Marketing Principles and Practices
Exam Solutions
Course Introduction
Marketing Principles and Practices introduces students to the fundamental concepts and strategies in modern marketing. The course covers key areas such as market segmentation, targeting, and positioning; consumer behavior; product development; pricing strategies; promotion and advertising; and distribution channels. Emphasis is placed on applying marketing theories to real-world business scenarios, allowing students to develop practical skills in market analysis, strategic planning, and communication. Through case studies, group projects, and discussions, students gain a comprehensive understanding of how effective marketing drives organizational success and adapts to changing consumer needs and technological advancements.
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) Customer value is the relationship between company profits and company costs.
A)True
B)False
Answer: False
Q2) _____ is a strategy that focuses on keeping and improving relationships with current customers.
A) Commitment selling
B) Relationship marketing
C) Transactional marketing
D) Market engineering
E) Organization-customer synergy
Answer: B
Q3) _____ is the primary tool used by a sales-oriented organization to achieve its corporate goals.
A) Price
B) Promotion
C) Product design
D) Place (distribution)
E) Production
Answer: B
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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) Marketing plans should be written to do all of the following EXCEPT:
A) compare actual and expected performance
B) provide clearly stated activities
C) create common goals for employees to work toward
D) allow managers to enter the marketplace with an awareness of possibilities and problems
E) control the elements of the external marketing environment
Answer: E
Q2) Zipcar is a car rental service found in many metropolitan areas.It targets people who take mass transit or carpool to work but who occasionally need a car to run errands,visit the doctor,or check on a sick child.Zipcar is one of a few companies currently providing cars that can be rented by the hour.Zipcar has created a(n)_____ advantage.
A) reengineering
B) experience curve
C) service differentiation competitive
D) alternative market
E) sustainable competitive
Answer: C
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4
Chapter 3: Ethics & Social Responsibility
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118 Verified Questions
118 Flashcards
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Sample Questions
Q1) Many airlines offer passengers the option to purchase carbon offsets as an environmentally-friendly compensation for their carbon footprint. For example,Delta customers can pay $10 to a fund that plants trees as a way to offset the carbon emissions from the airplane. Some would say Delta is:
A) acting in accordance with recent rulings by the U.S. Supreme Court
B) socially responsible
C) not ethically motivated
D) demonstrating a lack of concern for diversity
E) using issue-oriented marketing
Answer: B
Q2) Sustainability refers a business's concern for society's welfare.
A)True
B)False
Answer: False
Q3) The most basic argument for social responsibility is that it is simply the right thing to do.
A)True
B)False
Answer: True
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Page 5
Chapter 4: The Marketing Environment
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142 Flashcards
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Sample Questions
Q1) Frito-Lay is considered the king of the salty snack industry with its distribution network of 42 plants,12,800 delivery people,and more than 900 tractor trailers formed into a retail delivery powerhouse.Smaller manufacturers of salty snacks find that monitoring the activities of Frito-Lay is an effective way to monitor the _____ factors within their external environments.
A) bureaucratic
B) marketing mix
C) competitive
D) social
E) demographic
Q2) Compare and contrast Generation Y and Generation X. Which generation is of more interest to marketers? Why?
Q3) The Gramm-Leach-Bliley Act is aimed at the healthcare industry.
A)True
B)False
Q4) Social change is perhaps the most difficult external variable for marketing managers to forecast,influence,or integrate into marketing plans.
A)True
B)False
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Chapter 5: Developing a Global Vision
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160 Flashcards
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Sample Questions
Q1) About 85 percent of U.S.companies export their products to other countries on a regular basis.
A)True
B)False
Q2) All of the following statements about the use of the Internet in global marketing are true EXCEPT:
A) Opening an e-commerce site on the Internet immediately puts a company in the international marketplace.
B) The new Internet economy is being restrained by the old bricks-and-mortar rules, regulations, and habits.
C) Consumers in some countries are reluctant to use credit cards to make purchases over the Internet.
D) FedEx is a global shipper that helps solve international e-commerce distribution.
E) Language barriers are limiting the potential of the Internet in international marketing.
Q3) GATT,NAFTA,and the EU are all examples of market groupings.
A)True
B)False
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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) _____ is characterized by low involvement,a short time frame,an internal-only information search,and low costs.
A) Limited decision making
B) Routine response behavior
C) Emotional buying
D) Intensive decision making
E) Temporally-limited behavior
Q2) Ranked from the lowest to the highest level,Maslow's hierarchy of needs model includes:
A) safety, esteem, social, physiological, and self-actualization needs
B) physiological, social, esteem, economic, and self-actualization needs
C) psychological, safety, economic, esteem, and social needs
D) physiological, safety, social, esteem, and self-actualization needs
E) safety, economic, social, esteem, and self-development needs
Q3) List and briefly describe the five different roles various family members can play to influence the purchase decision-making process when deciding on a family vacation.
Q4) What is the difference between culture and subculture? Why do marketing managers need to understand culture and subculture?
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Page 8
Chapter 7: Business Marketing
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196 Verified Questions
196 Flashcards
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Sample Questions
Q1) A routine purchasing situation in which the purchaser is not looking for new information or at other suppliers is called a:
A) modified rebuy
B) value buy
C) synergistic buy
D) straight rebuy
E) make-or-buy
Q2) The demand for consumer goods often affects the demand for business products.This characteristic of business markets is called _____ demand.
A) elastic
B) inelastic
C) fluctuating
D) derived
E) joint
Q3) What is reciprocity? Is it illegal or unethical? Why or why not?
Q4) Briefly describe the four major categories of customers in business marketing.Give examples of companies or organizations in each category.
Q5) What is a strategic alliance? How is it linked to relationship marketing?
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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) Name the four broad segments of the business market.
Q2) What is the family life cycle (FLC)? Using the following selected stages from the FLC,briefly describe the lifestyle and purchasing needs of consumers in that stage: (1)Young single,(2)Young married without children,(3)Young married with children,(4)Middle-aged married without children,and (5)Older unmarried.
Q3) The _____ proposes that a minority of a firm's customers purchase a majority of the volume of the product.
A) majority fallacy
B) equity fallacy
C) 80/20 principle
D) cannibalization rule
E) optimizer principle
Q4) When a firm serves two or more well-defined market segments with a distinct marketing mix for each,it is using a(n)_____ targeting strategy.
A) undifferentiated
B) concentrated
C) niche
D) multisegment
E) pluralistic
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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) _____ specialize in arranging interviews for data collection on a subcontract basis.They also conduct focus groups,mall intercepts,retail audits,and other data-collection services.
A) Research diagnostic firms
B) Single-source researchers
C) Marketing information organization companies
D) Decision support companies
E) Field service firms
Q2) Which of the following is a type of survey that involves interviewing businesspeople at their offices concerning individual products or services?
A) place-based interviews
B) CLT interviews
C) business panel surveys
D) executive interviews
E) professional interviews
Q3) What is marketing research? Name and briefly describe the three functional roles of marketing research.
Q4) What is scanner-based research? What two companies currently provide most of the scanner data?
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Chapter 10: Product Concepts
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174 Flashcards
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Sample Questions
Q1) Name and describe the two labeling forms.
Q2) The brand name of a manufacturer is known as a(n)_____ brand.
A) private
B) manufacturer's
C) individual
D) captive
E) family
Q3) Which type of product modification changes a product's versatility,effectiveness,convenience,or safety?
A) quality
B) planned
C) functional
D) style
E) use
Q4) Under the _____,all sales have an implied warranty.
A) Label Law
B) Lanham Act
C) Bill of Rights
D) Good Housekeeping Seal
E) Uniform Commercial Code
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Chapter 11: Developing and Managing Products
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) Oakley,the manufacturer of protective eyewear for sports enthusiasts,has recently introduced Oakley's Thump,UV sunglasses that allow the wearer to store and listen to 120 different songs.Which of the following product characteristics would likely exert the greatest influence on the market success of these new glasses?
A) compatibility
B) comparability
C) complexity
D) tangibility
E) competitive advantage
Q2) Refer to Fitbit. The company marketing the Fitbit does not currently market a product like this. Which of the following best represents the category of new product the Fitbit is for this company?
A) new-to-the-world product
B) new product line
C) additions to existing product lines
D) repositioned product
E) incremental product.
Q3) Explain why some products fail and others succeed.
Q4) List the seven steps of the new-product development process.
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Chapter 12: Services and Nonprofit Organization Marketing
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167 Flashcards
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Sample Questions
Q1) Habitat for Humanity renovates vacant houses and sells them at no-interest mortgage rates to low-income home buyers.The organization relies on volunteers to provide the labor and funding for its renovations. Habitat for Humanity is best described as a(n):
A) image-oriented organization
B) for-profit organization
C) nonprofit organization
D) service branch
E) source-based organization
Q2) Geyser Falls Water Park,charges less for weekday admission than it does for weekend attendance.It also has a lower ticket price for patrons who arrive at 4 p.m.Because it is focusing on coordinating supply and demand by varying prices,it is using a(n)_____ pricing objective for service firms.
A) revenue-oriented
B) operations-oriented
C) image-focused
D) patronage-oriented
E) equity-oriented
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) Long Island Lefty provides retailers and other businesses with the latest and the best products for left-handed consumers.It buys all types of products from a variety of manufacturers and stores the merchandise in its New York warehouse until purchased by buyers.Long Island Lefty does not sell to end users and is an example of a(n):
A) agent or broker
B) merchant wholesaler
C) retailer
D) consumer market
E) hypermarket intermediary
Q2) LoneStar Bar & Grill is a small chain of restaurants that feature marinated steaks.The marinade is so popular that LoneStar sells it at its restaurants and also sells it at Kroger supermarkets.This is an example of intensive distribution.
A)True
B)False
Q3) Integrated channel relationships tend to be more flexible than cooperative relationships.
A)True
B)False
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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) A successful apparel company found that significant demand existed among buyers who needed to place a number of small orders rather than a few big orders.The company most likely succeeded because of the use of agile supply chain management strategies.
A)True
B)False
Q2) All of the following are types of integration sought by firms interested in providing top-level service to customers EXCEPT:
A) relationship integration
B) measurement integration
C) customer integration
D) production integration
E) technology and planning integration
Q3) Describe contract logistics.How does contract logistics affect the efficient deployment of supply chain management?
Q4) One disadvantage of the use of RFID tags is increased inventory management costs. A)True
B)False
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Page 16
Chapter 15: Retailing
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) Refer to Wal-Mart.Wal-Mart'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
Q2) Tiffany owns a gift shop that carries clothing and memorabilia of local high school teams as well as home decor objects. She is the sole owner of the store,so in terms of ownership,her store would be classified as a(n):
A) independent retailer
B) free-standing store
C) franchise
D) chain store
E) common retailer
Q3) When retailers decide on location,they have two basic site options: the freestanding store and the shopping center. Briefly describe these location alternatives and discuss the advantages and disadvantages of each location alternative.
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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 blend of more advertising and sales promotion and less personal selling is useful when the target market is informed,loyal to the product in question,and geographically widely scattered.
A)True
B)False
Q2) A manufacturer of a prescription-only blood pressure medication uses sales reps to call on doctors to explain the benefits and side effects of the drugs. The pharmaceutical reps also provide the doctor with samples to give to patients. The manufacturer of the drug is using a _____ strategy.
A) reinforcement
B) push
C) pull
D) kinetic
E) interval
Q3) Effective promotions are designed to either inform,persuade,or remind the target audience.
A)True
B)False
Q4) Several factors affect the choice of promotional mix.Name five of these factors.
Page 18
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Chapter 17: Advertising and Public Relations
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186 Flashcards
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Sample Questions
Q1) Placing advertising messages in Web-based or video games to advertise or promote a product,service,organization,or issue is known as:
A) embedded message
B) subliminal advertising
C) advergaming
D) blogging
E) social networking
Q2) Refer to LeBlanc's Pecan Company.One of their advertisements featured Mrs.LeBlanc showing how several of the products sold in the shop can be used when entertaining guests.This is an example of which executional style for advertising?
A) mood or image
B) demonstration
C) scientific
D) fantasy
E) convenience
Q3) List and briefly describe the three basic types of media scheduling.Give an example of a product that would be likely to use each of these types of scheduling.
Q4) What is public relations? What is publicity?
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Page 19
Chapter 18: Sales Promotion and Personal Selling
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Sample Questions
Q1) A(n)_____ is a statement of sales goals,usually based on sales volume alone.
A) breakeven statement
B) trend analysis
C) order forecast
D) account report
E) quota
Q2) Contests generally draw more entries than sweepstakes do.
A)True
B)False
Q3) Trade sales promotions are popular among manufacturers because they can do all of the following at trade shows EXCEPT:
A) introduce new products
B) create long-term relationships between manufacturers and customers
C) enhance the corporate image
D) test the market response to new products
E) gather competitive information
Q4) List the seven steps in the personal selling process.
Q5) Relationship selling is also called interactive selling.
A)True
B)False
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Chapter 19: Pricing Concepts
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Sample Questions
Q1) Your Memory Lane creates custom art prints that use graphs and icons in a street scene to commemorate special occasions.Suppose Your Memory Lane has priced its product at $350 per print.Further,it has determined that the company's fixed cost is $12,500,with an average variable costs per print of $250.What is his fixed cost contribution per print?
A) $225
B) $100
C) $605
D) $2.25
E) $1.25
Q2) Personal Touch produces and markets beaded purses.When graphed,the demand schedule for its purses is a straight line.If one purse costs $20,5,000 beaded purses are sold.At $25,4,500 purses are sold.How many beaded purses will be sold if the price per purse is increased to $30?
A) 5,500
B) 4,250
C) 4,000
D) 3,750
E) 3,500
Q3) What is the impact of the Internet on pricing strategies?
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Chapter 20: Setting the Right Price
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Sample Questions
Q1) Refer to Apple iPhone.Samsung recently introduced its Instinct cellular phone,apparently to compete directly with the iPhone.If Samsung checked the price of the iPhone at the Apple Store and AT&T locations and then set the price of the Instinct to match the iPhone's price,it would be using a _____ pricing approach.
A) bracketing
B) penetration
C) status quo
D) retain maintenance
E) skimming
Q2) Two effective pricing tactics,which can be used during a recession,to hold or build market share are:
A) flexible pricing and price shading
B) price shading and price lining
C) unbundling and price shading
D) value-based pricing and bundling
E) price lining and escalator pricing
Q3) How do value-based pricing,unbundling,and bundling help marketers hold onto market share during a recession?
Q4) List in order the four steps used to set the right price for a product.
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Chapter 21: Customer Relationship Management (CRM)
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139 Flashcards
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Sample Questions
Q1) Refer to Blood Services.The organization developed a _____ list of donors to receive birthday cards.
A) compiled
B) benefit-based
C) response
D) feedback
E) proactive
Q2) What is a touch point? Give two examples of touch points.
Q3) Refer to the Los Angeles Sparks.Sparks' season ticket holders that frequent the Sparks' fan Web site have spent money to buy their season tickets and are likely to purchase again. Which type of analysis will help Sparks identify those customers most likely to purchase again because they have bought recently?
A) 80/20 customer
B) loyalty
C) RFM
D) CRM analysis
E) Cohort value
Q4) Briefly describe five of the many common CRM marketing database applications.
Q5) Compare and contrast a data warehouse and a database.
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