Fundamentals of Marketing Exam Solutions
Course Introduction
Fundamentals of Marketing introduces students to the core principles and concepts of marketing in contemporary business environments. The course covers key topics such as market research, consumer behavior, segmentation, targeting, and positioning, as well as the marketing mix elements product, price, place, and promotion. Through case studies and practical examples, students learn how marketing strategies are developed and executed to create value for customers and achieve organizational goals. This foundational course is designed to build critical thinking and analytical skills essential for success in marketing-related careers.
Recommended Textbook
Marketing the Core 4th Edition Canadian by Roger A. Kerin
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18 Chapters
4898 Verified Questions
4898 Flashcards
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Page 2
Chapter 1: Creating Customer Relationships and Value
Through Marketing
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233 Verified Questions
233 Flashcards
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Sample Questions
Q1) Customer relationship management (CRM) is most closely related to the __________ era in U.S.business history because it aids businesses in practicing a market orientation.
A)production
B)sales
C)marketing concept
D)customer relationship
E)societal marketing
Answer: D
Q2) Which of the following statements best describes a good that can be marketed?
A)Goods are physical objects
B)Goods are intangible items
C)Goods are intangible concepts and thoughts about products, actions, or causes
D)Goods look at the flow of an entire nation's goods and services
E)Goods are concern with the marketing activities of an individual or organization
Answer: A
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Page 3
Chapter 2: Developing Successful Marketing and Organizational Strategies
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296 Verified Questions
296 Flashcards
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Sample Questions
Q1) Two major ways for a company to benefit from taking a market penetration approach would be
A)sell more product at the same price or sell the same amount of product at a lower price.
B)sell more product at the same price or sell the same amount of product at a higher price.
C)find a new market and sell the product at a much higher price.
D)alter the product and sell it to a different market.
E)charge a higher price but reduce the quantity distributed.
Answer: B
Q2) In the 20th century railroads may have let other forms of transportation take business away from them because their definition included only the railroad business, rather than the broader definition of _________.
A)transportation
B)mail delivery
C)customer travel
D)container shipping
E)destination carrier
Answer: A
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Chapter 3: Scanning the Marketing Environment
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240 Verified Questions
240 Flashcards
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Sample Questions
Q1) Small businesses make up the majority of the competitive landscape for most businesses.There are approximately __________ small businesses in the United States.
A)19 million
B)29 million
C)39 million
D)49 million
E)59 million
Answer: B
Q2) increased use of various types of communication technology. Answer: All four trends are relevant to growing sales of these home entertainment products.Older Americans will have more leisure time in retirement to spend at home, some of which would be spent watching more television.People of all ages living far from centers where they can attend live sports, music, and other events are likely to watch such entertainment on television.Increased incomes and communication technology will make it possible for these consumers to buy high-quality equipment to enjoy better reception.All four trends favor producers of home entertainment systems.
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Page 5
Chapter 4: Ethical and Social Responsibility in Marketing
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) Stakeholder responsibility refers to the
A)obligation of a firm to price its goods or services at a level whereby the consumer is treated fairly and the firm is still able to make a profit.
B)duty of a firm to maximize profits for its owners or stockholders.
C)view that an organization has an obligation to those constituencies that can affect achievement of its objectives.
D)view that the first and foremost obligations of a firm is to meet the objectives set by its stockholders and board of directors.
E)view that a portion of profit (after taxes) should be reinvested in a socially or environmentally beneficial endeavor.
Q2) The idea that organizations are part of a larger society and are accountable to that society for their actions is referred to as
A)moral imperative.
B)social responsibility.
C)profit responsibility.
D)utilitarianism.
E)moral idealism.
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Chapter 5: Understanding Consumer Behavior
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319 Verified Questions
319 Flashcards
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Sample Questions
Q1) Marketers use three approaches to try to change consumer attitudes toward products and brands: (1) changing beliefs about the extent to which a brand has certain attributes; (2) changing the perceived importance of attributes; and (3) __________.
A)reinforcing the consumers' sense of self confidence in making wise purchase decisions
B)actively educating consumers about the product's competitive advantages
C)refocusing a consumer's attention from one attribute to another
D)adding new attributes to a product
E)denigrating the attributes of competitors' products
Q2) Firms such as General Electric (GE), Johnson & Johnson, Coca-cola, and British Airways focus attention on __________ to maximize customer satisfaction and retention.
A)value perception
B)post purchase behavior
C)non-competitive pricing
D)comparison pricing
E)subliminal reinforcement
Q3) What is a subculture? What are some examples of products targeted at American subcultures?
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Page 7
Chapter 6: Understanding Organizations As Customers
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203 Verified Questions
203 Flashcards
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Sample Questions
Q1) Mark manages a small family-owned amusement park.He believes the park can increase its profits if its owners will buy three food concession trailers.He has contacted three dealers of such trailers, which come fully customized to user specifications, and has determined Century Industries has the best price.He will present only the Century Industries information to the family tomorrow.In which buying center roles is Mark acting?
A)gatekeeper and buyer
B)decider and gatekeeper
C)buyer and decider
D)influencer and buyer
E)influencer, gatekeeper, and decider
Q2) Harley-Davidson emphasizes
A)Supplier collaboration in its product design.
B)signing lifetime contracts to demonstrate loyalty.
C)offering their products at cost for all key supplier personnel.
D)listing the names of all suppliers on their Harley-Davidson promotional material.
E)extending Harley-Davidson healthcare benefits to supplier' employees.
Q3) What is the buying center? In what type of business would a buying center most likely be found?
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Page 8
Chapter 7: Understanding and Reaching Global
Consumers and Markets
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218 Verified Questions
218 Flashcards
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Sample Questions
Q1) Discuss licensing.Define it, give the advantages and disadvantages.
Q2) Which of the following statements about the World Trade Organization (WTO) is most accurate?
A)The World Trade organization is a temporary group that meets on an as needed basis.
B)The 153 member countries of the WTO account for approximately 55% of world trade.
C)The WTO sets rules governing trade between its members and the remainder of the world.
D)The WTO uses panels of trade experts who can issue binding decisions.
E)The WTO was formed by the United Nations.
Q3) A form of low risk and capital-free entry into international markets that includes local manufacturing and local assembly is referred to as
A)indirect exporting.
B)direct ownership.
C)joint ventures.
D)licensing.
E)direct exporting.
Q4) Give an example of a global channel of distribution.
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Chapter 8: Marketing Research: From Customer Insights to Actions
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246 Verified Questions
246 Flashcards
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Sample Questions
Q1) Penningtons Superstore specializes in plus-size fashions for women.It thought it recognized a marketing opportunity in plus-size junior clothes and was considering adding a line of teen plus-sizes to its 117 stores.Before doing so, it contracted with a marketing research firm to make sure that the teen plus-size market was a viable one.It told the research company it needed to have the results of its study by September so it could introduce the line in the following March, if the market was viable.The major constraints for the marketing firm in this scenario would be __________.
A)collecting secondary data
B)finding primary research candidates
C)meeting time deadlines
D)establishing measures of success
E)finding age-appropriate styles in plus sizes
Q2) Once the data has been collected and analyzed it must be presented in a clear concise form.Explain how marketing dashboards can help in this process.
Q3) What is neuromarketing, what does it do, and why is it important?
Q4) What is the difference between a semantic differential scale and a Likert scale?
Q5) Why can't a marketing manager's decision-making stop when he or she has chosen the best alternative to solving a problem?
Page 10
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Chapter 9: Market Segmentation, Targeting, and Positioning
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224 Verified Questions
224 Flashcards
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Sample Questions
Q1) Product positioning refers to
A)an older now outdated concept assigning products value by association with social class.
B)the place a product offering occupies in consumers' minds on important attributes. C)the competitive advantage of one product over another, based upon its preferred placement in retail stores.
D)the decision made by marketers regarding which two firms they consider to be their most dangerous competitors and on which criteria they can compete most effectively. E)using sensitivity analysis to place products on a grid to identify potential untapped markets.
Q2) Assume you are manager of The Outback Steak House, a franchised restaurant that has newly opened in St.Louis.Describe how you would segment the market according to segmentation bases, using as many segmentation variables as you can, and explaining why each variable is appropriate.
Q3) Why would an organization produce a single good or service and then attempt to sell it to two or more market segments?
Q4) Define what is meant by the concept of the "80/20 rule".
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Chapter 10: Developing New Products and Services
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350 Verified Questions
350 Flashcards
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Sample Questions
Q1) An important aspect of the screening and evaluation stage of the new-product process is an examination of technical feasibility.For example, 3M was able to use the firm's micro-replication (tiny little fingers) technology to
A)improve the gripping power of golf or work gloves.
B)attach baseball caps to the heads of "balder gentlemen."
C)keep socks from sliding into shoes.
D)keep bra straps from falling off shoulders.
E)hold pictures in a photo album without damaging them.
Q2) Services can be classified in several ways, according to whether they are delivered by people or equipment, whether they are profit or nonprofit, and
A)whether or not they are delivered by government agencies.
B)their type of organizational structure.
C)their use of internal marketing.
D)whether they are environmentally involved.
E)whether they are owned by individuals or corporations.
Q3) Explain the difference between consumer products and business products.Why are some products difficult to categorize as one or the other? Give an example of a business product, a consumer product, and a good that is difficult to categorize.
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Chapter 11: Managing Successful Products, Services, and Brands
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337 Verified Questions
337 Flashcards
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Sample Questions
Q1) Product life cycle refers to
A)the average life span or usage rate of a product when used according to the manufacturer's instructions.
B)a concept that describes the stages a new product goes through from product concept to commercialization.
C)a normal fluctuation in sales, often following a ten-year cycle reflecting a typical demographic generation.
D)a concept that describes the stages a new product goes through in the marketplace-introduction, growth, maturity, and decline.
E)the average amount of times a customer will try a product alternative before becoming brand loyal to one product over another.
Q2) Figure 11-2 above represents the stages of the product life cycle.What does the curve labeled "A" represent in this graphic?
A)total variable costs
B)total fixed costs
C)total industry profit
D)total industry revenue
E)total research and development costs
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Chapter 12: Pricing Products and Services
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414 Verified Questions
414 Flashcards
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Sample Questions
Q1) Price refers to
A)the financial consequence of doing business.
B)value judgments made by both the buyer and seller regarding an item's worth.
C)the money or other considerations (including other goods and services) exchanged for the ownership or use of a good or service.
D)tangible or intangible remuneration for the use of a product or service.
E)the highest monetary value a customer is willing to pay for a product or service.
Q2) Which of the following pricing techniques is most sensitive to customers' responses to price?
A)cost-plus percentage-of-cost pricing
B)experience curve pricing
C)cost-plus fixed-fee pricing
D)standard markup pricing
E)target pricing
Q3) Explain why odd-even pricing may be successful.
Q4) Figure 12-1 above, indicates that there are four common approaches for selecting an approximate price level.List and provide a brief description for each one.
Q5) Explain why price elasticity is important to marketing managers.
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Chapter 13: Managing Marketing Channels and Supply Chains
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307 Verified Questions
307 Flashcards
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Sample Questions
Q1) Ibm is one of the world's great business success stories because of its ability to reinvent itself to satisfy shifting customer needs in a __________ global marketplace.
A)stagnant
B)dynamic
C)inert
D)lethargic
E)apathetic
Q2) The blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online, is referred to as _________.
A)direct marketing
B)indirect marketing
C)intensive marketing
D)multichannel marketing
E)electronic marketing
Q3) Give an example of a customer service standard that would apply to each of three different types of channel intermediaries.
Q4) What is a channel captain? What is its function when there is channel conflict?
Page 15
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Chapter 14: Retailing and Wholesaling
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350 Verified Questions
350 Flashcards
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Sample Questions
Q1) The level of service that requires that the customers perform many functions and little is provided by the outlet is _________.
A)full-service
B)self-serve
C)limited service
D)customized service
E)functional service
Q2) Wholesalers who take title to merchandise but sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for merchandise are referred to as _________.
A)rack jobbers
B)truck jobbers
C)transport vendors
D)cash and carry wholesalers
E)drop shippers
Q3) Briefly describe the three levels of service offered in retail outlets.
Q4) Briefly describe the three ways retail outlets can be classified.
Q5) Explain the difference between full-service and limited-service merchant wholesalers.List and describe the types of wholesalers that belong in each category.
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Chapter 15: Integrated Marketing Communications and Direct Marketing
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286 Verified Questions
286 Flashcards
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Sample Questions
Q1) All products go through a product life cycle of _________ stages: _________.
A)2; new, improved
B)2; growth and decline
C)3; new, improved, obsolete
D)4; awareness, interest, involvement, evaluation
E)4; introduction, growth, maturity, and decline
Q2) The Olympics have become a very visible example of a comprehensive integrated communication program.For organizers, primary importance is placed on
A)advertising and personal selling.
B)personal selling and public relations.
C)public relations and publicity.
D)sales promotion and direct marketing.
E)direct marketing and personal selling.
Q3) The fourth stage in the hierarchy of effects is __________ stage.
A)interest
B)awareness
C)adoption
D)trial
E)evaluation
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Q4) What are the strengths and weaknesses of using publicity in the promotional mix?
Chapter 16: Advertising, Sales Promotion, and Public Relations
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328 Verified Questions
328 Flashcards
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Sample Questions
Q1) Figure 16.8 above is an example of a _________.
A)deal
B)taster
C)coupon
D)sample
E)premium
Q2) Most advertising messages are made up of two types of elements
A)expository and persuasional.
B)informational and persuasional.
C)informational and creative.
D)functional and persuasional.
E)creative and expository.
Q3) Two of the largest portals for Internet advertising are _________ and __________.
A)Google; AOL
B)Google; Tubenet
C)Google; MSN
D)Google; Yahoo!
E)Google; Bing
Q4) What is the difference between a coupon and a deal?
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Chapter 17: Personal Selling and Sales Management
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281 Verified Questions
281 Flashcards
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Sample Questions
Q1) Job analysis refers to
A)a thorough evaluation of a salesperson's performance based upon both in-put and output objectives.
B)a detailed assessment to determine what occurred (and at which stage in the process) that prevented a qualified lead from converting to a sale.
C)a study of a particular sales position, including how the job is to be performed and the tasks that make up the job.
D)a protocol used to assign relative weights to various aspects of selling in order to create an individualized compensation plan.
E)a performance contract used to evaluate the performance not only of a single salesforce member, but of the entire salesforce team.
Q2) Explain the selling model that Xerox uses.
Q3) __________.
A)cold call format
B)need-satisfaction format
C)stimulus-satisfaction format
D)stimulus-selling format
E)persuasive sales format
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19
Chapter 18: Building an Effective Marketing Plan
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92 Verified Questions
92 Flashcards
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Sample Questions
Q1) A key difference between a market plan and a business plan is
A)a business plan is used for industrial products and a marketing plan is used for consumer products.
B)a marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization.
C)a business plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization.
D)a marketing plan covers a greater length of time in its projections.
E)a business plan covers a greater length of time in its projections.
Q2) A unique aspect of Paradise Kitchens Inc.'s packaging is
A)the information is printed in English on one side and Spanish on the other.
B)the color of the box gets redder as the spices gets hotter.
C)there is a Southwestern motif on the box instead of pictures of the product contents.
D)there is a thermometer strip that indicates when the product is properly thawed.
E)there are hidden figures created by the outlines of the chili beans for people to look for while preparing the meal.
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Page 20