Contemporary Marketing Exam Preparation Guide
Course Introduction
Contemporary Marketing examines the dynamic field of modern marketing practices, focusing on the integration of digital technologies, evolving consumer behavior, and emerging trends in the global marketplace. This course covers key concepts such as market segmentation, branding, value creation, and the development of effective marketing strategies across multiple channels. Students will explore case studies illustrating innovations in social media, influencer marketing, sustainability initiatives, and data-driven decision making, gaining a comprehensive understanding of how marketing adapts to the ever-changing business environment. Emphasis is placed on real-world applications, ethical considerations, and the development of critical thinking skills necessary for success in todays competitive marketplace.
Recommended Textbook
Contemporary Marketing 17th Edition by Louis E. Boone
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Chapter 1: Marketing: the Art and Science of Satisfying Customers
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Sample Questions
Q1) The main goal of not-for-profit organizations is to generate revenues above and beyond their costs to make money for all stakeholders involved.
A)True
B)False
Answer: False
Q2) Wesley Pvt.Ltd.,can avoid marketing myopia by finding innovative ways to reach new markets with existing goods and services.
A)True
B)False
Answer: True
Q3) DHL has developed a reputation as an international business specialist enabling companies who produce or distribute products to economically ship finished goods to customers.Which function of marketing does DHL provide to companies?
A)transporting
B)selling
C)risk taking
D)Selling
Answer: A
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Chapter 2: Strategic Planning in Contemporary Marketing
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Q1) What is a marketing mix? In order for a product to succeed,what can be said about the variables in the marketing mix?
Answer: The marketing mix variables - product,distribution,promotion,and price - are combined to satisfy the needs of the target market.Product is a broad concept encompassing goods,services and ideas,but also including the satisfaction of all consumer needs with respect to the relevant good,service,or idea.Distribution refers to getting products to consumers in the right quantities,at the right place,and at the right times.Promotion refers to the communications that link buyers and sellers.Pricing deals with the means of setting justifiable and profitable prices. Successful products have a marketing mix where all variables are on target.Great pricing,product,and promotion mean nothing if the customer cannot find the product.Lack of promotion could leave a great product gathering dust on retail shelves.
Q2) An organization lays out its basic objectives,or goals,in its complete mission statement.
A)True
B)False Answer: True
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Page 4
Chapter 3: The Marketing Environment, ethics, and Social Responsibility
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Sample Questions
Q1) The industry deregulation phase has focused on increasing the competition in industries such as utilities and financial services.
A)True
B)False
Answer: True
Q2) Since the latter part of the 19th century,the U.S.government has played an activist role in the financial markets and the market for goods and services.The emphasis of their role has varied over this time as different issues and dynamics were at the forefront of business and economic trends.The first phase of the U.S.government's active regulatory role,in the early part of the 20th century,can be best described as which of the following?
A)The cyberspace phase
B)The consumer protection phase
C)The protecting consumers phase
D)The antimonopoly phase
E)The industry deregulation phase
Answer: D
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Chapter 4: Social Media: Living in the Connected World
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Sample Questions
Q1) Kim is getting married in 18 months and is starting to plan her wedding.She likes to make things and wants to keep her decorating expenses low by creating the wedding and reception decorations herself.She has started a Pinterest board where she can collect ideas from others as well as share her own ideas with her fiance,family,and friends.Pinterest is a type of _________ which provides a virtual community and enable people to share information,post opinions,and increase their circle of online friends.
A)social-networking site
B)blog
C)media sharing service
D)bookmarking platform
Q2) How do companies measure the success and efficiency of their social media marketing plan?
Q3) Bon Appétit! is a website that contains recipes written by Elise Bauer.In the website,Bauer also writes various articles regarding simple cooking methods.Bon Appétit! can be regarded as an online forum.
A)True
B)False
Q4) Briefly explain how firms develop strategies for a social media marketing plan.
Q5) Define social media.What are the basic forms of social media?
Page 6
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Chapter 5: E-Business: Managing the Customer Experience
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Q1) What is the primary difference or distinction between corporate websites and marketing websites?
A)The goal of marketing websites is to increase purchases by visitors.
B)The goal of corporate websites is to increase purchases by visitors.
C)Marketing websites enable prospective employees to view available job openings and complete online applications.
D)Corporate websites are solely utilized by companies who offer products for sale via the Internet.
Q2) Bailee works approximately 60 hours each week as an account executive with an advertising agency and rarely has time to shop.She loves the _______ of shopping online and is a VIP customer with Zappos.She can order shoes or clothing and receive the item within 24 hours delivered right to her door by UPS with free delivery.
A)convenience
B)personalized service
C)competitive pricing
D)product assortment
Q3) What benefits do B2C e-marketing efforts have to offer to consumers?
Q4) How does the measure of effectiveness of a website differ with type of the website?
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Page 7
Chapter 6: Consumer Behavior
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Sample
Questions
Q1) If 'B' represents consumer behavior,'I' represents interpersonal influences,'P' represents personal influences,and 'E' represents pressures exerted by outside environmental forces,Kurt Lewin's statement,rewritten to apply to consumer behavior,states that:
A)B = f (I,P).
B)P = f (B,P).
C)B = (I,E).
D)P = (I,E).
Q2) Jorge plans to buy a car and discusses the purchase with his parents.Their influence on his buying decision is considered:
A)impersonal.
B)interpersonal.
C)personal.
D)institutional.
Q3) Marketers are finding new product opportunities with two-income families demanding goods and services that fill the need for convenience,health,safety,and time constraints.
A)True
B)False
Q4) Differentiate between a need and a motive.
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Chapter 7: Business-To-Business B2bmarketing
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Q1) A negotiation process wherein each marketer develops its offer,including a price that will satisfy the criteria determined by the customer's problem,need,or opportunity,is known as:
A)competitive bidding.
B)decentralized buying.
C)collective underwriting.
D)systems integration.
Q2) Differentiate between B2B marketing and consumer product marketing.
Q3) Both consumer and business purchase decisions begin when the recognition of problems,needs,or opportunities triggers the buying process.
A)True
B)False
Q4) The organizational buying process differs from the consumer purchase process as the organizational buying process:
A)involves few decision makers in making purchase decisions.
B)is informal and less professional.
C)requires a longer time frame because of complexity of the decisions.
D)generally involves purchase of highly standardized products.
Q5) Explain the four components of business-to-business markets.
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Chapter 8: Global Marketing
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Sample Questions
Q1) A nation's basic system of transportation networks,communication systems,and energy facilities form a part of its _____ environment.
A)social
B)political
C)legal
D)economic
Q2) Related party trade is defined as the trade relationship between:
A)countries with free trade agreements.
B)member countries of a customs union.
C)two companies in the same industry.
D)a corporation and its overseas subsidiaries.
Q3) U.S.firms claiming that dumping threatens to hurt their business can file a complaint with the:
A)United States Commercial Service.
B)U.S. International Trade Commission (ITC).
C)Office of the United States Trade Representative.
D)United States Agency for International Development.
Q4) Contractual agreements are less flexible compared to exporting strategies.
A)True
B)False
Page 10
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Chapter 9: Market Segmentation, targeting, and Positioning
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Q1) Cadillac has strategically sought to become known as a prestige brand among 30 to 50 year olds and routinely uses television advertising to showcase the high quality and luxury attributes of the new models.It seeks to use _______ to separate the brand from other US brands and be perceived more similarly to European models such as Audi and BMW.
A)positioning
B)segmentation
C)an undifferentiated marketing approach
D)a concentrated strategy
Q2) Geographic information systems (GIS)simplify the job of analyzing marketing information by relating data to their locations.
A)True
B)False
Q3) One of the reasons cited by the U.S.Department of Commerce for the trend toward smaller households is:
A)young people's tendency to marry early.
B)the increase in the number of same-sex couples.
C)the low cost of living.
D)the frequency of divorce.
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Chapter 10: Marketing Research in the Era of Big Data
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Q1) Which of the following is a limitation of secondary data not found in primary data?
A)It is more expensive to collect and analyze than primary data.
B)It is not readily accessible for marketers.
C)It may not be completely relevant to the specific needs of the marketer.
D)It is usually in the form of raw data and hence not reliable.
Q2) What is the biggest challenge in using big data?
A)Ability to manage and analyze all the gathered information
B)Ability to change marketing strategies
C)Ability to conduct detailed research studies
D)Ability to hire experts in marketing research
Q3) A probability sample constructed so that randomly selected subsamples of different groups are represented in the total sample is known as a(n)_____ sample.
A)stratified
B)convenience
C)exclusive
D)quota
Q4) What is a quota sample? How is it different from a stratified sample?
Q5) What is an MDSS? How is it different from an MIS?
Q6) Describe the three types of marketing research companies.Give examples.
Page 12
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Chapter 11: Relationship Marketing and Customer
Relationship Management Crm
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Sample Questions
Q1) Cobranding is a cooperative arrangement in which two or more businesses team up to closely link their names on a single product.
A)True
B)False
Q2) What are the problems associated with customer relationship management systems?
Q3) Which of the following is true of relationship marketing?
A)It focuses on short-term, one-time exchanges with limited communications.
B)Its only goal is "sell something-now."
C)It views customers as equal partners in buyer-seller transactions.
D)It involves little or no ongoing relationship between the buyers and sellers.
Q4) Which of the following is a limitation of trend analysis?
A)It is expensive and time consuming.
B)It can communicate marketing plans to the competitors before the firm introduces a product to the total market.
C)It is unable to make reliable forecasts during periods of steady growth and stable demand.
D)It assumes that the future events will continue in the same manner as the past.
Q5) Explain cobranding and comarketing.Give an example of each.
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Chapter 12: Product and Service Strategies
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Sample Questions
Q1) When Apple launched the iPod it quickly became the most popular digital music player on the market and dominated sales.Now,sales of the iPod are lower as more consumers adopt smart phone devices which enable them to store and listen to music.What stage of the product life characterizes the iPod?
A)decline
B)maturity
C)introduction
D)growth
Q2) What are the different ways in which firms can extend a product's lifecycle? Explain any one of them.
Q3) Specialty products are:
A)products marketed to consumers who may not yet recognize a need for them.
B)products with unique characteristics that cause buyers to prize those brands.
C)products bought in response to unexpected and urgent needs.
D)products purchased on the spur of the moment.
Q4) Most fads experience short-lived popularity and then quickly fade,although some maintain residual markets among certain segments.
A)True
B)False
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Chapter 13: Developing and Managing Brand and Product Categories
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Q1) Which of the following terms refers to a series of stages consumers go through in learning about a new product,trying it,and deciding whether to purchase it again?
A)Product life cycle
B)Adoption process
C)Product development process
D)Diffusion process
Q2) The term "product positioning" refers to:
A)a low cost market entry strategy in which two or more firms represent one another's complementary yet non-competing products in the markets.
B)the process of developing entirely new products for new markets.
C)consumers' perceptions of a product's attributes, uses, quality, as well as advantages and disadvantages relative to competing brands.
D)the process of developing a trade dress for a new product.
Q3) Brand insistence,the ultimate stage in brand loyalty,leads consumers to refuse alternatives and to search extensively for the desired merchandise.
A)True
B)False
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Chapter 14: Marketing Channels and Supply Chain Management
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Q1) When choosing a distribution strategy,manufacturers also focus on developing and maintaining relationships with those in their marketing channels.What is this concept called? Select the best answer from the choices below.
A)channel management
B)channel coordination
C)channel commitment
D)channel conflict
E)channel cooperation
Q2) Which of the following distribution strategy seeks to distribute a product through a single wholesaler or retailer in a specific geographic region?
A)Exclusive distribution
B)Associative distribution
C)Selective distribution
D)Intensive distribution
Q3) Compare and contrast wholesalers and agents/brokers.
Q4) Freight carriers often charge class rates as a reward for either regular business or a large shipment.
A)True
B)False
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Chapter 15: Retailers, wholesalers, and Direct Marketers
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Q1) Differentiate between a wholesaler and a wholesaling intermediary.
Q2) Selling up is a retailing practice in which salespeople try to persuade customers to buy higher-priced items than originally intended.
A)True
B)False
Q3) One of the main objectives of the interior décor of a store is to induce shoppers to buy.
A)True
B)False
Q4) A store's exterior appearance,including architectural design,window displays,signs,and entryways:
A)exerts no influence on the retailer's image.
B)exerts a major influence on the pricing of the goods sold by the store.
C)helps identify the retailer and attract its target market.
D)indicates the range and assortment of product lines it offers.
Q5) The wheel of retailing attempts to explain the patterns of change in retailing.
A)True B)False
Q6) Identify and describe four types of limited-function merchant wholesalers.
Page 17
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Chapter 16: Integrated Marketing Communications, advertising,
and Public Relations
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Q1) Nonpersonal selling of a particular good or service is called _____ advertising.
A)institutional
B)product
C)corporate
D)retail
Q2) If you were looking for an advertising medium that worked for segmented audiences,had prestige,had a long shelf life,and money was of no object,which of the following would you select?
A)interactive ads
B)television
C)magazines
D)direct mail
E)radio
Q3) Compared to other broadcast media,cable advertising is more likely to attract specialized audiences and encourage niche marketing.This characteristic of cable advertising is known as _____.
A)narrowcasting
B)personalcasting
C)crowdcasting
D)datacasting
Page 18
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Chapter 17: Personal Selling and Sales Promotion
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Q1) The first presentation being made to a potential customer is likely to be more detailed than that used for an existing customer.
A)True
B)False
Q2) In her role as sales manager,Julie tells her team to always behave ethically on the job.However,Barbara sees Julie talk a customer into buying an unneeded product just because the sale will fulfill her quarterly quota.If Julie really wants to create a culture that encourages ethical behavior,she must:
A)Lead by example
B)Reduce quotas
C)Increase commissions
D)Tell her sales team to avoid unethical decision making
E)Better understand what products her customers need
Q3) In the _____ stage of the sales process,the salesperson contacts the potential customer for the first time.
A)precall planning
B)prospecting
C)approach
D)qualifying
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Chapter 18: Pricing Concepts
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Q1) Define price.Explain why setting prices can be a difficult process.
Q2) You are used to working with the usual pricing objectives for domestic health insurance organizations.Finding that work no longer challenging after ten years,you have moved to the marketing department of the international headquarters of a travelers' health insurer.
Which new objective joins the traditional objectives for your new job to set prices in global marketing?
A)profitability of the premiums charged to customers
B)volume of customers who purchase travelers' health insurance
C)price stability worldwide for every traveler
D)meeting competition from other travelers' health insurers
E)prestige of offering the best coverage with the access to the best healthcare options
Q3) A pricing strategy that emphasizes benefits of a product in comparison to the price and quality levels of competing offerings is called _____ pricing.
A)incremental-cost
B)full-cost
C)cost-plus
D)value
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Chapter 19: Pricing Strategies
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Q1) Almost half of all eBay transactions occur at fixed prices.
A)True
B)False
Q2) A negative cash discount is an attempt by sellers to improve their liquidity positions,reduce their bad-debt losses,and cut collection expenses.
A)True
B)False
Q3) Bundle pricing is more prevalent in the telecommunications industry compared to other industries.
A)True
B)False
Q4) Which of the following is an example of a rebate offered to buyers?
A)Getting $25 off a $100 purchase on exchange of a used product.
B)Getting $3 off a $100 purchase for paying the bill within 10 days.
C)Getting $5 returned by mail after a $100 purchase for making the purchase.
D)Getting $100 off a $1,000 purchase for buying in bulk quantities.
Q5) Discuss the practice of promotional pricing and the role played by loss leaders and leader pricing.
Q6) What is a bot? How does it influence the online pricing of products?
Page 21
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Chapter 20: Developing an Effective Marketing Plan
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Q1) Describe the different components of a business plan.
Q2) Which of the following components of a business plan describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships?
A)The marketing plan
B)The financing plan
C)The production plan
D)The facilities plan
Q3) Which of the following is used to identify the firm's strengths,weaknesses,opportunities,and threats within the marketing environment?
A)Business portfolio analysis
B)Breakeven analysis
C)SWOT analysis
D)Marginal analysis
Q4) The need for a business plan is more acutely felt in a small company than in a large multinational company.
A)True
B)False
Q5) What are the reasons a company should develop a marketing plan?
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Chapter 21: Financial Analysis in Marketing
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Q1) All successful organizations have the same inventory turnover ratio.
A)True
B)False
Q2) In the context of financial statements,which of the following represents the systematic reduction over time in the value of certain company assets?
A)Depreciation
B)Attrition
C)Recession
D)Deduction
Q3) Venus Inc.,a software consulting firm,had made a gross profit of $350.0 million for the year 2012.For the same year,it had made sales of $890.0 million.What was its gross profit margin?
A)69.32%
B)59.32%
C)49.32%
D)39.32%
Q4) Receivables are collected credit sales.
A)True
B)False
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