Introduction to Marketing Exam
Answer Key
Course Introduction
Introduction to Marketing provides a comprehensive overview of fundamental marketing concepts and practices, exploring the role of marketing in modern organizations and its impact on consumers and society. The course covers key topics such as market research, consumer behavior, segmentation, targeting, positioning, the marketing mix (product, price, place, promotion), branding, digital marketing, and ethical considerations. Through real-world case studies and practical assignments, students develop an understanding of how marketing strategies are formulated and implemented to create value for customers and achieve organizational objectives.
Recommended Textbook
Essentials of Marketing 7th Edition by Charles W. Lamb
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16 Chapters
2928 Verified Questions
2928 Flashcards
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Page 2
Chapter 1: An Overview of Marketing
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) An exchange cannot take place unless each party in the exchange has something that the other party values.
A)True
B)False
Answer: True
Q2) The U.S.Postal Service (USPS)argues that its express service is comparable to what is offered by FedEx and that its prices are much lower.Yet,FedEx dominates with more than a 45 percent share of the express-delivery market.Which of the following statements describes this situation?
A) The USPS is perceived as offering greater customer value.
B) FedEx is perceived as offering greater customer value.
C) FedEx and the USPS offer the same customer value.
D) Customer value is not an issue in deciding which express-delivery service to use.
E) The USPS should lower its prices even further to increase market share.
Answer: B
Q3) Only a firm's salespeople need to be customer-oriented.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Strategic Planning for Competitive Advantage
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) SoBe nutritional beverages uses twin lizards on every bottle of its products and in all of its promotion efforts.It even has its own Team Lizard made up of skateboarders,mountain bike riders,and inline skaters that it sponsors.The lizard is used to remind consumers of the product and its benefits.To which of the four Ps does this represent?
A) promotion
B) price
C) publicity
D) place
E) product
Answer: A
Q2) Refer to Delta Faucet Company.The Delta Faucet Company is a _____ of Masco.
A) target market
B) transactional division
C) strategic business unit (SBU)
D) share-bearing unit (SBU)
E) situational business usage (SBU)
Answer: C
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Page 4
Chapter 3: Ethics & Social Responsibility
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118 Verified Questions
118 Flashcards
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Sample Questions
Q1) Suppliers are considered stakeholders of a firm.
A)True
B)False
Answer: True
Q2) People who believe in the _____ do not believe in absolute rules.Their beliefs center on the pressure of the moment and whether the pressure justifies the action taken.
A) virtue theory
B) deontological theory of ethics
C) utilitarian theory
D) theory of moral relativism
E) casuist ethical theory
Answer: D
Q3) Corporate social responsibility is defined as the:
A) belief that the legal system defines ethical behavior
B) development of inclusive codes of ethics
C) rules by which social rewards are attained
D) concern for social welfare by businesses
E) coordination of social programs for publicity purposes
Answer: D
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Page 5
Chapter 4: The Marketing Environment
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141 Flashcards
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Sample Questions
Q1) What is the CPSC? How does it affect marketing?
Q2) The higher your _____,the higher your purchasing power:
A) gross income
B) social class
C) disposable income
D) cost of living
E) inflation index
Q3) _____ factors are environmental factors that include our attitudes,values,and lifestyles.
A) Social
B) Economic
C) Political
D) Competitive
E) Demographic
Q4) All of the following are powers of the Federal Trade Commission EXCEPT:
A) restitution
B) corrective advertising
C) corporal punishment
D) consent decree
E) cease-and-desist order
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Chapter 5: Developing a Global Vision
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160 Verified Questions
160 Flashcards
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Sample Questions
Q1) With respect to global business,MFN stands for:
A) multi-functional norm
B) multinational foreign network
C) main foreign network
D) most favored nation
E) multi-foreign nation
Q2) To enter the German market,BDO,an international accounting company,purchased an existing accounting firm.BDO entered the German market through the use of:
A) contract marketing
B) direct investment
C) franchising
D) direct exporting
E) countertrading
Q3) While some countries have elements of both capitalism and socialism,most nations are at one political extreme or the other.
A)True
B)False
Q4) What is a multinational corporation (MNC)? Discuss two MNCs you are familiar with.
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Chapter 6: Consumer Decision Making
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180 Flashcards
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Sample Questions
Q1) A newly hired employee at an advertising agency chose the clothes she purchased for work by observing the clothes she saw worn in The Apprentice,a popular television reality show.In this example,the women hoping to work for Donald Trump served as primary reference groups.
A)True
B)False
Q2) As a marketing tool in the United States,social class: A) is useful for lifestyle distinctions between groups B) is just a simple measure of income level
C) offers few insights concerning consumer behavior
D) is not used because the United States is a classless society E) has demonstrated that all classes of consumers shop in the same stores
Q3) Assume you have gone to the corner convenience store to pick up your usual brand of potato chips.What type of decision making will take place? How would this differ from the decision making that would take place if the store was out of your regular brand?
Q4) Define perception and describe the three types of selective perception.Use personal examples in your discussion.
Q5) Why do marketers study consumer behavior?
Q6) Compare and contrast beliefs and attitudes.
Page 8
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Chapter 7: Business Marketing
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196 Verified Questions
196 Flashcards
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Sample Questions
Q1) Refer to Etruscan Railing Company.When Etruscan sells railings to refurbish a private university's football stadium,it is selling to a(n):
A) intermediary
B) institution
C) reseller
D) producer
E) consumer
Q2) Which type of business product includes such capital goods as large or expensive machines,mainframe computers,blast furnaces,generators,airplanes,and buildings?
A) major equipment
B) raw materials
C) component parts
D) accessory equipment
E) investment goods
Q3) A decline in the availability of tungsten will slow production of light filaments,which will in turn reduce the demand for light bulbs.This is an example of fluctuating demand.
A)True
B)False
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9
Chapter 8: Segmenting and Targeting Markets
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208 Flashcards
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Sample Questions
Q1) All of the following are criteria for successful market segmentation EXCEPT:
A) substantiality
B) identifiability and measurability
C) accountability
D) accessibility
E) responsiveness
Q2) Refer to Turkey Hunting Equipment.Given that the wild turkey hunters number approximately 2.7 million,it meets the segmentation criterion of:
A) substantiality
B) accessibility
C) reliability
D) responsiveness
E) functionality
Q3) Explain what is meant by positioning and describe the bases marketers use to position products and services.
Q4) Marketers are realizing that the "one-size-fits-all" approach to marketing is still relevant.
A)True
B)False
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Chapter 9: Decision Support Systems and Marketing Research
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) List in order the seven steps of the marketing research process.
Q2) The most popular technique for gathering primary data is by observation.
A)True
B)False
Q3) When marketing researchers for a local fitness club wanted to know consumers' intention to start a fitness program for a New Year's resolution,they used a(n)_____ with five possible answers ranging from "Most Likely" to "Least Likely" and asked that the respondent choose one.This is an example of a(n):
A) open-ended question
B) action-based question
C) sampling frame question
D) scaled-response question
E) dichotomous response
Q4) Name and describe the two types of online focus groups.How do they compare to in-person focus groups?
Q5) Define a marketing decision support system (DSS).Name and briefly describe the four characteristics of a true DSS.
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Q6) What is scanner-based research? What two companies currently provide most of the scanner data?
Chapter 10: Product Concepts
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206 Flashcards
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Sample Questions
Q1) When Honda automobiles first entered the U.S.market,they were small and not very durable.However,over the years,Honda has modified its automobiles to be one of the most dependable cars on the market.This change in dependability and durability is representative of which type of product modification?
A) style modification
B) planned obsolescence
C) functional modification
D) quality extension
E) quality modification
Q2) Brand names such as Kleenex,UPS,Sony,Chevrolet,and Kellogg's are likely to have less brand equity than brand names like Viking,Zojirishi,Schimano,and Thule.
A)True
B)False
Q3) Compare and contrast an express warranty and an implied warranty.
Q4) Define cobranding and describe the three different types of cobranding.
Q5) Convenience products,though inexpensive,still require considerable shopping effort by buyers.
A)True
B)False
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Chapter 11: Developing and Managing Products
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172 Flashcards
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Sample Questions
Q1) At what stage of the new-product development process are most new-product ideas rejected?
A) test marketing
B) diffusion
C) business analysis
D) idea screening
E) idea generation
Q2) In the _____ stage of new-product development,preliminary demand,cost,sales,and profitability estimates are made.
A) prototype screening
B) idea generation
C) concept testing
D) post-brainstorming
E) business analysis
Q3) Increasing competition,aggressive brand advertising,and healthy profits are all characteristics found in the introductory stage of the product life cycle.
A)True
B)False
Q4) List four potential advantages that come to the company that is first to market.
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Chapter 12: Marketing Channels and Supply Chain Management
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203 Verified Questions
203 Flashcards
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Sample Questions
Q1) Retailers and merchant wholesalers are examples of intermediaries that:
A) take title to a product
B) create temporal and spatial discrepancies
C) use consumer promotions
D) do not benefit from any economies of scale
E) are accurately described by all of these statements
Q2) Rolex is an expensive brand of watches.The company has a policy of only having one or two dealers within a given large geographic area.Buyers of Rolex watches will travel to acquire just the right watch.This is an illustration of which level of distribution intensity?
A) exclusive
B) intensive
C) selective
D) reciprocal
E) premium
Q3) The three basic functions a channel intermediary provides are transactional,logistical,and facilitating functions.
A)True
B)False
Q4) Discuss the three main areas of importance in service distribution.
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Chapter 13: Retailing
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) A common practice among most retailers that seeks to broaden customers' original purchases with related items is called:
A) suggestion selling
B) trading up
C) bait and switch
D) comprehensive selling
E) interactive selling
Q2) Pick of the Litter has just purchased a sizable plot of land on which it will build a store building with a large parking lot.Across the street is a collection of specialty shops and a furniture store.Pick of the Litter will be part of a strip shopping center.
A)True
B)False
Q3) M-commerce is a type of managed commerce in which both buyer and seller end the transaction with a win-win feeling.
A)True
B)False
Q4) Retailing opportunities can take place without customers shopping at a store.Name and briefly discuss four forms of nonstore retailing.
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Page 15
Chapter 14: Marketing Communications and Advertising
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241 Verified Questions
241 Flashcards
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Sample Questions
Q1) Which of the following statements about the characteristics of the elements in the promotional mix is true?
A) Control over message content is greatest when public relations is used.
B) A large audience is best reached with personal selling.
C) The fastest feedback occurs with personal selling.
D) The mode of communication for sales promotion is usually direct and personal.
E) The message flow with advertising is two-way.
Q2) Ads for Oreck vacuums claim that it removes 99% of allergens with its heppa filter,which is based on testing from an independent laboratory.Which executional framework is this?
A) factual
B) demonstration
C) scientific
D) rational
E) testimonial
Q3) Corporate blogs are those monitored by major search engines such as Google and Yahoo!
A)True
B)False
Q4) Name and briefly define three forms of product advertising.
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Chapter 15: Public Relations, Sales Promotion, and Personal Selling
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186 Verified Questions
186 Flashcards
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Sample Questions
Q1) List the seven steps in the personal selling process.
Q2) To qualify a sales lead,a salesperson must identify the person in an organization who has the authority to buy the product and must close the sale with that individual.
A)True
B)False
Q3) Joe Hamas sells for Rush Beverages.He is trying to convince retailers to carry his company's Ginseng Rush,a new all-natural beverage that delivers an energy punch without caffeine.When he gets retailers to agree to stock his product,he asks them for the names of other retail operations that might be interested in carrying it.He is using _____ to get his sales leads.
A) networking
B) cold calling
C) referrals
D) direct marketing
E) noncompeting sales
Q4) Immediate purchase is usually the goal of sales promotion.
A)True
B)False
Q5) Compare and contrast relationship selling and traditional personal selling.
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Chapter 16: Pricing Concepts
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Sample Questions
Q1) Price is defined as the perceived value of a good or service that is exchanged for a certain dollar amount.
A)True
B)False
Q2) If a company's pricing objective is to meet the competition or to maintain existing prices,it is using _____ pricing.
A) head-on
B) target return on investment
C) status quo
D) market share
E) demand-oriented
Q3) The Nest is a retail store owned and operated by an interior designer.The markup on all items in the store is 100 percent over cost (or double the cost).In this case we would say that the designer uses:
A) keystoning
B) target ROI pricing
C) break-even pricing
D) marginalizing
E) double sourcing
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Page 18