Business Management
Midterm Exam
Course Introduction
Business Management is a comprehensive course that explores the fundamental principles, concepts, and practices necessary for effective organizational leadership and decision-making. Covering key topics such as planning, organizing, leading, and controlling, the course examines how businesses operate in dynamic environments and how managers drive performance through strategic thinking, resource allocation, and operational efficiency. Through case studies, real-world scenarios, and collaborative projects, students gain insights into human resource management, marketing, finance, and ethics, equipping them with the skills to address challenges and capitalize on opportunities in diverse business settings.
Recommended Textbook
Marketing Management Fourteenth Canadian Edition by Philip T. Kotler
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Page 2
Chapter 1: Defining Marketing for the 21st Century
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Q1) Charles Revson of Revlon observed: "In the factory, we make cosmetics; in the store, ________."
A) we implement ads
B) we sell quality
C) we sell hope
D) we challenge competitors
E) we make profits
Answer: C
Q2) When consumers share a strong need that cannot be satisfied by an existing product they are engaged in latent demand.
A)True
B)False
Answer: True
Q3) Internal marketing is an appropriate practice to be used in holistic marketing.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Developing Marketing Strategies and Plans
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Q1) Which of the following terms most closely matches to "the shared experiences, stories, beliefs, and norms that characterize an organization"?
A) a business mission
B) customer relationships
C) corporate culture
D) organizational dynamics
E) an ethical/value statement
Answer: C
Q2) Tim Hortons has become a major Canadian cultural icon and business success due to a well-planned and carefully executed marketing strategy. In its annual planning process, once Tim Hortons establishes its business mission, conducts a SWOT analysis, and goes through a goal formulation process, it is ready to go through a step called ________ to continue with a strategic-planning process.
A) implementation
B) functional analysis
C) program formulation
D) strategy formulation
E) feedback and control
Answer: D
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Chapter 3: Collecting Information and Forecasting Demand
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Q1) Greenhouse gases in the atmosphere, the depletion of the ozone layer, and the growing shortages of water, are all examples of the deterioration of the
A) technological environment.
B) political-legal environment.
C) natural environment.
D) economic environment.
E) socio-cultural environment.
Answer: C
Q2) What technology trends should marketers monitor?
Answer: They should monitor the following:1)the accelerating pace of change,2)unlimited opportunities for innovations,3)varying R&D budgets,and 4)increased regulation of technological change.
Q3) The potential market is the set of consumers who have interest, income, and access to a particular offer.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Conducting Marketing Research
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Q1) As a marketing research manager you have begun calculations on the costs of a proposed marketing research project. During which stage of the marketing research process are such calculations most likely to take place?
A) Stage 4 analyze the information
B) Stage 5 present the findings
C) Stage 2 develop the research plan
D) Stage 1 define the problem and objectives
E) Stage 3 collect the information
Q2) If a marketing research firm has decided to photograph people within the lobby of a movie theater over a two- to three-day period in order to collect useful observations, what qualitative measure approach will most likely be used to accomplish this task?
Q3) A galvanometer can measure the interest or emotions aroused by exposure to a specific ad or picture.
A)True
B)False
Q4) According to information presented in the text, name and explain the seven characteristics of good marketing research?
Q5) Give an account of experimental research.
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Chapter 5: Creating Long term Loyalty Relationships
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Q1) Describe four situations or cases when building a customer database would not be worthwhile for a company.
Q2) Relational equity is the customer's perceptions of benefits relative to costs.
A)True
B)False
Q3) Some customers inevitably become inactive or drop out. The challenge for marketers is to reactivate them through ________ strategies.
A) win-back
B) retention
C) defection
D) sell-out
E) recuperation
Q4) Unprofitable customers who defect to a competitor should be encouraged to do so.
A)True
B)False
Q5) Describe the concept of competitive advantage. Discuss the differences between competitive advantage and leverageable advantage.
Q6) Name five customer touch points that Four Seasons hotels could use to maximize customer loyalty.
Page 7
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Chapter 6: Analyzing Consumer Markets
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Q1) Levi's suggests a ________ that is rugged, youthful, rebellious, and authentic.
A) trademark
B) brand personality
C) psychological approach to advertising
D) functionality
E) lifestyle
Q2) A rule of thumb in the decision process is called a heuristic.
A)True
B)False
Q3) The decisions a computer marketer makes in relation to warranty could be guided by which two factors that are the basis of Herzberg's theory?
A) Promotion and communication
B) Quality and performance
C) Supply and demand
D) Satisfiers and dissatisfiers
E) Price and quantity
Q4) Explain the concept of personality and how it relates to the brand personality of CNN.
Q5) What is brand personality and what are the five traits that has been linked to it?
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Chapter 7: Analyzing Business Markets
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Q1) The purchasing department buys office supplies on a routine basis. This type of purchase is classified as a
A) straight rebuy.
B) new task.
C) preordained purchase.
D) modified rebuy.
E) secondary purchase.
Q2) Illustrate the differences between a straight rebuy, modified rebuy, and a new task purchase.
Q3) Most purchasing professionals describe their jobs as more ________, technical, team-oriented, and involving more responsibility than ever before.
A) risky
B) human-based
C) ethically difficult
D) strategic
E) Web-based
Q4) List and briefly characterize five methods of assessing customer value.
Q5) What will small sellers and larger sellers do differently in targeting within the business centre?
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Chapter 8: Identifying Market Segments and Targets
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Q1) Consumer attitude(s) is(are) an interesting way to segment a market. Research has shown that five attitude groups can be found in the market. How should a door-to-door work in a political campaign deal with the five different groups?
Q2) A marketing manager targeting Generation Y should be aware that this group is turned off by
A) the "soft sell".
B) overt branding practices.
C) cool events.
D) online buzz.
E) unconventional sports.
Q3) Enterprise Rent-A-Car has challenged Hertz's supremacy in the rental car market by tailoring its marketing program to a relatively neglected target market. Which of the following would be the most accurate description of that market?
A) the singles market
B) the soccer mom market
C) the low-budget, insurance-replacement market
D) the vacationer market
E) the business traveler market
Q4) How would a marketer, such as Canon, go about segmenting by purchase criteria?
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Chapter 9: Creating Brand Equity
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Q1) ________ is endowing products and services with the power of a brand.
A) The branding concept
B) Brand partitioning
C) Brand positioning
D) Brand image
E) Branding
Q2) There are four key components of brand equity. Which of those components or pillars measures the breadth of a brand's appeal?
A) esteem
B) differentiation
C) knowledge
D) relevance
E) value
Q3) The indirect approach to assessing brand equity assesses the actual impact of brand knowledge on consumer response to different aspects of marketing.
A)True
B)False
Q4) Explain how the concept of brand contact is influencing the design of holistic marketing activities.
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Chapter 10: Crafting the Brand Position
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Q1) From the outset, the founders of Moores Clothing for Men made the commitment to offer the largest selection of quality menswear at the lowest possible prices with devotion to customer satisfaction and service. Which of these commitments represents Moores's point-of-parity?
A) largest selection of quality menswear
B) customer satisfaction
C) lowest possible prices
D) service
E) satisfied employees
Q2) A good illustration of a value proposition for Domino's Pizza would be "always the cheapest price anywhere."
A)True
B)False
Q3) In recession, companies should focus on price reductions and discounts to maintain and attract customers.
A)True
B)False
Q4) Why does a wine label, such as Peller Estates, work hard to develop distinctive images for its brands.
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Chapter 11: Competitive Dynamics
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Q1) What is a product-feature specialist?
Q2) Which three groups of marketers help satisfy a customer's needs?
Q3) ________ become market leaders through superior value delivery of unmet and maybe even unknown consumer needs.
A) Creative marketers
B) Anticipative marketers
C) Reactive marketers
D) Market-driving firms
E) Responsive marketers
Q4) Firms that occupy second, third, and lower ranks in an industry can adopt two postures in responding to competition. First, they can attack the leader and other competitors in an aggressive bid for further market share. Second, they can A) not worry about the immediate future and focus on long-term results (market maturation).
B) play ball and not "rock the boat" (market followers).
C) give up and quit (market abandonment).
D) relinquish their own share to industry leaders (market capitulators).
E) form alliances with enemies (market organizational constriction).
Q5) What is a guerilla attack?
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Chapter 12: Setting Product Strategy
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Q1) Various factors have contributed to the growing use of packaging as a marketing tool. Which of these factors involves incorporating unique materials and features?
A) consumer influence
B) self-service
C) innovation opportunities
D) company and brand images
E) consumer affluence
Q2) A company's product mix, the set of all products and items a particular seller offer for sale, is important to the company because it allows the company product flexibility.
Explain how product-mix dimensions aid company profits.
Q3) Line filling if overdone may result in self-cannibalization and increased customer loyalty.
A)True
B)False
Q4) Capital items are long-lasting goods that facilitate developing or managing the finished products.
A)True
B)False
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Chapter 13: Designing and Managing Services
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Q1) Interactive marketing describes the employees' skill in serving the client. After your recent stay in the hospital, the hospital calls and asks you a series of questions about your stay. Here the hospital is trying to collect data about the two aspects of the service that clients use to judge a service.
Q2) Two important considerations in service delivery are managing customer expectations and incorporating self-service technologies.
A)True
B)False
Q3) Getting front-line employees to adopt ________ and to advocate the interests and image of the firm to consumers as well as take initiative and engage in conscientious behaviour in dealing with customers can be a critical asset.
A) win/win philosophy
B) company policies and procedures
C) extra-role behaviours
D) training lessons
E) conflict management courses
Q4) Based on the service-quality "gaps" model, the researchers identified five determinants of service quality. List and briefly explain each.
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Chapter 14: Developing Pricing Strategies and Programs
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Q1) The key to perceived-value pricing is to deliver more unique value than your competitors and to ________ this to prospective buyers.
A) advertise
B) demonstrate
C) communicate
D) promote
E) convince
Q2) What are the different forms of countertrade?
Q3) ________ costs amounts differ greatly depending upon the level of production.
A) Attributed
B) Fixed
C) Adjusted
D) Unknown
E) Variable
Q4) In target-return pricing, the firm determines the markup required and adds that amount to the fixed cost of the product.
A)True
B)False
Q5) Explain why "value pricing" is not just a matter of simply setting lower prices?
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Chapter 15: Designing and Managing Integrated Marketing
Channels
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Q1) When conflict is chronic or acute, it can be resolved using ________, which means resorting to a neutral third party skilled in conciliating the two parties' interests.
A) diplomacy
B) mediation
C) laddering
D) reciprocity
E) arbitration
Q2) A horizontal marketing system brings two related firms together to marshal the resources or programs necessary to provide an emerging marketing opportunity.
A)True
B)False
Q3) Which element in the trade-relations mix refers to payment terms and producer guarantees?
A) conditions of sale
B) territorial rights
C) specific services
D) channel conflict
E) price policies
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Chapter 16: Managing Retailing, Wholesaling, and Logistics
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Q1) Retailers can locate their stores in the central business district, a regional shopping centre, a ________, a shopping strip, or within a larger store.
A) freestanding
B) strip malls
C) community shopping centre
D) suburbia
E) town centres
Q2) Every store has a "look," a physical layout, its "colours," sounds, and even its "scent." These elements constitute a store's
A) layout.
B) brands.
C) transition zone.
D) atmosphere.
E) positioning.
Q3) Corporate retail organizations achieve economies of scale, greater purchasing power, wider brand recognition, and better-trained employees.
A)True
B)False
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Chapter 17: Designing and Managing Integrated Marketing Communications
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Q1) Many companies still rely on one or two communication tools. This practice persists in spite of the fragmenting of mass markets into a multitude of mini markets, each requiring its own approach; the proliferation of new types of media; and the growing ________ of consumers.
A) time poverty
B) interests
C) splintering
D) sophistication
E) randomness
Q2) Consumers are welcoming personal communications even if unsolicited.
A)True
B)False
Q3) The appeal of public relations and publicity is based on three distinctive qualities. These include, ________, the ability to reach hard-to-find buyers, and dramatization.
A) "free"
B) low cost
C) invitation
D) high credibility
E) exposure
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Chapter
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Q1) Ideally, consumer sales promotions would have short-run sales impact as well as long-run brand equity effects.
A)True
B)False
Q2) Advertising is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.
A)True
B)False
Q3) ________ aims to stimulate repeat purchase of products and services.
A) Reminder advertising
B) Reinforcement advertising
C) Comparative advertising
D) Persuasive advertising
E) Informational advertising
Q4) In developing an advertising program, marketing managers must always start by identifying the target market and buyer motives. Then they can make the five major decisions know as "the five Ms." List and explain each of these "Ms."
Page 20
Q5) How could a corporation like IBM best measure the effectiveness of their MPR campaign?
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Page 21
Chapter 19: Managing Personal Communications: Direct and Interactive Marketing, Word of Mouth, and Personal Selling
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Q1) Personal selling is an ancient art. Today companies spend hundreds of millions of dollars each year to train salespeople. Most training programs agree on the major steps involved in any effective sales process. List these six steps.
Q2) List the ways television is used by direct marketers and provide a marketer example for each.
Q3) Telemarketing is the use of the telephone and call centres to attract prospects, sell to existing customers, and provide service by taking orders and answering questions.
A)True
B)False
Q4) Direct marketer can also buy lists of names from list brokers. Better lists include overlays of demographic and psychographic information.
A)True
B)False
Q5) One of the great advantages of direct marketing is the ability to test, under real marketplace conditions, different elements of an offer strategy.
A)True
B)False
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Chapter 20: Introducing New Marketing Offerings
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Q1) One of the reasons new products can fail is
A) government regulations.
B) poor packaging.
C) consumer ignorance.
D) excessive spending on promotion.
E) ignoring or misinterpreting market research.
Q2) The household cleaners team at Procter & Gamble has just completed a successful concept test for a new furniture polish. The next step is for the new-product manager to develop a preliminary strategy plan for introducing the new product into the market. Explain the three parts of this strategy plan.
Q3) You have been asked to participate in an "idea generating/creativity" session at work. You and your group have been asked to list all the normal assumptions about "desk chairs" and then asked to reverse them. What creative technique area you using?
Q4) In commercializing a new product, market-entry timing is critical. Suppose your company has completed its development work on its new "pet food feeder" product but learns that a competitor is close to launching a competitive product. What three choices does the company face?
Q5) Explain the concepts of sales-wave research and simulated test marketing.
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Chapter 21: Tapping into Global Markets
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Q1) An Ontario winery has plans to expand distribution beyond Canada. Explain how this firm must move through the internationalization process's four stages.
Q2) Regional Free Trade Zones exist around the world. One of the oldest is the European Union formed in 1957. Describe the purpose of the EU and discuss some of the benefits to firms engaged in trade within the European Union.
Q3) Hofstede identifies four cultural dimensions that can differentiate countries. These are individualism versus collectivism, high versus low power distances, ________, and weak versus strong uncertainty avoidance.
A) masculine versus feminine
B) total quality management versus JIT deliveries.
C) customer relationship management versus power distances.
D) strategic management versus marketing management.
E) marketing management versus customer relationships.
Q4) Management contracts offers foreign owners the opportunity to manage businesses for a fee.
A)True
B)False
Q5) How do multinationals, such as ECom and Gucci, try to prevent grey markets?
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Chapter 22: Managing a Holistic Marketing Organization
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Q1) Outline and explain the four types of marketing control needed by companies, who is primarily responsible for these controls, and the overall purpose of the controls.
Q2) Passengers on British Airways flights are encouraged to donate leftover foreign currency from their travels. British Airways collects the deposits and donates them directly to Unicef. What particular type of socially responsible marketing does this represent?
Q3) Modern marketing will continue to evolve and confront new challenges and opportunities. What will the coming years bring?
Q4) Strategy addresses the ________ and the ________ of marketing activities.
A) what/why
B) what/who
C) who/how
D) what/when
E) what/how
Q5) When customers fall into different user groups with distinct buying preferences and practices, a market-management organization is desirable.
A)True
B)False
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