Fundamentals of Marketing Final Exam
Course Introduction
Fundamentals of Marketing introduces students to the essential concepts, strategies, and tools used in modern marketing. The course explores the role of marketing within organizations and society, examining key topics such as market research, consumer behavior, segmentation, targeting, positioning, and the marketing mix (product, price, place, and promotion). Through case studies and real-world examples, students learn to analyze markets, identify customer needs, and develop effective marketing strategies to create value for both consumers and organizations. This course provides a foundation for further study in marketing and related business disciplines.
Recommended Textbook Principles of Marketing 17th Edition by Philip T. Kotler
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Chapter 1: Marketing: Creating Customer Value and Engagement
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Sample Questions
Q1) Which of the following statements reflects the marketing concept?
A) Focus on making continuous product improvements.
B) Undertake a large-scale selling and promotion effort.
C) Emphasize an inside-out perspective.
D) Consider customer focus and value as the paths to sales and profits.
E) Focus on a product-centered make-and-sell philosophy.
Answer: D
Q2) Carol Veldt's plan also involves a seasonal promotional gimmick that she wants to promote aggressively. This is an example of the ________ concept.
A) selling
B) marketing
C) product
D) production
E) societal marketing
Answer: A
Q3) The meaning of value is perceived identically by all consumers.
A)True
B)False
Answer: False
Page 3
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Chapter 2:
Company and Marketing Strategy:
Build Customer Engagement, Value, and Relationships
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Sample Questions
Q1) What is the difference between marketing planning and marketing implementation?
Answer: Whereas marketing planning addresses the what and why of marketing activities, implementation addresses the who, where, when, and how.
Q2) What does a market segment consist of?
Answer: A market segment consists of consumers who respond in a similar way to a given set of marketing efforts.
Q3) A company's mission statement provides the depth needed for all segments of the company to reach their goals.
A)True
B)False
Answer: False
Q4) A company's broad mission leads it to develop all of the following EXCEPT
A) budget objectives
B) business objectives
C) sales objectives
D) marketing objectives
E) customer engagement objectives
Answer: A
4
Chapter 3: Analyzing the Marketing Environment
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Q1) Which of the following is true of Gen Xers?
A) They are considerably larger than the boomer generation.
B) They were the first to grow up in the Internet era.
C) They are less educated than the baby boomers.
D) They are more materialistic than the Millennials.
E) They rarely research a product before purchasing it.
Answer: B
Q2) Which is NOT part of the company environment that influences marketing decisions?
A) accounting
B) engineering
C) manufacturing
D) sales
E) retailers
Answer: E
Q3) Prior to the Great Recession of 2008/2009, American consumer spending was careful and restrained.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Managing Marketing Information to Gain Customer Insights
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Q1) Costs are involved in obtaining, ________, storing, and delivering information.
A) analyzing
B) interviewing
C) conducting
D) designing
E) reporting
Q2) Which of the following is the first step in the marketing research process?
A) developing a marketing information system
B) defining the problem and objectives of the study
C) developing the research plan
D) implementing the research plan
E) interpreting and reporting the findings
Q3) A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. This is an example of ________.
A) viral marketing
B) survey research
C) ethnographic research
D) experimental research
E) niche marketing
Page 6
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Chapter 5: Consumer Markets and Buyer Behavior
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Q1) Explain the change in buying roles of husbands and wives due to an evolving consumer lifestyle in the United States. Additionally, describe the effect of this change on marketers.
Q2) Explain how selective distortion is somewhat controllable by a marketer.
Q3) Which of the following consumer buying behaviors is related to conditions of low-consumer involvement and little significant brand difference?
A) complex buying behavior
B) dissonance-reducing buying behavior
C) habitual buying behavior
D) variety-seeking buying behavior
E) consumer capitalism
Q4) Jim is planning on buying an expensive HDTV and he realizes that there are few differences between brands. Jim is displaying complex buying behavior.
A)True
B)False
Q5) Explain why selective attention is not controllable by a marketer.
Q6) Compare and contrast the four types of buying decision behavior exhibited by consumers.
Q7) What role do the four Ps play in consumer behavior?
Page 7
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Chapter 6: Business Markets and Business Buyer Behavior
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Q1) What does the proposal solicitation stage of the business buying process involve?
Q2) What are the major characteristics of government markets?
Q3) The stage of the business buying process in which the chosen supplier(s) is given the final order is the ________ stage.
A) performance review
B) proposal solicitation
C) order-routine specification
D) vendor-managed inventory
E) product specification
Q4) Government buyers are affected by all of the following factors EXCEPT ________ factors.
A) environmental
B) cultural
C) organizational
D) interpersonal
E) individual
Q5) How do interpersonal factors influence the business buying process?
Q6) How do influencers contribute to the purchase decision process?
Q7) What is e-procurement? Briefly describe its major advantages.
Page 8
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Chapter 7: Customer Value-Driven Marketing Strategy:
Creating Value for Target Customers
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Q1) Business information services such as Experian Marketing Services and Nielsen help marketers to ________.
A) save significant amounts of money on shipping products
B) spend more time identifying potential customers
C) learn more specific details from consumers about their products
D) segment people and locations into marketable groups of like-minded consumers
E) expand their product offerings to interested clients and provide high-quality service to them
Q2) Gender segmentation has long been used in clothing, cosmetics, toiletries, and magazines.
A)True
B)False
Q3) Niche marketing involves tailoring brands and promotions to the needs and wants of local customer groups-cities, neighborhoods, and even specific stores.
A)True
B)False
Q4) List some important factors that companies need to consider when choosing a market-targeting strategy.
Q5) Briefly explain mass customization.
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Chapter 8: Products, Services, and Brands: Building Customer Value
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Q1) If a consumer purchases a new flat-screen "smart" television which can connect to services like Netflix and Pandora, what is the core customer value involved?
A) connection to entertainment and information
B) state-of the art technology
C) slick and attractive packaging
D) brand name
E) tech support and warranty
Q2) Which of the following questions is most important for product designers to consider while developing a product?
A) Which specific features of the product do customers like most?
B) How does the product appear to buyers?
C) What are the product's technical specifications?
D) How would customers use and benefit from the product?
E) How can the product be packaged to stimulate instant purchase?
Q3) Specialty products are consumer products and services that customers evaluate on suitability, quality, price, and style, by gathering information and making comparisons.
A)True
B)False
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Chapter 9: Developing New Products and Managing the Product Life Cycle
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Sample Questions
Q1) Introducing a new product into the market is called ________.
A) test marketing
B) simulation
C) co-marketing
D) commercialization
E) segmentation
Q2) Acquisition refers to ________.
A) the buying of a whole company, a patent, or a license to produce someone else's product
B) an agreement between two or more commercial companies to produce a common product
C) a partnership between two companies to produce a product in different countries by sharing risks
D) investments made in a country's businesses by foreign citizens, often in the form of stocks
E) the development of original products, product improvements, product modifications, and new brands through the firm's own product development strategies
Q3) Why might individual departments prefer sequential product development?
Q4) Why has the cost of product liability insurance risen so dramatically?
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Chapter 10: Pricing: Understanding and Capturing
Customer Value
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Q1) Which of the following involves introducing less-expensive versions of established, brand name products?
A) markup pricing
B) good-value pricing
C) time-based pricing
D) cost-based pricing
E) target profit pricing
Q2) Customer perceptions of the product's value set the floor for prices.
A)True
B)False
Q3) Which of the following is true of a pure competitive market?
A) A single seller has a major effect on the current and future market price.
B) Companies spend significantly on marketing research and product development.
C) The advertising budget of companies is usually huge.
D) Sellers try to develop differentiated offers for different customer segments.
E) Sellers spend little time on marketing strategy.
Q4) What is good-value pricing?
Q5) Product costs set the ceiling for prices.
A)True
B)False
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Chapter 11: Pricing Strategies: Additional Considerations
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Q1) Which of the following is a price adjustment strategy that considers how a customer's perception of a product is influenced by its price?
A) captive product pricing
B) psychological pricing
C) by-product pricing
D) promotional pricing
E) international pricing
Q2) Go Zone plans to introduce four tablet models over the next year. These models range from basic readers at $99 per unit, to more sophisticated tablets at $399 per unit.
The more features a model has, the more expensive it is. What pricing strategy is Tone Zone using for its range of tablets?
A) product line pricing
B) product bundle pricing
C) captive product pricing
D) by-product pricing
E) optional product pricing
Q3) Dynamic pricing is least prevalent online.
A)True
B)False
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Page 13
Chapter 12: Marketing Channels: Delivering Customer Value
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Q1) ________ are large and highly automated warehouses designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible.
A) Loading docks
B) Open warehouses
C) Distribution centers
D) Shipping platforms
E) Product platforms
Q2) Downstream marketing channel partners, such as wholesalers and retailers, form a vital link between the firm and its customers.
A)True
B)False
Q3) Which of the following is true of channel members?
A) They act independent of each other.
B) They play specialized roles in the channel.
C) They are not accountable to other channel members.
D) They play generalized and interchangeable roles in the distribution process.
E) Their competence and cooperation don't affect the company's image or profits.
Q4) How can a firm benefit from participating in a horizontal marketing system?
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Chapter 13: Retailing and Wholesaling
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Q1) Which of the following wholesaler's channel functions is demonstrated when a buyer receives quicker delivery because wholesalers are located closer than producers?
A) financing
B) transportation
C) buying and assortment building
D) warehousing
E) risk bearing
Q2) Today, ________ are flourishing due to the increased use of market segmentation and market targeting.
A) chain stores
B) specialty stores
C) superstores
D) discount stores
E) off-price stores
Q3) How have shopping centers changed in the past few decades?
Q4) How do merchant wholesalers and agents/brokers differ?
Q5) Corporate chains are two or more outlets that are commonly owned and controlled.
A)True
B)False
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Chapter 14: Engaging Consumers and Communicating
Customer Value: Integrated Marketing Communications Strategy
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Q1) The AIDA model identifies the characteristics of an effective ________.
A) advertising budget
B) channel of communication
C) marketing message
D) marketing mix
E) marketing response
Q2) Under which promotional mix strategy does the producer direct its marketing activities toward channel members to induce them to carry the product and promote it to final consumers?
A) pull strategy
B) blitz strategy
C) push strategy
D) buzz strategy
E) pulse strategy
Q3) Marketers can choose from two basic promotion mix strategies-push promotion or pull promotion. Compare these two strategies.
Q4) Why are profound changes in marketing communications creating both exciting and scary times for marketing communicators?
Q5) Outline the steps in developing effective marketing communications. Page 16
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Page 17
Chapter 15: Advertising and Public Relations
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Q1) Describe the main objectives of reminder advertising.
Q2) The communication effects of advertisements and ad campaigns are more difficult to measure than the sales and profit effects.
A)True
B)False
Q3) When Verizon Wireless began offering the iPhone, it used its "Can you hear me now?" slogan to attack AT&T's rumored spotty service. This example best illustrates ________.
A) informative advertising
B) reminder advertising
C) comparative advertising
D) covert advertising
E) institutional advertising
Q4) Give an example of testimonial evidence and explain the importance of the source.
Q5) How has clutter in television and other advertising media created an increasingly hostile advertising environment?
Q6) Describe the four major steps in media selection.
Q7) When would a marketer most likely use a comparative ad?
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Chapter 16: Personal Selling and Sales Promotion
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Q1) Which of the following refers to a positive incentive intended to increase the sales force effort?
A) sales contests
B) prospecting
C) telecommuting
D) sales collateral
E) annual sales plan
Q2) Which of the following is true about the sales force of a company?
A) Salespeople represent customers to the company and manage the buyer-seller relationship.
B) Salespeople represent workers' interests to upper management.
C) The primary responsibility of a sales force is to formulate operational strategies.
D) The sales force is responsible for product development and product strategy.
E) The sales force oversees the auditing process and recovers money from defaulting customers.
Q3) Describe some of the methods used to supervise salespeople and help them work more efficiently.
Q4) Describe the nature of personal selling and the role of the sales force.
Q5) What does a call plan show?
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Chapter 17: Direct, Online, Social Media, and Mobile Marketing
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Q1) Effective Web sites contain interactive tools that help find and evaluate content of interest, links to other related sites, useful information, changing promotional offers, and
A) celebrity endorsers
B) respected columnists
C) advertising for unrelated products
D) enticements for customers to include their friends and contacts
E) entertaining features that lend excitement
Q2) While blogs are a fundamentally a consumer-controlled medium, marketers can
A) directly contact customers through them
B) use insights from them to improve their marketing programs
C) offer special promotions to new customers
D) retrieve research data from clicks in them
E) provide content
Q3) Explain how the creation of the National Do Not Call Registry may have helped telemarketers more than it hurt them.
Q4) How does direct marketing give buyers access to more comparative information about companies, products, and competitors?
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Chapter 18: Creating Competitive Advantage
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Q1) Companies with multiple products or businesses typically choose one marketing strategy for all their different businesses or products.
A)True
B)False
Q2) Each competitor has a mix of objectives. The company wants to know the relative importance that a competitor places on all of the following EXCEPT ________.
A) company history
B) current profitability
C) market share growth
D) cash flow
E) technological leadership
Q3) According to the overall cost leadership competitive strategy, the company works hard to achieve the lowest production and distribution costs.
A)True
B)False
Q4) Discuss the steps in analyzing competitors.
Q5) Discuss the different levels at which competitors can be identified.
Q6) What is the purpose of benchmarking?
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Chapter 19: The Global Marketplace
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Q1) ________ are major importers and exporters of manufactured goods and services
A) Raw material exporting economies
B) Subsistent economies
C) Industrializing economies
D) Industrial economies
E) Emerging economies
Q2) At Comfort Homes, a manufacturer of furniture and home accessories, the global operating units report directly to the chief executive instead of a head of an international division. The company recruits management from many countries and buys components and supplies where they cost the least. Comfort Homes is most accurately classified as a(n) ________.
A) direct exporter
B) geographical organization
C) international subsidiary
D) global organization
E) world product group
Q3) What are two possible risks involved with licensing?
Q4) What types of products would be successful with standardized global marketing?
Q5) How is joint venturing more risky and complex than merely exporting?
Q6) Briefly explain why economic communities are formed.
Page 22
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Chapter 20: Sustainable Marketing: Social Responsibility and Ethics
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Q1) Product stewardship involves minimizing not only pollution from production and product design but also all environmental impacts throughout the full product life cycle, and accepting increased costs.
A)True
B)False
Q2) A company that makes marketing decisions by considering consumers' wants and long-run interests, the company's requirements, and society's long-run interest is said to be practicing consumer-oriented marketing.
A)True
B)False
Q3) Nike produces shoes out of "environmentally preferred materials," recycles old sneakers, and educates young people about conserving, reusing, and recycling. Nike is practicing ________.
A) new clean technology
B) product stewardship
C) pollution prevention
D) sustainability vision
E) design for environment
Q4) How do resellers answer criticism of the high costs of distribution?
Page 23
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