Business Management
Final Exam Questions
Course Introduction
Business Management is a comprehensive course that introduces students to the fundamental principles, practices, and tools essential for effective organization and leadership in todays dynamic business environment. Covering key areas such as strategic planning, operations, human resources, marketing, and financial management, the course emphasizes the development of critical thinking, problem-solving, and decision-making skills. Through theoretical exploration and practical case studies, students gain insights into managing organizations efficiently, adapting to changing markets, and fostering innovation and growth. This course provides a strong foundation for future leaders, managers, and entrepreneurs aiming to succeed in various sectors of the business world.
Recommended Textbook
Preface to Marketing Management 13th Edition by J. Paul Peter
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Chapter 1: Strategic Planning and the Marketing Management Process
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Q1) When Hilton Brews,a large company producing instant mixes for all kinds of beverages,noticed the rise in people consuming tea for its potential health benefits,the company introduced a new line of organically grown and processed teas like green tea or tea with various herb extracts and additional antioxidants.Which of the following organizational growth strategies was used by Hilton Brews?
A) Product development
B) Diversification
C) Market penetration
D) Market development
Answer: A
Q2) In a _____,managers and employees are brought together to participate in creating a strategic plan to serve customers.
A) cross-cultural team
B) cross-functional team
C) traditional team
D) divisional team
Answer: B
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Chapter 2: Marketing Research: Process and Systems for Decision Making
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Q1) Which of the following is a benefit of using mall intercepts?
A) It depends on projective techniques for success.
B) It offers flexibility in answering questions.
C) It offers unlimited time for every respondent.
D) It allows for higher levels of interviewer supervision.
Answer: B
Q2) Which of the following is the advantage of secondary data over primary data?
A) It is always available for strategy-specific research questions.
B) Its sources are limited making the information more valuable.
C) It is cheaper to utilize secondary data than primary data for research.
D) It is collected specifically for the research problem under investigation. Answer: C
Q3) Qualitative research typically involves _____.
A) conducting face-to-face interviews
B) developing equations to model relationships among variables through econometric and statistical techniques
C) manipulating one variable and examining its impact on other variables
D) using secondary data such as scanner data collected and stored in computer files
Answer: A
Page 4
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Chapter 3: Consumer Behavior
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Q1) It is important for marketers to devise communications that offer:
A) consistent messages about their products.
B) extremely detailed descriptions about product features.
C) covert messages for customers about their products.
D) messages that aim exclusively at the upper Americans.
Answer: A
Q2) The perceived risks related to the financial or performance considerations of a new purchase are defined as _____ risks.
A) psychological
B) social
C) functional
D) relational
Answer: C
Q3) The intensity of postpurchase dissonance will be the greatest when:
A) the product is a specialty product with few alternative choices.
B) the product has low functional risk and low psychosocial risk.
C) the product is a convenience product with numerous mediocre alternatives.
D) the product has a number of available alternatives with many desired features.
Answer: D
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Chapter 4: Business, Government, and Institutional Buying
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Q1) Shanghai is a Chinese restaurant in New York that recently changed its supplier for ingredients.The owner trusted the previous supplier to deliver authentic and fresh ingredients on short notice and completely avoided stocking up ingredients.However,the previous supplier defaulted in terms of quality and provided adulterated ingredients.Shanghai was concerned about losing its customers if the news of the adulterated ingredients spread and changed its supplier after a survey of potential suppliers to retain its credibility.Which of the following statements is true with regard to this scenario?
A) Shanghai did not practice just-in-time inventory to avoid supply shortages.
B) Shanghai followed a new task purchase system with the previous supplier.
C) Shanghai followed a modified rebuy system in moving to its new supplier.
D) Shanghai did not consider any alternative suppliers before moving to its new supplier.
Q2) Which of the following observations about the types of organizational purchases is true?
A) Straight rebuys and modified rebuys take an equal amount of time to transact.
B) More suppliers are involved in a modified rebuy than in a new task purchase.
C) Modified rebuys are always made for goods that require an automatic reorder.
D) The time frame for a new task purchase is much longer than that for a modified rebuy.
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Chapter 5: Market Segmentation
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Q1) The Nielsen PRIZM system includes maps of different areas that:
A) rank neighborhoods on their potential to purchase specific products or services.
B) group consumers in particular countries that are similar in many respects.
C) help implement and control the strategic plan of that area.
D) are used for providing slotting allowances to retailers.
Q2) In the case of segmentation for entirely new products,which of the following approaches for determining key market dimensions would you recommend?
A) An a priori approach
B) A post hoc approach
C) An empirical approach
D) A cross-functional approach
Q3) Three important criteria on which to base a segmentation strategy decision are that a viable segment must be:
A) continual, presentable, and restricted.
B) measurable, meaningful, and marketable.
C) political, cultural, and assured.
D) prestigious, non-deceptive, and demographic.
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Chapter 6: Product and Brand Strategy
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Q1) Firearms Training Systems (FATS)is the leading producer of interactive simulation systems designed to provide training in the handling and use of small and supporting arms for law enforcement,military,and commercial applications.FATS is also ISO 9000-certified.The ISO 9000-certification means FATS:
A) provides low-cost products in a relatively horizontal market.
B) meets standardized levels of product quality.
C) follows a traditional marketing approach focused primarily on product features.
D) competes in a purely vertical market.
Q2) _____ is defined as the culmination of the consumer's assessment of the product,the company that manufactures and markets the product and all other variables that impact on the product between manufacture and consumer consumption.
A) Product feature
B) Brand equity
C) Brand dilution
D) Product extension
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Chapter 7: New Product Planning and Development
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Q1) The appearance of special guest stars on a regular television show is a strategy used to find new viewers for the existing show.It also helps in increasing the market share of the network that airs the show.Television networks encourage such guest appearances to implement which of the following growth strategies?
A) Market development
B) Product development
C) Market saturation
D) Diversification
Q2) Dynamic Technologies,Inc.had an idea for a new airplane rudder.When it could not gain access to the resources it needed to develop the new product,it entered into a long-term partnership with Starway Airlines.Today Starway uses this rudder on its commercial passenger jets.The relationship between Dynamic Technologies and Starway is an example of a(n) _____.
A) merger
B) budget plan
C) acquisition
D) strategic alliance
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Chapter 8: Integrated Marketing Communications
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Q1) Which of the following elements of the promotional mix are coupons,sweepstakes,refunds,and displays examples of?
A) Advertising
B) Sales promotion
C) Public relations
D) Direct marketing
Q2) Which of the following strategic goals of marketing communication is most likely to stimulate trial purchases of new products and brands by customers?
A) Create awareness
B) Engage in pull strategies
C) Promote cash cow products
D) Build channel relationships
Q3) Which of the following products is most likely to contain short-run incentives in its promotion mix?
A) An essential commodity
B) An established product witnessing seasonal decline in sales
C) A product in the decline stage of the product life cycle
D) A product in the research and development stage of the product life cycle
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Chapter 9: Personal Selling, Relationship Building, and Sales Management
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Q1) In which of the following situations would an organization most likely use a technical sales specialist?
A) To sell a printing press that requires the seller to provide training for optimal user experience
B) To convince pharmacies to promote a new cold remedy
C) To implement an ad campaign for a local used car dealer who claims to sell at least 50 cars in a month and at a good profit margin
D) To replace a couple of computers in a university computer laboratory
Q2) Which of the following would require a considerable amount of personal selling?
A) Pen drives
B) Compact discs
C) Computers
D) Headsets
Q3) Using existing contacts and knowledge to generate new prospects is known as
A) random lead generation
B) selected-lead searching
C) promotional lead generation
D) canvassing
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Chapter 10: Distribution Strategy
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Q1) Which of the following parameters is an inventory carrying cost?
A) Transportation
B) Order processing
C) Obsolescence and deterioration
D) Materials handling
Q2) Which of the following is a nonstore method of retailing?
A) Warehousing
B) Mass merchandising
C) Electronic exchanges
D) Category killers
Q3) _____ compete with other retailers on the basis of offering a good selection in a number of different categories.
A) Warehouse clubs
B) Convenience stores
C) Department stores
D) Supercenters
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Chapter 11: Pricing Strategy
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Q1) Which of the following is an example of an environmental influence on pricing decisions?
A) The cost structure used by competitors
B) The stage of the life cycle a product is in
C) Rate-of-return pricing used by manufacturers
D) The economic strength of potential buyers
Q2) Which of the following is an important product consideration in pricing?
A) Affordability
B) Distinctiveness
C) Elasticity
D) Target market share
Q3) Protectnow,Inc.is a company that sells insurance.Which of the following is an example of a psychological factor relevant to Protectnow's pricing decisions?
A) The position of its potential buyers
B) The expected number of insurances it will sell in the next fiscal year
C) The economic strength of its potential buyers
D) The prestige orientation of its potential buyers
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Chapter 12: The Marketing of Services
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Q1) OUB Telecommunications Ltd.has been functioning for a number of years with the same kind of tariffs and offers.The firm still implements off-peak pricing and works according to the traditional management system.It has not introduced any innovative tariff plans.This implies that the organization has:
A) a limited view of marketing.
B) no obsolescence.
C) a lack of creativity.
D) a lack of strong competition.
Q2) Malcolm purchased health care insurance from RFG Insurance Ltd.as he was guaranteed that he would be able to claim the expense incurred on his treatment in future.With this guarantee,the insurance corporation was able to win the trust and confidence of Malcolm due to the firm's service quality of _____.
A) intangibility
B) assurance
C) sympathy
D) empathy
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Chapter 13: Global Marketing
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Q1) Which of the following is the easiest and most common strategic approach for a company making its first foray into the international marketplace?
A) Exporting
B) Importing
C) Franchising
D) Licensing
Q2) The people of Guinland,like to maintain a balance between work and personal life.They prefer not to be categorized as workaholics and like to spare time for personal needs.When Mark,a local,working for an American company based in Guinland,requested for a week's leave,his boss denied the leave request saying that there was too much work.Mark was extremely upset with the boss's response.This created,for the American company,a(n):
A) legal risk.
B) political uncertainty.
C) economic risk.
D) cultural misunderstanding.
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Chapter 14: Portfolio Models
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Q1) Which objective allows market share to decline in order to maximize earnings and cash flow and is appropriate for weak cash cows,weak question marks,and dogs?
A) Hold share
B) Harvest
C) Divest
D) Build share
Q2) In the early 1990s,Dean & Summers,Inc.marketed three brands of toilet paper,Coral,White Springs,and Baldwin.The toilet paper industry is typically described as a low growth industry.In 1993,Dean & Summers spent $8.1 million to advertise Coral and was rewarded with sales of over $312 million.In that same year,it spent nearly $8 million marketing White Springs,but the toilet paper had disappointing sales of less than $63 million.Baldwin,with hardly any promotion at all,had $3.6 million in sales.According to the BCG Portfolio Model,which of the following statements about these three products best describes the situation in 1993?
A) Coral is a star, White Springs is a cash cow, and Baldwin is a dog.
B) Coral is a cash cow while White Springs and Baldwin are both question marks.
C) Coral and White Springs are cash cows and Baldwin is a dog.
D) Coral is a cash cow while White Springs and Baldwin are both dogs.
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