery
C) Less variability in service delivery
D) World class technology
E) None of the above
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Page 15
Chapter 14: Managing Pricing Decisions
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) Jamie needs to find a way to save profit margins without increasing price.Recently the price of chocolate has gone up, so his gourmet organic candy bars are losing a good portion of the profit margin.What non-price strategies can Jamie begin to employ so he can recover his profit margin? Which strategies does Jamie need to be cautious of?
Q2) In markets where customers typically witness rapidly changing prices, ________________ can provide a source of competitive advantage.
A) Price elasticity of demand
B) Stability pricing
C) Pricing tactics
D) Auction pricing
E) Reverse auction
Q3) Vivienne tends to pay little attention to her competitors' marketing practices, her assistant Bridget has been trying to find someone to explain the importance of understanding her competitors and has hired you.Bridget needs you to explain why competitors' marketing practices are important to her and how the competitors price factors into the equation.
Q4) Which two price calculations rely heavily on accurate forecasts of products sold?
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Page 16
Chapter 15: Managing Marketing Channels and the Supply Chain
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) ___________________ is a software application designed to integrate information related to logistics processes throughout the organization.
A) Outbound logistics systems
B) Information technology
C) AIMS
D) Value Chain Supply System (VCSS)
E) Enterprise Resource Planning Systems (ERP Systems)
Q2) The motivating force for suppliers to work with large chain stores is that the stores can offer huge ______________ in the form of writing big orders.
A) Coercive power
B) Reward power
C) Expert power
D) Referent power
E) Legitimate power
Q3) A push strategy doesn't mean a manufacturer wouldn't engage in any channel incentives, but rather that the incentives would likely be greatly reduced versus a pull strategy.
A)True
B)False
Page 17
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Chapter 16: Point of Customer Interface: Bricks and Clicks
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) Assortment is the number of different product items within a product category and is referred to as the _________________.
A) Customer touchpoints
B) Retailing
C) Variety
D) Breadth of merchandise
E) Depth of merchandise
Q2) Enrique works for an electronics store that frequently uses sales and promotions to set prices.Which pricing strategy does Enrique's company use? If they were to change their strategy which other main strategy would they use?
Q3) _______________ refers to any action using electronic media to communicate with customers; facilitate the inventory, exchange, and distribution of goods and services; or make payment.
A) Electronic retailing
B) Direct selling
C) Television home shopping
D) Vending machine retailing
E) Electronic commerce
Q4) What is the difference between variety and assortment?
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Chapter 17: Integrated Marketing Communication:
Advertising, Sales Promotion, and Public Relations
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112 Verified Questions
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Sample Questions
Q1) Promotion should be viewed as a _____________________.
A) Cost
B) Liability
C) Investment
D) Waste of money
E) Necessary evil of doing business
Q2) What are the three core functions of PR that are most closely aligned with the role of the marketing manager?
Q3) Define and list the advantages of Public Relations.
Q4) __________________ is on of the examples of the seven broad categories of advertising media.
A) Radio
B) Magazines
C) Outdoor
D) Direct mail
E) All of the above are media.
Q5) The order of the steps in the AIDA model is not important.
A)True
B)False
Q6) List and define the three goals of promotion. Page 19
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Page 20
Chapter 18: Integrated Marketing Communication: Selling,
Direct, and Interactive Marketing
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Sample Questions
Q1) What are the five factors for determining sales person performance?
Q2) ____________________ is/are essential tools in an integrated marketing strategy.
A) advertising
B) sales promotion
C) public relations
D) personal selling
E) All of the above
Q3) What are the three post sales activities that must be monitored by the sales person?
Q4) _____________________________ is NOT is a component of a direct mail piece.
A) outside envelope
B) sales collateral
C) market space
D) contact information
E) none of the above are components
Q5) Define Transactional Cost Analysis.
Q6) Missionary salespeople often take orders from customers directly. A)True B)False Page 21
Q7) List the characteristics of a great sales presentation.
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Page 22
Chapter 19: The Marketing Dashboard: Metrics for Measuring Marketing Performance
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Sample Questions
Q1) How does the exponential smoothing method differ from the moving average method?
Q2) One of the benefits of a marketing dashboard is that it fosters an organization that can be called _____________.
A) An informational organization
B) A learning organization
C) A quantitative behavioral organization
D) Learn by doing organization
E) None of the above
Q3) __________ is useful in comparing the relative efficiency of different advertising opportunities or media and in evaluating the costs of campaigns.
A) CPR-cost per repetition
B) CPM-cost per thousand
C) CPQ-cost per quantity bought
D) CPS-cost per solicitation
E) None of the above
Q4) As part of the monitoring aspect of Harold's marketing plan, he has to assign people to be responsible for monitoring the progress towards the goals and metrics that have been established.Why is this important?
Q5) What does statistical demand analysis attempt to do?
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