Business Management Practice Exam
Course Introduction
Business Management is a comprehensive course that introduces students to the fundamental principles and practices involved in effectively leading and organizing business operations. The course covers key topics such as organizational structure, strategic planning, human resource management, marketing, finance, and decision-making processes. Through case studies, real-world scenarios, and collaborative projects, students will gain insights into how businesses operate in dynamic environments and develop skills necessary for problem-solving, critical thinking, and leadership. By the end of the course, students will possess a solid foundation for pursuing careers in management or for further studies in business-related fields.
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) Marketing has been described being both an "art" and a "science. Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.
Answer: The student should demonstrate his or her understanding that the marketer must use data to understand customer needs and translate this understanding into properly designed products and services.They should also see the "art" side of human behaviour,where the customer makes decisions based on emotions,such as the perceived benefits.Also,marketers strive to find creative new solutions to often-complex challenges amid profound changes.
Q2) A marketspace is physical, as when you shop in a store.
A)True
B)False
Answer: False
Q3) Most marketers satisfy everyone in a market that's how they stay in business.
A)True
B)False
Answer: False
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Chapter 2: Developing Marketing Strategies and Plans
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Q1) In a hypercompetitive economy such as ours, a company can win only by fine-tuning the value delivery process and choosing, providing, and ________ superior value.
A) composing
B) communicating
C) researching
D) developing
E) selecting target markets with
Answer: B
Q2) Business realignment may be necessary to maximize core competencies. Which of the following would be one of the steps in this realignment process?
A) revamping the ethics statement.
B) reviewing global outreach projections.
C) reviewing successes from e-commerce (if any).
D) redefining the business concept (the "big idea").
E) reviewing all macro relationships.
Answer: D
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Page 4
Chapter 3: Collecting Information and Forecasting Demand
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Q1) The internal records system supplies results data, but the marketing intelligence system supplies happenings data.
A)True
B)False
Answer: True
Q2) If a company were pursuing a policy of networking externally it might collect competitors' ads or look up news stories about competitors.
A)True
B)False
Answer: True
Q3) Why did Neilson Dairy launch Soy Delight, a product that is an alternative to milk for lactose-intolerant Asians?
Answer: The needs of visible minorities are often underserved.Neilson saw an opportunity to listen to the voices of ethnic consumers.Visible minorites in Canada have grown substantially since 2001 and now comprise 16.2 percent of the nation's population.Neilson has recognized that marketing to ethnic minorities,including new immigrants,is both an opportunity and a challenge.
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Page 5
Chapter 4: Conducting Marketing Research
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Q1) A ________ has been defined as being a coordinated collection of data, systems, tools, and techniques with supporting software and hardware by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action.
A) marketing information system
B) marketing research system
C) marketing intelligence system
D) database management system
E) marketing decision support system
Q2) If a marketing researcher is looking for a contact method that can gather information quickly and allow the interviewer to clarify questions if necessary, he or she will choose the telephone interview method.
A)True
B)False
Q3) One of the disadvantages to doing research online is that it is often more expensive than traditional means of gathering the same information.
A)True
B)False
Q4) Give reasons to justify that online research is versatile.
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Chapter 5: Creating Long term Loyalty Relationships
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Q1) One of the characteristics of mass marketing is using a one-way message in promotions.
A)True
B)False
Q2) Explain how online retailers such as Zazzle and CafePress has been employing the concept of mass customization.
Q3) The process of building, maintaining, and using customer databases and other databases for the purpose of contacting, transacting, and building customer relationships is called
A) database marketing.
B) datamining.
C) data warehousing.
D) custom marketing.
E) electronic marketing.
Q4) Cellular carriers are plagued by "spinners," customers who switch carriers at least three times a year looking for the best deal. List some of the reasons by defecting customers.
Q5) A key driver of shareholder value is the aggregate value of the customer base.
A)True
B)False
7
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Chapter 6: Analyzing Consumer Markets
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Sample Questions
Q1) Explain the differences between a role and status using an example to distinguish between the two.
Q2) Traditional purchasing roles are changing. Canadian Grocer magazine estimates that ________ percent of men now shop for groceries.
A) 35 to 40
B) 25 to 30
C) 30 to 35
D) 10 to 15
E) over 50
Q3) A(n) ________ group is one whose values or behaviour an individual rejects.
A) disassociative
B) primary
C) aspirational
D) procreational
E) membership
Q4) In the lexicographic heuristic, the consumer bases his or her predictions on the quickness and ease with which a particular example of an outcome comes to mind.
A)True
B)False
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Chapter 7: Analyzing Business Markets
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Q1) If you were a purchasing agent facing a modified rebuy situation, how would you describe that situation?
Q2) In principle, business buyers seek to ________ in relation to a market offering's costs.
A) spread risks
B) eliminate partners' shares in profits as much as possible
C) outsource as much as is possible
D) maintain everyday-low-prices
E) obtain the highest benefit package
Q3) 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.
Q4) What is the composition of the buying centre?
Q5) Explain the concept of derived demand.
Q6) List and briefly characterize five methods of assessing customer value.
Q7) Explain the concept of solution selling. Give one example of this approach.
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Chapter 8: Identifying Market Segments and Targets
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Q1) During which step of the segmentation process would the marketer group customers into segments based on similar needs and benefits sought by the customer in solving a particular consumption problem?
A) segment identification
B) segment attractiveness
C) needs-based segmentation
D) marketing-mix strategy
E) segment "acid test"
Q2) According to the VALS 8-part typology segmentation system, ________ are considered to be elderly, passive people who are concerned about change. They are loyal to their favourite brands.
A) makers
B) experiencers
C) strivers
D) survivors
E) believers
Q3) Middle-market consumers are trading up to new luxury products and services. What are the three main types of new luxury products?
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) If the Olive Garden sends employees to special classes to teach them the value of the brand and how pasta is much more than just pasta, Olive Garden is using ________ to accomplish this task.
A) cohort marketing
B) macrobranding
C) loyalty marketing
D) interruption marketing
E) internal branding
Q2) If a brand element has the characteristic of being memorable, it is said to mean that the brand is credible and suggestive of its corresponding category.
A)True
B)False
Q3) Brand loyalty seldom translates into a willingness to pay a higher price. A)True
B)False
Q4) The added value endowed to products and services is called brand equity. A)True
B)False
Q5) Define brand equity.
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Chapter 10: Crafting the Brand Position
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Q1) The three key criteria that determine whether a brand association can truly function as a point-of-difference are ________.
A) desirability, peculiarity, deliverability
B) deviance, peculiarity, deformity
C) differentiability, authenticity, desirability
D) comparability, authenticity, deliverability
E) desirability, deliverability, differentiability
Q2) The Trivial Pursuit board game debuted at the International Toy Fair in 1982 and quickly caught on as a fad. How has Parker Brothers managed to extend this fad's life span?
A) by seeking new target audiences
B) by creating constant product updates and offshoots
C) by retiring the original game format
D) by discontinuing the multiple choice format
E) by inventing new categories
Q3) As a marketing manager, it has become necessary for you to understand the two factors that make up sales volume so long-term planning can be accomplished. What are those two factors?
Q4) How has Iams used channel differentiation to compete in the pet food category?
Q5) Characterize the differences between style, fashion, and fad life cycles.
Page 12
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Chapter 11: Competitive Dynamics
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Q1) According to attack strategies available to the market challenger, the ________ can be used when the challenger spots areas where the opponent is under performing.
A) guerilla warfare
B) backwards-flank-attack
C) frontal attack
D) flank-geographic-attack
E) encirclement attack
Q2) After the market leader position, firms that occupy second, third, and lower ranks in an industry are often called fledgling leaders.
A)True
B)False
Q3) In a pure ________ attack, the attacker matches its opponent's product, advertising, price, and distribution.
A) guerilla
B) bypass
C) encirclement
D) flank
E) frontal
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13
Chapter 12: Setting Product Strategy
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Q1) Your firm is contemplating a bundling strategy for its line of products. You note that there are three guidelines for correctly implementing a bundling strategy from your marketing management class. In a memo to your boss, you outline these strategies. List them here.
Q2) Various factors have contributed to the growth of packaging as a marketing tool and include self-service, consumer affluence, consumer independence, company and brand image, and innovation opportunities.
A)True
B)False
Q3) The vast array of goods consumers buy can be classified on the basis of needs. A)True
B)False
Q4) Co-branding is when two or more well-known existing brands are combined into a joint product and/or marketed together in some fashion.
A)True
B)False
Q5) Window cleaning services, consumable office supplies, personal computers, desk, paint, nails, and buckets are all considered a type of industrial goods. How would you classify these items?
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Chapter 13: Designing and Managing Services
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Q1) Big spenders get special discounts, promotional offers, and lots of special service. The service company has classified their customers into
A) market profiles.
B) switchers.
C) complaint tiers.
D) profit tiers.
E) geographic segments.
Q2) Which of the following would be an example of a "hybrid" service?
A) airline
B) restaurant
C) soap manufacturer
D) university
E) bank
Q3) A directive to resond to all queries within 24 hours could narrow the "gap" between management perceptions of consumer expectations and the translation of these perceptions into service-quality specifications.
A)True
B)False
Q4) How has the Internet empowered customers?
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Chapter 14: Developing Pricing Strategies and Programs
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Q1) How was Apple able to gain market leadership for the iPod with a starting price much higher than its competition's?
Q2) A company's costs take two forms. ________ are costs that do not vary with production or sales revenue.
A) Fixed
B) Variable
C) Attributed
D) Adjusted
E) Determined
Q3) What are the different possible consumer reference prices?
Q4) ________ costs amounts differ greatly depending upon the level of production.
A) Attributed
B) Fixed C) Adjusted
D) Unknown
E) Variable
Q5) In some cases, price is not as important as quality and other benefits in the market offering.
A)True
B)False
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Chapter 15: Designing and Managing Integrated Marketing
Channels
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Q1) ________ are companies that have launched a Web site without any previous existence as a firm.
A) Dot.com's
B) Internet firms
C) E-tailers
D) Pure e-businesses
E) Search engines
Q2) One of the control issues of using a sales agency as a channel partner is that the sales agency is an independent firm seeking to ________ its profits.
A) maximize
B) promote
C) share
D) lower its costs and
E) increase sales and
Q3) Explain the concept of a hybrid channel distribution system.
Q4) When a marketer such as Danier Leather delivers the products to the customer, exchanges title of the goods, or even conducts a sales promotion, they are conducting a forward flow of activity through the channel. Explain the elements for a backward flow from customers to Danier.
17
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Chapter 16: Managing Retailing, Wholesaling, and Logistics
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Q1) Market logistics involves planning the infrastructure to meet demand, then implementing and controlling the physical flows of materials and final goods from points of origin to points of use, to meet customer requirements at a profit.
A)True
B)False
Q2) A retailer that has salespeople ready to assist in every phase of the locate-compare-select process for the shopper, that has high staffing, and high specialty goods would be considered a ________ retailer.
A) part-time service
B) limited service
C) events and experiences
D) self-service
E) full service
Q3) The retailer's product assortment does not need to match the target market's shopping expectations.
A)True
B)False
Q4) Sony calls it SOMO, "sell-one, make one". Relate SOMO to the need to keep inventory costs low.
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Chapter 17: Designing and Managing Integrated Marketing Communications
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Q1) Attention-getting tactics are often too effective and distract from brand or product claims.
A)True
B)False
Q2) ________ refer to the marketing communications element that involves company-sponsored activities and programs designed to create daily or special brand-related interactions with consumers.
A) Events and experiences
B) Publicity campaigns
C) Trade promotions
D) Advertisements
E) Public relations
Q3) Marketers need to assess which experiences and impressions will have the most ________ at each stage of the buying process.
A) consumers
B) duration
C) influence
D) dollars
E) traffic
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Q1) ________ aims to create liking, preference, conviction, and purchase of a product or service.
A) Persuasive advertising
B) Corporate advertising
C) Reminder advertising
D) Reinforcement advertising
E) Informational advertising
Q2) FedEx's presence in the movie Cast Away is an example of
A) product placement.
B) product advertising.
C) branded entertainment.
D) creative advertising.
E) advertorials.
Q3) One of the five specific factors that must be considered when setting an advertising budget is the amount of money available from top management.
A)True
B)False
Page 20
Q4) Manufacturers face several challenges in managing trade promotions. List some of these challenges and explain.
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Chapter 19: Managing Personal Communications: Direct and Interactive Marketing, Word of Mouth, and Personal Selling
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Q1) Inbound telemarketing centres receive calls from customers.
A)True
B)False
Q2) The hottest growth area for online promotions is in the area of paid search. Define and explain search ads in the context of Internet advertising, citing a few examples of this strategy in action that you have seen.
Q3) Direct mail continues to grow in popularity. Moosehead Breweries has recently developed a direct mail component to their communications strategy to further engage its customers. What makes this marketing communications tool so attractive to Moosehead, as well as other marketers?
Q4) The majority of sales representatives do not need any special encouragement and special incentives.
A)True
B)False
Q5) A common direct marketing strategy is to follow up direct mail with an email.
A)True
B)False
Q6) Most direct marketers apply the RFM formula to select customers. Explain this formula and how it is used to select customers. Page 21
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Page 22
Chapter 20: Introducing New Marketing Offerings
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Q1) An innovation is any good, service, or idea that is "new to the world."
A)True
B)False
Q2) ___________ can be a good source of input, even when they innovate products without the consent or knowledge of the companies that produce them.
A) Innovators
B) Early adopters
C) Lead users
D) Laggards
E) Focus group
Q3) A ________ occurs when the company dismisses an otherwise good idea.
A) brand failure
B) product failure
C) dual error
D) GO-error
E) DROP-error
Q4) A company can add new products through acquisition or development.
A)True
B)False
Q5) Describe "concept testing" as it is used to manage the development process.
Page 23
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Chapter 21: Tapping into Global Markets
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Q1) Mr. Day and Ms. Pound represent a number of producers and carry on exporting activities for each of them. As a result, Mr. Day and Ms. Pound's firm come under the administrative control of these producers. Mr. Day and Ms. Pound's firm could be described as
A) a joint venture.
B) agents.
C) a cooperative organization.
D) direct exporters.
E) indirect exporters.
Q2) Indirect export has two advantages for the firm. First in involves less investment for the firm and secondly it
A) involves less products and product lines.
B) involves less people to manage the process.
C) involves less intrusion by the government.
D) involves less risk.
E) involves less paperwork.
Q3) Coca-Cola might want to charge 75 cents for Coke everywhere in the world, but this would mean quite different profit rates. Define price escalation and explain how it impacts Coke's pricing strategy.
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Page 24
Chapter 22: Managing a Holistic Marketing Organization
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Q1) A disadvantage of product and brand managers is that they become experts in their product area but rarely achieve functional expertise.
A)True
B)False
Q2) In a ________, companies can organize themselves to understand and deal with individual customers rather than with the mass market or even market segments.
A) customer-management organization
B) brand-asset organization
C) brand-centred organization
D) market-centred organization
E) product centred organization
Q3) Merging is acquiring or merging with firms in the same or complementary industries to gain economies of scale and scope.
A)True
B)False
Q4) Modern marketing will continue to evolve and confront new challenges and opportunities. What will the coming years bring?
Q5) Explain the concept of greenwashing along with an example.
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