Marketing Fundamentals Exam Review
Course Introduction
Marketing Fundamentals introduces students to the essential principles and concepts of marketing, emphasizing the role of marketing in modern organizations. The course covers key topics such as market research, customer behavior, segmentation, targeting, positioning, the marketing mix (product, price, place, and promotion), and the influence of digital technology on marketing practices. By the end of the course, students will gain a foundational understanding of how marketing strategies are developed and implemented to create value for customers and achieve organizational objectives in a dynamic marketplace.
Recommended Textbook
Marketing 14th Edition by Roger Kerin
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Page 2
Chapter 1: Creating Customer Relationships and Value
Through Marketing
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243 Verified Questions
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Sample Questions
Q1) Market segments refer to
A)the relatively heterogeneous groups of prospective buyers that result from the market segmentation process.
B)all buyers of a product or service who have previously purchased a particular firm's products or services and who intend to repeat that purchase sometime in the future.
C)the smallest number of buyers that have similar needs but do not react similarly in a buying situation.
D)the relatively homogenous groups of prospective buyers that have common needs and will respond similarly to a marketing action.
E)all potential buyers of a product or service who intend to purchase a firm's products or services but who have not yet done so.
Answer: D
Q2) What are the three components of a person's ability to buy an offering?
Answer: The three components of a person's ability to buy an offering are authority,time,and money.
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Chapter 2: Developing Successful Organizational and Marketing Strategies
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Q1) In a typical manufacturing firm,the structure of its marketing department is typically organized from top to bottom in which of these ways?
A)CEO to CFO to product manager.
B)CEO to CMO to product manager.
C)Product manager to marketing research manager to sales manager to promotion manager.
D)Industry manager to market manager to product manager.
E)Product manager to CMO to sales manager.
Answer: B
Q2) Implementation of IBM's "Smarter Planet" strategy has resulted in all of the following except which?
A)A reduction in supply chain costs for retailers
B)A reduction in traffic delays through coordinated signals
C)A reduction in power usage for consumers using smart meters
D)A reduction in inventory levels,as well as increased sales,for retailers
E)A reduction in wasted coverage for advertising messages to increase its efficiency
Answer: E
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4
Chapter 3: Scanning the Marketing Environment
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Sample Questions
Q1) At the U.S.Census Bureau,gross income is referred to as A)buying power.
B)cash inflow.
C)fiscal power.
D)money income.
E)household income.
Answer: D
Q2) The first major federal legislation passed to forbid contracts,combinations,or conspiracies in restraint of trade in the United States was the A)Lanham Act.
B)Sherman Antitrust Act.
C)Federal Trade Commission Act.
D)Robinson-Patman Act.
E)Clayton Act.
Answer: B
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Chapter 4: Ethical and Social Responsibility for Sustainable Marketing
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Q1) Chrysler recycles thousands of tons of wood pallets,cardboard,and paper annually.Chrysler cars are 75 percent recyclable.Chrysler's recycling programs are examples of
A)recycle marketing.
B)cause marketing.
C)green marketing.
D)environmental marketing.
E)triple-top line marketing.
Q2) Laws refer to
A)a specific set of behaviors a given society considers to be ethical.
B)society's values and standards that are enforceable in the courts.
C)the agreed upon codes of behavior for a given nation,community,religious group,or family.
D)written documentation of a prescribed set of attitudes,beliefs,and values.
E)a code of ethics that defines what may be done in specific business circumstances.
Q3) Define green marketing and provide an example.
Q4) Explain how Anheuser-Busch practices societal responsibility.
Q5) What are the five steps in a social audit?
Q6) Describe the difference between ethics and laws.
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Chapter 5: Understanding Consumer Behavior
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Q1) In 31 percent of households,________ are the primary grocery shoppers,though they may not be the grocery decision makers.
A)teenagers
B)extended family members
C)paid help
D)children of any age
E)men
Q2) When Citizen,a watch company,uses a spokesperson such as singer Kelly Clarkson to promote its watches,it believes she is a(n)________ who can influence the purchase decision of its target market.
A)opinion leader
B)product champion
C)innovator
D)BzzAgent
E)rainmaker
Q3) Why is learning important to marketing?
Q4) Explain the actions and considerations that relate to the five stages of the consumer purchase decision process.
Q5) Define consumer socialization.
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Chapter 6: Understanding Organizations As Customers
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Q1) The group of people within an organization who participate in the buying process and share common goals,risks,and knowledge important to a purchase decision is referred to as the A)gatekeeper.
B)buying center.
C)purchasing department.
D)procurement committee.
E)acquisition office.
Q2) In which type of auction is there a downward pressure on bid prices for the buyer's business as more would-be suppliers become involved?
A)traditional auction
B)vertical auction
C)reverse auction
D)horizontal auction
E)reciprocal auction
Q3) Consider how buy classes affect buying center tendencies in different ways.Describe the buy-class situations,and discuss the implications for the organization of each type of buy class.
Q4) Describe the three types of organizational markets and give examples of each.
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Chapter 7: Understanding and Reaching Global
Consumers and Markets
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Q1) Most companies become involved in direct exporting when
A)foreign governments believe that they will benefit the most from allowing the entry of direct exports.
B)emerging markets in foreign countries become economically viable.
C)they believe their volume of sales will be sufficiently large and easy to obtain that they do not require intermediaries.
D)the domestic market becomes saturated with competing products and services.
E)evolving technologies in foreign countries come online.
Q2) The study of similarities and differences among consumers in two or more nations or societies is referred to as
A)market synthesis.
B)cross-cultural analysis.
C)international sociographics.
D)transnational anthropology.
E)multicultural ethnocentrism.
Q3) Explain the difference between indirect exporting and direct exporting.What are the advantages and disadvantages of each approach?
Q4) Explain the trade feedback effect.
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Q5) Define a currency exchange rate and discuss its importance to global companies.
Chapter 8: Marketing Research: From Customer Insights to Actions
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Sample Questions
Q1) Published data from outside the organization are referred to as ________ data.
A)proprietary
B)external primary
C)internal secondary
D)internal primary
E)external secondary
Q2) Mall intercept interviews refer to
A)impersonal data collection methods in strip shopping malls.
B)telephone interviews with consumers about their shopping center habits.
C)scientifically selected individuals from the local community who agree to participate in a research study and are directed to meet at a specific shopping center for the interviews.
D)focus groups located in major shopping centers.
E)personal interviews of consumers visiting shopping centers.
Q3) Marketing information consists of secondary and primary data.Define each of these types of marketing information.Give examples for secondary and primary data.
Q4) What are some of the methods marketers use to conduct research and solve marketing problems? Include at least one specific print source.
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Q5) What is the difference between a semantic differential scale and a Likert scale?
Chapter 9: Market Segmentation, targeting, and Positioning
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Q1) When compared to a multiple products,multiple market segments strategy,a one product,multiple market segments strategy
A)is a much more effective means of meeting consumers' individual needs.
B)creates greater savings in production costs.
C)is a more effective way of meeting organizational objectives.
D)has significantly higher distribution costs.
E)is more profitable since a firm can charge the new segments higher prices without changing the product.
Q2) Organizational synergy is the increased customer value achieved through
A)performing organizational functions more efficiently.
B)more discounts or larger rebates at the point of sale.
C)involvement of the ultimate consumer in product design.
D)an increase in the knowledge of competitors.
E)shared ownership of the organization through publicly traded stock.
Q3) Which of the following is a consumer market demographic segmentation variable?
A)personality
B)occupation
C)usage rate
D)needs
E)region
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Chapter 10: Developing New Products and Services
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Q1) A nondurable good is defined as
A)an item consumed in one or a few uses.
B)an item that usually lasts over an extended number of uses.
C)an item that lasts at least one year without becoming obsolete.
D)a product purchased only for the use of ultimate consumers.
E)a product used in the production of other products.
Q2) The stage of the new-product development process that positions and launches a new product in full-scale production and sales is referred to as
A)marketing program execution.
B)disbursement.
C)launch.
D)commercialization.
E)final distribution.
Q3) With respect to distribution,convenience products are available
A)at relatively few outlets.
B)at a large number of specialty outlets.
C)only online from the manufacturer.
D)only at convenience stores.
E)on a widespread basis at many outlets.
Q4) Explain why not all products can use test markets.
Page 12
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Chapter 11: Managing Successful Products, services, and Brands
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Q1) A ________ product is a style of the times.
A)high-learning
B)low-learning
C)fashion
D)fad
E)substitute
Q2) The fourth and final step in the sequential process of building brand equity is to
A)develop positive brand awareness.
B)establish a brand's meaning in the minds of consumers.
C)elicit the proper consumer responses to a brands identity and meaning.
D)create an intense,active,and loyal consumer-brand connection.
E)reward loyal customer behavior.
Q3) Gatorade is most likely in which stage of its product life cycle?
A)introduction
B)growth
C)maturity
D)decline
E)fad
Q4) How long is a product life cycle? What determines its length?
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Chapter 12: Services Marketing
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Q1) Intangible items such as airline trips,financial advice,or telephone calls that an organization provides to consumers are referred to as
A)production goods.
B)support products.
C)services.
D)goods.
E)benefits.
Q2) While there are the four Ps of marketing,there are the ________ Ps of services marketing.
A)three
B)five
C)six
D)seven
E)eight
Q3) Which of the following is considered a service?
A)a marketing class
B)lamp
C)motorcycle
D)potato chips
E)environmentalism
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Chapter 13: Building the Price Foundation
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Sample Questions
Q1) Variable cost refers to
A)the sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold.
B)the sum of the expenses of the firm that change with the quantity of a product that is produced and sold.
C)the total expense incurred by a firm in producing and marketing a product,which equals the sum of fixed cost and marginal cost.
D)the average amount of money received for selling one unit of a product or simply the price of that unit.
E)the change in total cost that results from producing and marketing one additional unit of a product.
Q2) To increase value the most,marketers should
A)decrease benefits.
B)decrease benefits and increase price.
C)decrease price and increase benefits.
D)decrease price and decrease benefits.
E)hold the price steady and let the perceived value of the item increase as it matures in its life cycle.
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Chapter 14: Arriving at the Final Price
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Q1) A promotional allowance is
A)a onetime discount to promote the product that must be used within a certain time frame.
B)the cash payments or an extra amount of "free goods" awarded sellers in the marketing channel for undertaking certain advertising or selling activities to promote the product.
C)the return of money to promote the product based on proof of purchase.
D)a short-term price reduction when consumer demand takes a significant and unexpected dip.
E)an incentive,such as trips,cruises,jewelry,etc. ,presented to brand-loyal customers.
Q2) When establishing product-line pricing,the price differentials between items in the line should make sense to customers and reflect differences in terms of the
A)perceived value of the products offered.
B)actual costs of the features offered.
C)perceived risk.
D)quantity discounts and price allowances offered.
E)market segments targeted.
Q3) Explain the deceptive pricing practice known as bait and switch.
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Chapter 15: Managing Marketing Channels and Supply Chains
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Q1) Exclusive distribution refers to
A)the distribution of products or services in markets where there are currently no other competitors.
B)the distribution of products or services where the producer owns the entire channel of distribution.
C)the density of distribution whereby a firm tries to place its products or services with only one retail outlet in a specified geographical area.
D)the density of distribution whereby a firm tries to place its products or services in as many outlets as possible.
E)the density of distribution whereby a firm tries to place its products or services in a few retail outlets in a specific area.
Q2) Your best friend just bought a longboard at BC Surf & Sport.In terms of the marketing channel,BC Surf & Sport is a(n)
A)ultimate consumer.
B)manufacturer.
C)wholesaler.
D)retailer.
E)distributor.
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Chapter 16: Retailing and Wholesaling
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Q1) According to Figure 16-10 above,D represents which stage of the retail life cycle?
A)decline
B)stabilization
C)obsolescence
D)maturity
E)accelerated development
Q2) The marketing metrics related to a retailer's finances include all of the following except which?
A)the markdown percentage
B)inventory carrying costs
C)the return on sales
D)the gross margin
E)the sales per employee
Q3) Direct-mail and catalog retailing are examples of
A)nonstore retailing.
B)intertype retailing.
C)online retailing.
D)print-media retailing.
E)dual retailing.
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Chapter 17: Integrated Marketing Communications and Direct Marketing
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Q1) Direct marketing has the advantage of being ________ to match the needs of specific target markets.
A)priced
B)standardized
C)customized
D)engaged
E)integrated
Q2) What are the strengths/advantages and weaknesses/disadvantages of using personal selling in the promotional mix?
Q3) The advertising campaign,"Think Outside the Bun" was designed for millennials and belongs to which brand?
A)McDonald's
B)Arby's
C)Chick-Fil-A
D)Taco Bell
E)Long John Silver's
Q4) Identify and briefly describe each of the five promotional elements.
Q5) What are the strengths/advantages and weaknesses/disadvantages of using publicity in the promotional mix?
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Chapter 18: Advertising,sales Promotion,and Public Relations
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Q1) A popular NPR radio show encourages listeners to solve a puzzle each week.If they have the correct answer and send it in to the show and theirs is chosen,they win a prize.This is an example of a A)premium.
B)sweepstakes.
C)deal.
D)contest.
E)trade promotion.
Q2) McDonald's recently offered collectible Pokémon toys for free with the purchase of a Happy Meal.These collectibles are an example of a A)deal.
B)rebate.
C)coupon.
D)sample.
E)premium.
Q3) What is cooperative advertising?
Q4) What is the difference between a coupon and a deal?
Q5) List two advantages and two disadvantages of using each of these for advertising: yellow pages,the Internet,and billboards (outdoor).
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Chapter 19: Using Social Media and Mobile Marketing to
Connect With Consumers
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Q1) Which of the following is a guideline for marketing and promoting a brand using YouTube?
A)Use an expert to inform the audience about product features and benefits.
B)Tie the product to a current political or news event.
C)Include humorous content to attract as many viewers as possible.
D)Exploit visual aspects of your message,perhaps sacrificing product messages to tell a more entertaining story.
E)Limit the video to one minute or less,the same as a TV or radio ad time limit.
Q2) Which social network has found a niche in helping small business networks reach potential customers,as well as filling its traditional role of connecting job seekers and jobs?
A)Twitter
B)YouTube
C)Facebook
D)LinkedIn
E)Pinterest
Q3) Describe 5 of the 10 performance measures brand managers typically use to assess outputs or revenues of social media.
Q4) What are the main ways brand managers can use Twitter?
Page 21
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Chapter 20: Personal Selling and Sales Management
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Q1) Partnership selling refers to
A)the creation of cross-functional selling teams designed to provide the ultimate consumer with the best possible product and service.
B)the practice of using an entire team of professionals in selling to and servicing major customers.
C)an illegal practice whereby buyers and sellers combine their expertise and resources to share customer,competitive,and company information for their personal benefit.
D)a legal but unethical practice whereby buyers and sellers combine their expertise and resources to share customer,competitive,and company information for their personal benefit.
E)the practice whereby buyers and sellers combine their expertise and resources to create customized solutions;commit to joint planning;and share customer,competitive,and company information for their mutual benefit,and ultimately the benefit of the customer.
Q2) During the presentation stage,a salesperson may encounter objections.What are the six basic techniques for handling objections?
Q3) Explain the difference between a lead,a prospect,and a qualified prospect.
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Chapter 21: Implementing Interactive and Multichannel Marketing
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Sample Questions
Q1) Buzz is particularly influential for which of the following items?
A)toys,pharmaceuticals,motion pictures,and consumer electronics
B)baby products,gardening,retirement funds,and health insurance
C)funeral services,cruises,foreign travel,and higher education
D)day care,silver-plating,restaurants,and home repair
E)sports lessons,veterinarians,dance studios,and pressure washing
Q2) According to the eight-second rule,
A)it only takes eight seconds for someone to learn how to navigate a marketer's website.
B)any online purchase should take no more than eight seconds to complete.
C)prospective customers will not wait longer than eight seconds for a response to a chat.
D)50 percent of online consumers will spend less than eight seconds viewing a single webpage.
E)customers will abandon a website if download time exceeds eight seconds.
Q3) Explain why a majority of online consumers are concerned about the privacy and security issues related to cookies.
Q4) Describe why measuring channel performance in multichannel marketing is so difficult.
Q5) What are the three steps in implementing multichannel marketing?
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Chapter 22: Pulling It All Together: the Strategic Marketing Process
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Sample Questions
Q1) Action item lists are most similar to A)product-market grids.
B)job analyses.
C)sales response functions.
D)value analyses.
E)program schedules.
Q2) The mathematical function that relates the expense of marketing effort to the marketing results obtained is referred to as
A)marketing ROI.
B)market share profitability.
C)share point analysis.
D)synergy analysis.
E)a sales response function.
Q3) The information needed in a situation (SWOT)analysis or Step 1 of the planning phase includes
A)project future sales,expenses,and profits.
B)segmentation methods
C)positioning studies
D)market-product grids with target segments and product groupings
E)marketing mix actions
Page 24
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Chapter 23: Writing Successful Marketing and Business
Plans: Tips and Guidelines
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Q1) The three key elements of the promotion strategy section in the Paradise Kitchens marketing plan are
A)quantity discounts,in-store demonstrations,a chili eating contest.
B)bundle pricing with a chili bowl,in-store demonstrations,and cents-off coupons.
C)a chili eating contest,in-store demonstrations,and cents-off coupons.
D)a contest for the best new slogan,a chili eating contest,and free taste tests at major grocery chains.
E)in-store demonstrations,recipes,and cents-off coupons.
Q2) Which of the following does Paradise Kitchens consider a strength?
A)many lower-quality,lower-price competitors
B)lack the economies of scale of huge competitors
C)importance of convenience to U.S.households.
D)more households "eating out" and bringing prepared take-out into the home
E)unique,high-quality,high-price products
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Chapter 24: Financial Statements and Ratios
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Q1) A company's operating statement consists of three key elements: sales of the firm's products and services,costs incurred in making and selling these products and services,and
A)stock turn rates for its various products.
B)profit or loss.
C)markup on cost.
D)return on investment.
E)bundle pricing options.
Q2) When Paulette saw the dress in the store window,she knew two things.She had to own the dress,and she could not afford it at its current price.As she viewed the dress in the store,she thought of the dress as her own and believed no one else would buy it.It seems she was right because no one else did buy it,and the store had to reduce its price by 30 percent in order to dispose of it.This made it affordable for Paulette,who took advantage of a(n)
A)negative markup.
B)markup elimination.
C)markdown.
D)liquidity reduction.
E)increase in net margin.
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