Essentials of Marketing Exam Preparation Guide
Course Introduction
Essentials of Marketing introduces students to the core concepts, principles, and practices that form the foundation of modern marketing. The course explores topics such as understanding consumer behavior, market research, segmentation, targeting and positioning, product and brand management, pricing strategies, distribution channels, and promotional tactics. Through real-world examples and practical applications, students will learn how marketers create value for customers and organizations in a dynamic and competitive environment. This course equips students with the fundamental knowledge and analytical skills needed to develop effective marketing strategies and solve marketing challenges.
Recommended Textbook
Marketing 11th Edition by Roger A.
Kerin
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Page 2
Chapter 1: Creating Customer Relationships and Value
Through Marketing
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Sample Questions
Q1) the movie Tin Men,two rival salesmen engaged in a variety of dishonest and unethical practices in order to sell aluminum siding to homeowners in 1963.Their job was difficult,in part,because the supply of aluminum siding surpassed the demand for the product and competition was intense.This situation is indicative of the __________ era of U.S.business history.
A) goods
B) sales
C) production
D) market orientation
E) societal marketing
Answer: B
Q2) our free-enterprise society,which three specific groups benefit from effective marketing?
Answer: The three specific groups that benefit from effective marketing are: (1)consumers who buy (they can obtain the best product at the lowest price,leading to consumer satisfaction); (2)organizations that sell (receive profits,etc.,if they provide need-satisfying products with effective marketing programs); and (3)society as a whole (providing jobs and a higher standard of living for its citizens).
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Chapter 2: Developing Successful Organizational and Marketing Strategies
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Sample Questions
Q1) the functional level,the marketing department
A) solicits talent from all levels of the organization for strategic corporate planning sessions.
B) promotes its goals to the organization's stakeholders.
C) looks outward, keeping the organization focused on creating value both for it and its customers.
D) develops the corporate culture.
E) defines the overall strategic direction of the organization.
Answer: C
Q2) BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization."Question marks" are located in which area of the BCG growth-share matrix?
A) upper left quadrant
B) upper right quadrant
C) center quadrant
D) lower right quadrant
E) lower left quadrant
Answer: B
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Chapter 3: Scanning the Marketing Environment
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Q1) __________ can require a company to spend money on corrective advertising to rectify previous misleading ads.
A) Food and Drug Administration
B) U.S. Department of Justice
C) Federal Trade Commission
D) Better Business Bureau
E) American Marketing Association
Answer: C
Q2) Younger members of Generation Y,also known as __________,are determined to make a difference in the world,and by doing so,make the world a better place.
A) activists
B) sustainers
C) progressives
D) reformers
E) millennials
Answer: E
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Chapter 4: Ethical and Social Responsibility for Sustainable Marketing
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Q1) American Marketing Association Statement of Ethics is centered on three general norms: marketers must: (1)do no harm; (2)foster trust in the marketing system; and (3)__________.
A) initiate fair and honest dialogues in developing markets
B) embrace, communicate, and practice the fundamental ethical values that will improve consumer confidence in the integrity of the marketing exchange system
C) champion new legislation that protects ethical business firms and punish those who abuse consumer trust
D) support governmental agencies in their quest to identify and prosecute those who break the laws of ethical marketing
E) contribute to society's well-being through charitable contributions and cause-related marketing efforts
Q2) personal moral philosophy of utilitarianism underlies the economic tenets of A) existentialism.
B) moral idealism.
C) communism.
D) socialism.
E) capitalism.
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Chapter 5: Understanding Consumer Behavior
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Sample Questions
Q1) is the annual market size for the products bought by or for preteens and teenagers?
A) $100 million
B) $2 billion
C) $10 billion
D) $200 billion
E) $1 trillion
Q2) Which of the following is the largest subculture in the United States?
A) Asian American
B) Hispanics
C) Caucasian
D) African American
E) Native American
Q3) According to Figure 5-5 above,"E" defines what level in the hierarchy of needs?
A) self-actualization
B) personal
C) social
D) safety
E) physiological
Q4) what significance to marketing is the family life cycle?
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Chapter 6: Understanding Organizations As Customers
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Sample Questions
Q1) which stage of the organizational buying decision process would purchasing and engineering personnel visit potential suppliers to assess their quality control?
A) alternative evaluation
B) problem recognition
C) information search
D) purchase decision
E) postpurchase behavior
Q2) Important buying process characteristics in organizational buying behavior include which of the following?
A) Few large transactions are made over the Internet due to concerns of industrial espionage.
B) Negotiations, purchases, and delivery occur in real time at an accelerated rate.
C) There are often reciprocal arrangements and negotiations between buyers and sellers.
D) Most purchases are made through government-licensed negotiators.
E) Direct selling to organizational buyers is the rule.
Q3) are the five stages of the organizational buying process?
Q4) Differentiate between traditional and reverse auctions.
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Chapter 7: Understanding and Reaching Global
Consumers and Markets
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Sample Questions
Q1) multidomestic marketing strategy refers to
A) the strategy of transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.
B) the strategy used by firms that use the same product variations, brand names, and advertising programs for every country in which they do business.
C) the strategy used by firms that have as many different product variations, brand names, and advertising programs as countries in which they do business.
D) the strategy of seeking out already established firms in other nations and selling them the rights to manufacture and distribute the firm's products through the host nation's established infrastructure.
E) the strategy currently used by most U.S. domestic firms that when entering a new international market, these firms offer only those products that require the least amount of product adaptation or consumer education.
Q2) your primary motive was to raise prices on imports,would you use tariffs or quotas? Why?
Q3) is the difference between cultural ethnocentricity and consumer ethnocentrism?
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Page 9
Chapter 8: Marketing Research: From Customer Insights to Actions
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Sample Questions
Q1) Based on the Fisher-Price Chatter Telephone example in the textbook,if a measure of success is "playtime" for a particular telephone design,what would be an example of a possible marketing action if the results of observation were "Children spent more time playing with new design?"
A) continue with the old design; don't introduce the new design
B) introduce the new design; drop the old design
C) introduce the new design; but add some new features
D) mine the data further for children reactions; take no action
E) add digital dashboards to analyze reactions to the new design; add some new features
Q2) is the difference between a semantic differential scale and a Likert scale?
Q3) Figure 8-5 above shows how marketing researchers and managers use information technology to turn information into marketing actions.What does "C" represent?
A) external data sources
B) results
C) data warehouse
D) internal data sources
E) buying queries
Q4) Briefly explain what a marketing "driver" is.Give three examples.
Page 10
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Chapter 9: Market Segmentation,Targeting,and Positioning
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Sample Questions
Q1) Samsung sells its target markets many different types of TVs.The larger TVs can be outfitted with surround sound at a higher price than the smaller ones.Samsung is using which type of segmentation variable in this example?
A) demographic segmentation
B) psychographic segmentation
C) behavioral segmentation
D) geographic segmentation
E) socioeconomic segmentation
Q2) Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Operations and production synergies and efficiencies run
A) horizontally across the rows
B) vertically from top to bottom
C) between full meals and snacks
D) diagonally from top-left to bottom-right of a market-product grid
E) both horizontally and vertically depending upon the marketing action
Q3) would an organization produce multiple products or services and then attempt to sell them to two or more market segments?
Q4) Explain the difference between mass customization and build-to-order.
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Chapter 10: Developing New Products and Services
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Sample Questions
Q1) Among business products,which of the following would most likely be considered an industrial service?
A) photocopier
B) sheet rock
C) photocopier maintenance Changed from Geek Squad because Geek Squad caters more to consumers.
D) Cowboys Stadium
E) ink cartridges
Q2) of the following actions occur during the business analysis stage of the new-product process EXCEPT:
A) using capacity management to find ways to match the availability of the service offering to when it is needed.
B) assessing the marketing and product synergies related to the company's existing operations.
C) turning the idea on paper into a prototype.
D) determining whether the new product can be protected with a patent or copyright.
E) assessing whether the the proposed new product fits with the company's mission and objectives
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Chapter 11: Managing Successful Products,Services,and Brands
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Sample Questions
Q1) Kellogg's changed the name of its Heartwise cereal to Fiberwise MOST likely to
A) respond to a changing public interest from heart to intestinal health issues
B) convey a stronger product image, since "heart" implied sentimentality and "fiber" implied strength
C) comply with Food and Drug Administration guidelines on the use of the word "heart" in food brand names
D) avoid a lawsuit by the makers of Heartwise Organic Cereal because they claimed the names and benefits were too similar
E) complement its new line of breakfast fiber bars
Q2) consumers think of Harley-Davidson,the image is of a masculine,non-conformist.With Vespa motor scooters,the image is of a brainy environmentalist.Both Vespa and Harley-Davidson ___________.
A) have brand personalities
B) have created brand subcultures
C) are logotypes
D) use co-branding
E) use product personification
Q3) long is a product life cycle? What determines its length?
Page 13
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Chapter 12: Services Marketing
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Sample Questions
Q1) expanded marketing mix for services that includes the four Ps (product,price,promotion,and place or distribution)as well as people,physical environment,and process,is referred to as the __________.
A) seven Ps of services
B) service matrix
C) service continuum
D) service encounters
E) the service mix
Q2) Philadelphia Phillies uses the Phanatic to help the fans evaluate their experience,since a ball game experience is
A) intangible.
B) tangible.
C) inventory.
D) inconsistent.
E) imperfect.
Q3) does it mean when we say services are intangible.How do marketers of services overcome the problems associated with intangibility?
Q4) and explain the key elements of future services.
Q5) is internal marketing? Why is it important in services marketing?
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Chapter 13: Building the Price Foundation
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Sample Questions
Q1) owner of a small restaurant that sells take-out fried chicken and biscuits pays each month $2,500 in rent,$500 in utilities,$750 interest on his loan,insurance premium of $200,and $250 on advertising on local buses.A bucket of take-out chicken is priced at $9.50.Unit variable costs for the bucket of chicken are $5.50.How many small buckets of chicken does the restaurant need to sell to break-even each month?
A) 442 buckets
B) 764 buckets
C) 1,050 buckets
D) 3,150 buckets
E) 4,200 buckets
Q2) Price elasticity of demand is determined by a number of factors such as whether the item is a luxury product or service,the availability of substitutes,the necessity of the product or service,and
A) the stage of the product or service in its product life cycle.
B) the degree of carrying costs for the manufacturer or distributor.
C) the financial resources of the organization itself.
D) the cash outlay of purchase relative to a person's disposable income.
E) the ability of the organization to meet sudden increases in demand.
Q3) do consumers use price as an indicator of value?
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Chapter 14: Arriving at the Final Price
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Sample Questions
Q1) Skimming pricing refers to
A) setting the lowest initial price possible when introducing a new or innovative product in order to "skim" sales from competitors.
B) setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product.
C) setting a low initial price on a new product to appeal immediately to the mass market.
D) the practice of replacing promotional allowances with higher manufacturer list prices. E) setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it.
Q2) Yield management pricing is a form of
A) target pricing.
B) loss-leader pricing.
C) dynamic pricing.
D) customary pricing.
E) price lining.
Q3) Explain predatory pricing.
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Chapter 15: Managing Marketing Channels and Supply Chains
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Q1) Individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users are referred to as a A) marketing channel.
B) distribution matrix.
C) retailer.
D) wholesaler.
E) distributor.
Q2) terms of distribution,when marketing channel members are engaged in financing,grading,and marketing information and research,they are performing the __________ function.
A) logistical
B) transformational
C) implementing
D) facilitating
E) transactional
Q3) Channels are typically designed to satisfy one or more of four consumer interests.What are they and why are they important?
Q4) are the functions performed by intermediaries?
Q5) is a marketing channel? Define each of the four types of marketing channels.
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Chapter 16: Retailing and Wholesaling
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Sample Questions
Q1) franchise where the franchisor provides step-by-step procedures for most aspects of the business is known as a
A) business-format franchise.
B) product-distribution franchise.
C) business franchise venture.
D) manufacturing franchise.
E) general service franchise.
Q2) Explain how the wheel of retailing works.
Q3) retailers advocate a(n)__________ strategy,a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience.
A) customer loyalty
B) emphasize-value
C) everyday low pricing
D) low-margin
E) everyday fair pricing
Q4) is category management and when is it used?
Q5) Briefly describe the three ways retail outlets can be classified.
Q6) What is the retailing mix?
Q7) Identify and describe the functions of agents and brokers.
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Chapter 17: Integrated Marketing Communications and Direct Marketing
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Q1) Figure 17-4 above line "D" shows that __________,a tool of the promotion mix,is least important during the purchase stage of the consumer purchase decision process.
A) advertising
B) public relations
C) communication
D) sales promotion
E) personal selling
Q2) Communication is the process of conveying a message to others and it requires six elements.These elements include: __________,a message,a channel of communication,a receiver,and the processes of encoding and decoding.
A) a concept
B) a brand
C) a slogan
D) a source
E) an offer
Q3) Figure 17-1 above depicts the communication process,which consists of ten key elements ("A" through "J").Identify and briefly describe each of the ten elements.
Q4) Explain what the hierarchy of effects is.List and explain the five stages.
Page 19
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Chapter 18: Advertising, Sales Promotion, and Public Relations
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Q1) Reinforcement ads are reminder ads that
A) assure current users they made the correct choice in choosing the product.
B) reinforce previous knowledge of a product.
C) repeat ad campaigns that have been used before in order to remind consumers of how good the ads were.
D) reaffirm a company's position on an issue of importance or interest.
E) reassure the company it has made the right choice in advertising the product.
Q2) According to the American Cancer Society,57,000 Americans a year die from colon cancer.Regular screening is recommended after age 50. Because colonoscopies are dreaded by many,the American Cancer Society created an ad campaign featuring "Mr.Polyp Man" to lightheartedly encourage people to get tested for colon cancer.The red-suited character looks like a harmless,animated M&M.This is an example of a _________ appeal.
A) humorous
B) cognitive
C) rhetorical
D) fear
E) sex
Q3) is a product placement? Provide an example of a reverse product placement.
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Q4) Describe the three forms of product advertisements.What are their objectives?
Chapter 19: Using Social Media and Mobile Marketing to
Connect With Consumers
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Sample Questions
Q1) issue between Nestlé and Greenpeace over Nestlé's Kit Kat candy bar was that
A) the palm oil Nestlé was using in the candy bar was nonsustainable.
B) Greenpeace praised Nestlé Corporation's sense of social responsibility and commitment to global sustainability.
C) Greenpeace decided to use Twitter to start a conversation among environmentalists urging them to buy Nestlé's Kit Kat candy bars.
D) the palm oil Nestlé was using in the candy bar contained synthetic preservatives.
E) the palm oil Nestlé was using in the candy bar was sustainable.
Q2) fixed amount of money paid for every 1,000 times an ad loads and a visitor might see it is referred to as
A) negotiated cost.
B) cost per thousand.
C) cost per action.
D) cost per click.
E) fixed cost.
Q3) is the role of a brand manager in advertising on Facebook?
Q4) is meant by "convergence" of real and digital worlds? Provide one example.
Q5) are the main ways brand managers can use Twitter?
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Chapter 20: Personal Selling and Sales Management
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Q1) About 60 percent of U.S.companies now include __________ as a behavioral measure of salesperson performance.
A) the ability to read body language
B) customer satisfaction
C) the ability to form analogies
D) the ability to manage budgets
E) a harnessed need for power or authority
Q2) Figure 20-3 above shows there are six stages in the personal selling process ("A" through "F")along with the objective(s)of each stage.If the salesperson's objective is to "begin converting a prospect into a customer by creating a desire for the product or service," what stage of the personal selling process is the salesperson engaged in?
A) approach
B) preapproach
C) presentation
D) prospecting
E) follow-up
Q3) Explain the difference between relationship selling and partnership selling.
Q4) Explain the difference between a lead,a prospect,and a qualified prospect.
Q5) are the keys to effective need-satisfaction presentations?
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Chapter 21: Implementing Interactive and Multi-Channel Marketing
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Q1) subsegment of all Internet users who employ this technology to research products and services and make purchases are referred to as
A) digital consumers.
B) online consumers.
C) cyberspace consumers.
D) cross-channel consumers.
E) sticky consumers.
Q2) relationship between the interactive communication capabilities of the Internet and customization is that
A) a highly interactive and individualized information and exchange environment is created for shoppers and buyers.
B) it helps customers reduce their search costs and more conveniently find the offerings with the desired features.
C) it protects online consumer privacy about the customized products and services they desire.
D) it records users' visits to websites, which enhances online consumers' convenience.
E) it reduces costs and wasted coverage both for the buyer and seller.
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Chapter 22: Pulling It All Together: The Strategic Marketing Process
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Q1) Marketing ROI (return on investment)uses modern measurement technologies to determine the results of __________.
A) marketing spending
B) manufacturing and distribution procedures
C) market-product sales
D) organizational structure
E) personal selling
Q2) According to Porter's framework regarding generic business strategy,there are two fundamental alternatives a firm can use to seek a competitive advantage.One of these is to
A) become the high-cost producer within the markets it competes and using a skimming pricing strategy to recoup these high R&D expenses.
B) adopt a "me too" strategy to achieve competitive parity.
C) become the low-cost producer within the markets in which it competes.
D) state its function in society to differentiate itself from competitors.
E) differentiate itself from competitors by developing similar marketing programs.
Q3) the seven guidelines for developing effective plans and planning.
Q4) Describe Porter's framework and the four resulting generic business strategies.
Page 24
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