Marketing Strategies
Exam Preparation Guide
Course Introduction
Marketing Strategies explores the fundamental principles and frameworks used to develop, implement, and evaluate effective marketing plans in both domestic and global contexts. The course covers market analysis, segmentation, targeting, positioning, and the marketing mix product, price, place, and promotion while emphasizing strategic decision-making to achieve organizational goals. Students will analyze real-world case studies to understand competitive dynamics, consumer behavior, and the integration of digital technologies in modern marketing. By the end of the course, participants will be equipped with the analytical tools and strategic mindset required to formulate comprehensive marketing strategies that drive business success.
Recommended Textbook Essentials of Marketing 12th Edition by Charles W. Lamb
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22 Chapters
3763 Verified Questions
3763 Flashcards
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Chapter 1: An Overview of Marketing
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) The marketing concept stresses that the social and economic justification for an organization's existence is the satisfaction of customer needs and wants while:
A) producing a good or service at the lowest possible cost
B) improving the general standard of living
C) constantly increasing sales volumes
D) applying scientific management techniques to improve efficiency
E) simultaneously meeting organization objectives
Answer: E
Q2) The marketing concept states that the social and economic justification for an organization's existence is the satisfaction of customers' wants and needs while meeting organizational objectives.
A)True
B)False
Answer: True
Q3) An exchange cannot take place unless each party in the exchange has something that the other party values.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Strategic Planning for Competitive Advantage
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182 Verified Questions
182 Flashcards
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Sample Questions
Q1) Le Feast is a catering company that has developed a marketing plan designed to make it the largest caterer in the country within the next two decades.Which of the following will be useful to the company to evaluate how successful its efforts have been at the end of the first decade?
A) SWOT analysis
B) Environmental scan
C) Competitive analysis
D) Marketing audit
E) Comprehensive sales analysis
Answer: D
Q2) All of the following are basic strategies resulting from classifying the company's SBUs EXCEPT:
A) harvest
B) build
C) hold
D) divest
E) milk
Answer: E
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Chapter 3: Ethics and Social Responsibility
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127 Verified Questions
127 Flashcards
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Sample Questions
Q1) The pyramid of corporate social responsibilities contains all of the following components EXCEPT:
A) economic responsibilities
B) ethical responsibilities
C) cultural responsibilities
D) legal responsibilities
E) philanthropic responsibilities
Answer: C
Q2) Top managers who behave ethically can influence others in an organization to behave ethically.
A)True
B)False
Answer: True
Q3) The six modes of social control are less important today due to the globalization of the world.
A)True
B)False
Answer: False
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Page 5
Chapter 4: The Marketing Environment
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) 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
Q2) On average,African Americans are nearly eight years older than all other American consumers.
A)True
B)False
Q3) Refer to E-cigarettes.E-cigarette manufacturers claim they are not trying to sell this product to children.Rather,they are offering an alternative to combustible tobacco for committed smokers.These smokers comprise the manufacturers':
A) target market
B) buying center
C) consumer cluster
D) demographic sample
E) mass market
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Page 6
Chapter 5: Developing a Global Vision
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171 Verified Questions
171 Flashcards
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Sample Questions
Q1) When IKEA,the Swedish home furnishings retailer,first entered the Japanese market,it failed.It was more successful in its second try because it was aware of the need to adapt its furnishings to fit the smaller Japanese homes.The _____ environment had the greatest influence on IKEA's first failure in Japan.
A) demographic
B) economic
C) cultural
D) political
E) technological
Q2) The same environmental factors that operate in the domestic market also exist internationally.These factors (culture,economic,political structure and actions,demographic makeup,and natural resources)should be examined regardless of the country.
A)True
B)False
Q3) If a country's currency appreciates,more of that currency will be needed to buy another country's currency.
A)True
B)False
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Page 7
Chapter 6: Consumer Decision Making
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198 Verified Questions
198 Flashcards
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Sample Questions
Q1) According to Maslow's hierarchy of needs model,the first needs most people would try to satisfy are their _____ needs.
A) safety
B) physiological
C) economic
D) esteem
E) derived
Q2) There are two types of learning: concrete and abstract.
A)True
B)False
Q3) Mario usually purchases Old Spice deodorant.Unfortunately,the drug store is sold out of Old Spice today,so Mario will have to choose a brand that's in stock.In making his decision,Mario will engage in _____ consumer decision making.
A) limited
B) extended
C) habitual
D) classical
E) routine
Q4) Compare and contrast beliefs and attitudes.
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Chapter 7: Business Marketing
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206 Verified Questions
206 Flashcards
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Sample Questions
Q1) Due to rapidly rising overhead costs and increases in raw material prices,Framarx Corporation was forced to raise the price of its waxed and coated paper by 35 percent.(The paper is used between frozen hamburger patties to keep the patties from freezing together. )Framarx is the leading manufacturer in this industry,and its competitors will follow suit.While the sales force for Framarx believes the price increase will result in a drop in sales,its marketing manager disagrees because the demand for the waxed and coated paper is more than likely:
A) resistant
B) inelastic
C) derived
D) elastic
E) bundled
Q2) All of the following are current roles of the Internet in business marketing EXCEPT:
A) reduce costs
B) eliminate distributors
C) build partnerships and alliances
D) build and support branding
E) integrate online and traditional media
Q3) What is reciprocity? Is it illegal or unethical? Why or why not?
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Page 9
Chapter 8: Segmenting and Targeting Markets
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216 Verified Questions
216 Flashcards
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Sample Questions
Q1) Thompson Pools installs and maintains swimming pools.They group their customers according to their needs: new installs,regular maintenance,and frequent product consumers.When do they need a new segmentation analysis?
A) Once every 20 years is about average
B) They should do them regularly because of the rapidly changing nature of most markets
C) They don't need any because consumer markets don't rapidly change and develop like business goods markets
D) Every year,using new bases for variety
E) Only when the market changes
Q2) The business market consists of four broad segments: producers,resellers,governments,and regions.
A)True
B)False
Q3) A market segmentation study done by the University of Thessaly in Greece classified recreational skiers in terms of their gender,age,and income levels.The study used psychographic segmentation variables.
A)True
B)False
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Chapter 9: Decision Support Systems and Marketing Research
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206 Verified Questions
206 Flashcards
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Sample Questions
Q1) In which of the following situations would a marketing researcher be most likely to use executive interviews?
A) A manufacturer of extruded plastic wants to determine where there are other markets for its products
B) A manufacturer of frozen dinners wants to research the eating habits of its target market
C) The producers of children's programming on public television want to learn more about the viewing habits of an audience composed of 5- to 12-year-old males
D) A shampoo manufacturer wants to test which smells consumers perceive as relaxing and exhilarating
E) An aluminum can manufacturer wants to research how people are disposing of cans
Q2) _____ involves the interaction of focus group participants.
A) Empowerment
B) Group dynamics
C) Brainstorming
D) Group acculturation
E) Corporate synergy
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Chapter 10: Product Decisions
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185 Verified Questions
185 Flashcards
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Sample Questions
Q1) Refer to Campbell's.Marco likes to pack a V8 juice in his lunch bag every day.Based on its intended use,Marco's V8 juice could best be classified as _____ products.
A) industrial
B) consumer
C) business
D) convenience
E) unsought
Q2) A regional utility company needs to change consumers' perceptions of its current service as being harmful to the environment.Which of the following strategies would best allow the company to accomplish this goal?
A) Contraction of the number of services offered by the utility company
B) Adding new services to its product line
C) Repositioning
D) Disintermediation
E) Use of product cannibalization
Q3) Packaging is an important component of the product strategy.List and briefly describe the four major functions of packaging.
Q4) Name and describe the two labeling forms.
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Chapter 11: Developing and Managing Products
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177 Verified Questions
177 Flashcards
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Sample Questions
Q1) Relative product failure occurs when the new product returns a profit but fails to achieve sales,profit,or market share goals.
A)True
B)False
Q2) Very few firms follow a formal new-product development process.
A)True
B)False
Q3) A dominant characteristic of the late majority is:
A) deliberateness
B) skepticism
C) respect of others
D) cheerfulness
E) optimism
Q4) The growth stage is the first stage of the product life cycle.
A)True
B)False
Q5) Global R&D is important for two reasons.What are they?
Q6) Adaptation is the process by which the adoption of an innovation spreads.
A)True
B)False
Page 13
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Chapter 12: Services and Nonprofit Organization Marketing
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176 Verified Questions
176 Flashcards
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Sample Questions
Q1) Briefly explain what service firms must do to be successful in the global marketplace.
Q2) Monday and Tuesday nights are traditionally slow nights in the restaurant business.So LaRosa's Italian Restaurant offers "all-you-can-eat spaghetti night" on Mondays and Tuesdays.For the price of a regular spaghetti dinner,customers can eat all the spaghetti they want on those nights.Because it is focusing on coordinating supply and demand by varying prices,the restaurant 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) All of the following are keys factor in the distribution strategy for services EXCEPT: A) customization
B) convenience for customers
C) number of intermediaries and outlets
D) scheduling of service deliveries
E) location
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14
Chapter 13: Marketing Channels
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Describe how information technology is impacting contact efficiency.
Q2) Marketing channels make distribution simpler by reducing the number of transactions required to get products from manufacturers to consumers.This is called:
A) forward integration
B) contact efficiency
C) elimination of temporal discrepancies
D) sorting
E) reciprocity
Q3) Distribution channels aid in overcoming barriers to exchange that are created in the production process by overcoming all of the following types of discrepancies EXCEPT:
A) possession
B) assortment
C) quantity
D) spatial
E) temporal
Q4) Define channel power,channel control,channel leadership,and channel partnering and explain how these four terms are related.
Q5) What is a marketing channel? What type of business make up a marketing channel?
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Chapter 14: Supply Chain Management
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) Water transportation is by far the most expensive mode of transportation,but it is also the most reliable.
A)True
B)False
Q2) The demand management process seeks to align supply and demand throughout the supply chain by anticipating customer requirements at each level of creating demand-related plans of action prior to actual customer purchasing behavior.
A)True
B)False
Q3) The growers of Vidalia onions have determined that their chief priority for choosing a transportation mode within the United States is transit time.However,this must be tempered by practical cost considerations.In light of these considerations,Vidalia onion growers should use _____ to ship their onions.
A) railroads
B) motor carriers (trucks)
C) airplanes
D) water transportation
E) pipelines
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Chapter 15: Retailing
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) Small neighborhood florists,shoe stores,and ethnic food markets are most likely to be:
A) supercenters
B) franchise outlets
C) membership clubs
D) chain stores
E) independent retailers
Q2) Refer to Walmart.Most Walmart stores are not located in shopping centers but rather are buildings all by themselves.This type of location is referred to as a:
A) primary outlet
B) freestanding store
C) pop-up store
D) single-unit retailer
E) strip store
Q3) Flash Foods is the name of a chain of small stores,which carry high-turnover products such as lip balm,milk,soda,beer,bread,and aspirin.Flash Foods stores are open all day every day and would best be classified as convenience stores.
A)True
B)False
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Page 17
Chapter 16: Promotional Planning for Competitive Advantage
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152 Verified Questions
152 Flashcards
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Sample Questions
Q1) To get more retailers to stock its products,Rust-Oleum paint developed a strong advertising campaign aimed at consumers.The ads show creative ways to use paint to make homes more attractive and emphasize that the paint doesn't chip,peel,or fade.Rust-Oleum is using a _____ promotional strategy.
A) push
B) channel
C) reinforcement
D) pull
E) kinetic
Q2) Advertising is any form of impersonal,one-way mass communication in which the sponsor is identified.
A)True
B)False
Q3) Describe the promotional strategies used in each stage of the product life cycle.
Q4) Target market characteristics and the type of buying decision the target market is making can affect the mix of promotional elements.Describe how differences in each factor change the promotional mix.
Q5) Several factors affect the choice of promotional mix.Name five of these factors.
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Chapter 17: Advertising and Public Relations
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189 Verified Questions
189 Flashcards
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Sample Questions
Q1) There are many snack foods for children,but only Nature's Path makes an organic snack designed for a child's palate.The product's unique selling proposition is that it is completely organic.
A)True
B)False
Q2) Instead of sending artfully arranged flower bouquets,an entrepreneur has developed fresh fruit bouquets and is marketing them under the name Edible Arrangements.The premium fruit is cut to mimic flowers,arranged in a basket,and carefully delivered to the recipient's home.One of the problems is convincing people that it is not a novelty product,but an attractive way to show how you feel about someone.Edible Arrangements will be using _____ advertising to promote its fruit bouquets.
A) pioneering
B) innovative
C) introductory
D) start-up
E) focused
Q3) Describe some specific ways that companies are using the Internet in their public relations strategies.
Q4) What is public relations? What is publicity?
Page 19
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Chapter 18: Sales Promotion and Personal Selling
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186 Verified Questions
186 Flashcards
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Sample Questions
Q1) Refer to Kraft Foods.Team Kroger devotes all of its efforts on satisfying the needs of one of its largest customers,Kroger.This is an example of a sales force organized by:
A) geographic region
B) product line
C) market
D) industry
E) individual client or account
Q2) As part of the needs assessment,the consultative salesperson must learn everything there is to know about:
A) the product he or she is selling
B) the customers and their needs
C) the competition
D) the industry in which he or she is selling
E) all of the choices
Q3) The first step in the selling process is approaching the customer and probing needs.
A)True
B)False
Q4) List the advantages personal selling offers over other forms of promotion.
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Page 20
Chapter 19: Pricing Concepts
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182 Verified Questions
182 Flashcards
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Sample Questions
Q1) Fixed cost contribution equals:
A) price times the average fixed cost
B) price plus the average variable cost
C) average variable cost plus average fixed cost
D) break-even quantity times price
E) price minus the average variable cost
Q2) The only way to maximize profits is to reduce costs by operating more efficiently.
A)True
B)False
Q3) During the hot summer months or the week before a new class starts if there is still space available,the Nick Price golf school in Orlando,Florida offers a 25 percent reduction to get golfers during the off-season or those making a last-minute decision.This is an example of pricing strategy used as a(n):
A) distribution tool
B) price enhancer
C) product strategy
D) direct sales tool
E) promotion strategy
Q4) How does price interact with the other three Ps of the marketing mix?
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Chapter 20: Setting the Right Price
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182 Verified Questions
182 Flashcards
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Sample Questions
Q1) There are two limousine services that drive customers from communities in North Georgia to the Atlanta airport.Whenever one reduces its fare,its competitor reduces its fares by the same amount.This is an example of status quo pricing.
A)True
B)False
Q2) Every week,Keller's Grocery runs a weekly ad in the newspaper touting its sale prices on a number of products.For example,this week the store is selling cherries for $1.50/pound and boneless chicken breasts for 99 cents/pound.Keller's sells these products at a below-market price to lure customers into the store in hopes that while they are in the store to buy chicken and cherries,they will also buy other grocery items that have a much higher markup.The store is using:
A) price lowballing
B) price maintenance
C) price lining
D) leader pricing
E) functional pricing
Q3) Price discrimination can sometimes be justified.
A)True
B)False
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Page 22
Chapter 21: Customer Relationship Management (CRM)
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143 Verified Questions
143 Flashcards
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Sample Questions
Q1) Customer-centric is an internal management philosophy similar to the marketing concept.
A)True
B)False
Q2) Refer to Que Rica Vida.When General Mills employees share information about customers gathered through the Que Rica Vida initiative,they are practicing:
A) interaction management
B) knowledge management
C) profit oriented management
D) lead management
E) performance management
Q3) _____ uses a past set of occurrences to predict the likelihood that some other occurrence,such as a response or purchase,will take place in the future.
A) Customer manipulation
B) Predictive modeling
C) Data mining
D) Lifetime value analysis
E) Causal research
Q4) What is a touch point? Give two examples of touch points.
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Chapter 22: Social Media and Marketing
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) From a marketing standpoint,the most useful Facebook feature is probably _____,which allows a brand to communicate directly with fans via status updates.
A) the Profile page
B) the search engine
C) the Fans list
D) the Wall
E) the Real or Fake application
Q2) Sunlight Bakery wants to determine the conversion rate of its Facebook friends.To accomplish this,the bakery should use:
A) social media monitoring
B) public relations measurement
C) a social CRM system
D) a listening platform with a large staff dedicated to the client
E) social media measurement
Q3) Compare the demographics of a typical game player within a social networking site such as Facebook with those of a typical player of massive multiplayer online games such as World of Warcraft.
Q4) Distinguish between owned media and earned media and give several examples of each.
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