Marketing Management
Exam Answer Key
Course Introduction
Marketing Management explores the fundamental principles and strategic approaches involved in the effective management of marketing activities within organizations. The course covers key topics such as market analysis and segmentation, consumer behavior, product development, pricing strategies, promotion, and distribution channels. Students will learn to apply marketing concepts to real-world business challenges, develop comprehensive marketing plans, and utilize analytical tools to make informed decisions. Emphasis is placed on understanding the dynamic nature of markets and the importance of creating value for customers while achieving organizational objectives in a competitive environment.
Recommended Textbook
Marketing 11th Edition by Charles W. Lamb
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21 Chapters
3517 Verified Questions
3517 Flashcards
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Page 2
Chapter 1: An Overview of Marketing
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141 Verified Questions
141 Flashcards
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Sample Questions
Q1) Unlike a production orientated firm,a firm embracing a sales orientation focuses on customer wants and needs so it can develop the best product at the lowest cost that will require very little selling effort.
A)True
B)False
Answer: False
Q2) Which marketing management philosophy focuses on the question,"How can we sell more aggressively?"
A) production
B) marketing
C) sales
D) external
E) internal Answer: C
Q3) Salespeople who work for market-oriented organizations are generally perceived by their customers as problem solvers and important links to supply sources and new products.
A)True
B)False Answer: True
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Chapter 2: Strategic Planning for Competitive Advantage
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) All of the following are characteristics of a good objective EXCEPT:
A) profitable
B) realistic
C) measurable
D) time-specific
E) consistent
Answer: A
Q2) The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a(n):
A) environmental advantage
B) experience curve
C) competitive advantage
D) market segment
E) strategic business unit
Answer: C
Q3) A marketing audit helps management allocate marketing resources efficiently.
A)True
B)False
Answer: True
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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) For every home built by Habitat for Humanity,Whirlpool Corporation has given and continues to give free kitchen appliances to the deserving family.At first Whirlpool gave the appliances with no promotion,then Whirlpool began talking about its philanthropy in its advertising campaigns.Is this unethical behavior according to the pyramid of social responsibility?
Answer: Students' answers to this question may vary,but the better students will understand that economic performance is the foundation of the pyramid.If Whirlpool's advertising of its donations increases profit,then it is not wrong.The company has not abandoned its efforts to improve the quality of life.
Q2) At the most basic level,a firm must be profitable. What level of the pyramid of corporate social responsibility is this?
A) social B) economic C) ethical D) legal
E) accountability
Answer: B
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Page 5
Chapter 4: The Marketing Environment
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142 Flashcards
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Sample Questions
Q1) The Gramm-Leach-Bliley Act is aimed at the healthcare industry.
A)True
B)False
Q2) Which type of research is also called pure research and attempts to expand the frontiers of knowledge but is not aimed at a specific,pragmatic problem?
A) applied
B) basic
C) primary
D) secondary
E) synergistic
Q3) Generation Y is the most ethnically diverse generation the nation has ever seen.
A)True
B)False
Q4) Marketers need a thorough understanding of the laws established by the federal government,state governments,and regulatory agencies.
A)True
B)False
Q5) Compare and contrast basic and applied research. Give an example of each.
Q6) What is the CPSC? How does it affect marketing?
Page 6
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Chapter 5: Developing a Global Vision
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160 Flashcards
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Sample Questions
Q1) According to the text,which of the following is an example of a product strategy that would be appropriate for a global marketing company to implement?
A) product adaptation
B) product divestment
C) product penetration
D) market substitution
E) product licensing
Q2) Refer to Boeing Company.The Boeing facility in China is only one branch of this huge organization.Boeing can be called a(n):
A) domestic trader
B) cultural trader
C) multinational corporation
D) export agent
E) localized corporation
Q3) In the 1980s,Japanese computer chip manufacturers were accused of dumping in the United States. Explain what this means and discuss why a company would do this.
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 Verified Questions
180 Flashcards
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Sample Questions
Q1) David is shopping for tires for his Audi.He looks in the yellow pages of the local phone book and calls Costco,Sam's club,Sears and a local car repair shop.In his decision-making process,David is using:
A) marketing-controlled information sources
B) demographic information sources
C) nonmarketing-controlled information sources
D) secondary data sources
E) internal search sources
Q2) _____ occurs when consumers remember only information that supports their personal feelings or beliefs.
A) Intermittent reinforcement
B) Selective exposure
C) Selective retention
D) Faulty selectivity
E) Selective distortion
Q3) What is extensive decision making? Discuss the purchase of a product that you would use extensive decision making when purchased for the first time and would require limited decision making in subsequent purchases.
Q4) Why do marketers study consumer behavior?
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Chapter 7: Business Marketing
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196 Verified Questions
196 Flashcards
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Sample Questions
Q1) The _____ is the set of all persons in an organization who become involved in the purchasing process.
A) buying center
B) stakeholder committee
C) ad hoc purchasing staff
D) board of directors
E) comptroller's staff
Q2) Buyers in the business market tend to _____ than buyers in the consumer market.
A) use reciprocity less
B) purchase in much smaller quantities
C) buy more products that have a reduced probability of being affected by derived demand
D) generate more stable demand trends
E) be much more geographically concentrated
Q3) What is reciprocity? Is it illegal or unethical? Why or why not?
Q4) What is a strategic alliance? How is it linked to relationship marketing?
Q5) Individual producers of raw materials have great flexibility in pricing their products. A)True B)False
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Chapter 8: Segmenting and Targeting Markets
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208 Verified Questions
208 Flashcards
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Sample Questions
Q1) Clearing Skies Press published a book by Robert Ruark entitled Keeping the Baby Alive Till Your Wife Gets Home.It is an advice book for new fathers.The market for this books is based on demographics.
A)True
B)False
Q2) NASCAR racing fans are some of the most diverse and loyal fans in the world.They will stand in the pouring rain,the freezing cold,or the blistering heat for hours to shake the hand and get the autograph of a NASCAR super driver.These fans are not concentrated in any one area,but are dispersed throughout the United States.A Web site designed to market NASCAR memorabilia would be most likely to be successful if it used _____ segmentation to determine its target market.
A) demographic
B) psychographic
C) geodemographic
D) usage rate
E) family life cycle
Q3) What is usage-rate segmentation? What is the 80/20 principle,and how does it apply to usage-rate segmentation?
Q4) List,in correct order,the steps in segmenting a market.
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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) Marketing research should not be undertaken when:
A) the perceived costs are greater than the projected benefits
B) there are no secondary data in existence to guide the project definition
C) it will take a long time to complete
D) the actual costs are less than the forecasted benefits
E) the perceived costs are the same as the forecasted benefits
Q2) The best experiments are those in which:
A) all variables are allowed to act freely
B) all variables are held constant except the ones manipulated
C) all factors provide the desired results
D) the subjects are unpaid volunteers
E) two variables are held constant while all of the others are manipulated
Q3) List in order the seven steps of the marketing research process.
Q4) The characteristics of a true DSS are interactive,flexible,discovery-oriented,and accessible.
A)True
B)False
Q5) Marketing research is important to management because it helps managers in several ways.Discuss three major benefits of marketing research to managers.
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Chapter 10: Product Concepts
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174 Flashcards
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Sample Questions
Q1) Inez believes makeup is the most important part of her wardrobe.She spends considerable time comparing the prices,skin tones,and color options available at various cosmetics counters in department stores.For Inez,makeup is a convenience product.
A)True
B)False
Q2) The consumer product classification system is based on:
A) how the market is segmented
B) the way the products are manufactured
C) the way products are used
D) the physical attributes of the product
E) the amount of effort consumers spend to acquire the product
Q3) When a company markets several different products under the same brand name,it is referred to as a(n)_____ brand.
A) family
B) generic
C) bargain
D) dealer
E) umbrella
Q4) Compare and contrast an express warranty and an implied warranty.
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Chapter 11: Developing and Managing Products
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172 Flashcards
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Sample Questions
Q1) All of the following are product characteristics influencing the rate of adoption
EXCEPT:
A) complexity
B) compatibility
C) relative advantage
D) observability
E) distribution
Q2) Concepts tests are considered fairly good predictors of success for line extensions and for products that do not require major changes in consumer behavior.
A)True
B)False
Q3) Andersen Electronics is currently engrossed in its first estimations of costs and revenues for a new amusement park video skill game.This firm is engaged in a new-product business analysis.
A)True
B)False
Q4) List the seven steps of the new-product development process.
Q5) What is the final stage in the new-product development process? What tasks are set in motion during this stage?
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Chapter 12: Services and Nonprofit Organization Marketing
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167 Verified Questions
167 Flashcards
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Sample
Questions
Q1) David and Kathy like to take their young son,Chaz,to Moe's for lunch after church on Sunday.While they like to eat at Moe's anytime,Sunday is particularly good because it's "kids-eat-free" day at Moe's southwestern grill.Until Moe's began the reduced pricing program,Sundays were very slow.Now it is one of the busiest days of the week.This price reduction was a way to contend with the service characteristic of:
A) variability
B) perishability
C) intangibility
D) inseparability
E) simultaneous production and consumption
Q2) The level of relationship marketing that is least likely to be effective in the long term because its advantage is easily imitated by other firms is based on:
A) personal communications
B) social bonds
C) service delivery heuristics
D) pricing incentives
E) structural bonds
Q3) Name and briefly define the three categories of pricing objectives for services.
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Page 14
Chapter 13: Marketing Channels
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Companies selling standardized items of moderate or low value to other businesses (not to consumers)often use:
A) retailers
B) industrial distributors
C) wholesalers
D) bulk breakers
E) industrial resellers
Q2) Which of the following are examples of facilitating functions performed by wholesaling intermediaries?
A) sorting and storing
B) risk taking and promotion
C) assorting, accumulating, grading, and allocating
D) researching and financing
E) financial management and storing
Q3) Name and briefly discuss two alternative channel arrangements that can be used to move products.
Q4) Channel members such as wholesalers and retailers are often included between producers and business users or consumers for three important reasons.Name and briefly describe these reasons.
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Chapter 14: Supply Chain Management
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) Through the use of automatic shipping notices,Ace Hardware is effective at removing unnecessary costs from its supply chain.According to a vice-president of inventory for the retailer,"Information gathering that used to take three or four phone calls now is available immediately." This is an example of the use of _____ integration.
A) relationship
B) social
C) functional
D) technology and planning
E) internal operations
Q2) The supply chain team does all of the following EXCEPT:
A) leverages the capabilities of the logistics information system
B) embraces all parties who participate in moving the product to market
C) typically cuts across organizational boundaries
D) provides financing for distributors
E) orchestrates the movement of goods, services and information from the source to the consumer
Q3) Describe the manufacturing flow management process and discuss the goals of this process.
Q4) List the components of the logistics function in the supply chain.
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Chapter 15: Retailing
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) _____ is a type of shopping available to consumers with access to the Internet.
A) Shop-at-home networks
B) Online retailing
C) Franchising
D) Electronic wholesaling
E) Mobile vending
Q2) _____ carry a limited line of high-turnover,high-priced goods and resemble miniature supermarkets.These self-service stores are typically located near residential areas and are open long hours,seven days a week.
A) Specialty stores
B) Wholesale stores
C) Convenience stores
D) Factory outlets
E) General stores
Q3) The buyer who heads a department in a department store is responsible for the:
A) store's exchange and return policies
B) store's credit policies
C) chain's expansion efforts
D) merchandise mix in that department
E) store's advertising program
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Chapter 16: Promotional Planning for Competitive Advantage
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159 Verified Questions
159 Flashcards
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Sample Questions
Q1) A $1-off coupon for Cascade dishwashing powder is a form of:
A) public relations
B) sales promotion
C) personal selling
D) advertising
E) publicity
Q2) Refer to Droid.Verizon took great care in coordinating all elements of its promotional mix to ensure the same message was being sent. The science-fiction positioning includes techno-sounding music,dark colors,and a young man in the ads and the videos on the Web site and even new shirts for the employees in Verizon retail stores. This is an example of:
A) public relations
B) integrated marketing communications
C) decoding
D) promotional marketing communications
E) the AIDA concept
Q3) Promotion is the process by which we exchange or share meanings through a common set of symbols.
A)True
B)False
Page 18
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Chapter 17: Advertising and Public Relations
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186 Verified Questions
186 Flashcards
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Sample Questions
Q1) 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.
Q2) An article in Business Week about the reengineered Honda CRV is an example of:
A) a sales promotion
B) free advertising
C) direct marketing communications
D) newspaper advertising
E) publicity
Q3) UPS uses their "White-board" campaign to show how they can help a growing business with their problems.This is using a(n)_____.
A) unique selling proposition
B) advertising objective
C) basis for lifestyle strategy
D) promotional mix
E) basis for comparative advertising
Q4) What is public relations? What is publicity?
Q5) The primary advantage of newspaper advertising is demographic selectivity.
A)True
B)False
Page 19
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Chapter 18: Sales Promotion and Personal Selling
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179 Flashcards
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Sample Questions
Q1) 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
Q2) Relationship selling:
A) is also called adaptive selling
B) is more concerned with making a sale than with developing customer trust
C) is more typically used when selling low-involvement products in the consumer market
D) emphasizes a win-win outcome
E) is declining in popularity among businesses because the costs are becoming prohibitive
Q3) The final stage of sales management is evaluating the effectiveness and performance of the sales force.
A)True
B)False
Q4) Trade shows are an excellent place to introduce new products to the marketplace.
A)True
B)False
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Chapter 19: Pricing Concepts
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Sample Questions
Q1) Prices may actually rise for a product in the decline stage of the product life cycle.
A)True
B)False
Q2) Which of the following would imply demand would be elastic?
A) price is low relative to purchasing power
B) nondurable product
C) low inflation rate
D) many substitute products
E) all of these choices
Q3) Last quarter Abingdon Company sold 1,000 decorative decals for $1 each,Cedar Decaliania sold 200 decorative decals at $4 each,Creative Decals sold 500 decals at $2 each,and Donnelly,Inc.sold 300 decals for $4 apiece.Assuming the four companies are the only firms competing in the decorative decal market,calculate unit and dollar market share for each company for last quarter.For each company,which market share figure might be used in an advertisement for that company?
Q4) Price should not be used as a promotional tool.
A)True
B)False
Q5) What is the impact of the Internet on pricing strategies?
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Chapter 20: Setting the Right Price
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183 Flashcards
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Sample Questions
Q1) The term FOB is an acronym for:
A) free on board
B) fee on buyer
C) first on board
D) freight on board
E) freight origin buyer
Q2) What are consumer penalties? What two reasons do businesses give for requiring consumers to pay them?
Q3) Sears and John Deere run major sales on their lines of riding lawn mowers every fall.This is an example of a seasonal discount.
A)True
B)False
Q4) Just A Buck is a retail store where all of the merchandise is priced at $1 or 2-for-$1.Just A Buck uses:
A) a single-price tactic
B) flexible pricing
C) price lining
D) price bundling
E) leader pricing
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Chapter 21: Customer Relationship Management (CRM)
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139 Verified Questions
139 Flashcards
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Sample Questions
Q1) In the RFM analysis model,"R" stands for:
A) returning
B) recency
C) reimbursement
D) relationship
E) retention
Q2) The Detroit Tigers,a Major League Baseball team,used customer satisfaction surveys of season ticket holders to determine why the number of season ticket holders was declining.This survey was an example of a(n):
A) touch point
B) focus area
C) data search
D) information recognizance
E) observational point
Q3) How can a company measure its success at implementing customer relationship management (CRM)techniques? How does empowerment influence CRM marketing?
Q4) Distinguish between a compiled list and a response list. Which is most valuable to marketers?
Q5) What is a touch point? Give two examples of touch points.
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