Marketing Management Exam Preparation Guide
Course Introduction
Marketing Management focuses on the strategies and processes involved in analyzing market opportunities, developing marketing plans, and implementing effective marketing actions to create value for customers and organizations. This course covers the fundamentals of market research, consumer behavior, segmentation, targeting, positioning, and the development of marketing mixes (product, price, place, and promotion). Students will explore both traditional and digital marketing channels, as well as ethical and global considerations, to prepare for effective decision-making in dynamic business environments. Through case studies and practical projects, learners gain the skills needed to design, manage, and evaluate marketing strategies within diverse organizational settings.
Recommended Textbook
Marketing Strategy 6th Edition by O.C Ferrell
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10 Chapters
297 Verified Questions
297 Flashcards
Source URL: https://quizplus.com/study-set/461
Page 2
Chapter 1: Marketing in Today's Economy
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25 Verified Questions
25 Flashcards
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Sample Questions
Q1) Changing value propositions in today's economy-such as changes caused by the growth in e-commerce-have forced marketers to learn a tough lesson about customers. What is that lesson?
A) Customers will always seek the best value regardless of quality.
B) Customers will always turn to the most recognized brand.
C) Customers would rather perform service for themselves to save money.
D) Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.
E) Customers will always seek the best quality regardless of price.
Answer: D
Q2) All of the following are reasons for the general decline in customer satisfaction over the past 20 years \(\bold{EXCEPT:}\)
A) Customers are much less brand loyal than in the past.
B) Today's customers are very price sensitive.
C) Today's customers are exceptionally demanding.
D) Product quality is much lower now than at any time in the past.
E) Customers are more cynical, have more information, and have more attitude than ever before.
Answer: D
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Page 3
Chapter 2: Strategic Marketing Planning
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25 Flashcards
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Sample Questions
Q1) Many firms have shifted to balanced strategic planning because traditional planning and measurement approaches are not able to capture:
A) key competitive information to drive marketing planning.
B) real-time customer satisfaction metrics.
C) the value created by an organization's intangible assets.
D) either internal or external innovation.
E) real-time financial performance metrics.
Answer: C
Q2) Focusing on customers has not always been the hallmark of strategic planning. In fact. in the early 20<sup>st</sup> century. firms tended to focus strictly on __________ rather than on developing relationships with customers.
A) efficiency and quality
B) selling products to customers
C) marketing research
D) growth and corporate profits
E) new product development
Answer: A
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Chapter 3: Collecting and Analyzing Marketing Information
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Sample Questions
Q1) Identify and discuss at least five reasons why potential customers do not purchase a firm's goods or services. For each reason. discuss ways that the firm can overcome the resistance of noncustomers.
Answer: There are many potential reasons why customers might not purchase a firm's products. The reasons given in the text are:
Noncustomers have a basic need that the firm's product does not fulfill.
Noncustomers perceive that they have better or lower-priced alternatives such as competing substitute products.
Competing products actually have better features or benefits than the firm's product. The firm's product does not match noncustomers' budgets or lifestyles.
Noncustomers have high switching costs.
Noncustomers do not know that the firm's product exists. Noncustomers have misconceptions about the firm's product (weak or poor image).
Poor distribution makes the firm's product difficult to find.
Student responses will vary greatly as to the reasons for nonpurchase, as well as how the firm might overcome the resistance of noncustomers.
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Chapter 4: Developing Competitive Advantage and Strategic Focus
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Sample Questions
Q1) All of the following are benefits of SWOT analysis EXCEPT:
A) It is simple to use.
B) Its structured nature ensures that data and information are correctly categorized.
C) It promotes managerial collaboration.
D) It can synthesize and integrate diverse information.
E) It can reduce costs.
Q2) Microsoft's Windows platform dominates the market for personal computer operating systems. By continuously upgrading and stretching the technology underlying its Windows system. Microsoft is pursuing a strategy of:
A) customer intimacy.
B) product leadership.
C) operational excellence.
D) total quality management.
E) technological leadership.
Q3) Identify and explain the major characteristics of marketing objectives.
Q4) Identify and explain the major characteristics of marketing goals.
Q5) Identify and explain the directives for the productive use of SWOT analysis. Which directive do you think is the most important? Why?
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Chapter 5: Customers Segmentation and Target Marketing
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25 Flashcards
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Sample Questions
Q1) What is the key to using behavioral segmentation successfully in consumer markets?
A) The firm must clearly link behavioral characteristics with risk profiles.
B) The firm must clearly link behavioral characteristics to demographic characteristics.
C) The firm must determine whether consumers see their behaviors as being distinct from other behavioral segments.
D) The firm must clearly link behavioral information with geography.
E) The firm must clearly understand the basic needs and benefits sought by different consumer groups.
Q2) Each of the following statements describes a unique characteristic of the business buying process \(\bold{EXCEPT:}\)
A) Business buyers have an easier time identifying their needs as compared to consumers.
B) Business buyers must be keenly aware of both hard and soft costs.
C) Groups of people, rather than individuals, often make purchase decisions.
D) Business buyers are less likely to be dependent upon each other.
E) Business buying is sometimes based on reciprocity where each firm buys products from the other.
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Chapter 6: The Marketing Program
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Sample Questions
Q1) The creation of an extended enterprise in the supply chain depends heavily on the ability of channel members to integrate their operations. Which of the following IS NOT a key factor in successful supply chain integration?
A) trust
B) interdependence
C) cooperation
D) mutual benefit
E) coercive power
Q2) Overall. what is the major disadvantage associated with the use of public relations and publicity?
A) It is normally very expensive.
B) The amount of negative publicity always outweighs the good.
C) Few, if any, customers pay attention to public relations messages.
D) Most people find it to be less credible than advertising.
E) The firm has limited control over how the message will be delivered or interpreted.
Q3) Discuss the role of sales promotion in consumer markets. In your answer. identify several types of consumer sales promotion activities and how they might be used in an overall IMC program.
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8
Chapter 7: Branding and Positioning
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Sample Questions
Q1) During the maturity stage of the product life cycle. a firm has four general goals that can be pursued. Which of the following \(\bold{\text{IS NOT}}\) one of these options?
A) divest the product
B) generate cash flow
C) steal market share
D) hold market share
E) increase share of customer
Q2) Which of the following is the best example of a brand mark?
A) Honda
B) Nike's swoosh
C) WD-40
D) BMW
E) 7-Eleven
Q3) What is the overall goal of effective corporate branding?
A) To clearly tie the brand name and brand mark with the organization.
B) To associate the organization with one or more philanthropic causes.
C) To sell more product to members of the supply chain.
D) To position the product relative to competing products.
E) To build and enhance the organization's reputation.
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Page 9
Chapter 8: Ethics and Social Responsibility in Marketing Strategy
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Sample Questions
Q1) Why have ethics and social responsibility become so important in recent years? Why is it important that marketing ethics be incorporated into the firm's strategic plan?
Q2) Socially responsible firms tend to enjoy higher __________ because customers perceive that the firm is dedicated to doing the right thing and treating customers fairly.
A) profit margins
B) sales volume
C) customer loyalty
D) corporate integrity
E) corporate reputations
Q3) The link between marketing ethics/social responsibility and firm performance has been documented repeatedly over time. This link is most evident in firms that have a strong __________.
A) market orientation
B) stakeholder orientation
C) sense of customer loyalty
D) ethical climate
E) employee satisfaction program
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Page 10
Chapter 9: Marketing Implementation and Control
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Sample Questions
Q1) In terms of marketing structure. what type of structure coordinates and manages all marketing activities and decisions from the top of the marketing hierarchy?
A) a regulated marketing structure
B) a dynamic marketing structure
C) a centralized marketing structure
D) a lateral marketing structure
E) a decentralized marketing structure
Q2) Planning sessions. workshops. formal reports. and personal conversations are all part of the internal __________ that is necessary to implement marketing strategy using the internal marketing approach.
A) promotion
B) pricing
C) product
D) distribution
E) process
Q3) Explain why marketing implementation is difficult for many firms. In your answer. discuss how these difficulties often stem from the relationship between strategic planning and marketing implementation.
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11
Chapter 10: Developing and Maintaining Long-Term Customer Relationships
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25 Flashcards
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Sample Questions
Q1) Which of the following statements is \(\bold{FALSE}\) regarding the use of the 80/20 rule in managing customer relationships?
A) Advances in technology and data collection techniques allow firms to profile customers in real time.
B) Twenty percent of customers provide 80 percent of business profits.
C) Some customers are too expensive to keep given the low level of profits that they generate.
D) The 80 percent of customers in the bottom tier should be fired so the firm can focus on its top customers.
E) The firm's top customers are the most obvious candidates for retention strategies.
Q2) Explain the overall objective of customer relationship management and the stages that customers are pulled through in the process. For each stage. identify the marketing goals during the stage as well as examples of strategies that may be used.
Q3) Discuss the strategies that can be used to enhance and maintain customer relationships. Identify the key advantages and disadvantages of each strategy. as well as examples of the marketing tactics that my be used.
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