Fundamentals of Marketing Test Preparation
Course Introduction
Fundamentals of Marketing introduces students to the essential concepts and practices that drive the marketing activities of organizations. The course explores key topics such as market research, consumer behavior, segmentation, targeting, positioning, and the marketing mix (product, price, place, and promotion). Students will learn how to analyze marketing opportunities, develop marketing strategies, and understand the role of digital technologies in modern marketing. Through case studies and practical examples, the course emphasizes critical thinking, ethical considerations, and real-world application, providing a solid foundation for further studies and careers in marketing.
Recommended Textbook
Marketing Defined Explained Applied 2nd Edition by Michael P Levens
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2000 Verified Questions
2000 Flashcards
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Chapter 1: The Meaning of Marketing
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Sample Questions
Q1) Identify and describe three major marketing orientations in the last century.
Answer: In the early part of the twentieth century, the production orientation was prevalent, with a focus on efficient production and distribution. Little attention was paid to marketing strategies. During the Great Depression, firms moved to a sales orientation, focusing on advertising and personal selling to create demand and move product inventory. Beginning in the 1950s, firms began to develop a consumer orientation, focusing on meeting consumer needs and wants. By the 1980s, this consumer orientation had progressed to a relationship orientation, with businesses focusing on creating value-added relationships with both suppliers and customers. Social responsibility is the most recent trend in marketing orientations, with a focus on making money by being socially responsible and following high ethical standards.
Q2) Explain the concept of utility in marketing and how consumers are involved in determining utility.
Answer: Utility is the satisfaction received from owning or consuming a product or service. In other words, utility is the value that customers attach to a product. The customers' perception of the product determines its level of utility; marketers work to influence customers' perceptions of the product. The more utility a consumer perceives a product to have, the more likely that consumer is to purchase the product.
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Page 3
Chapter 2: The Market in Marketing
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Sample Questions
Q1) As a part of the human resources department of her company, Jenna makes sure that employees are made aware of and understand changes to the company's policies. Jenna is engaged in a type of marketing.
A)True
B)False
Answer: True
Q2) Identify and describe the main components of a company's marketing environment. Answer: A company's marketing environment is the set of forces that influence the company's ability to create value and to attract and serve customers. The marketing environment consists of the company's internal environment and external environment. The internal environment involves all of the activities that take place within the company. The external environment includes the microenvironment and the macroenvironment. The microenvironment involves forces close to yet outside the company, such as customers, competitors, and suppliers. The macroenvironment is made up of greater societal forces, including economic, legal, political, cultural, and technological environments.
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4
Chapter 3: Planning and Marketing in an Organization
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Sample Questions
Q1) Which of the following best describes the components of the marketing mix?
A) all aspects of the marketing environment
B) everything considered during tactical planning
C) product, price, place, and promotion
D) production, price, distribution, and people
E) people, product, price, and placement
Answer: C
Q2) Which of the following is the statement of how a business intends to achieve its marketing objectives?
A) business vision
B) business mission
C) marketing mix
D) marketing strategy
E) marketing audit
Answer: D
Q3) Explain the limitations of the BCG matrix.
Answer: The BCG matrix considers only the two dimensions of market share and market growth rate; high market share does not necessarily translate into profits, and growth is not the only measure of market attractiveness.
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Page 5
Chapter 4: A Broader Perspective on Marketing
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Sample Questions
Q1) The belief that wasted time can open up new opportunities is part of the American culture.
A)True
B)False
Q2) Explain how marketing is both a reflection of a culture and a powerful influence upon it, giving at least two examples.
Q3) Which of the following best explains why the United States government regulates marketers' anticompetitive behavior?
A) to ensure consumer safety
B) to ensure public safety
C) to promote the welfare of the country's economic system
D) to control the country's economic system
E) to achieve specific social goals
Q4) How does an NGO differ from a government organization?
Q5) The Enron company committed major accounting fraud by hiding hundreds of millions of dollars of debt. As a result, many shareholders lost substantial savings. Identify three norms in the Marketing Ethics Code that Enron violated.
Q6) Identify two defining aspects of American culture.
Q7) Explain how society and culture relate to one another.
Page 6
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Chapter 5: Global Marketing
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Sample Questions
Q1) Indirect exporting is a market entry strategy with low costs but higher risks.
A)True
B)False
Q2) ________ ventures occur when a company joins forces with foreign investors to create a local business of its own.
A) Joint ownership
B) Licensing
C) Contract manufacturing
D) Franchising
E) Indirect exporting
Q3) If Selman & Saks allowed a French company to produce and market razors and trimmers carrying the company's brand in exchange for a royalty, Selman & Saks would be using which market entry strategy?
A) exporting
B) franchising
C) licensing
D) contract manufacturing
E) joint ownership
Q4) Describe the four steps a firm should take when it is considering going global.
Q5) Describe the factors that might draw a company into global trade.
Page 7
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Chapter 6: Value for Customers
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Sample Questions
Q1) Shania works hard to foster an emotional relationship between her Internet customers and the beauty products and services that she and her staff sell. By promoting a company culture that values exceptional value and service, Shania aims to create ________ by going beyond the expected.
A) customer delight
B) customer satisfaction
C) switchable customers
D) neutral customers
E) a fair value zone
Q2) To make data collected from customer satisfaction surveys useful, a company should do which of the following?
A) protect the information from data mining
B) compare the data to the company's previous ratings
C) purchase a formal CRM system
D) determine the CLV
E) offer a reward program
Q3) Explain why a company's largest customers may NOT be its most profitable customers.
Q4) Identify and explain the different components of a product's benefits and costs.
Q5) Briefly explain how a buyer makes a purchase decision.
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Chapter 7: A Perspective on Consumer Behavior
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Sample Questions
Q1) Which of the following would NOT be considered a situational influence on consumer decision making?
A) the purchase environment
B) the digital environment
C) time
D) lifestyle
E) context
Q2) Some consumers worry that they will be affected by marketing messages without even knowing it. They are concerned about ________ advertising.
A) normative
B) subliminal
C) perceptual
D) subcultural
E) contextual
Q3) A company with a strong position in a market will try to encourage routine response problem solving for consumers who have a need that can be met by the company's product.
A)True
B)False
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Page 9
Chapter 8: Consumer Insight
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Sample Questions
Q1) After conducting formal marketing research for your department, you make an oral presentation with notes to management. You are following the normal order of steps in the marketing research process.
A)True
B)False
Q2) A marketer is more likely to conduct applied research than pure research.
A)True
B)False
Q3) The Internet offers comparable research opportunities from nation to nation.
A)True
B)False
Q4) Before beginning the marketing research process, a company should do which of the following?
A) develop consumer insights
B) follow a formal process to determine whether research is warranted
C) formulate the research question
D) identify existing sources of information
E) select a research design
Q5) Briefly compare the two different types of research.
Q6) Briefly identify and explain the two primary elements of a measurement plan.
Page 10
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Chapter 9: The Brand
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Sample Questions
Q1) A consumer's values are more likely to change than his or her attitudes and beliefs.
A)True
B)False
Q2) Brand ________ answers the question "What should my brand stand for?"
A) personality
B) positioning
C) alliance
D) knowledge
E) architecture
Q3) Briefly describe four benefits that a strong brand can provide for a company.
Q4) Which of the following risks is most closely associated with the strategy of brand extension?
A) brand flanking
B) counterfeiting
C) controlling the use of an image owned by the company
D) negotiating a relationship with a brand ally
E) losing focus of the core positioning of the brand
Q5) Give three examples of benefits that a company could use to position a brand.
Q6) What are the three essential elements of a powerful brand?
Page 11
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Chapter 10: Segmenting, Targeting, and Positioning
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Sample Questions
Q1) Search engine optimization is a marketing tool that can be used to assist in the positioning of a product during a customer's online shopping process.
A)True
B)False
Q2) Which of the following is an example of a strategic question?
A) What type of marketing offer will most appeal to this segment?
B) Who are the consumers who are most interested in what my brand stands for?
C) How can I best reach identified consumer segments?
D) What is the potential profitability of this consumer segment?
E) What price is our target willing to pay for our product?
Q3) Because Cruise Ships International currently has limited financial and personnel resources, it should avoid concentrated marketing until its resources are more substantial.
A)True
B)False
Q4) Which type of market coverage choice is best suited for companies with limited resources? Why?
Q5) Explain the five major segmenting variables for consumer markets.
Q6) Provide an example of behavioral targeting.
Page 12
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Chapter 11: The Marketing Plan
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Sample Questions
Q1) The sales forecast given in the sample marketing plan in your text is based on a slower growth than last year's growth rate. This implies that sales forecasts should be realistic.
A)True
B)False
Q2) In a marketing plan, the ________ section includes the anticipated outcomes based on achieving predefined market goals.
A) measurement and controls
B) company description, purpose, and goals
C) forecasting
D) marketing situation
E) marketing strategy
Q3) Which of the following would most likely be discussed in the company description, purpose, and goals section of a marketing plan?
A) a situation analysis
B) the sales forecast
C) the proposed implementation schedule
D) the company's competitive advantage
E) the company's market needs
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Page 13
Chapter 12: Product and Service Strategies
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Sample Questions
Q1) Give three examples of specialty products.
Q2) ________ are products purchased and used by end consumers for personal consumption. These include convenience products, shopping products, specialty products, and unsought products.
A) Services
B) Consumer products
C) Line extensions
D) Industrial products
E) Straight extensions
Q3) The purpose of the idea generation stage of new product development is to create a ________ number of ideas. The purpose of succeeding stages is to ________ that number.
A) small number; reduce
B) small number; increase
C) large number; increase
D) large number; reduce
E) limited number; sustain
Q4) Cannibalization is a possible result of adding products to a portfolio.
A)True
B)False
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Chapter 13: Pricing Strategies
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Sample Questions
Q1) If Alden raises the price on the handheld mixer by 2 percent and quantity demanded falls by 10 percent, what is the price elasticity of demand?
A) -5
B) -8
C) -12
D) 5
E) 12
Q2) Price elasticity of demand is ________ divided by ________.
A) percent change in quantity demanded; percent change in price
B) demand; price
C) percent change in price; percent change in quantity demanded
D) the going price; the asking price
E) perceived value; perceived costs
Q3) A demand curve never appears on a graph as a straight line.
A)True
B)False
Q4) Briefly describe both the benefits and disadvantages in pricing that companies have experienced due to the globalization of commerce.
Q5) Compare pure competition with an oligopoly market structure.
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Chapter 14: Supply Chain and Distribution Strategies
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Sample Questions
Q1) A producer that minimizes possession time would be most likely to expect which of the following benefits?
A) better information flows among channel members
B) more easily accessible storage locations
C) greater production capability
D) reduced horizontal conflict
E) reduced vertical conflict
Q2) In general, approximately 30% to 50% of the final selling price of a product can be attributed to distribution costs.
A)True
B)False
Q3) A marketing channel can also be referred to as a channel of distribution.
A)True
B)False
Q4) Despite storage and maintenance costs, most companies find it profitable to hold inventory for long periods of time.
A)True
B)False
Q5) How have trends in channel leadership recently shifted?
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Chapter 15: Retailing and Wholesaling Strategies
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Sample Questions
Q1) Which type of store is much larger than other stores and offers a wider range of products and services?
A) category killer
B) specialty store
C) factory outlet
D) superstore
E) off-price retailer
Q2) Costco's surprise offerings of seconds, overstocks, and closeouts occasionally including diamonds is an example of how a retailer can differentiate itself through its ________.
A) merchandise assortment
B) services mix
C) destination retailing
D) store atmosphere
E) level of service
Q3) What are the similarities and differences between manufacturers' agents and selling agents?
Q4) Durable goods are products that are expected to last for three or more years.
A)True
B)False
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Chapter 16: Advertising and Sales Promotion Strategies
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Sample Questions
Q1) Of the following, which type of marketing communication tool gives the marketer the greatest level of control over the message?
A) sales promotion
B) advertising
C) public relations
D) word of mouth
E) personal selling
Q2) When is it advisable to predominantly use sales promotion in a promotional mix?
Q3) Anything that might distort, block, or otherwise prevent a message from being properly encoded, sent, or comprehended is referred to as ________.
A) noise
B) static
C) feedback
D) response
E) decoding
Q4) How would a unique selling proposition most likely be used to express an idea in an advertising message?
Q5) Why are marketers particularly concerned about word of mouth?
Q6) Briefly describe the steps of the marketing communication process.
Page 18
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Chapter 17: Personal Selling and Direct Marketing Strategies
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Sample Questions
Q1) The sales force of Conway Pools has identified a number of prospects. Which of the following will most likely occur next?
A) The outside sales force will call on all prospects.
B) The outside sales force will close the deal with one of the prospects.
C) The outside sales force will learn as much as possible about the prospects.
D) The inside sales force will attend meetings with qualified prospects.
E) The inside sales force will put together a presentation for the prospects.
Q2) Because Reliable Tool has only a few customers, the sales force manager wants to make satisfying customers throughout the sales process as important as making large sales. Which of the following is the best strategy for the Reliable Tool sales manager to adopt in order to motivate the sales force to focus on customer satisfaction?
A) paying the sales force on a straight commission
B) making commissions a large portion of each salesperson's compensation package
C) creating a recognition program for salespersons with the highest ratings on customer surveys
D) organizing the sales force by product line
E) organizing the sales force by industry
Q3) Why is telemarketing considered to be one of the most intrusive forms of direct marketing?
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Page 19
Chapter 18: The Communications Mix
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Sample Questions
Q1) Why do magazines typically have a high degree of credibility and prestige?
Q2) Compare the advantages and disadvantages of advertising in magazines and newspapers.
Q3) Management of a company that adheres to the principle of integrated marketing communications is most likely to believe which of the following?
A) The use of multiple marketing delivery methods is advantageous.
B) The use of a single marketing delivery method is advantageous.
C) Long-term relationships with customers are best nurtured through sales promotion.
D) Long-term relationships with customers are best nurtured through public relations.
E) Short-term relationships with customers are more profitable than long-term relationships with customers.
Q4) Compare the strengths and weaknesses of the different types of broadcast media.
Q5) A percentage-of-sales-revenue approach to setting a media budget is more complex than a task-and-objective approach.
A)True
B)False
Q6) Explain the difference between media impact and media engagement.
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Page 20
Chapter 19: The Marketing Mix
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Sample Questions
Q1) The Amish décor and shop workers give customers an authentic impression of the pride and skill built into the shop's products. Under the 7 Ps concept of the marketing mix, these aspects also contribute most directly to Indiana Wood's ________.
A) product
B) promotion
C) physical evidence
D) packaging
E) positioning
Q2) Describe an example of how a company adjusted its marketing-mix strategies due to changes in the market.
Q3) The concept of a marketing mix was originally discussed in the 1950s and included the 4 Ps as the classification of the marketing mix.
A)True
B)False
Q4) What are two internal reasons that might cause a company to reconsider its marketing-mix strategy?
Q5) Describe what must be understood by a marketer who wants to use various types of media to build connections with people across the globe.
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Chapter 20: Marketing Performance Measurement
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Sample Questions
Q1) There is no specific industry standard for ROMI.
A)True
B)False
Q2) Consider a situation in which there is 90% unaided awareness for a brand of athletic shoes, with purchases of 10%. Which of the following best describes the purchase funnel for this scenario?
A) very wide at the top and narrow at the bottom
B) very narrow at the top and wide at the bottom
C) very narrow and vertical
D) very wide and vertical
E) very wide and horizontal
Q3) Which of the following is NOT a type of traditional financial data?
A) profit margin
B) brand awareness
C) accounts payable
D) accounts receivable
E) revenue
Q4) Identify two examples of key performance indicators.
Q5) Compare and contrast how advertising effectiveness can be measured strategically and behaviorally.
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