Business Principles
Chapter Exam Questions
Course Introduction
Business Principles provides an introduction to the foundational concepts and practices that drive successful organizations in todays dynamic economic environment. The course covers essential topics such as management, marketing, finance, entrepreneurship, organizational structure, and ethical decision-making. Students will gain insights into how businesses operate, understand core business functions, and become familiar with the interrelationships between various business disciplines. The course also emphasizes the development of critical thinking, problem-solving, and communication skills necessary for effective participation in the business world.
Recommended Textbook
Marketing An Introduction 6th Canadian Edition by Gary Armstrong
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Page 2
Chapter 1: Marketing: Creating and Capturing Customer Value
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Sample Questions
Q1) How is marketing being applied in the not-for-profit sector?
Answer: Not-for-profits today face stiff competition for support and membership. Firms in the not-for-profit sector may use marketing to enhance their images or to attract memberships and donors. Some organizations, such as government agencies, may design social marketing campaigns to encourage specific causes.
Q2) It is most accurate to say that a customer will buy from the company that offers the highest ________.
A)value for the dollar
B)customer-perceived value
C)level of customer satisfaction
D)company image
E)concern for society's interests
Answer: B
Q3) The major difference between the selling concept and the marketing concept is that the selling concept considers only existing needs.
A)True
B)False
Answer: False
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Chapter 2: Company and Marketing Strategy: Partnering to
Build Customer Relationships
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Sample Questions
Q1) ________ is the marketing logic by which a company hopes to create customer value and achieve profitable customer relationships.
A)Price
B)Being a low-cost operator
C)A consistent product mix
D)Marketing strategy
E)Implementing a differentiation strategy
Answer: D
Q2) Explain the term "value-delivery network"
Answer: For decades, marketers have traditionally created value to satisfy customer needs and wants. They did this through focusing on internal marketing departments and functions. Today, the manufacturer or retailer needs to look beyond its own value chain and into the value chains of suppliers and distributors to create value throughout the entire supply chain. More companies are partnering with other members of the supply chain to improve the performance of the customer value-delivery network. In fact, today competition takes place between entire value delivery networks instead of between individual competitors.
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4
Chapter 3: Sustainable Marketing, Social Responsibility and Ethics
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Sample Questions
Q1) According to various possibilities highlighted in the textbook, in what ways might Mr. Eagle have previously "harmed" consumers?
Answer: Benning's could have charged exorbitantly high prices, engaged in deceptive practices or high-pressure selling, sold shoddy or unsafe products, or provided poor service to disadvantaged consumers.
Q2) ________ is a management approach that involves developing strategies that both sustain the environment and produce profits for the company.
A)Consumerism
B)Environmentalism
C)Environmental sustainability
D)Social responsibility
E)Ethical decision making
Answer: C
Q3) Explain how a firm benefits from using sense-of-mission marketing.
Answer: Sense-of-mission marketing means that the company should define its mission in broad social terms rather than narrow product terms; when a company defines a social mission, employees feel better about their work and have a clearer sense of direction.
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Chapter 4: Analyzing the Marketing Environment
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Sample Questions
Q1) Consumer organizations such as environmental and minority groups that may question a company's marketing decisions are referred to as local publics.
A)True
B)False
Q2) No single competitive marketing strategy is suitable for every company.
A)True
B)False
Q3) This demographic segment of the Canadian population includes about 7 million people born between 1967 and 1976.
A)Seniors
B)Baby boomers
C)Generation X
D)Generation Y
E)The Great Generation
Q4) The demographic environment is of major interest to marketers because it involves people, and people make up markets.
A)True
B)False
Q5) Why should a company care about the macroenvironment?
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Chapter 5: Managing Marketing Information to Gain Customer Insights
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Sample Questions
Q1) You generally need to ask three questions when developing a sampling plan. Which of the questions below is one of these three?
A)Who should be left out of the sample (sampling exclusion)?
B)How should we contact the sample (sampling approach)?
C)Why should respondents be selected (sampling justification)?
D)How should participants be chosen (sampling procedure)?
E)none of the above
Q2) Which of the following has the highest rating for speed of data collection and compilation?
A)open-ended questionnaires
B)personal interviews
C)mail surveys
D)online surveys
E)ethnographic research
Q3) Marketing intelligence techniques range from observing consumers first-hand to quizzing the company's own employees, benchmarking competitors' products, researching on the Internet, and monitoring Internet buzz.
A)True
B)False
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Chapter 6: Understanding Consumer and Business Buyer
Behaviour
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Sample Questions
Q1) As compared to consumer markets, business markets are ________.
A)approximately the same
B)smaller
C)huge
D)somewhat larger
E)less complex
Q2) Stephanie and Jamal attended a sales seminar. Both left the seminar with differing opinions about what was important to implement in their jobs. Both used the information in different ways, according to what each already believed was important. They have engaged in ________.
A)selective distortion
B)selective attitude
C)selective retention
D)selective attention
E)perceptual defense
Q3) Identify and describe the stages in the adoption process.
Q4) How does marketing through online social networks differ from more traditional marketing?
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Q5) How can marketers influence business buyers who are in the problem recognition stage?
Chapter 7: Segmentation, Targeting, and Positioning
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Q1) What factors may impact segment attractiveness?
Q2) Describe how marketers use multiple-segmenting bases to their advantage.
Q3) In target marketing, the issue is not really who is targeted, but rather ________ and for ________.
A)why; what
B)how; what
C)why; how long
D)where; how long
E)how; where
Q4) Most market targeting draws no criticism because it ________ customers.
A)benefits
B)education
C)disadvantages
D)harm
E)expenses
Q5) In what ways might a marketer engage in socially responsible target marketing?
Q6) A brand's position is assessed relative to a competitor's positioning.
A)True
B)False
Q7) Explain the concept of positioning for competitive advantage.
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Chapter 8: Developing and Managing Products and Services
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Sample Questions
Q1) Once the prototype of Wainwright Industries' new riding lawnmower, made especially for women, passes product tests, the next step is ________.
A)test marketing
B)focus group surveys
C)commercialization
D)post-testing
E)business analysis
Q2) Paper, pencils, lubricants, paint, nails, and brooms are examples of ________.
A)supplies
B)capital items
C)raw materials
D)specialty products
E)installations
Q3) Cannibalization and customer confusion about product differentiation are two potential results if line filling is overdone.
A)True
B)False
Q4) Give an example of an augmented product.
Page 10
Q5) In a brief statement, what is the purpose of concept testing?
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Chapter 9: Brand Strategy and Management
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Sample Questions
Q1) Brands occupy a level of social regard with respect to one another. We consider a Rolls-Royce or Bentley car differently than a Chevrolet or Hyundai. This is an example of brand ________.
A)status
B)price
C)touchpoints
D)value
E)equity
Q2) A company has four choices when it comes to developing brands. Describe what they are.
Q3) A ________ involves the use of a successful brand name to launch new or modified products in a new category.
A)line extension
B)product line
C)brand extension
D)private brand
E)brand symbol
Q4) What can a brand manager do to create brand advocates?
Q5) Brand managers try to build a brand personality. How do they do this?
Q6) Advocacy starts close to home. Explain.
Page 11
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Chapter 10: Pricing: Understanding and Capturing
Customer Value
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Sample Questions
Q1) Xbox 360 decides to add a free subscription to XBOX magazine with every game bought in an effort to differentiate its offering from PS3 games. This is an example of
A)good-value pricing
B)add-on pricing
C)product-support pricing
D)value-added pricing
E)cost-based pricing
Q2) List four types of segmented pricing.
Q3) The Internet offers ________, where the price can easily be adjusted to meet changes in demand.
A)captive pricing
B)dynamic pricing
C)basing-point pricing
D)price bundling
E)cost-plus pricing
Q4) A break-even chart shows the total cost and total revenue expected at various sales volume levels.
A)True
B)False
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Chapter 11: Marketing Channels
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Sample Questions
Q1) A multichannel marketing system is one in which a producer sells to multiple markets using the same distribution channel.
A)True
B)False
Q2) ________ buy mostly from producers and sell to retailers and industrial consumers.
A)Independents
B)Factory outlets
C)Wholesalers
D)Discount stores
E)Megaretailers
Q3) Intensive distribution occurs when only one intermediary is used by a producer to sell all its products.
A)True
B)False
Q4) Compare and contrast a conventional distribution channel with a vertical marketing system (VMS).
Q5) How can a firm benefit from involvement in a contractual VMS?
Q6) Give an example of channel conflict.
Page 13
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Chapter 12: Retailing and Wholesaling
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Sample Questions
Q1) GameStop, a video game retailer, offers a deep assortment of video games and video game consoles. GameStop is best described as a(n)________.
A)department store
B)supermarket
C)specialty store
D)discount store
E)off-price retailer
Q2) Explain how wholesalers add value for a producer.
Q3) Which of the following is most likely the greatest factor in the increasingly short life cycle of new retail forms?
A)changes in technology
B)economic swings
C)import and export regulations
D)stagnating retail convergence
E)global expansion of major retailers
Q4) What is the difference between corporate chains, voluntary chains, and retailer cooperatives? How are such retail organizations different from franchise organizations?
Q5) Explain how wholesalers have been able to use technology to cut costs.
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Chapter 13: Communicating Customer Value: Advertising and Public Relations
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Sample Questions
Q1) What does reach tell a marketer?
Q2) Which of the following are important decisions during the process of developing an advertising program?
A)setting advertising objectives, setting the advertising budget
B)setting the advertising budget, selecting a target market
C)selecting a target market, developing advertising strategy
D)selecting a target market, evaluating campaigns
E)evaluating advertising campaigns, starting over
Q3) A company typically spends comparable budgets on public relations and advertising.
A)True
B)False
Q4) Advertising has many advantages. What is one of them?
A)It is impersonal.
B)It can be very costly.
C)It reaches many people across geographic locations.
D)It carries on one-way communication with the audience.
E)It does not make audiences feel the need to respond.
Page 15
Q5) Name and describe the four major steps in media selection.
Q6) What does frequency tell a marketer?
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Page 16
Chapter 14: Personal Selling and Sales Promotion
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Sample Questions
Q1) The prospecting step in the selling process includes identifying and ________ the prospects.
A)calling on
B)qualifying
C)preselling
D)making an appointment with E)approaching
Q2) Sales applicants are most likely to be tested for ________.
A)accounting skills, sales aptitude
B)organizational skills, accounting skills
C)accounting skills, perseverance
D)personality traits, analytical skills
E)personality traits, accounting skills
Q3) Compare and contrast the three major sales force structures.
Q4) Sales force automation systems have been developed for improving how salespeople feel about their opportunities and value.
A)True
B)False
Q5) Why might personal selling be the best promotional tool for Reliable?
Q6) Explain how the workload approach helps companies set sales force size.
Page 17
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Chapter 15: Direct, Online, Social Media, and Mobile Marketing
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Sample Questions
Q1) Staples' fastest recent growth has come from ________.
A)offline business
B)online sales
C)click-and-mortar
D)e-business
E)corporate sales
Q2) A company would be most likely to benefit in which of the following ways by using blogs as marketing tools?
A)Blogs provide companies with additional revenue.
B)Blog content is easy to filter, monitor, and control.
C)Long-term customer relationships can be developed through blogs.
D)Demographic information about customers can be easily tracked.
E)Blogs are an inexpensive yet personal way to connect with consumers.
Q3) Which kind of marketing involves sending an offer, announcement, reminder, or other item to a person at a particular address?
A)kiosk marketing
B)digital direct marketing
C)catalog marketing
D)direct-mail marketing
E)telephone marketing
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Chapter 16: The Global Marketplace
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Sample Questions
Q1) Which of the following is a drawback of management contracting?
A)It prevents a company from setting up its own operations for a period of time.
B)It is a high-risk method of getting into a foreign market.
C)It yields income to the contracting firm only much later in the process.
D)It does not provide the option of buying shares in the managed company later on.
E)It requires a domestic firm to export its products to a foreign company.
Q2) Differentiate between standardized global marketing and adapted global marketing. Describe the advantages and disadvantages of each strategy.
Q3) Which of the following is an example of a nontariff trade barrier?
A)a sales tax
B)customs duty
C)a host-country regulation
D)excise duty
E)an import quota
Q4) Differentiate between industrializing economies and industrial economies. Give a few examples of each.
Q5) What is the best mode of entry into foreign markets for I Design?
Q6) Explain product invention with the help of suitable examples.
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