Marketing Concepts Exam Preparation Guide
Course Introduction
Marketing Concepts is an introductory course that explores the fundamental principles and strategies used in the marketing field. Students will learn about the core elements of marketing, including market research, consumer behavior, segmentation, targeting, positioning, and the marketing mix (product, price, place, promotion). The course also covers the role of marketing in various types of organizations and industries, the impact of technology and social media on marketing practices, and the ethical and social responsibilities of marketers. Through case studies, real-world examples, and project-based learning, students will gain practical skills and insights to develop effective marketing strategies and make informed business decisions in dynamic market environments.
Recommended Textbook
MKTG6 6th Edition by Charles W. Lamb
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Chapter 1: An Overview of Marketing
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Sample Questions
Q1) Most companies become sensitized to community issues after they've done enough damage to draw the locals' anger.Dofasco,Inc. ,a highly successful steel company in Ontario,tries to get ahead of business and community issues by annually bringing together representatives from the local area and deciding which projects to improve the local environment will be implemented.This annual community-wide meeting indicates Dofasco has a _____ orientation.
A)societal marketing
B)sales
C)reciprocal exchange
D)production
E)product
Answer: A
Q2) Most successful relationship marketing strategies depend on:
A)customer-oriented personnel
B)effective training programs
C)employees with authority to make decisions and solve problems
D)teamwork
E)all of these
Answer: E
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Page 3
Chapter 2: Strategic Planning for Competitive Advantage
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Sample Questions
Q1) To be useful,marketing objectives should be realistic,measurable,time specific,and based on sales.
A)True
B)False
Answer: False
Q2) Refer to DeFeet International.DeFeet branched from making socks for cyclists to making apparel for skiing,hiking,corporate sponsors,and kids.This is an example of which of Ansoff's strategic alternatives?
A)Market penetration
B)Market development
C)Product development
D)Diversification
E)Concentration
Answer: D
Q3) Identify four common reasons for failing to achieve a marketing objective. Answer: Four common reasons for failing to achieve a marketing objective are unrealistic marketing objectives,inappropriate marketing strategies in the plan,poor implementation,and changes in the environment after the objective was specified and the strategy was implemented.
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Page 4
Chapter 3: Ethics and Social Responsibility
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Sample Questions
Q1) The _____ stage of ethical development represents the morality of the mature adult.
A)preconventional morality
B)transformationalism
C)conventional morality
D)postconventional morality
E)actualized morality
Answer: D
Q2) Looking at its list of OTC healthcare products,Prestige Brands,did not improve its positioning in eye care products.
A)True
B)False
Answer: True
Q3) Because social responsibility has proven to have a limited return on investment,the number of businesses opting to act socially responsible is declining.
A)True
B)False
Answer: False
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Chapter 4: The Marketing Environment
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Sample Questions
Q1) Diversity is emerging as a priority goal because:
A)there is a population of recent immigrants who are closely related by custom and tradition
B)of the growth of small and large ethnic groups that have little in common
C)the United States is becoming a truly multicultural society.
D)of new,effective mass-marketing techniques
E)of the focus on one large dominating racial or ethnic group
Q2) Which of the following events has had the greatest effect on marketing?
A)The growing number of one-child families
B)The increasing number of immigrants from northern Europe
C)The growing number of people on the Internet
D)The increasing number of working women
E)The growing number of people of retirement age who are continuing work
Q3) Consumers born between 1965 and 1978 form a group called:
A)Tweens.
B)Yuppies.
C)cohort markets.
D)America's mass market.
E)Generation X.
Q4) Who are the baby boomers and why are they important to marketers?
Page 6
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Chapter 5: Developing a Global Vision
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Sample Questions
Q1) When IKEA,the Swedish home furnishings retailer,first entered the Japanese market,it failed.It was more successful in its second try because it was aware of the need to adapt its furnishings to fit the smaller Japanese homes.The _____ environment had the greatest influence on IKEA's first failure in Japan.
A)demographic
B)economic
C)cultural
D)political
E)technological
Q2) Yellow Tail finally perform some crisis management and withdraw its sponsorship from HSUS.This suggests the winemaker does not engage in __________.
A)advocacy advertising
B)due diligence
C)institutional advocacy
D)environmentalism
E)animal rights
Q3) Explain the following statement: "The Internet economy is being restrained by the old rules,regulations,and habits related to traditional commerce."
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Chapter 6: Consumer Decision Making
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Sample Questions
Q1) Feeding her family healthy foods is important to Terri.She makes a point of buying organic products as often as possible.As she goes through the grocery store she remembers that she needs milk,so she heads over to the dairy case,intending to purchase the organic variety.She notices that a carton of organic milk is priced at $4.89;however,the store-brand milk is on sale for 99 cents.She hesitates for a moment,then selects the cheaper store brand,telling herself that she just can't pass up such a good bargain..As Terri wonders if she made the right purchase decision,she is experiencing:
A)attribute remorse
B)cognitive dissonance
C)evaluation distortion
D)consumer cognition
E)perceptual disharmony
Q2) m-commerce only benefits online stores.
A)True
B)False
Q3) Opinion leaders are often the first to try new products and services.
A)True
B)False
Q4) For marketers,reference groups have three important implications.Describe them.
Page 8
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Chapter 7: Business Marketing
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Questions
Q1) DHL maintains a strategic alliance with UPS because it has confidence in UPS's reliability and integrity.This condition is referred to as:
A)tTrust.
B)tomo.
C)commitment.
D)Amae.
E)reciprocity.
Q2) While consumer and business markets differ in many ways,the volatility of demand for products is about the same for each type of market.
A)True
B)False
Q3) The single largest business customer in the world is the U.S.retailer Walmart.
A)True B)False
Q4) OEM stands for operationally efficient marketing.
A)True
B)False
Q5) What is business marketing,and what distinguishes business products from consumer products?
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Chapter 8: Segmenting and Targeting Markets
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Sample Questions
Q1) In Miami,several radio stations broadcast in Spanish and play Latin music for the Hispanic people living in South Florida.The radio stations are using _____ segmentation.
A)usage rate
B)ethnic
C)socioeconomic
D)geographic
E)gender
Q2) Companies that adopt a concentrated marketing strategy violate which of the following old sayings?
A)"You can't bake a pie without breaking some eggs."
B)"Don't count your chickens before they hatch."
C)"Don't put all your eggs in one basket."
D)"The grass is always greener on the other side of the fence."
E)"A rolling stone gathers no moss."
Q3) Until the 1990s,few firms practiced market segmentation.
A)True
B)False
Q4) What is psychographic segmentation? Discuss why marketers use the basis for segmenting markets.
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Chapter 9: Decision Support Systems and Marketing Research
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Q1) A _____ sample is any sample in which little or no attempt is made to obtain a representative cross section of the population.
A)frame
B)random
C)probability
D)nonprobability
E)representational
Q2) In a probability sample,every element in the population has a known statistical likelihood of being selected.
A)True
B)False
Q3) In-home personal interviews:
A)offer high-quality data at a high cost
B)offer the ability to obtain high-quality data at a low cost
C)are becoming increasingly more popular
D)are less expensive than mall intercepts
E)offer information of moderate quality but at a low cost
Q4) Marriott Mobile's purpose is to conduct primary marketing research.
A)True
B)False
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Chapter 10: Product Concepts
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Q1) Firms increase the depth of their product lines for all of the following reasons EXCEPT:
A)to attract buyers with different preferences.
B)to diversify risk.
C)to further segment the market.
D)to capitalize on economies of scale.
E)to even out seasonal sales patterns.
Q2) How would a marketer define the term product?
Q3) The Focus and Fiesta lines use a single platform for each worldwide market.How does that benefit these product lines?
A)advertising economies
B)package uniformity
C)equivalent quality
D)product line depth
E)standardized components
Q4) All sales have an implied warranty under the Uniform Commercial Code.
A)True
B)False
Q5) Discuss the benefits for organizations by organizing related items into product lines.
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Page 12
Chapter 11: Developing and Managing Products
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Sample Questions
Q1) A long-run drop in sales signals the beginning of which stage in the product life cycle?
A)Laggard
B)Saturation
C)Deterioration
D)Decline
E)Decay
Q2) When Procter & Gamble wanted to enter the hair-care market,it purchased Wella,a leading German company specializing in hair-care products.What new product category does this acquisition represent for P&G?
A)Repositioning strategy
B)New product line
C)Addition to existing product line
D)Discontinuous innovation
E)Revision of existing products
Q3) By performing cover songs in Guitar Hero,Harmonix had changed one core idea in it product design.
A)True
B)False
Q4) Discuss alternatives to traditional test marketing.
Page 13
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Chapter 12: Services and Nonprofit Organization Marketing
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Sample Questions
Q1) When nurse practitioners follow up with patients with postcard surveys,telephone calls,or brochures,they are engaging in postpurchase communication.
A)True
B)False
Q2) Refer to Cincinnati Museum Center.The product decisions associated with the Museum Center exhibits:
A)deal with benefits that are both short term and simplistic.
B)illustrate the unimportance of service quality.
C)are very high involvement.
D)prove word-of-mouth promotion would be the best communication tool to use.
E)suggest nonfinancial objectives will be used to set prices.
Q3) Refer to The Ritzy Canine.Supervised doggy care is the _____ service product,and dog massages would be _____ service products.
A)central;peripheral
B)primary;secondary
C)core;supplementary
D)essential;superfluous
E)supplementary,core
Q4) Name and briefly define the three categories of pricing objectives for services.
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Chapter 13: Marketing Channels
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Sample Questions
Q1) Many regard vertical conflict as healthy competition.
A)True
B)False
Q2) A discrepancy of _____ is the difference between the amount of product produced and the amount an end user wants to buy.
A)space
B)quantity
C)assortment
D)accumulation
E)possession
Q3) Lawn Boy manufactures 13 models of walk-behind lawn mowers and 6 types of riding mowers Even though lawn mowers is a product category that does not sell year-round,sales remain steady all year because Lawn Boy sells to wholesale distributors that stock the product.Its wholesale distributors are helping to overcome a(n)_____ discrepancy.
A)assortment
B)spatial
C)possession
D)quantity
E)temporal
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Chapter 14: Supply Chain Management
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Sample Questions
Q1) EDI is often used to replace paper documents with electronic documents containing the same information.
A)True
B)False
Q2) When the amount of inventory to be shipped is more than motor carriers can transport,supply chain managers face __________.
A)an increase in competition for logistics services
B)fewer truck drivers
C)capacity crunch
D)problems in demand fulfillment
E)all of the above
Q3) Supply chain management is completely producer driven.
A)True
B)False
Q4) A firm that specializes in the order fulfillment process is called a(n):
A)third-party logistics firm (3PL)
B)intermediate distributor
C)industrial distributor
D)merchant wholesaler
E)ABC firm
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Chapter 15: Retailing
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Sample Questions
Q1) The main element of Nordstrom's in-store presentation is its ________,the overall impression conveyed by its physical layout,décor,and surroundings.
A)organization
B)atmosphere
C)attitude
D)style
E)design
Q2) Refer to Walmart.Walmart's gross margin is the:
A)total sales from all of its stores worldwide.
B)amount of money it makes as a percentage of sales after the cost of goods sold is subtracted.
C)amount of money it makes as a percentage of sales before taxes.
D)amount of money it makes as a percentage of sales after all costs are subtracted.
E)net profit it earns after all expenses and taxes are subtracted.
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
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Chapter 16: Integrated Marketing Communications
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Sample Questions
Q1) The manufacturer of Meridian yam products spent $25,000 to create an ad that ran in the Thanksgiving issue of a popular cooking magazine.Because it was the originator of the communication process,Meridian acted as a:
A)channel.
B)noise filter.
C)receiver.
D)decoder.
E)sender.
Q2) When a product is in the growth stage of its product life cycle:
A)all elements of the promotional mix are equally important.
B)heavy advertising is used to build brand loyalty.
C)persuasive and reminder advertising is decreased.
D)personal selling is ineffective.
E)personal selling and sales promotions are the major elements of the promotional mix used.
Q3) What are the three basic tasks of promotion? For each of these three tasks,give two specific promotions examples of how that task might be accomplished.
Q4) Several factors affect the choice of promotional mix.Name five of these factors.
Q5) What is promotion? Why is it a vital part of a company's marketing mix?
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Chapter 17: Advertising and Public Relations
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Q1) Stormbreaker,a new spy movie,details the story of Alex Rider who,after the death of his uncle,is recruited as an M16 spy.Armed with a special set of gadgets,Rider's mission is to save millions of lives.In James Bond fashion,the Cross pen serves as one of the key gadgets in the film.The maker of the Cross pen paid to have its pen featured in this movie.This is an example of:
A)advertising.
B)a sales promotion.
C)paid-for public relations.
D)product placement.
E)lobbying.
Q2) Define advertising and explain why new brands with small market share tend to spend proportionately more for advertising and sales promotion than those with a large market share.
Q3) A commercial for McDonald's shows kids having fun with their Happy Meals..This is an example of a demonstration executional style for advertising.
A)True
B)False
Q4) What is public relations? What is publicity?
Q5) Name and briefly define the two major types of advertising.
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Chapter 18: Sales Promotion and Personal Selling
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Q1) A _____ is a cash refund given for the purchase of a product during a specific time period.
A)premium
B)trade discount
C)purchase allowance
D)rebate
E)functional allowance
Q2) Manufacturers prefer coupons over rebates,because most customers who are eligible for rebates actually collect them.
A)True
B)False
Q3) Loyalty marketing programs are targeted to people who consistently buy the least expensive brand.
A)True
B)False
Q4) Tara is a salesperson with several satisfied customers.She asks her customers to recommend her to their business associates.Tara is using cold calling to generate leads.
A)True
B)False
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Chapter 19: Pricing Concepts
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Sample Questions
Q1) Refer to American Girl Doll.In terms of the costs of producing the doll and its accessories,the salary of the graphic designer who does the layout for the American Girl catalog is a(n):
A)markup cost.
B)variable cost.
C)fixed cost.
D)derived cost.
E)elastic cost.
Q2) Refer to American Girl Doll.The popularity of the American Girl dolls is so great that an increase in the price of the basic Kristen doll and books by 5 percent will not significantly affect the demand for the product.The means that the demand for the American Girl doll is:
A)elastic.
B)derived.
C)a multiplier.
D)inelastic.
E)symmetrical.
Q3) Define price and discuss the two roles price plays in the evaluation of product alternatives.
Q4) How does price interact with the other three Ps of the marketing mix?
21
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Chapter 20: Setting the Right Price
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Q1) Reducing the services that come with the basic product is called:
A)Demarketing.
B)Contraction.
C)two-part pricing.
D)retroactive pricing.
E)Unbundling.
Q2) Consumers sometimes prefer two-part pricing because:
A)prices are often perceived as quality indicators.
B)consumers like to be in control of costs.
C)consumers are uncertain about the number and types of activities they might use at places like an amusement park.
D)consumers prefer a limited number of choices.
E)prices have little or no psychological influence on most consumers.
Q3) An awning manufacturer that is allowed to deduct 3 percent from its total bill if it pays by a specific date is receiving a promotional discount.
A)True
B)False
Q4) How do value-based pricing,unbundling,and bundling help marketers hold on to market share during a recession?
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Chapter 21: Customer Relationship Management Crm
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Q1) As the second step in the CRM cycle a company must:
A)establish marketing objectives.
B)capture relevant customer data on interactions.
C)identify customer relationships with the organization.
D)understand the interactions the company has with current customers.
E)decide on a segmentation strategy.
Q2) A common CRM application is cross-selling other products or services to customers.
A)True
B)False
Q3) Briefly describe five of the many common CRM marketing database applications.
Q4) Through customer segmentation,marketers use some past set of occurrences in order to determine what the odds are that certain other occurrences-such as a response or purchase-will take place in the future.
A)True
B)False
Q5) Customer relationship management requires that organizations be organized around customer segments.
A)True
B)False
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Chapter 22: Social Media and Marketing
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Sample Questions
Q1) Much of the growth in social media sites can be attributed to:
A)good old-fashioned word-of-mouth promotion.
B)new platforms like iPads and Smartphones.
C)media hype.
D)the proliferation of new Web sites like Flickr and Reddit.
E)new technology uses for social media.
Q2) Modern mobile advertising as a viable marketing strategy has become possible primarily because of the development of:
A)the microchip.
B)the PC.
C)Smartphone technology.
D)tablet laptops.
E)GPS technology.
Q3) Refer to Hallmark Cards.Hallmark's Facebook page is best characterized as:
A)owned media.
B)secured media.
C)shared media.
D)paid media.
E)earned media.
Q4) What is a podcast? How are they used?
Page 24
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