Marketing Concepts and Applications
Exam Materials
Course Introduction
Marketing Concepts and Applications introduces students to the foundational principles of marketing, exploring core concepts such as market segmentation, targeting, positioning, the marketing mix (product, price, place, and promotion), and consumer behavior. Through real-world case studies and interactive learning, the course examines how marketing strategies are developed and implemented across different industries and cultures. Students will learn to apply theoretical knowledge to practical scenarios, including creating marketing plans, analyzing market opportunities, and understanding the impact of digital technologies on contemporary marketing practices. The course prepares students to make informed marketing decisions and adapt to the evolving business landscape.
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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Page 2
Chapter 1: The Meaning of Marketing
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Sample Questions
Q1) Only the marketing department is responsible for executing the marketing functions for a company.
A)True
B)False
Answer: False
Q2) A company's customers are typically not able to influence the company's marketing decisions.
A)True
B)False Answer: False
Q3) Marketing is limited to physical products.
A)True
B)False Answer: False
Q4) The sales orientation holds that consumers will not buy enough of a company's products unless the company undertakes advertising and selling efforts.
A)True
B)False Answer: True
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Chapter 2: The Market in Marketing
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Sample Questions
Q1) Briefly explain how brands influence purchase decisions in consumer markets.
Answer: Marketers use brands to convey a product or service's value to consumers. Through marketing activities such as advertising and sales promotion, marketers position a brand to be unique and relevant to the brand's consumer market. The presentation of the brand affects consumers' perceived utility of the brand, influencing their decision to buy and how much they are willing to pay.
Q2) Of the different types of buying situations, the modified rebuy presents the fewest decisions for a business buyer to make.
A)True
B)False
Answer: False
Q3) Angela's company is trying to determine whether to enter a new market segment. How might her company use Porter's Model to make a decision?
Answer: Angela's company could use Porter's Model to assess the threat of other entrants into the market segment, the bargaining power of suppliers and customers, the threat of substitute products, and the competitive rivalry already existing within the market.
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Chapter 3: Planning and Marketing in an Organization
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Sample Questions
Q1) Identify and describe five components of a successful business objective.
Answer: A business objective is something a business is trying to achieve in support of an overarching strategy. A business objective should be specific, referring to a unique event. A business objective should be measurable, so the achievement of the objective can be determined using established metrics. A business objective should be achievable in consideration of the company's restraints. A business objective should be relevant to a desired business strategy. Finally, a business objective should be time-bound, stating a specific duration in which to achieve the objective.
Q2) Why is SWOT analysis an important marketing planning tool?
Answer: This tool allows the marketer to analyze internal strengths and weaknesses as well as environmental opportunities and threats. The marketer can then match the company's strengths to opportunities to pursue and identify weaknesses and threats that need to be addressed.
Q3) A company's promotion strategy determines how much the company will charge for its products.
A)True
B)False
Answer: False
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Chapter 4: A Broader Perspective on Marketing
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Sample Questions
Q1) ________ is an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers.
A) Environmentalism
B) The social marketing concept
C) Green marketing
D) Consumerism
E) Corporate social responsibility
Q2) Which of the following has been the traditional way to measure the success or failure of a business?
A) environmental sustainability
B) adherence to marketing ethics
C) benefits provided to society
D) profitability
E) level of global marketing
Q3) The "triple bottom line" refers to a company's ________, ________, and
A) global performance; national performance; regional performance
B) ethics; society; culture
C) economic performance; environmental impacts; social impacts
D) economic performance; cultural impacts; social impacts
E) economic performance; sustainability; environmental impacts
Page 6
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Chapter 5: Global Marketing
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Sample Questions
Q1) Describe the function of an economic community and a trade agreement. Explain why they are relevant to marketers. Give two examples of important economic communities.
Q2) The only member countries of the North American Free Trade Agreement (NAFTA) are the United States, Canada, and Mexico.
A)True
B)False
Q3) Though the economies of the BRIC countries are significant, even combined they are unlikely to overtake the size and importance of the U.S. economy.
A)True
B)False
Q4) A(n) ________ is a limit on the amount of product that can be imported into a country.
A) tariff
B) exchange control
C) quota
D) barter
E) franchise
Q5) How is joint venturing more risky and complex than merely exporting?
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Chapter 6: Value for Customers
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Sample Questions
Q1) For which of the following products would a customer's level of satisfaction with the purchase MOST likely change over time?
A) coffee
B) mouthwash
C) a car with unexpected service needs
D) a pair of jeans
E) a DVD
Q2) Customer perceived value is defined as the difference between the ________ and the ________ of a product.
A) actual value; retail value
B) retailer's value; producer's costs
C) actual costs; perceived costs
D) perceived benefits; perceived costs
E) actual benefits; actual costs
Q3) Responses to a customer satisfaction survey question about suggestions for improving customer service would not be included in a CRM system.
A)True
B)False
Q4) Identify and explain the different components of a product's benefits and costs.
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Chapter 7: A Perspective on Consumer Behavior
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Sample Questions
Q1) The buyer decision process consists of five stages. Which of the following is NOT one of these stages?
A) problem/opportunity recognition
B) information search
C) high-involvement buying behavior
D) purchase decision
E) postpurchase evaluation
Q2) The Theory of Planned Behavior attempts to explain how ________ influence consumer behavior.
A) attitudes, behaviors, and norms
B) behaviors, self-identity, and personality
C) cognitive age, life stages, and reference groups
D) beliefs, perceptions, and motivations
E) subcultures, opinion leaders, and social classes
Q3) The consumer decision-making process is defined as the steps that consumers take to identify and evaluate choice options.
A)True
B)False
Q4) Give two examples of how the digital environment influences consumer behavior.
Q5) What is the difference between an approach product and an avoidance product?
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Chapter 8: Consumer Insight
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Sample
Questions
Q1) Identify the three decisions a researcher must make when creating a sample plan.
Q2) Which of the following is an advantage of telephone interviews?
A) They are less expensive to conduct than online questionnaires.
B) Interviewer variability can be controlled.
C) Response rates are increasing.
D) Interviewers can provide feedback and have flexibility in follow-up questions.
E) Interviewers' interpretation of responses is easily standardized.
Q3) Explain why exploratory research, descriptive research, or explanatory research would be the best method for determining whether shoppers in the Midwest are more sensitive to a price increase for laundry soap than shoppers on the East Coast are.
Q4) Members of focus groups are recruited using specific criteria.
A)True
B)False
Q5) Results from a nonprobability sample can be used to describe the characteristics of the sample and of the population.
A)True
B)False
Q6) What is the difference between a sample and a census?
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Chapter 9: The Brand
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Sample Questions
Q1) Brand ________ is the extent to which a consumer repeatedly purchases a given brand.
A) equity
B) knowledge
C) valuation
D) loyalty
E) sourcing
Q2) Which of the following was NOT among the top ten in Business Week's Annual Rating of the Best Global Brands for 2009?
A) Gap
B) Coca-Cola
C) Microsoft
D) IBM
E) Toyota
Q3) Panasonic markets a line of digital cameras that use Leica lenses. Leica lenses are legendary for their superb image quality. Panasonic is known for its consumer electronics. What marketing strategy are Panasonic and Leica implementing? Support your answer.
Q4) Describe the three benefits that strong brands provide to consumers.
Q5) How can a company use communication strategies to fight counterfeiting?
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Chapter 10: Segmenting, Targeting, and Positioning
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Sample Questions
Q1) Explain how companies identify attractive market segments and choose a target marketing strategy.
Q2) There are many exceptions to the assumption that consumers in nations close to one another will have many common behaviors and traits.
A)True
B)False
Q3) ________ is communicating a product or service message to as broad a group of people as possible with the purpose of positively influencing sales.
A) Market targeting
B) Target marketing
C) Mass marketing
D) Positioning
E) Multisegment marketing
Q4) Provide an example of behavioral targeting.
Q5) Explain why mass marketing in the United States was easier in the 1960s than it is today.
Q6) Explain the five criteria a group should fulfill to qualify as a true consumer segment.
Q7) What factors may impact segment attractiveness?
Page 12
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Chapter 11: The Marketing Plan
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Sample Questions
Q1) A marketer would be unlikely to include a public relations plan in the marketing strategy section of a marketing plan.
A)True
B)False
Q2) A company's mission statement would most logically be included in which section of the marketing plan?
A) forecasting
B) marketing strategy
C) company description, purpose, and goals
D) measurement and controls
E) marketing situation
Q3) Information about which of the following would most likely be included in the marketing mix component of the marketing strategy?
A) worst case risks
B) market research
C) pricing
D) financial forecasts
E) target market descriptions
Q4) Describe the purposes served by a business plan.
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Chapter 12: Product and Service Strategies
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Sample Questions
Q1) The financial savings in reduced electricity costs that customers of Ringler's solar-powered vacuum can expect to experience are part of the ________.
A) core benefit
B) augmented product
C) product image
D) context change
E) idea screening
Q2) Identify and briefly describe the five innovation adoption segments in the population.
Q3) Increasing sales will most likely occur at which stage of the PLC?
A) introduction
B) maturity
C) growth
D) decline
E) product development
Q4) When all products in a category have similar core benefits, the appeal of one can be enhanced through differentiating it at the actual product level.
A)True
B)False
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Chapter 13: Pricing Strategies
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Sample Questions
Q1) Explain how the typical process for reaching an acceptable price in the business-to-business market differs from the process for reaching a price for most consumer products.
Q2) Penetration pricing is the opposite of skimming pricing.
A)True
B)False
Q3) Which of the following is a drawback of cost-based pricing?
A) Sellers earn a fair return on their investment.
B) By tying the price to cost, sellers simplify pricing.
C) When all firms in the industry use this pricing method, prices tend to be similar.
D) This method ignores demand.
E) Without a standard markup, consumers don't know when they are being overcharged.
Q4) Briefly describe both the benefits and disadvantages in pricing that companies have experienced due to the globalization of commerce.
Q5) Explain how a pricing strategy may not change the literal sticker price of a product.
Q6) Describe what a demand curve is and explain how it helps businesses.
Q7) Identify and explain a key assumption that underlies antitrust legislation.
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Chapter 14: Supply Chain and Distribution Strategies
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Sample Questions
Q1) Another name for a large warehouse is a ________.
A) third-party logistics company
B) cross-dock
C) transportation management system
D) distribution center
E) stock-keeping unit
Q2) Producers benefit from using intermediaries because they ________.
A) offer greater efficiency in making goods available to target markets
B) bring a fresh point of view to strategy development
C) eliminate risk
D) are generally backlogged with orders
E) refuse to store products for longer than a few days
Q3) Burt can visit his local hardware store and buy one 4-inch paint brush and not the case of 24 brushes that the retailer had to buy. This is an example of how the channel of distribution facilitates ________.
A) assortment creation
B) risk taking
C) breaking bulk
D) relationship management
E) logistics
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Chapter 15: Retailing and Wholesaling Strategies
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Sample Questions
Q1) Stan Clark, the owner of Eskimo Joe's bar, is considering closing the bar and selling the logo apparel with direct marketing through a catalog. Stan Clark is considering a(n) ________ option.
A) wholesaling
B) nonstore retailing
C) off-price retailing
D) warehouse
E) broker
Q2) Department stores carry only a few product lines with wide assortments within those lines.
A)True
B)False
Q3) In recent years, ________ has been growing fast. This includes selling to final consumers through vending machines, self-serve kiosks, the Internet, and smart phone applications.
A) self-service retailing
B) private labeling
C) off-price retailing
D) nonstore retailing
E) e-commerce
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Chapter 16: Advertising and Sales Promotion Strategies
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Sample Questions
Q1) Public relations involves, by definition, two-way communication.
A)True
B)False
Q2) How would a unique selling proposition most likely be used to express an idea in an advertising message?
Q3) A marketer has no control over when a consumer redeems a coupon.
A)True
B)False
Q4) Which message execution style depicts average people using a product in an everyday setting?
A) lifestyle
B) scientific evidence
C) slice of life
D) personality symbol
E) technical expertise
Q5) Briefly describe the steps of the marketing communication process.
Q6) According to the communication model, a coffee cup printed with a company's name and logo is an example of a medium.
A)True
B)False
Page 18
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Chapter 17: Personal Selling and Direct Marketing Strategies
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Sample Questions
Q1) The Do Not Call Registry and the Do Not Mail List were both established by the federal government.
A)True
B)False
Q2) Why might a company that highly values building long-term relationships with customers be reluctant to use a sales force compensation strategy that focuses on commissions?
Q3) Catalogs, brochures, and product samples are all examples of which type of marketing?
A) direct-response advertising
B) mail order
C) dynamic imaging
D) Internet
E) sales promotion
Q4) Though direct marketing permits high target-market selectivity and can be personalized, it does not allow easy measurement of results.
A)True
B)False
Q5) What is the difference between catalogs and direct mail?
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Chapter 18: The Communications Mix
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Sample Questions
Q1) Blogs and social networks are both examples of ________.
A) consumer-generated content
B) broadcast media
C) out-of-home media
D) search marketing
E) branded entertainment
Q2) Which media type offers the longest life for an advertisement?
A) radio
B) network television
C) magazine
D) newspaper
E) cable television
Q3) Which of the following statements about radio as an advertising medium is true?
A) Radio advertising is typically quite expensive.
B) National radio advertising opportunities are simple to purchase.
C) Radio does an excellent job of targeting audiences with specific interests.
D) Radio prohibits the use of segmentation strategies.
E) Radio is defined as an out-of-home medium.
Q4) Why is spill-out a concern for marketers conducting a test run of a proposed national media plan in a live test market?
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Chapter 19: The Marketing Mix
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Sample Questions
Q1) A change of business objectives should not lead to a reevaluation of the company's marketing-mix strategy.
A)True
B)False
Q2) Advertising, direct marketing, personal selling, and public relations are all tools within the ________ element of the marketing mix.
A) product
B) promotion
C) publicity
D) people
E) process
Q3) Which of the following marketing-mix elements is currently MOST critical to Indiana Wood's success?
A) place
B) price
C) channels of distribution
D) branding
E) physical evidence
Q4) Identify two applications for marketing-mix models.
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Chapter 20: Marketing Performance Measurement
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Sample Questions
Q1) Data that is trended is collected ________.
A) at specific time intervals
B) at random time intervals
C) from specific demographic groups
D) from randomly selected consumers
E) by consumer relationship management systems
Q2) A company's ________ is the minimum amount of financial return it requires before it will make a financial investment.
A) copy test
B) score card
C) report card
D) hurdle rate
E) tipping point
Q3) Which of the following is an inference-based process of transforming data into useful information?
A) data analytics
B) marketing measurement
C) marketing metrics
D) advertising measurement
E) key performance indicators
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