Essentials of Marketing Study Guide Questions
Course Introduction
Essentials of Marketing introduces the fundamental concepts and strategies of modern marketing within the framework of a dynamic business environment. The course covers key principles such as market segmentation, targeting and positioning, consumer behavior, product development, pricing strategies, promotion, and distribution channels. Through real-world examples and practical applications, students will gain an understanding of how organizations create value for customers and achieve a competitive advantage. This foundational knowledge equips learners with the tools to analyze markets, design effective marketing plans, and respond to evolving consumer needs and market trends.
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MKTG 10th Edition by Charles W. Lamb
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Page 2
Chapter 1: An Overview of Marketing
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Q1) List and define four marketing management philosophies.
Answer: Answers will vary.Four competing philosophies strongly influence an organization's marketing processes.These philosophies are commonly referred to as production,sales,market,and societal marketing orientations. A production orientation is a philosophy that focuses on the internal capabilities of a firm rather than on the desires and needs of the marketplace.A sales orientation is based on the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.The marketing concept is a simple and intuitively appealing philosophy that articulates a market orientation.The societal marketing orientation extends the marketing concept by acknowledging that some products that customers want may not really be in their best interests or the best interests of society as a whole.REJ: Please see the section "Marketing Management Philosophies" for more information.
Q2) Teamwork entails collaborative efforts of people to accomplish common objectives. A)True
B)False
Answer: True
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Page 3
Chapter 2: Strategic Planning for Competitive Advantage
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Q1) In the context of the Boston Consulting Group's (BCG's)portfolio matrix,which of the following is a similarity between stars and question marks?
A)Both operate in a high-growth industry.
B)Both operate in a low-growth industry.
C)Both have a high market share in their respective markets.
D)Both have a low market share in their respective markets.
Answer: A
Q2) RegiSure is a strategic business unit that shows low growth but has a dominant market share.Since it has a dominant market share,it should be additionally financed despite its low growth.
A)True
B)False
Answer: False
Q3) Fresnas Inc.introduced a new line of smartphones in the market.Since it generates huge profits and needs more financing,the new line of smartphones can be categorized as dogs.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Ethics and Social Responsibility
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Q1) Which of the following statements is true of cause-related marketing?
A)It is the cooperative efforts of a for-profit firm and a nonprofit organization for mutual benefit
B)It is a marketing relationship based on a straight donation
C)It occurs when government agencies and nonprofit agencies launch social campaigns
D)It seldom helps companies increase the sale of their products
Answer: A
Q2) Ronald Systems Inc.has developed a line of appliances that run on solar energy and cause no harm to the environment.Which of the following concepts is illustrated in this scenario?
A)Divestment
B)Opportunism
C)Green marketing
D)Cause-related marketing
Answer: C
Q3) Behavioral norms are standards of proper or acceptable behavior.
A)True
B)False
Answer: True
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Chapter 4: The Marketing Environment
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Q1) Alex purchased a battery-operated drill.Due to a manufacturing defect,the drill overheated and exploded when he used it for the first time.Therefore,he lodged a complaint against the firm that manufactured the drill with the Consumer Product Safety Commission (CPSC).In this case,which of the following is most likely to happen?
A)The CPSC can fine the offending firm up to $500,000.
B)The CPSC will reduce the prices of the drills of the offending firm in the market.
C)The CPSC will introduce changes to the drills of the offending firm in the market.
D)The CPSC has no power to sentence the officers involved in the case.
Q2) Which of the following statements is true about the Great Recession of 2008-2009?
A)Tweens were the most affected population group.
B)Inflation rates increased to almost ten percent.
C)It began with the collapse of inflated housing prices.
D)It increased employment opportunities in the U.S.
Q3) Discuss competitive factors that affect a firm.
Q4) List and discuss six approaches that are used by companies now to stimulate innovation.
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Page 6
Chapter 5: Developing a Global Vision
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Q1) Which of the following is a difference between product invention and product adaptation?
A)Product invention involves altering the promotional strategies for a product, while product adaptation does not involve altering such strategies.
B)Product invention takes the marketing mix into consideration, while product adaptation does not take it into consideration.
C)Product invention involves drastically changing an existing product, while product adaptation involves slightly altering a basic product.
D)Product invention applies only to products that are sold in local markets, while product adaptation applies to products all around the world.
Q2) The surge in global trade in recent years has added to strains and charges for all forms of transport.
A)True
B)False
Q3) Explain franchising.
Q4) Explain the legal structures that affect international trade.
Q5) Explain the four stages of multinational corporations.
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Chapter 6: Consumer Decision Making
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Q1) Which of the following statements is true of trends in gender marketing?
A)Today, men rely on the women in their lives to shop for them.
B)It is unaffected by the roles of men and women in society.
C)Men are more price-conscious than women.
D)While shopping, men use tablets twice as often as they use smartphones.
Q2) Which of the following statements is true of culture?
A)It cannot be learned.
B)It influences individuals in a way that they are completely aware of its values.
C)It encompasses all the things that consumers do without conscious choice.
D)It is static and does not change.
Q3) Which of the following statements is true of the social class system in the U.S.?
A)Interest in organized labor is one of the most common attributes among the working class.
B)The working class spends more on vacation homes, jewelry, vacations and cruises.
C)The majority of Americans today define themselves as upper class.
D)Social class includes people belonging to the same age and gender.
Q4) How do reference groups influence consumer buying decisions?
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Chapter 7: Business Marketing
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Q1) Which of the following is a similarity between raw materials and component parts?
A)Both fail to retain their identity in final products.
B)Both become part of a final product.
C)Both are unprocessed extractive products.
D)Both are more expensive than major equipment.
Q2) Many companies offer ethics training to employees and have codes of ethics that help guide buyers and sellers in business.
A)True
B)False
Q3) Unlike buyers in business markets,buyers in consumer markets tend to:
A)be insensitive to price.
B)generate less stable demand trends.
C)approach purchasing more informally.
D)involve more people in a single purchase decision.
Q4) Processed materials include capital goods such as large or expensive machines,mainframe computers,blast furnaces,generators,airplanes,and buildings.
A)True
B)False
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9
Chapter 8: Segmenting and Targeting Markets
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Q1) The customer relationship management technique that focuses on thanking customers for their business to a company exemplifies the trend of _____.
A)time savings
B)personalization
C)technology
D)loyalty
Q2) A firm using a(n)_____ essentially adopts a mass-market philosophy,viewing the market as one big market with no individual segments
A)undifferentiated targeting strategy
B)niche targeting strategy
C)individual targeting strategy
D)concentrated targeting strategy
Q3) Promotion is one of the components that form a marketing mix.
A)True
B)False
Q4) A market is people or organizations with needs or wants and with the ability and the willingness to buy.
A)True
B)False
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Chapter 9: Marketing Research
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Q1) In order to receive customers' feedback on the company's latest product,the marketing managers of Havtol Inc.,a food products company,created a software.The customers who log into the company's Web site will be directed to a page where they have to answer a questionnaire.The managers can query the server at any time and collect the data required.In this scenario,Havtol Inc.is using a(n)_____.
A)Web survey system
B)online panel provider
C)Google consumer survey
D)online focus group
Q2) Unlike the marketing research problem,the management decision problem
A)must be broadly defined if the research effort is to be successful
B)provides insightful decision-making information
C)focuses on problems that are much broader in scope
D)tends to be more information oriented than action oriented
Q3) A moderator's major role in an online focus group is to:
A)limit the discussion to closed-ended questions.
B)type in questions online for all respondents to see.
C)make sure that costs incurred for the survey remains relatively low.
D)allow the respondents to control the pace of the discussion.
Q4) Explain the importance of marketing research in marketing decision making.
Page 11
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Chapter 10: Product Concepts
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Q1) Describe the significance of product mix width and product line depth in marketing.
Q2) Which of the following statements is true of an express warranty?
A)It gives the impression of environmental friendliness to a product.
B)It is an unwritten guarantee that a good or service is fit for the purpose for which it is sold.
C)It prohibits other firms from using a brand or part of a brand without permission.
D)It ranges from simple statements to extensive documents written in technical language.
Q3) A one-brand-name strategy is useful when the marketer wants the brand to appear to be a local brand,or when regulations require localization.
A)True
B)False
Q4) Express warranties range from simple statements to extensive documents written in technical language.
A)True
B)False
Q5) Define express and implied warranty.
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Chapter 11: Developing and Managing Products
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Q1) Unlike the growth stage of the product life cycle,emphasis switches from primary demand promotion to aggressive brand advertising and communication of the differences between brands in the introductory stage.
A)True
B)False
Q2) The objective of test marketing is:
A)to implement simultaneous product development.
B)to shorten the development process of a product and reduce costs.
C)to evaluate alternative marketing strategies.
D)to create three-dimensional prototypes quickly and at a relatively low cost.
Q3) Which of the following is an objective of focus group interviews?
A)To stimulate insightful comments through group interaction
B)To directly involve customers in test marketing
C)To get recommendations of product ideas from outside consultants
D)To eliminate ideas that are inconsistent with the organization's new-product strategy
Q4) How is the Internet important for implementing simultaneous product development?
Q5) Explain the differences between innovators and early adopters.
Q6) How does a multinational corporation meet the needs of the global market?
Q7) Describe the growth stage of the product life cycle (PLC).
Page 13
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Chapter 12: Services and Nonprofit Organization Marketing
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Q1) Nonprofit organization marketing is the effort by nonprofit organizations to bring about mutually satisfying exchanges with target markets.
A)True
B)False
Q2) Which of the following is a difference between profit organizations and nonprofit organizations?
A)Profit organizations focus on profit and sales maximization, while nonprofit organizations seek to redistribute income.
B)Profit organizations use public service advertisements for promotion, while nonprofit organizations use commercial advertisements for promotion.
C)Profit organizations market complex behaviors or ideas, while nonprofit organizations market tangible goods.
D)Profit organizations adopt undifferentiated segmentation strategies, while nonprofit organizations adopt differentiated segmentation strategies.
Q3) Explain the factors that should be focused on when deciding on distribution strategies for service organizations.
Q4) Describe the four promotion strategies that marketers use to promote services.
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Chapter 13: Supply Chain Management and Marketing Channels
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Q1) Unlike in the mass production era,in today's marketplace:
A)businesses focus on partnering with members of the supply chain to enhance customer value.
B)companies that focus on supply chain management commonly report high inventory costs.
C)supply chain management reflects a completely employee-driven management philosophy.
D)standardized products are "pushed" down through marketing channels to consumers.
Q2) Which of the following statements is true of companies that focus on supply chain management?
A)They have limited interactions with their suppliers.
B)They report lower warehousing costs.
C)They incur large incremental expenditure on company assets.
D)They report reduced logistical flexibility.
Q3) Marketing channels attain economies of scale:
A)through minimum interaction with suppliers.
B)by aiding downstream producers to consumers.
C)by providing form utility to producers.
D)through specialization and division of labor.
Page 15
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Chapter 14: Retailing
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Q1) Service quality is a priority in service industries because service industries are customer oriented.
A)True
B)False
Q2) Which of the following is a similarity between factory outlets and off-price retailers?
A)Both use low prices and discounts to lure shoppers.
B)Both offer high levels of customized service to customers.
C)Both follow an agile approach to inventory.
D)Both carry multiple product lines that are considerably deep.
Q3) _____ represents all the activities directly related to the sale of goods and services to the ultimate consumer for personal,nonbusiness use.
A)Product development
B)Production
C)Retailing
D)Manufacturing
Q4) A category killer is a channel intermediary that sells mainly to consumers.
A)True
B)False
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Chapter 15: Marketing Communications
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Q1) Earned media is a category of promotional tactic based on a public relations or publicity model that gets customers talking about products or services.
A)True
B)False
Q2) Print advertising can be used to sell goods and services to potential customers who are hard to locate.
A)True
B)False
Q3) Briefly explain the AIDA model.
Q4) Publicity refers to the public information about a company,product,service,or issue appearing in the mass media as a news item.
A)True
B)False
Q5) Write a note on interpersonal and mass communication.
Q6) Describe informative promotion with examples.
Q7) Explain the different stages of the product life cycle.
Q8) Social media rely on the idea of repetition of the brand message.
A)True B)False
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Chapter 16: Advertising, Public Relations and Sales Promotion
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Q1) Identify a true statement about an advertising campaign.
A)It contains a wide variety of themes and slogans.
B)It extends for a defined period of time.
C)It cannot focus on more than one advertising appeal.
D)It follows the Boston Consulting Group's matrix.
Q2) Unlike magazine advertising,radio advertising:
A)provides maximum flexibility.
B)has longer lead time.
C)poses difficulty in communicating humor.
D)has high unit and production costs.
Q3) Pioneering advertising is heavily used during the _____ of the product life cycle.
A)introductory stage
B)growth stage
C)formative stage
D)conception stage
Q4) Explain the importance of media planning in advertising.
Q5) Explain with an example how marketers manage unfavorable publicity during a crisis.
Q6) Discuss the effects of advertising on consumers.
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Chapter 17: Personal Selling and Sales Management
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Q1) _____ occurs when a customer and a company representative exchange information and develop learning relationships.
A)Traditional selling
B)An intervention
C)Customer profiling
D)An interaction
Q2) Unlike advertising and sales promotion,personal selling can respond only to the questions and objections that the copywriter thinks are important to customers.
A)True
B)False
Q3) Mandy's Inc.is a well-known supplier of industrial goods.While selling goods,it provides personalized benefits to each customer.It focuses on developing trust over time instead of one-time sales.This is an example of _____.
A)price-based selling
B)relationship selling
C)discount selling
D)persuasive selling
Q4) Differentiate between traditional personal selling and relationship selling.
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Chapter 18: Social Media and Marketing
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Q1) Which of the following statements is true of crowdsourcing?
A)It describes how the input of many people can be leveraged to make decisions that used to be based on the input of only a few people.
B)It describes how the level of buzz created for a product can be used as a measurable parameter for determining the product's effectiveness.
C)It describes the methods in which a consumer should use a product or service.
D)It describes the need for consumers to buy a product and their willingness to buy it.
Q2) According to Charlene Li and Josh Bernoff of Forrester Research,which of following categories of social media users posts comments,ratings,and reviews of products and services on blogs and forums?
A)Critics
B)Spectators
C)Joiners
D)Inactives
Q3) Explain the role of social media in marketing.
Q4) LinkedIn is designed to be more multimedia-rich rather than information-rich.
A)True
B)False
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Chapter 19: Pricing Concepts
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Q1) When retailers stock exclusive versions of products that have similar specifications to ones carried in other stores but have different model or serial numbers,it facilitates price matching.
A)True
B)False
Q2) Which of the following statements is true of unfair trade practice acts?
A)They prohibit any firm from selling to two or more different buyers.
B)Unfair trade practice lawsprevent oligopoly leaders from joining together and fixing prices at the highest rates that a market will allow.
C)They establish penalties for companies that engage in predatory pricing.
D)State enforcement of unfair trade practice laws has been lax partly because low prices benefit local consumers.
Q3) Demand for a product will be inelastic if:
A)its price is so low that it is an inconsequential part of an individual's budget.
B)the product has a number of different uses.
C)many substitute products are available in the market.
D)the product can be repaired and replaced or prolonged in its use.
Q4) Discuss the factors that affect elasticity of demand.
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