Marketing Management
Final Exam
Course Introduction
Marketing Management is an essential course that provides a comprehensive overview of the concepts, strategies, and techniques involved in the effective management of marketing activities within organizations. The course covers key topics such as market analysis, consumer behavior, segmentation, targeting and positioning, product development, pricing strategies, promotion, and distribution channels. Emphasizing decision-making and strategic planning, students will learn to create, communicate, and deliver value to customers while achieving organizational objectives in a competitive environment. Through real-world case studies and practical applications, the course prepares students to understand and address contemporary marketing challenges faced by businesses across diverse industries.
Recommended Textbook
MKTG 11th Edition by Charles W. Lamb
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Page 2
Chapter 1: An Overview of Marketing
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Q1) A firm would benefit from a production orientation when _____.
A)it produces exactly what the market wants
B)the market demand is less than the products supplied by the firm
C)it hopes that the product it produces is something customers want
D)it focuses on what company management thinks should be produced
Answer: A
Q2) Which of the following statements is true of a production-oriented firm?
A)It cannot survive when competition is weak.
B)It believes that people will buy more goods and services if aggressive sales techniques are used.
C)It can survive and even prosper when demand exceeds supply.
D)It determines how to deliver superior customer value and implements actions to provide value to customers.
Answer: C
Q3) Which of the following statements is true of customer-oriented personnel?
A)They come from a culture that supports its people.
B)They focus on building short-term relationships with customers.
C)They tend to be inward looking and internally focused.
D)They sell what the firm makes and not what the market wants.
Answer: A
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Chapter 2: Strategic Planning for Competitive Advantage
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Q1) According to Ansoff's strategic opportunity matrix, unlike market development, product development:
A)focuses on attracting present customers to existing products.
B)involves creating new products for present markets.
C)involves entering new markets as competitors.
D)focuses on using existing assets to provide added convenience to existing customers.
Answer: B
Q2) Which of the following should be the main focus of marketers in accordance with distribution strategies?
A)Market segments to be targeted
B)Medium to be used for advertising
C)Products to be manufactured
D)Physical locations of products
Answer: D
Q3) A strategic business unit (SBU) is a single business or a collection of related businesses.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Ethics and Social Responsibility
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Q1) Ronald Systems Inc. has developed a line of appliances that run on solar energy and cause no harm to the environment. Which of the following concepts is illustrated in this scenario?
A)Divestment
B)Opportunism
C)Green marketing
D)Cause-related marketing
Answer: C
Q2) Which of the following statements is true about the pyramid of corporate social responsibility?
A)It states that philanthropy should be the most important function of a corporation.
B)It states that ethical responsibilities of a corporation provide the basis for other responsibilities.
C)It states that if a company does not make a profit, then the other responsibilities are moot.
D)It states that social responsibility efforts should be focused on the external and not the internal stakeholders of a corporation.
Answer: C
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Page 5
Chapter 4: The Marketing Environment
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Sample Questions
Q1) The term Hispanic encompasses people of many different backgrounds.
A)True
B)False
Q2) In the context of social factors that affect marketing, with component lifestyles, people are:
A)becoming nondiscriminating and undemanding.
B)choosing products that meet their diverse needs.
C)reducing the complexity of their buying behavior.
D)beginning to prefer products that meet traditional needs and interests.
Q3) Compare the effect of inflation and recession on the economic environment of the United States.
Q4) The Bureau of Competition provides information and holds conferences and workshops for consumers, businesses, and policy makers on competition issues for market analysis.
A)True
B)False
Q5) Discuss the relationship between businesses and governments.
Q6) Teens command a negligible amount of buying power.
A)True
B)False
Page 6
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Chapter 5: Developing a Global Vision
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Q1) Which of the following a difference between a quota and a boycott?
A)A boycott is a limit on the amount of goods entering a country, whereas a quota is a tax levied on goods entering a country.
B)A boycott is the revenue received from international trade, whereas a quota is the revenue received from domestic trade.
C)A boycott is used to include all foreign competition, whereas a quota is used by governments to exclude companies from countries with which they have a political dispute.
D)A boycott is the exclusion of all products from certain countries or companies, whereas a quota is a means of protection from foreign competition.
Q2) Melrow Inc., a U.S. firm, suffers heavy losses and lays off many of its employees. To reduce its manufacturing costs, it shifts its production units to another country where labor costs are less. In this scenario, Melrow Inc. is engaged in _____.
A)licensing
B)outsourcing
C)franchising
D)inshoring
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Page 7
Chapter 6: Consumer Decision Making
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Q1) Perception is the process that creates changes in behavior through experience and practice.
A)True
B)False
Q2) In which of the following ways are consumers influenced by reference groups?
A)Norms of reference groups do not constrain consumer behavior.
B)Consumers are prohibited from dissociating themselves from reference groups.
C)Consumers use the same criteria as their reference groups to make their own consumer decisions.
D)Consumers are influenced only by the reference groups to which they belong.
Q3) Through self-concept, people define their identity, which in turn provides for consistent and coherent behavior.
A)True
B)False
Q4) Personality refers to how consumers perceive themselves in terms of attitudes, perceptions, and beliefs.
A)True
B)False
Q5) How do reference groups influence consumer buying decisions?
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Chapter 7: Business Marketing
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Q1) Businesses contract outside providers to perform janitorial, advertising, and legal services as it costs less than hiring an employee to perform the particular task.
A)True
B)False
Q2) Which of the following statements is true of accessory equipment?
A)It includes goods such as large or expensive machines and mainframe computers.
B)It includes goods such as portable drills, power tools, and microcomputers.
C)It includes goods such as lubricants, detergents, paper towels, pencils, and paper.
D)It includes goods such as spark plugs, tires, and electric motors for automobiles.
Q3) Which of the following scenarios illustrates the use of processed materials in manufacturing?
A)No-Glut Inc.uses rice flour to manufacture its gluten-free products.
B)Zintec Hardware Inc.uses nails to hold its ladders together.
C)Pace Corp., an automobile company, uses magnesium alloy wheels for its high-end cars.
D)Reldex Steel Corp. uses blast furnaces in its manufacturing process.
Q4) Differentiate between major equipment and accessory equipment.
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Chapter 8: Segmenting and Targeting Markets
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Q1) Mass-marketing efforts will continue to be used by marketers:
A)because consumers have more time to make purchase decisions.
B)to gather detailed information on customers, which is not possible in direct marketing.
C)to remind consumers of a product.
D)because they allow marketers to target customers with extremely relevant offerings.
Q2) _____ is a common base of demographic segmentation.
A)Product benefit
B)Usage rate
C)Geography
D)Income
Q3) Which of the following statements is true of a concentrated targeting strategy?
A)It allows a firm to serve two or more well-defined market segments simultaneously.
B)It is often adopted by small firms to compete effectively with much larger firms.
C)It follows a mass-market philosophy by viewing the market as one big market without any individual segments.
D)It results in cannibalization of products.
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Chapter 9: Marketing Research
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Q1) _____ is a system for gathering information from respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy.
A)Web community research
B)An online focus group
C)Scanner-based research
D)A Web survey system
Q2) To initiate the customer relationship management (CRM) cycle, a company must first:
A)identify its profitable and unprofitable customers.
B)capture relevant customer data on interactions and relationships.
C)understand the interactions with current customers.
D)identify customer relationships with the organization.
Q3) A(n) _____ involves interviewing businesspeople at their offices concerning industrial products or services, a process that is very expensive.
A)apprentice interview
B)executive interview
C)mall intercept interview
D)career fair interview
Q4) Briefly discuss web community research.
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Chapter 10: Product Concepts
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Q1) Identify a true statement about specialty products.
A)They are made directly available to a consumer through direct mail.
B)They are relatively inexpensive and merit little shopping effort.
C)They are easily substituted with other products.
D)They are distributed to only a few outlets in a geographic area.
Q2) Which of the following statements is true of trademarks?
A)Trademark rights are effective from the date of registration.
B)Rights to trademarks are also given to generic product names.
C)Trademark protection must be renewed every year.
D)Rights to trademarks last as long as the mark is used.
Q3) Specialty products normally require wide distribution in order to sell sufficient quantities to meet profit goals.
A)True
B)False
Q4) Greenwashing is the term used to describe industrial processes that cause pollution above the permissible limit set by the government.
A)True
B)False
Q5) Define express warranty and implied warranty.
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Chapter 11: Developing and Managing Products
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Q1) In the context of diffusion of innovation, the dominant value of laggards is _____.
A)skepticism
B)deliberateness
C)adventure
D)tradition
Q2) The product life cycle (PLC) for a brand is usually longer than the PLC for a product form.
A)True
B)False
Q3) Which of the following statements is true of opinion leaders?
A)They most likely belong to the late majority category of adopters.
B)They speed up the diffusion process through word-of-mouth communication.
C)They are distinguished by demographics.
D)They have the longest adoption time and the lowest socioeconomic status.
Q4) What are the major implications of the new-product development process and the diffusion process to marketing managers?
Q5) How is the Internet important for implementing simultaneous product development?
Q6) Describe the growth stage of the product life cycle.
Q7) How does a multinational corporation meet the needs of the global market?
Page 13
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Chapter 12: Services and Nonprofit Organization Marketing
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Q1) Which of the following statements is true of internal marketing?
A)Internal marketing is applicable only to the employees of goods manufacturers and not of service firms.
B)The quality of a firm's employees is an important part of building long-term relationships with customers.
C)Customers are treated as potential employees as they become the delivery vehicle of the purchased products.
D)Different manufacturers exchange goods internally in an attempt to curb negative competitive spirit.
Q2) _____ is a strategy that uses technology to deliver tailor-made services on a large scale.
A)Place strategy
B)Promotion strategy
C)The service mix
D)Mass customization
Q3) Service quality is easier to define and measure than the quality of tangible goods.
A)True
B)False
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Chapter 13: Supply Chain Management and Marketing Channels
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Q1) _____ is a business structure of interdependent organizations that reaches from the point of production to the consumer and facilitates the downstream physical movement of goods through the supply chain.
A)A market grouping
B)A common trade alliance
C)retailer monopoly
D)A marketing channel
Q2) IndigBlue Inc., a distributor of audio equipment, component parts, and supplies, takes title to all its products. It operates a few warehouses where it stores the finished goods and reships them to its clients, resellers, and other vendors. IndigBlue Inc. is an example of a ____.
A)sales agent
B)merchant wholesaler
C)retailer
D)broker
Q3) In today's marketplace, customers who expect to receive product configurations and services matched to their unique needs are decreasing in numbers.
A)True
B)False
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Chapter 14: Retailing
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Q1) In a franchise, a franchisor pays a franchisee for the right to use its name, product, and methods of operation.
A)True
B)False
Q2) Briefly explain the process of defining a target market.
Q3) Floor stock refers to the inventory held in reserve for potential future sale in a retailer's storeroom or stockroom.
A)True
B)False
Q4) Will, a salesperson at a superstore, mistakenly provides wrong information to a customer about the location of a specific brand of dishwashing liquid. The customer, as a result, wastes time searching for the product. This is an example of brand cannibalization.
A)True
B)False
Q5) Determining a target market is optional while creating the retailing mix.
A)True
B)False
Q6) What is brand cannibalization? Why is it dangerous to the retailer?
Page 16
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Chapter 15: Marketing Communications
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Q1) Sales promotion's greatest strength is in creating strong desire and purchase intent.
A)True
B)False
Q2) Which of the following is a difference between social media and personal selling?
A)Social media can disperse a message quickly to a wide audience, whereas personal selling is very slow in dispersing a message to a large audience.
B)Social media entail two-way communication, whereas personal selling entails one-way communication.
C)Social media are a means of interpersonal communication, whereas personal selling is a means of mass communication.
D)Social media provide opportunity for immediate feedback, whereas personal selling does not provide opportunity for direct feedback.
Q3) Briefly explain the AIDA model.
Q4) Describe informative promotion with examples.
Q5) Briefly explain how the elements of the promotional mix affect the target audience.
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Chapter 16: Advertising, Public Relations, and Sales Promotion
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Q1) Which of the following models does an advertising campaign often follow?
A)BCG matrix
B)IMC model
C)AIDA model
D)SWOT matrix
Q2) Tread Inc., a sports shoe manufacturing company, began its campaign by spending one million dollars on advertising. Currently, Tread Inc. spends 200 million dollars on advertising. Initially, the advertisements contributed to the gradual increase in returns, but the company now confronts diminishing returns. In this scenario, which of the following phenomena explains Tread Inc.'s diminishing returns?
A)A unique selling proposition
B)The advertising response function
C)Switch and bait advertising
D)Strategic advertising
Q3) People who buy the same product most or all of the time are brand switchers.
A)True
B)False
Q4) How is sales promotion cheaper and easier to measure than advertising? Explain using an example.
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Chapter 17: Personal Selling and Sales Management
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Q1) A good salesperson perceives objections as a hindrance to the purchase decision.
A)True
B)False
Q2) Glenda, a sales representative for Revo Appliances Inc., had to deliver a presentation on her company's latest offering: an innovative food processor. Her target clients were senior managers and chefs from a reputed restaurant. After her presentation, Glenda faced tough objections from her clients who were skeptical about the product's necessity and usefulness. As a good salesperson, how should Glenda respond to this situation?
A)She must ignore the specifications of the product's competing products.
B)She must offer a steep introductory discount and increase the price later.
C)She must suggest to her company the use of testimonials as a sales strategy rather than personal selling.
D)She must consider the objections as a legitimate part of the purchase decision.
Q3) When customers try to pit suppliers against each other to drive down the price of the product, the salesperson should offer an initial discount and raise the price later on.
A)True
B)False
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Chapter 18: Social Media and Marketing
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Q1) Which of the following treats location-based micronetworking as a game?
A)Facebook
B)Twitter
C)WordPress
D)Foursquare
Q2) According to Charlene Li and Josh Bernoff of Forrester Research, _____ are those who maintain a social networking profile and visit other sites.
A)joiners
B)inactives
C)critics
D)creators
Q3) Review sites lack the scope for two-way interaction between marketers and consumers.
A)True
B)False
Q4) LinkedIn is designed to be multimedia-rich rather than information-rich.
A)True
B)False
Q5) Explain the role of social media in marketing.
Q6) Distinguish between owned media and earned media with examples.
Page 20
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Chapter 19: Pricing Concepts
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Q1) Consumers are more likely to perceive the value of a product to be less than its cost if:
A)the product's price is set too high in their minds.
B)the product's manufacturer gains very little profit from the product.
C)the product has an inelastic demand.
D)the product's demand and supply attain the state of price equilibrium.
Q2) _____ does not change as output is increased or decreased.
A)Marginal cost
B)Dependent cost
C)Fixed cost
D)Opportunity cost
Q3) Prices always steadily decline for a product in the decline stage of the product life cycle.
A)True
B)False
Q4) Extranets enable buyers to quickly and easily compare products and prices, putting them in a better bargaining position.
A)True
B)False
Q5) Define consumer penalty and give reasons for imposing consumer penalties.
Page 21
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